Following and modeling Cosan Ltd. (CZZ)
is a little like training for endurance sports - you spend a lot of
time while you're doing it wondering why you're bothering to do it.
After all, there are two share classes, a somewhat complicated holding
company structure, and many commodity moving parts to account for in an
analysis. With the shares up more than 30% over the last year and close
to 250% from the 2015 lows, though, I think you can certainly argue that
there has been some gain for shareholders willing to take on that pain.
Better still, I continue to see upside in these shares from both
operational improvement and a shrinking discount to the underlying
value.
Read the full article here:
Despite Ongoing Operational Improvements, Cosan Still Undervalued
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