by Gerhard Engelbrecht | May 29, 2020 | Chemicals
The oil price as well as refining margins retreated this week, pulling Sasol’s spot earnings a little deeper into the red. The stronger rand contributed to lower earnings but should actually assist FY20 earnings as year-end hedge losses will be lower.Chemical...
by Gerhard Engelbrecht | May 27, 2020 | Chemicals
Equity holders at risk: The market value of Sasol’s equity has fallen well below the outstanding debt in the firm increasing the risk to equity holders significantly. Conventional valuations compromised: Conventional valuation methodologies...
by Gerhard Engelbrecht | May 22, 2020 | Chemicals
Rebounding in oil prices, a recovery in refining margins and small increases in chemical prices had a significant impact on Sasol’s spot earnings and we now estimate a loss of R13.12/share for FY21.Ethylene prices in Asia continue to increase on slightly higher...
by Gerhard Engelbrecht | May 20, 2020 | Chemicals
Fuel prices higher: Oil prices as well as refining margins have increased significantly since we published our review of Sasol’s liquidity at the end of April (link). Sasol’s petrol and diesel prices in rands have increased by 73.2% and 90.8%,...
by Gerhard Engelbrecht | May 15, 2020 | Chemicals
Spot prices still point to heavy losses in FY21 (R25.09). Key drivers remain the low oil price, compounded by weak crack spreads. All chemical prices are lower than our expectations.Refining margins are higher and approaching zero, but diesel cracks remain...
by Gerhard Engelbrecht | May 8, 2020 | Chemicals
Spot prices still point to heavy losses in FY21 (R27.74/share). Key drivers remain the low oil price compounded by negative crack spreads. All chemical prices are lower than our expectations.Oil prices and refining margins increased in the last week, but...
