CEZ - transformation of CEZ could be changed

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Investiční bankovnictví KB

      Transformation model of the Czech energy sector could reportedly change, several scenarios are reportedly discussed. According to first, CEZ should take control over five distribution companies, where it holds majority stakes together with the NPF. The remaining distribution companies would be sold to foreign investors. Second scenario calls for sale of just three distributors to CEZ. This plan reportedly includes de-merger of nuclear power stations from CEZ to government controlled company before its privatization. The government also reportedly considers reducing its stake it holds in CEZ from 67% to 51% by selling it on the market. The Antimonopoly Office should decide about the original transformation plan on 19-20 December.

       Generally, even control over just three distribution companies is positive for CEZ, but it appears less advantageous for CEZ compared to the previous model where it should control five distributors and hold minority stakes in three distribution companies. But we cannot precisely determine impact on CEZ without knowing details of the transaction. Nevertheless, uncertainty about future structure of CEZ, completion of the transaction and its conditions will result in higher uncertainty for the investors, which could lead to a share price correction.

      

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