Production and Sales Metrics - Sasol's Secunda operations saw a 1% increase in production volumes year over year, attributed to a phased shutdown in fiscal 2024 compared to a total shutdown in the previous period [2] - Liquid fuels sales volumes decreased by 4% due to challenges in the South African diesel market and strategic inventory optimization [2] - Total mining production rose by 3% year over year, driven by improved operations at Thubelisha colliery and better performance at Transnet Freight Rail [6] - Saleable coal production decreased by 2%, but export sales volumes increased by 5% over fiscal 2024 [6] Chemicals Business Challenges - The chemicals segment faced a tough year, with sales revenues from South African operations down 11% due to lower prices [18] - The average sales basket price dropped by 13% from fiscal 2023, reflecting weaker global demand and lower oil prices [18] - U.S. chemical assets experienced a 12% decline in sales revenues despite a 3% increase in sales volumes [18] Gas Production in Mozambique - Sasol's gas production in Mozambique increased by 6% in fiscal 2024, surpassing market expectations [12] - The early start of production from the PSA initial gas facility in May significantly contributed to this growth [12] - Natural gas and methane-rich gas sales volumes in South Africa rose by 4% and 7%, respectively, due to higher production and increased external demand [12] Market Outlook - Sasol is set to release its financial results for fiscal 2024 on August 20, along with its outlook for fiscal 2025 [3] - Investors are keen to see how the company plans to navigate ongoing challenges in the energy market while capitalizing on operational improvements [3] - Sasol's shares increased by 10.12% in trading, driven by excitement over increased coal exports despite a 2% decline in saleable coal production [11]

Company Overview - Sasol is a leading provider of liquid fuels in South Africa and a major international producer of chemicals, utilizing proprietary Fischer-Tropsch technology to manufacture synthetic fuels from low-grade coal and natural gas [2][10] - The company operates the only inland crude oil refinery in South Africa and is involved in the exploration, production, and distribution of natural gas and oil, as well as marketing fuels and lubricants [2] Industry Outlook - The chemical sector is expected to experience a gradual recovery in 2024, with improvements anticipated in the second half of the year, supported by increased production volumes and stabilizing prices [3] - Industry leaders like BASF SE and Huntsman Corporation have noted this trend, positioning Sasol to capitalize on the recovery [3] Strategic Initiatives - Sasol is investing in green hydrogen production and renewable energy partnerships, enhancing its operational efficiency and reducing its carbon footprint [4][19] - The company is focused on free cash flow generation and decarbonization, aligning with global sustainability trends and enhancing its attractiveness to environmentally conscious investors [11][19] Financial Performance - Despite facing earnings challenges and market pressures, Sasol's shares are currently trading at 2.36 times forward earnings, significantly below the industry average of 9.47 and its 5-year median of 4.71, indicating an attractive valuation for potential investors [5] - The company also boasts a solid dividend yield, reflecting its commitment to returning value to shareholders [5] Political Environment - Recent political developments in South Africa suggest a more business-friendly environment, with a coalition government indicating a shift toward pragmatic policies that support economic growth and infrastructure development [18] - This political stability is expected to enhance Sasol's operational resilience and long-term growth prospects [18] Investment Opportunity - Sasol's stock has declined approximately 26% year-to-date, contrasting with the S&P 500's increase of over 16%, presenting a potential "buy-the-drop" opportunity for investors [15] - The company's strengths, including its pioneering technology and anticipated sector recovery, suggest significant upside potential, making it an attractive investment for value-oriented investors [16] - The Zacks average price target of $15.60 per share indicates a nearly 112% upside from current levels, further supporting the investment case [21]

Company Overview - Sasol operates in three main segments: mining, energy, and chemicals, with FY 2023 adjusted EBITDA of R68.6 billion, where 7% is from mining, 56% from energy, and 37% from chemicals [2] - The chemical segment is the strategic focus going forward, significantly impacting future financials [2] Industry Context - The chemical sector faced severe margin compression post-Ukraine invasion, with declining prices and increased costs, particularly affecting European producers [2] - Sales revenues from European operations decreased by 23%, while African and American operations saw declines of 15% and 13%, respectively [2] Political Environment - Recent elections in South Africa resulted in the ANC losing its majority for the first time in 30 years, forming a coalition with the Democratic Alliance, which is perceived as pro-market [3] - The political shift has led to a positive market reaction, with the Johannesburg Stock Exchange rising 3.5% following the elections, and Sasol shares increasing over 15% in the same period [3] Strategic Outlook - Sasol is positioned at an inflection point due to the political climate and potential recovery in the chemical sector after a period of weak demand [5][10] - The company aims to reduce carbon emissions by 30% by 2030 and achieve net-zero by 2050, adapting to the green energy transition [12] Financial Performance - Sasol has a market capitalization of R87 billion and net debt of R73 billion, with expected free cash flow between R20 billion and R35 billion, indicating a high free cash flow to EV yield and a forward dividend yield around 9% [9] - The company has tangible assets valued at R193 billion, suggesting a significant undervaluation relative to replacement value, with a price-to-book ratio of 0.45 [9] Sector Recovery - The chemical sector is showing signs of recovery, with S&P Global forecasting gradual growth in 2024, and other industry leaders expressing cautious optimism about improving demand trends [11]

Core Insights - Sasol (SSL) is currently rated as a Strong Buy (1) by Zacks, while Fuchs Petrolub SE Unsponsored ADR (FUPBY) is rated as a Sell (4), indicating a more favorable earnings estimate revision activity for SSL [2] - The P/B ratio for SSL is 0.40, significantly lower than FUPBY's P/B ratio of 3.28, suggesting that SSL may be undervalued compared to its book value [4] - SSL has a forward P/E ratio of 2.84, while FUPBY's forward P/E is 18.41, further indicating that SSL is potentially a better value investment [8] Valuation Metrics - The Value category grades stocks based on key metrics such as P/E ratio, P/S ratio, earnings yield, and cash flow per share, which are essential for value investors [3][7] - SSL holds a Value grade of A, while FUPBY has a Value grade of D, highlighting the relative attractiveness of SSL for value investors [9] - SSL's PEG ratio is 0.27, compared to FUPBY's PEG ratio of 1.62, indicating that SSL is expected to grow earnings at a more favorable rate relative to its price [8] Investment Outlook - The combination of a strong Zacks Rank and a high Value grade suggests that SSL is a more appealing option for value investors compared to FUPBY [5][6] - The overall analysis indicates that SSL stands out in both Zacks Rank and Style Scores models, reinforcing its position as a better investment choice at this time [5]

The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system. As such, the Zacks rating upgrade for Sasol is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price. The change in a company's future earnings potential, as reflected in earnings estimate revisions, ...

Sasol (SSL) has been on a downward spiral lately with significant selling pressure. After declining 11.8% over the past four weeks, the stock looks well positioned for a trend reversal as it is now in oversold territory and there is strong agreement among Wall Street analysts that the company will report better earnings than they predicted earlier. How to Determine if a Stock is Oversold We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is ...

Investors interested in Oil and Gas - Integrated - International stocks are likely familiar with Sasol (SSL) and Fuchs Petrolub SE Unsponsored ADR (FUPBY) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look. There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank favors ...

Company Participants Across the organization, strict costs and capital management measures have been introduced to improve cash flow generation. We also continue to embed operational improvements with a relentless focus on safety, improving productivity rates at Mining, which will lead to better performance of the South African value chain. I will unpack this in more detail in a later slide. This takes place against the backdrop of continued volatility, and in South Africa specifically, an uncertain regulat ...

[Publication of Annual Reports for Fiscal Year 2023](index=2&type=section&id=Publication%20of%20Sasol's%20suite%20of%20annual%20reports%20for%20the%20financial%20year%20ended%2030%20June%202023) Sasol announced the publication of its comprehensive suite of annual reports for the fiscal year ended June 30, 2023 [Report Publication and Availability](index=2&type=section&id=Report%20Publication%20and%20Availability) Sasol published its FY2023 annual reports, including the Form 20-F filed with the SEC, all receiving an unmodified audit opinion and available online - Sasol has published its suite of annual reports for the fiscal year ended June 30, 2023[6](index=6&type=chunk) - The annual financial statements for the year ended June 30, 2023, received an **unmodified opinion** from auditor PricewaterhouseCoopers Inc[6](index=6&type=chunk) - The annual report on Form 20-F was filed with the U.S. SEC and is available on the SEC's website, containing no changes from the financial statements published on August 23, 2023[7](index=7&type=chunk) - All reports can be downloaded from the company's website (https://www.sasol.com/investor-centre) or requested from Investor Relations[8](index=8&type=chunk) [List of Published Reports](index=2&type=section&id=List%20of%20Published%20Reports) The company has released a comprehensive suite of six key reports covering its performance and governance for the 2023 financial year - The following reports for the financial year ended 30 June 2023 have been published: - Integrated Report - Sustainability Report - Climate Change Report - Annual financial statements - Tax Report - Annual report on Form 20-F[10](index=10&type=chunk) [Note to Debt Holders](index=2&type=section&id=Note%20to%20holders%20of%20Domestic%20Medium-Term%20Notes) For holders of Domestic Medium-Term Notes, the King IV report on corporate governance and the Form 20-F, incorporated by reference in the note programme, have been replaced with the newly published versions - The King IV report and the Form 20-F, incorporated by reference in the Domestic Medium Term Note programme, have been **updated and replaced**[9](index=9&type=chunk) - The updated documents are available for inspection on Sasol's investor centre website[9](index=9&type=chunk)

Table of Contents As filed with the Securities and Exchange Commission on 01 September 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ◻ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ⌧ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934—for the fiscal year ended 30 June 2023 OR ◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ◻ SHELL COMPA ...