DDM Analysis: CEZ.PR

Valuation Snapshot

Stable Growth	$4,543.60 - $10,614.84	$9,947.66
Multi-Stage	$1,621.36 - $1,771.65	$1,695.14
Blended Fair Value	$5,821.40
Current Price	$1,287.00
Upside	352.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.83%	2.74%	52.02	144.20	47.72	51.79	33.74	23.90	32.77	32.81	39.71	39.68
YoY Growth	-	-	-63.92%	202.17%	-7.86%	53.53%	41.13%	-27.05%	-0.12%	-17.38%	0.08%	-0.05%
Dividend Yield	-	-	4.55%	17.30%	4.54%	5.59%	6.13%	5.86%	6.05%	6.38%	9.11%	9.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	28,662.00
(-) Cash Dividends Paid (M)	25,213.00
(=) Cash Retained (M)	3,449.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,732.40	3,582.75	2,149.65
Cash Retained (M)	3,449.00	3,449.00	3,449.00
(-) Cash Required (M)	-5,732.40	-3,582.75	-2,149.65
(=) Excess Retained (M)	-2,283.40	-133.75	1,299.35
(/) Shares Outstanding (M)	537.00	537.00	537.00
(=) Excess Retained per Share	-4.25	-0.25	2.42
LTM Dividend per Share	46.95	46.95	46.95
(+) Excess Retained per Share	-4.25	-0.25	2.42
(=) Adjusted Dividend	42.70	46.70	49.37
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4,543.60	$9,947.66	$10,614.84
Upside / Downside	253.04%	672.93%	724.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	28,662.00	30,525.03	32,509.16	34,622.25	36,872.70	39,269.42	40,447.51
Payout Ratio	87.97%	88.37%	88.78%	89.19%	89.59%	90.00%	92.50%
Projected Dividends (M)	25,213.00	26,975.98	28,861.63	30,878.43	33,035.48	35,342.48	37,413.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	25,093.74	25,331.59	25,569.45
Year 2 PV (M)	24,974.51	25,450.20	25,930.38
Year 3 PV (M)	24,855.32	25,568.83	26,295.86
Year 4 PV (M)	24,736.19	25,687.48	26,665.94
Year 5 PV (M)	24,617.13	25,806.14	27,040.67
PV of Terminal Value (M)	746,391.41	782,442.39	819,873.13
Equity Value (M)	870,668.29	910,286.63	951,375.43
Shares Outstanding (M)	537.00	537.00	537.00
Fair Value	$1,621.36	$1,695.14	$1,771.65
Upside / Downside	25.98%	31.71%	37.66%

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CEZ, a. s. (CEZ.PR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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