{"id":101260,"date":"2026-05-29T16:00:22","date_gmt":"2026-05-29T16:00:22","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/101260\/"},"modified":"2026-05-29T16:00:22","modified_gmt":"2026-05-29T16:00:22","slug":"kdyz-uz-ma-cez-zmizet-z-burzy-tak-at-jej-nahradi-dcerina-firma-rika-investor-sura","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/101260\/","title":{"rendered":"Kdy\u017e u\u017e m\u00e1 \u010cEZ zmizet z burzy, tak a\u0165 jej nahrad\u00ed dce\u0159in\u00e1 firma, \u0159\u00edk\u00e1 investor \u0160ura"},"content":{"rendered":"

Po valn\u00e9 hromad\u011b spole\u010dnosti \u010cEZ, kter\u00e1 se uskute\u010dn\u00ed u\u017e v pond\u011bl\u00ed, nastane v energetice velk\u00fd t\u0159esk. \u010cEZ postupn\u011b p\u0159ejde do 100procentn\u00edho vlastnictv\u00ed st\u00e1tu. Zdrojem pen\u011bz pro v\u00fdkup akci\u00ed bude prodej a\u017e 49procentn\u00edho pod\u00edlu v nov\u011b zalo\u017een\u00e9 dce\u0159in\u00e9 skupin\u011b se zam\u011b\u0159en\u00edm na distribuci a obchod s energiemi. V\u00fdhody i rizika takov\u00e9ho \u0159e\u0161en\u00ed popisuje v rozhovoru pro Ekonomick\u00fd den\u00edk investor Jaroslav \u0160ura, kter\u00fd pat\u0159\u00ed mezi dlouholet\u00e9 akcion\u00e1\u0159e \u010cEZ i \u0159ady dal\u0161\u00edch \u010desk\u00fdch a americk\u00fdch spole\u010dnost\u00ed.<\/p>\n

\u201eKdy\u017e u\u017e se tedy \u010cEZ mus\u00ed zest\u00e1tnit, tak varianta navr\u017een\u00e1 gener\u00e1ln\u00edm \u0159editelem Danielem Bene\u0161em je suver\u00e9nn\u011b nejlep\u0161\u00ed. Nejen pro minoritn\u00ed akcion\u00e1\u0159e, ale hlavn\u011b pro samotnou spole\u010dnost. Proto\u017ee pen\u00edze, kter\u00e9 \u010cEZ utr\u017e\u00ed za nev\u00fdrobn\u00ed \u010d\u00e1st, p\u0159ite\u010dou p\u0159\u00edmo do firmy a neskon\u010d\u00ed tedy ve st\u00e1tn\u00edm rozpo\u010dtu jako p\u0159i jin\u00fdch variant\u00e1ch,\u201c \u0159\u00edk\u00e1 Jaroslav \u0160ura k navr\u017een\u00e9mu postupu transformace Skupiny \u010cEZ.<\/p>\n

Akcie \u010cEZ na zpr\u00e1vu o transformaci skupiny reagovaly pozitivn\u011b, tedy r\u016fstem. Je takov\u00fd optimismus nam\u00edst\u011b?<\/p>\n

Je z\u0159ejm\u00e9, \u017ee prodej minoritn\u00edho pod\u00edlu v dce\u0159in\u00e9 skupin\u011b odemkne hodnotu \u010cEZu. Sou\u010dasn\u00e1 tr\u017en\u00ed hodnota \u010cEZu je n\u011bkde kolem 700 miliard korun. Kdy\u017e se pod\u00edv\u00e1m na hloubku trhu, tak tam nen\u00ed velk\u00e1 popt\u00e1vka, ale ani nab\u00eddka. Investo\u0159i vy\u010dk\u00e1vaj\u00ed. N\u00e1vrh pana \u0159editele Bene\u0161e, kter\u00fd byl v m\u00e9di\u00edch p\u0159ed n\u011bkolika t\u00fddny, vedl k uklidn\u011bn\u00ed minoritn\u00edch akcion\u00e1\u0159\u016f. Spousta lid\u00ed se za\u010dala vracet zp\u00e1tky do pozic a akcie \u010cEZ za zhruba 1200 korun za\u010dali op\u011bt nakupovat. U\u017e se r\u00fdsuje, jak\u00fdm stylem to bude nejsp\u00ed\u0161 prob\u00edhat.<\/p>\n

Zat\u00edm je v\u0161ak na v\u00fdb\u011br z v\u00edce variant. M\u016f\u017ee to b\u00fdt prodej 49 procent akci\u00ed dce\u0159in\u00e9 podskupiny \u0161ir\u0161\u00edmu okruhu investor\u016f, nebo tak\u00e9 prodej velk\u00fdm finan\u010dn\u00edm investor\u016fm bez vstupu na burzu. Kterou variantu pova\u017eujete za pravd\u011bpodobnou?<\/p>\n

Domn\u00edv\u00e1m se, \u017ee si p\u0159edstavenstvo zad\u00e1 zak\u00e1zky velk\u00fdm poradensk\u00fdm firm\u00e1m, aby byli kryt\u00ed. S\u00e1m Bene\u0161 \u0159\u00edk\u00e1, \u017ee chce maximalizovat hodnotu prodan\u00e9ho pod\u00edlu. Jako nejtransparentn\u011bj\u0161\u00ed mi p\u0159ijde, kdy\u017e se d\u00e1 nov\u00e1 spole\u010dnost na burzu. Je to elegantn\u00ed, \u010dist\u00e9 \u0159e\u0161en\u00ed. Neboj\u00edm se, \u017ee by to bylo p\u0159\u00edli\u0161 velk\u00e9 sousto pro dom\u00e1c\u00ed burzu. \u010ce\u0161t\u00ed i zahrani\u010dn\u00ed investo\u0159i by si takovou p\u0159\u00edle\u017eitost nenechali uj\u00edt.<\/p>\n

Vypad\u00e1 to, \u017ee nov\u00e1 distribu\u010dn\u00ed a obchodn\u00ed skupina by mohla b\u00fdt hitem burzy. Z\u00e1jem by mohly m\u00edt velk\u00e9 zahrani\u010dn\u00ed fondy, kter\u00e9 s etick\u00fdch d\u016fvod\u016f odm\u00edtaj\u00ed akcie energetick\u00fdch skupin, kter\u00e9 tak\u0159\u00edkaj\u00edc smrd\u00ed uhl\u00edm\u2026<\/p>\n

Ano, nebude tam \u017e\u00e1dn\u00e9 uhl\u00ed. Bude to titul pro konzervativn\u00ed investory zam\u011b\u0159en\u00e9 na dividendu. Distribuce je jist\u00fd, stabiln\u00ed byznys s regulovan\u00fdmi zisky. Sv\u00e9 investory si bezesporu najde.<\/p>\n

\u0160\u00e9f \u010cEZ Daniel Bene\u0161 zm\u00ednil tak\u00e9 mo\u017enost v\u00fdm\u011bny akci\u00ed spole\u010dnosti \u010cEZ za akcie nov\u00e9 \u201ez\u00e1kaznick\u00e9 skupiny\u201c. Jak\u00fd m\u00e1te pohled na takov\u00e9 \u0159e\u0161en\u00ed?<\/p>\n

Takov\u00e1 sm\u011bna akcie je nejhor\u0161\u00ed mo\u017en\u00e1 varianta. Nemus\u00ed b\u00fdt \u0161patn\u00e1, ale v ka\u017ed\u00e9m p\u0159\u00edpad\u011b bude pro spoustu lid\u00ed podez\u0159el\u00e1. V\u017edy ji m\u016f\u017ee n\u011bkdo napadnout a rozporovat s argumentem \u201epro\u010d zrovna takto, v tomto pom\u011bru?\u201c. Mysl\u00edm, \u017ee nej\u010dist\u011bj\u0161\u00ed \u0159e\u0161en\u00ed je ten pod\u00edl prodat jin\u00fdm investor\u016fm a ze z\u00edskan\u00fdch pen\u011bz potom vykupovat v dobrovoln\u00e9m odkupu minoritn\u00ed akcion\u00e1\u0159e.<\/p>\n

Na \u010dem \u010cEZ nejv\u00edc vyd\u011bl\u00e1v\u00e1<\/p>\n

\"\"Zdroj: \u010cEZ \u2013 prezentace pro investory (\u00fadaje za rok 2025)<\/p>\n

Co vlastn\u011b \u0159\u00edk\u00e1te jako investor do akci\u00ed na sou\u010dasn\u00fd trend zest\u00e1t\u0148ov\u00e1n\u00ed energetiky? Podle p\u0159\u00edznivc\u016f posilov\u00e1n\u00ed role st\u00e1tu je to nezbytn\u00e9 v p\u0159\u00edpad\u011b, kdy st\u00e1t bude garancemi a \u00fav\u011bry podporovat v\u00fdstavbu nov\u00fdch jadern\u00fdch elektr\u00e1ren\u2026<\/p>\n

St\u00e1tu by takov\u00e9 v\u011bci nem\u011bly p\u0159\u00edslu\u0161et. St\u00e1t by nem\u011bl vlastnit ide\u00e1ln\u011b nic, ale v\u00edme, jak to je. Kdy\u017e by st\u00e1t m\u011bl vlastnit v\u0161e, kam jdou n\u011bjak\u00e9 dotace, musel by vlastnit i cel\u00fd sektor zem\u011bd\u011blstv\u00ed. A\u0165 soukrom\u00ed vlastn\u00edci maj\u00ed aktiva a st\u00e1t pak, kdy\u017e c\u00edt\u00ed pot\u0159ebu a nutnost vypl\u00e1cet dotace, tak budi\u017e, ale nemus\u00ed to p\u0159ece vlastnit. Tady je ale probl\u00e9m podpory jadern\u00e9 energetiky. Kdyby to byla nedovolen\u00e1 ve\u0159ejn\u00e1 podpora, Evropsk\u00e1 komise by proti tomu zas\u00e1hla. Tak\u017ee tady je to tro\u0161i\u010dku jinak a asi to i smysl d\u00e1v\u00e1. Ale radost z toho nem\u00e1m.<\/p>\n

C\u00edt\u00edte i jistou nostalgii? \u010cEZ byl po v\u00edce ne\u017e dvacet let nejobl\u00edben\u011bj\u0161\u00ed akcie na pra\u017esk\u00e9 burze, a te\u010f z n\u00ed m\u00e1 zmizet.<\/p>\n

J\u00e1 bych mohl p\u016fl hodiny mluvit o tom, pro\u010d je to dob\u0159e, a p\u016fl hodiny mluvit, pro\u010d tak b\u00fdt nem\u00e1. D\u016fle\u017eit\u00fd je, z kter\u00e9 strany na to budete koukat. Jin\u00fd je pohled minoritn\u00edho akcion\u00e1\u0159e, spot\u0159ebitele elekt\u0159iny, vl\u00e1dy i da\u0148ov\u00e9ho poplatn\u00edka, kter\u00fd to v\u0161echno zaplat\u00ed. A jinak na to bude koukat burzi\u00e1n, kter\u00fd samoz\u0159ejm\u011b chce, aby ta nejbonitn\u011bj\u0161\u00ed a nejlikvidn\u011bj\u0161\u00ed akcie z\u016fstala na burze.<\/p>\n

Objevuj\u00ed se spekulace, zda valn\u00e1 hromada v pond\u011bl\u00ed neschv\u00e1l\u00ed vy\u0161\u0161\u00ed dividendu, ne\u017e je p\u0159edstavenstvem navrhovan\u00fdch 42 korun za akcii. M\u016f\u017ee se to opravdu odehr\u00e1t?<\/p>\n

Je to naprosto v po\u0159\u00e1dku, st\u00e1t je majoritn\u00ed vlastn\u00edk a m\u016f\u017ee si \u0159\u00edct o vy\u0161\u0161\u00ed dividendu. M\u016f\u017ee to b\u00fdt i v\u00edce ne\u017e 100 procent \u010dist\u00e9ho zisku z minul\u00e9ho roku. Podobn\u00fd p\u0159\u00edpad se stal v roce 2022. Vzhledem k tomu, \u017ee st\u00e1tn\u00ed rozpo\u010det je v takov\u00e9m deficitu, tak d\u00e1v\u00e1 logiku, aby si st\u00e1t \u0159ekl o vy\u0161\u0161\u00ed dividendu.<\/p>\n

V\u00edce o navr\u017een\u00e9 transformaci Skupiny \u010cEZ se do\u010dtete ve zpr\u00e1v\u011b Ano, rozd\u011bl\u00edme se, p\u0159iznal \u010cEZ. S\u00edt\u011b a obchod p\u0159evezme dcera<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Po valn\u00e9 hromad\u011b spole\u010dnosti \u010cEZ, kter\u00e1 se uskute\u010dn\u00ed u\u017e v pond\u011bl\u00ed, nastane v energetice velk\u00fd t\u0159esk. \u010cEZ postupn\u011b…\n","protected":false},"author":2,"featured_media":101261,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[10],"tags":[702,10204,17,21,27504,16,17087,30032,18,19,30033,22,21880,30034,20],"class_list":["post-101260","post","type-post","status-publish","format-standard","has-post-thumbnail","category-zpravy","tag-cez","tag-daniel-benes","tag-headlines","tag-hlavni-udalosti","tag-jaroslav-sura","tag-news","tag-prazska-burza","tag-rozdeleni-cez","tag-top-news","tag-top-stories","tag-transformace-energetiky","tag-udalosti-dne","tag-valna-hromada","tag-zestatneni-cez","tag-zpravy"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116658701750530857","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/101260","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=101260"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/101260\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/101261"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=101260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=101260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=101260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}