In Italy (21% of cement capacity): the top four players control up to 70% of the market but the utilisation rate lies at 40%. The combination of Italcementi/HeidelbergCement does not change the overall picture, without the closure of excess capacities (estimated at 20-25mt by AlphaValue). Italy is nothing less than a call option. The US (22% of cement capacity): the EBITDA margin seems to have reached a ceiling, and this country accounted for 70% of the group’s EBITDA.
08 Feb 2019
FY18: pricing at risk in the US? Buzzi: call option on Italy!
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FY18: pricing at risk in the US? Buzzi: call option on Italy!
Buzzi Spa (BZU:WBO) | 0 0 1.6% | Mkt Cap: 4,003m
- Published:
08 Feb 2019 -
Author:
Felix Brunotte -
Pages:
3
In Italy (21% of cement capacity): the top four players control up to 70% of the market but the utilisation rate lies at 40%. The combination of Italcementi/HeidelbergCement does not change the overall picture, without the closure of excess capacities (estimated at 20-25mt by AlphaValue). Italy is nothing less than a call option. The US (22% of cement capacity): the EBITDA margin seems to have reached a ceiling, and this country accounted for 70% of the group’s EBITDA.