Core Viewpoint - Sasol expects a significant increase in earnings per share (EPS) by more than 100% compared to the prior year, while adjusted earnings before interest, tax, depreciation, and amortization (adjusted EBITDA) is projected to decrease by 10% to 17% [1][3]. Financial Performance - Adjusted EBITDA is anticipated to be between R50 billion and R54 billion, down from R60 billion in the previous year [1]. - EPS is expected to rise to between R7.00 and R12.00, compared to a prior year loss per share of R69.94 [3]. - Headline earnings per share (HEPS) is projected to increase by 85% to 100%, reaching between R33.60 and R36.30, up from R18.19 in the prior year [3]. Factors Influencing Earnings - The increase in earnings is attributed to higher average chemicals basket prices and strict cost control measures [3]. - Significant impairments decreased from R74.9 billion in the prior year to R20.7 billion in the current year [3]. - The derecognition of a deferred tax asset of R15.3 billion from the prior year is noted, primarily related to Chemicals America operations [3]. - A net cash settlement of R4.3 billion from Transnet SOC Limited and a reduction in asset rehabilitation provision of R2.9 billion were also contributing factors [3]. Market Conditions - There was a 15% decline in the average Rand per barrel of Brent crude oil price, alongside a significant drop in refining margins and fuel price differentials [3]. - Sales volumes decreased by 3% due to lower production and/or market demand [3]. Impairments and Reversals - The Secunda and Sasolburg liquid fuels refinery cash generating units remain fully impaired, with recoverable amounts affected by lower macro-economic forecasts [3]. - Impairments included R4.4 billion for the Production Sharing Agreement (PSA) and PT5-C exploration assets in Mozambique, and R3.2 billion for Italy Care Chemicals CGU [3]. - A reversal of impairment of R1 billion was noted for the China Care Chemicals CGU due to improved business results [3].

Summary of Global Oil and Gas Valuation Report Industry Overview - The report focuses on the **Global Oil and Gas** industry, providing insights into major companies and market dynamics as of **July 18, 2025** [1][2]. Key Companies Mentioned - **India**: Bharat Petroleum, Hindustan Petroleum, Indian Oil, ONGC, Reliance Industries - **Europe**: BP, BW LPG, Ceres Power, ENI, Fuchs Petrolub, Galp, Industrie De Nora, ITM Power, MOL, Motor Oil - **North America**: Aemetis, Antero Resources, APA Corp, Chevron, ExxonMobil, Halliburton, Suncor Energy, Valero Energy - **China**: CNOOC, Petrochina, Sinopec - **Saudi Arabia**: Saudi Aramco - **Others**: Companies from South Africa, Thailand, South Korea, Japan, Australia, and Latin America are also included [2]. Core Insights and Arguments - **Valuation Metrics**: The report provides various valuation metrics such as **EV/DACF**, **FCF Yield**, and **P/E Ratios** for major oil companies, indicating their financial health and market performance [9]. - **Performance Ratings**: Companies are rated based on their performance, with **Chevron** and **ExxonMobil** receiving "Buy" ratings, while **Equinor** is rated as "Sell" [9]. - **Growth Projections**: The report includes **CAGR** estimates for 2024-2027, indicating expected growth rates for different companies, with **Cenovus Energy** projected to have a **78%** upside potential [9]. - **Market Trends**: The report highlights trends in the oil and gas sector, including shifts towards renewable energy and the impact of geopolitical factors on oil prices [6]. Important but Overlooked Content - **Analyst Conflicts of Interest**: The report discloses potential conflicts of interest due to UBS's business relationships with covered companies, which may affect the objectivity of the analysis [4][5]. - **Macro Assumptions**: The report includes macroeconomic assumptions that underpin the valuations, sourced from reputable databases like Bloomberg and Reuters [6]. - **Definitions and Metrics**: Key financial metrics and definitions are provided to ensure clarity in the analysis, such as the **Nelson Complexity Index** for refining capacity [8]. Conclusion - The **Global Oil and Gas Valuation Report** provides a comprehensive analysis of the industry, highlighting key players, financial metrics, and growth projections while also addressing potential conflicts of interest and macroeconomic assumptions that could influence investment decisions [1][2][4][5][9].

Core Insights - The article compares two companies, Sasol (SSL) and Vista Energy, S.A.B. de C.V. (VIST), to determine which is a better investment opportunity for undervalued stocks [1] Valuation Metrics - Sasol has a forward P/E ratio of 2.75, while Vista Energy has a forward P/E of 8.90 [5] - Sasol's PEG ratio is 0.17, indicating a favorable earnings growth outlook compared to Vista Energy's PEG ratio of 1.89 [5] - Sasol's P/B ratio stands at 0.41, contrasting with Vista Energy's P/B of 2.72 [6] Investment Ratings - Sasol currently holds a Zacks Rank of 1 (Strong Buy), whereas Vista Energy has a Zacks Rank of 5 (Strong Sell) [3] - Based on the valuation metrics and earnings outlook, Sasol is considered the superior value option compared to Vista Energy [6]

Investment Rating - The report provides a "Neutral" rating for BP and Eni, while it assigns a "Buy" rating to Chevron, ExxonMobil, Shell, TotalEnergies, GALP, OMV, and Cenovus Energy, indicating a positive outlook for these companies [10]. Core Insights - The report highlights that the global oil and gas sector is expected to experience a compound annual growth rate (CAGR) of 6.5% from 2024 to 2027, driven by increasing demand and recovering prices [10]. - The Brent front month price is projected to stabilize around $65.99 per barrel in 2025, while WTI is expected to be at $62.13 per barrel, reflecting a recovery from previous lows [7]. - Refining margins are anticipated to fluctuate, with European composite margins expected to average around $5.00 per barrel in 2025, indicating a challenging environment for refiners [7]. Summary by Sections Company Ratings and Projections - BP: Current price at 393.0, target price 400, with a 2% upside and a Neutral rating [10] - Chevron: Current price at 148.19, target price 177, with a 19% upside and a Buy rating [10] - ExxonMobil: Current price at 113.19, target price 130, with a 15% upside and a Buy rating [10] - Shell: Current price at 2,698, target price 2,900, with a 7% upside and a Buy rating [10] - TotalEnergies: Current price at 54.90, target price 60.0, with a 9% upside and a Buy rating [10] - Eni: Current price at 14.26, target price 13.0, with a -9% downside and a Neutral rating [10] - Cenovus Energy: Current price at 14.64, target price 25, with a 71% upside and a Buy rating [10] Market Assumptions - The report outlines macro assumptions for commodity prices, with Brent and WTI prices expected to stabilize in 2025 [7]. - The report also discusses refining margins, indicating a challenging environment for refiners with European margins projected at $5.00 per barrel [7]. Performance Metrics - The report includes performance metrics such as EV/DACF, FCF yield, and P/E ratios for major oil companies, providing a comprehensive view of their financial health and market positioning [10].

Core Viewpoint - The company has announced changes to its board of directors, including the appointment of a new independent non-executive director and the resignation of a non-executive director and chairman of the Remuneration Committee [1][4]. Group 1: Appointment of New Director - Ms. Xikongomelo Maluleke has been appointed as an independent non-executive director of Sasol effective from June 9, 2025 [1]. - Ms. Maluleke is a Chartered Accountant with a Bachelor of Commerce (Accounting) degree, a Bachelor of Accounting Honours, and an MBA [2]. - She has extensive experience in finance roles, including seven years at Shell Downstream South Africa and serving as Chief Financial Officer of Lumika Renewables [2]. Group 2: Resignation of Current Directors - Mr. Timothy Cumming has resigned as a non-executive director and chairman of the Remuneration Committee due to personal reasons, with the resignation accepted on June 6, 2025 [4]. - Dr. Martina Flöel has been appointed as the new chairman of the Remuneration Committee effective from June 6, 2025, relinquishing her chairmanship of the Capital Investment Committee [4]. - Mr. Manuel Cuambe has been appointed as chairman of the Capital Investment Committee effective June 6, 2025 [5]. Group 3: Board Chairman's Statement - Ms. Muriel Dube, Chairman of the Sasol Board, expressed pleasure in welcoming Ms. Maluleke, highlighting her experience and drive as beneficial for the company's future [3].

Core Viewpoint - Sasol Oil and TotalEnergies Marketing South Africa won a legal judgment against Transnet, resulting in a payment order of R3.9 billion plus interest from Transnet to Sasol Oil [1] Group 1: Legal Proceedings - On June 20, 2024, the High Court of South Africa ruled in favor of Sasol Oil and TotalEnergies against Transnet, ordering Transnet to pay R3.9 billion plus interest [1] - Transnet has filed for leave to appeal the judgment to the Supreme Court of Appeal, which is currently under reconsideration, thus suspending the High Court's payment order [2] - In August 2024, Transnet initiated a separate action against Sasol Oil to recover R855 million, with the judgment still pending [3] Group 2: Settlement Agreement - On May 18, 2025, Sasol Oil and Transnet reached a settlement agreement, effective from May 23, 2025, after fulfilling all suspensive conditions [4] - Under the settlement, Transnet will make a net payment of R4.3 billion (exclusive of VAT) to Sasol Oil by June 30, 2025, resolving all disputes between the two parties [4]

Company Overview - Sasol leverages South Africa's coal mines and Mozambique gas fields through a fully integrated business model [1] - The company transforms low-cost feedstocks into high-value fuels, gas, and chemicals [1] Investment Potential - There are many positive aspects regarding Sasol that could indicate a strong investment opportunity [1] - The investment idea is centered around acquiring great companies at attractive prices [1]

Core Insights - The European white oil market is expected to grow from $685.4 million in 2023 to $1.59 billion by 2034, with a CAGR of 8.84% during the forecast period from 2024 to 2034 [1][8]. Market Overview - The white oil sector in Europe includes highly refined, mineral-based oils used in various industries such as pharmaceuticals, cosmetics, food processing, and industrial applications [2]. - The increasing demand for purity and safety in product formulations has made white oil essential for manufacturing lotions, ointments, lubricants, and plasticizers [2]. Innovations and Trends - Recent advancements in refining processes have led to white oils that meet stringent EU regulatory standards, including pharmaceutical and food-grade variants [3]. - There is a growing consumer awareness regarding sustainability and eco-friendly production practices, prompting European companies to adopt greener manufacturing methods [4]. Market Segmentation - The market is segmented by product type, grade type, application, functionality type, and country [9]. - Key product types include mineral white oil, light grade, heavy grade, synthetic white oil, and polyalphaolefin [9]. - Applications span healthcare, personal care, food and beverage, textiles, automotive, agriculture, and more [9]. Competitive Landscape - Major players in the market include ExxonMobil, Sonneborn LLC, Sasol, BP, FUCHS, H&R Group, Shell International, and Total Energies [3][10][16]. - The market has seen significant developments through business expansions, partnerships, collaborations, and joint ventures, with a focus on launching processing units to strengthen market positions [6]. Regulatory and Environmental Factors - The report discusses the regulatory landscape in Europe, including REACH compliance for cosmetic and personal care use and EU regulations for food-grade white oil [14]. - Sustainability and environmental impact considerations are becoming increasingly important, with a focus on sustainable sourcing of raw materials and eco-friendly alternatives [14].

Investors with an interest in Oil and Gas - Integrated - International stocks have likely encountered both Sasol (SSL) and Exxon Mobil (XOM) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank favors stocks with strong earnings esti ...

Sasol Limited (NYSE:SSL) Q4 2024 Earnings Conference Call February 24, 2025 2:00 AM ET Company Participants Tiffany Sydow - Vice President and Investor Relations Simon Baloyi - President and Chief Executive Officer Walt Bruns - Chief Financial Officer Victor Bester - Executive Vice President, Operations and Projects Sarushen Pillay - Executive Vice President, Business Building Strategy and Technology Hermann Wenhold - Executive Vice President, Mining, Risk Antje Gerber - Executive Vice President, Internatio ...