Buzzi SpA

BZU: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Initiating Coverage on Buzzi With a No-Moat Rating and EUR 42 Fair Value Estimate

Matthew Donen , Fabienne Pfeiffer

Sep 30, 2026

Business Strategy and Outlook

Buzzi is a family-owned producer of cement, ready-mixed concrete, and aggregates. The company ranks among the top five players by market share in both Germany and Italy, while the US remains its largest market by both sales and EBITDA contribution. Unlike its main listed peers, which also carry significant aggregates exposure, Buzzi's business is concentrated predominantly in cement and ready mix, with cement generating roughly 70% of group sales.

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Buzzi SpA

Initiating Coverage on Buzzi With a No-Moat Rating and EUR 42 Fair Value Estimate

Business Strategy and Outlook

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