* CEZ <> Q3 2008 earnings
* Due on Nov 13. at 1245 GMT
* Average Q3 net profit estimate 11.33 billion crowns
($568.5 million)
PRAGUE, Nov 11 (Reuters) - Czech power group CEZ <>
is expected to post a 30.6 percent increase in third-quarter net
profit on rising electricity prices that compensated for a
shutdown at a nuclear plant, a Reuters poll showed on Tuesday.
The poll of 12 analysts gave an average estimate for net
profit of 11.33 billion crowns, up from 8.67 billion in
July-September last year.
Revenue at the biggest listed central European company, with
market capitalisation of $25.3 billion, was seen up 5.6 percent
at 42.61 billion crowns.
"Good operating results will be supported -- as usually --
by a 16 percent year-on-year growth of electricity prices and
very high spot prices," said Jakub Zidon, analyst at Ceska
Sporitelna, a unit of Erste Bank.
Some analysts also expect CEZ could upgrade its full-year
profit targets, despite a protracted shutdown at one of the two
units at the Temelin nuclear plant. The unit will not open
before December due to repairs.
"We foresee a positive market reaction on the quarterly
report, as we believe the market will realize that the
management's official EBIT (operating profit) target of 65.0
billion crowns is overly conservative," said Robert Keller, an
analyst at KBC's Patria Finance.
CEZ shares have dropped by 35 percent since mid-August, when
the firm reported second-quarter figures, while the Prague
bourse's PX index <> fell 40 percent over the same period on
a global selloff in stock markets.
The 65 percent state-owned, low-indebted firm has said it is
planning a share buyback of up to 10 percent from December, the
second in the past year, due to a lack of acquisition
opportunities in central and eastern Europe.
On Tuesday, CEZ traded at 9.7 times expected 2008 earnings,
while its German peers RWE <RWEG.DE> and E.ON <EONGn.DE> stood
at 11.0 and 10.6 times projected earnings, respectively.
Consolidated figures in billions of crowns: Q3/08
Average Median Range Q3/07
Revenues 42.61 42.41 40.45-44.68 40.33
EBITDA 20.49 20.75 19.09-21.42 16.98
Operating profit 15.20 15.39 13.57-16.69 11.62
Net profit 11.33 11.35 10.07-12.15 8.67
NOTE - The following 13 banks and equity houses took part in
the poll: Atlantik FT, BH Securities, Citigroup, Credit Suisse,
Cyrrus, Deutsche Bank, Erste Bank/Ceska Sporitelna, KBC/Patria
Finance, Komercni Banka, Raiffeisenbank, Sal.Oppenheim,
UniCredit Global Research, Wood & Company.
Estimates of net and operating profit were provided by 12
analysts, revenue by 11 analysts.
(Reporting by Jan Korselt; Editing by Victoria Bryan)
