CEZ proposes dividend of CZK 8 per share

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Investiční bankovnictví KB

      Board of Directors of CEZ decided on its meeting to propose the AGM to approve dividend payment of CZK 8 per share. CEZ paid a dividend of CZK 4.50 last year. The proposed dividend increased by 78% and it represents dividend yield of 4.6% compared to the yesterday’s closing level. The company’s AGM is held on 17 June. Reuters cited representative of CEZ as saying the proposal was consulted with government, its main shareholder, which in our opinion ensures its payment. Moreover, he said the company is prepared to pay extraordinary dividend during the year if the government needs more cash.

       The dividend proposal is slightly below our expectation of CZK 8.60 per share. The dividend proposal with government support would calm down the market expectations. The statement about possible extraordinary dividend payment could have positive impact.

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