Cosan S.A (CSAN3) fair value: what the stock is really worth
As of Nov 10, 2026: fair value (intrinsic value) of Cosan S.A stock BRL 6.03, price BRL 2.68, upside +124.9%, quality 27 out of 100. Rating: strongly undervalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.
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Cosan S.A
CSAN3 · SAThe stock costs 56% less than our calculation considers fair.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range R$2.25 – R$22.63 · fair‑value band R$2.85 – R$10.98 · the R$2.68 price screens below the R$6.03 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 9, 2026.
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Company profile
Cosan S.A. engages in the fuel distribution business. It operates through Raízen, Compass, Moove, Rumo, and Radar segments.
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The company's Raízen segment engages in the production, marketing, origination, and trading of sugar, as well as ethanol; production and marketing of bioenergy, and solar energy and biogas; trading and resale of electricity; and trading and marketing of fossil, renewable fuels, and lubricants under the Shell brand.
Its Compass segment distributes piped natural gas to industrial, residential, commercial, automotive, and cogeneration customers; and marketing of natural gas.
The company's Moove segment produces, formulates, and distributes lubricants, base oils, and specialties under the Mobil brand and various proprietary brands for industrial, commercial, and passenger vehicles.
Its Rumo segment provides logistics services for rail transportation, storage, and port loading of commodities, including grains and sugar; locomotive and railcar leasing; and rail equipment and container operations. The company's Radar segment manages agricultural property.
The company operates in Brazil, England, France, Spain, Portugal, Argentina, Bolivia, Uruguay, Paraguay, Singapore, United Arab Emirates, Oceania, the United States, Latin America, Europe, Asia, and internationally. Cosan S.A. was founded in 1936 and is headquartered in São Paulo, Brazil.
Stock analysis
Cosan S.A (CSAN3) currently trades at R$2.68, while our model-based Fair Value estimate is R$6.03, implying the stock looks roughly 56% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of R$8.14 per share, and 7 of the 9 models we run sit above the R$2.68 price.
Bear case: the Earnings-Based group reads lowest at R$4.52, and 2 of the 9 models stay below the price. Data coverage for this calculation is low.
Scenario range: R$2.85 (bear) to R$10.98 (bull), the price of R$2.68 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 27/100 (below-average quality), in the Energy sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Cosan S.A reported revenue of R$40.4B in FY2025 versus R$24.9B in FY2021, a compound +12.9%/yr. Reported net income was −R$9.7B in FY2025.
Key figures
Market cap R$10.5B (≈ $1.9B) Small · P/S ratio 0.23 · EPS (TTM) R$−2.80 · Net margin −22.2% · Return on equity −27.2% · Return on assets (EBIT) 5.3% (5-year average) · Operating margin 27.9% · Revenue (TTM) R$40.1B.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 30 out of 100 (low confidence).
What moves the price
The share trades about 61% below its 52-week high and 19% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −46% fair-value upside, at 125%, CSAN3 screens cheaper than that median.
Fair Value models
All 11 models by family
The fair value above starts from this blend and is adjusted for dilution from new shares.
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Revenue & earnings trend
Growth Forecast
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Compare Cosan S.A with another stock
Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas Refining & Marketing · 119 stocks
Valuation Multiplesvs Oil & Gas Refining & Marketing median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Energy sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- EBIT margin by industry
- P/S ratio by industry
- Piotroski F-Score screener with fair value
- Undervalued stocks: Energy
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Oil & Gas Refining & Marketing stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| Bharat Petroleum Corporation BPCL | ₹316.00 | ₹434.58 | +38% | vs CSAN3 |
| SK Innovation Co 096770 | 109,700 KRW | 117,049 KRW | +7% | vs CSAN3 |
| Türkiye Petrol Rafinerileri A.S., TUPRS | 331.25 TRY | 244.26 TRY | −26% | vs CSAN3 |
| Reliance Industries Limited RELIANCE | ₹1,324 | ₹865.31 | −35% | vs CSAN3 |
| HF Sinclair Corporation DINO | $98.76 | $52.92 | −46% | vs CSAN3 |
| Neste Oyj NESTE | €27.03 | €11.70 | −57% | vs CSAN3 |
| Formosa Petrochemical Corporation 6505 | 89.60 TWD | 35.53 TWD | −60% | vs CSAN3 |
| Valero Energy Corporation VLO | $350.71 | $131.30 | −63% | vs CSAN3 |
| Marathon Petroleum Corporation MPC | $389.55 | $144.09 | −63% | vs CSAN3 |
| Phillips 66 PSX | $250.70 | $90.80 | −64% | vs CSAN3 |
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Frequently asked questions
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Key figures of Cosan S.A
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