Intrinsic value of Sasol ADR - SSL

Previous Close

$31.10

  Intrinsic Value

$10.24

stock screener

  Rating & Target

str. sell

-67%

Previous close

$31.10

 
Intrinsic value

$10.24

 
Up/down potential

-67%

 
Rating

str. sell

We calculate the intrinsic value of SSL stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 20.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -0.31
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  13,007
  13,267
  13,572
  13,921
  14,313
  14,747
  15,223
  15,741
  16,302
  16,907
  17,556
  18,250
  18,991
  19,779
  20,617
  21,507
  22,449
  23,447
  24,502
  25,617
  26,794
  28,036
  29,345
  30,726
  32,181
  33,713
  35,326
  37,023
  38,810
  40,690
  42,667
Variable operating expenses, $m
 
  11,450
  11,713
  12,014
  12,352
  12,726
  13,137
  13,585
  14,069
  14,591
  15,151
  15,750
  16,389
  17,069
  17,793
  18,560
  19,374
  20,235
  21,145
  22,107
  23,123
  24,195
  25,325
  26,517
  27,772
  29,094
  30,486
  31,951
  33,493
  35,115
  36,821
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  10,696
  11,450
  11,713
  12,014
  12,352
  12,726
  13,137
  13,585
  14,069
  14,591
  15,151
  15,750
  16,389
  17,069
  17,793
  18,560
  19,374
  20,235
  21,145
  22,107
  23,123
  24,195
  25,325
  26,517
  27,772
  29,094
  30,486
  31,951
  33,493
  35,115
  36,821
Operating income, $m
  2,311
  1,818
  1,859
  1,907
  1,961
  2,020
  2,086
  2,157
  2,233
  2,316
  2,405
  2,500
  2,602
  2,710
  2,825
  2,946
  3,076
  3,212
  3,357
  3,509
  3,671
  3,841
  4,020
  4,209
  4,409
  4,619
  4,840
  5,072
  5,317
  5,574
  5,845
EBITDA, $m
  2,311
  3,946
  4,036
  4,140
  4,257
  4,386
  4,527
  4,681
  4,848
  5,028
  5,221
  5,428
  5,648
  5,882
  6,132
  6,396
  6,676
  6,973
  7,287
  7,618
  7,968
  8,338
  8,727
  9,138
  9,571
  10,026
  10,506
  11,011
  11,542
  12,101
  12,689
Interest expense (income), $m
  -272
  198
  208
  219
  232
  246
  261
  278
  297
  317
  339
  362
  387
  414
  442
  472
  504
  538
  574
  611
  651
  694
  738
  785
  835
  887
  942
  1,000
  1,061
  1,125
  1,193
Earnings before tax, $m
  2,264
  1,619
  1,651
  1,688
  1,729
  1,775
  1,824
  1,878
  1,937
  1,999
  2,066
  2,138
  2,215
  2,296
  2,383
  2,474
  2,572
  2,674
  2,783
  2,898
  3,019
  3,147
  3,282
  3,424
  3,574
  3,731
  3,897
  4,072
  4,256
  4,449
  4,653
Tax expense, $m
  641
  437
  446
  456
  467
  479
  493
  507
  523
  540
  558
  577
  598
  620
  643
  668
  694
  722
  751
  782
  815
  850
  886
  925
  965
  1,007
  1,052
  1,099
  1,149
  1,201
  1,256
Net income, $m
  1,537
  1,182
  1,205
  1,232
  1,262
  1,296
  1,332
  1,371
  1,414
  1,459
  1,508
  1,561
  1,617
  1,676
  1,739
  1,806
  1,877
  1,952
  2,032
  2,116
  2,204
  2,297
  2,396
  2,500
  2,609
  2,724
  2,845
  2,973
  3,107
  3,248
  3,396

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,085
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  30,097
  28,593
  29,251
  30,002
  30,846
  31,781
  32,808
  33,925
  35,134
  36,437
  37,836
  39,332
  40,928
  42,628
  44,434
  46,351
  48,382
  50,532
  52,806
  55,208
  57,745
  60,422
  63,244
  66,220
  69,355
  72,657
  76,133
  79,792
  83,642
  87,693
  91,954
Adjusted assets (=assets-cash), $m
  28,012
  28,593
  29,251
  30,002
  30,846
  31,781
  32,808
  33,925
  35,134
  36,437
  37,836
  39,332
  40,928
  42,628
  44,434
  46,351
  48,382
  50,532
  52,806
  55,208
  57,745
  60,422
  63,244
  66,220
  69,355
  72,657
  76,133
  79,792
  83,642
  87,693
  91,954
Revenue / Adjusted assets
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
Average production assets, $m
  20,866
  21,280
  21,770
  22,329
  22,958
  23,654
  24,417
  25,249
  26,149
  27,119
  28,159
  29,273
  30,461
  31,726
  33,070
  34,497
  36,009
  37,609
  39,301
  41,089
  42,977
  44,969
  47,070
  49,285
  51,618
  54,075
  56,662
  59,386
  62,251
  65,266
  68,437
Working capital, $m
  2,699
  1,446
  1,479
  1,517
  1,560
  1,607
  1,659
  1,716
  1,777
  1,843
  1,914
  1,989
  2,070
  2,156
  2,247
  2,344
  2,447
  2,556
  2,671
  2,792
  2,921
  3,056
  3,199
  3,349
  3,508
  3,675
  3,850
  4,036
  4,230
  4,435
  4,651
Total debt, $m
  6,460
  5,945
  6,258
  6,616
  7,018
  7,463
  7,951
  8,483
  9,059
  9,679
  10,345
  11,057
  11,817
  12,626
  13,486
  14,398
  15,365
  16,388
  17,471
  18,614
  19,822
  21,096
  22,439
  23,856
  25,348
  26,920
  28,574
  30,316
  32,149
  34,077
  36,105
Total liabilities, $m
  14,125
  13,610
  13,923
  14,281
  14,683
  15,128
  15,616
  16,148
  16,724
  17,344
  18,010
  18,722
  19,482
  20,291
  21,151
  22,063
  23,030
  24,053
  25,136
  26,279
  27,487
  28,761
  30,104
  31,521
  33,013
  34,585
  36,239
  37,981
  39,814
  41,742
  43,770
Total equity, $m
  15,972
  14,983
  15,327
  15,721
  16,163
  16,653
  17,191
  17,777
  18,410
  19,093
  19,826
  20,610
  21,446
  22,337
  23,283
  24,288
  25,352
  26,479
  27,670
  28,929
  30,258
  31,661
  33,140
  34,699
  36,342
  38,072
  39,894
  41,811
  43,829
  45,951
  48,184
Total liabilities and equity, $m
  30,097
  28,593
  29,250
  30,002
  30,846
  31,781
  32,807
  33,925
  35,134
  36,437
  37,836
  39,332
  40,928
  42,628
  44,434
  46,351
  48,382
  50,532
  52,806
  55,208
  57,745
  60,422
  63,244
  66,220
  69,355
  72,657
  76,133
  79,792
  83,643
  87,693
  91,954
Debt-to-equity ratio
  0.404
  0.400
  0.410
  0.420
  0.430
  0.450
  0.460
  0.480
  0.490
  0.510
  0.520
  0.540
  0.550
  0.570
  0.580
  0.590
  0.610
  0.620
  0.630
  0.640
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
  0.720
  0.730
  0.730
  0.740
  0.750
Adjusted equity ratio
  0.503
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,537
  1,182
  1,205
  1,232
  1,262
  1,296
  1,332
  1,371
  1,414
  1,459
  1,508
  1,561
  1,617
  1,676
  1,739
  1,806
  1,877
  1,952
  2,032
  2,116
  2,204
  2,297
  2,396
  2,500
  2,609
  2,724
  2,845
  2,973
  3,107
  3,248
  3,396
Depreciation, amort., depletion, $m
  0
  2,128
  2,177
  2,233
  2,296
  2,365
  2,442
  2,525
  2,615
  2,712
  2,816
  2,927
  3,046
  3,173
  3,307
  3,450
  3,601
  3,761
  3,930
  4,109
  4,298
  4,497
  4,707
  4,928
  5,162
  5,408
  5,666
  5,939
  6,225
  6,527
  6,844
Funds from operations, $m
  1,725
  3,310
  3,382
  3,465
  3,558
  3,661
  3,773
  3,896
  4,029
  4,171
  4,324
  4,488
  4,663
  4,849
  5,046
  5,256
  5,478
  5,713
  5,962
  6,224
  6,502
  6,794
  7,103
  7,428
  7,771
  8,131
  8,511
  8,911
  9,332
  9,775
  10,240
Change in working capital, $m
  -424
  28
  33
  38
  43
  47
  52
  57
  61
  66
  71
  76
  81
  86
  91
  97
  103
  109
  115
  122
  128
  135
  143
  150
  159
  167
  176
  185
  195
  205
  215
Cash from operations, $m
  2,149
  3,282
  3,349
  3,427
  3,515
  3,614
  3,722
  3,839
  3,967
  4,105
  4,254
  4,412
  4,582
  4,763
  4,955
  5,159
  5,375
  5,604
  5,847
  6,103
  6,373
  6,659
  6,960
  7,278
  7,612
  7,964
  8,336
  8,726
  9,137
  9,570
  10,025
Maintenance CAPEX, $m
  0
  -2,087
  -2,128
  -2,177
  -2,233
  -2,296
  -2,365
  -2,442
  -2,525
  -2,615
  -2,712
  -2,816
  -2,927
  -3,046
  -3,173
  -3,307
  -3,450
  -3,601
  -3,761
  -3,930
  -4,109
  -4,298
  -4,497
  -4,707
  -4,928
  -5,162
  -5,408
  -5,666
  -5,939
  -6,225
  -6,527
New CAPEX, $m
  -4,552
  -415
  -489
  -559
  -628
  -696
  -764
  -832
  -900
  -970
  -1,041
  -1,113
  -1,188
  -1,265
  -1,344
  -1,427
  -1,512
  -1,600
  -1,692
  -1,788
  -1,888
  -1,992
  -2,101
  -2,214
  -2,333
  -2,457
  -2,587
  -2,723
  -2,866
  -3,015
  -3,171
Cash from investing activities, $m
  -4,276
  -2,502
  -2,617
  -2,736
  -2,861
  -2,992
  -3,129
  -3,274
  -3,425
  -3,585
  -3,753
  -3,929
  -4,115
  -4,311
  -4,517
  -4,734
  -4,962
  -5,201
  -5,453
  -5,718
  -5,997
  -6,290
  -6,598
  -6,921
  -7,261
  -7,619
  -7,995
  -8,389
  -8,805
  -9,240
  -9,698
Free cash flow, $m
  -2,127
  780
  732
  691
  654
  622
  593
  566
  542
  521
  501
  483
  467
  452
  438
  425
  414
  403
  394
  385
  377
  369
  362
  356
  350
  345
  341
  337
  333
  330
  327
Issuance/(repayment) of debt, $m
  719
  283
  313
  358
  402
  445
  488
  532
  576
  620
  666
  712
  760
  809
  860
  912
  967
  1,023
  1,082
  1,144
  1,207
  1,274
  1,344
  1,416
  1,492
  1,572
  1,655
  1,742
  1,833
  1,928
  2,028
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  645
  283
  313
  358
  402
  445
  488
  532
  576
  620
  666
  712
  760
  809
  860
  912
  967
  1,023
  1,082
  1,144
  1,207
  1,274
  1,344
  1,416
  1,492
  1,572
  1,655
  1,742
  1,833
  1,928
  2,028
Total cash flow (excl. dividends), $m
  -1,724
  1,064
  1,045
  1,049
  1,056
  1,067
  1,081
  1,098
  1,118
  1,141
  1,167
  1,195
  1,227
  1,261
  1,298
  1,338
  1,381
  1,427
  1,476
  1,528
  1,584
  1,643
  1,706
  1,772
  1,843
  1,917
  1,995
  2,078
  2,166
  2,258
  2,355
Retained Cash Flow (-), $m
  -356
  -298
  -345
  -394
  -442
  -490
  -538
  -585
  -634
  -683
  -733
  -784
  -836
  -891
  -947
  -1,004
  -1,064
  -1,127
  -1,191
  -1,259
  -1,329
  -1,403
  -1,479
  -1,559
  -1,643
  -1,730
  -1,822
  -1,917
  -2,018
  -2,123
  -2,233
Prev. year cash balance distribution, $m
 
  1,287
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  2,053
  700
  655
  614
  577
  543
  513
  484
  458
  434
  411
  390
  370
  351
  333
  316
  300
  285
  269
  255
  241
  227
  213
  200
  187
  174
  161
  148
  135
  122
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  1,968
  641
  570
  505
  447
  394
  346
  303
  263
  227
  195
  166
  141
  118
  98
  80
  65
  52
  41
  32
  25
  19
  14
  10
  7
  5
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Sasol Limited is an international integrated chemicals and energy company. The Company develops and commercializes technologies, and builds and operates facilities to produce a range of product streams, including liquid fuels, chemicals and low-carbon electricity. The Company's operating business units include Mining and, Exploration and Production International. Its Strategic Business Units are energy, base chemicals, performance chemicals and group functions. The Company's regional operating hubs include Southern Africa Operations and International Operations. The Company operates approximately six coal mines that supply feedstock for its Secunda (Sasol Synfuels) and Sasolburg (Sasolburg Operations) complexes in South Africa. It offers market ready fuels and oils, such as bitumen; industrial heating fuels; naphtha and illuminating paraffin transport fuels; automotive lubricants; industrial lubricants; greases; cleansers and degreasers; automotive fuels, and burner fuels.

FINANCIAL RATIOS  of  Sasol ADR (SSL)

Valuation Ratios
P/E Ratio 0.1
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow -0
Growth Rates
Sales Growth Rate -0.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14.3%
Cap. Spend. - 3 Yr. Gr. Rate 9.2%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 35.4%
Total Debt to Equity 40.4%
Interest Coverage -7
Management Effectiveness
Return On Assets 4.5%
Ret/ On Assets - 3 Yr. Avg. 5.7%
Return On Total Capital 6.9%
Ret/ On T. Cap. - 3 Yr. Avg. 8.6%
Return On Equity 9.7%
Return On Equity - 3 Yr. Avg. 10.9%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 58.6%
Gross Margin - 3 Yr. Avg. 58%
EBITDA Margin 15.3%
EBITDA Margin - 3 Yr. Avg. 16.9%
Operating Margin 17.8%
Oper. Margin - 3 Yr. Avg. 18.5%
Pre-Tax Margin 17.4%
Pre-Tax Margin - 3 Yr. Avg. 18.6%
Net Profit Margin 11.8%
Net Profit Margin - 3 Yr. Avg. 11.8%
Effective Tax Rate 28.3%
Eff/ Tax Rate - 3 Yr. Avg. 32.2%
Payout Ratio 0%

SSL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SSL stock intrinsic value calculation we used $13007 million for the last fiscal year's total revenue generated by Sasol ADR. The default revenue input number comes from 2017 income statement of Sasol ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SSL stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for SSL is calculated based on our internal credit rating of Sasol ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Sasol ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SSL stock the variable cost ratio is equal to 86.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SSL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Sasol ADR.

Corporate tax rate of 27% is the nominal tax rate for Sasol ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SSL stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SSL are equal to 160.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Sasol ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SSL is equal to 10.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $15972 million for Sasol ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 659.044 million for Sasol ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Sasol ADR at the current share price and the inputted number of shares is $20.5 billion.

RELATED COMPANIES Price Int.Val. Rating
TOT Total ADR 56.03 9.60  str.sell
CVX Chevron 119.68 18.60  str.sell
LYB LyondellBasell 106.99 325.28  str.buy
HUN Huntsman 31.72 6.66  str.sell
XOM Exxon Mobil 82.76 9.87  str.sell
E ENI ADR 33.07 7.49  str.sell
BP BP ADR 40.66 6.36  str.sell

COMPANY NEWS

▶ Sasol Shifts Strategy, Evaluates Chemical Business Split   [Nov-28-17 07:00PM  Rigzone.com]
▶ ETFs with exposure to Sasol Ltd. : November 6, 2017   [Nov-06-17 12:31PM  Capital Cube]
▶ [$$] Sasol goes cold on converting gas and coal to liquids   [Sep-26-17 05:15AM  Financial Times]
▶ Today's Bell Ringer, September 9, 2017   [Sep-08-17 09:14AM  CNBC Videos]
▶ ETFs with exposure to Sasol Ltd. : September 1, 2017   [Aug-31-17 09:13PM  Capital Cube]
▶ Which Stocks Are Showing Rising Relative Strength?   [May-22-17 12:12PM  Investor's Business Daily]
▶ South African Chemical Maker Looks To Fuel New Rebound   [12:03PM  Investor's Business Daily]
▶ Is This Country Africas Qatar Of Natural Gas?   [May-11-17 10:55AM  Oilprice.com]
▶ Sasol Sees Mixed Sales to Start 2017   [May-06-17 06:58PM  Motley Fool]
▶ Sasol: The Benefits Of A Weak Rand   [Apr-17-17 12:44PM  Barrons.com]
▶ Sasol Looks to North America for Growth   [Mar-13-17 09:52AM  Motley Fool]
▶ Sasol Looks to North America for Growth   [09:52AM  at Motley Fool]
▶ Why energy execs are suddenly pumped up on Trump   [Mar-06-17 08:58AM  at CNBC]
▶ These 4 Stocks Could Be Turning 'Toxic' in March   [Mar-03-17 07:00AM  TheStreet.com]
▶ South Africa's Sasol Energy Rises On Earnings   [Feb-27-17 10:30AM  Barrons.com]
▶ South Africa's Sasol Energy Rises On Earnings   [10:30AM  at Barrons.com]
▶ Hedge Fund Sentiment Is Stagnant On Ecopetrol S.A. (ADR) (EC)   [Dec-12-16 03:53PM  at Insider Monkey]
▶ Do Hedge Funds Love Dr Pepper Snapple Group Inc. (DPS)?   [Dec-11-16 09:24AM  at Insider Monkey]
▶ SOL: Sasol Limited - Hedging of Financial Risks   [Dec-08-16 03:04AM  PR Newswire]
▶ Is DTE Energy Co (DTE) Worthy of Your Portfolio?   [05:48PM  at Insider Monkey]
▶ Is Clorox Co (CLX) A Good Stock To Buy?   [Nov-30-16 09:45AM  at Insider Monkey]
▶ Are Hedge Fund Short Sellers, Not OPEC, Driving Oil Price?   [Nov-22-16 10:53AM  at Barrons.com]
▶ Sasol's Energy Production Remains Under Pressure   [Nov-14-16 09:44AM  at Motley Fool]
▶ Business Watch   [Sep-13-16 12:09AM  at The Wall Street Journal]
▶ [$$] South Africa's Sasol Vows More Savings to Combat Crude Slump   [Sep-12-16 04:42AM  at The Wall Street Journal]
Financial statements of SSL
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.