by Rowan Goeller | Mar 6, 2020 | Chemicals
A weaker oil price, significantly lower refining margins and a stronger rand have driven spot earnings lower and FY20 spot HEPS at R12.51 are now 20% below our forecast and the spot estimate of R15.43 for FY21 is almost 60% below our estimate of R36.30.We estimate if...
by Rowan Goeller | Feb 28, 2020 | Chemicals
Sasol’s spot earnings are down significantly following our downgrade in earnings (link) as well as (ii) a sharp decline in oil prices, a significant decrease in refining margins as well as chemical prices. Spot earnings for are at R13.71/share and R18.73/share...
by Rowan Goeller | Feb 27, 2020 | Chemicals
Another large downgrade: We have once again cut our earnings expectations for FY20, this time from R26.65/share to R15.60/share. This cut comes as a result of the performance in the business, a cut in assumptions for chemical prices as well as a higher expected tax...
by Rowan Goeller | Feb 21, 2020 | Chemicals
Sasol’s spot earnings increased to R25.88/share this week as oil prices increased and the rand weakened. Refining margins fell back as product prices lagged the increase in the oil price.Our FY20E spot earnings still exclude Sasol’s recent downgrade of the LCCP...
