Intrinsic value of Cosan Cl A - CZZ

Previous Close

$9.20

  Intrinsic Value

$19.10

stock screener

  Rating & Target

str. buy

+108%

  Value-price divergence*

-87%

Previous close

$9.20

 
Intrinsic value

$19.10

 
Up/down potential

+108%

 
Rating

str. buy

 
Value-price divergence*

-87%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.6

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  3,958
  4,037
  4,130
  4,236
  4,355
  4,487
  4,632
  4,790
  4,961
  5,145
  5,342
  5,553
  5,779
  6,019
  6,274
  6,544
  6,831
  7,135
  7,456
  7,795
  8,153
  8,531
  8,930
  9,350
  9,792
  10,259
  10,750
  11,266
  11,810
  12,382
  12,983
Variable operating expenses, $m
 
  3,104
  3,175
  3,256
  3,347
  3,448
  3,558
  3,679
  3,809
  3,950
  4,100
  4,239
  4,411
  4,594
  4,789
  4,995
  5,214
  5,446
  5,691
  5,950
  6,223
  6,512
  6,816
  7,137
  7,475
  7,830
  8,205
  8,599
  9,014
  9,451
  9,910
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
  3,104
  3,175
  3,256
  3,347
  3,448
  3,558
  3,679
  3,809
  3,950
  4,100
  4,239
  4,411
  4,594
  4,789
  4,995
  5,214
  5,446
  5,691
  5,950
  6,223
  6,512
  6,816
  7,137
  7,475
  7,830
  8,205
  8,599
  9,014
  9,451
  9,910
Operating income, $m
  1,142
  933
  955
  980
  1,008
  1,040
  1,074
  1,111
  1,152
  1,195
  1,242
  1,315
  1,368
  1,425
  1,485
  1,549
  1,617
  1,689
  1,765
  1,845
  1,930
  2,019
  2,114
  2,213
  2,318
  2,428
  2,545
  2,667
  2,795
  2,931
  3,073
EBITDA, $m
  1,752
  1,563
  1,599
  1,641
  1,687
  1,738
  1,794
  1,855
  1,921
  1,992
  2,069
  2,151
  2,238
  2,331
  2,430
  2,534
  2,646
  2,763
  2,887
  3,019
  3,158
  3,304
  3,458
  3,621
  3,792
  3,973
  4,163
  4,363
  4,574
  4,795
  5,028
Interest expense (income), $m
  0
  235
  234
  245
  257
  270
  285
  301
  319
  338
  359
  381
  405
  430
  457
  486
  516
  549
  583
  619
  657
  697
  740
  785
  832
  882
  934
  989
  1,047
  1,109
  1,173
Earnings before tax, $m
  176
  698
  721
  736
  752
  770
  789
  810
  833
  857
  883
  934
  963
  995
  1,028
  1,063
  1,101
  1,140
  1,182
  1,226
  1,273
  1,322
  1,374
  1,429
  1,486
  1,547
  1,610
  1,678
  1,748
  1,822
  1,900
Tax expense, $m
  20
  189
  195
  199
  203
  208
  213
  219
  225
  231
  238
  252
  260
  269
  278
  287
  297
  308
  319
  331
  344
  357
  371
  386
  401
  418
  435
  453
  472
  492
  513
Net income, $m
  110
  510
  526
  537
  549
  562
  576
  591
  608
  626
  645
  681
  703
  726
  750
  776
  804
  832
  863
  895
  929
  965
  1,003
  1,043
  1,085
  1,129
  1,176
  1,225
  1,276
  1,330
  1,387

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
  14,418
  14,750
  15,129
  15,555
  16,026
  16,544
  17,107
  17,717
  18,374
  19,079
  19,834
  20,639
  21,496
  22,406
  23,373
  24,397
  25,482
  26,628
  27,840
  29,119
  30,469
  31,892
  33,392
  34,973
  36,638
  38,391
  40,236
  42,178
  44,221
  46,369
Adjusted assets (=assets-cash), $m
  14,126
  14,418
  14,750
  15,129
  15,555
  16,026
  16,544
  17,107
  17,717
  18,374
  19,079
  19,834
  20,639
  21,496
  22,406
  23,373
  24,397
  25,482
  26,628
  27,840
  29,119
  30,469
  31,892
  33,392
  34,973
  36,638
  38,391
  40,236
  42,178
  44,221
  46,369
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
  8,631
  8,830
  9,057
  9,312
  9,594
  9,904
  10,241
  10,606
  10,999
  11,422
  11,873
  12,355
  12,868
  13,413
  13,992
  14,605
  15,254
  15,941
  16,666
  17,432
  18,240
  19,092
  19,990
  20,936
  21,933
  22,982
  24,087
  25,249
  26,472
  27,758
Working capital, $m
  677
  -174
  -178
  -182
  -187
  -193
  -199
  -206
  -213
  -221
  -230
  -239
  -248
  -259
  -270
  -281
  -294
  -307
  -321
  -335
  -351
  -367
  -384
  -402
  -421
  -441
  -462
  -484
  -508
  -532
  -558
Total debt, $m
  7,688
  6,691
  6,989
  7,330
  7,713
  8,138
  8,603
  9,110
  9,659
  10,251
  10,885
  11,564
  12,289
  13,060
  13,880
  14,750
  15,672
  16,647
  17,679
  18,770
  19,921
  21,136
  22,417
  23,767
  25,190
  26,688
  28,266
  29,927
  31,674
  33,513
  35,446
Total liabilities, $m
  13,974
  12,977
  13,275
  13,616
  13,999
  14,424
  14,889
  15,396
  15,945
  16,537
  17,171
  17,850
  18,575
  19,346
  20,166
  21,036
  21,958
  22,933
  23,965
  25,056
  26,207
  27,422
  28,703
  30,053
  31,476
  32,974
  34,552
  36,213
  37,960
  39,799
  41,732
Total equity, $m
  1,983
  1,442
  1,475
  1,513
  1,555
  1,603
  1,654
  1,711
  1,772
  1,837
  1,908
  1,983
  2,064
  2,150
  2,241
  2,337
  2,440
  2,548
  2,663
  2,784
  2,912
  3,047
  3,189
  3,339
  3,497
  3,664
  3,839
  4,024
  4,218
  4,422
  4,637
Total liabilities and equity, $m
  15,957
  14,419
  14,750
  15,129
  15,554
  16,027
  16,543
  17,107
  17,717
  18,374
  19,079
  19,833
  20,639
  21,496
  22,407
  23,373
  24,398
  25,481
  26,628
  27,840
  29,119
  30,469
  31,892
  33,392
  34,973
  36,638
  38,391
  40,237
  42,178
  44,221
  46,369
Debt-to-equity ratio
  3.877
  4.640
  4.740
  4.850
  4.960
  5.080
  5.200
  5.330
  5.450
  5.580
  5.710
  5.830
  5.950
  6.080
  6.190
  6.310
  6.420
  6.530
  6.640
  6.740
  6.840
  6.940
  7.030
  7.120
  7.200
  7.280
  7.360
  7.440
  7.510
  7.580
  7.640
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
  510
  526
  537
  549
  562
  576
  591
  608
  626
  645
  681
  703
  726
  750
  776
  804
  832
  863
  895
  929
  965
  1,003
  1,043
  1,085
  1,129
  1,176
  1,225
  1,276
  1,330
  1,387
Depreciation, amort., depletion, $m
  610
  630
  644
  660
  678
  698
  720
  744
  770
  797
  827
  836
  870
  906
  945
  985
  1,029
  1,074
  1,123
  1,174
  1,228
  1,284
  1,344
  1,408
  1,474
  1,545
  1,618
  1,696
  1,778
  1,864
  1,955
Funds from operations, $m
  977
  1,140
  1,171
  1,197
  1,227
  1,260
  1,296
  1,335
  1,377
  1,423
  1,472
  1,518
  1,573
  1,632
  1,695
  1,762
  1,832
  1,907
  1,986
  2,069
  2,157
  2,250
  2,348
  2,451
  2,559
  2,674
  2,794
  2,921
  3,054
  3,195
  3,342
Change in working capital, $m
  -172
  -3
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
Cash from operations, $m
  1,149
  1,144
  1,175
  1,202
  1,232
  1,266
  1,302
  1,342
  1,385
  1,431
  1,480
  1,527
  1,583
  1,643
  1,706
  1,773
  1,844
  1,920
  1,999
  2,084
  2,172
  2,266
  2,365
  2,469
  2,578
  2,694
  2,815
  2,943
  3,078
  3,219
  3,368
Maintenance CAPEX, $m
  0
  -596
  -608
  -622
  -638
  -656
  -676
  -697
  -721
  -747
  -775
  -804
  -836
  -870
  -906
  -945
  -985
  -1,029
  -1,074
  -1,123
  -1,174
  -1,228
  -1,284
  -1,344
  -1,408
  -1,474
  -1,545
  -1,618
  -1,696
  -1,778
  -1,864
New CAPEX, $m
  -693
  -170
  -199
  -227
  -255
  -282
  -310
  -337
  -365
  -393
  -422
  -452
  -482
  -513
  -545
  -579
  -613
  -649
  -686
  -725
  -766
  -808
  -852
  -898
  -946
  -997
  -1,049
  -1,105
  -1,162
  -1,223
  -1,286
Cash from investing activities, $m
  -230
  -766
  -807
  -849
  -893
  -938
  -986
  -1,034
  -1,086
  -1,140
  -1,197
  -1,256
  -1,318
  -1,383
  -1,451
  -1,524
  -1,598
  -1,678
  -1,760
  -1,848
  -1,940
  -2,036
  -2,136
  -2,242
  -2,354
  -2,471
  -2,594
  -2,723
  -2,858
  -3,001
  -3,150
Free cash flow, $m
  919
  377
  368
  353
  340
  328
  317
  307
  298
  291
  283
  271
  265
  259
  255
  250
  246
  242
  239
  236
  233
  230
  228
  226
  224
  223
  221
  220
  219
  218
  217
Issuance/(repayment) of debt, $m
  -591
  -14
  298
  341
  383
  424
  466
  507
  549
  591
  635
  679
  724
  771
  820
  870
  922
  976
  1,032
  1,090
  1,151
  1,215
  1,281
  1,350
  1,423
  1,498
  1,578
  1,661
  1,747
  1,838
  1,934
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
  -14
  298
  341
  383
  424
  466
  507
  549
  591
  635
  679
  724
  771
  820
  870
  922
  976
  1,032
  1,090
  1,151
  1,215
  1,281
  1,350
  1,423
  1,498
  1,578
  1,661
  1,747
  1,838
  1,934
Total cash flow (excl. dividends), $m
  769
  363
  667
  694
  723
  752
  783
  814
  847
  882
  918
  950
  989
  1,031
  1,074
  1,120
  1,168
  1,218
  1,271
  1,326
  1,384
  1,445
  1,509
  1,576
  1,647
  1,721
  1,799
  1,881
  1,966
  2,057
  2,151
Retained Cash Flow (-), $m
  -113
  -307
  -33
  -38
  -43
  -47
  -52
  -56
  -61
  -66
  -71
  -75
  -80
  -86
  -91
  -97
  -102
  -108
  -115
  -121
  -128
  -135
  -142
  -150
  -158
  -166
  -175
  -185
  -194
  -204
  -215
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
 
  904
  634
  656
  680
  705
  731
  758
  786
  816
  848
  874
  909
  945
  983
  1,023
  1,065
  1,110
  1,156
  1,205
  1,256
  1,310
  1,367
  1,426
  1,489
  1,555
  1,624
  1,696
  1,772
  1,852
  1,936
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
 
  832
  532
  499
  463
  426
  389
  350
  312
  275
  239
  203
  172
  143
  117
  94
  75
  58
  44
  33
  24
  17
  12
  8
  5
  3
  2
  1
  1
  0
  0
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 22.1
Price to Sales 0.6
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 2.1
Price to Free Cash Flow 5.3
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 2% 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 278.981 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 $2.6 billion.

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COMPANY NEWS

▶ 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]
▶ Top Ranked Value Stocks to Buy for May 25th   [May-25-17 10:20AM  Zacks]
▶ Top Ranked Value Stocks to Buy for May 15th   [May-15-17 11:01AM  Zacks]
▶ 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]
▶ Top 4 Sugar Stocks of 2017   [Apr-13-17 11:37AM  Investopedia]
▶ Why is P/B Ratio a Great Valuation Metric?   [Apr-12-17 08:24AM  Zacks]
▶ Why You Need to Buy Today's Stock Market Dip   [Mar-21-17 04:49PM  Zacks]
▶ Is Columbia Banking System Inc (COLB) A Good Stock to Buy?   [Dec-19-16 09:30AM  at Insider Monkey]
▶ Is Old National Bancorp (ONB) A Good Stock to Buy?   [Dec-12-16 08:44PM  at Insider Monkey]
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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