Buzzi SpA

BZU: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Buzzi: Initiating Coverage Without Moat and a EUR 42 Fair Value Estimate; Shares Fairly Valued

Matthew Donen , Fabienne Pfeiffer

Sep 30, 2026

We initiate coverage on Buzzi SpA, a family-controlled cement manufacturer with core operations in the US, Italy, and Central Europe. Buzzi earns most of its revenue from cement and has the largest cement concentration within our European building materials coverage.

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Buzzi SpA

Buzzi: Initiating Coverage Without Moat and a EUR 42 Fair Value Estimate; Shares Fairly Valued

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