
Sasol is executing operational improvements, notably converting the Twistdraai Export Plant, and enhancing feedstock quality and downstream economics at Secunda. SSL's valuation remains deeply discounted, with forward EV/EBITDA at 3.12x versus a sector median of 8.2x, but sustained operational gains could narrow this gap. Cash conversion and working capital discipline are critical; FY2026 saw free cash flow rise 26% ex-settlement, but inventory build delays deleveraging and dividends.










