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    Alex Comer

    Research Analyst at J.P. Morgan

    Alex Comer's questions to SASOL (SSL) leadership

    Alex Comer's questions to SASOL (SSL) leadership • H2 2025

    Question

    Alex Comer questioned the long-term volume forecast for Secunda beyond 2034, given the declines shown in the impairment model. He also asked for clarification on why the EBIT sensitivity to the oil price has increased while sensitivity to refined products has decreased, despite higher guided volumes.

    Answer

    CFO Walt Bruns stated that for impairment modeling, Secunda volumes are assumed to decline to 6.4 million tonnes by 2035 and remain at that level. He explained that the oil price sensitivity increased due to higher volumes and the inclusion of an inventory valuation effect. He noted he would follow up regarding the refined product sensitivity.

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    Alex Comer's questions to SASOL (SSL) leadership • Q4 2016

    Question

    Alex Comer from JPMorgan Chase & Co. asked about the petrochemical price assumptions in the second-half guidance, the timeline for the Gemini plant to reach beneficial completion, and how to model Performance Chemicals pricing. He also inquired about the impact of extending the LCCP's asset life to 50 years on depreciation, returns, and remuneration targets.

    Answer

    CFO Paul Victor noted a 50% correlation between base chemical prices and oil prices, which they forecast at $50-$55/barrel. Joint President & CEO Bongani Nqwababa stated Gemini's beneficial operation is targeted for the next quarter. Regarding the LCCP, Mr. Nqwababa explained the 50-year asset life is based on technical reviews and peer benchmarks, but for prudence, return communications will still focus on a 25-year period. The change will, however, flow through to the ROIC calculation.

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    Alex Comer's questions to SASOL (SSL) leadership • FY 2015

    Question

    Alex Comer from JPMorgan Chase & Co. requested details on the threshold and stretch targets for 2016 cost savings, the outlook for chemical prices, particularly for surfactants and ethylene, and the projected costs and timing for the Mozambique exploration project.

    Answer

    Group Financial Controller Paul Victor explained that achieving the Project Phoenix and response plan goals constitutes the 100% savings target. EVP Chemicals Business Fleetwood Grobler noted robust surfactant pricing but pressure on base chemicals. CEO David Constable and EVP Upstream and Business Enablement Riaan Rademan stated the Mozambique project involves a >$2 billion investment with completion expected by 2019, pending FDP approval.

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