Vladimír Urbánek (Kurzy.cz)
Czech markets  |  February 20, 2013 09:55:21

CEZ's share price falls below 600 CZK if the company loses license


ČEZ in the last days struggling with significant vyostřením problems in Bulgaria, related to dissatisfaction of local residents with energy prices. The situation spikes and energy companies threatened withdrawal distribution license. Distributes and supplies electricity in Bulgaria 2.1 million households and include him as about 40% of the market.

Peter Bartek brokerage Brokerjet the current development stated:
"CEZ in 2011 in Bulgaria generated from distribution and sales EBITDA of CZK 1.1 billion (1.3%). Eight percent drop in electricity prices this amount would cut a large portion (in 2011 brought the margin distribution of 16% and 1% of sales ). carrying amount of Bulgarian distribution amounts to CZK 8.7 billion (16.3 CZK per share) in the balance sheet CEZ.
We believe that the situation in Bulgaria will continue, "the Albanian way" because Bulgaria is part of the EU and 8% fall in electricity prices should not only be at the expense of distribution companies. Still, however, yesterday's drop in the share price of the company by 0.8% (CZK 5 per share) seems to be justified. We can imagine another 1-2% decline in the situation that the license will actually be removed. "

1-2 percent reduction in the price of its shares would fall below the level of CZK 600. Below the title is moved only in October 2008, in mid-2006 and then a few years until August 2005. Detail of today and the historical development of CEZ shares, see HERE .

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