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CEZ a. s

DB:CEZ
Snowflake Description

Adequate balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CEZ
DB
CZK218B
Market Cap
  1. Home
  2. DE
  3. Utilities
Company description

CEZ, a. s., an electricity generation company, engages in the production, distribution, trade, and sale of electricity and heat in Western, Central, and Southeastern Europe. The last earnings update was 14 days ago. More info.


Add to Portfolio Compare Print
  • CEZ a. s has significant price volatility in the past 3 months.
CEZ Share Price and Events
7 Day Returns
-0.2%
DB:CEZ
7.9%
Europe Electric Utilities
9.9%
DE Market
1 Year Returns
-27.3%
DB:CEZ
-1.3%
Europe Electric Utilities
-17.5%
DE Market
CEZ Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CEZ a. s (CEZ) -0.2% -11.5% -22.5% -27.3% -4.2% -34.1%
Europe Electric Utilities 7.9% -16.2% -12.7% -1.3% 21% -1.3%
DE Market 9.9% -16.6% -24.8% -17.5% -24.5% -28.1%
1 Year Return vs Industry and Market
  • CEZ underperformed the Electric Utilities industry which returned -1.3% over the past year.
  • CEZ underperformed the Market in Germany which returned -17.5% over the past year.
Price Volatility
CEZ
Industry
5yr Volatility vs Market

CEZ Value

 Is CEZ a. s undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of CEZ a. s to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for CEZ a. s.

DB:CEZ Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 4.7%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:CEZ
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.3%
Electric Utilities Unlevered Beta Simply Wall St/ S&P Global 0.25
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.254 (1 + (1- 19%) (78.72%))
0.609
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (0.8 * 6.33%)
4.67%

Discounted Cash Flow Calculation for DB:CEZ using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for CEZ a. s is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:CEZ DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CZK, Millions) Source Present Value
Discounted (@ 4.67%)
2020 25,648.71 Analyst x7 24,503.42
2021 28,091.80 Analyst x5 25,639.05
2022 34,448.80 Analyst x5 30,037.07
2023 33,825.20 Analyst x5 28,176.37
2024 29,328.67 Analyst x3 23,339.86
2025 26,610.51 Est @ -9.27% 20,231.14
2026 24,853.01 Est @ -6.6% 18,051.25
2027 23,674.94 Est @ -4.74% 16,427.76
2028 22,861.67 Est @ -3.44% 15,155.09
2029 22,285.20 Est @ -2.52% 14,113.29
Present value of next 10 years cash flows CZK215,674.00
DB:CEZ DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CZK22,285.20 × (1 + -0.39%) ÷ (4.67% – -0.39%)
CZK438,354.74
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CZK438,354.74 ÷ (1 + 4.67%)10
CZK277,611.53
DB:CEZ Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CZK215,674.00 + CZK277,611.53
CZK493,285.53
Equity Value per Share
(CZK)
= Total value / Shares Outstanding
= CZK493,285.53 / 535.44
CZK921.27
DB:CEZ Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:CEZ represents 0.0374x of SEP:CEZ
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.0374x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (CZK) x Listing Adjustment Factor
= CZK 921.27 x 0.0374
€34.45
Value per share (EUR) From above. €34.45
Current discount Discount to share price of €15.25
= -1 x (€15.25 - €34.45) / €34.45
55.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price CEZ a. s is available for.
Intrinsic value
>50%
Share price is €15.25 vs Future cash flow value of €34.45
Current Discount Checks
For CEZ a. s to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • CEZ a. s's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • CEZ a. s's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for CEZ a. s's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CEZ a. s's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:CEZ PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CZK CZK26.85
SEP:CEZ Share Price ** SEP (2020-03-31) in CZK CZK407.8
Europe Electric Utilities Industry PE Ratio Median Figure of 76 Publicly-Listed Electric Utilities Companies 10.21x
Germany Market PE Ratio Median Figure of 399 Publicly-Listed Companies 16.31x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of CEZ a. s.

DB:CEZ PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEP:CEZ Share Price ÷ EPS (both in CZK)

= 407.8 ÷ 26.85

15.19x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CEZ a. s is overvalued based on earnings compared to the Europe Electric Utilities industry average.
  • CEZ a. s is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does CEZ a. s's expected growth come at a high price?
Raw Data
DB:CEZ PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.19x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
8.7%per year
Europe Electric Utilities Industry PEG Ratio Median Figure of 37 Publicly-Listed Electric Utilities Companies 1.63x
Germany Market PEG Ratio Median Figure of 255 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

DB:CEZ PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.19x ÷ 8.7%

1.75x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CEZ a. s is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on CEZ a. s's assets?
Raw Data
DB:CEZ PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CZK CZK468.33
SEP:CEZ Share Price * SEP (2020-03-31) in CZK CZK407.8
Europe Electric Utilities Industry PB Ratio Median Figure of 87 Publicly-Listed Electric Utilities Companies 0.76x
Germany Market PB Ratio Median Figure of 571 Publicly-Listed Companies 1.43x
DB:CEZ PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEP:CEZ Share Price ÷ Book Value per Share (both in CZK)

= 407.8 ÷ 468.33

0.87x

* Primary Listing of CEZ a. s.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CEZ a. s is overvalued based on assets compared to the Europe Electric Utilities industry average.
X
Value checks
We assess CEZ a. s's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electric Utilities industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electric Utilities industry average (and greater than 0)? (1 check)
  5. CEZ a. s has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

CEZ Future Performance

 How is CEZ a. s expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
8.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CEZ a. s expected to grow at an attractive rate?
  • CEZ a. s's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • CEZ a. s's earnings growth is positive but not above the Germany market average.
  • CEZ a. s's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:CEZ Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:CEZ Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 8.7%
DB:CEZ Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 1.2%
Europe Electric Utilities Industry Earnings Growth Rate Market Cap Weighted Average 9.5%
Europe Electric Utilities Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.4%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:CEZ Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in CZK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:CEZ Future Estimates Data
Date (Data in CZK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 216,210 18,402 1
2023-12-31 210,040 22,659 3
2022-12-31 216,757 48,858 22,018 6
2021-12-31 223,848 53,517 20,321 9
2020-12-31 227,078 53,831 21,655 9
2020-03-31
DB:CEZ Past Financials Data
Date (Data in CZK Millions) Revenue Cash Flow Net Income *
2019-12-31 201,907 42,931 14,373
2019-09-30 196,825 39,352 14,784
2019-06-30 194,544 42,184 16,178
2019-03-31 186,863 37,913 11,404
2018-12-31 181,487 35,351 10,327
2018-09-30 184,786 46,183 11,656
2018-06-30 185,303 43,325 9,960
2018-03-31 192,323 50,297 17,317
2017-12-31 199,107 45,812 18,765
2017-09-30 202,520 44,640 15,939
2017-06-30 202,777 46,657 16,966
2017-03-31 203,161 46,469 12,974

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CEZ a. s's earnings are expected to grow by 8.7% yearly, however this is not considered high growth (20% yearly).
  • CEZ a. s's revenue is expected to grow by 1.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:CEZ Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from CEZ a. s Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CEZ Future Estimates Data
Date (Data in CZK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31 49.68 49.68 49.68 1.00
2022-12-31 40.17 47.34 33.00 2.00
2021-12-31 39.28 44.30 30.00 6.00
2020-12-31 40.53 40.73 40.32 2.00
2020-03-31
DB:CEZ Past Financials Data
Date (Data in CZK Millions) EPS *
2019-12-31 26.85
2019-09-30 27.62
2019-06-30 29.02
2019-03-31 21.14
2018-12-31 19.31
2018-09-30 21.81
2018-06-30 18.59
2018-03-31 32.68
2017-12-31 35.12
2017-09-30 29.84
2017-06-30 31.75
2017-03-31 24.26

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • CEZ a. s is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess CEZ a. s's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
CEZ a. s has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

CEZ Past Performance

  How has CEZ a. s performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare CEZ a. s's growth in the last year to its industry (Electric Utilities).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • CEZ a. s's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • CEZ a. s's 1-year earnings growth exceeds its 5-year average (39.2% vs -11.4%)
  • CEZ a. s's earnings growth has exceeded the Europe Electric Utilities industry average in the past year (39.2% vs 7.2%).
Earnings and Revenue History
CEZ a. s's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from CEZ a. s Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CEZ Past Revenue, Cash Flow and Net Income Data
Date (Data in CZK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 201,907.00 14,373.00 29,416.00
2019-09-30 196,825.00 14,784.00 28,675.00
2019-06-30 194,544.00 16,178.00 27,719.00
2019-03-31 186,863.00 11,404.00 26,958.00
2018-12-31 181,487.00 10,327.00 26,384.00
2018-09-30 184,786.00 11,656.00 25,038.00
2018-06-30 185,303.00 9,960.00 23,857.00
2018-03-31 192,323.00 17,317.00 22,541.00
2017-12-31 199,107.00 18,765.00 21,467.00
2017-09-30 202,520.00 15,939.00 20,509.00
2017-06-30 202,777.00 16,966.00 20,144.00
2017-03-31 203,161.00 12,974.00 19,737.00
2016-12-31 202,096.00 14,281.00 19,450.00
2016-09-30 200,768.00 18,519.00 18,820.00
2016-06-30 202,410.00 18,993.00 18,593.00
2016-03-31 204,473.00 23,100.00 18,404.00
2015-12-31 206,821.00 20,739.00 18,290.00
2015-09-30 201,452.00 19,252.00 18,814.00
2015-06-30 199,906.00 20,506.00 18,959.00
2015-03-31 198,319.00 20,006.00 19,185.00
2014-12-31 195,576.00 22,403.00 19,300.00
2014-09-30 201,343.00 23,289.00 20,873.00
2014-06-30 205,538.00 24,566.00 20,956.00
2014-03-31 209,369.00 27,991.00 20,939.00
2013-12-31 215,409.00 35,886.00 20,830.00
2013-09-30 210,591.00 39,619.00 18,769.00
2013-06-30 209,581.00 42,341.00 18,700.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • CEZ a. s has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • CEZ a. s used its assets less efficiently than the Europe Electric Utilities industry average last year based on Return on Assets.
  • CEZ a. s has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess CEZ a. s's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electric Utilities industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
CEZ a. s has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CEZ Health

 How is CEZ a. s's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up CEZ a. s's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CEZ a. s is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • CEZ a. s's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of CEZ a. s's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from CEZ a. s Company Filings, last reported 3 months ago.

DB:CEZ Past Debt and Equity Data
Date (Data in CZK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 255,364.00 171,893.00 10,161.00
2019-09-30 248,116.00 164,609.00 50,313.00
2019-06-30 247,565.00 152,274.00 68,410.00
2019-03-31 256,226.00 156,001.00 70,977.00
2018-12-31 239,281.00 160,966.00 9,070.00
2018-09-30 237,466.00 150,077.00 13,956.00
2018-06-30 242,869.00 141,108.00 97,972.00
2018-03-31 265,597.00 137,608.00 49,682.00
2017-12-31 254,322.00 154,307.00 15,933.00
2017-09-30 253,968.00 157,792.00 52,750.00
2017-06-30 257,335.00 146,579.00 46,087.00
2017-03-31 271,216.00 167,435.00 56,829.00
2016-12-31 261,360.00 167,816.00 30,033.00
2016-09-30 264,551.00 170,177.00 53,898.00
2016-06-30 264,418.00 161,963.00 51,698.00
2016-03-31 285,638.00 166,874.00 72,486.00
2015-12-31 272,155.00 157,494.00 25,601.00
2015-09-30 265,836.00 169,534.00 53,967.00
2015-06-30 263,514.00 170,267.00 54,240.00
2015-03-31 276,076.00 183,422.00 60,057.00
2014-12-31 265,851.00 184,134.00 36,885.00
2014-09-30 261,423.00 178,686.00 41,558.00
2014-06-30 259,706.00 191,271.00 79,786.00
2014-03-31 273,400.00 199,475.00 85,539.00
2013-12-31 262,766.00 199,016.00 57,415.00
2013-09-30 263,150.00 198,877.00 66,555.00
2013-06-30 260,994.00 202,083.00 90,568.00
  • CEZ a. s's level of debt (67.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (69.2% vs 67.3% today).
  • Debt is well covered by operating cash flow (25%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.6x coverage).
X
Financial health checks
We assess CEZ a. s's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. CEZ a. s has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

CEZ Dividends

 What is CEZ a. s's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.89%
Current annual income from CEZ a. s dividends. Estimated to be 9.06% next year.
If you bought €2,000 of CEZ a. s shares you are expected to receive €118 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • CEZ a. s's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.68%).
  • CEZ a. s's dividend is above the markets top 25% of dividend payers in Germany (4.97%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:CEZ Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
Europe Electric Utilities Industry Average Dividend Yield Market Cap Weighted Average of 50 Stocks 4.8%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.8%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:CEZ Future Dividends Estimate Data
Date (Data in CZK) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31 46.53 2.00
2022-12-31 36.92 4.00
2021-12-31 36.16 10.00
2020-12-31 34.19 4.00
2020-03-31
DB:CEZ Past Annualized Dividends Data
Date (Data in CZK) Dividend per share (annual) Avg. Yield (%)
2019-08-13 24.000 4.847
2019-03-19 24.000 4.510
2018-04-26 33.000 5.944
2017-05-18 33.000 7.107
2016-06-03 40.000 9.211
2015-08-11 40.000 9.041
2015-05-12 40.000 6.704
2014-11-12 40.000 6.547
2014-08-12 40.000 6.474
2014-05-13 40.000 6.803
2014-04-30 40.000 6.741
2013-05-07 40.000 7.781
2012-08-10 45.000 6.877
2012-05-10 45.000 6.257
2011-05-10 50.000 6.312
2011-04-11 50.000 5.479
2010-08-20 53.000 6.548
2010-02-26 53.000 5.957
2009-04-15 50.000 5.625

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of CEZ a. s's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.1x coverage).
X
Income/ dividend checks
We assess CEZ a. s's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can CEZ a. s afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CEZ a. s has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

CEZ Management

 What is the CEO of CEZ a. s's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Daniel Beneš
AGE 49
TENURE AS CEO 8.4 years
CEO Bio

Engineer Daniel Beneš, MBA, has been the Chairman and Chief Executive Officer of CEZ, a.s. since September 15, 2011. Engineer Beneš served as the Chief Administration Officer of CEZ, a. s. and as its Chief Operating Officer from June 1, 2007 to September 15, 2011. Engineer Beneš served as an Executive Director of Purchase Department of CEZ AS. Ing. Beneš served as Plant manager and responsible for fuel trade (namely brown and bituminous coal, coke). Engineer Beneš served in BOHEMIACOAL, a subsidiary of the coal-trading company OKD. In 1997 he became an employee of the trading company HEDVIGA GROUP and from 2000 to March 31, 2004, he worked for TCHAS, a company specialising in building projects and trading with fuel. He serves Chairman of the Supervisory Board of Cez Logistika, s.r.o. Ing., Severoceske Doly AS, Severoceske Doly AS. Beneš served as the Chairman Supervisory Board of Severoceske Doly AS since March 14, 2006. He served as Chairman of the Supervisory Board of Škoda Praha a.s. Invest s.r.o. He served as Chairman of the Supervisory Board of CEZ Logistika, s.r.o. Engineer Beneš serves as Vice Chairman Supervisory Board of Severoceske Doly. Engineer Beneš served as Vice Chairman of the Supervisory Board of CEZ Správa majetku, s.r.o and Severoceske Doly AS since February 2012. He served as the Vice Chairman of the Board of CEZ, a.s. from May 10, 2006 to September 15, 2011. He serves as Vice-Chairman of the Supervisory Board at Jadrova energeticka spolocnost Slovenska, a.s. Engineer Beneš has been a Director of CEZ A.S of Severomoravska Energetika As since December 15, 2005. He has been Member of Supervisory Board of Severoceske Doly AS since February 2006. Engineer Beneš served as Member of the Supervisory Board of Skoda Praha a.s. from December 3, 2004 to June 22, 2005. Engineer Beneš served as Director of Procurement Section of CEZ A. S, at Severomoravska Energetika As. Engineer Beneš served as a Director of Severoceske Doly AS from June 25, 2004 to February 21, 2006. He served as Member of the Board of Directors of CEZ A S at Severomoravska energetika, a.s. since December 15, 2005. He serves as Member of Executive Committee of CEZ a.s. of Severomoravska Energetika As. Engineer Beneš graduated in 1993. Engineer Beneš has a degree from the Technical University of Mining and Metallurgy in Ostrava, the Faculty of Mechanical Engineering, where he majored in production systems with industrial robots and handling equipment and Graduate from Brno International Business School Nottingham Trent University.

CEO Compensation
  • Insufficient data for Daniel to compare compensation growth.
  • Insufficient data for Daniel to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the CEZ a. s management team in years:

11.3
Average Tenure
49
Average Age
  • The average tenure for the CEZ a. s management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Daniel Beneš

TITLE
Chairman & CEO
AGE
49
TENURE
8.4 yrs

Tomáš Pleskac

TITLE
Vice Chairman
AGE
53

Martin Novák

TITLE
Vice Chairman
AGE
48
TENURE
12.2 yrs

Pavel Cyrani

TITLE
Vice Chairman and Deputy CEO of Strategy & Sales
AGE
43

Radim Sladkovský

TITLE
Director of Accounting Section
AGE
52
TENURE
12 yrs

Michaela Chaloupková

TITLE
Chief Administration Officer & Director
AGE
44
TENURE
8.2 yrs

Barbara Seidlová

TITLE
Head of Investor Relations

Juraj Szabó

TITLE
Director of Legal Section
AGE
50
TENURE
12.2 yrs

Bohdana Horackova

TITLE
New Communication Director
TENURE
10.7 yrs

Libuse Latalova

TITLE
Head of Finance Administration
Board of Directors Tenure

Average tenure and age of the CEZ a. s board of directors in years:

2.8
Average Tenure
52
Average Age
  • The average tenure for the CEZ a. s board of directors is less than 3 years, this suggests a new board.
Board of Directors

Daniel Beneš

TITLE
Chairman & CEO
AGE
49
TENURE
8.4 yrs

Tomáš Pleskac

TITLE
Vice Chairman
AGE
53
TENURE
2.7 yrs

Martin Novák

TITLE
Vice Chairman
AGE
48
TENURE
8.4 yrs

Pavel Cyrani

TITLE
Vice Chairman and Deputy CEO of Strategy & Sales
AGE
43
TENURE
0.2 yrs

Michaela Chaloupková

TITLE
Chief Administration Officer & Director
AGE
44
TENURE
8.4 yrs

Ladislav Štepánek

TITLE
Chief Fossil & Hydro Officer and Director
AGE
62
TENURE
6.7 yrs

Bohdan Zronek

TITLE
Chief Nuclear Officer & Director
TENURE
2.8 yrs

Jan Vanecek

TITLE
Supervisory Board Member
AGE
52
TENURE
0.7 yrs

Otakar Hora

TITLE
Chairman of Supervisory Board
AGE
59
TENURE
1.6 yrs

Zdenek Cerný

TITLE
Vice Chairman of Supervisory Board
AGE
66
TENURE
1.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess CEZ a. s's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. CEZ a. s has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

CEZ News

Simply Wall St News

CEZ Company Info

Description

CEZ, a. s., an electricity generation company, engages in the production, distribution, trade, and sale of electricity and heat in Western, Central, and Southeastern Europe. It also engages in trade and sale of natural gas; and mining of coal. The company operates through six segments: Generation-Traditional Energy, Generation-New Energy, Distribution, Sales, Mining, and Other. It operates 12 fossil fuel plants, 16 hydroelectric plants, 1 combined cycle gas turbine plant, and 2 nuclear plants in the Czech Republic. The company, through its subsidiaries, also operates various fossil fuel, hydro, wind, solar, biogas, and biomass power plants in the Czech Republic; 11 wind power plants in Germany; 2 fossil fuel plants and 2 hydroelectric plants in Poland; 1 solar plant in Bulgaria; and a wind farm and a complex of hydroelectric plants in Romania. In addition, it is involved in quarrying and processing of construction aggregate and high-percentage limestones; and commodity trading in wholesale markets. Further, the company engages in the telecommunications, informatics, nuclear research, raw materials mining, and energy by-products processing activities; and planning, construction, and maintenance of energy facilities. CEZ, a. s. was founded in 1992 and is headquartered in Prague, the Czech Republic.

Details
Name: CEZ, a. s.
CEZ
Exchange: DB
Founded: 1992
CZK7,950,145,291
535,438,519
Website: http://www.cez.cz
Address: CEZ, a. s.
Duhová 2/1444,
Praha 4,
Prague,
140 53,
Czech Republic
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEP CEZ Common Stock The Stock Exchange Prague Co. Ltd. CZ CZK 02. Nov 1993
OTCPK CZAV.F Common Stock Pink Sheets LLC US USD 02. Nov 1993
DB CEZ Common Stock Deutsche Boerse AG DE EUR 02. Nov 1993
LSE 0NZF Common Stock London Stock Exchange GB CZK 02. Nov 1993
WSE CEZ Common Stock Warsaw Stock Exchange PL PLN 02. Nov 1993
BATS-CHIXE CEZK Common Stock BATS 'Chi-X Europe' GB CZK 02. Nov 1993
OTCPK CEZY.Y UNSPONSORD ADS Pink Sheets LLC US USD 29. Jun 2018
Number of employees
Current staff
Staff numbers
31,572
CEZ a. s employees.
Industry
Electric Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/31 21:07
End of day share price update: 2020/03/31 00:00
Last estimates confirmation: 2020/03/24
Last earnings filing: 2020/03/17
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.