CEZ - company could pay extraordinary dividend

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Investiční bankovnictví KB

      Reuters cited source from CEZ the company could pay extraordinary dividend by the end of this year, which should be however lower that the CZK 8/share dividend approved on the company’s AGM.

       Extraordinary dividend should not be surprising for the market. CEZ generates strong cash-flows, which could be used for acquisitions or return to the shareholders. In our opinion, payment of the extraordinary dividend depends on CEZ’s success in acquisitions. There is indirect relationship between these two scenarios, the more is the company successful in acquisitions the smaller extraordinary dividend it would pay. We expect the market to appreciate successes in acquisition in long-term compared to one-off payment of extraordinary dividend.

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