17.6.2022 16:57, BAACEZ
Detailed information on EZ dividends, including an estimate for the coming years.
EZ dividend in 2022
The Board of Directors of EZ presented the 15th common proposal to pay a dividend of approximately 44 K per share.
It must now be approved by the General Meeting, which will take place on June 28, 2022.
If you want to receive it, you need to buy EZ shares no later than the day that pedchz the so-called ex-date, the first trading day on which the shares are traded without dividend entitlement. You can find a detailed explanation of the term associated with the payment of dividends in tetm dlu naeho serilu Dividendov expres.
Ex-date pipad on July 1, 2022 for the Prague Stock Exchange and on July 7, 2022 for the RM-SYSTM Exchange.
The dividend will be paid on August 1, 2022.
EZ pays a dividend through esk spoitelny. Cash will be paid only by the end of 2022, then only cashless, or there will be enough money on the deposit. Details of the profit distribution proposal (pdf).
Dividendov historie EZ
EZ has a long history of dividend payment. He paid it for the first time in 2001 and since that year it has been paid by a cadoron.
Development of EZ dividends
Dividend EZ in 2023 and following years
According to policy dividendsupdated In March 2022, EZ fulfills 60 and 80% of the net profit on dividends in the following years.
Fio banka expects that in 2023 the dividend will reach approximately 71 K and in 2024 approximately 103 K.
The view of Fio banka analyst Jan Raka
This year’s proposed dividend of 44 K per share is in line with the same. One could speculate whether EZ could not pay out this year due to the expected future growing profit, low debt and a good liquidity position by a little more, so this year’s proposal is set out in the dividend policy. The General Meeting of EZ, at which the dividend will be approved, will be held on June 28. Until then, there were no signs in the public that the government was seeking you. Assume that the general meeting of 44 K approves.
Specifically, EZ is to pay out 90% of its net profit for 2021 in full this year, ie 37 K per share (which is 80 100% of the current salary ratio), plus 7 K per share, as per the sale of Bulgarian assets (for Bulgarian assets EZ last year gained about 8.5 billion K, about 16 K per share). The assumption was 100% of the net profit (ie 40 41 K) and about 3 K per share of the sale of Bulgarian assets (we expected EZ to be a difference between the shares, as last year in the case of the divestment of Romanian assets, about 21% of the sale). From the overall point of view, the EZ bag was not surprised by the proposed dividend.
Mete analyst Jan Raka’s views on EZ, Kofola and esk zbrojovce can be followed on Twitter @JanRaskaFio.
On the other hand, if we take into account the continuing extreme development in the market prices of electricity and the resulting year-expected robust operating cash flow, which in our opinion could be at least around the level of 80 billion K, then after deducting the expected capital expenditure (CAPEX) about CZK 40 billion We can see enough free cash flow so that a dividend of around CZK 50 per share can be paid out this year, similar to last year. And debt, according to our estimates, would remain within the acceptable limits of 1 1.5x EBITDA.
However, as we will say in this year, EZ is conservatively approaching the main dividend policy in this year’s proposal. Thus, I am currently striving to maintain a strong liquidity position, which is at the bottom of the geopolitical tension, when the potential supply of natural gas to Europe would increase the risk of excessive volatility in energy markets and the associated external requirements of energy exchanges to cover marginal deposits (cash supply).
Development of the German electricity contract for another year, source: Bloomberg
A very positive trend in the development of dividends can be expected in all years. This year, in contrast to two customs, EZ will view it with the dividend paid in 2023. net profit in the interval of 85 89 billion K, resp. 38 42 billion K EZ management announced the assumption of a dividend in the range of 56 62 K per share, which exceeded the estimate of 52 K and this meant the upper limit of the newly set pay ratio of 60 80% valid since 2023. After strong results for 1Q 2022 EZ surprised a strong increase insight into K 95 99 billion, resp. 45 49 billion K, which was reflected in the external indication of dividends to the range of 67 73 K per share. Zletonch predpokldanch 44 K Thus, the EZ dividend will especially jump to 70 K. In summary, electricity prices at historically record levels will lead to record profits, resulting in a record dividend paid in the first year.
A sharply positive trend in the economy is very likely to continue in 2023, the selling price of electricity is around 129 EUR. According to our first estimates, this indicates EBITDA of around K 125 billion and a certain profitability of K 70 billion. The dividend paid in 2024 is, in our opinion, around 100 K per share (more than 8% dividend income). This dividend insight, of course, pays off, provided that EZ remains in a form that is important, that is, that it does not transform or divide, as has recently begun to be speculated about.
A view of Michal Nobra’s activist action
As in previous years, we commented on the dividends of Michal Nobra, a long-term investor in EZ and an external consultant of the J&T Group in the field of energy, who now acts in EZ as a qualified shareholder. You will find it in a separate link here.
Analytically recommended by Fio Bank for EZ shares
Vanalysis In 2022, analyst Jan Raka recommended that EZ shares be accumulated at a net price of 1,026 K. Since then, the price of electricity has recorded extreme increases, which has a positive effect on the value of EZ shares.
He gave information about dividends
You can find more information about dividends in Czech companies here pehledugeneral information on dividends Dividendov Express.
Follow us on Twitter
In the near future, you can go for more dividend articles, so keep an eye on Twitter@Fio_investice.
Source: EZ
Jan Tomnek, Fio banka, as
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