Lowering Sasol Fair Value Estimate; Stock Still Overvalued
We are relaunching coverage of Sasol and lowering our fair value estimate slightly from $23 (ZAR 314) to $21 (ZAR 290). Trading near $30 (ZAR 414), which represents a 40% premium to our fair value estimate, the stock continues to look overvalued.Sasol’s vertical integration affords the company with increasing operating margins as commodity prices increase and the company’s cost of production remains relatively constant. However, in our forecast midcycle environment, the company is not able to t...
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