CEZ sold its former headquarters for more than double the NAV of the building. According to unconfirmed sources, the NAV should be approx. CZK 0.5bn. Based on the above, we estimate net profit on the sale of approx. CZK 0.6 per share. In terms of cash flow, the present value of the proceeds is lowered by splitting the payment into several annual instalments. The transaction should be finished in four months.
Jan Hajek