Hoy he incorporado a la cartera @10sigma el conglomerado brasileño $CSAN (Cosan SA) 🇧🇷.
Cosan es un holding brasileño diversificado con presencia en energía, logística e infraestructura agrícola. Sus principales activos son Raízen (azúcar, etanol y combustibles), Rumo (logística ferroviaria), Compass (gas natural), Moove (lubricantes) y Radar Propriedades Agrícolas (tierras).
La empresa tiene una capitalización de mercado de 2.95 - 3.05 mil millones de dólares.
Solo raízen gestiona 1.3 millones de hectáreas, pero la mayoría no son de propiedad directa. El activo clave de Cosan es Radar, que posee y controla entre 306.000 y 320.000 hectáreas de tierras agrícolas de alta calidad (caña, soja, maíz y algodón). Su fair value total alcanza 3.0 - 3.3 mil millones de dólares, con valor atribuible a Cosan de 1.5 - 1.7 mil millones de dólares.
A nivel global 🌎, Cosan destaca como uno de los mayores propietarios privados de tierras cultivables de alta productividad. 🚜
Además, al cierre de Q1 2026, Cosan contaba con 1.37 mil millones de dólares en cash.
La deuda neta es de 2.05 mil millones de dólares.
Resumiendo, el valor de las tierras bajo posesión de Cosan más su caja iguala o supera su capitalización bursátil completa. El mercado valora el resto del negocio a 0$, creando un descuento atractivo del 30-50%.
Se trata, a estos precios, de una oportunidad value con un.sólido respaldo en activos tangibles.
Disclaimer: No es recomendación de compra ... Show More Translate
Not investment advice. The author may have financial interests in the mentioned instruments.
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Sun Jul 12 2026 03:26:01 GMT+0000 (Coordinated Universal Time)
