{"id":89200,"date":"2026-05-18T09:14:17","date_gmt":"2026-05-18T09:14:17","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/89200\/"},"modified":"2026-05-18T09:14:17","modified_gmt":"2026-05-18T09:14:17","slug":"cez-vstupuje-do-obdobi-zlomu-investori-vyhlizeji-rust-akcie","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/89200\/","title":{"rendered":"\u010cEZ vstupuje do obdob\u00ed zlomu. Investo\u0159i vyhl\u00ed\u017eej\u00ed r\u016fst akcie"},"content":{"rendered":"

Bl\u00ed\u017e\u00ed se ud\u00e1losti, kter\u00e9 mohou vymanit akcie \u010cEZ<\/a> ze sou\u010dasn\u00e9 cenov\u00e9 strnulosti. V\u00a0p\u00e1tek uplyne lh\u016fta, dokdy m\u016f\u017ee ministerstvo financ\u00ed coby z\u00e1stupce v\u011bt\u0161inov\u00e9ho akcion\u00e1\u0159e podat protin\u00e1vrh na v\u00fdplatu vy\u0161\u0161\u00ed dividendy.<\/p>\n

P\u0159edstavenstvo \u010cEZ aktu\u00e1ln\u011b po\u010d\u00edt\u00e1 s\u00a0rozd\u011blen\u00edm 80\u00a0procent \u010dist\u00e9ho zisku, co\u017e odpov\u00edd\u00e1 dividend\u011b 42\u00a0korun na akcii. Ministerstvo financ\u00ed nechce sd\u011blit, zda o\u00a0zv\u00fd\u0161en\u00ed v\u00fdplatn\u00edho pom\u011bru usiluje. Argumentuje t\u00edm, \u017ee jde o\u00a0kurzotvornou informaci.<\/p>\n

O kone\u010dn\u00e9 v\u00fd\u0161i dividendy rozhodne valn\u00e1 hromada \u010cEZ, kter\u00e1 se letos uskute\u010dn\u00ed nezvykle u\u017e prvn\u00edho \u010dervna. V\u00a0minulosti akce prob\u00edhala a\u017e v\u00a0z\u00e1v\u011bru m\u011bs\u00edce. Valn\u00e1 hromada<\/a> m\u00e1 ale na programu i\u00a0bod, kter\u00fd by mohl cenu akcie ovlivnit je\u0161t\u011b mnohem v\u00fdrazn\u011bji ne\u017e p\u0159\u00edpadn\u00e9 rozhodnut\u00ed o\u00a0nav\u00fd\u0161en\u00ed dividendy.<\/p>\n

Raz\u00edtko na Bene\u0161\u016fv pl\u00e1n<\/p>\n

Rozhodovat se bude mimo jin\u00e9 o\u00a0nastartov\u00e1n\u00ed zm\u011bny vlastnick\u00e9 struktury skupiny s\u00a0p\u0159ihl\u00e9dnut\u00edm k\u00a0vl\u00e1dn\u00edmu z\u00e1m\u011bru vykoupit\u00a0\u2013 ide\u00e1ln\u011b za pen\u00edze \u010cEZ\u00a0\u2013 pod\u00edl men\u0161inov\u00fdch akcion\u00e1\u0159\u016f a\u00a0zest\u00e1tnit v\u00fdrobn\u00ed \u010d\u00e1st spole\u010dnosti<\/p>\n

P\u0159edstavenstvo \u010cEZ by v\u00a0p\u0159\u00edpad\u011b schv\u00e1len\u00ed n\u00e1vrhu, kter\u00fd ned\u00e1vno p\u0159edstavil \u0161\u00e9f skupiny Daniel Bene\u0161, z\u00edskalo mand\u00e1t k\u00a0rozd\u011blen\u00ed skupiny<\/a>. Do nov\u00e9 dce\u0159in\u00e9 spole\u010dnosti pro z\u00e1kaznick\u00fd segment, ozna\u010dovan\u00e9 zat\u00edm zkratkou DSZS, by vy\u010dlenilo \u010d\u00e1sti firmy nesouvisej\u00edc\u00ed s\u00a0v\u00fdrobou energie. N\u00e1sledn\u011b by podle Bene\u0161e mohlo prodat a\u017e 49procentn\u00ed pod\u00edl v\u00a0t\u00e9to nov\u011b vznikl\u00e9 spole\u010dnosti. Aktiva v\u00a0n\u00ed by zaji\u0161\u0165ovala zhruba 40\u00a0procent hrub\u00e9ho provozn\u00edho zisku skupiny.<\/p>\n

\n\t\t\t\tAnketa\n\t\t\t<\/p>\n

\n\t\t\t\tZa kolik korun jste p\u0159i p\u0159\u00edpadn\u00e9m v\u00fdkupu kv\u016fli zest\u00e1tn\u011bn\u00ed ochotni prodat akcie \u010cEZ?\n\t\t\t<\/p>\n

Cokoliv nad 1000 K\u010d je OK cena<\/p>\n

\u010c\u00e1st investor\u016f u\u017e proto kalkuluje<\/a> s\u00a0t\u00edm, jak by se po p\u0159\u00edpadn\u00e9m schv\u00e1len\u00ed n\u00e1vrhu optimalizace \u010cEZ mohl v\u00fdhledov\u011b zm\u011bnit aktu\u00e1ln\u00ed kurz akcie. Nap\u0159\u00edklad investor a\u00a0konzultant Ale\u0161 V\u00e1vra, kter\u00fd v\u00a0minulosti vedl fond Metatron Capital, odhaduje, \u017ee d\u00edky p\u0159\u00edpadn\u00e9 zm\u011bn\u011b struktury skupiny by se jej\u00ed celkov\u00e1 tr\u017en\u00ed hodnota mohla zv\u00fd\u0161it o\u00a021\u00a0procent. To v\u00a0p\u0159epo\u010dtu odpov\u00edd\u00e1 zhruba 250\u00a0korun\u00e1m k\u00a0aktu\u00e1ln\u00ed cen\u011b akcie navrch a\u00a0nezohled\u0148uje p\u0159\u00edpadnou pr\u00e9mii p\u0159i mo\u017en\u00e9m vykoupen\u00ed. V\u00e1vra po\u010d\u00edt\u00e1 s\u00a0t\u00edm, \u017ee by v\u00fdnos z\u00a0prodeje 49\u00a0procent DSZS dosahoval kolem 200\u00a0miliard korun. Odhady se ale r\u016fzn\u00ed.<\/p>\n

\u201e150 miliard za prodej pod\u00edlu v\u00a0nov\u011b vznikl\u00e9 dce\u0159in\u00e9 firm\u011b je relevantn\u00ed odhad. V\u011b\u0159\u00edm, \u017ee to \u010d\u00edslo bude i\u00a0vy\u0161\u0161\u00ed. Preferovan\u00fd zp\u016fsob prodeje te\u010f \u010cEZ nem\u00e1. Veden\u00ed si ale vybere variantu, kter\u00e1 vytvo\u0159\u00ed nejv\u011bt\u0161\u00ed hodnotu,\u201c uvedl v\u0161ak ned\u00e1vno gener\u00e1ln\u00ed \u0159editel \u010cEZ Daniel Bene\u0161 pro \u010ceskou televizi.<\/a><\/p>\n

Pen\u00edze, kter\u00e9 by \u010cEZ z\u00edskal prodejem \u010d\u00e1sti DSZS, by se n\u00e1sledn\u011b daly pou\u017e\u00edt na v\u00fdkup sou\u010dasn\u00fdch minoritn\u00edch akcion\u00e1\u0159\u016f skupiny \u010cEZ. Ten by podle anal\u00fdzy Deloitte<\/a> p\u0159i uva\u017eovan\u00e9 aktu\u00e1ln\u00ed tr\u017en\u00ed cen\u011b akcie a\u00a0t\u0159icetiprocentn\u00ed pr\u00e9mii vy\u0161el na \u010d\u00e1stku kolem 250\u00a0miliard korun. \u201eZb\u00fdvaj\u00edc\u00ed prost\u0159edky by bylo mo\u017en\u00e9 z\u00edskat prost\u0159ednictv\u00edm dluhov\u00e9ho financov\u00e1n\u00ed,\u201c napsal David Pale\u010dek z\u00a0Deloitte. Energetick\u00e1 skupina m\u00e1 podle n\u011bj prostor a\u017e kolem 250\u00a0miliard korun dodate\u010dn\u00e9 dluhov\u00e9 kapacity.<\/p>\n

Pro\u010d trh nezacenil optimismus minorit\u00e1\u0159\u016f<\/p>\n

V\u00e1vra o\u010dek\u00e1v\u00e1 n\u00e1r\u016fst tr\u017en\u00ed hodnoty \u010cEZ po vy\u010dlen\u011bn\u00ed nov\u00e9 dce\u0159in\u00e9 firmy z\u00a0toho d\u016fvodu, \u017ee trh podle n\u011bj nem\u00e1 probl\u00e9m zaplatit za akcie distributor\u016f energi\u00ed vy\u0161\u0161\u00ed n\u00e1sobky provozn\u00edho zisku ne\u017e u\u00a0v\u00fdrobc\u016f. Jejich byznys je n\u00e1chyln\u011bj\u0161\u00ed k\u00a0v\u00fdkyv\u016fm cen komodit.<\/p>\n

\u201eJe to jako s\u00a0vejcem. Kdy\u017e dok\u00e1\u017eete odd\u011blit b\u00edlek od \u017eloutku, najednou m\u00e1te dv\u011b pou\u017eiteln\u00e9 suroviny nam\u00edsto jednoho vaj\u00ed\u010dka. V\u00a0nyn\u011bj\u0161\u00ed struktu\u0159e \u010cEZ je vedle distribuce zam\u00edch\u00e1no i\u00a0j\u00e1dro s\u00a0moment\u00e1ln\u011b nevyjasn\u011bnou budoucnost\u00ed a\u00a0velk\u00fdmi investi\u010dn\u00edmi po\u017eadavky. To za sou\u010dasn\u00e9 situace zlev\u0148uje v\u0161echna ostatn\u00ed aktiva k\u00a0tomu,\u201c vysv\u011btluje V\u00e1vra.<\/p>\n

Zbytek trhu ale zat\u00edm kalkuluje jinak. Kurz akcie \u010cEZ se u\u017e od \u00fanora pohybuje kolem 1200\u00a0korun bez ohledu na to, jak pl\u00e1ny rozd\u011blen\u00ed skupiny a\u00a0mo\u017en\u00e9ho zest\u00e1tn\u011bn\u00ed v\u00fdroby energie z\u00edsk\u00e1vaj\u00ed p\u0159esn\u011bj\u0161\u00ed obrysy. \u201ePro velk\u00e9 zahrani\u010dn\u00ed investory je ta akcie st\u00e1le je\u0161t\u011b nesrozumiteln\u00e1. V\u00a0\u010cesku se st\u0159\u00eddaly vl\u00e1dy a\u00a0ka\u017ed\u00e1 p\u0159istupovala odli\u0161n\u011b k\u00a0dostavb\u011b Dukovan nebo zest\u00e1tn\u011bn\u00ed \u010cEZ. Ti institucion\u00e1ln\u00ed investo\u0159i si cht\u011bj\u00ed po\u010dkat na z\u00e1vazek rozd\u011blen\u00ed skupiny, kter\u00fd vzejde z\u00a0valn\u00e9 hromady \u010dern\u00e9 na b\u00edl\u00e9m. Rad\u011bji budou kupovat dr\u00e1\u017e, ale u\u017e v\u00a0jist\u00e9m prost\u0159ed\u00ed nebo b\u011bhem nastartovan\u00e9ho procesu,\u201c odhaduje V\u00e1vra.\u00a0<\/p>\n

\u010cEZ a\u00a0\u010dist\u00fd \u0159ez<\/p>\n

\u201e\u010cEZ je politick\u00e1 akcie a\u00a0vlastn\u00ed ji st\u00e1t. Nediv\u00edm se, \u017ee \u010d\u00e1st investor\u016f se do takov\u00e9 struktury nehrne. Na druhou stranu abychom byli spravedliv\u00ed, pokud by tuto akcii houfn\u011b neskupoval Pavel Tyka\u010d<\/a> a\u00a0jeho lid\u00e9, t\u011b\u017eko by byla jej\u00ed cena na sou\u010dasn\u00fdch \u00farovn\u00edch,\u201c dod\u00e1v\u00e1 investor na pra\u017esk\u00e9 burze a\u00a0do americk\u00fdch technologick\u00fdch titul\u016f Jaroslav \u0160ura.<\/p>\n

Bene\u0161\u016fv pl\u00e1n si pochvaluje jako naprosto \u010dist\u00fd a\u00a0pr\u016fhledn\u00fd, p\u0159esto\u017ee n\u011bkter\u00e9 okolnosti mo\u017en\u00e9ho vy\u010dlen\u011bn\u00ed DSZS z\u016fst\u00e1vaj\u00ed nevyjasn\u011bny. T\u00fdk\u00e1 se to hlavn\u011b zp\u016fsobu prodeje takov\u00e9 entity nebo ot\u00e1zky toho, jak velkou \u010d\u00e1st celkov\u00e9ho dluhu skupiny pod sebe dcera p\u0159evede. Hodnota DSZS by se teoreticky mohla li\u0161it podle toho, zda by k\u00a0nab\u00eddnut\u00ed jej\u00ed 49procentn\u00ed \u010d\u00e1sti do\u0161lo p\u0159es burzu, nebo pomoc\u00ed p\u0159\u00edm\u00e9ho osloven\u00ed mo\u017en\u00fdch z\u00e1jemc\u016f z\u00a0\u0159ad penzijn\u00edch fond\u016f a\u00a0dal\u0161\u00edch institucion\u00e1ln\u00edch investor\u016f<\/p>\n

\u201eTo u\u017e pova\u017euji za technik\u00e1lie. Kl\u00ed\u010dov\u00e9 je, \u017ee 1.\u00a0\u010dervna z\u00edsk\u00e1 Bene\u0161 mand\u00e1t na d\u011blen\u00ed firmy. Dostane se to do gesce p\u0159edstavenstva \u010cEZ, t\u00edm p\u00e1dem z\u00a0procesu jakoby vypadne st\u00e1t. V\u0161e si bude \u0159\u00eddit p\u0159edstavenstvo. Uva\u017eovan\u00fd pl\u00e1n mi p\u0159ijde pro \u010cEZ nej\u0161etrn\u011bj\u0161\u00ed a\u00a0suver\u00e9nn\u011b nejlep\u0161\u00ed z\u00a0hlediska toho, \u017ee by nemusel nad\u011blat mnoho zl\u00e9 krve,\u201c m\u00edn\u00ed \u0160ura. Za mo\u017en\u00fd zdroj kontroverz\u00ed by v\u0161ak pova\u017eoval p\u0159\u00edpadn\u00e9 vykupov\u00e1n\u00ed minoritn\u00edch akcion\u00e1\u0159\u016f \u010cEZ formou v\u00fdm\u011bny jejich akci\u00ed za pod\u00edly v\u00a0DSZS. \u201eNej\u010dist\u0161\u00ed je prost\u011b prodat t\u011bch 49\u00a0procent za cash a\u00a0z\u00a0t\u00e9 pak vykupovat.\u201c<\/p>\n

Zp\u00e1tky na Vy\u0161ehrad<\/p>\n

\u201eRozhodn\u011b se neob\u00e1v\u00e1m \u017e\u00e1dn\u00e9ho korpor\u00e1tn\u00edho p\u0159e\u0161lapu ze strany veden\u00ed \u010cEZ sm\u011brem k\u00a0minorit\u00e1m. A\u00a0ne\u010dek\u00e1m, \u017ee by do\u0161lo k\u00a0p\u0159\u00edm\u00e9mu prodeji DSZS. Byla by to v\u00a0podstat\u011b pr\u00e1vn\u00ed komplikace pro p\u0159edstavenstvo, a\u00a0nav\u00edc by musel b\u00fdt ud\u011blan\u00fd neskute\u010dn\u011b v\u00fdhodn\u011b, aby nebyl napadnuteln\u00fd,\u201c tvrd\u00ed V\u00e1vra, kter\u00fd neo\u010dek\u00e1v\u00e1, \u017ee by investo\u0159i z\u00edskali podrobnosti k\u00a0formalit\u00e1m d\u011blen\u00ed \u010cEZ u\u017e na nadch\u00e1zej\u00edc\u00ed valn\u00e9 hromad\u011b.<\/p>\n

VIDEO:Vyhodit miliardy a\u00a0ovl\u00e1dnout u\u017e ovl\u00e1dan\u00e9 je zbyte\u010dn\u00e9, \u0159ekl k\u00a0zest\u00e1tn\u011bn\u00ed \u010cEZ \u0161\u00e9f pra\u017esk\u00e9 burzy Koblic v\u00a0po\u0159adu FLOW<\/a><\/p>\n

\"Video<\/p>\n

\n\t\t\t\tZest\u00e1tn\u011bn\u00ed \u010cEZ energie nezlevn\u00ed, \u0159ekl v po\u0159adu FLOW Petr Koblic \u2022 e15\n\t\t\t<\/p>\n

P\u0159esto na n\u00ed chce \u010d\u00e1st minoritn\u00edch akcion\u00e1\u0159\u016f t\u00e9ma hodnoty DSZS zvednout. \u201eNa valn\u00e9 hromad\u011b bude zcela jist\u011b \u017eivo. Prvn\u00ed fauly veden\u00ed \u010cEZ jsou na sv\u011bt\u011b. Pokud Daniel Bene\u0161 dnes tvrd\u00ed, \u017ee vy\u010dlen\u00ed regulovan\u00e9 slu\u017eby \u010cEZ s\u00a0EBITDA na polovi\u010dn\u00ed \u00farovni \u010cEZ a\u00a0z\u00a0prodeje 49\u00a0procent chce z\u00edskat 150\u00a0miliard korun (ano, \u0159\u00edk\u00e1 \u017ee mo\u017en\u00e1 i\u00a0vy\u0161\u0161\u00ed), pak by hodnotu cel\u00e9ho \u010cEZ sni\u017eoval. Nikoli zvy\u0161oval, jak \u0159\u00edk\u00e1<\/a>,\u201c napsal<\/a> ned\u00e1vno minoritn\u00ed akcion\u00e1\u0159 Michal \u0160nobr, kter\u00fd b\u00fdv\u00e1 na ka\u017edoro\u010dn\u00edch sch\u016fz\u00edch spoluvlastn\u00edk\u016f tuzemsk\u00e9 energetick\u00e9 skupiny nejaktivn\u011bj\u0161\u00edm tazatelem.<\/p>\n

P\u0159\u00edpravy na tuto kl\u00ed\u010dovou sch\u016fzi doprov\u00e1z\u00ed tak\u00e9 zm\u011bna jej\u00edho d\u011bji\u0161t\u011b. M\u00edsto po\u0159\u00e1d\u00e1n\u00ed valn\u00e9 hromady \u010cEZ 2026, podle v\u0161eho zat\u00edm nejd\u016fle\u017eit\u011bj\u0161\u00ed v\u00a0novodob\u00e9 historii firmy, se pro leto\u0161ek p\u0159esouv\u00e1 z budovy O2 Universa do Kongresov\u00e9ho centra Praha.<\/p>\n

\u201eD\u016fvodem je nab\u00eddka voln\u00fdch prostor v\u00a0Praze. Loni nebylo v\u00a0po\u017eadovan\u00e9m term\u00ednu dostupn\u00e9 Kongresov\u00e9 centrum. V\u00a0posledn\u00edch letech jsme valnou hromadu m\u011bli i\u00a0nap\u0159\u00edklad v\u00a0kongresov\u00e9m centru Cubex nebo v\u00a0Top Hotelu Praha. Kapacita O2 Universum a\u00a0Kongresov\u00e9ho centra se ale v\u00a0z\u00e1sad\u011b neli\u0161\u00ed,\u201c up\u0159es\u0148uje mluv\u010d\u00ed \u010cEZ Ladislav K\u0159\u00ed\u017e.<\/p>\n

\"Operace<\/a>Operace \u010dist\u00fd \u0159ez aneb jak ovl\u00e1dnout \u010cEZ bez pr\u00e1vn\u00edch v\u00e1lek a s miliardami v kapse <\/a>\"Z<\/a>Z akci\u00ed \u010cEZ se odlupuje n\u00e1lepka p\u0159edra\u017een\u00e9ho zbo\u017e\u00ed<\/a>\"\u010cEZ<\/a>\u010cEZ zv\u00fd\u0161il zisk i v\u00fdhled. Pomohla zima i r\u016fst cen energi\u00ed<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Bl\u00ed\u017e\u00ed se ud\u00e1losti, kter\u00e9 mohou vymanit akcie \u010cEZ ze sou\u010dasn\u00e9 cenov\u00e9 strnulosti. V\u00a0p\u00e1tek uplyne lh\u016fta, dokdy m\u016f\u017ee ministerstvo…\n","protected":false},"author":2,"featured_media":89201,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[412,27502,67,68,702,10204,27505,27504,27503,17087,706],"class_list":["post-89200","post","type-post","status-publish","format-standard","has-post-thumbnail","category-byznys","tag-akcie","tag-ales-vavra","tag-business","tag-byznys","tag-cez","tag-daniel-benes","tag-dszs","tag-jaroslav-sura","tag-michal-snobr","tag-prazska-burza","tag-zestatneni"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116594820222367859","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/89200","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=89200"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/89200\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/89201"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=89200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=89200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=89200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}