Sasol Is Still Overvalued
We are raising our fair value estimate for no-moat, Sasol, to $26 (ZAR 307) based on the strengthening of the rand compared with the U.S. dollar. However, the stock is still overvalued, trading near $36 (ZAR 404). While Sasol has an extensive near-term growth portfolio and favorable cost structure, we believe the market is overlooking rising costs driven by inflation while placing too much emphasis on the company’s growth portfolio.As a reminder, Sasol provided an update on its 2018 first-half ...
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