Buzzi, the Italian cement maker listed on the Milan exchange, looks undervalued to some analysts. The stock trades around 8.4 times expected 2026 earnings and below book value, while the company holds net cash and returns 4-5% annually through dividends and buybacks. The bull case rests on its large US exposure and the idea that cement capacity is hard to replicate, which supports pricing power. Cement is also a major source of industrial emissions, and Buzzi is working to cut net Scope 1 emissions from 562 kg of CO2 per tonne in 2025 to below 500 kg by 2030. The article points to CBAM as a buffer, since it imposes a comparable carbon cost on imported cement and helps producers pass higher costs to customers. That makes this more than a stock story: it shows how carbon policy can directly shape the economics of a hard-to-abate sector.
