olivLaw · European equity research
Buzzi S.p.A. BZU.MI
Italy · Euronext Milan · ISIN IT0001347308 · Vertical: Listed companies from Italy
Buzzi is an international group in cement, concrete and aggregates, with operations in Italy, Central and Eastern Europe, the United States and Latin America. For fiscal 2025 management expects broadly stable group volumes and operating results close to the excellent level of 2024, under high uncertainty. Its first CSRD sustainability report is a new element of transparency.
At the close of 05 Nov 2026, Buzzi S.p.A. (BZU.MI) stock was 41.66 EUR (−3.88% on the day), with beta 1.34, 52-week range 36.00–54.50 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 59.2
- strong (55–70)
- Bollinger (20, 2)
- 35.37 – 43.37
- in the upper half of the band · %B 0.79 · band width 20.3%
- SMA 50 / 200
- 38.81 / 43.54
- mixed trend
- MACD (12, 26, 9)
- 1.09 / 0.68
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.3% | +0.4% | +10.0 pp | — |
| 3 months | +0.5% | −3.3% | +3.7 pp | — |
| 6 months | −13.7% | +4.0% | −17.7 pp | — |
| Year to date | −19.9% | +8.1% | −28.0 pp | — |
| 1 year | −19.1% | +10.7% | −29.8 pp | −4.8% |
| 3 years | +62.4% | +50.1% | +12.3 pp | +7.7% |
| 5 years | +108.7% | +43.6% | +65.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 4.0 bn | 4.3 bn | 4.3 bn |
| Revenue YoY | unavailable | +8.1% | −0.1% |
| Net income | 458.8 m | 966.5 m | 942.3 m |
| Net income YoY | unavailable | +110.7% | −2.5% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 11.5% | 22.4% | 21.8% |
| Free cash flow | 129.4 m | 520.8 m | 487.2 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 1.4 bn EUR
- Financial debt
- 335.6 m EUR
- Net debt
- -1.1 bn EUR
- Equity
- 6.6 bn EUR
- Total assets
- 8.7 bn EUR
- Debt / equity
- 0.05x
- Current ratio
- unavailable
- ROE
- 15.4%
- ROA
- 11.6%
- FCF margin
- 11.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 4.0 bn | 4.3 bn | 4.3 bn | esef· 24 Sept 2025verified |
| Operating income | 494.8 m | 984.8 m | 1.0 bn | esef· 24 Sept 2025verified |
| Depreciation & amortisation | 259.3 m | 248.2 m | 272.3 m | esef· 24 Sept 2025verified |
| EBITDA | 754.0 m ≈ | 1.2 bn ≈ | 1.3 bn ≈ | esef· 24 Sept 2025derived |
| Interest expense | 146.3 m | 103.5 m | 174.4 m | esef· 24 Sept 2025verified |
| Pre-tax income | 589.3 m | 1.1 bn | 1.1 bn | esef· 24 Sept 2025verified |
| Income tax | 130.5 m | 174.1 m | 150.7 m | esef· 24 Sept 2025verified |
| Net income | 458.8 m | 966.5 m | 942.3 m | esef· 24 Sept 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.3 bn | 1.1 bn | 1.4 bn | esef· 24 Sept 2025verified |
| Inventories | 721.0 m | 754.3 m | 881.9 m | esef· 24 Sept 2025verified |
| Property, plant & equipment, net | 3.2 bn | 3.2 bn | 3.8 bn | esef· 24 Sept 2025verified |
| Goodwill | 509.5 m | 508.8 m | 872.8 m | esef· 24 Sept 2025verified |
| Intangibles (excl. goodwill) | 57.5 m | 51.9 m | 132.1 m | esef· 24 Sept 2025verified |
| Total assets | 7.5 bn | 7.6 bn | 8.7 bn | esef· 24 Sept 2025verified |
| Short-term debt | 12.5 m | 5.0 m | 7.2 m | esef· 24 Sept 2025verified |
| Long-term debt | 608.2 m | 338.7 m | 328.4 m | esef· 24 Sept 2025verified |
| Total liabilities | 2.6 bn | 2.0 bn | 2.1 bn | esef· 24 Sept 2025verified |
| Equity | 4.9 bn | 5.6 bn | 6.6 bn | esef· 24 Sept 2025verified |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 394.7 m | 818.8 m | 932.6 m | esef· 24 Sept 2025verified |
| Capex | 265.3 m | 298.0 m | 445.4 m | esef· 24 Sept 2025verified |
| Free cash flow | 129.4 m ≈ | 520.8 m ≈ | 487.2 m ≈ | esef· 24 Sept 2025derived |
| Investing cash flow | -141.2 m | -304.1 m | -240.3 m | esef· 24 Sept 2025verified |
| Financing cash flow | -152.4 m | -706.0 m | -410.1 m | esef· 24 Sept 2025verified |
| Share repurchases | 123.2 m | 0 | 147.2 m | esef· 24 Sept 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 39.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
40% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 16.6% | 92 (vs peers) | 26% |
| Net margin · Quality | 21.8% | 87 (vs peers) | 16% |
| FCF conversion · Quality | 51.7% | 31 (on a fixed band) | 16% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.8x | 78 (vs peers) | 26% |
| Interest coverage · Balance sheet | 5.7x | 65 (on a fixed band) | 16% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet73/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality74/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BUZZI SPA (BZU.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 4.3 bn EUR in 2024; YoY growth -0.1%; net margin 21.8%; ROE 15.4%; net debt/EBITDA -0.8x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 16.6%
- Net margin: 21.8%
- Net debt / EBITDA: -0.8x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Italy · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| ELN.MIEl.en. - S.p.a. | 1.3 bn | 30.3 | 10.9% | 7.3% | +4.2% | +26% / +73% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
1- and 3-year price returns: for BZU.MI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Buzzi is an international group in cement, concrete and aggregates, with operations in Italy, Central and Eastern Europe, the United States and Latin America. For fiscal 2025 management expects broadly stable group volumes and operating results close to the excellent level of 2024, under high uncertainty 1. Its first CSRD sustainability report is a new element of transparency 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Country risk Russiahigh
Exposure to Russia remains high, with the risk of expropriation or damage to plants, according to the risk report 1.
- Currency risksmedium
Converting foreign-currency financial statements into euro can have negative impacts; the risk assessment assumed a 10% move of local currencies against the euro 1.
- Energy and raw material costsmedium
Fuel and electricity costs could rise because of market volatility, and industrial by-products could become less available 1.
- Price pressuremedium
Unused capacity in Central Europe and competitive imports in the US could weigh on selling prices 1.
- Macroeconomic uncertaintyhigh
Management considers that risks linked to the main economic factors remain mostly downside in almost all reference markets 1.
Investment thesis
What would need to be true (bull case)
- If public funding in the US and Italy (PNRR) supports infrastructure projects, group volumes could hold steady or grow 1.
- If the pricing policy succeeds in preserving margins, operating results could stay close to the excellent 2024 levels 1.
- If solid domestic demand in Brazil continues, the contribution of consolidation there could add volumes 1.
What would break the thesis
What to watch
- Operating results against the excellent 2024 level2025
- Volume trends in the United States and Brazil2025
- Decarbonisation investment and energy costs in Germany2025
- Status of operations and sanctions related to Russianext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Buzzi is an international group active in Italy and in several foreign countries, through subsidiaries and associated companies 1. Its core activity centres on producing and selling cement, concrete and aggregates for construction. The group also develops decarbonisation projects in line with its « Our Journey to Net Zero » roadmap 1.
The group consolidated its Brazilian activities and sold assets in Ukraine; in January 2025 the sale of the Fanna plant to Alpacem Cementi Italia was completed 1. Operations in Russia have been halted since May 2022 following European sanctions 1.
Segments
Cement and concrete in Central Europe
In Germany and Central Europe, construction demand remains weak in residential building, and management expects volumes to stabilise after earlier declines 1. Energy costs could weigh on margins in Germany 1.
Operations in the United States
In the United States management expects residential construction to improve, although costly financing still limits demand, while industrial and infrastructure projects could support volumes 1.
Market context
Management describes a global economy with steady but modest growth and divergences between markets, especially between the United States and the euro area 1. Persistent inflationary pressures and the protectionist measures of the new US administration are cited as risks 1.
Prices could remain under pressure in Central Europe due to low use of production capacity, while in some US regions competitive imports could push prices down 1. Fixed costs and raw materials are expected to rise 1.
Trends
- Decarbonisation investmentmixed
The 2025 investment programme could increase, including projects to improve efficiency and reduce CO2 emissions 1. This could mean high spending in the short term, but it is tied to decarbonisation requirements 1.
- Reshoring and public funds in the UStailwind
Reshoring and federal and state stimulus could support industry and infrastructure in the United States, although growth could slow compared with earlier years 1.
- Energy and raw material costsheadwind
Energy costs could evolve unevenly, favouring EU Eastern countries and weighing on Germany, while raw material inflation could compress margins 1.
- Geopolitical tensions and sanctionsheadwind
The conflict involving Russia and European sanctions keep creating instability and risk for holdings in the region, although the group has diversified its geographic exposure 1.
Competitive position
The analysed sources do not identify competitors in detail. Management does point to competitive imports pressuring prices in certain US markets and unused productive capacity in Central Europe, which fuels price competition 1.
The group responds with a pricing policy aimed at preserving adequate margins and with geographic diversification of its activities 1.
- Cement importers in the US
Competitive imports are cited as a source of price pressure in certain American regions 1.
- Producers in Central Europe
Unused productive capacity in the region can create pricing tension, according to management 1.
- Alpacem Cementi Italia
Bought the Fanna plant in Italy, part of the Austrian group Wietersdorfer 1.
- Austrian group Wietersdorfer
The owner behind Alpacem, present in the acquisition of the Fanna plant 1.
News & filings
In the press
Annual reports (ESEF)
- Annual report 202424 Sept 2025
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Buzzi S.p.A. · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.