Intrinsic value of Cosan Cl A - CZZ

Previous Close

$7.09

  Intrinsic Value

$18.64

stock screener

  Rating & Target

str. buy

+163%

  Value-price divergence*

+7%

Previous close

$7.09

 
Intrinsic value

$18.64

 
Up/down potential

+163%

 
Rating

str. buy

 
Value-price divergence*

+7%

*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 1.9

 

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
  267
  277
  288
  301
  316
  332
  350
  369
  390
  413
  437
  463
  491
  520
  552
  585
  620
  658
  697
  739
  783
  829
  878
  930
  984
  1,042
  1,102
  1,166
  1,233
  1,303
Earnings before tax, $m
  176
  666
  678
  692
  707
  724
  742
  762
  783
  805
  829
  878
  905
  934
  965
  998
  1,032
  1,069
  1,107
  1,148
  1,191
  1,237
  1,285
  1,335
  1,388
  1,444
  1,503
  1,565
  1,630
  1,698
  1,770
Tax expense, $m
  20
  180
  183
  187
  191
  195
  200
  206
  211
  217
  224
  237
  244
  252
  261
  269
  279
  289
  299
  310
  322
  334
  347
  360
  375
  390
  406
  422
  440
  459
  478
Net income, $m
  110
  486
  495
  505
  516
  528
  542
  556
  571
  588
  605
  641
  661
  682
  704
  728
  753
  780
  808
  838
  870
  903
  938
  974
  1,013
  1,054
  1,097
  1,142
  1,190
  1,240
  1,292

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
  16,213
  16,586
  17,013
  17,491
  18,022
  18,603
  19,237
  19,923
  20,662
  21,455
  22,303
  23,208
  24,172
  25,196
  26,283
  27,435
  28,654
  29,943
  31,306
  32,744
  34,262
  35,862
  37,550
  39,327
  41,199
  43,171
  45,246
  47,429
  49,726
  52,142
Adjusted assets (=assets-cash), $m
  14,126
  16,213
  16,586
  17,013
  17,491
  18,022
  18,603
  19,237
  19,923
  20,662
  21,455
  22,303
  23,208
  24,172
  25,196
  26,283
  27,435
  28,654
  29,943
  31,306
  32,744
  34,262
  35,862
  37,550
  39,327
  41,199
  43,171
  45,246
  47,429
  49,726
  52,142
Revenue / Adjusted assets
  0.280
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
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
  7,901
  8,227
  8,600
  9,019
  9,483
  9,992
  10,546
  11,146
  11,793
  12,487
  13,229
  14,021
  14,864
  15,761
  16,712
  17,719
  18,786
  19,914
  21,106
  22,365
  23,693
  25,094
  26,570
  28,125
  29,764
  31,488
  33,304
  35,214
  37,224
  39,338
Total liabilities, $m
  13,974
  14,187
  14,513
  14,886
  15,305
  15,769
  16,278
  16,832
  17,432
  18,079
  18,773
  19,515
  20,307
  21,150
  22,047
  22,998
  24,005
  25,072
  26,200
  27,392
  28,651
  29,979
  31,380
  32,856
  34,411
  36,050
  37,774
  39,590
  41,500
  43,510
  45,624
Total equity, $m
  1,983
  2,027
  2,073
  2,127
  2,186
  2,253
  2,325
  2,405
  2,490
  2,583
  2,682
  2,788
  2,901
  3,021
  3,150
  3,285
  3,429
  3,582
  3,743
  3,913
  4,093
  4,283
  4,483
  4,694
  4,916
  5,150
  5,396
  5,656
  5,929
  6,216
  6,518
Total liabilities and equity, $m
  15,957
  16,214
  16,586
  17,013
  17,491
  18,022
  18,603
  19,237
  19,922
  20,662
  21,455
  22,303
  23,208
  24,171
  25,197
  26,283
  27,434
  28,654
  29,943
  31,305
  32,744
  34,262
  35,863
  37,550
  39,327
  41,200
  43,170
  45,246
  47,429
  49,726
  52,142
Debt-to-equity ratio
  3.877
  3.900
  3.970
  4.040
  4.120
  4.210
  4.300
  4.390
  4.480
  4.570
  4.660
  4.750
  4.830
  4.920
  5.000
  5.090
  5.170
  5.240
  5.320
  5.390
  5.460
  5.530
  5.600
  5.660
  5.720
  5.780
  5.840
  5.890
  5.940
  5.990
  6.040
Adjusted equity ratio
  0.011
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125
  0.125

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  110
  486
  495
  505
  516
  528
  542
  556
  571
  588
  605
  641
  661
  682
  704
  728
  753
  780
  808
  838
  870
  903
  938
  974
  1,013
  1,054
  1,097
  1,142
  1,190
  1,240
  1,292
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
  1,117
  1,140
  1,166
  1,195
  1,227
  1,262
  1,300
  1,341
  1,385
  1,432
  1,477
  1,531
  1,588
  1,649
  1,714
  1,782
  1,854
  1,931
  2,012
  2,097
  2,187
  2,282
  2,382
  2,488
  2,599
  2,716
  2,839
  2,968
  3,104
  3,247
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
  1,120
  1,144
  1,170
  1,200
  1,232
  1,268
  1,306
  1,348
  1,393
  1,441
  1,486
  1,540
  1,598
  1,660
  1,725
  1,794
  1,867
  1,945
  2,026
  2,113
  2,203
  2,299
  2,400
  2,507
  2,619
  2,737
  2,861
  2,991
  3,129
  3,273
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
  354
  337
  322
  307
  294
  283
  272
  262
  253
  244
  230
  222
  215
  208
  202
  196
  190
  184
  179
  173
  168
  163
  158
  153
  148
  143
  138
  133
  128
  123
Issuance/(repayment) of debt, $m
  -591
  274
  326
  373
  419
  464
  509
  554
  600
  646
  694
  742
  792
  843
  896
  951
  1,008
  1,067
  1,128
  1,192
  1,259
  1,328
  1,401
  1,476
  1,555
  1,638
  1,725
  1,816
  1,910
  2,010
  2,114
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
  274
  326
  373
  419
  464
  509
  554
  600
  646
  694
  742
  792
  843
  896
  951
  1,008
  1,067
  1,128
  1,192
  1,259
  1,328
  1,401
  1,476
  1,555
  1,638
  1,725
  1,816
  1,910
  2,010
  2,114
Total cash flow (excl. dividends), $m
  769
  628
  664
  695
  726
  758
  792
  826
  862
  899
  938
  972
  1,014
  1,058
  1,105
  1,153
  1,204
  1,257
  1,312
  1,371
  1,432
  1,496
  1,563
  1,634
  1,708
  1,786
  1,867
  1,953
  2,043
  2,138
  2,237
Retained Cash Flow (-), $m
  -113
  -44
  -47
  -53
  -60
  -66
  -73
  -79
  -86
  -92
  -99
  -106
  -113
  -120
  -128
  -136
  -144
  -152
  -161
  -170
  -180
  -190
  -200
  -211
  -222
  -234
  -246
  -259
  -273
  -287
  -302
Prev. year cash balance distribution, $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 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
 
  584
  617
  641
  666
  692
  719
  747
  776
  807
  839
  866
  901
  938
  977
  1,017
  1,060
  1,104
  1,151
  1,200
  1,252
  1,306
  1,363
  1,423
  1,486
  1,552
  1,621
  1,694
  1,770
  1,850
  1,935
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
 
  537
  518
  487
  454
  419
  382
  345
  308
  272
  236
  202
  171
  142
  116
  94
  74
  57
  44
  32
  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, together with its subsidiaries, engages in piped natural gas, Logistics service, agricultural land, lubricant, sugar and ethanol, and fuel businesses primarily in Brazil and internationally. The company’s Raízen Energia segment produces and markets various products derived from sugar cane, including raw sugar, and anhydrous and hydrated ethanol. This segment is also involved in activities related to energy cogeneration from sugarcane bagasse; and holds interests in companies involved in research and development on new technology. Its Raízen Combustíveis segment distributes and markets fuels, primarily through a franchised network of service stations under the Shell brands in Brazil. The company’s COMGÁS segment distributes piped natural gas to customers in the industrial, residential, commercial, automotive, thermogeneration, and cogeneration sectors in part of the State of Sao Paulo. Its Cosan Logística segment provides logistics services for transport, storage, and port loading of commodities, primarily for sugar products; and leasing or lending of locomotives, wagons, and other railway equipment. The company’s Radar segment is involved in buying, managing, selling, and leasing agricultural land. Its Lubricants segment produces and distributes lubricants under the Mobil and Comma names. The company operates a network of approximately 5,682 Shell service stations and 950 convenience stores, as well as 63 distribution terminals and 59 airports terminals. Cosan Limited was incorporated in 2007 and is based in São Paulo, Brazil.

FINANCIAL RATIOS  of  Cosan Cl A (CZZ)

Valuation Ratios
P/E Ratio 17.1
Price to Sales 0.5
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 1.6
Price to Free Cash Flow 4.1
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 266.196 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 $1.9 billion.

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COMPANY NEWS

▶ 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]
▶ Is Insulet Corporation (PODD) A Good Stock To Buy?   [04:01AM  at Insider Monkey]
▶ More and More Hedge Funds Are Buying Cosan Ltd (USA) (CZZ)   [Nov-28-16 10:36AM  at Insider Monkey]
Stock chart of CZZ 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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