CEZ Company News - Updated 2030 Strategy puts financial targets in spotlight
Updated portfolio and strategy to yield CZK 65-70 bn EBITDA in 2025, CZK 80-85 bn in 2030, near-term target range in line with RBIes CZK 70 bn and consensus (CZK 66 bn)Capex outlook increased to CZK 50-55 bn in the late 2020s as new CCGT and more renewables are to replace coal, above RBIe on new projects
2% coal share in revenues by 2030 targeted, still not meeting Paris-aligned benchmark for security of supply reasons, despite additional reduction of carbon intensity
Financial targets above expectations and with upside risk from higher CO2 and power prices, stable ratings target and dividend of 80-100% of profits suggest positive reading
CEZ Group is a dynamic, integrated electricity conglomerate based in the Czech Republic and with operations in a number of countries of Central and Southeastern Europe and Turkey. Co. is an international group consisting of nearly 120 companies, Czech and foreign. Co.'s primary activities involve the production and transmission of electricity through nuclear, coal-fired and hydro power stations; production and distribution of heat and processing of secondary products generated during the production of electricity and heat as well as coal mining. Co. has operating companies in Poland, Bulgaria, Romania, the Netherlands, Ireland, Germany, Hungary, Albania, Turkey, Serbia, and Slovakia.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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