Rankings Construction & materials Buzzi
Buzzi
75
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Quality of growth−4
- Price pressure in the USA and Italy−4
- ROIC−3
Strengths
- Net cash+2
- Buybacks+2
How the score is built
From 100 to 75, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 41.82 EUR
- Median analyst target
- 52.00 EUR
- Upside to median
- +24.3%
- Analysts
- 16
- Target range
- 34.00 – 55.00 EUR
- 52-week change
- −19%
- P/E (trailing)
- 8.8
- Forward P/E
- 9.1
- PEG
- 3.39
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−9 of −30
- −4Quality of growthEPS has fallen three years in a row from €5.22 (2023) to €4.77 TTM, and consensus expects €4.59 in 2026 (−10%); revenue has stood still at €4.3–4.5bn since 2023, even though it has been lifted by acquisitions (UAE). In the first half, revenue fell 1.1% on a like-for-like basis, EBITDA 8.2% and net income from 386 to 324 €m.
- −2MarginThe operating margin has fallen from 22.8% (2024) to 18.7% TTM, and the EBITDA margin in the first half from 24% to 22%; the company expects inflation in operating costs to continue.
- −3ROICROIC has fallen from 16.5% (2023) and 15.4% (2024) to 10.3% TTM vs a WACC of 9.4%; ROE from 18.3% to 12.3%. The return on capital has almost halved in two years.
Price
Today's multiples against the company's own history and its peers. · 2 findings−4 of −35
- −1Multiples vs own history and peersForward P/E 7.9 vs 6.5–11.2 in 2021–2025, EV/EBITDA 4.5 vs 3.6–7.4 and P/B 0.90 vs 0.68–1.32: in the lower half of its own history and below Heidelberg Materials (forward P/E about 10.5). But the earnings base is falling, so the low multiple masks falling EPS.
- −3FCF yieldP/FCF 18.4 and FCF yield 5.4% (FCF margin 7.9%), because capex has risen from 211 m € (2021) to 461 m € TTM, while operating cash flow fell 13%; EV/FCF 16.6 vs 9.8–12.1 in 2021, 2023 and 2024.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−8 of −35
- −4Price pressure in the USA and ItalyUBS downgraded to sell (price target €34 from €52) and cut EPS estimates for 2027–2030 by 10–25%: the US (about 45% of EBITDA) is pressured by rising cement imports in the South, where half of the US exposure lies, and weaker housebuilding. The company itself reports competitive pressure on prices in Italy and the US; ready-mix volume −4.2% in H1.
- −3CO2 costsBuzzi lacks free CO2 allowances outside Italy, and the cost rises as free allowances are phased out; this limits the gain from a recovery in e.g. German infrastructure construction, because higher volume means a higher CO2 bill.
- −1Geopolitics (UAE)The newly consolidated business in the United Arab Emirates, which carries the volume growth (+5.4% in cement), is, according to the company, vulnerable to the geopolitical tensions in the region.
Plus
Only documented strengths. · 2 findings+4 of +15
- +2Net cashNet cash €707m (company: €896m at 30/6), debt/EBITDA 0.4x and interest cover 46x; the balance sheet affords investments and distributions through a downturn.
- +2BuybacksBuybacks (€180m) plus dividend (€127m) TTM are below FCF (€360m); the share count has fallen 0.7% over a year and 1% in the latest quarter, and the dividend is expected to be raised to €0.76.
Caveats
What the score does not capture, or where the data is weak.
The share is −21% over 52 weeks and close to the bottom after UBS's downgrade to sell (22 Sep); several price targets (Barclays EUR 56, median 52) have not been cut correspondingly, so the upside in consensus is probably too high. Net profit includes about EUR 134m from associates (including Mexico), so EBIT (EUR 845m) is lower than net profit; forward EPS is adjusted. The company reports net cash of EUR 896m (30/6), stockanalysis EUR 707m. The Buzzi family controls the share (free float about 53m of 177m shares); stockanalysis' insider share of 0.14% is therefore misleading, and no points have been given for governance. Consolidation in the United Arab Emirates lifts volume and revenue inorganically. Credit rating and litigation have not been investigated.
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