Sasol Still Overvalued
After updating our model for Sasol’s metric updates, we are slightly raising our fair value estimate to ZAR 305 from ZAR 302. However, we are lowering our U.S. fair value to $24 from $26 based on changes in foreign exchange rates. With shares trading near $36 (ZAR 450), which represents a 45% premium to our fair value estimate, the stock still looks overvalued. While Sasol has an extensive near-term growth portfolio and favorable cost structure, we believe the market is overlooking rising costs ...
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