Sasol: Update – chemical prices lower, yields higher
Price discovery for petrochemical prices is much slower than for oil. Prices have declined somewhat in the last week. Sasol’s bond yields and credit default swap spreads continue to rise.
Sasol: Spotlight on earnings – latest profit drivers
We show Sasol’s key profit drivers as well as the earnings for the current and next financial years if drivers remained at spot levels until the end of FY21
Sasol: Many wrongs make a rights issue
Sasol’s balance sheet is in distress and significant restructuring, debt refinancing, asset sales, capital cost reduction and and/or a large rights issue is required to secure the balance sheet.
Sasol: Oil at $35/bbl – Equity holders at risk
A large rights issue appears unavoidable if oil prices remained at current levels for longer than a few weeks.
Sasol: Spotlight on earnings – latest profit drivers
We show Sasol’s key profit drivers as well as the earnings for the current and next financial years if drivers remained at spot levels until the end of FY21
Sasol: Spotlight on earnings – latest profit drivers
We show Sasol’s key profit drivers as well as the earnings for the current and next financial years if drivers remained at spot levels until the end of FY21
Sasol: Another massive downgrade – why oh why?
We review our estimates for Sasol following 1HFY20 results and a downgrade to our chemical price assumptions. We downgrade our earnings for FY20 by 41% and trim earnings for later years. Spot prices suggest further downgrades – we remain cautious.
Sasol: Spotlight on earnings – latest profit drivers
We show Sasol’s key profit drivers as well as the earnings for the current and next financial years if drivers remained at spot levels until the end of FY21