Vladimír Urbánek (Kurzy.cz)
Czech markets  |  February 21, 2013 17:48:12

ČEZ travels in time, investors are crying, cheering, shaking their heads - the future in any case not too pink

Probably only a few people this morning he believed his eyes when he saw ČEZ fall within a few minutes up to the level of 545 CZK, ie the lowest since mid-2005, when a rapid sequence of instructions after the start of sales of auction trading triggered stop-loss technical instructions. Nekilikrát enough but shake his head and blink and subsequent recovery back shares company gradually at least to the level of autumn 2008, when the outbreak of the global financial crisis and the markets in large collapsed. Towards the end of trading, then the title could scramble just below 600 CZK to quite "acceptable" losses at the level of 1%.

You probably relieved disinterested, interested investors on the right side of the coin a little more rich at the expense of "losers" from the other side. It is likely that the already very large set of domestic investors after today, a bit smaller.

Many of you will ask questions in the sense that both could happen that swing, it means something in the context of future degree as on the paper anyway? Direct answers will only damn little speculation may occur in large numbers. Pressure this morning was really just the interplay of technical factors or some form of "armed reconnaissance" before any more events? It's an attractive level, or there is still time for any shopping? What are the prospects for the company? Certain guideline may be the first reaction of analysts revise their recommendations.The first swallows are already appearing vesmyslu "70 percent decline in the growth potential" and similar. Similar recommendations will change in the coming days probably more frequent.

The fact is that CEZ before us does not have any brilliant prospects. The European crisis is pushing down the performance of the economies and thus the potential for further development of electricity prices. Meanwhile, the emerging problems in the Balkans, which undermine the vision of a strong regional player that will be attractive in any future consolidation of the European energy sector. Problems are also the prices of emission allowances and what about the completion of Temelin. Státu will not always guarantee the purchase price of electricity, and if the construction occurs it could be in the Czech environment "big black hole for money", which could threaten the financial strength of the company and thus the results, dividends and everything else.

All in all, with this title is not necessary even in the long or the short term, thus no hurry.

For clarity - below 600 CZK with title moved only in October 2008, in mid-2006 and then a few years before August 2005. Detail of today and the historical development of the shares of ČEZ , visit HERE .

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