{"id":99959,"date":"2026-02-20T00:16:58","date_gmt":"2026-02-19T23:16:58","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=99959"},"modified":"2026-02-19T13:24:19","modified_gmt":"2026-02-19T12:24:19","slug":"david-matulay-euforii-z-rekordniho-ipo-csg-vystridala-realita","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2026\/02\/20\/david-matulay-euforii-z-rekordniho-ipo-csg-vystridala-realita\/","title":{"rendered":"David Matulay: Euforii z rekordn\u00edho IPO CSG vyst\u0159\u00eddala realita"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n<p>Vstup pr\u016fmyslov\u00e9ho a technologick\u00e9ho holdingu Czechoslovak Group (CSG) na akciov\u00fd trh v lednu 2026 se zapsal do d\u011bjin jako nejv\u011bt\u0161\u00ed prim\u00e1rn\u00ed \u00fapis akci\u00ed obrann\u00e9 firmy v historii a z\u00e1rove\u0148 nejv\u00fdznamn\u011bj\u0161\u00ed IPO na evropsk\u00e9m kontinent\u011b od debutu automobilky Porsche. S tr\u017en\u00ed kapitalizac\u00ed, kter\u00e1 dos\u00e1hla hranice 770 miliard CZK, Michal Strnad nejen \u017ee potvrdil dominanci v obrann\u00e9m sektoru, ale p\u0159epsal i po\u0159ad\u00ed nejhodnotn\u011bj\u0161\u00edch \u010desk\u00fdch spole\u010dnost\u00ed. CSG v r\u00e1mci tohoto ukazatele p\u0159edb\u011bhlo i energetick\u00e9ho giganta \u010cEZ, jeho\u017e hodnota se v dan\u00e9m \u010dase pohybovala na \u00farovni 650 miliard CZK. Podle \u00fadaj\u016f sprost\u0159edkovan\u00fdch agenturou Reuters jde o nejrychleji rostouc\u00ed obrannou firmu v Evrop\u011b z hlediska meziro\u010dn\u00edho r\u016fstu tr\u017eeb, na z\u00e1klad\u011b \u010deho\u017e nen\u00ed p\u0159ekvapen\u00edm, \u017ee toto na\u010dasov\u00e1n\u00ed p\u0159ineslo mimo\u0159\u00e1dn\u011b \u00fasp\u011b\u0161n\u00fd vstup na burzu v Amsterdamu s paraleln\u00edm obchodov\u00e1n\u00edm na pra\u017esk\u00e9m Free Markete.<\/p>\n<h3><strong>Jak\u00fd byl prvn\u00ed obchodn\u00ed den?<\/strong><\/h3>\n<p>Cel\u00fd proces p\u0159\u00edpravy IPO byl na pom\u011bry \u010desk\u00fdch a slovensk\u00fdch firem, kter\u00e9 ve\u0159ejn\u00e9 nab\u00eddky realizuj\u00ed jen sporadicky, zvl\u00e1dnut s mimo\u0159\u00e1dnou profesionalitou. Prim\u00e1rn\u00ed emise v objemu 780 milion\u016f akci\u00ed v celkov\u00e9 hodnot\u011b 3,3 miliardy EUR byla pozd\u011bji nav\u00fd\u0161ena o 19,8 milion\u016f akci\u00ed, kdy\u017e investi\u010dn\u00ed banka JPMorgan Chase uplatnila svou nadalokovac\u00ed opci. V\u00fdnos z IPO tak v kone\u010dn\u00e9m d\u016fsledku dos\u00e1hl p\u0159i cen\u011b 25 EUR za akcii 3,8 miliardy EUR, a to za neuv\u011b\u0159iteln\u00fdch 12 minut. Enormn\u00ed z\u00e1jem podtrhl fakt, \u017ee popt\u00e1vka a\u017e 20n\u00e1sobn\u011b p\u0159ev\u00fd\u0161ila nab\u00eddku, co\u017e vedlo k r\u016fstu ceny akci\u00ed o v\u00edce ne\u017e 30 % hned b\u011bhem prvn\u00edho obchodn\u00edho dne.* Tento raketov\u00fd start v\u0161ak se sebou nesl i rizika spojen\u00e1 s ne\u00fam\u011brn\u00fdmi o\u010dek\u00e1v\u00e1n\u00edmi a p\u0159\u00edli\u0161n\u00fdm optimismem retailov\u00fdch investor\u016f, kte\u0159\u00ed nastoupili na rozb\u011bhnut\u00fd vlak v moment\u011b nejv\u011bt\u0161\u00edho medi\u00e1ln\u00edho z\u00e1jmu.<\/p>\n<h3><strong>Ponau\u010den\u00ed a o\u010dek\u00e1v\u00e1n\u00ed<\/strong><\/h3>\n<p>Plusov\u00e1 \u010d\u00edsla vyst\u0159\u00eddala korekce u\u017e na druh\u00fd den obchodov\u00e1n\u00ed. Pravd\u011bpodobn\u00fdm d\u016fvodem bylo \u010d\u00e1ste\u010dn\u00e9 zrealizov\u00e1n\u00ed zisk\u016f institucion\u00e1ln\u00edch investor\u016f, co\u017e vedlo k poklesu p\u0159ibli\u017en\u011b na 30 EUR za akcii.* Ponau\u010den\u00edm pro investory m\u016f\u017ee b\u00fdt zd\u016frazn\u011bn\u00ed nevyhnutelnosti analytick\u00e9ho p\u0159\u00edstupu m\u00edsto impulzivn\u00edho nakupov\u00e1n\u00ed b\u011bhem o\u0161\u00edlenstv\u00ed.<\/p>\n<h3><strong>Finan\u010dn\u00ed s\u00edla a glob\u00e1ln\u00ed expanze<\/strong><\/h3>\n<p>I p\u0159es kr\u00e1tkodob\u00fd pokles ceny akci\u00ed v\u0161ak fundament\u00e1ln\u00ed z\u00e1klady spole\u010dnosti v kontextu trhu z\u016fst\u00e1vaj\u00ed mimo\u0159\u00e1dn\u011b siln\u00e9. Hospod\u00e1\u0159sk\u00e9 v\u00fdsledky za prvn\u00ed t\u0159i kvart\u00e1ly roku 2025 potvrzuj\u00ed, \u017ee CSG je v mimo\u0159\u00e1dn\u011b siln\u00e9 form\u011b. Tr\u017eby ve v\u00fd\u0161i 4,49 miliardy EUR znamenaly meziro\u010dn\u00ed n\u00e1r\u016fst o 82,4 %, p\u0159i\u010dem\u017e ukazatel EBITDA na \u00farovni 1,22 miliardy EUR vzrostl o 83,7 %. Kl\u00ed\u010dov\u00fdm faktorem \u00fasp\u011bchu je z\u00e1soba zak\u00e1zek v hodnot\u011b 14 miliard EUR a rozpracovan\u00e9 kontrakty za dal\u0161\u00edch 18 miliard EUR. Skupina celkov\u011b roste d\u00edky sv\u00e9 glob\u00e1ln\u00ed p\u0159\u00edtomnosti v 39 z\u00e1vodech, zejm\u00e9na d\u00edky strategick\u00e9 akvizici americk\u00e9 skupiny Kinetic. V neposledn\u00ed \u0159ad\u011b, Michal Strnad, kter\u00fd ovl\u00e1d\u00e1 t\u00e9m\u011b\u0159 85 % akci\u00ed, se s majetkem p\u0159esahuj\u00edc\u00edm 640 miliard CZK stal nejbohat\u0161\u00edm \u010cech, \u010d\u00edm\u017e v\u00fdrazn\u011b odsunul Ren\u00e1tu Kellnerovou. CSG se tak definitivn\u011b stala relevantn\u00edm konkurentem pro n\u011bmeck\u00fd Rheinmetall, i kdy\u017e s kapitalizac\u00ed p\u0159es 80 miliard EUR m\u00e1 n\u011bmeck\u00fd gigant st\u00e1le n\u00e1skok.<\/p>\n<p><em><strong>David Matulay, analytik <\/strong><a href=\"https:\/\/investingfox.com\/cs\"><strong>InvestingFox<\/strong><\/a><\/em><\/p>\n<p>Upozorn\u011bn\u00ed! Tento marketingov\u00fd materi\u00e1l nen\u00ed a nesm\u00ed b\u00fdt ch\u00e1p\u00e1n jako investi\u010dn\u00ed poradenstv\u00ed. \u00dadaje, kter\u00e9 se t\u00fdkaj\u00ed minulosti, nejsou z\u00e1rukou budouc\u00edch v\u00fdnos\u016f. Investov\u00e1n\u00ed v ciz\u00ed m\u011bn\u011b m\u016f\u017ee ovlivnit v\u00fdnosy v d\u016fsledku v\u00fdkyv\u016f. V\u0161echny obchody s cenn\u00fdmi pap\u00edry mohou v\u00e9st jak k zisk\u016fm, tak i ke ztr\u00e1t\u00e1m. V\u00fdhledov\u00e1 prohl\u00e1\u0161en\u00ed p\u0159edstavuj\u00ed p\u0159edpoklady a aktu\u00e1ln\u00ed o\u010dek\u00e1v\u00e1n\u00ed, kter\u00e1 nemus\u00ed b\u00fdt p\u0159esn\u00e1 nebo vych\u00e1zej\u00ed z aktu\u00e1ln\u00edho ekonomick\u00e9ho prost\u0159ed\u00ed, kter\u00e9 se m\u016f\u017ee zm\u011bnit. Tato prohl\u00e1\u0161en\u00ed nezaru\u010duj\u00ed budouc\u00ed v\u00fdkonnost. InvestingFox je obchodn\u00ed zna\u010dka spole\u010dnosti CAPITAL MARKETS, o.c.p., a.s. regulovan\u00e9 N\u00e1rodn\u00ed bankou Slovenska.<\/p>\n<p>*\u00dadaje, kter\u00e9 se t\u00fdkaj\u00ed minulosti, nejsou z\u00e1rukou budouc\u00edch v\u00fdnos\u016f.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-1185\" src=\"http:\/\/www.infokuryr.cz\/n\/wp-content\/uploads\/2021\/04\/kuryr-podpis.png\" alt=\"\" width=\"84\" height=\"24\" \/><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vstup pr\u016fmyslov\u00e9ho a technologick\u00e9ho holdingu Czechoslovak Group (CSG) na akciov\u00fd trh v lednu 2026 se&#8230;<\/p>\n","protected":false},"author":2,"featured_media":69819,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[950,1042,59,331,1472],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/99959"}],"collection":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/comments?post=99959"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/99959\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/69819"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=99959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=99959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=99959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}