CEZ, a. s. (CEZ.PR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+5.1%

CZK 1,432.04

vs CZK 1,362.00 price

Levered DCF

CZK 1,085.64

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.52

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	24.66×	17.16×	17.43×	5.12×	45.19×	50.49×	18.98×	28.15×
P/B	2.87×	2.15×	2.11×	2.08×	2.75×	1.18×	1.09×	1.24×
P/S	2.2×	1.58×	1.53×	1.12×	1.88×	1.32×	1.35×	1.6×
EV / EBITDA	6.48×	5.01×	5.11×	3.98×	10.02×	8.85×	7.38×	8.44×
Gross margin	53.0%	48.6%	47.7%	57.0%	47.6%	43.4%	41.5%	42.7%
Operating margin	20.1%	23.0%	36.2%	39.8%	21.2%	15.2%	11.3%	11.9%
Net margin	8.9%	9.2%	8.8%	21.9%	4.1%	2.6%	7.1%	5.7%
Current ratio	1.16×	1.28×	1.22×	1.03×	0.93×	1.11×	1.08×	1.04×
Debt / equity	1.03×	1.03×	0.69×	0.98×	0.86×	0.65×	0.69×	0.69×
Interest coverage	4.06×	5.12×	8.97×	18.63×	8.04×	4.4×	3.11×	3.09×
Dividend yield	3.6%	5.4%	15.0%	6.2%	6.3%	6.6%	4.7%	6.1%
Payout ratio	89.6%	93.3%	262.3%	31.7%	284.1%	333.1%	89.3%	170.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.6%	12.5%	12.1%	40.7%	6.1%	2.3%	5.7%	4.4%
Return on invested capital	3.6%	3.7%	7.2%	21.5%	7.9%	4.2%	3.3%	3.3%
Return on assets	3.3%	3.3%	3.6%	7.9%	0.8%	0.8%	2.0%	1.5%
Free cash flow yield	0.2%	13.7%	18.0%	-7.0%	6.1%	14.7%	4.8%	3.2%
Earnings yield	4.1%	5.8%	5.7%	19.5%	2.2%	2.0%	5.3%	3.6%
Enterprise value	CZK 924.6B	CZK 719.6B	CZK 672.6B	CZK 574B	CZK 554.7B	CZK 421.5B	CZK 434.9B	CZK 444.3B
Net debt / EBITDA	1.62×	1.43×	1.2×	1.11×	2.01×	3.06×	2.75×	2.92×
Cash conversion cycle (days)	17	28	-2	-68	-210	-77	-48	-37