KB CEO R. Vavra was reported in an online interview yesterday as saying that he expects the buyer of KB to pay between CZK 30 bil. and 70 bil. It is not clear whether he was referring to the value of the whole bank or to the government’s 60% stake that shall be sold. In any case, applying his estimate to 100% of KB's shares would yield a range of CZK 789-1,841 per share, and applying the estimate to the government's 60% stake would yield a somewhat bizarre range of CZK 1,315-3,069 per share. Given the ambiguity and the vast range differences, we do not advise excessive deliberation of the quote. The CEO's comments went largely unnoticed yesterday, but appear in newspapers today. KB's stock closed down 1.9% for the day, at CZK 882.