Company Valuation: Cosan S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 40,516 32,014 36,155 15,200 21,060 15,067 - -
Change - -20.98% 12.93% -57.96% 38.55% -28.45% - -
Enterprise Value (EV) 1 70,813 32,014 83,677 71,262 64,456 69,404 64,701 59,354
Change - -54.79% 161.37% -14.84% -9.55% 7.68% -6.78% -8.26%
P/E 6.52x 27.3x 33.2x -1.61x -1.37x 382x 8.88x 6.4x
PBR 2.71x - 1.73x 1.39x 3.97x 0.24x 0.21x 0.16x
PEG - -0.3x -4.85x 0x 0.1x -4x 0x 0.2x
Capitalization / Revenue 0.36x 0.2x 0.92x 0.35x 0.52x 0.09x 0.09x 0.11x
EV / Revenue 0.63x 0.2x 2.12x 1.62x 1.59x 0.44x 0.39x 0.43x
EV / EBITDA 5.97x 2.03x 5.1x 4.68x 12.9x 4.64x 3.6x 3.41x
EV / EBIT 7.35x 2.51x 6.41x 6.28x 59.3x 5.91x 5.14x 4.17x
EV / FCF 61.3x - 20.9x 13.6x 14.1x 12.3x 10.1x -
FCF Yield 1.63% - 4.79% 7.36% 7.09% 8.1% 9.89% -
Dividend per Share 2 0.8 - 1.27 1.58 - - 0.0182 0.0309
Rate of return 3.69% - 6.56% 19.4% - - 0.48% 0.81%
EPS 2 3.326 0.6264 0.5835 -5.06 -3.89 0.01 0.4303 0.5969
Distribution rate 24.1% - 218% -31.2% - - 4.23% 5.18%
Net sales 1 113,096 162,253 39,468 43,951 40,419 159,093 164,335 138,519
EBITDA 1 11,862 15,762 16,421 15,213 4,978 14,960 17,966 17,427
EBIT 1 9,640 12,748 13,056 11,344 1,087 11,738 12,588 14,248
Net income 1 6,312 1,176 1,094 -9,424 -9,722 -240.3 1,333 2,092
Net Debt 1 30,297 - 47,522 56,062 43,396 54,336 49,633 44,287
Reference price 2 21.690 17.120 19.360 8.160 5.320 3.820 3.820 3.820
Nbr of stocks (in thousands) 1,867,975 1,869,987 1,867,500 1,862,800 3,958,645 3,944,366 - -
Announcement Date 18/02/22 28/02/23 28/03/24 11/03/25 09/03/26 - - -
1BRL in Million2BRL
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
382x0.44x4.64x-.--% 2.9B
20.54x - - -.--% 1,082B
25.54x2.06x12.66x1.08% 158B
22.67x3.78x12.99x1.86% 87.44B
29.82x2.18x16.36x0.77% 83.22B
23.94x5.14x17.51x2.36% 78.13B
19.85x1.6x11.3x1.24% 68.14B
31.54x3.88x17.61x2.97% 67.37B
48.61x2.97x15.3x2.58% 27.52B
Average 67.17x 2.76x 13.55x 1.43% 183.86B
Weighted average by Cap. 23.28x 2.96x 14.42x 0.57%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield