Look for:



"Research Center" important notice


This document should be regarded as a supplementary source of information for our clients and it is not an offer or promotion for the purchase or sale of securities. It is based on the best information sources available at the time of printing. The information sources used are generally regarded as reliable, although Česká spořitelna a.s. cannot guarantee the correctness and completeness of the information contained therein. The views, forecasts and estimates presented in the material reflect our best knowledge as at the date of issuance of the publication and can be changed without giving any reason. The publication was not subject to language adaptation. The administrative office exercising supervision over Česká spořitelna, a.s. is the Czech National Bank.

Fair presentation of recommendation

The issuers of the analyzed investment instruments had not been informed before the distribution of this analysis of its content and the analysis has not been adjusted in any way based on their instructions. The Analysis is created based on standard financial and econometric models. In the case of share recommendation, these are different variants of the discounted cash flow and the net asset value methods. In the case of bonds and currencies, the standard methods include the closed macroeconomic models of Clarida-Gali-Gertler or QPM CNB types.

Degree of investment recommendation for equities

Target prices for the shares' 12-month horizon reflect the fair share value based on the fundamental factors and other information relevant for the share price. All verbal recommendations are based on the fundamental value of the securities and do not reflect the relative performance of the share in relation to other regional titles. Verbal recommendations reflect the relation between the target price and the share price at the time of calculating the target price, i.e. the issue of the relevant company analysis. The particular numeral values are stated in the brackets: buy (target price 20% above share price), accumulate (10% to 20% above), hold (0% to 10% above), reduce (target price ranging from -10% to 0% in relation to the share price when calculating the target price) and sell (below -10%).


Past performance of investment instruments does not guarantee any comparable future performance. Different investment instruments and investments imply different degrees of investment risk. The value of any investment can rise and fall and there is no guarantee for the return of the initial amount. Česká spořitelna, a.s. assumes no responsibility for any possible losses caused directly or indirectly by the use of the information in this document. The forecast value of the investment instrument or its target price can be endangered by various types of risks.

These include, for instance, the risks connected with supply and demand for the particular investment instrument, competition risk, input price risk or market fluctuation risk. The forecast value of the investment instrument or its target price is based on the assumptions mentioned in the analysis. Other than expected development of these assumptions represents a key risk as well.


Investment recommendations, analyses and forecasts are updated within the scope of the regular publications of Česká spořitelna, a.s. and the Erste Bank Group. The target prices of shares are updated in the company analyses of the covered companies, which are issued on an irregular basis reflecting the current events in the particular area or in the covered company. Summary of the investment recommendations issued in the past 12 months is summed up in analyse Měsíční strategie - akcie (Table 1, part Důležitá upozornění) in section Latest flagship and monthly reports.

Analyst's evaluation

Evaluation of the analysts is not directly dependent on the results of the ČS financial group's trading in the covered investment instruments. The indirect relation consists in the link of the analysts' evaluation with the profit of the entire Financial Group of Česká spořitelna, which also includes to a certain extent the results of trading in investment instruments.

Conflict of interests

Česká spořitelna, a.s., Erste Bank, their subsidiaries and clients may have positions in the investment instruments referred to in the recommendations, may trade in the investment instruments of the companies referred to in the recommendations or may provide these companies with investment or banking services. The Department of Economic and Strategic Analyses of Česká spořitelna, a.s. is organizationally and physically separated from the departments of the Division of Financial Markets of Česká spořitelna, a.s. The interests and the possible resulting conflicts of interest of the Financial Group of Česká spořitelna in relation to the analyzed joint-stock companies in the Czech Republic (companies traded in the SPAD system outside Erste Bank) are mentioned in analyse Měsíční strategie - akcie (Table 2, part Důležitá upozornění) in section Latest flagship and monthly reports.
The relation of the respective degrees of currently effective investment recommendations of Erste Bank Group is shown in Table 3 (part Důležitá upozornění) in analyse Měsíční strategie - akcie in section Latest flagship and monthly reports. The table includes the relation of investment recommendations for covered shares traded in the SPAD system of the Prague Stock Exchange (SPAD9).


We use cookies and web analysis software to give you the best possible experience on our website. If you consent, these tools will be used. For more details please read our Data protection policy.


Any information, material and services regarding financial instruments and securities provided by Erste Group Bank AG or any of its affiliates (collectively “Erste Group“) on this and any linked website hereafter (jointly the “Websites”) shall be exclusively to investors who are not subject to any legal sale or purchase restrictions (the “Interested Party“).

The publication and distribution of information as well as offering and selling of products and services described on the Websites is prohibited by law in some jurisdictions. For this reason, persons in countries in which the publication as well as the offering and selling of products and services described on the Websites are not permitted by law, must not enter the Websites and/or acquire the products displayed on the Websites.

Neither Erste Group nor any third party shall offer access to the Websites or offer the products to especially, but not limited to citizen/residents of the United States and “U.S. person” (as defined in Regulation S under the US Securities Act 1933 as amended), citizen/resident of Australia, Canada, Great Britain and Japan. For this reason, the distribution or redistribution of the information, materials and products into United States, Australia, Canada, Great Britain and Japan or into any other jurisdiction where it is not permitted under the applicable law, as well as to the citizens/residents of these countries shall be prohibited.

The securities displayed on the Websites have not been and will not be registered under the US Securities Act of 1933 and trading in the securities has not been approved for purposes of the US Commodities Exchange Act of 1936. For this reason the securities may, inter alia, not be offered, sold or delivered within the United States or, for the account and benefit of U.S. persons.

The Interested Party is solely responsible to examine, whether he may enter the Websites under the law applicable to it. Erste Group shall not be responsible for the distribution of content of any of the Websites to individuals or entities which provide false information about their right to enter the Websites. For this reason Erste Group shall not be liable for any legal claims or damages which may result from the unauthorized entering or reading of the Websites.

By agreeing to this hereto, the Interested Party confirms that
(i) It has read, understood and accepted this Information and the Disclaimer;
(ii) It informed itself about any possible legal restriction and warrants that it is not restricted or prohibited to enter the Websites according to any law applicable; and
(iii) It does not make available the contents of the Websites to any person who is not qualified by law to enter the Websites.
(iV) It is no consumer.