Omnia – FY24 Results
Key message: A relatively normalised result after as the commodity cycle settles. A special dividend increased the yield to over 12%.
Omnia – Earnings Update
Key message: We expect flat HEPS growth as the impact of lower ammonia prices is balanced by volume growth, no hyperinflation losses in Zimbabwe and a lower tax rate.
AECI – Initiation
Key message: A major restructuring over the next 18 months will see a return to core Mining and Chemical sectors. A doubling of core EBITDA by FY26 is a focus.
Omnia – 1H FY24 Results
Key message: Seasonal factors and a recovery in prices point to a stronger 2H. Shareholder distributions will be a feature going forward.
Omnia – Initiation
Key message: International expansion from a competitive local base does indicate the potential for above average growth.
Sasol: Spotlight on earnings – latest profit drivers
We show Sasol’s earnings for FY22 and FY23 assuming spot prices remained until the end of FY23
Sasol: Spotlight on earnings – latest profit drivers
We show Sasol’s earnings for FY22 and FY23 assuming spot prices remained until the end of FY23
Sasol: Diverging chemical prices – more profit upside
Supply chain bottlenecks have seen a large price divergence between US and Asian petrochemical prices. There is upside to our earnings estimates if price spreads remain at current levels.
Sasol: Spotlight on earnings – latest profit drivers
We show Sasol’s earnings for FY22 and FY23 assuming spot prices remained until the end of FY23
Sasol: Spotlight on earnings – latest profit drivers
We show Sasol’s earnings for FY22 and FY23 assuming spot prices remained until the end of FY23