Sasol: I'm more optimistic than most. Yes, the write-off is huge but it was expected and current investors are arguably not paying for the mess. Oil hedging looks OK with >70% of hedged Q1 & Q2 (as disclosed at June) subject only to a floor & leaving room for upside participation
Sasol: If the write-off is viewed as past sins, and it is assumed that Sasol can generate a fairly modest R20 of sustainable earnings going forward, the PE of 8x is not demanding. The tone I'm getting from their update is that a rights issue is now less likely.
Sasol: Technically, I'm encouraged by this break holding today, despite the negativity. Targets remain at R180 and R210 with potential to R240. As said last week, it is not a perfect picture, hence a stop is essential as downside risk is as low as R100. 
