Detail analýzy
| 07.05.2019 / Erste Group Research |
Základní informace
| Autor | Erste Group Research |
| Datum | 07.05.2019 |
| Jazyk |  |
| Název produktu | Credit News |
| Hlavní téma | Podnikové dluhopisy |
| Zaostřeno na ekonomiku | Česká republika |
| Zaměřeno na měnu | Česká koruna |
| Zaměřeno na sektor | - |
| Stáhnout |
Credit Report | CEZ (EN) CEZ reported consolidated group revenues of CZK 184.5bn for the FY 2018. Profitability decreased somewhat in 2018 compared to the previous year, but at 26.9%, it remained at a high level. Net debt has increased by 11.2% y/y to CZK 151.3bn in 2018. Consequently, all credit ratios have weakened. In April 2018, Moody's affirmed its rating Baa1 and changed the outlook to positive. S&P affirmed the rating A- with a stable outlook in November 2018. Both rating agencies highlight CEZ's leading market position in the Czech electricity market with a strong state support (70% state-owned) as well as the stable and predictable cash flows. For 2019, due to higher realization prices, CEZ's management expects a higher EBITDA – for the first time in a decade. The target value is at CZK 57-59bn (2018: CZK 49.5bn). Adjusted net income shall be at CZK 17-19bn (2018: CZK 13.1bn. The Czech government’s energy policy foresees the development of a new nuclear power unit in the country. A possible participation of CEZ has not been decided yet. The company’s investment plan, however, has already been adjusted. |
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