Buy Or Sell Opportunity • Jun 29
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €43.49. The fair value is estimated to be €55.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.1% over the last 3 years. Earnings per share has grown by 13%. For the next 3 years, revenue is forecast to grow by 3.6% per annum. Earnings are also forecast to grow by 0.5% per annum over the same time period. Board Change • May 21
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 4 highly experienced directors. 1 independent director (5 non-independent directors). Non-Executive Independent Director Aldo Romario was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buy Or Sell Opportunity • May 18
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.2% to €43.06. The fair value is estimated to be €55.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.1% over the last 3 years. Earnings per share has grown by 13%. For the next 3 years, revenue is forecast to grow by 3.5% per annum. Earnings are also forecast to grow by 0.5% per annum over the same time period. Upcoming Dividend • May 11
Upcoming dividend of €0.70 per share Eligible shareholders must have bought the stock before 18 May 2026. Payment date: 20 May 2026. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Austrian dividend payers (3.8%). Lower than average of industry peers (2.0%). New Risk • Apr 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Austrian stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Declared Dividend • Apr 05
Dividend of €0.70 announced Dividend of €0.70 is the same as last year. Ex-date: 18th May 2026 Payment date: 20th May 2026 Dividend yield will be 1.6%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is well covered by both earnings (14% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has increased by an average of 30% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 12% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Ankündigung • Apr 04
Buzzi S.p.A. announces Annual dividend, payable on May 20, 2026 Buzzi S.p.A. announced Annual dividend of EUR 0.7000 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026. Reported Earnings • Apr 02
Full year 2025 earnings released Full year 2025 results: Revenue: €4.52b (up 4.3% from FY 2024). Net income: €921.3m (down 2.2% from FY 2024). Profit margin: 20% (down from 22% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Basic Materials industry in Europe. Ankündigung • Apr 02
Buzzi S.p.A., Annual General Meeting, May 13, 2026 Buzzi S.p.A., Annual General Meeting, May 13, 2026, at 10:00 W. Europe Standard Time. Location: casale monferrato via luigi buzzi n 6, alessandria Italy Ankündigung • Mar 03
Buzzi S.p.A. (BIT:BZU) commences an Equity Buyback Plan for 36,204,976 shares, representing 20% of its issued share capital, under the authorization approved on May 13, 2025. Buzzi Unicem S.p.A. (BIT:BZU) commences share repurchases on February 27, 2025, under the program mandated by the shareholders in the Ordinary Shareholders Meeting held on May 13, 2025. As per the mandate, the company is authorized to repurchase up to 36,204,976 ordinary shares, representing 20% for €200 million. The proposed purchase price must be between a minimum per share of not less than 10% and maximum of no more than 10% compared to the reference price of the ordinary share or savings shares recorded in the stock market session of the day before the completion of each individual transaction. The authorization is also aimed at allowing the company to use treasury shares as a payment in extraordinary transactions, also of equity interest swap or of conversion of bonds of possible future issuance, or for distribution, for a consideration or without consideration, to directors and employees of the company or its subsidiaries as well as for allocation to shareholders without consideration. The program will be valid for a period of 18 months. As of March 28, 2025 the company had 181,024,878 ordinary shares in issue 11,601,276 ordinary shares in treasury.
On May 9, 2024, the company announces a share repurchase program. Under the program, the company will repurchase up to €200 million worth of its shares. The program will start from February 27, 2026, and is expected to end by August 2026. New Risk • Feb 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.09% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (5.2% average weekly change). Earnings are forecast to decline by an average of 0.09% per year for the foreseeable future. Buy Or Sell Opportunity • Feb 11
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at €51.00. The fair value is estimated to be €42.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 7.1% in 2 years. Earnings are forecast to decline by 2.7% in the next 2 years. New Risk • Jan 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Austrian stocks, typically moving 4.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Oct 28
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to €50.95. The fair value is estimated to be €42.23, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 7.0% in 2 years. Earnings are forecast to decline by 1.7% in the next 2 years. New Risk • Aug 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Austrian stocks, typically moving 5.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 07
First half 2025 earnings released First half 2025 results: Revenue: €2.19b (up 6.4% from 1H 2024). Net income: €386.3m (down 8.4% from 1H 2024). Profit margin: 18% (down from 21% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Basic Materials industry in Europe. Buy Or Sell Opportunity • Aug 05
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to €41.04. The fair value is estimated to be €53.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 3.6% per annum. Earnings are also forecast to grow by 0.7% per annum over the same time period. Ankündigung • May 15
Buzzi S.p.A. announced that it expects to receive €150 million in funding Buzzi S.p.A. announced a private placement to issue convertible bonds to qualified investors for gross proceeds of €150,000,000 on May 13, 2025. The company has received approval from the board of directors. New Risk • May 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Austrian stocks, typically moving 8.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Ankündigung • Apr 07
Buzzi S.p.A., Annual General Meeting, May 13, 2025 Buzzi S.p.A., Annual General Meeting, May 13, 2025, at 09:00 W. Europe Standard Time. Location: casale monferrato via luigi buzzi 6, alessandria Italy Declared Dividend • Apr 07
Dividend increased to €0.70 Dividend of €0.70 is 17% higher than last year. Ex-date: 19th May 2025 Payment date: 21st May 2025 Dividend yield will be 1.7%, which is lower than the industry average of 2.5%. Payout Ratios Payout ratio: 14%. Cash payout ratio: 26%. Ankündigung • Mar 30
Buzzi S.p.A. announces Annual dividend, payable on May 21, 2025 Buzzi S.p.A. announced Annual dividend of EUR 0.7000 per share payable on May 21, 2025, ex-date on May 19, 2025 and record date on May 20, 2025. Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: €5.14 (vs €5.22 in FY 2023) Full year 2024 results: EPS: €5.14 (down from €5.22 in FY 2023). Revenue: €4.31b (flat on FY 2023). Net income: €942.3m (down 2.5% from FY 2023). Profit margin: 22% (in line with FY 2023). Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Basic Materials industry in Europe. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Mar 10
Now 22% undervalued Over the last 90 days, the stock has risen 26% to €48.32. The fair value is estimated to be €62.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has grown by 30%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 1.8% in the next 2 years. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €41.54, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Basic Materials industry in Europe. Total returns to shareholders of 114% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €59.16 per share. Reported Earnings • Aug 05
First half 2024 earnings released: EPS: €2.28 (vs €2.33 in 1H 2023) First half 2024 results: EPS: €2.28 (down from €2.33 in 1H 2023). Revenue: €2.05b (down 4.5% from 1H 2023). Net income: €421.7m (down 2.2% from 1H 2023). Profit margin: 21% (in line with 1H 2023). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Basic Materials industry in Europe. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 13
Upcoming dividend of €0.60 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Austrian dividend payers (5.8%). Lower than average of industry peers (3.2%). Declared Dividend • Apr 08
Dividend increased to €0.60 Dividend of €0.60 is 33% higher than last year. Ex-date: 20th May 2024 Payment date: 22nd May 2024 Dividend yield will be 1.7%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is well covered by both earnings (10% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has increased by an average of 25% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 1.9% over the next 3 years. However, it would need to fall by 88% to increase the payout ratio to a potentially unsustainable range. Buy Or Sell Opportunity • Apr 02
Now 23% undervalued Over the last 90 days, the stock has risen 30% to €36.12. The fair value is estimated to be €47.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 1.5% per annum. Earnings are forecast to decline by 3.0% per annum over the same time period. Reported Earnings • Mar 30
Full year 2023 earnings released: EPS: €5.22 (vs €2.46 in FY 2022) Full year 2023 results: EPS: €5.22 (up from €2.46 in FY 2022). Revenue: €4.37b (up 9.4% from FY 2022). Net income: €966.5m (up 111% from FY 2022). Profit margin: 22% (up from 12% in FY 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Basic Materials industry in Europe. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 20% per year. New Risk • Aug 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 06
First half 2023 earnings released: EPS: €2.33 (vs €0.47 in 1H 2022) First half 2023 results: EPS: €2.33 (up from €0.47 in 1H 2022). Revenue: €2.15b (up 14% from 1H 2022). Net income: €431.1m (up 386% from 1H 2022). Profit margin: 20% (up from 4.7% in 1H 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Basic Materials industry in Europe. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 9% per year. Upcoming Dividend • May 15
Upcoming dividend of €0.45 per share at 2.0% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Austrian dividend payers (5.2%). Lower than average of industry peers (3.6%). Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 8 highly experienced directors. Executive Director Gigi Buzzi was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Buying Opportunity • Dec 31
Now 20% undervalued Over the last 90 days, the stock is up 23%. The fair value is estimated to be €22.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings is also forecast to grow by 12% per annum over the same time period. Buying Opportunity • Dec 13
Now 20% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be €22.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings is also forecast to grow by 12% per annum over the same time period. Reported Earnings • Aug 05
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €209.6m from profit in 1H 2021). Profit margin: (down from 13% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 5.2%, compared to a 5.0% growth forecast for the industry in Austria. Upcoming Dividend • May 16
Upcoming dividend of €0.40 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Austrian dividend payers (4.6%). Lower than average of industry peers (3.9%). Reported Earnings • Mar 28
Full year 2021 earnings released Full year 2021 results: Revenue: €3.45b (up 6.9% from FY 2020). Net income: €541.9m (down 3.3% from FY 2020). Profit margin: 16% (down from 17% in FY 2020). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 7.7%, compared to a 8.4% growth forecast for the industry in Austria. Ankündigung • Feb 15
Buzzi Unicem S.p.A. (BIT:BZU) commences an Equity Buyback Plan for 7,000,000 shares, for €150 million, under the authorization approved on May 7, 2021. Buzzi Unicem S.p.A. (BIT:BZU) commences share repurchases on February 9, 2022, under the program mandated by the shareholders in the Ordinary Shareholders Meeting held on May 7, 2021. As per the mandate, the company is authorized to repurchase up to 7,000,000 ordinary and/or savings shares for €150 million. The proposed purchase price must be between a minimum per share of not less than 10% and maximum of no more than 10% compared to the reference price of the ordinary share or savings shares recorded in the stock market session of the day before the completion of each individual transaction. The authorization is also aimed at allowing the company to use treasury shares as a payment in extraordinary transactions, also of equity interest swap or of conversion of bonds of possible future issuance, or for distribution, for a consideration or without consideration, to directors and employees of the company or its subsidiaries as well as for allocation to shareholders without consideration. The program will be valid for a period of 18 months. As of March 25, 2021 the company had 192,626,154 ordinary shares in issue, 494,316 ordinary shares in treasury. Reported Earnings • Aug 06
First half 2021 earnings released: EPS €1.09 (vs €1.05 in 1H 2020) The company reported a soft first half result with weaker earnings and profit margins, although revenues improved. First half 2021 results: Revenue: €1.61b (up 5.8% from 1H 2020). Net income: €209.6m (down 3.2% from 1H 2020). Profit margin: 13% (down from 14% in 1H 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 17
Full year 2020 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: €3.22b (flat on FY 2019). Net income: €560.2m (up 45% from FY 2019). Profit margin: 17% (up from 12% in FY 2019). Reported Earnings • Mar 28
Full year 2020 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: €3.22b (flat on FY 2019). Net income: €560.2m (up 45% from FY 2019). Profit margin: 17% (up from 12% in FY 2019). Is New 90 Day High Low • Mar 12
New 90-day high: €22.40 The company is up 17% from its price of €19.17 on 11 December 2020. The Austrian market is up 15% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €38.92 per share. Upcoming Dividend • Jan 26
Upcoming Dividend of €0.75 Per Share Will be paid on the 3rd of February to those who are registered shareholders by the 1st of February. The trailing yield of 0.7% is below the top quartile of Austrian dividend payers (3.7%), and is lower than industry peers (2.7%). Is New 90 Day High Low • Jan 06
New 90-day high: €21.56 The company is up 2.0% from its price of €21.11 on 08 October 2020. The Austrian market is up 27% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €21.87 per share. Ankündigung • Jul 31
Buzzi Unicem S.p.A. (BIT:BZU) completed the acquisition of Cement plant and Two grinding units of Italsacci Spa, Italcementi SpA and Cemitaly S.p.A. for €80 million. Buzzi Unicem S.p.A. (BIT:BZU) has signed an enforceable agreement to acquire Cement plant and Two grinding units of Italsacci Spa, Italcementi SpA and Cemitaly S.p.A. on April 5, 2019. under the terms of transaction, Buzzi Unicem will holding a cement plant located in Tuscany (Greve in Chianti) and two grinding units in Piedmont (Borgo San Dalmazzo and Arquata Scrivia). The transaction is part of the plan aimed at strengthening the national market position, in the framework of the rationalization and consolidation process of the production structure that has been underway in Italy for some years. The execution of the agreement is expected by 31 July 2019. The transaction, all the determining factors being equal, will also have a positive impact on the profitability of the cement division in Italy, thanks to synergies deriving from economies of scale and to sales and logistics optimization.
Buzzi Unicem S.p.A. (BIT:BZU) completed the acquisition of Cement plant and Two grinding units of Italsacci Spa, Italcementi SpA and Cemitaly S.p.A. €80 million on July 1, 2019 
