Cosan S.A. (CSANY)

Market price: $2.16

Related companies

2 valuation methods

How each method works

P / B: $1.78 to $4.14 (midpoint $2.70)

Values the stock at a peer multiple of its book (net asset) value — most meaningful for asset-heavy and financial companies whose balance sheet drives value.

How it’s calculated
We take book value per share (total assets minus total liabilities, from the latest balance sheet, divided by shares outstanding) and multiply it by the range of price-to-book multiples the peer group trades at.
Why it fits this industry
Where the balance sheet is the business — lenders, insurers, asset-heavy operators — the price the market pays for a dollar of net assets is a natural yardstick.
Reading this bar
The bar is the per-share value range this method implies: a conservative low, a central estimate, and an optimistic high. If the current price sits below the bar, the market is pricing the shares below what this method's inputs suggest; if it sits above, the market is pricing them higher. No single bar is a verdict — methods disagree for good reasons, so read the whole field together. Asset-light companies (brands, software) legitimately trade far above book value, so for them a P/B bar well below the price is usually structure, not signal.

P / B = (1.00/1.52/2.33)× book_value_per_share 1.78 ≈ 1.78/2.70/4.14 (per_share)

EV / EBITDA: $2.87 to $4.50 (midpoint $3.39)

Values the whole business at a peer multiple of its cash operating earnings (EBITDA) — the workhorse comparison for capital-intensive, profitable companies.

How it’s calculated
We take the company's cash operating earnings over the last twelve months (EBITDA — earnings before interest, taxes, depreciation and amortization) and multiply them by the range of EV/EBITDA multiples comparable companies currently trade at. That gives a value for the whole business (enterprise value); we then subtract net debt and anything owed ahead of common shareholders — minority interests in subsidiaries and preferred stock — and divide by shares outstanding to get a per-share range.
Why it fits this industry
EBITDA strips out financing and accounting choices, so two companies with different debt loads or depreciation schedules can be compared on the cash their operations actually generate.
Reading this bar
The bar is the per-share value range this method implies: a conservative low, a central estimate, and an optimistic high. If the current price sits below the bar, the market is pricing the shares below what this method's inputs suggest; if it sits above, the market is pricing them higher. No single bar is a verdict — methods disagree for good reasons, so read the whole field together. A company can also deserve a multiple above or below its peers — faster growth, stronger margins, or higher risk all justify honest gaps.

EV / EBITDA = (7.67/7.91/8.42)× ebitda 2,154,727,325.30 ≈ 16,521,588,313.00/17,035,620,123.39/18,133,109,810.97 (enterprise_value); enterprise_value -> per share: equity (2,849,779,597.22/3,363,811,407.61/4,461,301,095.19) / 991,642,733 shares [EV bridge: minus net debt 9,064,547,130.76, minus minority interest & preferred 4,607,261,585.02]

4 methods not shown

Limited data — fewer than three valuation methods could be formed for this company; showing every method we can stand behind.

Debt is most of what funds this company — its shares are about 14% of its total enterprise value. The enterprise-value bar here (1) value the whole business and then subtract the debt, so a small difference in the business's value becomes a large one per share. That is arithmetic, not a fault in the estimate, but it is why those ranges are wide.