PKO Bank Polski - CEZ (CEZ) CEZ - CEZ 1Q19 conference highlights. Dividend at CZK 24/share as credit ratings are the priority. Neutral

Report

PKO Bank Polski

Stanisław Ozga

CEZ - CEZ 1Q19 conference highlights. Dividend at CZK 24/share as credit ratings are the priority. Neutral

Research prepared by PKO BP Securities

15/05/2019 3 EN

Underlying

CEZ

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Provider

PKO Bank Polski

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Analysts

Stanisław Ozga

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CEZ - CEZ 1Q19 conference highlights. Dividend at CZK 24/share as credit ratings are the priority. Neutral

CEZ - 1Q19 EBITDA close to mkt expectations. 100% dividend payout. Neutral

What is new? Cheap coal and expensive CO2.

Famur - Bullish outlook + hard rock entry (positive)

Stalexport - Benefit on VAT exemption? (positive)

- Dziennik

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