CEZ: The Polish Treasury Minister stopped the privatisation of the Kozienice power plant, the largest energy producer in Poland, with an installed capacity 2,820 MWh. The cancellation of the Polish energy sector privatisation, and the increasing competition in ongoing tenders, supports our view that CEZ will not be able to fully realise its EUR 3bn plan for acquisitions, and hence will revise its dividend policy (currently at CZK 10 per share) next year. We rate CEZ as Buy, with a fair value of CZK 855.