{"id":29459,"date":"2026-03-19T16:23:07","date_gmt":"2026-03-19T16:23:07","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/29459\/"},"modified":"2026-03-19T16:23:07","modified_gmt":"2026-03-19T16:23:07","slug":"akcie-csg-jsou-nejlevnejsi-od-vstupu-na-burzu-drti-je-kauzy-i-byznysove-paradoxy","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/29459\/","title":{"rendered":"Akcie CSG jsou nejlevn\u011bj\u0161\u00ed od vstupu na burzu. Drt\u00ed je kauzy i byznysov\u00e9 paradoxy"},"content":{"rendered":"

Akcion\u00e1\u0159i Czechoslovak Group za\u017e\u00edvaj\u00ed doposud nejdramati\u010dt\u011bj\u0161\u00ed chv\u00edle od vstupu zbroja\u0159sk\u00e9 firmy na burzu. Akcie imp\u00e9ria Michala Strnada toti\u017e propadly na nejni\u017e\u0161\u00ed \u00farove\u0148 od sv\u00e9ho lednov\u00e9ho IPO. V okam\u017eic\u00edch nejv\u011bt\u0161\u00edho z\u00e1jmu o titul kr\u00e1tce po vstupu na burzu se akcie CSG obchodovaly i za 816 korun, tedy a\u017e o p\u011btinu dr\u00e1\u017ee. Zbroja\u0159sk\u00fd titul v posledn\u00edch t\u00fddnech trp\u00ed kumulac\u00ed kontroverzn\u00edch zpr\u00e1v, ale paradoxn\u011b i aktu\u00e1ln\u00ed byznysovou konstelac\u00ed v souvislosti s konfliktem na Bl\u00edzk\u00e9m v\u00fdchod\u011b.\u00a0<\/p>\n

Posledn\u00ed kauzou, kter\u00e1 p\u0159isp\u011bla k propadu akci\u00ed, je\u00a0v\u00fdzva minoritn\u00edho akcion\u00e1\u0159e<\/a>,\u00a0dlouholet\u00e9ho mana\u017eera a spoluzakladatele skupiny CSG Petra Kratochv\u00edla k odkupu jeho pod\u00edlu. Jak ve \u010dtvrtek informoval\u00a0port\u00e1l Seznam Zpr\u00e1vy<\/a>,\u00a0Kratochv\u00edl za sv\u016fj pod\u00edl \u00fadajn\u011b po\u017eaduje t\u00e9m\u011b\u0159 35 miliard korun. Akciov\u00fd prospekt p\u0159i vstupu na burzu nav\u00edc takovou informaci neobsahoval, stejn\u011b jako samotnou existenci v\u00fdznamn\u00e9ho minorit\u00e1\u0159e.\u00a0<\/p>\n

CSG hodnotu pod\u00edlu rozporuje<\/p>\n

Strnadova CSG rozporuje hodnotu pod\u00edlu s t\u00edm, \u017ee m\u016f\u017ee b\u00fdt a\u017e desetkr\u00e1t ni\u017e\u0161\u00ed. I tak ale b\u011bhem \u010dtvrte\u010dn\u00edho poledne ztr\u00e1cely akcie skupiny na burze a\u017e p\u0159es \u010dty\u0159i procenta. To znamen\u00e1 propad burzovn\u00ed\u00a0hodnoty CSG<\/a>\u00a0a\u017e o zhruba 29 miliard korun, tato \u010d\u00e1stka tak prakticky pokr\u00fdv\u00e1 hypotetickou hodnotu Kratochv\u00edlova pod\u00edlu.\u00a0<\/p>\n

\u201eNen\u00ed v\u016fbec jist\u00e9, na jak\u00e9 cen\u011b se CSG s protistranou dohodne a jakou m\u00e1 tento pod\u00edl skute\u010dnou hodnotu. Na prvn\u00ed pohled n\u00e1m tato \u010d\u00e1stka p\u0159ijde p\u0159ehnan\u00e1,\u201c soud\u00ed analytik \u010cesk\u00e9 spo\u0159itelny Petr B\u00e1rtek. Zpr\u00e1va p\u0159itom p\u0159ich\u00e1z\u00ed jen n\u011bkolik dn\u016f pot\u00e9, co\u00a0nizozem\u0161t\u00ed investigativci z port\u00e1lu Follow the Money<\/a>\u00a0uvedli, \u017ee \u0161pan\u011blsk\u00e1 dce\u0159in\u00e1 spole\u010dnost CSG byla loni za\u0159azena na \u010dernou listinu Agentury pro podporu a zad\u00e1v\u00e1n\u00ed ve\u0159ejn\u00fdch zak\u00e1zek NATO NSPA. Tak\u00e9 o t\u00e9to potenci\u00e1ln\u00ed byznysov\u00e9 v\u00fdzv\u011b prospekt poml\u010del. \u201eNegativn\u00ed zpr\u00e1vy ohledn\u011b CSG z minul\u00fdch dn\u00ed si jednodu\u0161e vy\u017e\u00e1daly tr\u017en\u00ed reakci,\u201c hodnot\u00ed analytik Capitalinked Radim Dohnal.\u00a0<\/p>\n

Investo\u0159i do zbroja\u0159sk\u00e9ho odv\u011btv\u00ed nav\u00edc aktu\u00e1ln\u011b rozli\u0161uj\u00ed mezi firmami, kter\u00e9 mohou bezprost\u0159edn\u011b t\u011b\u017eit z \u00edr\u00e1nsk\u00e9ho konfliktu, a hr\u00e1\u010di, kte\u0159\u00ed stoj\u00ed opod\u00e1l. \u201eFirmy jako britsk\u00e1 BAE Systems, kter\u00e1 m\u00e1 t\u00e9m\u011b\u0159 polovinu sv\u00fdch tr\u017eeb z USA, na burze pos\u00edlily. Naopak akcie firem orientovan\u00fdch p\u0159edev\u0161\u00edm na Evropu, typicky n\u011bme\u010dt\u00ed zbroja\u0159i bez mo\u017enosti v\u00fdrazn\u011b profitovat z prob\u00edhaj\u00edc\u00edho konfliktu, stagnovaly \u010di klesaly,\u201c zd\u016fraz\u0148uje analytik J&T Banky Pavel Ryska.\u00a0<\/p>\n

Analytik z\u00e1rove\u0148 zd\u016fraz\u0148uje, \u017ee investo\u0159i s nads\u00e1zkou h\u00e1zej\u00ed do jednoho pytle n\u011bmeck\u00e9 a \u010desk\u00e9 zbroja\u0159e, CSG tak touto prov\u00e1zanost\u00ed v sou\u010dasnosti m\u016f\u017ee trp\u011bt. \u201eK poklesu akci\u00ed CSG mohly p\u0159isp\u011bt i oproti o\u010dek\u00e1v\u00e1n\u00edm m\u00edrn\u011b slab\u0161\u00ed hospod\u00e1\u0159sk\u00e9 v\u00fdsledky n\u011bmeck\u00e9ho Rheinmetallu, kter\u00e9 firma ned\u00e1vno zve\u0159ejnila,\u201c dod\u00e1v\u00e1 analytik.\u00a0<\/p>\n

Propad o 17 procent<\/p>\n

Cena akci\u00ed ji\u017e ze sv\u00e9ho lednov\u00e9ho vrcholu 816 korun dosa\u017een\u00e9ho kr\u00e1tce po IPO propadla o sedmn\u00e1ct procent. Upisovac\u00ed cena akci\u00ed b\u011bhem IPO \u010dinila 608 korun, zbroja\u0159sk\u00e1 akcie je tak st\u00e1le o bezm\u00e1la jeden\u00e1ct procent nad \u00fapisem. Toho se p\u0159itom z\u00fa\u010dastnili prakticky pouze velc\u00ed institucion\u00e1ln\u00ed investo\u0159i, mal\u00fdm nezbylo ne\u017e p\u0159\u00edpadn\u011b dokupovat akcie CSG a\u017e na trhu, tedy podstatn\u011b dr\u00e1\u017ee. I tak analytici soud\u00ed, \u017ee fundamenty jsou obecn\u011b na stran\u011b zbroja\u0159sk\u00e9ho odv\u011btv\u00ed jako celku.\u00a0<\/p>\n

\u201eProb\u00edhaj\u00edc\u00ed konflikt jen podtrhuje v\u00fdrazn\u00fd n\u00e1r\u016fst geopolitick\u00e9 nestability a rizik, kter\u00fd bude i po evropsk\u00fdch st\u00e1tech vy\u017eadovat v\u011bt\u0161\u00ed p\u0159ipravenost a kapacitu jejich arm\u00e1d. To by mohlo nazna\u010dovat rostouc\u00ed trend hospoda\u0159en\u00ed zbroja\u0159sk\u00fdch spole\u010dnost\u00ed,\u201c dod\u00e1v\u00e1 B\u00e1rtek. Zbroja\u0159 vstoupil na amsterodamskou a paraleln\u011b i na pra\u017eskou burzu v z\u00e1v\u011bru ledna.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Akcion\u00e1\u0159i Czechoslovak Group za\u017e\u00edvaj\u00ed doposud nejdramati\u010dt\u011bj\u0161\u00ed chv\u00edle od vstupu zbroja\u0159sk\u00e9 firmy na burzu. Akcie imp\u00e9ria Michala Strnada toti\u017e…\n","protected":false},"author":2,"featured_media":29460,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[412,13099,623,704,67,68,1834,1099,6629,5241,895,5531],"class_list":{"0":"post-29459","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-byznys","8":"tag-akcie","9":"tag-bae-systems","10":"tag-burza","11":"tag-burza-cennych-papiru-praha","12":"tag-business","13":"tag-byznys","14":"tag-czechoslovak-group","15":"tag-investor","16":"tag-konflikt-na-blizkem-vychode","17":"tag-michal-strnad","18":"tag-nato","19":"tag-pavel-ryska"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116256768371520811","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/29459","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=29459"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/29459\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/29460"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=29459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=29459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=29459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}