` Comparison: CSAN vs PKN - Alpha Spread

CSAN
vs
PKN

Over the past 12 months, CSAN has underperformed PKN, delivering a return of -27% compared to the PKN's +95% growth.

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CSAN
PKN
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Valuation Comparison

CSAN Intrinsic Value
22.34 USD
Undervaluation 82%
Intrinsic Value
Price
PKN Intrinsic Value
84.71 PLN
Overvaluation 36%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Cosan SA
NYSE:CSAN
4.03 USD
Polski Koncern Naftowy Orlen SA
WSE:PKN
133.14 PLN
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Valuation Scenario:
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Base Case
Bull Case

Growth Comparison

Growth Over Time
CSAN, PKN

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PKN
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Revenue
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Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
Cosan SA
Revenue
Polski Koncern Naftowy Orlen SA
Revenue

All metrics are calculated based on data from the last 10 years.

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Profitability Comparison

Free Cash Flow
CSAN, PKN

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PKN
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Free Cash Flow
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
Cosan SA
NYSE:CSAN
Polski Koncern Naftowy Orlen SA
WSE:PKN
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What is Free Cash Flow?

Gross Margin

CSAN
32%
PKN
17.4%

Operating Margin

CSAN
21.9%
PKN
9.9%

Net Margin

CSAN
-31%
PKN
4.2%

FCF Margin

CSAN
10.3%
PKN
6.5%

ROE

CSAN
-102.4%
PKN
7.5%

ROA

CSAN
-9.8%
PKN
4.2%

ROIC

CSAN
13.7%
PKN
8.2%

ROCE

CSAN
7.8%
PKN
12.9%

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
CSAN, PKN

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Performance Gap
CSAN, PKN

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CSAN
PKN
Difference
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Performance By Year
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CSAN
PKN
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Intrinsic Value is all-important and is the only logical way to evaluate the relative attractiveness of investments and businesses.

Warren Buffett