Company Valuation: CEZ,

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 442,837 413,283 514,533 513,727 695,169 681,212 - -
Change - -6.67% 24.5% -0.16% 35.32% -2.01% - -
Enterprise Value (EV) 1 553,537 413,283 672,551 719,552 926,659 903,223 911,635 909,812
Change - -25.34% 62.73% 6.99% 28.78% -2.53% 0.93% -0.2%
P/E ratio 45.2x 5.12x 17.4x 17.2x 24.7x 19.4x 21.2x 24.2x
PBR 2.76x - 2.11x 2.15x 2.88x 2.68x 2.6x 2.6x
PEG - 0x -0.3x 11.83x -4.05x 0.8x -2.51x -1.9x
Capitalization / Revenue 1.94x 1.43x 1.51x 1.49x 2.09x 2.22x 2.3x 2.37x
EV / Revenue 2.43x 1.43x 1.97x 2.09x 2.78x 2.95x 3.08x 3.16x
EV / EBITDA 8.75x 3.14x 5.39x 5.23x 6.76x 8.08x 8.61x 8.83x
EV / EBIT 34.4x 4.05x 7.96x 7.7x 11.6x 15.6x 16.8x 17.6x
EV / FCF 20.2x - 7.25x 10.2x 36.7x 26.8x 49.8x 30.3x
FCF Yield 4.95% - 13.8% 9.77% 2.72% 3.74% 2.01% 3.3%
Dividend per Share 2 44 - 52 47 47 51.22 44.85 39.27
Rate of return 5.32% - 5.43% 4.91% 3.63% 4.04% 3.53% 3.09%
EPS 2 18.3 150.5 55 55.8 52.4 65.38 59.85 52.34
Distribution rate 240% - 94.5% 84.2% 89.7% 78.3% 74.9% 75%
Net sales 1 227,793 288,485 340,585 344,709 333,388 306,585 296,385 287,588
EBITDA 1 63,240 131,568 124,839 137,462 137,038 111,816 105,937 102,989
EBIT 1 16,098 101,927 84,512 93,443 80,145 57,756 54,257 51,592
Net income 1 9,791 80,786 29,524 29,933 28,107 35,521 31,530 27,632
Net Debt 1 110,700 - 158,018 205,825 231,490 222,010 230,423 228,600
Reference price 2 827.00 770.00 958.50 957.00 1,295.00 1,269.00 1,269.00 1,269.00
Nbr of stocks (in thousands) 535,474 536,731 536,810 536,810 536,810 536,810 - -
Announcement Date 3/15/22 3/21/23 3/21/24 3/13/25 3/12/26 - - -
1CZK in Million2CZK
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.41x2.95x8.08x4.04% 32.5B
30.13x5.34x39.11x0.21% 251B
21.18x8.98x14.32x2.95% 175B
19.75x4.17x11.33x3.67% 152B
13.3x1.92x6.74x5.38% 111B
20.53x5.85x12.93x3.33% 103B
18.09x5.57x11.11x3.59% 95.15B
20.58x3.13x12.41x0.68% 89.51B
19.89x5.14x12.35x3.05% 68.98B
18.2x6.19x13.25x4.08% 57.63B
Average 20.11x 4.92x 14.16x 3.1% 113.6B
Weighted average by Cap. 21.55x 5.26x 17.76x 2.68%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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