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    Debora Borges

    Research Analyst at Banco Safra S.A.

    Debora Borges is an Analyst at Banco Safra S.A., focusing on research and asset management for the Brazilian financial sector. She has covered prominent companies within Brazil's banking and finance market, delivering research and analysis that supports investment decisions at Safra. Borges's career includes prior experience at J Safra Asset Management and she has built her expertise in asset management and equities analysis since joining the industry. Her professional credentials reflect a commitment to rigorous financial standards, though specific FINRA registrations and securities licenses are not publicly listed.

    Debora Borges's questions to Cosan (CSAN) leadership

    Debora Borges's questions to Cosan (CSAN) leadership • Q4 2024

    Question

    Debora Borges of Safra sought clarification on the preferred shares, asking about the dividend payout structure through 2032 and whether Cosan is obligated to repurchase them at maturity. She also asked if the call spread on Vale shares was unwound following the asset disposal.

    Answer

    Executive Rodrigo Alves explained that Cosan is not obligated to repurchase the preferred shares in 2032, though the option exists. The dividend is a variable percentage of actual dividends paid by the underlying businesses and the shares have a cost step-up over time. He also confirmed that Cosan still holds the call spread but intends to divest it, with the timing dependent on financial market conditions.

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