Davy Research

Buzzi Unicem

Europe price gains, US cement tariffs and upgraded estimates
Building Materials
Buzzi Unicem

DAVY VIEW

We have upgraded our Buzzi Unicem (BZU) earnings forecasts to reflect improved price momentum in Europe and easing foreign exchange headwinds. We remain ‘Outperform’ (price target: €25) given the group’s attractive US cement exposure, price recovery in Europe and consolidation in Italy. Debt levels are falling steadily, which provides further optionality for shareholders. Should US tariffs on cement be imposed, they would be near-term positive for BZU in our view and would likely result in higher selling prices.

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  • RATINGS AND PRICE CORRECT AT TIME OF ISSUE


  • Buzzi Unicem

    Closing Price: 2064c

  • RATING 04/04/16

  • PREVIOUS RATING 05/08/15

    Neutral

Analyst(S)

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