{"id":61309,"date":"2026-04-21T04:04:09","date_gmt":"2026-04-21T04:04:09","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/61309\/"},"modified":"2026-04-21T04:04:09","modified_gmt":"2026-04-21T04:04:09","slug":"v-praze-zacina-dividendova-sklizen-kdo-je-chce-musi-jednat-vcas","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/61309\/","title":{"rendered":"V Praze za\u010d\u00edn\u00e1 dividendov\u00e1 sklize\u0148. Kdo je chce, mus\u00ed jednat v\u010das"},"content":{"rendered":"

Dividendov\u00e1 sezona na pra\u017esk\u00e9 burze se letos rozb\u00edh\u00e1 v\u00a0dob\u011b, kdy investo\u0159i znovu obracej\u00ed pozornost k\u00a0tradi\u010dn\u00ed ot\u00e1zce: kter\u00e9 akcie letos nab\u00eddnou nejzaj\u00edmav\u011bj\u0161\u00ed v\u00fdnos a\u00a0kdy je pot\u0159eba je koupit, aby akcion\u00e1\u0159 na dividendu je\u0161t\u011b dos\u00e1hl. Po mimo\u0159\u00e1dn\u011b siln\u00e9m lo\u0148sk\u00e9m roce ale leto\u0161n\u00ed obr\u00e1zek p\u016fsob\u00ed st\u0159\u00eddm\u011bji. <\/p>\n

Zat\u00edmco loni firmy zahrnut\u00e9 v\u00a0indexu PX vyplatily v\u00a0hlavn\u00ed dividendov\u00e9 sezon\u011b akcion\u00e1\u0159\u016fm p\u0159es 87\u00a0miliard korun, letos m\u016f\u017ee b\u00fdt suma podle odhad\u016f analytik\u016f a\u00a0ji\u017e ozn\u00e1men\u00fdch n\u00e1vrh\u016f v\u00fd\u0161e dividendy o\u00a0v\u00edce ne\u017e 22\u00a0miliard ni\u017e\u0161\u00ed.<\/p>\n

\u201eJednak kv\u016fli sn\u00ed\u017een\u00e9 kapacit\u011b n\u011bkter\u00fdch spole\u010dnost\u00ed vypl\u00e1cet dividendy ve stejn\u00e9m objemu jako v\u00a0minul\u00fdch letech, jednak d\u00edky siln\u00e9mu v\u00fdvoji \u010desk\u00fdch akci\u00ed za posledn\u00edch 12\u00a0m\u011bs\u00edc\u016f,\u201c uvedl Vladim\u00edr V\u00e1vra, makl\u00e9\u0159 investi\u010dn\u00ed spole\u010dnosti Wood & Company. Vy\u0161\u0161\u00ed cena akci\u00ed toti\u017e znamen\u00e1 ni\u017e\u0161\u00ed dividendov\u00fd v\u00fdnos.<\/p>\n

Mezi sledovan\u00e9 dividendov\u00e9 p\u0159\u00edb\u011bhy pat\u0159\u00ed nap\u0159\u00edklad Komer\u010dn\u00ed banka, Moneta Money Bank, Erste Group a\u00a0Vienna Insurance Group. Z\u00a0hlediska hrub\u00e9ho dividendov\u00e9ho v\u00fdnosu p\u0159i aktu\u00e1ln\u00edch cen\u00e1ch vych\u00e1z\u00ed nejl\u00e9pe Komer\u010dn\u00ed banka. P\u0159edstavenstvo navrhlo dividendu 95,60\u00a0koruny na akcii, co\u017e p\u0159i sou\u010dasn\u00e9 cen\u011b znamen\u00e1 v\u00fdnos zhruba osm procent.<\/p>\n

Dividendov\u00fd v\u00fdnosDividendov\u00fd v\u00fdnos ukazuje, kolik pen\u011bz investor z\u00edsk\u00e1 z dividend ve vztahu k cen\u011b akcie. Vyjad\u0159uje se v procentech a pom\u00e1h\u00e1 investor\u016fm porovnat, jak \u201ev\u00fdnosn\u00e1\u201c je akcie z hlediska dividendov\u00e9ho p\u0159\u00edjmu.Po\u010d\u00edt\u00e1 se jako pod\u00edl dividendy vyplacen\u00e9 na jednu akcii a aktu\u00e1ln\u00ed tr\u017en\u00ed ceny akcie. Nap\u0159\u00edklad pokud firma vyplat\u00ed dividendu 100 korun na jednu akcii a cena akcie je 2000 korun, dividendov\u00fd v\u00fdnos \u010din\u00ed p\u011bt procent.Obecn\u011b plat\u00ed, \u017ee \u010d\u00edm vy\u0161\u0161\u00ed dividendov\u00fd v\u00fdnos, t\u00edm v\u00edce pen\u011bz investor z\u00edsk\u00e1 na dividend\u00e1ch ve vztahu k cen\u011b akcie. Je v\u0161ak d\u016fle\u017eit\u00e9 si uv\u011bdomit, \u017ee vysok\u00fd dividendov\u00fd v\u00fdnos nemus\u00ed v\u017edy znamenat lep\u0161\u00ed investici \u2013 m\u016f\u017ee b\u00fdt zp\u016fsoben i poklesem ceny akcie, nap\u0159\u00edklad kv\u016fli zhor\u0161en\u00e9 finan\u010dn\u00ed situaci firmy.<\/p>\n

Moneta hodl\u00e1 vyplatit 11,5\u00a0koruny na akcii a\u00a0jej\u00ed hrub\u00fd dividendov\u00fd v\u00fdnos se tak k\u00a0z\u00e1v\u011bru pond\u011bln\u00edho obchodov\u00e1n\u00ed pohyboval lehce pod \u0161esti procenty. U\u00a0Vienna Insurance Group vych\u00e1z\u00ed leto\u0161n\u00ed dividenda 1,73\u00a0eura na akcii na p\u0159ibli\u017en\u011b 2,6\u00a0procenta a\u00a0u Erste Group, jej\u00ed\u017e p\u00e1te\u010dn\u00ed valn\u00e1 hromada schv\u00e1lila dividendu 0,75\u00a0eura na akcii, vych\u00e1z\u00ed hrub\u00fd dividendov\u00fd v\u00fdnos p\u0159i aktu\u00e1ln\u00ed cen\u011b jen zhruba na 0,7\u00a0procenta.<\/p>\n

Moneta m\u016f\u017ee akcion\u00e1\u0159e pot\u011b\u0161it dvakr\u00e1t<\/p>\n

Pr\u00e1v\u011b akcie Komer\u010dn\u00ed banky pova\u017euje V\u00e1vra letos za nejzaj\u00edmav\u011bj\u0161\u00ed kombinaci dividendy a\u00a0\u0161ir\u0161\u00edho investi\u010dn\u00edho p\u0159\u00edb\u011bhu. Atraktivn\u00ed je podle n\u011bj i\u00a0dividenda u\u00a0Monety.<\/p>\n

V\u00fdplata leto\u0161n\u00ed dividendy ale nemus\u00ed b\u00fdt posledn\u00edm slovem ani u\u00a0jedn\u00e9 z\u00a0t\u011bchto bank. Analytik Fio banky Karel Nedv\u011bd upozor\u0148uje, \u017ee Komer\u010dn\u00ed banka u\u017e pro dal\u0161\u00ed obdob\u00ed po\u010d\u00edt\u00e1 s\u00a0ni\u017e\u0161\u00edm, ale st\u00e1le velmi \u0161t\u011bdr\u00fdm v\u00fdplatn\u00edm pom\u011brem. \u201eZ \u010dist\u00e9ho zisku leto\u0161n\u00edho roku pak hodl\u00e1 management vyplatit 80\u00a0procent. O\u010dek\u00e1v\u00e1me, \u017ee dividenda vyplacen\u00e1 p\u0159\u00ed\u0161t\u00ed rok bude 76\u00a0korun na akcii,\u201c uvedl Nedv\u011bd.<\/p>\n

U Monety pak podle n\u011bj nelze vylou\u010dit ani mimo\u0159\u00e1dnou v\u00fdplatu dividendy, v\u00a0posledn\u00edch dvou letech ji management akcion\u00e1\u0159\u016fm dop\u0159\u00e1l. \u201eBanka nad\u00e1le dr\u017e\u00ed nadbyte\u010dn\u00fd kapit\u00e1l (zhruba 11\u00a0korun na akcii) a\u00a0tak nen\u00ed vylou\u010deno, \u017ee \u010d\u00e1st tohoto kapit\u00e1lu management vyplat\u00ed i\u00a0v leto\u0161n\u00edm, p\u0159\u00edpadn\u011b n\u00e1sleduj\u00edc\u00edm roce,\u201c uvedl Nedv\u011bd.<\/p>\n

D\u016fle\u017eit\u00e9 datum<\/p>\n

Z pohledu drobn\u00fdch investor\u016f je p\u0159itom kl\u00ed\u010dov\u00e9 je\u0161t\u011b jedno pravidlo, kter\u00e9 b\u00fdv\u00e1 \u010dasto zam\u011b\u0148ov\u00e1no. Pro z\u00edsk\u00e1n\u00ed dividendy nen\u00ed nejd\u016fle\u017eit\u011bj\u0161\u00ed datum jej\u00ed v\u00fdplaty, ale takzvan\u00fd ex-date, tedy prvn\u00ed obchodn\u00ed den, kdy se akcie obchoduje bez n\u00e1roku na dividendu. Kdo chce dividendu z\u00edskat, mus\u00ed akcii koupit nejpozd\u011bji jeden obchodn\u00ed den p\u0159ed t\u00edmto datem.<\/p>\n

Dividendy na pra\u017esk\u00e9 burze (vybran\u00e9 emise)Spole\u010dnostO\u010dek\u00e1van\u00e1 dividendaCena akcieDividendov\u00fd v\u00fdnosEx-date (BCPP)V\u00fdplataColt CZ30 K\u010d*1 102 K\u010d2,72%??\u010cEZ42 K\u010d*1 206 K\u010d3,48%??Doosan9,76 K\u010d**400 K\u010d2,44%??Erste0,75 EUR (18,2 K\u010d)2 557 K\u010d0,71%22. 4.24. 4.Kofola \u010cS21 K\u010d*475 K\u010d4,42%??Komer\u010dn\u00ed banka95,60 K\u010d1 168 K\u010d8,18%4. 5.25. 5.Moneta11,50 K\u010d198 K\u010d5,81%24. 4.15. 5.Philip Morris1220 K\u010d**19 700 K\u010d6,19%?13. 7.VIG1,73 EUR (42 K\u010d)1 602 K\u010d2,62%26. 5.28. 5.<\/p>\n

Pozn\u00e1mka: Skute\u010dn\u00e1 v\u00fd\u0161e dividendy, p\u0159\u00edp. souvisej\u00edc\u00ed term\u00edny z\u00e1vis\u00ed v\u017edy a\u017e na rozhodnut\u00ed akcion\u00e1\u0159\u016f, resp. valn\u00e9 hromady.<\/p>\n

Ceny akci\u00ed a\u00a0dividendov\u00e9 v\u00fdnosy jsou k\u00a0z\u00e1v\u011bru pond\u011bln\u00edho obchodov\u00e1n\u00ed.<\/p>\n

* v\u00fd\u0161e dividendy – horn\u00ed hranice dividendov\u00e9 politiky firmy<\/p>\n

Zdroj: Kurzy.cz, v\u00fdpo\u010dty Seznam Zpr\u00e1v<\/p>\n

U Erste tak je pot\u0159eba nakoupit nejpozd\u011bji v\u00a0\u00fater\u00fd 21.\u00a0dubna, u\u00a0Monety 23.\u00a0dubna, u\u00a0Komer\u010dn\u00ed banky 30.\u00a0dubna a\u00a0u VIG 25.\u00a0kv\u011btna. Nap\u0159\u00edklad u\u00a0\u010cEZ leto\u0161n\u00ed ex-date zat\u00edm zn\u00e1m\u00fd nen\u00ed, loni ale p\u0159ipadl na 26.\u00a0\u010dervna.<\/p>\n

Pr\u00e1v\u011b na snahu \u201estihnout dividendu\u201c na posledn\u00ed chv\u00edli se ale podle V\u00e1vry nevyplat\u00ed s\u00e1zet mechanicky. V\u00a0b\u011b\u017en\u00e9m tr\u017en\u00edm prost\u0159ed\u00ed se toti\u017e bl\u00ed\u017e\u00edc\u00ed se dividenda do ceny akci\u00ed zpravidla prom\u00edt\u00e1.<\/p>\n

\u201eZa norm\u00e1ln\u00edch okolnost\u00ed investo\u0159i p\u0159ed rozhodn\u00fdm datem bl\u00ed\u017e\u00edc\u00ed se dividendu do ceny akci\u00ed zohled\u0148uj\u00ed, nicm\u00e9n\u011b p\u0159i sou\u010dasn\u00e9 geopolitick\u00e9 nejistot\u011b a\u00a0s n\u00ed spojen\u00e9 pom\u011brn\u011b vysok\u00e9 volatilit\u011b akci\u00ed bych tuto strategii investor\u016fm rad\u011bji nedoporu\u010doval,\u201c uvedl.<\/p>\n

Podle n\u011bj d\u00e1v\u00e1 v\u011bt\u0161\u00ed smysl op\u00edrat se o\u00a0dlouhodob\u00fd p\u0159\u00edb\u011bh konkr\u00e9tn\u00edch firem a\u00a0akcie sp\u00ed\u0161e p\u0159ikupovat p\u0159i v\u011bt\u0161\u00edch v\u00fdkyvech, kdy dividendov\u00fd v\u00fdnos m\u016f\u017ee fungovat jako ur\u010dit\u00fd pol\u0161t\u00e1\u0159 proti dal\u0161\u00ed volatilit\u011b.<\/p>\n

Vedle samotn\u00e9 v\u00fd\u0161e dividendy je pro investory d\u016fle\u017eit\u00e9 i\u00a0to, jak velkou \u010d\u00e1st zisku firmy akcion\u00e1\u0159\u016fm rozd\u011bluj\u00ed. Pr\u00e1v\u011b v\u00fdplatn\u00ed pom\u011br letos ukazuje mezi jednotliv\u00fdmi spole\u010dnostmi v\u00fdrazn\u00e9 rozd\u00edly. Komer\u010dn\u00ed banka chce podle n\u00e1vrhu rozd\u011blit cel\u00fd lo\u0148sk\u00fd \u010dist\u00fd zisk p\u0159ipadaj\u00edc\u00ed akcion\u00e1\u0159\u016fm, tedy 100\u00a0procent. U\u00a0Monety se v\u00fdplatn\u00ed pom\u011br podle propo\u010dtu z\u00a0navr\u017een\u00e9 dividendy a\u00a0lo\u0148sk\u00e9ho zisku pohybuje zhruba na 90\u00a0procentech.<\/p>\n

Naopak Erste je letos \u00fapln\u011b jin\u00fd p\u0159\u00edpad. Banka sama uvedla, \u017ee dividenda 0,75\u00a0eura na akcii odpov\u00edd\u00e1 zhruba jen dev\u00edti procent\u016fm \u010dist\u00e9ho zisku. D\u016fvodem je snaha financovat z\u00a0vlastn\u00edch zdroj\u016f kapit\u00e1lov\u011b n\u00e1ro\u010dnou akvizici pod\u00edlu v\u00a0Santander Bank Polska. Je\u0161t\u011b loni p\u0159itom Erste vyplatila dividendu t\u0159i eura na akcii, tak\u017ee leto\u0161n\u00ed prudk\u00fd pokles pat\u0159\u00ed k\u00a0nejv\u00fdrazn\u011bj\u0161\u00edm zm\u011bn\u00e1m cel\u00e9 sezony.<\/p>\n

Analytik Karel Nedv\u011bd z\u00a0Fio banky upozor\u0148uje, \u017ee leto\u0161n\u00ed ni\u017e\u0161\u00ed dividenda by\u00a0nemusela znamenat dlouhodobou zm\u011bnu dividendov\u00e9 politiky.<\/p>\n

\u201eD\u00edky polsk\u00e9 akvizici a\u00a0organick\u00e9mu r\u016fstu by m\u011bl o\u010di\u0161t\u011bn\u00fd \u010dist\u00fd zisk v\u00a0leto\u0161n\u00edm roce meziro\u010dn\u011b vzr\u016fst o\u00a020\u00a0procent. Management nazna\u010dil, \u017ee se navr\u00e1t\u00ed ke standardn\u00edmu v\u00fdplatn\u00edmu pom\u011bru 40\u00a0a\u017e 50\u00a0procent. V\u00a0p\u0159\u00ed\u0161t\u00edm roce tak o\u010dek\u00e1v\u00e1me dividendu 4,3\u00a0eura na akcii,\u201c uvedl Nedv\u011bd.<\/p>\n

\u010cEZ je\u0161t\u011b fin\u00e1ln\u00ed \u010d\u00edslo ne\u0159ekl<\/p>\n

Vedle bank z\u016fst\u00e1v\u00e1 d\u016fle\u017eit\u00fdm dividendov\u00fdm titulem tak\u00e9 \u010cEZ, i\u00a0kdy\u017e letos zat\u00edm nem\u00e1 fin\u00e1ln\u00ed dividendu schv\u00e1lenou. P\u0159i ozn\u00e1men\u00ed v\u00fdsledk\u016f za rok 2025\u00a0firma uvedla, \u017ee dosa\u017een\u00fd zisk a\u00a0dividendov\u00e1 politika nazna\u010duj\u00ed dividendu 31\u00a0a\u017e 42\u00a0korun na akcii. Z\u00e1rove\u0148 ale p\u0159ipomn\u011bla, \u017ee konkr\u00e9tn\u00ed v\u00fd\u0161i v\u017edy schvaluje a\u017e valn\u00e1 hromada, kter\u00e1 se m\u00e1 letos konat v\u00a0\u010dervnu.<\/p>\n

Za rok 2024\u00a0schv\u00e1lila valn\u00e1 hromada \u010cEZ dividendu 47\u00a0korun na akcii. Stejnou \u010d\u00e1stku p\u0159edt\u00edm navrhlo i\u00a0p\u0159edstavenstvo. Podle V\u00e1vry je p\u0159itom pr\u00e1v\u011b \u010cEZ jedn\u00edm z\u00a0titul\u016f, u\u00a0nich\u017e se letos ukazuje slab\u0161\u00ed dividendov\u00e1 kapacita ne\u017e v\u00a0minul\u00fdch letech. Wood & Company u\u00a0n\u011bj po\u010d\u00edt\u00e1 s\u00a0dividendou v\u00a0intervalu 39\u00a0a\u017e 43\u00a0korun na akcii. <\/p>\n

\u201ePokud zva\u017eujeme st\u0159ed tohoto rozp\u011bt\u00ed 41\u00a0korun, o\u010dek\u00e1van\u00fd dividendov\u00fd v\u00fdnos \u010din\u00ed jen 3,4\u00a0procenta,\u201c uvedl.<\/p>\n

<\/a><\/p>\n

Siln\u00fdm dividendov\u00fdm jm\u00e9nem na pra\u017esk\u00e9 burze z\u016fst\u00e1v\u00e1 i\u00a0taba\u010dka Philip Morris \u010cR, kter\u00fd pat\u0159\u00ed mezi tradi\u010dn\u00ed dividendov\u00e9 t\u011b\u017ek\u00e9 v\u00e1hy dom\u00e1c\u00edho trhu. Posledn\u00ed schv\u00e1len\u00e1 dividenda za rok 2024\u00a0\u010dinila 1220\u00a0korun na akcii a\u00a0titul tak d\u00e1l dr\u017e\u00ed pov\u011bst jedn\u00e9 z\u00a0nej\u0161t\u011bd\u0159ej\u0161\u00edch dividendov\u00fdch emis\u00ed na trhu v\u00a0absolutn\u00edm vyj\u00e1d\u0159en\u00ed.<\/p>\n

Podle V\u00e1vry sice m\u016f\u017ee b\u00fdt letos trh sv\u011bdkem m\u00edrn\u00e9ho poklesu absolutn\u00ed v\u00fd\u0161e dividendy v\u00a0n\u00e1vaznosti na v\u00fdvoj hospoda\u0159en\u00ed v\u00a0roce 2025, dividendov\u00fd v\u00fdnos by se ale st\u00e1le mohl pohybovat kolem solidn\u00edch \u0161esti procent.<\/p>\n

Zbrojovka Colt CZ Group letos p\u0159i v\u00fdsledc\u00edch za rok 2025\u00a0ozn\u00e1mila, \u017ee navrhne valn\u00e9 hromad\u011b dividendu 30\u00a0korun na akcii. Konkr\u00e9tn\u00ed ex-date pro leto\u0161ek ale zat\u00edm zve\u0159ejn\u011bn nebyl. Posledn\u00ed vyplacen\u00e1 dividenda na pra\u017esk\u00e9 burze \u010dinila 15\u00a0korun na akcii. Tak\u00e9 zde V\u00e1vra p\u0159ipom\u00edn\u00e1, \u017ee nav\u00fd\u0161en\u00ed dividendy je sice meziro\u010dn\u011b v\u00fdrazn\u00e9, vzhledem k\u00a0aktu\u00e1ln\u00edmu ocen\u011bn\u00ed ale p\u0159edstavuje v\u00fdnos necel\u00e1 t\u0159i procenta.<\/p>\n","protected":false},"excerpt":{"rendered":"Dividendov\u00e1 sezona na pra\u017esk\u00e9 burze se letos rozb\u00edh\u00e1 v\u00a0dob\u011b, kdy investo\u0159i znovu obracej\u00ed pozornost k\u00a0tradi\u010dn\u00ed ot\u00e1zce: kter\u00e9 akcie…\n","protected":false},"author":2,"featured_media":61310,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[412,1414,67,68,149,11672,19850,6037],"class_list":["post-61309","post","type-post","status-publish","format-standard","has-post-thumbnail","category-byznys","tag-akcie","tag-burza-cennych-papiru-praha-bcpp","tag-business","tag-byznys","tag-ceske-energeticke-zavody-cez","tag-dividendy","tag-komercni-banka-kb","tag-moneta-money-bank"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116440718595279407","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/61309","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=61309"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/61309\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/61310"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=61309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=61309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=61309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}