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["Disclaimer"]
["The following presentation is a material to support shareholders in calculating  the holding company some of the parts and discount obtained in Cosan S.A. (“Cosan” or “Company”). "]
[]
["All information contained in this document is public, as stated herein and in other public documents disclosed by the Company, especially its quarterly and annual audited financial statements. This material is subject to revision and adjustments without prior notice and should be read and analyzed considering the base date of the information used, pursuant to the terms disclosed by Cosan."]
[]
["By preparing this spreadsheet, neither the Company, nor any of its affiliates, executives, officers, employees, agents, representatives and third parties acting on behalf of the Company, assume any obligation to grant access to or publish any additional information, update this tool, or correct inaccuracies. The Company takes no responsibility for the use of this material in full or in part in a manner diverging from that shown below. Additionally, Cosan takes no responsibility for changes or interventions made by third parties, nor for reports, analyses, newspaper articles, publications or forecasts prepared by third parties, based on this material."]
[]
["The material does not exempt investors or shareholders from the need to seek their own advisors and carefully read public documents and information disclosed by Cosan, so they can independently conduct their own analyses, evaluation and investigation of Cosan, its activities and financial situation when making their investment decisions."]
[]
["The material presented does not consist of a declaration or guarantee with expectation of future income and/or payment and/or return on any amount invested."]

{"sheet":"Guide and Assumptions","index":1,"n_rows":39,"n_cols":16,"rows_kept":39,"cut":false,"hidden":false,"merged":[[12,3,12,16],[36,3,36,16],[38,3,38,16],[37,3,37,16]]}
[]
[]
[]
[]
[]
[null,"Guide and Assumptions"]
[]
[]
[null,"Guide",null,"Inputs"]
[]
[null,"How to use this tool?",null,"Entries and base values"]
[]
[null,"All yellow cells are editable, allowing users to determine the valuation method for each asset composing COSAN’s portfolio. Once the valuation method for each asset/debt has been chosen, the value of the Sum of the Parts (SOTP) will be presented. This value may be compared to the market cap of CSAN3, indicating the implicit discount on CSAN3’s market price.",null,"All amounts presented herein consist of public information provided by the companies involved in this document. The information is updated on a quarterly basis in light of the disclosure of the financial statements of each company or other documents containing the data shown. The sources of each amount can be found in the “Sources” spreadsheet."]
[]
[null,"Valuation methods",null,"Last Update:","2023-09-30"]
[]
[null,"When valuing assets, users may choose different valuation methods to determine the value of each company.",null,"Company","Multiple\nEV/EBITDA","Equity Value (@100%)\n(BRL bn)","Total shares ex-treasury\n(bn)","Shares held\n(bn)","Equity Interest\n(%) ¹","Market price\n(BRL / Share)","Bloomberg average price \n(BRL / Share)","EBITDA LTM\n(BRL bn)","EBITDA Guidance\n(BRL bn)","Net Debt\n(BRL bn)","Book Value\n(BRL bn)","Installments payable \n(BRL bn)"]
[null,"Market Capitalization: Number of shares held by Cosan in the asset, multiplied by the market price of the latest date available.",null,"Raízen ",10,"-",{"$f":"10352509484-26394646","v":10326114838},4557597117,{"$f":"H18/G18","v":0.44136610801848608},3.55516554,5.7715384615384613,15855700000,14000000000,30350021143.419998,22802200000,"-"]
[null,"Target Price: Number of shares held by Cosan in the asset, multiplied by the Bloomberg average price for each of the assets, or with the target price inserted by the user.",null,"Rumo",11,"-",{"$f":"1854868949-910479","v":1853958470},563296990,{"$f":"H19/G19","v":0.30383474016006412},22.82,28.008571428571429,5348399988.4399958,5550000000,9459612622.599987,16135097860.109982,"-"]
[null,"EV/EBITDA Guidance: Multiple used to determine the company’s valuation. In this option, the user must insert a fair multiple of the asset. This method uses the average EBITDA presented by the company as guidance, when the company publishes its guidance for the year, or its LTM EBITDA, when the company does not publish guidance.",null,"Vale",10,"-",4302854300,220366700,5.1214074341304094E-2,67.58,79.975555555555559,82463000000,"-",50121000000,197667000000,"-"]
[null,"Book Value: value of the company's total assets minus it's total liabilities",null,"Compass",8.5,28.6,"-","-",0.88,"-","-",4114961985.3700004,4200000000,3900184725.9599972,8619544666.6200047,"-"]
[null,null,null,"Moove",8.5,7.4,"-","-",0.7,"-","-",1129542873.0499997,"-",1627393030.3199999,2131901123.3899937,"-"]
[null,null,null,"Cosan Investimentos²","-",6,"-","-",1,"-","-",2103717820.4499996,"-",-426880409.87,5069694000,{"$f":"-(296*2+202*4)*10^6","v":-1400000000}]
[null,"Definitions"]
[null,"Equity Value: estimated market cap presented in Cosan Day 2023 for non-listed companies.",null,"Corporate³","G&A\nMultiple ","G&A Input\n(BRL bn)","Net Debt Input\n(BRL bn)","Bloomberg average price \n(BRL / Share)","G&A LTM\n(BRL bn)","Net Debt\n(BRL bn)","Market price\n(BRL / Share)","Total shares ex-treasury\n(bn)"]
[null,"Total shares ex-treasury: total shares excluding treasury shares.",null,"Cosan",10,3,14.451332107500001,24.008461538461539,349797382.58999997,14451332107.5,17.14,{"$f":"1874070932-6570872","v":1867500060}]
[null,"Shares held: the total number of shares held by Cosan."]
[null,"Equity interest: the total number of shares held divided by the number of total shares ex-treasury.",null,"Collar Financing (4131) and Derivatives\n(BRL bn)","Vale financing estructure\n(BRL bn)","4131\n(BRL bn)","Derivatives MTM\n(BRL bn)"]
[null,"Market Price (BRL per share): closing price per share on the date of the last update of this spreadsheet.",null,{"$f":"8.4373-0.1203","v":8.3170000000000002},{"$f":"F29+G29","v":8316950765.5299997},8437283991.6700001,-120333226.14]
[null,"Bloomberg Average Price (BRL per share): average target price of sell-side analysts covering the Company "]
[null,"Market Capitalization: market price multiplied by the number of outstanding shares.",null,"Preferred shares updated redemption value\n(BRL bn)"]
[null,"LTM EBITDA: adjusted EBITDA accumulated in the last twelve months.",null,8.8431999999999995]
[null,"Guidance EBITDA: average EBITDA presented by the company as guidance for the year, when applicable."]
[null,"Installments payable: outstanding amount to be paid for the increased share in the Land segment (Radar, Tellus and Janus).",null,"Vale Marketable Securities\n(BRL bn)"]
[null,"Net Debt: a measure that considers loans and financing (gross debt) less cash and cash equivalents and marketable securities.",null,14906555909]
[null,"Book Value: the shareholders’ equity on the date of the last update."]
[null,"Collar Financing (4131) and Derivatives: a structure to finance the acquisition of minority interests in Vale + MTM of Collar derivatives.",null,"Note 1: For the purpose of calculating the sum of the parts, for Raízen and Compass, we consider the total percentage held by Cosan Nove and Cosan Dez, respectively, since the distribution of dividends is disproportionate to the percentage held by each shareholder of these companies and the updated value of the preferred shares, in case of a possible redemption by Cosan is considered as a liability."]
[null,"Preferred shares: equity structure used to raise proceeds for the acquisition of minority interests in Vale. The structure includes the issue of preferred shares from intermediary holding companies among Cosan and Compass/Raízen. ",null,"Note 2: Cosan Investimentos considers the following assets: Land (Radar, Tellus and Janus); São Luís Port, in the state of Maranhão; and investments in the Climate Tech Fund and Ventures SPV, both managed by Fifth Wall."]
[null,"Vale Marketable Securities: market value of Vale shares held by Cosan.",null,"Note 3: The Corporate considers companies according to the structure shown in the Modeling Guide and the financial statements available on Cosan's IR website."]

{"sheet":"Guide - SOTP Indicative Model","index":2,"n_rows":41,"n_cols":8,"rows_kept":41,"cut":false,"hidden":false,"merged":[[40,1,40,7]]}
[]
[]
[]
[]
[]
[null,"SOTP Indicatiove Model¹"]
[null,"(BRL bn)"]
[]
[null,"Components"]
[]
[null,"Companies",null,null,null,"Valuation Method","Implicit Multiple²","Value (BRL bn)"]
[]
[null,"(a)","Raízen",null,null,"EV/EBITDA Guidance",{"$f":"(H13/'Guide and Assumptions'!I18+'Guide and Assumptions'!N18)/IF(F13=\"EV/EBITDA Guidance\",'Guide and Assumptions'!M18,'Guide and Assumptions'!L18)","v":10},{"$f":"_xlfn.IFS($F13=\"Market Capitalization\", 'Guide and Assumptions'!H18*'Guide and Assumptions'!J18, $F13=\"EV/EBITDA LTM\", (('Guide and Assumptions'!E18*'Guide and Assumptions'!L18)-'Guide and Assumptions'!N18)*'Guide and Assumptions'!I18, $F13=\"EV/EBITDA Guidance\", (('Guide and Assumptions'!E18*'Guide and Assumptions'!M18)-'Guide and Assumptions'!N18)*'Guide and Assumptions'!I18, $F13=\"Target Price\", 'Guide and Assumptions'!H18*'Guide and Assumptions'!K18)","v":48395784412.238007}]
[null,"(b)","Rumo",null,null,"EV/EBITDA Guidance",{"$f":"(H14/'Guide and Assumptions'!I19+'Guide and Assumptions'!N19)/IF(F14=\"EV/EBITDA Guidance\",'Guide and Assumptions'!M19,'Guide and Assumptions'!L19)","v":11},{"$f":"_xlfn.IFS($F14=\"Market Capitalization\", 'Guide and Assumptions'!H19*'Guide and Assumptions'!J19, $F14=\"EV/EBITDA LTM\", (('Guide and Assumptions'!E19*'Guide and Assumptions'!L19)-'Guide and Assumptions'!N19)*'Guide and Assumptions'!I19, $F14=\"EV/EBITDA Guidance\", (('Guide and Assumptions'!E19*'Guide and Assumptions'!M19)-'Guide and Assumptions'!N19)*'Guide and Assumptions'!I19, $F14=\"Target Price\", 'Guide and Assumptions'!H19*'Guide and Assumptions'!K19)","v":15674951943.569384}]
[null,"(c)","Vale",null,null,"Target Price",{"$f":"(H15/'Guide and Assumptions'!I20+'Guide and Assumptions'!N20)/IF(F15=\"EV/EBITDA Guidance\",'Guide and Assumptions'!L20,'Guide and Assumptions'!L20)","v":4.7808612725356969},{"$f":"_xlfn.IFS($F15=\"Market Capitalization\", 'Guide and Assumptions'!H20*'Guide and Assumptions'!J20, $F15=\"EV/EBITDA LTM\", (('Guide and Assumptions'!E20*'Guide and Assumptions'!L20)-'Guide and Assumptions'!N20)*'Guide and Assumptions'!I20, $F15=\"EV/EBITDA Guidance\", (('Guide and Assumptions'!E20*'Guide and Assumptions'!M20)-'Guide and Assumptions'!N20)*'Guide and Assumptions'!I20, $F15=\"Target Price\", 'Guide and Assumptions'!H20*'Guide and Assumptions'!K20)","v":17623949258.444447}]
[null,"(d)","Compass",null,null,"EV/EBITDA Guidance",{"$f":"(H16/'Guide and Assumptions'!I21+'Guide and Assumptions'!N21)/IF(F16=\"EV/EBITDA Guidance\",'Guide and Assumptions'!M21,'Guide and Assumptions'!L21)","v":8.5},{"$f":"_xlfn.IFS($F16=\"Book Value\", 'Guide and Assumptions'!O21, $F16=\"Equity Value\", 'Guide and Assumptions'!F21*1000000000*'Guide and Assumptions'!I21,F16= \"EV/EBITDA LTM\", (('Guide and Assumptions'!E21*'Guide and Assumptions'!L21)-'Guide and Assumptions'!N21)*'Guide and Assumptions'!I21, F16= \"EV/EBITDA Guidance\", (('Guide and Assumptions'!E21*'Guide and Assumptions'!M21)-'Guide and Assumptions'!N21)*'Guide and Assumptions'!I21)","v":27983837441.155201}]
[null,"(e)","Moove",null,null,"EV/EBITDA LTM",{"$f":"(H17/'Guide and Assumptions'!I22+'Guide and Assumptions'!N22)/IF(F17=\"EV/EBITDA Guidance\",'Guide and Assumptions'!L22,'Guide and Assumptions'!L22)","v":8.5},{"$f":"_xlfn.IFS($F17=\"Book Value\", 'Guide and Assumptions'!O22, $F17=\"Equity Value\", 'Guide and Assumptions'!F22*1000000000*'Guide and Assumptions'!I22,F17= \"EV/EBITDA LTM\", (('Guide and Assumptions'!E22*'Guide and Assumptions'!L22)-'Guide and Assumptions'!N22)*'Guide and Assumptions'!I22, F17= \"EV/EBITDA Guidance\", (('Guide and Assumptions'!E22*'Guide and Assumptions'!M22)-'Guide and Assumptions'!N22)*'Guide and Assumptions'!I22)","v":5581604973.4234982}]
[null,"(f)","Cosan Investimentos",null,null,"Equity Value",{"$f":"(H18/'Guide and Assumptions'!I23+'Guide and Assumptions'!N23 -'Guide and Assumptions'!P23 )/IF(F18=\"EV/EBITDA Guidance\",'Guide and Assumptions'!L23,'Guide and Assumptions'!L23)","v":2.6491763942646416},{"$f":"_xlfn.IFS($F18=\"Book Value\", 'Guide and Assumptions'!O23 + 'Guide and Assumptions'!P23, $F18=\"Equity Value\", 'Guide and Assumptions'!F23*1000000000*'Guide and Assumptions'!I23 + 'Guide and Assumptions'!P23,F18= \"EV/EBITDA LTM\", (('Guide and Assumptions'!E23*'Guide and Assumptions'!L23)-'Guide and Assumptions'!N23)*'Guide and Assumptions'!I23, F18= \"EV/EBITDA Guidance\", (('Guide and Assumptions'!E23*'Guide and Assumptions'!M23)-'Guide and Assumptions'!N23)*'Guide and Assumptions'!I23)","v":4600000000}]
[]
[]
[null,"Corporate",null,null,null,null,null,{"$f":"$H$11","v":"Value (BRL bn)"}]
[]
[null,"(g)","G&A",null,null,"Multiple",null,{"$f":"-_xlfn.IFS(F23=\"Multiple\", 'Guide and Assumptions'!E26*'Guide and Assumptions'!I26, F23=\"Input\", 'Guide and Assumptions'!F26*1000000000)","v":-3497973825.8999996}]
[null,"(h)","Net Debt (Corporate)",null,null,"Last Available",null,{"$f":"-_xlfn.IFS(F24=\"Last Available\", 'Guide and Assumptions'!J26, F24=\"Input\", 'Guide and Assumptions'!G26*1000000000)","v":-14451332107.5}]
[]
[null,"Vale Struucture - Collar Financing and Prefered Shares",null,null,null,null,null,{"$f":"$H$11","v":"Value (BRL bn)"}]
[]
[null,"(i)","Collar Financing (4131) and Derivatives",null,null,"Last Available",null,{"$f":"-_xlfn.IFS(F28=\"Last Available\", 'Guide and Assumptions'!E29, F28=\"Input\", 'Guide and Assumptions'!D29*1000000000)","v":-8316950765.5299997}]
[null,"(j)","Preferred shares updated redemption value²",null,null,"Last Available",null,{"$f":"-_xlfn.IFS(F29=\"Last Available\",'Guide and Assumptions'!D32*1000000000, F29=\"Input\", 'Guide and Assumptions'!D32*1000000000)","v":-8843200000}]
[]
[null,"Results"]
[]
[null,"(k)","Some of the das Parts - SOTP (k = a+b+c+d+e+f-g-h-i-j)",null,null,null,null,{"$f":"SUM(H13:H18,H23:H24,H28:H29)","v":84750671329.900528}]
[null,"(l)","CSAN3 Market Value",null,null,null,null,{"$f":"'Guide and Assumptions'!L26*'Guide and Assumptions'!K26","v":32008951028.400002}]
[null,null,"CSAN3 Price per Share of the Some of the Parts - SOTP ",null,null,null,null,{"$f":"H33/'Guide and Assumptions'!L26","v":45.381884126900928}]
[null,null,"CSAN3 target share price (BRL)",null,null,null,null,{"$f":"'Guide and Assumptions'!H26","v":24.008461538461539}]
[null,"(m)","Holding Discount (m = k-l)",null,null,null,null,{"$f":"H34-H33","v":-52741720301.500526}]
[null,"(n)","Holding Discount (%) (n=1-k/l)",null,null,null,null,{"$f":"1-H34/H33","v":0.62231625394680434}]
[]
[null,"Note 1: For Raízen, Rumo and Compass, Guidance EBITDA is used when valuation is based on \"EV/EBITDA Guidance.\""]
[null,"Note 2: Cosan has a call option which gives it the right to repurchase all preferred shares of Cosan Nove and Cosan Dez. The amount presented herein represents a potential updated early redemption, as explained in the earnings release and explanatory note 1.1 Equity Interest in Vale S.A. to 2Q23 Interim Financial Information."]

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[]
[]
[]
[]
[null,"Surces"]
[]
[]
[null,"Sources"]
[]
[null,"Raízen"]
[null,"Total shares ex-treasury",null,"https://ri.raizen.com.br/en/about-raizen/shareholding-structure/"]
[null,"Shares held",null,"https://ri.raizen.com.br/en/about-raizen/estrutura-societaria/"]
[null,"Bloomberg average price",null,null,"Bloomberg"]
[null,"EBITDA",null,"https://ri.raizen.com.br/en/financial-information/results-center/","Earnings Release"]
[null,"EBITDA Guidance",null,"https://ri.raizen.com.br/en/financial-information/results-center/","Earnings Release 1Q24"]
[null,"Net Debt",null,"https://ri.raizen.com.br/en/financial-information/results-center/","Financial Statements: ITR/DFP"]
[null,"Book Value",null,"https://ri.raizen.com.br/en/financial-information/results-center/","Financial Statements: ITR/DFP"]
[]
[null,"Rumo"]
[null,"Total shares ex-treasury",null,"https://ri.rumolog.com/en/corporate-governance/ownership-breakdown/"]
[null,"Shares held",null,"https://ri.rumolog.com/en/corporate-governance/ownership-breakdown/"]
[null,"Bloomberg average price",null,null,"Bloomberg"]
[null,"EBITDA",null,"https://ri.rumolog.com/en/financial-information/results-center/","Earnings Release"]
[null,"EBITDA Guidance",null,"https://ri.rumolog.com/en/disclosures-and-documents/notices-and-material-facts/","Material Fact - 2023 Guidance Update - 10 Aug"]
[null,"Net Debt",null,"https://ri.rumolog.com/en/financial-information/results-center/","Financial Statements: ITR/DFP"]
[null,"Book Value",null,"https://ri.rumolog.com/en/financial-information/results-center/","Financial Statements: ITR/DFP"]
[]
[null,"Vale"]
[null,"Total shares ex-treasury",null,"https://www.vale.com/en/check-out-our-company"]
[null,"Shares held",null,"https://www.cosan.com.br/en/financial-information/results-center/","Earnings Release"]
[null,"Bloomberg average price",null,null,"Bloomberg"]
[null,"EBITDA",null,"https://www.vale.com/en/announcements-results-presentations-and-reports","Quarterly Report - BRL"]
[null,"Net Debt",null,"https://www.vale.com/en/announcements-results-presentations-and-reports","Financial Statements: ITR/DFP"]
[null,"Book Value",null,"https://www.vale.com/en/announcements-results-presentations-and-reports","Financial Statements: ITR/DFP"]
[]
[null,"Compass"]
[null,"Shares held",null,"https://www.compassbr.com/en/corporate-governance/ownership-breakdown/"]
[null,"EBITDA",null,"https://www.compassbr.com/en/disclosures-and-documents/results-center/","Earnings Release"]
[null,"EBITDA Guidance",null,"https://www.compassbr.com/en/disclosures-and-documents/results-center/","Earnings Release"]
[null,"Net Debt",null,"https://www.compassbr.com/en/disclosures-and-documents/results-center/","Earnings Release"]
[null,"Book Value",null,"https://www.compassbr.com/en/disclosures-and-documents/results-center/","Financial Statements: ITR/DFP"]
[]
[null,"Moove"]
[null,"Shares held",null,"https://www.cosan.com.br/en/financial-information/results-center/","Earnings Release"]
[null,"EBITDA",null,"https://www.cosan.com.br/en/financial-information/results-center/","Spreadsheets per Segment"]
[null,"Net Debt",null,"https://www.cosan.com.br/en/financial-information/results-center/","Spreadsheets per Segment"]
[null,"Book Value",null,"https://www.cosan.com.br/en/financial-information/results-center/","Spreadsheets per Segment"]
[]
[null,"Cosan Investimentos"]
[null,"Book Value",null,"https://www.cosan.com.br/en/financial-information/results-center/","Financial Statements: ITR/DFP"]
[null,"Net Debt",null,"https://www.cosan.com.br/en/financial-information/results-center/","Financial Statements: ITR/DFP"]
[null,"Installments payable",null,"https://api.mziq.com/mzfilemanager/v2/d/6aa68515-2422-4cc4-bafa-8870ccdfedb0/bc04a6de-cfd6-5ddc-b583-3de734fa2ca2?origin=2","Material Facts / Notices to the Market / Modeling Guide"]
[]
[null,"COSAN"]
[null,"G&A",null,"https://www.cosan.com.br/en/financial-information/results-center/","Spreadsheets per Segment"]
[null,"Net Debt",null,"https://www.cosan.com.br/en/financial-information/results-center/","Spreadsheets per Segment"]
[null,"Total shares ex-treasury",null,"https://www.cosan.com.br/en/about-cosan/ownership-breakdown/"]
[]
[null,"Vale's financing structure"]
[null,"4131",null,"https://www.cosan.com.br/en/financial-information/results-center/","Earnings Release"]
[null,"Preferred shares updated redemption value",null,"https://www.cosan.com.br/en/financial-information/results-center/","Financial Statements: ITR/DFP"]
[null,"Derivatives MTM",null,"https://www.cosan.com.br/en/financial-information/results-center/","Earnings Release"]
[null,"Vale Marketable Securities",null,"https://www.cosan.com.br/en/financial-information/results-center/","Financial Statements: ITR/DFP"]

{"sheet":"Others","index":4,"n_rows":13,"n_cols":13,"rows_kept":13,"cut":false,"hidden":true,"merged":[]}
["Market Capitalization",null,"Book Value",null,"Multiple",null,"Book Value",null,"Last Available",null,"Source:","GRÁFICO","GRÁFICO"]
["Target Price",null,"Equity Value",null,"Input",null,"Input",null,"Input",null,{"$f":"'Guide - SOTP Indicative Model'!C13","v":"Raízen"},"Raízen",{"$f":"'Guide - SOTP Indicative Model'!H13","v":48395784412.238007}]
["EV/EBITDA Guidance",null,"EV/EBITDA Guidance",null,null,null,null,null,null,null,{"$f":"'Guide - SOTP Indicative Model'!C14","v":"Rumo"},"Rumo",{"$f":"'Guide - SOTP Indicative Model'!H14","v":15674951943.569384}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'Guide - SOTP Indicative Model'!C16","v":"Compass"},"Compass",{"$f":"'Guide - SOTP Indicative Model'!H16","v":27983837441.155201}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'Guide - SOTP Indicative Model'!C17","v":"Moove"},"Moove",{"$f":"'Guide - SOTP Indicative Model'!H17","v":5581604973.4234982}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'Guide - SOTP Indicative Model'!C18","v":"Cosan Investimentos"},"Cosan Investimentos",{"$f":"'Guide - SOTP Indicative Model'!H18","v":4600000000}]
["Market Capitalization",null,"Book Value",null,null,null,null,null,null,null,{"$f":"'Guide - SOTP Indicative Model'!C15","v":"Vale"},"Vale",{"$f":"'Guide - SOTP Indicative Model'!H15","v":17623949258.444447}]
["EV/EBITDA LTM",null,"Equity Value",null,null,null,null,null,null,null,{"$f":"'Guide - SOTP Indicative Model'!C23","v":"G&A"},"G&A",{"$f":"'Guide - SOTP Indicative Model'!H23","v":-3497973825.8999996}]
[null,null,"EV/EBITDA LTM",null,null,null,null,null,null,null,{"$f":"'Guide - SOTP Indicative Model'!C24","v":"Net Debt (Corporate)"},"Net Debt \n(Corporate)",{"$f":"'Guide - SOTP Indicative Model'!H24","v":-14451332107.5}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'Guide - SOTP Indicative Model'!C28","v":"Collar Financing (4131) and Derivatives"},"Collar Financing (4131) and Derivatives",{"$f":"'Guide - SOTP Indicative Model'!H28","v":-8316950765.5299997}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'Guide - SOTP Indicative Model'!C29","v":"Preferred shares updated redemption value²"},"Preferred shares updated redemption value",{"$f":"'Guide - SOTP Indicative Model'!H29","v":-8843200000}]
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[null,null,null,null,null,null,null,null,null,null,{"$f":"'Guide - SOTP Indicative Model'!C34","v":"CSAN3 Market Value"},"CSAN3 Market Value",{"$f":"'Guide - SOTP Indicative Model'!H34","v":32008951028.400002}]