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Cosan

DB:C3Q1
Snowflake Description

High growth potential with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
C3Q1
DB
$3B
Market Cap
  1. Home
  2. DE
  3. Energy
Company description

Cosan Limited, together with its subsidiaries, engages in fuel and natural gas distribution, logistics, lubricant, sugar and ethanol businesses primarily in Brazil and internationally. The last earnings update was 9 days ago. More info.


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C3Q1 Share Price and Events
7 Day Returns
4%
DB:C3Q1
-0%
DE Oil and Gas
-3.2%
DE Market
1 Year Returns
27.6%
DB:C3Q1
14.7%
DE Oil and Gas
-11.6%
DE Market
C3Q1 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Cosan (C3Q1) 4% -4.1% 4.4% 27.6% 115.7% 13%
DE Oil and Gas -0% 4.3% 9% 14.7% 12.7% 65.3%
DE Market -3.2% -5.1% 0.3% -11.6% 5.3% 5.9%
1 Year Return vs Industry and Market
  • C3Q1 outperformed the Oil and Gas industry which returned 14.7% over the past year.
  • C3Q1 outperformed the Market in Germany which returned -11.6% over the past year.
Price Volatility
C3Q1
Industry
5yr Volatility vs Market

C3Q1 Value

 Is Cosan undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Cosan to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Cosan.

DB:C3Q1 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 11.9%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:C3Q1
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.9
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.903 (1 + (1- 34%) (255.14%))
1.954
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.95
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.954 * 5.96%)
11.87%

Discounted Cash Flow Calculation for DB:C3Q1 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Cosan is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:C3Q1 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (BRL, Millions) Source Present Value
Discounted (@ 11.87%)
2019 118.88 Analyst x1 106.27
2020 115.17 Analyst x1 92.02
2021 112.69 Est @ -2.15% 80.49
2022 111.07 Est @ -1.44% 70.91
2023 110.03 Est @ -0.94% 62.79
2024 109.39 Est @ -0.59% 55.80
2025 109.01 Est @ -0.34% 49.70
2026 108.83 Est @ -0.17% 44.35
2027 108.77 Est @ -0.05% 39.63
2028 108.80 Est @ 0.03% 35.43
Present value of next 10 years cash flows R$637.38
DB:C3Q1 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= R$108.80 × (1 + 0.23%) ÷ (11.87% – 0.23%)
R$936.45
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= R$936.45 ÷ (1 + 11.87%)10
R$304.95
DB:C3Q1 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= R$637.38 + R$304.95
R$942.33
Equity Value per Share
(BRL)
= Total value / Shares Outstanding
= R$942.33 / 230.45
R$4.65
DB:C3Q1 Discount to Share Price
Calculation Result
Exchange Rate BRL/USD
(Reporting currency to currency of NYSE:CZZ)
0.248
Value per Share
(USD)
= Value per Share in BRL x Exchange Rate (BRL/USD)
= R$4.09 x 0.248
$1.02
Non-primary Listing Adjustment Factor 1 share in DB:C3Q1 represents 0.87976x of NYSE:CZZ
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.87976x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 1.02 x 0.87976
€0.89
Value per share (EUR) From above. €0.89
Current discount Discount to share price of €10.26
= -1 x (€10.26 - €0.89) / €0.89
-1048.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Cosan is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Cosan's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Cosan's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:C3Q1 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in BRL R$4.40
NYSE:CZZ Share Price ** NYSE (2019-05-24) in USD $11.66
NYSE:CZZ Share Price converted to BRL reporting currency Exchange rate (USD/ BRL) 4.027 R$46.95
Germany Oil and Gas Industry PE Ratio Median Figure of 5 Publicly-Listed Oil and Gas Companies 9.36x
Germany Market PE Ratio Median Figure of 422 Publicly-Listed Companies 20.22x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Cosan.

DB:C3Q1 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:CZZ Share Price ÷ EPS (both in BRL)

= 46.95 ÷ 4.40

10.68x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cosan is overvalued based on earnings compared to the DE Oil and Gas industry average.
  • Cosan is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Cosan's expected growth come at a high price?
Raw Data
DB:C3Q1 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.68x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
41.4%per year
Europe Oil and Gas Industry PEG Ratio Median Figure of 59 Publicly-Listed Oil and Gas Companies 0.9x
Germany Market PEG Ratio Median Figure of 272 Publicly-Listed Companies 1.48x

*Line of best fit is calculated by linear regression .

DB:C3Q1 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.68x ÷ 41.4%

0.26x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cosan is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Cosan's assets?
Raw Data
DB:C3Q1 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in BRL R$24.54
NYSE:CZZ Share Price * NYSE (2019-05-24) in USD $11.66
NYSE:CZZ Share Price converted to BRL reporting currency Exchange rate (USD/ BRL) 4.027 R$46.95
Germany Oil and Gas Industry PB Ratio Median Figure of 6 Publicly-Listed Oil and Gas Companies 1.05x
Germany Market PB Ratio Median Figure of 576 Publicly-Listed Companies 1.76x
DB:C3Q1 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:CZZ Share Price ÷ Book Value per Share (both in BRL)

= 46.95 ÷ 24.54

1.91x

* Primary Listing of Cosan.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cosan is overvalued based on assets compared to the DE Oil and Gas industry average.
X
Value checks
We assess Cosan's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. Cosan has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

C3Q1 Future Performance

 How is Cosan expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
41.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Cosan expected to grow at an attractive rate?
  • Cosan's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Cosan's earnings growth is expected to exceed the Germany market average.
  • Cosan's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:C3Q1 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:C3Q1 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 41.4%
DB:C3Q1 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 40.2%
Germany Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average -8.6%
Europe Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 2.4%
Germany Market Earnings Growth Rate Market Cap Weighted Average 13%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:C3Q1 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in BRL Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:C3Q1 Future Estimates Data
Date (Data in BRL Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 75,558 1,777 3
2019-12-31 73,498 760 3
DB:C3Q1 Past Financials Data
Date (Data in BRL Millions) Revenue Cash Flow Net Income *
2019-03-31 18,021 4,271 1,059
2018-12-31 16,844 5,378 975
2018-09-30 16,114 5,378 519
2018-06-30 15,046 5,102 704
2018-03-31 14,340 4,979 636
2017-12-31 13,582 4,088 551
2017-09-30 12,651 3,793 284
2017-06-30 12,213 3,920 174
2017-03-31 12,185 3,942 219
2016-12-31 12,518 3,635 313
2016-09-30 13,089 3,823 567
2016-06-30 13,389 3,575 462

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Cosan's earnings are expected to grow significantly at over 20% yearly.
  • Cosan's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:C3Q1 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Cosan Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:C3Q1 Future Estimates Data
Date (Data in BRL Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 8.77 9.87 7.68 2.00
2019-12-31 4.10 5.40 2.79 2.00
DB:C3Q1 Past Financials Data
Date (Data in BRL Millions) EPS *
2019-03-31 4.40
2018-12-31 4.00
2018-09-30 2.10
2018-06-30 2.79
2018-03-31 2.47
2017-12-31 2.10
2017-09-30 1.07
2017-06-30 0.66
2017-03-31 0.83
2016-12-31 1.18
2016-09-30 2.14
2016-06-30 1.74

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Cosan will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Cosan's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Cosan has a total score of 5/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

C3Q1 Past Performance

  How has Cosan performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Cosan's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Cosan has delivered over 20% year on year earnings growth in the past 5 years.
  • Cosan's 1-year earnings growth exceeds its 5-year average (66.5% vs 34.4%)
  • Cosan's earnings growth has exceeded the Europe Oil and Gas industry average in the past year (66.5% vs 41.6%).
Earnings and Revenue History
Cosan's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Cosan Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:C3Q1 Past Revenue, Cash Flow and Net Income Data
Date (Data in BRL Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 18,020.72 1,059.36 2,069.41
2018-12-31 16,843.93 975.45 2,005.32
2018-09-30 16,113.54 518.56 2,023.48
2018-06-30 15,046.14 703.67 1,996.96
2018-03-31 14,340.16 636.21 1,997.42
2017-12-31 13,582.46 551.02 2,003.95
2017-09-30 12,651.14 283.64 1,969.34
2017-06-30 12,212.92 174.37 1,994.88
2017-03-31 12,184.80 218.87 2,038.44
2016-12-31 12,518.14 313.07 2,038.28
2016-09-30 13,088.52 567.31 1,991.73
2016-06-30 13,389.16 461.61 1,965.61
2016-03-31 13,333.48 403.06 1,878.05
2015-12-31 12,355.54 304.85 1,812.39
2015-09-30 11,296.15 -37.68 1,725.86
2015-06-30 10,084.94 -50.28 1,640.75
2015-03-31 9,046.24 47.30 1,595.10
2014-12-31 8,904.74 -20.24 1,513.63
2014-09-30 8,983.19 332.80 1,503.54
2014-06-30 9,055.47 431.00 1,494.09
2014-03-31 9,035.40 263.42 1,425.09
2013-12-31 8,867.42 214.35 1,408.45
2013-09-30 33,646.25 69.73 2,613.79
2013-06-30 31,820.18 114.88 2,357.43
2013-03-31 4,586.21 285.15 878.97
2012-12-31 15,022.48 294.93 1,333.67
2012-09-30 12,696.04 284.15 1,081.31
2012-06-30 18,624.72 107.78 1,380.43

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Cosan has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Cosan used its assets less efficiently than the DE Oil and Gas industry average last year based on Return on Assets.
  • Cosan has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Cosan's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Cosan has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

C3Q1 Health

 How is Cosan's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Cosan's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Cosan is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Cosan's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Cosan's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Cosan Company Filings, last reported 1 month ago.

DB:C3Q1 Past Debt and Equity Data
Date (Data in BRL Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 16,093.78 27,654.03 7,431.35
2018-12-31 17,969.36 24,225.15 7,824.63
2018-09-30 16,497.06 23,822.84 7,665.55
2018-06-30 16,270.55 24,225.45 7,877.75
2018-03-31 17,288.58 24,157.52 9,651.66
2017-12-31 17,059.41 24,075.76 9,748.52
2017-09-30 16,157.30 23,886.19 7,845.44
2017-06-30 15,660.28 23,154.41 6,616.76
2017-03-31 15,752.05 23,505.24 7,466.93
2016-12-31 16,009.75 21,505.47 5,791.17
2016-09-30 17,976.06 21,331.52 4,533.09
2016-06-30 17,745.90 20,797.65 4,535.45
2016-03-31 15,871.98 22,277.10 3,759.35
2015-12-31 16,189.25 22,613.78 4,255.52
2015-09-30 16,039.58 21,634.96 3,220.73
2015-06-30 16,236.88 20,390.18 3,257.86
2015-03-31 13,383.99 11,848.85 2,281.59
2014-12-31 13,489.31 10,429.53 1,799.08
2014-09-30 13,629.33 9,680.44 1,532.97
2014-06-30 13,537.93 9,273.93 1,534.87
2014-03-31 13,506.65 8,983.38 1,626.20
2013-12-31 13,319.76 9,092.96 1,597.54
2013-09-30 13,047.81 8,867.40 1,318.25
2013-06-30 13,022.64 8,922.55 1,609.64
2013-03-31 13,206.02 8,508.00 1,649.93
2012-12-31 13,269.69 11,868.23 2,331.18
2012-09-30 11,132.43 5,903.09 1,898.81
2012-06-30 9,354.43 5,894.82 1,428.68
  • Cosan's level of debt (171.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (66.5% vs 171.8% today).
  • Debt is not well covered by operating cash flow (15.4%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.7x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Cosan's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Cosan has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

C3Q1 Dividends

 What is Cosan's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.61%
Current annual income from Cosan dividends. Estimated to be 6.92% next year.
If you bought €2,000 of Cosan shares you are expected to receive €12 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Cosan's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.45%).
  • Cosan's dividend is below the markets top 25% of dividend payers in Germany (3.93%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:C3Q1 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
Europe Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 60 Stocks 5.6%
Germany Market Average Dividend Yield Market Cap Weighted Average of 326 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:C3Q1 Future Dividends Estimate Data
Date (Data in R$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 3.41 2.00
2019-12-31 3.14 3.00
DB:C3Q1 Past Annualized Dividends Data
Date (Data in R$) Dividend per share (annual) Avg. Yield (%)
2019-02-22 0.286 0.623
2018-03-02 0.286 0.886
2017-05-11 0.240 0.901
2017-02-24 0.240 0.933
2016-05-16 0.318 1.356
2011-08-16 0.492 1.945
2011-06-07 0.492 2.618
2011-06-06 0.492 2.567
2010-11-10 0.447 2.121
2010-06-11 0.447 2.303
2010-06-10 0.447 2.614

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cosan is not paying a notable dividend for Germany, therefore no need to check if the payments are stable.
  • Cosan is not paying a notable dividend for Germany, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Cosan's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Cosan's dividends as it is not paying a notable one for Germany.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Cosan's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Cosan afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Cosan has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

C3Q1 Management

 What is the CEO of Cosan's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Marcos Lutz
AGE 49
TENURE AS CEO 12.3 years
CEO Bio

Mr. Marcos Marinho Lutz has been the Chief Executive Officer at Cosan Limited since April 2015. Mr. Lutz serves as Vice Chairman at Rumo S.A. Mr. Lutz has been the Chief Executive Officer of Cosan S.A. Indústria e Comércio since December 12, 2017 and Cosan Logística S.A. Mr. Lutz serves as Vice Chairman of the Board of Companhia de Gás de São Paulo - COMGÁS. He has been Chief Executive Officer at Costa Pinto S.A. since 2009. He served as Chief Commercial Officer of Cosan Limited since 2006. He served as Commercial Director and Chief Commercial and Logistics Officer of Cosan Limited. Mr. Lutz served as the Chief Executive Officer of Cosan S.A. Indústria e Comércio since October 31, 2009 until April 2015. Mr. Lutz served as Chief Executive Officer at Rumo Logística Operadora Multimodal S.A. from November 2009 through April 2015. He served as the Chief Executive Officer of Cosan S.A. since October 31, 2009 and served as its Chief Commercial and Logistics Officer. He served as Chief Commercial and Logistics Officer of Cosan S.A. Indústria e Comércio. He served as the Chief Operating Officer at Ultracargo S.A. Mr. Lutz served as an Executive Officer of the Infrastructure & Energy Section at Companhia Siderúrgica Nacional (CSN) since June 24, 2003. From 2002 to 2006, Mr. Lutz served as the Executive Director of Infrastructure and Energy at Companhia Siderúrgica Nacional. He served as an Executive Director of Companhia Siderúrgica Nacional since April 2006. Mr. Lutz served as Vice President of Infrastructure and Energy and was also in charge of Hydroelectric Plants, Logistics, Railways and Port Terminals at Companhia Siderúrgica Nacional from 2003 to 2006. Prior to CSN, Mr. Lutz served as Superintendent Officer and Managing Director of Ultracargo S.A., a logistics arm of Grupo Ultra. He serves as Vice-Chairman at Rumo Logística Operadora Multimodal S.A. He is Vice-Chairman of Cosan Logística S.A. He has been Vice-Chairman and Director of Cosan S.A. Indústria e Comércio since April 30, 2015. He served as an Independent Director at Monsanto Company from May 28, 2014 to June 7, 2018. He has been a Director of Raízen Energia SA since July 25, 2014. He serves as a Director of Companhia de Gás de São Paulo - COMGÁS. He has been a Director of Cosan Limited since 2007. Previously, he served as a Director of Cosan S.A. Indústria e Comércio since 2007. He served as a Board Member of MRS Logística, CFN Railways and Itá Energética. He served as a Member of Supervisory Board at Raízen Energia SA. Mr. Lutz holds a Master’s Degree in Business Administration from Kellogg Graduate School of Management, Northwestern University and a Bachelor's degree in Naval Engineering from the Escola Politécnica of the University of São Paulo.

CEO Compensation
  • Insufficient data for Marcos to compare compensation growth.
  • Insufficient data for Marcos to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Cosan management team in years:

7.3
Average Tenure
49
Average Age
  • The average tenure for the Cosan management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Marcos Lutz

TITLE
CEO & Director
AGE
49
TENURE
12.3 yrs

Marcelo Martins

TITLE
CFO, Investors Relations Officer & Director
AGE
52
TENURE
10.2 yrs

Paula Kovarsky

TITLE
Head of IR
AGE
44

Marcelo de Souza Scarcela Portela

TITLE
General Counsel & Director
AGE
57
TENURE
4.3 yrs

Nelson Roseira Neto

TITLE
Chief Executive Officer of Companhia de Gás de São Paulo – Comgás
AGE
48

Luis Henrique de Beauclair Guimarães

TITLE
CEO of Raízen Energia S.A.

Filipe Ferreira

TITLE
CEO of Moove
AGE
52

Burkhard Cordes

TITLE
Risk Management Officer & Director
AGE
43
TENURE
2.4 yrs
Board of Directors Tenure

Average tenure and age of the Cosan board of directors in years:

11.5
Average Tenure
58
Average Age
  • The average tenure for the Cosan board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Rubens Ometto de Mello

TITLE
Chairman of the Board
AGE
68

Marcos Lutz

TITLE
CEO & Director
AGE
49
TENURE
12.3 yrs

Marcelo Martins

TITLE
CFO, Investors Relations Officer & Director
AGE
52
TENURE
10.2 yrs

Marcelo de Souza Scarcela Portela

TITLE
General Counsel & Director
AGE
57
TENURE
12.3 yrs

Burkhard Cordes

TITLE
Risk Management Officer & Director
AGE
43
TENURE
10.5 yrs

José Scheinkman

TITLE
Independent Director
AGE
70
TENURE
12.3 yrs

Pedro Mizutani

TITLE
Director
AGE
59
TENURE
12.3 yrs

Maílson Ferreira da Nóbrega

TITLE
Independent Director
AGE
76
TENURE
11.5 yrs

Roberto de Rezende Barbosa

TITLE
Director
AGE
68
TENURE
4.3 yrs

Dan Ioschpe

TITLE
Independent Director
AGE
51
TENURE
4.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
14. Jun 18 Buy Queluz Holdings Limited Company 29. May 18 12. Jun 18 1,647,161 €7.82 €12,041,925
04. Jun 18 Buy Queluz Holdings Limited Company 27. Apr 18 25. May 18 1,713,465 €172.76 €296,024,899
X
Management checks
We assess Cosan's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Cosan has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

C3Q1 News

Simply Wall St News

C3Q1 Company Info

Description

Cosan Limited, together with its subsidiaries, engages in fuel and natural gas distribution, logistics, lubricant, sugar and ethanol businesses primarily in Brazil and internationally. The company’s Raízen Energia produces and markets products derived from sugar cane, including raw sugar, anhydrous, and hydrated ethanol, as well as activities related to energy cogeneration from sugarcane bagasse. Its Raízen Combustíveis segment distributes and markets fuels, primarily through a franchised network of service stations under the Shell brand in Brazil. The company’s COMGÁS segment distributes piped natural gas to customers in the industrial, residential, commercial, automotive, thermo-generation and cogeneration sectors in Sao Paulo. Its Cosan Logística segment provides logistics services for transport, storage, and port loading of commodities, primarily for sugar products; and leases locomotives, wagons, and other railway equipment. The company’s Lubricants segment produces and distributes lubricants under the Mobil and Comma brands. It operates a network of approximately 6,272 service stations and 950 convenience stores, as well as 68 distribution terminals and 68 airports supplying jet fuel. The company was incorporated in 2007 and is based in São Paulo, Brazil.

Details
Name: Cosan Limited
C3Q1
Exchange: DB
Founded: 2007
$2,401,470,244
230,447,578
Website: http://www.cosan.com.br
Address: Cosan Limited
Av. Brigadeiro Faria Lima, 4100,
16th floor,
São Paulo,
São Paulo, 04538-132,
Brazil
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE CZZ Class A Common Shares New York Stock Exchange US USD 16. Aug 2007
DB C3Q1 Class A Common Shares Deutsche Boerse AG DE EUR 16. Aug 2007
Number of employees
Current staff
Staff numbers
0
Cosan employees.
Industry
Oil and Gas Refining and Marketing
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/24 21:08
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/05/09
Last earnings filing: 2019/05/15
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.