Intrinsic value of Cosan Limited - CZZ

Previous Close

$12.34

  Intrinsic Value

$6.65

stock screener

  Rating & Target

sell

-46%

Previous close

$12.34

 
Intrinsic value

$6.65

 
Up/down potential

-46%

 
Rating

sell

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 0001), $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 3.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
Revenue, $m
  4,377
  4,663
  4,960
  5,269
  5,592
  5,927
  6,277
  6,642
  7,023
  7,420
  7,835
  8,269
  8,722
  9,196
  9,691
  10,210
  10,753
  11,321
  11,916
  12,539
  13,192
  13,876
  14,593
  15,344
  16,132
  16,959
  17,825
  18,734
  19,688
  20,688
Variable operating expenses, $m
  3,629
  3,833
  4,044
  4,265
  4,494
  4,733
  4,982
  5,242
  5,513
  5,796
  5,579
  5,888
  6,210
  6,548
  6,901
  7,270
  7,656
  8,061
  8,484
  8,928
  9,393
  9,880
  10,391
  10,926
  11,487
  12,075
  12,692
  13,339
  14,018
  14,730
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
  3,629
  3,833
  4,044
  4,265
  4,494
  4,733
  4,982
  5,242
  5,513
  5,796
  5,579
  5,888
  6,210
  6,548
  6,901
  7,270
  7,656
  8,061
  8,484
  8,928
  9,393
  9,880
  10,391
  10,926
  11,487
  12,075
  12,692
  13,339
  14,018
  14,730
Operating income, $m
  748
  830
  916
  1,005
  1,098
  1,194
  1,295
  1,400
  1,510
  1,624
  2,256
  2,381
  2,512
  2,648
  2,791
  2,940
  3,096
  3,260
  3,431
  3,611
  3,799
  3,996
  4,202
  4,419
  4,646
  4,883
  5,133
  5,395
  5,669
  5,957
EBITDA, $m
  1,696
  1,807
  1,922
  2,042
  2,167
  2,297
  2,433
  2,574
  2,722
  2,876
  3,037
  3,205
  3,380
  3,564
  3,756
  3,957
  4,167
  4,387
  4,618
  4,859
  5,112
  5,378
  5,655
  5,947
  6,252
  6,572
  6,908
  7,261
  7,630
  8,018
Interest expense (income), $m
  0
  1,186
  1,342
  1,503
  1,670
  1,844
  2,026
  2,215
  2,412
  2,617
  2,831
  3,055
  3,289
  3,533
  3,788
  4,054
  4,333
  4,625
  4,931
  5,250
  5,585
  5,936
  6,304
  6,689
  7,092
  7,515
  7,959
  8,424
  8,912
  9,423
  9,960
Earnings before tax, $m
  -438
  -512
  -587
  -665
  -747
  -831
  -920
  -1,012
  -1,107
  -1,207
  -799
  -907
  -1,021
  -1,140
  -1,264
  -1,393
  -1,529
  -1,671
  -1,819
  -1,975
  -2,137
  -2,308
  -2,486
  -2,674
  -2,870
  -3,075
  -3,291
  -3,517
  -3,754
  -4,003
Tax expense, $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
Net income, $m
  -438
  -512
  -587
  -665
  -747
  -831
  -920
  -1,012
  -1,107
  -1,207
  -799
  -907
  -1,021
  -1,140
  -1,264
  -1,393
  -1,529
  -1,671
  -1,819
  -1,975
  -2,137
  -2,308
  -2,486
  -2,674
  -2,870
  -3,075
  -3,291
  -3,517
  -3,754
  -4,003

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  16,210
  17,269
  18,370
  19,516
  20,710
  21,953
  23,249
  24,601
  26,011
  27,483
  29,020
  30,626
  32,304
  34,059
  35,894
  37,815
  39,824
  41,928
  44,132
  46,440
  48,858
  51,392
  54,047
  56,831
  59,750
  62,810
  66,019
  69,386
  72,917
  76,621
Adjusted assets (=assets-cash), $m
  16,210
  17,269
  18,370
  19,516
  20,710
  21,953
  23,249
  24,601
  26,011
  27,483
  29,020
  30,626
  32,304
  34,059
  35,894
  37,815
  39,824
  41,928
  44,132
  46,440
  48,858
  51,392
  54,047
  56,831
  59,750
  62,810
  66,019
  69,386
  72,917
  76,621
Revenue / Adjusted assets
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
Average production assets, $m
  6,408
  6,826
  7,261
  7,714
  8,186
  8,678
  9,190
  9,724
  10,282
  10,863
  11,471
  12,106
  12,769
  13,463
  14,188
  14,947
  15,742
  16,573
  17,444
  18,357
  19,313
  20,314
  21,364
  22,464
  23,618
  24,828
  26,096
  27,427
  28,823
  30,287
Working capital, $m
  -355
  -378
  -402
  -427
  -453
  -480
  -508
  -538
  -569
  -601
  -635
  -670
  -706
  -745
  -785
  -827
  -871
  -917
  -965
  -1,016
  -1,069
  -1,124
  -1,182
  -1,243
  -1,307
  -1,374
  -1,444
  -1,517
  -1,595
  -1,676
Total debt, $m
  7,893
  8,840
  9,824
  10,849
  11,916
  13,027
  14,186
  15,394
  16,655
  17,971
  19,345
  20,780
  22,281
  23,850
  25,490
  27,207
  29,004
  30,885
  32,855
  34,918
  37,080
  39,345
  41,719
  44,208
  46,817
  49,553
  52,423
  55,432
  58,589
  61,900
Total liabilities, $m
  14,492
  15,439
  16,423
  17,448
  18,515
  19,626
  20,785
  21,993
  23,254
  24,570
  25,944
  27,379
  28,880
  30,449
  32,089
  33,806
  35,603
  37,484
  39,454
  41,517
  43,679
  45,944
  48,318
  50,807
  53,416
  56,152
  59,021
  62,031
  65,188
  68,499
Total equity, $m
  1,718
  1,831
  1,947
  2,069
  2,195
  2,327
  2,464
  2,608
  2,757
  2,913
  3,076
  3,246
  3,424
  3,610
  3,805
  4,008
  4,221
  4,444
  4,678
  4,923
  5,179
  5,448
  5,729
  6,024
  6,333
  6,658
  6,998
  7,355
  7,729
  8,122
Total liabilities and equity, $m
  16,210
  17,270
  18,370
  19,517
  20,710
  21,953
  23,249
  24,601
  26,011
  27,483
  29,020
  30,625
  32,304
  34,059
  35,894
  37,814
  39,824
  41,928
  44,132
  46,440
  48,858
  51,392
  54,047
  56,831
  59,749
  62,810
  66,019
  69,386
  72,917
  76,621
Debt-to-equity ratio
  4.590
  4.830
  5.050
  5.240
  5.430
  5.600
  5.760
  5.900
  6.040
  6.170
  6.290
  6.400
  6.510
  6.610
  6.700
  6.790
  6.870
  6.950
  7.020
  7.090
  7.160
  7.220
  7.280
  7.340
  7.390
  7.440
  7.490
  7.540
  7.580
  7.620
Adjusted equity ratio
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -438
  -512
  -587
  -665
  -747
  -831
  -920
  -1,012
  -1,107
  -1,207
  -799
  -907
  -1,021
  -1,140
  -1,264
  -1,393
  -1,529
  -1,671
  -1,819
  -1,975
  -2,137
  -2,308
  -2,486
  -2,674
  -2,870
  -3,075
  -3,291
  -3,517
  -3,754
  -4,003
Depreciation, amort., depletion, $m
  948
  977
  1,007
  1,037
  1,069
  1,103
  1,138
  1,174
  1,212
  1,252
  780
  824
  869
  916
  965
  1,017
  1,071
  1,127
  1,187
  1,249
  1,314
  1,382
  1,453
  1,528
  1,607
  1,689
  1,775
  1,866
  1,961
  2,060
Funds from operations, $m
  510
  465
  420
  372
  323
  272
  218
  163
  105
  44
  -18
  -84
  -152
  -224
  -298
  -376
  -458
  -543
  -633
  -726
  -824
  -926
  -1,033
  -1,145
  -1,263
  -1,386
  -1,516
  -1,651
  -1,793
  -1,942
Change in working capital, $m
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -81
Cash from operations, $m
  532
  488
  444
  397
  349
  299
  247
  192
  136
  77
  15
  -49
  -116
  -185
  -258
  -334
  -414
  -497
  -584
  -675
  -771
  -871
  -975
  -1,085
  -1,199
  -1,320
  -1,446
  -1,578
  -1,716
  -1,861
Maintenance CAPEX, $m
  -409
  -436
  -464
  -494
  -525
  -557
  -590
  -625
  -662
  -699
  -739
  -780
  -824
  -869
  -916
  -965
  -1,017
  -1,071
  -1,127
  -1,187
  -1,249
  -1,314
  -1,382
  -1,453
  -1,528
  -1,607
  -1,689
  -1,775
  -1,866
  -1,961
New CAPEX, $m
  -401
  -418
  -435
  -453
  -472
  -491
  -512
  -534
  -557
  -582
  -608
  -635
  -663
  -694
  -725
  -759
  -794
  -832
  -871
  -912
  -956
  -1,002
  -1,050
  -1,100
  -1,154
  -1,210
  -1,269
  -1,331
  -1,396
  -1,464
Cash from investing activities, $m
  -810
  -854
  -899
  -947
  -997
  -1,048
  -1,102
  -1,159
  -1,219
  -1,281
  -1,347
  -1,415
  -1,487
  -1,563
  -1,641
  -1,724
  -1,811
  -1,903
  -1,998
  -2,099
  -2,205
  -2,316
  -2,432
  -2,553
  -2,682
  -2,817
  -2,958
  -3,106
  -3,262
  -3,425
Free cash flow, $m
  -277
  -366
  -456
  -550
  -648
  -750
  -856
  -967
  -1,083
  -1,205
  -1,331
  -1,464
  -1,603
  -1,748
  -1,900
  -2,059
  -2,225
  -2,400
  -2,583
  -2,774
  -2,975
  -3,186
  -3,407
  -3,638
  -3,881
  -4,136
  -4,403
  -4,684
  -4,978
  -5,286
Issuance/(repayment) of debt, $m
  916
  946
  985
  1,025
  1,067
  1,112
  1,159
  1,208
  1,261
  1,316
  1,374
  1,436
  1,500
  1,569
  1,641
  1,717
  1,797
  1,881
  1,970
  2,063
  2,162
  2,265
  2,374
  2,489
  2,609
  2,736
  2,869
  3,009
  3,157
  3,312
Issuance/(repurchase) of shares, $m
  552
  624
  704
  787
  873
  963
  1,057
  1,155
  1,257
  1,363
  962
  1,078
  1,199
  1,326
  1,458
  1,597
  1,742
  1,894
  2,053
  2,219
  2,394
  2,576
  2,768
  2,969
  3,179
  3,400
  3,631
  3,874
  4,128
  4,395
Cash from financing (excl. dividends), $m  
  1,468
  1,570
  1,689
  1,812
  1,940
  2,075
  2,216
  2,363
  2,518
  2,679
  2,336
  2,514
  2,699
  2,895
  3,099
  3,314
  3,539
  3,775
  4,023
  4,282
  4,556
  4,841
  5,142
  5,458
  5,788
  6,136
  6,500
  6,883
  7,285
  7,707
Total cash flow (excl. dividends), $m
  1,191
  1,204
  1,232
  1,262
  1,293
  1,325
  1,360
  1,396
  1,434
  1,474
  1,004
  1,049
  1,097
  1,147
  1,199
  1,255
  1,313
  1,375
  1,440
  1,508
  1,580
  1,656
  1,735
  1,819
  1,907
  2,000
  2,097
  2,200
  2,307
  2,421
Retained Cash Flow (-), $m
  -552
  -624
  -704
  -787
  -873
  -963
  -1,057
  -1,155
  -1,257
  -1,363
  -962
  -1,078
  -1,199
  -1,326
  -1,458
  -1,597
  -1,742
  -1,894
  -2,053
  -2,219
  -2,394
  -2,576
  -2,768
  -2,969
  -3,179
  -3,400
  -3,631
  -3,874
  -4,128
  -4,395
Prev. year cash balance distribution, $m
  219
  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
  858
  580
  528
  475
  419
  362
  303
  241
  177
  111
  43
  -28
  -102
  -179
  -259
  -342
  -429
  -519
  -613
  -711
  -814
  -921
  -1,033
  -1,150
  -1,272
  -1,400
  -1,534
  -1,674
  -1,821
  -1,975
Discount rate, %
  6.60
  6.93
  7.28
  7.64
  8.02
  8.42
  8.84
  9.29
  9.75
  10.24
  10.75
  11.29
  11.85
  12.45
  13.07
  13.72
  14.41
  15.13
  15.88
  16.68
  17.51
  18.39
  19.31
  20.27
  21.29
  22.35
  23.47
  24.64
  25.87
  27.17
PV of cash for distribution, $m
  805
  508
  428
  354
  285
  223
  167
  118
  77
  42
  14
  -8
  -24
  -35
  -41
  -44
  -43
  -41
  -37
  -33
  -27
  -22
  -18
  -14
  -10
  -7
  -5
  -4
  -2
  -1
Current shareholders' claim on cash, %
  82.8
  67.9
  55.1
  44.3
  35.3
  27.9
  21.9
  17.1
  13.2
  10.2
  8.5
  7.0
  5.7
  4.6
  3.7
  3.0
  2.4
  1.9
  1.5
  1.1
  0.9
  0.7
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1

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 Limited (CZZ)

Valuation Ratios
P/E Ratio 29.7
Price to Sales 0.8
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 2.8
Price to Free Cash Flow 7.2
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 $4102 million for the last fiscal year's total revenue generated by Cosan Limited. The default revenue input number comes from 0001 income statement of Cosan Limited. 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 6.7% 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 6.6%, whose default value for CZZ is calculated based on our internal credit rating of Cosan Limited, 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 Limited.
    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 83.7%.

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 17% for Cosan Limited.

Corporate tax rate of 27% is the nominal tax rate for Cosan Limited. 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 146.4%.

Life of production assets of 14.7 years is the average useful life of capital assets used in Cosan Limited 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 -8.1%. 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 - $1823.84687406 million for Cosan Limited - 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 244.845 million for Cosan Limited 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 Limited at the current share price and the inputted number of shares is $3.0 billion.

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