CEZ: The new Polish government intends to cancel the privatisation of the energy sector. CEZ participates in the tender for Kozienice power plant and Katowicki Holding Weglowy. 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 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.