Cosan S.A (CSAN3) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of Cosan S.A BRL 6.93, price BRL 3.82, upside +81.4%, quality 27 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? No
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Cosan S.A
CSAN3 · SACheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range R$3.13 – R$24.62 · fair‑value band R$3.36 – R$12.92 · the R$3.82 price screens below the R$6.93 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. Dashed = 300-day average. As of Sep 24, 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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Cosan S.A. engages in the fuel distribution business. It operates through Raízen, Compass, Moove, Rumo, and Radar segments. 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$3.82, while our model-based Fair Value estimate is R$6.93, implying the stock looks roughly 44.9% undervalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of R$15.93 per share, and 11 of the 14 models we run sit above the R$3.82 price.
Bear case: the Asset-Based group reads lowest at R$0.9000, and 3 of the 14 models stay below the price. Evidence for this calculation is low.
Scenario range: R$3.36 (bear) to R$12.92 (bull), the price of R$3.82 sits inside 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$15.3B (≈ $3.0B) · P/S ratio 0.39 · EPS (TTM) R$−3.34 · Net margin −24.1% · Return on equity −29.9% · Return on assets (EBIT) 5.3% · Operating margin 30.7% · Revenue (TTM) R$39.8B.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 44% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −64% fair-value upside, at 81%, CSAN3 screens cheaper than that median.
Fair Value models
All 14 models by family
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Set up alert →Quality Score breakdown
Of which business quality 26 · Market factors (momentum, volatility) 29
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 · 107 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)
- 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 |
|---|---|---|---|
| Reliance Industries Limited RELIANCE | ₹1,219 | ₹865.31 | −29% |
| Valero Energy Corporation VLO | $387.18 | $131.30 | −66% |
| Marathon Petroleum Corporation MPC | $390.95 | $139.12 | −64% |
| Phillips 66 PSX | $255.75 | $86.65 | −66% |
| Neste Oyj NESTE | €34.01 | €5.85 | −83% |
| Formosa Petrochemical Corporation 6505 | 87.20 TWD | 20.61 TWD | −76% |
| HF Sinclair Corporation DINO | $106.82 | $52.92 | −50% |
| SK Innovation Co 096770 | 149,200 KRW | 50,661 KRW | −66% |
| Sunoco LP, SUN | $74.76 | $53.89 | −28% |
| Bharat Petroleum Corporation BPCL | ₹308.50 | ₹846.81 | +174% |
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Key figures of Cosan S.A
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