{"id":37370,"date":"2026-03-27T13:25:07","date_gmt":"2026-03-27T13:25:07","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/37370\/"},"modified":"2026-03-27T13:25:07","modified_gmt":"2026-03-27T13:25:07","slug":"kolaps-akcii-csg-zbrojar-uz-je-levnejsi-nez-cez-a-na-hranici-ztrat-uz-stoji-i-velci-hraci","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/37370\/","title":{"rendered":"Kolaps akci\u00ed CSG. Zbroja\u0159 u\u017e je levn\u011bj\u0161\u00ed ne\u017e \u010cEZ a na hranici ztr\u00e1t u\u017e stoj\u00ed i velc\u00ed hr\u00e1\u010di"},"content":{"rendered":"

Akcie\u00a0Czechoslovak Group<\/a>\u00a0pro\u017e\u00edvaj\u00ed tot\u00e1ln\u00ed paral\u00fdzu a prorazily smutnou metu sv\u00e9 lednov\u00e9 upisovac\u00ed ceny. Jej\u00edm protnut\u00edm burzovn\u00ed story zbroja\u0159sk\u00fdch akci\u00ed z\u00edskala o \u0159\u00e1d kyselej\u0161\u00ed rozm\u011br. Zat\u00edmco toti\u017e doposud na n\u00e1kupu akci\u00ed CSG prod\u011bl\u00e1vali \u201ejen\u201c drobn\u00ed investo\u0159i, kte\u0159\u00ed akcie draze dokupovali po IPO z trhu<\/a>,\u00a0nov\u011b na investici do imp\u00e9ria Michala Strnada trat\u00ed i velc\u00ed institucion\u00e1ln\u00ed investo\u0159i, kter\u00fdm se v lednu povedlo akcie upsat, a to v p\u0159epo\u010dtu za cenu 608 korun. Zbroja\u0159 z\u00e1rove\u0148 ztratil punc nejhodnotn\u011bj\u0161\u00ed firmy na pra\u017esk\u00e9 burze.\u00a0<\/p>\n

\u201ePropad pod IPO cenu m\u016f\u017ee pokra\u010dovat, nicm\u00e9n\u011b neo\u010dek\u00e1val bych pot\u00e9 zrychlen\u00ed v\u00fdprodej\u016f,\u201c komentuje dramatick\u00fd v\u00fdvoj na akcii, kter\u00e1 jen od za\u010d\u00e1tku v\u010derej\u0161\u00edho obchodov\u00e1n\u00ed p\u0159i\u0161la o dvan\u00e1ct procent. To z\u00e1rove\u0148 znamen\u00e1 pokles burzovn\u00ed hodnoty od \u010dtvrte\u010dn\u00edho r\u00e1na o zhruba 87 miliard korun. „N\u011bkte\u0159\u00ed investo\u0159i, kte\u0159\u00ed z\u00edskali akcie v\u00a0IPO, se rozhodli k\u00a0realizaci zisk\u016f s\u00a0t\u00edm, jak se cena bl\u00ed\u017eila IPO cen\u011b 25 eur. T\u00edm tento pohyb d\u00e1le umoc\u0148ovali,“ soud\u00ed analytik\u00a0J&T Banky Pavel Ryska.<\/p>\n

S takto brut\u00e1ln\u00edm propadem souvis\u00ed i alespo\u0148 prozat\u00edmn\u00ed zm\u011bna v po\u0159ad\u00ed nejhodnotn\u011bj\u0161\u00edch firem na pra\u017esk\u00e9 burze. Zat\u00edmco hodnota polost\u00e1tn\u00edho energetick\u00e9ho \u010cEZ je aktu\u00e1ln\u011b 635 miliard korun, zbroja\u0159e CSG si burza aktu\u00e1ln\u011b cen\u00ed na 613 miliard. Po sv\u00e9m lednov\u00e9m vstupu na burzu si p\u0159itom pr\u00e1v\u011b zbroja\u0159 sv\u00fdm extr\u00e9mn\u00edm r\u016fstem suver\u00e9nn\u011b podmanil pozici nejhodnotn\u011bj\u0161\u00ed firmy v Praze.\u00a0<\/p>\n

P\u0159eh\u0159\u00e1l se evropsk\u00fd zbrojn\u00ed sektor?<\/p>\n

Kolaps akci\u00ed souvis\u00ed podle expert\u016f prim\u00e1rn\u011b s ochlazen\u00edm investorsk\u00e9ho z\u00e1jmu o evropsk\u00fd zbrojn\u00ed sektor. Ten za\u017e\u00edv\u00e1 strm\u00fd p\u00e1d, a to prakticky od prvn\u00edch p\u0159\u00edznak\u016f hroz\u00edc\u00edho konfliktu na Bl\u00edzk\u00e9m v\u00fdchod\u011b. Symbolem m\u016f\u017ee b\u00fdt akcie Rheinmetallu, kter\u00e1 ze sv\u00e9ho lednov\u00e9ho vrcholu ztratila p\u0159es 26 procent. Akcie CSG p\u0159itom pom\u011brn\u011b v\u00fdznamn\u011b kop\u00edruj\u00ed investorskou n\u00e1ladu v sektoru. \u201eO\u010dek\u00e1v\u00e1n\u00ed byla euforick\u00e1 a investo\u0159i nyn\u00ed cht\u011bj\u00ed vid\u011bt strm\u00fd r\u016fst zisk\u016f sektoru. P\u0159esto\u017ee zisky rostou, v mnoha p\u0159\u00edpadech to nesta\u010d\u00ed na analytick\u00e9 odhady,\u201c dod\u00e1v\u00e1 Pfeiler.\u00a0<\/p>\n

Zbroja\u0159sk\u00fd titul na burze v posledn\u00edch t\u00fddnech trp\u011bl i kumulac\u00ed kontroverzn\u00edch zpr\u00e1v na svou adresu. A\u0165 u\u017e\u00a0v\u00fdzvou minoritn\u00edho akcion\u00e1\u0159e<\/a>,\u00a0dlouholet\u00e9ho mana\u017eera a spoluzakladatele skupiny CSG Petra Kratochv\u00edla k odkupu jeho pod\u00edlu za \u00fadajn\u011b po\u017eadovan\u00fdch 35 miliard korun, \u010di jen o n\u011bkolik dn\u016f d\u0159\u00edve zji\u0161t\u011bn\u00edm nizozemsk\u00fdch investigativc\u016f z port\u00e1lu Follow the Money.\u00a0<\/p>\n

Ti uvedli, \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). Zm\u00ednku o v\u00fdznamn\u00e9m minorit\u00e1\u0159i \u010di probl\u00e9mech se \u0161pan\u011blsk\u00fdm byznysem p\u0159itom neobsahoval lednov\u00fd akciov\u00fd prospekt, podle kter\u00e9ho se investo\u0159i rozhodovali o potenci\u00e1ln\u00ed investici do zbroja\u0159sk\u00fdch akci\u00ed.\u00a0<\/p>\n

N\u00e1r\u016fst geopolitick\u00e9 nestability a rizik obecn\u011b<\/p>\n

Evropsk\u00fd zbroja\u0159sk\u00fd sektor jako celek vykolejila v\u00e1lka v \u00cdr\u00e1nu z toho d\u016fvodu, \u017ee investo\u0159i v n\u00ed nevid\u00ed pro kontinent\u00e1ln\u00ed hr\u00e1\u010de byznysov\u00fd impuls. \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 tr\u017ebami 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 Ryska.\u00a0<\/p>\n

Cena akci\u00ed u\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 pro zbroja\u0159sk\u00e9 spole\u010dnosti,\u201c dod\u00e1v\u00e1 B\u00e1rtek. Zbroja\u0159 vstoupil na amsterodamskou a paraleln\u011b na pra\u017eskou burzu v z\u00e1v\u011bru ledna.\u00a0<\/p>\n

Skupina CSG p\u0159itom p\u0159edstavila v t\u00fddnu p\u0159edstavila relativn\u011b solidn\u00ed hospod\u00e1\u0159sk\u00e9 v\u00fdsledky za lo\u0148sk\u00fd rok a na \u00farovni zisku i tr\u017eeb p\u0159ekonala o\u010dek\u00e1v\u00e1n\u00ed analytik\u016f. „\u010c\u00edsla vyzn\u011bla velmi dob\u0159e, stejn\u011b jako v\u00fdhled firmy,“ dod\u00e1v\u00e1 Ryska s t\u00edm, \u017ee aktu\u00e1ln\u00ed propad akcie pova\u017euje ve sv\u011btle v\u00fdsledk\u016f za neadekv\u00e1tn\u00ed.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Akcie\u00a0Czechoslovak Group\u00a0pro\u017e\u00edvaj\u00ed tot\u00e1ln\u00ed paral\u00fdzu a prorazily smutnou metu sv\u00e9 lednov\u00e9 upisovac\u00ed ceny. Jej\u00edm protnut\u00edm burzovn\u00ed story zbroja\u0159sk\u00fdch akci\u00ed…\n","protected":false},"author":2,"featured_media":37371,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[412,704,67,68,702,1834,3476,1099,5241,895,5531,11737],"class_list":{"0":"post-37370","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-byznys","8":"tag-akcie","9":"tag-burza-cennych-papiru-praha","10":"tag-business","11":"tag-byznys","12":"tag-cez","13":"tag-czechoslovak-group","14":"tag-initial-public-offering","15":"tag-investor","16":"tag-michal-strnad","17":"tag-nato","18":"tag-pavel-ryska","19":"tag-valka-v-iranu"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116301366906572146","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/37370","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=37370"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/37370\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/37371"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=37370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=37370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=37370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}