Wood & Co.- šance na mimořádnou dividendu ČEZ ?!

CEZ: Appian Group reportedly has increased its bid for the coal mining company Severoceske Doly to CZK 11bil (previous bid was around CZK 5bil). (Bloomberg) This, in our opinion, has 2 consequences on CEZ:

1/Most investors welcomed the news when J&T bid the highest and was recommended to the government by the privatization committee to be selected as the winner of Severoceske Doly privatization. However, as Appian seems to be back in the game with this news, investors will likely be more cautious on CEZ in the coming days/weeks.

2/Some market players have recently been speculating that CEZ will pay a one-off special dividend (CZK 15-20 per share) this year. As we published before, CEZ and the Industry Ministry are reportedly against a special dividend due to CEZ’s regional expansion plans. However, potential cancellation of Severoceske Doly privatization (CZK 7.5 – 10.7bil revenue expected by the government) could arguably force the government to approve special dividends from CEZ to compensate for privatization losses. Today’s news, in our opinion, once again increases the chance that Severoceske Doly privatization could go ahead, and decreases the argument for special dividends from CEZ.

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