Intrinsic value of Cosan Cl A - CZZ

Previous Close

$11.54

  Intrinsic Value

$40.04

stock screener

  Rating & Target

str. buy

+247%

Previous close

$11.54

 
Intrinsic value

$40.04

 
Up/down potential

+247%

 
Rating

str. buy

We calculate the intrinsic value of CZZ stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  1.33
  13.30
  12.47
  11.72
  11.05
  10.45
  9.90
  9.41
  8.97
  8.57
  8.22
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
Revenue, $m
  3,958
  4,484
  5,044
  5,635
  6,258
  6,911
  7,596
  8,310
  9,056
  9,832
  10,640
  11,480
  12,353
  13,260
  14,203
  15,183
  16,201
  17,260
  18,362
  19,509
  20,703
  21,947
  23,244
  24,596
  26,007
  27,480
  29,017
  30,624
  32,303
  34,058
  35,894
Variable operating expenses, $m
 
  3,446
  3,872
  4,324
  4,799
  5,298
  5,820
  6,366
  6,935
  7,527
  8,144
  8,762
  9,429
  10,121
  10,841
  11,589
  12,366
  13,175
  14,016
  14,891
  15,803
  16,752
  17,742
  18,774
  19,851
  20,975
  22,149
  23,375
  24,656
  25,996
  27,398
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,816
  3,446
  3,872
  4,324
  4,799
  5,298
  5,820
  6,366
  6,935
  7,527
  8,144
  8,762
  9,429
  10,121
  10,841
  11,589
  12,366
  13,175
  14,016
  14,891
  15,803
  16,752
  17,742
  18,774
  19,851
  20,975
  22,149
  23,375
  24,656
  25,996
  27,398
Operating income, $m
  1,142
  1,039
  1,171
  1,311
  1,459
  1,613
  1,775
  1,945
  2,121
  2,305
  2,496
  2,717
  2,924
  3,139
  3,362
  3,594
  3,835
  4,086
  4,347
  4,618
  4,901
  5,195
  5,502
  5,822
  6,156
  6,505
  6,869
  7,249
  7,646
  8,062
  8,497
EBITDA, $m
  1,752
  1,737
  1,953
  2,182
  2,423
  2,677
  2,942
  3,218
  3,507
  3,808
  4,121
  4,446
  4,784
  5,135
  5,500
  5,880
  6,274
  6,684
  7,111
  7,555
  8,018
  8,500
  9,002
  9,525
  10,072
  10,642
  11,238
  11,860
  12,510
  13,190
  13,901
Interest expense (income), $m
  0
  235
  284
  347
  414
  484
  558
  634
  715
  799
  886
  977
  1,071
  1,170
  1,272
  1,378
  1,488
  1,603
  1,722
  1,846
  1,975
  2,109
  2,249
  2,395
  2,547
  2,706
  2,871
  3,044
  3,225
  3,414
  3,612
Earnings before tax, $m
  176
  804
  887
  964
  1,045
  1,129
  1,218
  1,310
  1,406
  1,506
  1,610
  1,740
  1,853
  1,969
  2,090
  2,216
  2,347
  2,483
  2,625
  2,772
  2,926
  3,086
  3,253
  3,427
  3,609
  3,799
  3,997
  4,205
  4,421
  4,648
  4,885
Tax expense, $m
  20
  217
  239
  260
  282
  305
  329
  354
  380
  407
  435
  470
  500
  532
  564
  598
  634
  670
  709
  749
  790
  833
  878
  925
  974
  1,026
  1,079
  1,135
  1,194
  1,255
  1,319
Net income, $m
  110
  587
  647
  704
  763
  824
  889
  956
  1,026
  1,099
  1,175
  1,270
  1,352
  1,437
  1,526
  1,618
  1,713
  1,813
  1,916
  2,024
  2,136
  2,253
  2,375
  2,502
  2,635
  2,773
  2,918
  3,069
  3,227
  3,393
  3,566

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,831
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  15,957
  16,016
  18,013
  20,125
  22,348
  24,683
  27,127
  29,680
  32,342
  35,115
  37,999
  40,999
  44,117
  47,357
  50,724
  54,223
  57,861
  61,644
  65,579
  69,675
  73,940
  78,384
  83,015
  87,844
  92,882
  98,141
  103,633
  109,371
  115,367
  121,636
  128,194
Adjusted assets (=assets-cash), $m
  14,126
  16,016
  18,013
  20,125
  22,348
  24,683
  27,127
  29,680
  32,342
  35,115
  37,999
  40,999
  44,117
  47,357
  50,724
  54,223
  57,861
  61,644
  65,579
  69,675
  73,940
  78,384
  83,015
  87,844
  92,882
  98,141
  103,633
  109,371
  115,367
  121,636
  128,194
Revenue / Adjusted assets
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
Average production assets, $m
  8,461
  9,588
  10,783
  12,047
  13,379
  14,776
  16,239
  17,767
  19,361
  21,021
  22,748
  24,544
  26,410
  28,350
  30,365
  32,460
  34,638
  36,903
  39,259
  41,711
  44,264
  46,924
  49,696
  52,587
  55,603
  58,751
  62,039
  65,474
  69,063
  72,816
  76,742
Working capital, $m
  677
  -193
  -217
  -242
  -269
  -297
  -327
  -357
  -389
  -423
  -458
  -494
  -531
  -570
  -611
  -653
  -697
  -742
  -790
  -839
  -890
  -944
  -999
  -1,058
  -1,118
  -1,182
  -1,248
  -1,317
  -1,389
  -1,465
  -1,543
Total debt, $m
  7,688
  8,128
  9,926
  11,826
  13,828
  15,929
  18,128
  20,426
  22,822
  25,317
  27,913
  30,613
  33,419
  36,335
  39,366
  42,515
  45,789
  49,194
  52,736
  56,422
  60,260
  64,259
  68,427
  72,773
  77,308
  82,041
  86,984
  92,148
  97,544
  103,187
  109,088
Total liabilities, $m
  13,974
  14,414
  16,212
  18,112
  20,114
  22,215
  24,414
  26,712
  29,108
  31,603
  34,199
  36,899
  39,705
  42,621
  45,652
  48,801
  52,075
  55,480
  59,022
  62,708
  66,546
  70,545
  74,713
  79,059
  83,594
  88,327
  93,270
  98,434
  103,830
  109,473
  115,374
Total equity, $m
  1,983
  1,602
  1,801
  2,012
  2,235
  2,468
  2,713
  2,968
  3,234
  3,511
  3,800
  4,100
  4,412
  4,736
  5,072
  5,422
  5,786
  6,164
  6,558
  6,968
  7,394
  7,838
  8,301
  8,784
  9,288
  9,814
  10,363
  10,937
  11,537
  12,164
  12,819
Total liabilities and equity, $m
  15,957
  16,016
  18,013
  20,124
  22,349
  24,683
  27,127
  29,680
  32,342
  35,114
  37,999
  40,999
  44,117
  47,357
  50,724
  54,223
  57,861
  61,644
  65,580
  69,676
  73,940
  78,383
  83,014
  87,843
  92,882
  98,141
  103,633
  109,371
  115,367
  121,637
  128,193
Debt-to-equity ratio
  3.877
  5.080
  5.510
  5.880
  6.190
  6.450
  6.680
  6.880
  7.060
  7.210
  7.350
  7.470
  7.580
  7.670
  7.760
  7.840
  7.910
  7.980
  8.040
  8.100
  8.150
  8.200
  8.240
  8.280
  8.320
  8.360
  8.390
  8.430
  8.460
  8.480
  8.510
Adjusted equity ratio
  0.011
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  110
  587
  647
  704
  763
  824
  889
  956
  1,026
  1,099
  1,175
  1,270
  1,352
  1,437
  1,526
  1,618
  1,713
  1,813
  1,916
  2,024
  2,136
  2,253
  2,375
  2,502
  2,635
  2,773
  2,918
  3,069
  3,227
  3,393
  3,566
Depreciation, amort., depletion, $m
  610
  698
  782
  871
  965
  1,063
  1,166
  1,274
  1,386
  1,503
  1,625
  1,728
  1,860
  1,996
  2,138
  2,286
  2,439
  2,599
  2,765
  2,937
  3,117
  3,304
  3,500
  3,703
  3,916
  4,137
  4,369
  4,611
  4,864
  5,128
  5,404
Funds from operations, $m
  977
  1,285
  1,429
  1,575
  1,727
  1,888
  2,055
  2,230
  2,413
  2,602
  2,800
  2,999
  3,212
  3,434
  3,664
  3,904
  4,153
  4,411
  4,681
  4,961
  5,253
  5,557
  5,874
  6,205
  6,550
  6,911
  7,287
  7,680
  8,091
  8,521
  8,970
Change in working capital, $m
  -172
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -79
Cash from operations, $m
  1,149
  1,308
  1,453
  1,600
  1,754
  1,916
  2,085
  2,261
  2,445
  2,636
  2,835
  3,035
  3,250
  3,473
  3,705
  3,946
  4,196
  4,457
  4,728
  5,010
  5,304
  5,611
  5,930
  6,263
  6,611
  6,974
  7,353
  7,749
  8,163
  8,596
  9,049
Maintenance CAPEX, $m
  0
  -596
  -675
  -759
  -848
  -942
  -1,041
  -1,144
  -1,251
  -1,363
  -1,480
  -1,602
  -1,728
  -1,860
  -1,996
  -2,138
  -2,286
  -2,439
  -2,599
  -2,765
  -2,937
  -3,117
  -3,304
  -3,500
  -3,703
  -3,916
  -4,137
  -4,369
  -4,611
  -4,864
  -5,128
New CAPEX, $m
  -693
  -1,127
  -1,196
  -1,264
  -1,331
  -1,397
  -1,463
  -1,528
  -1,594
  -1,660
  -1,727
  -1,796
  -1,866
  -1,940
  -2,016
  -2,095
  -2,178
  -2,265
  -2,356
  -2,452
  -2,553
  -2,660
  -2,772
  -2,891
  -3,016
  -3,148
  -3,288
  -3,435
  -3,590
  -3,753
  -3,925
Cash from investing activities, $m
  -230
  -1,723
  -1,871
  -2,023
  -2,179
  -2,339
  -2,504
  -2,672
  -2,845
  -3,023
  -3,207
  -3,398
  -3,594
  -3,800
  -4,012
  -4,233
  -4,464
  -4,704
  -4,955
  -5,217
  -5,490
  -5,777
  -6,076
  -6,391
  -6,719
  -7,064
  -7,425
  -7,804
  -8,201
  -8,617
  -9,053
Free cash flow, $m
  919
  -415
  -417
  -423
  -426
  -424
  -419
  -411
  -400
  -388
  -373
  -363
  -345
  -327
  -307
  -287
  -267
  -247
  -227
  -206
  -186
  -166
  -147
  -127
  -109
  -90
  -72
  -54
  -37
  -20
  -4
Issuance/(repayment) of debt, $m
  -591
  1,423
  1,797
  1,900
  2,002
  2,101
  2,199
  2,298
  2,396
  2,495
  2,596
  2,700
  2,806
  2,916
  3,030
  3,149
  3,274
  3,405
  3,542
  3,686
  3,838
  3,999
  4,168
  4,346
  4,535
  4,733
  4,943
  5,164
  5,397
  5,643
  5,902
Issuance/(repurchase) of shares, $m
  638
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -120
  1,423
  1,797
  1,900
  2,002
  2,101
  2,199
  2,298
  2,396
  2,495
  2,596
  2,700
  2,806
  2,916
  3,030
  3,149
  3,274
  3,405
  3,542
  3,686
  3,838
  3,999
  4,168
  4,346
  4,535
  4,733
  4,943
  5,164
  5,397
  5,643
  5,902
Total cash flow (excl. dividends), $m
  769
  1,008
  1,380
  1,477
  1,576
  1,677
  1,781
  1,887
  1,996
  2,108
  2,224
  2,337
  2,461
  2,589
  2,723
  2,862
  3,007
  3,158
  3,315
  3,480
  3,652
  3,833
  4,021
  4,219
  4,426
  4,643
  4,871
  5,109
  5,360
  5,622
  5,898
Retained Cash Flow (-), $m
  -113
  -467
  -200
  -211
  -222
  -233
  -244
  -255
  -266
  -277
  -288
  -300
  -312
  -324
  -337
  -350
  -364
  -378
  -394
  -410
  -426
  -444
  -463
  -483
  -504
  -526
  -549
  -574
  -600
  -627
  -656
Prev. year cash balance distribution, $m
 
  848
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,390
  1,180
  1,266
  1,354
  1,444
  1,536
  1,631
  1,729
  1,831
  1,935
  2,037
  2,149
  2,265
  2,386
  2,512
  2,643
  2,779
  2,922
  3,071
  3,226
  3,388
  3,558
  3,736
  3,922
  4,117
  4,321
  4,536
  4,760
  4,995
  5,242
Discount rate, %
 
  8.70
  9.14
  9.59
  10.07
  10.57
  11.10
  11.66
  12.24
  12.85
  13.50
  14.17
  14.88
  15.62
  16.41
  17.23
  18.09
  18.99
  19.94
  20.94
  21.98
  23.08
  24.24
  25.45
  26.72
  28.06
  29.46
  30.93
  32.48
  34.11
  35.81
PV of cash for distribution, $m
 
  1,278
  991
  962
  922
  873
  817
  754
  687
  616
  546
  474
  407
  343
  285
  232
  185
  145
  111
  83
  61
  43
  30
  20
  13
  8
  5
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Cosan Limited (Cosan) is a holding company. The Company's segments include Raizen Energia, Raizen Combustiveis, COMGAS, Cosan Logistica, Lubricants and Other business. The Company's other business include other investments, in addition to the corporate activities. The Company offers Logistics services, including transportation, port loading and storage of sugar, leasing or lending of locomotives, wagons and other railway equipment, through its subsidiaries Rumo Logistica Operadora Multimodal S.A. (Rumo), logistic segment (Logistic). The Company is also engaged in production and distribution of lubricants, through its indirect subsidiaries Cosan Lubrificantes e Especialidades S.A. (Moove) and Comma Oil & Chemicals Ltd. (Comma), under the Mobil licensed trademark in Brazil, Bolivia, Uruguay and Paraguay, in addition to the European and Asian market using the Comma brand and corporate activities (Lubricants).

FINANCIAL RATIOS  of  Cosan Cl A (CZZ)

Valuation Ratios
P/E Ratio 27.8
Price to Sales 0.8
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 2.7
Price to Free Cash Flow 6.7
Growth Rates
Sales Growth Rate 1.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 9%
Cap. Spend. - 3 Yr. Gr. Rate 17.5%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity 338.1%
Total Debt to Equity 387.7%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.7%
Ret/ On Assets - 3 Yr. Avg. 0.7%
Return On Total Capital 1.1%
Ret/ On T. Cap. - 3 Yr. Avg. 1.3%
Return On Equity 5.7%
Return On Equity - 3 Yr. Avg. 5.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 33.6%
Gross Margin - 3 Yr. Avg. 30.8%
EBITDA Margin 19.9%
EBITDA Margin - 3 Yr. Avg. 16.2%
Operating Margin 28.9%
Oper. Margin - 3 Yr. Avg. 22.8%
Pre-Tax Margin 4.4%
Pre-Tax Margin - 3 Yr. Avg. 5%
Net Profit Margin 2.8%
Net Profit Margin - 3 Yr. Avg. 2.6%
Effective Tax Rate 11.4%
Eff/ Tax Rate - 3 Yr. Avg. 3.8%
Payout Ratio 413.6%

CZZ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CZZ stock intrinsic value calculation we used $3958 million for the last fiscal year's total revenue generated by Cosan Cl A. The default revenue input number comes from 2016 income statement of Cosan Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CZZ stock valuation model: a) initial revenue growth rate of 13.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.7%, whose default value for CZZ is calculated based on our internal credit rating of Cosan Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Cosan Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CZZ stock the variable cost ratio is equal to 76.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CZZ stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Cosan Cl A.

Corporate tax rate of 27% is the nominal tax rate for Cosan Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CZZ stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CZZ are equal to 213.8%.

Life of production assets of 14.2 years is the average useful life of capital assets used in Cosan Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CZZ is equal to -4.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1983 million for Cosan Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 272.165 million for Cosan Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Cosan Cl A at the current share price and the inputted number of shares is $3.1 billion.

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COMPANY NEWS

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▶ Cosan posts 3Q profit   [Nov-14-17 10:39AM  Associated Press]
▶ Cosan Ltd. Value Analysis (NYSE:CZZ) : November 7, 2017   [Nov-07-17 11:07AM  Capital Cube]
▶ ETFs with exposure to Cosan Ltd. : October 16, 2017   [Oct-16-17 09:50AM  Capital Cube]
▶ ETFs with exposure to Cosan Ltd. : October 3, 2017   [Oct-03-17 11:09AM  Capital Cube]
▶ Cosan reports 2Q loss   [Aug-10-17 07:41PM  Associated Press]
▶ Cosan Ltd. Value Analysis (NYSE:CZZ) : July 31, 2017   [Jul-31-17 05:54PM  Capital Cube]
▶ ETFs with exposure to Cosan Ltd. : July 13, 2017   [Jul-13-17 03:51PM  Capital Cube]
▶ ETFs with exposure to Cosan Ltd. : July 3, 2017   [Jul-03-17 03:05PM  Capital Cube]
▶ ETFs with exposure to Cosan Ltd. : June 22, 2017   [Jun-22-17 03:37PM  Capital Cube]
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▶ Cosan posts 1Q profit   [May-11-17 05:50PM  Associated Press]
▶ Bull of the Day: Cosan (CZZ)   [07:00AM  Zacks]
▶ Cosan Ltd. Value Analysis (NYSE:CZZ) : April 17, 2017   [Apr-17-17 01:25PM  Capital Cube]
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Financial statements of CZZ
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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