CEZ as (CEZ) Fair Value & Analysis
Utilities · PL · Market cap 125B PLN (≈ $33.6B) · ISIN CZ0005112300
What is CEZ as really worth?
A solid business, but trading 46% above our fair value of 167.29 PLN.
Strengths
Risks
Fair value as of: Aug 13, 2026
From 24 valuation models · updated 22 days ago
Fair value updated Aug 13, 2026, revised from 159.33 PLN to 167.29 PLN (+5.0%) since Jul 17, 2026. Share price +0.8% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (197.49 PLN). The favourable scenario is already priced in.
- Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range 72.07 PLN – 249.40 PLN · fair‑value band 125.47 PLN – 197.49 PLN · the 244.40 PLN price screens above the 167.29 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
CEZ as (CEZ) currently trades at 244.40 PLN, while our model-based Fair Value estimate is 167.29 PLN, implying the stock looks roughly 46.1% overvalued today. The Quality Score stands at 61/100 (solid quality), in the Utilities sector. Bull case: the Growth DCF group reads highest at a median of 1,339 PLN per share, and 23 of the 24 models we run sit above the 244.40 PLN price. Bear case: the Asset-Based group reads lowest at 301.41 PLN, and 1 of the 24 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, CEZ as generated revenue of 338B PLN at a net margin of 9.0%. Revenue declined 9.0% year over year. It earns a return on equity of 11.1%. Net debt stands at 231B PLN. Fundamentals as of Aug 13, 2026
Our scenario range runs from 125.47 PLN (bear case) to 197.49 PLN (bull case); at 244.40 PLN, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 40% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at −37% fair-value upside, at −32%, CEZ screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 6.42 PLN per share, which is 3.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 24 models by family
Widest divergence: Growth DCF (1,339 PLN) versus Asset-Based (301.41 PLN). Highest evidence: FCF DCF (79).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 58 · Market factors (momentum, volatility) 68
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
CEZ, a. s. engages in the generation, distribution, trade, and sale of electricity, heat, thermal energy and other commodities in Central Europe. It operates through four segments: Generation, Distribution, Sales, and Mining.
Full company description
CEZ, a. s. engages in the generation, distribution, trade, and sale of electricity, heat, thermal energy and other commodities in Central Europe. It operates through four segments: Generation, Distribution, Sales, and Mining. The company operates hydroelectric, wind, solar, nuclear, coal, photovoltaic, and biomass power plants, and combined cycle gas turbine power plant and combined heat and power units. It is also involved in the trade and sale of natural gas; mining of coal; quarrying and processing of construction aggregates and limestones; commodity trading business; and provision of energy services, as well as consulting services. In addition, the company holds interest in the lithium ore mining project in Cínovec; and deals with security systems and acoustics for buildings. Further, the company provides services in the field of electrical installations; high speed internet connection and mobile services; and engineering services and products. CEZ, a. s. was incorporated in 1992 and is headquartered in Prague, the Czech Republic.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
CEZ as reported revenue of 330B CZK in FY2025 versus 236B CZK in FY2021, a compound +8.7%/yr. Reported net income was 28.1B CZK in FY2025, compounding +30.2%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
CEZ screens 46% overvalued. Compare with NextEra Energy, Inc →
Peer Group
Utilities - Regulated Electric · 153 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Utilities - Regulated Electric median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Utilities - Regulated Electric stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| NextEra Energy, Inc NEE | $83.47 | $32.94 | −61% |
| The Southern Company SO | $88.25 | $58.81 | −33% |
| Duke Energy Corporation DUK | $120.25 | $74.89 | −38% |
| National Grid plc NGG | $80.68 | $63.94 | −21% |
| American Electric Power Company AEP | $122.96 | $77.23 | −37% |
| Dominion Energy, Inc D | $66.01 | $46.34 | −30% |
| Entergy Corporation ETR | $105.75 | $52.92 | −50% |
| Xcel Energy Inc XEL | $76.34 | $44.61 | −42% |
| Exelon Corporation EXC | $43.96 | $37.60 | −14% |
| Endesa, S.A ELE | €42.30 | €25.72 | −39% |
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