Raising Our Sasol Fair Value Estimate, but Stock Still Looks Overvalued
We are raising our fair value estimate for no-moat Sasol Ltd to $30 (ZAR 424) from $24 (ZAR 305) on our lower cost of capital forecast. As the Lake Charles Chemical Project in the United States becomes operational, we expect a shift in operations toward North America. Accordingly, we are lowering our cost of equity country risk premium. With shares trading near $39 (ZAR 550), which represents a 30% premium to our fair value estimate, the stock still looks overvalued. While Sasol has an extensive...
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