Davy Research

Buzzi Unicem

US trading impacted by harsh weather in Q4
Building Materials
Buzzi Unicem

DAVY VIEW

Buzzi Unicem’s (BZU) US operations saw a soft end to 2017 as harsh weather once again weighed on construction activity. That being the case, FY EBITDA is expected to be c.€580m, some 3% below our estimate. The message elsewhere is good, with European end-markets improving steadily and Italy likely to breakeven in 2018. There is no conference call and FY 2018 guidance will not be provided until the main results presentation on March 28th.

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  • RATINGS AND PRICE CORRECT AT TIME OF ISSUE


  • Buzzi Unicem

    Closing Price: 2155c

  • RATING 04/04/16

  • PREVIOUS RATING 05/08/15

    Neutral

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