{"id":61665,"date":"2026-04-21T10:59:11","date_gmt":"2026-04-21T10:59:11","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/61665\/"},"modified":"2026-04-21T10:59:11","modified_gmt":"2026-04-21T10:59:11","slug":"z-akcii-cez-se-odlupuje-nalepka-predrazeneho-zbozi","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/61665\/","title":{"rendered":"Z akci\u00ed \u010cEZ se odlupuje n\u00e1lepka p\u0159edra\u017een\u00e9ho zbo\u017e\u00ed"},"content":{"rendered":"

Uplynulo \u010dtvrt roku od masivn\u00edho propadu akci\u00ed \u010cEZ<\/a>. Od t\u00e9 doby se jejich cena stabilizovala kolem 1200\u00a0korun. Cenovka akcie \u010cEZ se prakticky nezm\u011bnila, p\u0159esto se te\u010f mohou investor\u016fm jevit lacin\u011bji.<\/p>\n

P\u0159\u00ed\u010dinou je prudk\u00fd r\u016fst ostatn\u00edch evropsk\u00fdch energetick\u00fdch ve\u0159ejn\u011b obchodovan\u00fdch spole\u010dnost\u00ed typu n\u011bmeck\u00e9 RWE AG nebo finsk\u00e9 Fortum Oyj, kter\u00e1 podobn\u011b jako \u010cEZ vyr\u00e1b\u00ed elekt\u0159inu z\u00a0j\u00e1dra.<\/p>\n

Zat\u00edmco tr\u017en\u00ed hodnota \u010desk\u00e9 spole\u010dnosti od za\u010d\u00e1tku roku klesla o\u00a0\u0161est procent, akcie vyjmenovan\u00e9 konkurence pos\u00edlily a\u017e o\u00a0dvacet procent. Cel\u00fd sektor, reprezentovan\u00fd indexem MSCI Europe Utilities<\/a>, od za\u010d\u00e1tku roku p\u0159idal patn\u00e1ct procent. \u010c\u00e1st investor\u016f o\u010dek\u00e1v\u00e1 vy\u0161\u0161\u00ed ceny elekt\u0159iny kv\u016fli za\u0161krcen\u00e9mu toku energetick\u00fdch surovin p\u0159es Hormuzskou \u00fa\u017einu. Z\u00a0dlouhodob\u011bj\u0161\u00edho pohledu poroste podle Mezin\u00e1rodn\u00ed energetick\u00e9 agentury (IEA)<\/a> v\u00a0Evrop\u011b popt\u00e1vka po elekt\u0159in\u011b kv\u016fli pokra\u010duj\u00edc\u00ed dekarbonizaci a\u00a0rozmachu stavby datacenter pro pot\u0159eby um\u011bl\u00e9 inteligence. Investory a\u00a0analytiky nicm\u00e9n\u011b rozd\u011bluje ot\u00e1zka, do jak\u00e9 m\u00edry je takov\u00fd v\u00fdvoj u\u017e zacen\u011bn v\u00a0akci\u00edch \u010cEZ.<\/p>\n

\u010cEZ versus evropsk\u00e1 energetika<\/p>\n

\u201eKombinovan\u00fd o\u010dek\u00e1van\u00fd pom\u011br ceny a\u00a0zisku na akcii \u010cEZ \u010din\u00ed nyn\u00ed 19. To je st\u00e1le nadpr\u016fm\u011brn\u00e9 \u010d\u00edslo v\u00a0porovn\u00e1n\u00ed s\u00a0pr\u016fm\u011brem srovnateln\u00fdch evropsk\u00fdch energetik, kter\u00fd \u010din\u00ed 15,6,\u201c komentuje situaci ekonom Trinity Bank Luk\u00e1\u0161 Kovanda. T\u011bsn\u011b po lednov\u00e9m masakru ceny akcie \u010cEZ byl ale pom\u011br t\u011bchto ukazatel\u016f u\u00a0dom\u00e1c\u00ed energetick\u00e9 skupiny a\u00a0evropsk\u00e9ho energetick\u00e9ho pr\u016fm\u011bru rozev\u0159en\u011bj\u0161\u00ed. Hodnoty dosahovaly 20,1 ku 14,5.<\/p>\n

Kovanda proto tehdy varoval, \u017ee je tr\u017en\u00ed hodnota tuzemsk\u00e9ho energetick\u00e9ho kolosu v\u00fdrazn\u011b nadhodnocen\u00e1. Situaci dnes vid\u00ed podobn\u011b. \u201ePodle shody analytik\u016f je nyn\u00ed \u010cEZ t\u0159et\u00ed nejv\u00edce nadhodnocenou spole\u010dnost\u00ed ze 410\u00a0nejv\u011bt\u0161\u00edch burzovn\u011b obchodovan\u00fdch firem Evropy,\u201c dod\u00e1v\u00e1 aktu\u00e1ln\u00ed pohled Kovanda.<\/p>\n

Sou\u010dasn\u011b v\u0161ak dopl\u0148uje, \u017ee v\u00a0porovn\u00e1n\u00ed s\u00a0RWE a\u00a0Fortum vych\u00e1z\u00ed ukazatel o\u010dek\u00e1van\u00e9ho pom\u011bru ceny a\u00a0zisku na akcii pro \u010cEZ lichotiv\u011bji. U\u00a0obou zahrani\u010dn\u00edch spole\u010dnosti dosahuje kolem 21.<\/p>\n

\u201eEvropsk\u00e9 energetick\u00e9 spole\u010dnosti ale netvo\u0159\u00ed jednolit\u00fd celek, jsou zna\u010dn\u011b rozdroben\u00e9. Obecn\u011b plat\u00ed, \u017ee spole\u010dnosti s\u00a0uheln\u00fdmi zdroji se obchoduj\u00ed za ni\u017e\u0161\u00ed valua\u010dn\u00ed n\u00e1sobky, ty s\u00a0v\u011bt\u0161\u00edm pod\u00edlem obnoviteln\u00fdch zdroj\u016f a\u00a0j\u00e1dra za vy\u0161\u0161\u00ed. \u010cEZ bych \u0159adil n\u011bkam mezi. Je to v\u0161ak jedna z\u00a0t\u011bch dra\u017e\u0161\u00edch firem v\u00a0regionu st\u0159edn\u00ed a\u00a0v\u00fdchodn\u00ed Evropy,\u201c uva\u017euje portfolio mana\u017eer spole\u010dnosti Cyrrus Tom\u00e1\u0161 Pfeiler.<\/p>\n

S\u00e1zka na j\u00e1dro a\u00a0zest\u00e1tn\u011bn\u00ed<\/p>\n

\u201eKdo m\u00e1 krom\u011b \u010cEZ takto ucelen\u00fd soubor jadern\u00fdch reaktor\u016f? J\u00e1dro je prost\u011b zlat\u00fd h\u0159eb \u010cEZ,\u201c prohl\u00e1sil<\/a> ji\u017e d\u0159\u00edve akciov\u00fd investor Jaroslav \u0160ura. \u010cesk\u00e1 energetick\u00e1 spole\u010dnost vlastn\u00ed a\u00a0provozuje celkem \u0161est reaktor\u016f jako ucelen\u00fd a\u00a0integrovan\u00fd syst\u00e9m v\u00a0jedn\u00e9 zemi, co\u017e je v\u00a0Evrop\u011b mimo Francii neobvykl\u00e9. \u0160ura se ale sv\u00e9ho pod\u00edlu v \u010cEZ zbavil pobl\u00ed\u017e ned\u00e1vn\u00e9ho cenov\u00e9ho vrcholu kolem 1300\u00a0korun, proto\u017ee v\u00a0n\u011bm u\u017e nevid\u011bl potenci\u00e1l v\u00fdrazn\u011bj\u0161\u00edho r\u016fstu.<\/p>\n

Kdo dosud akcie neprodal, obvykle po\u010d\u00edt\u00e1 se sc\u00e9n\u00e1\u0159em zest\u00e1tn\u011bn\u00ed energetick\u00e9ho kolosu. Investo\u0159i te\u010f budou pe\u010dliv\u011b vy\u010dk\u00e1vat, s\u00a0jakou nab\u00eddkou st\u00e1t p\u0159ijde a\u00a0jak konkr\u00e9tn\u011b bude restrukturalizace a\u00a0rozd\u011blen\u00ed na st\u00e1tn\u00ed a soukromou \u010d\u00e1st vypadat.\u00a0<\/p>\n

\u201e\u010cEZ je vz\u00e1cn\u00e1 evropsk\u00e1 kombinace toho, co trh obecn\u011b oce\u0148uje nejv\u00edc: regulovan\u00e9 s\u00edt\u011b a\u00a0velk\u00fd pod\u00edl stabiln\u00ed bezemisn\u00ed v\u00fdroby,\u201c popsal<\/a> makl\u00e9\u0159 Fio banky Pavel Hadrou\u0161ek. \u201e\u010cEZ by tedy mohl zasluhovat valuaci nad \u00farovn\u00ed b\u011b\u017en\u00fdch utilit. Trh naopak zat\u00edm vid\u011bl politick\u00e1 rizika.\u201c<\/p>\n

Hadrou\u0161kovi vych\u00e1z\u00ed ocen\u011bn\u00ed hodnoty spole\u010dnosti takov\u00e9, kter\u00e9 by odpov\u00eddalo cen\u011b v\u00a0rozmez\u00ed 1360 a\u017e 2010\u00a0korun na akcii. Podobn\u011b uva\u017euje<\/a> tak\u00e9 portfolio mana\u017eer J&T Investi\u010dn\u00ed spole\u010dnosti Michal Semotan: \u201eJen za v\u00fdrobu jsme n\u011bkde na 500\u00a0mld., okolo tis\u00edcovky korun na akcii, mo\u017en\u00e1 i\u00a0na \u00farovni sou\u010dasn\u00e9 ceny. A\u00a0k\u00a0tomu distribuce. Tak\u017ee za m\u011b je \u010cEZ levn\u00fd na \u00farovni 1200. A\u00a0co p\u00ed\u0161\u00ed zahrani\u010dn\u00ed analytici, je mi \u0161um\u00e1k.\u201c<\/p>\n

\u201eJe mo\u017en\u00e9, \u017ee analytici do sv\u00fdch model\u016f nezahrnuj\u00ed dostate\u010dn\u011b politick\u00e9 aspekty chystan\u00e9ho post\u00e1tn\u011bn\u00ed alespo\u0148 \u010d\u00e1sti \u010cEZ,\u201c m\u00edn\u00ed Kovanda.<\/p>\n

Z burzy pry\u010d a\u00a0zase zp\u011bt?<\/p>\n

Prvn\u00ed kroky k\u00a0zest\u00e1tn\u011bn\u00ed energetick\u00e9 spole\u010dnosti \u010cEZ m\u00e1 st\u00e1t prov\u00e9st na leto\u0161n\u00ed valn\u00e9 hromad\u011b firmy v\u00a0\u010dervnu, \u0159ekl v\u00a0polovin\u011b dubna<\/a> premi\u00e9r Andrej Babi\u0161 (ANO). Zest\u00e1tn\u011bn\u00ed chce stihnout do konce volebn\u00edho obdob\u00ed v\u00a0roce 2029. Ministr pr\u016fmyslu Karel Havl\u00ed\u010dek u\u017e d\u0159\u00edve ohl\u00e1sil, \u017ee do konce volebn\u00edho obdob\u00ed chce kabinet pln\u011b ovl\u00e1dnout v\u00fdrobn\u00ed \u010d\u00e1st spole\u010dnosti \u010cEZ. O\u00a0zest\u00e1tn\u011bn\u00ed poprv\u00e9 za\u010dala mluvit vl\u00e1da Petra Fialy v\u00a0roce 2022.\u00a0<\/p>\n

Ministr a\u00a0vicepremi\u00e9r Havl\u00ed\u010dek v po\u0159adu FLOW na za\u010d\u00e1tku b\u0159ezna nazna\u010dil, \u017ee po rozd\u011blen\u00ed firmy by se druh\u00e1, nestrategick\u00e1 \u010d\u00e1st, do n\u00ed\u017e po\u010d\u00edt\u00e1 obchod a\u00a0distribuci, mohla op\u011bt privatizovat a\u00a0p\u0159inejmen\u0161\u00edm \u010d\u00e1st akci\u00ed d\u00e1t na pra\u017eskou burzu.<\/p>\n

VIDEO:\u00a0Akcie \u010cEZ by si na burze mohly udr\u017eet sv\u00e9 m\u00edsto i\u00a0po zest\u00e1tn\u011bn\u00ed, p\u0159ipustil Havl\u00ed\u010dek v\u00a0po\u0159adu FLOW<\/a><\/p>\n

\"Video<\/p>\n

\n\t\t\t\tFLOW: Rozhovor s Karlem Havl\u00ed\u010dkem \u2022 e15\n\t\t\t<\/p>\n","protected":false},"excerpt":{"rendered":"Uplynulo \u010dtvrt roku od masivn\u00edho propadu akci\u00ed \u010cEZ. Od t\u00e9 doby se jejich cena stabilizovala kolem 1200\u00a0korun. Cenovka…\n","protected":false},"author":2,"featured_media":61666,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[412,266,67,68,42,702,1008,150,69,705,9502,21313,11151,706],"class_list":{"0":"post-61665","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-byznys","8":"tag-akcie","9":"tag-andrej-babis","10":"tag-business","11":"tag-byznys","12":"tag-cesko","13":"tag-cez","14":"tag-dukovany","15":"tag-energetika","16":"tag-investice","17":"tag-karel-havlicek","18":"tag-lukas-kovanda","19":"tag-michal-semotan","20":"tag-temelin","21":"tag-zestatneni"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116442350457021575","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/61665","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=61665"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/61665\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/61666"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=61665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=61665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=61665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}