I would imagine that those investors tending towards the OCD side of the spectrum who look into Cosan Ltd. (CZZ) will eventually have wisps of smoke coming out of their ears. Not only does Cosan Ltd. have a convoluted ownership structure (Cosan Ltd. technically owns about 62% of Cosan SA (CSAN3), and Chairman Ometto owns more than 40% of Cosan Ltd.), but the basic business of Cosan is confusing as well with its mix of JVs and wholly-owned operations.
What I believe is a lot simpler to understand is the value proposition. Although Cosan Ltd. routinely trades at a discount of 15% to 20% of the implied value of its Cosan SA position, Cosan Ltd. is...
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