Published On: July 22nd, 2024Categories: Trade Ideas
In this investment case, we focalize our attention on Sasol Limited, a global chemical and energy company with a market leading domestic position in South Africa. We like Sasol’s improving credit metrics and operating efficiency. We appreciate the management targeting to achieve a net debt below $4bn and a net debt to EBITDA ratio below 1.5x over the medium-term. We think Sasol’s bonds offer attractive valuations, especially compared to more volatile SOE bonds (Eskom, Transnet), who are reliant on ongoing government support.
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