Intrinsic value of Cosan Cl A - CZZ

Previous Close

$8.55

  Intrinsic Value

$6.87

stock screener

  Rating & Target

hold

-20%

Previous close

$8.55

 
Intrinsic value

$6.87

 
Up/down potential

-20%

 
Rating

hold

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 1.3

 

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
  5,270
  5,592
  5,928
  6,278
  6,643
  7,023
  7,421
  7,836
  8,269
  8,723
  9,196
  9,692
  10,210
  10,753
  11,321
  11,916
  12,539
  13,192
  13,876
  14,594
  15,345
  16,133
  16,960
  17,826
  18,735
  19,689
  20,689
Variable operating expenses, $m
  3,629
  3,833
  4,045
  4,265
  4,494
  4,733
  4,983
  5,242
  5,513
  5,796
  5,579
  5,888
  6,211
  6,548
  6,901
  7,270
  7,657
  8,061
  8,485
  8,928
  9,393
  9,881
  10,391
  10,926
  11,487
  12,076
  12,693
  13,340
  14,019
  14,731
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
  4,045
  4,265
  4,494
  4,733
  4,983
  5,242
  5,513
  5,796
  5,579
  5,888
  6,211
  6,548
  6,901
  7,270
  7,657
  8,061
  8,485
  8,928
  9,393
  9,881
  10,391
  10,926
  11,487
  12,076
  12,693
  13,340
  14,019
  14,731
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
  3,097
  3,260
  3,431
  3,611
  3,799
  3,996
  4,202
  4,419
  4,646
  4,884
  5,133
  5,395
  5,670
  5,958
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
  3,381
  3,564
  3,756
  3,957
  4,167
  4,388
  4,618
  4,860
  5,113
  5,378
  5,656
  5,947
  6,253
  6,573
  6,909
  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
  2,832
  3,055
  3,289
  3,533
  3,788
  4,055
  4,334
  4,626
  4,931
  5,251
  5,586
  5,936
  6,304
  6,689
  7,093
  7,516
  7,959
  8,425
  8,912
  9,424
  9,961
Earnings before tax, $m
  -438
  -512
  -587
  -665
  -747
  -832
  -920
  -1,012
  -1,107
  -1,207
  -799
  -908
  -1,021
  -1,140
  -1,264
  -1,393
  -1,529
  -1,671
  -1,819
  -1,975
  -2,138
  -2,308
  -2,487
  -2,674
  -2,870
  -3,076
  -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
  -832
  -920
  -1,012
  -1,107
  -1,207
  -799
  -908
  -1,021
  -1,140
  -1,264
  -1,393
  -1,529
  -1,671
  -1,819
  -1,975
  -2,138
  -2,308
  -2,487
  -2,674
  -2,870
  -3,076
  -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
  16,211
  17,270
  18,371
  19,518
  20,711
  21,955
  23,251
  24,602
  26,012
  27,484
  29,021
  30,627
  32,306
  34,061
  35,896
  37,817
  39,827
  41,931
  44,134
  46,442
  48,860
  51,394
  54,050
  56,834
  59,753
  62,813
  66,023
  69,390
  72,921
  76,625
Adjusted assets (=assets-cash), $m
  16,211
  17,270
  18,371
  19,518
  20,711
  21,955
  23,251
  24,602
  26,012
  27,484
  29,021
  30,627
  32,306
  34,061
  35,896
  37,817
  39,827
  41,931
  44,134
  46,442
  48,860
  51,394
  54,050
  56,834
  59,753
  62,813
  66,023
  69,390
  72,921
  76,625
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
  7,262
  7,715
  8,187
  8,678
  9,191
  9,725
  10,282
  10,864
  11,472
  12,106
  12,770
  13,463
  14,189
  14,948
  15,743
  16,574
  17,445
  18,358
  19,314
  20,315
  21,365
  22,465
  23,619
  24,829
  26,098
  27,428
  28,824
  30,288
Working capital, $m
  -355
  -378
  -402
  -427
  -453
  -480
  -508
  -538
  -569
  -601
  -635
  -670
  -707
  -745
  -785
  -827
  -871
  -917
  -965
  -1,016
  -1,069
  -1,124
  -1,182
  -1,243
  -1,307
  -1,374
  -1,444
  -1,518
  -1,595
  -1,676
Total debt, $m
  7,894
  8,840
  9,825
  10,850
  11,917
  13,028
  14,187
  15,395
  16,656
  17,972
  19,346
  20,782
  22,282
  23,851
  25,492
  27,209
  29,006
  30,887
  32,857
  34,921
  37,082
  39,348
  41,722
  44,211
  46,820
  49,556
  52,426
  55,435
  58,592
  61,904
Total liabilities, $m
  14,493
  15,439
  16,424
  17,449
  18,516
  19,627
  20,786
  21,994
  23,255
  24,571
  25,945
  27,381
  28,881
  30,450
  32,091
  33,808
  35,605
  37,486
  39,456
  41,519
  43,681
  45,947
  48,321
  50,810
  53,419
  56,155
  59,025
  62,034
  65,191
  68,503
Total equity, $m
  1,718
  1,831
  1,947
  2,069
  2,195
  2,327
  2,465
  2,608
  2,757
  2,913
  3,076
  3,246
  3,424
  3,610
  3,805
  4,009
  4,222
  4,445
  4,678
  4,923
  5,179
  5,448
  5,729
  6,024
  6,334
  6,658
  6,998
  7,355
  7,730
  8,122
Total liabilities and equity, $m
  16,211
  17,270
  18,371
  19,518
  20,711
  21,954
  23,251
  24,602
  26,012
  27,484
  29,021
  30,627
  32,305
  34,060
  35,896
  37,817
  39,827
  41,931
  44,134
  46,442
  48,860
  51,395
  54,050
  56,834
  59,753
  62,813
  66,023
  69,389
  72,921
  76,625
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
  -832
  -920
  -1,012
  -1,107
  -1,207
  -799
  -908
  -1,021
  -1,140
  -1,264
  -1,393
  -1,529
  -1,671
  -1,819
  -1,975
  -2,138
  -2,308
  -2,487
  -2,674
  -2,870
  -3,076
  -3,291
  -3,517
  -3,754
  -4,003
Depreciation, amort., depletion, $m
  949
  977
  1,007
  1,037
  1,070
  1,103
  1,138
  1,174
  1,212
  1,252
  780
  824
  869
  916
  965
  1,017
  1,071
  1,128
  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
  271
  218
  163
  105
  44
  -18
  -84
  -152
  -224
  -299
  -377
  -458
  -543
  -633
  -726
  -824
  -926
  -1,033
  -1,146
  -1,263
  -1,387
  -1,516
  -1,651
  -1,794
  -1,943
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
  246
  192
  136
  77
  15
  -49
  -116
  -185
  -258
  -335
  -414
  -497
  -584
  -675
  -771
  -871
  -975
  -1,085
  -1,199
  -1,320
  -1,446
  -1,578
  -1,716
  -1,862
Maintenance CAPEX, $m
  -409
  -436
  -464
  -494
  -525
  -557
  -590
  -625
  -662
  -699
  -739
  -780
  -824
  -869
  -916
  -965
  -1,017
  -1,071
  -1,128
  -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
  -402
  -418
  -435
  -453
  -472
  -492
  -512
  -534
  -557
  -582
  -608
  -635
  -663
  -694
  -726
  -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
  -811
  -854
  -899
  -947
  -997
  -1,049
  -1,102
  -1,159
  -1,219
  -1,281
  -1,347
  -1,415
  -1,487
  -1,563
  -1,642
  -1,724
  -1,811
  -1,903
  -1,999
  -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
  -278
  -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
  -2,775
  -2,975
  -3,186
  -3,407
  -3,639
  -3,881
  -4,136
  -4,403
  -4,684
  -4,978
  -5,287
Issuance/(repayment) of debt, $m
  917
  946
  985
  1,025
  1,067
  1,112
  1,159
  1,208
  1,261
  1,316
  1,374
  1,436
  1,501
  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
  3,010
  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
  2,577
  2,768
  2,969
  3,179
  3,400
  3,631
  3,874
  4,129
  4,396
Cash from financing (excl. dividends), $m  
  1,469
  1,570
  1,689
  1,812
  1,940
  2,075
  2,216
  2,363
  2,518
  2,679
  2,336
  2,514
  2,700
  2,895
  3,099
  3,314
  3,539
  3,775
  4,023
  4,282
  4,556
  4,842
  5,142
  5,458
  5,788
  6,136
  6,500
  6,884
  7,286
  7,708
Total cash flow (excl. dividends), $m
  1,191
  1,204
  1,232
  1,262
  1,293
  1,325
  1,360
  1,396
  1,434
  1,475
  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
  2,308
  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
  -2,577
  -2,768
  -2,969
  -3,179
  -3,400
  -3,631
  -3,874
  -4,129
  -4,396
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, %
  67.0
  44.1
  28.5
  18.1
  11.3
  6.9
  4.2
  2.5
  1.5
  0.9
  0.6
  0.4
  0.3
  0.2
  0.1
  0.1
  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

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 20.6
Price to Sales 0.6
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 2
Price to Free Cash Flow 5
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 $4102.22379946 million for the last fiscal year's total revenue generated by Cosan Cl A. The default revenue input number comes from 0001 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 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 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 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 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 146.4%.

Life of production assets of 14.7 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 -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 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 146.867 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 $1.3 billion.

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COMPANY NEWS

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▶ Is Cosan (CZZ) Stock Undervalued Right Now?   [Nov-27-18 01:48PM  Zacks]
▶ Is Cosan (CZZ) a Great Value Stock Right Now?   [Nov-09-18 09:10AM  Zacks]
▶ Brief Commentary On Cosan Limiteds (NYSE:CZZ) Fundamentals   [Oct-22-18 12:40PM  Simply Wall St.]
▶ New Strong Sell Stocks for August 1st   [Aug-01-18 02:10AM  Zacks]
▶ Why Did Cosan Limiteds (NYSE:CZZ) Insiders Buy Up More Shares?   [Jun-26-18 11:28AM  Simply Wall St.]
▶ Cosan to Host Investor Day on March 16, 2018   [Mar-02-18 10:00AM  PR Newswire]
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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]
▶ 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]

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