15/03/2024 13:08
January
brought mixed results from the real economy. Industrial production was
significantly disappointing, falling by more than two percent mom. Automobile
production fell sharply, but half of all manufacturing industries also recorded
lower mom production. Construction, on the other hand, improved mom. However,
only civil engineering saved the result, as the output of building construction
declined. The good news was the strong growth in housing starts.
15/03/2024 08:06
Factors to watch for are the 4Q23 results or full-year numbers compared to the company's guidance, as well as the dividend proposal and management's targets for this year. Results will be lower yoy. We do not expect a repeat of the extremely high trading profits, and special taxes are clearly negative. We expect 2023 reported numbers at the top end of CEZ's guidance. We also expect a maximum dividend payout of CZK69. For this year, we estimate EBITDA at CZK120.3bn and net profit at CZK35.7bn.