Buzzi Unicem S.p.A. (BZU) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Buzzi Unicem S.p.A. stock €51.94, price €41.66, upside +24.7%, quality 65 out of 100. Rating: undervalued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.
Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with oneYes, for free
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range €13.36 – €53.65 · fair‑value band €36.79 – €70.81 · the €41.66 price screens below the €51.94 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
Follow Buzzi Unicem S.p.A. in your weekly email
Every Wednesday you see whether Buzzi Unicem S.p.A. is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Buzzi S.p.A., together with its subsidiaries, manufactures, distributes, and sells cement, ready-mix concrete, and natural aggregates.
Show moreShow less
It has operations primarily in Italy, United States of America, Germany, Luxembourg, Netherlands, United Arab Emirates, Poland, Czech Republic and Slovakia, Brazil, Russia, Algeria, Slovenia, and Mexico.
The company was formerly known as Buzzi Unicem S.p.A. and changed its name to Buzzi S.p.A. in May 2023. The company was founded in 1872 and is headquartered in Casale Monferrato, Italy.
Stock analysis
Buzzi Unicem S.p.A. (BZU) currently trades at €41.66, while our model-based Fair Value estimate is €51.94, implying the stock looks roughly 20% undervalued today.
Show more
Valuation
Bull case: the Growth Earnings group reads highest at a median of €74.51 per share, and 14 of the 25 models we run sit above the €41.66 price.
Bear case: the Dividend Discount group reads lowest at €7.20, and 11 of the 25 models stay below the price. Data coverage for this calculation is high.
Scenario range: €36.79 (bear) to €70.81 (bull), the price of €41.66 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 65/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Buzzi Unicem S.p.A. reported revenue of €4.5B in FY2025 versus €3.4B in FY2021, a compound +7.0%/yr. Reported net income was €921M in FY2025, compounding +14.2%/yr from FY2021.
Key figures
Market cap €7.5B Mid · P/E ratio 8.9 · P/S ratio 1.65 · EPS (TTM) €4.69 · Dividend yield 1.7% · Net margin 19.0% · Return on equity 12.3% · Return on assets (EBIT) 10.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 68 out of 100 (medium confidence).
What moves the price
The share trades about 22% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −24% fair-value upside, at 25%, BZU screens cheaper than that median.
Fair Value models
Bear€36.79Fair Value €51.94Bull€70.81
Price €41.66 · Upside +24.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€3.39 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.75/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+4.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.0%
Start year 2020 (pandemic). Over 10 years: +5.4% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.2%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+15.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.3%
Dividend (yield on the price)1.7%
Per share before 2004divided by the spin-off factor 1.0233
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.13.3% vs 24.4%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.23% → 20%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+6.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +4.6% a year for the price and +1.1% for the forecasts.
AI conclusion: The business generates steady cash from cement and ready-mix operations despite regional demand swings, yet remains exposed to a commoditized and cyclical sector with limited differentiation.
Main risk: Cheaper cement imports into southern US states and Quikrete shifting to own production could reduce Buzzi's volumes and force price cuts in its key US market that generates nearly half of group EBITDA.
Bull case: Buzzi could accelerate low-clinker cements and alternative fuels to lower its carbon costs while winning share from higher-emission imports in the US through quality and logistics advantages.
Bear case: Persistent US import pressure combined with rising EU carbon costs could erode margins in both major regions and limit cash generation for necessary plant upgrades.
Buzzi Unicem has started a share buyback program of up to 100 million euros that runs through mid-January. In its cement and ready-mix concrete operations the group keeps generating cash despite regional demand swings. Does the repurchase mainly deploy surplus capital or does it show management sees more value in the business than current market pricing reflects?
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Building Materials · 256 stocks
Beats the industry median on 11/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside+24.7% · Above median
Profitability
Return on equity (12 months)12.3% · Top 25%
Return on assets10.3% · Top 25%
Net margin (12 months)19.0% · Top 25%
Operating margin (12 months)14.0% · Above median
Growth and dividend
Revenue growth (quarter YoY)0.1% · Below median
Dividend yield (12 months)1.7% · Below median
Balance sheet
Debt / equity0.04× · Below median
Valuation Multiplesvs Building Materials median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Buzzi Unicem S.p.A. (BZU) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of €51.94 versus a price of €41.66, about +25% upside (undervalued).
What is the fair value of BZU?
Our model-based fair value for Buzzi Unicem S.p.A. is €51.94 (as of Nov 5, 2026), built from audited fundamentals. The current price: €41.66.
What is the quality score of BZU?
Buzzi Unicem S.p.A. has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Buzzi Unicem S.p.A. (BZU)?
Our model-based price target is the fair value of €51.94 (as of Nov 5, 2026) from 25 valuation models. Cautious scenario €36.79, optimistic scenario €70.81. It is a calculation from audited fundamentals, not an analyst target.
What is the Buzzi Unicem S.p.A. stock forecast for 2026?
Our models put fair value at €51.94, about +25% upside versus a price of €41.66 (undervalued). Cautious scenario €36.79, optimistic scenario €70.81. The calculation is refreshed regularly with new filings.
What is the revenue of Buzzi Unicem S.p.A. (BZU)?
Buzzi Unicem S.p.A. reported trailing-twelve-month revenue of about €4.5B (latest available figure, as of Nov 5, 2026).
Does Buzzi Unicem S.p.A. pay a dividend?
Buzzi Unicem S.p.A. currently shows a dividend yield of 1.68% relative to its recent price (as of Nov 5, 2026).
What growth is priced into Buzzi Unicem S.p.A. (BZU)?
For today's price to be fair in a discounted-cash-flow model, Buzzi Unicem S.p.A. would have to grow free cash flow by +6.9 % per year for five years (discount rate 12.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.0 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of BZU use?
Our models discount Buzzi Unicem S.p.A. at 12.0 %: a base by market capitalisation (mid), damped by beta 1.02, country premium for Italy. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Buzzi Unicem S.p.A. that is +6.9 % per year a year over ten years, using the same discount rate (12.0 %) and the same formula as our fair value.
How much growth has Buzzi Unicem S.p.A. (BZU) delivered so far?
Over the past 5 years revenue at Buzzi Unicem S.p.A. grew +7.0 % a year. The price currently implies +6.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Buzzi Unicem S.p.A. (BZU) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into Buzzi Unicem S.p.A. (+6.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Buzzi Unicem S.p.A. (BZU)?
The free-cash-flow yield on the price is 6.55 %: that much free cash flow Buzzi Unicem S.p.A. produces per unit of market value. When it exceeds the discount rate of our models (12.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Buzzi Unicem S.p.A. (BZU)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Buzzi Unicem S.p.A. it is €51.94 per share (as of Nov 5, 2026), against a price of €41.66. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Buzzi Unicem S.p.A. stock overvalued or undervalued in 2026?
As of Nov 5, 2026, BZU trades below its calculated fair value: price €41.66, fair value €51.94, a gap of about +25% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BZU?
No. The price is what the market pays today (€41.66); the fair value is what the company's own numbers justify (€51.94). For Buzzi Unicem S.p.A. the two are €10.28 per share apart. That gap is exactly why we show both numbers side by side.
How much is Buzzi Unicem S.p.A. worth?
The market values Buzzi Unicem S.p.A. at about €7.5B (market capitalisation, as of Nov 5, 2026). Per share that is €41.66; our models calculate a fair value of €51.94 per share.
What do the bullish and bearish scenarios say about BZU?
Our models span a range for Buzzi Unicem S.p.A.: cautious scenario €36.79, base €51.94, optimistic €70.81 per share (as of Nov 5, 2026, price €41.66). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BZU?
Buzzi Unicem S.p.A. trades at a price-to-earnings ratio of 8.9 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €51.94 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 7.7. Other multiples: PEG 0.4, P/B 1.1, P/S 1.6, EV/EBITDA 5.5.
What is the PEG ratio of BZU?
The PEG ratio of Buzzi Unicem S.p.A. is 0.39 (P/E divided by earnings growth, as of Nov 5, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Buzzi Unicem S.p.A. (BZU)?
Balance-sheet figures for Buzzi Unicem S.p.A. (as of Nov 5, 2026): return on equity 12.3%, debt of 0.04 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is BZU from its 52-week high?
Buzzi Unicem S.p.A. trades at €41.66, about 22% below its 52-week high of €53.65 and 16% above the low of €36.00 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of €51.94 is for.
Which stocks are comparable to Buzzi Unicem S.p.A.?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Martin Marietta Materials, Inc, Vulcan Materials Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Buzzi Unicem S.p.A. stock attractive at the current price?
The data as of Nov 5, 2026: price €41.66, calculated fair value €51.94 (+25%), Quality Score 65/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BZU calculated?
We run Buzzi Unicem S.p.A. through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €51.94, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Buzzi Unicem S.p.A. currently trades 20% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Buzzi Unicem S.p.A. (BZU)?
The closing price on Nov 5, 2026 was €41.66. Our model-based fair value is €51.94, about +25% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Buzzi Unicem S.p.A. right now?
Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€36.79 to €70.81) leaves room in how you read the outcome.
Where does the earnings growth of Buzzi Unicem S.p.A. (BZU) come from?
Earnings per share at Buzzi Unicem S.p.A. grew +27.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +7.9 %, EBIT margin +8.9 %, tax rate +4.1 %, residual (interest, one-offs) +3.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Buzzi Unicem S.p.A.
How large is the market capitalisation of Buzzi Unicem S.p.A. (BZU)?
The market capitalisation of Buzzi Unicem S.p.A. is €7.5B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Buzzi Unicem S.p.A. (BZU)?
The price-to-sales ratio of Buzzi Unicem S.p.A. is 1.65 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Buzzi Unicem S.p.A. (BZU)?
Earnings per share at Buzzi Unicem S.p.A. are €4.69 (price ÷ EPS = P/E 8.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Buzzi Unicem S.p.A. (BZU)?
The dividend yield of Buzzi Unicem S.p.A. is 1.7% (payout 14.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Buzzi Unicem S.p.A. (BZU)?
The net margin of Buzzi Unicem S.p.A. is 19.0% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Buzzi Unicem S.p.A. (BZU)?
The return on equity (ROE) of Buzzi Unicem S.p.A. is 12.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Buzzi Unicem S.p.A. (BZU)?
On an EBIT basis the return on assets of Buzzi Unicem S.p.A. is 10.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Buzzi Unicem S.p.A. (BZU)?
The operating margin of Buzzi Unicem S.p.A. is 14.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Buzzi Unicem S.p.A. (BZU)?
Revenue at Buzzi Unicem S.p.A. is growing +0.1% versus a year earlier (3y avg +4.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Buzzi Unicem S.p.A. (BZU)?
Earnings per share at Buzzi Unicem S.p.A. are growing −15.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Buzzi Unicem S.p.A. (BZU) hold?
Buzzi Unicem S.p.A. holds more cash than debt, €961M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
Free · no account needed
Watch Buzzi Unicem S.p.A. in the live analysis
One click puts Buzzi Unicem S.p.A. on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Broad data
Nov 5, 2026