Buzzi S.p.A. (BZU.MI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+118.9%

€92.17

vs €42.10 price

Levered DCF

€68.79

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.61

Safe zone

Rating

A+

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.22×	6.92×	5.28×	7.32×	6.73×	7.17×	11.94×	8.12×
P/B	1.33×	0.99×	0.91×	0.68×	0.83×	1.11×	1.25×	0.99×
P/S	2.08×	1.51×	1.18×	0.84×	1.06×	1.24×	1.43×	1.08×
EV / EBITDA	5.46×	4.04×	3.28×	3.7×	3.95×	4.15×	6.46×	5.19×
Gross margin	43.2%	44.9%	43.6%	37.3%	38.3%	41.1%	39.8%	38.3%
Operating margin	19.8%	23.2%	22.7%	12.4%	15.8%	16.2%	14.5%	12.2%
Net margin	20.4%	21.8%	22.3%	11.5%	15.7%	17.4%	12.0%	13.3%
Current ratio	4.58×	3.49×	3.2×	2.32×	3.33×	3.23×	3.68×	1.81×
Debt / equity	0.06×	0.09×	0.12×	0.26×	0.28×	0.37×	0.37×	0.4×
Interest coverage	22.8×	20.58×	28.51×	11.08×	13.23×	14.13×	8.19×	5.89×
Dividend yield	1.3%	1.7%	1.6%	2.2%	5.3%	0.8%	0.6%	0.9%
Payout ratio	13.8%	11.8%	8.6%	16.0%	35.4%	5.7%	6.9%	7.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.0%	14.3%	17.2%	9.4%	12.4%	15.6%	10.5%	12.2%
Return on invested capital	8.5%	10.8%	11.8%	5.5%	7.3%	7.2%	6.3%	5.5%
Return on assets	10.3%	10.8%	12.7%	6.1%	7.8%	8.8%	6.0%	6.7%
Free cash flow yield	5.2%	7.4%	10.2%	3.8%	10.3%	9.0%	6.9%	3.7%
Earnings yield	9.8%	14.4%	19.0%	13.7%	14.9%	14.0%	8.4%	12.3%
Enterprise value	€8.5B	€5.7B	€4.7B	€3.3B	€3.7B	€4.1B	€5.1B	€3.9B
Net debt / EBITDA	-0.62×	-0.57×	-0.31×	-0.05×	0.01×	0.1×	0.67×	1.09×
Cash conversion cycle (days)	148	138	113	113	89	98	100	106