Switch to:

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 8/10

vs
industry
vs
history
Cash to Debt 1.42
SSL's Cash to Debt is ranked higher than
79% of the 67 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 0.37 vs. SSL: 1.42 )
Ranked among companies with meaningful Cash to Debt only.
SSL' s 10-Year Cash to Debt Range
Min: 0.09  Med: 0.53 Max: 1.84
Current: 1.42
0.09
1.84
Equity to Asset 0.61
SSL's Equity to Asset is ranked higher than
80% of the 66 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 0.44 vs. SSL: 0.61 )
Ranked among companies with meaningful Equity to Asset only.
SSL' s 10-Year Equity to Asset Range
Min: 0.45  Med: 0.56 Max: 0.63
Current: 0.61
0.45
0.63
Interest Coverage 23.80
SSL's Interest Coverage is ranked higher than
61% of the 38 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 16.70 vs. SSL: 23.80 )
Ranked among companies with meaningful Interest Coverage only.
SSL' s 10-Year Interest Coverage Range
Min: 9.75  Med: 21.35 Max: 100.05
Current: 23.8
9.75
100.05
F-Score: 5
Z-Score: 3.78
M-Score: -2.71
WACC vs ROIC
11.10%
23.23%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 8/10

vs
industry
vs
history
Operating margin (%) 26.59
SSL's Operating margin (%) is ranked higher than
91% of the 69 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 5.16 vs. SSL: 26.59 )
Ranked among companies with meaningful Operating margin (%) only.
SSL' s 10-Year Operating margin (%) Range
Min: 17.46  Med: 21.03 Max: 26.76
Current: 26.59
17.46
26.76
Net-margin (%) 17.83
SSL's Net-margin (%) is ranked higher than
87% of the 69 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 2.71 vs. SSL: 17.83 )
Ranked among companies with meaningful Net-margin (%) only.
SSL' s 10-Year Net-margin (%) Range
Min: 9.9  Med: 14.59 Max: 18.39
Current: 17.83
9.9
18.39
ROE (%) 21.29
SSL's ROE (%) is ranked higher than
88% of the 69 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 4.95 vs. SSL: 21.29 )
Ranked among companies with meaningful ROE (%) only.
SSL' s 10-Year ROE (%) Range
Min: 15.08  Med: 21.28 Max: 38.01
Current: 21.29
15.08
38.01
ROA (%) 13.04
SSL's ROA (%) is ranked higher than
91% of the 70 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 2.28 vs. SSL: 13.04 )
Ranked among companies with meaningful ROA (%) only.
SSL' s 10-Year ROA (%) Range
Min: 7.33  Med: 11.85 Max: 18.81
Current: 13.04
7.33
18.81
ROC (Joel Greenblatt) (%) 29.31
SSL's ROC (Joel Greenblatt) (%) is ranked higher than
83% of the 69 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 8.09 vs. SSL: 29.31 )
Ranked among companies with meaningful ROC (Joel Greenblatt) (%) only.
SSL' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: 17.39  Med: 27.05 Max: 59.76
Current: 29.31
17.39
59.76
Revenue Growth (3Y)(%) 12.30
SSL's Revenue Growth (3Y)(%) is ranked higher than
73% of the 60 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 4.50 vs. SSL: 12.30 )
Ranked among companies with meaningful Revenue Growth (3Y)(%) only.
SSL' s 10-Year Revenue Growth (3Y)(%) Range
Min: 0.6  Med: 12.20 Max: 49.9
Current: 12.3
0.6
49.9
EBITDA Growth (3Y)(%) 16.00
SSL's EBITDA Growth (3Y)(%) is ranked higher than
77% of the 52 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: -2.70 vs. SSL: 16.00 )
Ranked among companies with meaningful EBITDA Growth (3Y)(%) only.
SSL' s 10-Year EBITDA Growth (3Y)(%) Range
Min: -3.4  Med: 15.65 Max: 46.1
Current: 16
-3.4
46.1
EPS Growth (3Y)(%) 14.10
SSL's EPS Growth (3Y)(%) is ranked higher than
74% of the 47 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: -9.00 vs. SSL: 14.10 )
Ranked among companies with meaningful EPS Growth (3Y)(%) only.
SSL' s 10-Year EPS Growth (3Y)(%) Range
Min: -9.6  Med: 15.45 Max: 59.7
Current: 14.1
-9.6
59.7
» SSL's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q3 2014

SSL Guru Trades in Q3 2014

Bernard Horn 64,370 sh (unchged)
David Dreman Sold Out
Jeremy Grantham 17,347 sh (-79.45%)
» More
Q4 2014

SSL Guru Trades in Q4 2014

Jim Simons 506,500 sh (New)
Jeremy Grantham 35,047 sh (+102.03%)
Bernard Horn 64,370 sh (unchged)
» More
Q1 2015

SSL Guru Trades in Q1 2015

Ron Baron 120,000 sh (New)
Jeremy Grantham 151,347 sh (+331.84%)
Bernard Horn 64,370 sh (unchged)
Jim Simons 183,600 sh (-63.75%)
» More
Q2 2015

SSL Guru Trades in Q2 2015

Caxton Associates 17,700 sh (New)
Ron Baron 200,000 sh (+66.67%)
Bernard Horn 64,370 sh (unchged)
Jim Simons Sold Out
Jeremy Grantham 146,300 sh (-3.33%)
» More
» Details

Insider Trades

Latest Guru Trades with SSL

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

No Entry found in the selected group of Gurus. You can
  • 1. Modify your Personalized List of Gurus, or
  • 2. Click on Premium Premium Tools above to check out all the Gurus, or
  • 3. Click on Premium Plus Premium Plus above for the stocks picks of all the institutional investment advisors (>4000)
» Interactive Charts

Peter Lynch Chart ( What is Peter Lynch Charts )

Top Ranked Articles about Sasol Ltd

GuruFocus Names Three Dividend Growers of the Week
During the past few weeks, GuruFocus recognized three companies as dividend growers. In order to be qualified for this list, the company had to: Read more...

Ratios

vs
industry
vs
history
P/E(ttm) 8.90
SSL's P/E(ttm) is ranked higher than
70% of the 46 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 12.60 vs. SSL: 8.90 )
Ranked among companies with meaningful P/E(ttm) only.
SSL' s 10-Year P/E(ttm) Range
Min: 6.04  Med: 11.96 Max: 18.37
Current: 8.9
6.04
18.37
Forward P/E 11.61
SSL's Forward P/E is ranked higher than
59% of the 39 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 12.55 vs. SSL: 11.61 )
Ranked among companies with meaningful Forward P/E only.
N/A
PE(NRI) 9.00
SSL's PE(NRI) is ranked higher than
69% of the 45 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 12.50 vs. SSL: 9.00 )
Ranked among companies with meaningful PE(NRI) only.
SSL' s 10-Year PE(NRI) Range
Min: 6.04  Med: 12.11 Max: 18.37
Current: 9
6.04
18.37
P/B 1.43
SSL's P/B is ranked lower than
65% of the 65 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 1.11 vs. SSL: 1.43 )
Ranked among companies with meaningful P/B only.
SSL' s 10-Year P/B Range
Min: 1.47  Med: 2.19 Max: 4.84
Current: 1.43
1.47
4.84
P/S 1.32
SSL's P/S is ranked lower than
79% of the 67 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 0.70 vs. SSL: 1.32 )
Ranked among companies with meaningful P/S only.
SSL' s 10-Year P/S Range
Min: 1.04  Med: 1.67 Max: 3.19
Current: 1.32
1.04
3.19
POCF 6.06
SSL's POCF is ranked lower than
69% of the 55 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 4.57 vs. SSL: 6.06 )
Ranked among companies with meaningful POCF only.
SSL' s 10-Year POCF Range
Min: 5.35  Med: 9.37 Max: 19.79
Current: 6.06
5.35
19.79
EV-to-EBIT 5.76
SSL's EV-to-EBIT is ranked higher than
79% of the 52 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 9.83 vs. SSL: 5.76 )
Ranked among companies with meaningful EV-to-EBIT only.
SSL' s 10-Year EV-to-EBIT Range
Min: 4.4  Med: 7.80 Max: 12.8
Current: 5.76
4.4
12.8
PEG 0.63
SSL's PEG is ranked higher than
75% of the 24 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 1.38 vs. SSL: 0.63 )
Ranked among companies with meaningful PEG only.
SSL' s 10-Year PEG Range
Min: 0.19  Med: 0.99 Max: 4.73
Current: 0.63
0.19
4.73
Shiller P/E 11.67
SSL's Shiller P/E is ranked lower than
51% of the 35 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 10.63 vs. SSL: 11.67 )
Ranked among companies with meaningful Shiller P/E only.
SSL' s 10-Year Shiller P/E Range
Min: 10.36  Med: 14.02 Max: 29.19
Current: 11.67
10.36
29.19
Current Ratio 2.50
SSL's Current Ratio is ranked higher than
87% of the 68 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 1.33 vs. SSL: 2.50 )
Ranked among companies with meaningful Current Ratio only.
SSL' s 10-Year Current Ratio Range
Min: 1.16  Med: 1.71 Max: 2.5
Current: 2.5
1.16
2.5
Quick Ratio 1.81
SSL's Quick Ratio is ranked higher than
85% of the 68 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 1.09 vs. SSL: 1.81 )
Ranked among companies with meaningful Quick Ratio only.
SSL' s 10-Year Quick Ratio Range
Min: 0.73  Med: 1.22 Max: 1.81
Current: 1.81
0.73
1.81
Days Inventory 96.11
SSL's Days Inventory is ranked lower than
88% of the 65 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 36.69 vs. SSL: 96.11 )
Ranked among companies with meaningful Days Inventory only.
SSL' s 10-Year Days Inventory Range
Min: 64.14  Med: 74.23 Max: 131.67
Current: 96.11
64.14
131.67
Days Sales Outstanding 47.46
SSL's Days Sales Outstanding is ranked lower than
66% of the 62 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 34.61 vs. SSL: 47.46 )
Ranked among companies with meaningful Days Sales Outstanding only.
SSL' s 10-Year Days Sales Outstanding Range
Min: 39.62  Med: 55.60 Max: 87.03
Current: 47.46
39.62
87.03

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 5.03
SSL's Dividend Yield is ranked lower than
52% of the 130 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 6.31 vs. SSL: 5.03 )
Ranked among companies with meaningful Dividend Yield only.
SSL' s 10-Year Dividend Yield Range
Min: 1.49  Med: 3.09 Max: 5.55
Current: 5.03
1.49
5.55
Dividend Payout 0.33
SSL's Dividend Payout is ranked higher than
67% of the 93 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 7.70 vs. SSL: 0.33 )
Ranked among companies with meaningful Dividend Payout only.
SSL' s 10-Year Dividend Payout Range
Min: 0.14  Med: 0.33 Max: 0.52
Current: 0.33
0.14
0.52
Dividend growth (3y) 25.40
SSL's Dividend growth (3y) is ranked higher than
79% of the 38 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 7.70 vs. SSL: 25.40 )
Ranked among companies with meaningful Dividend growth (3y) only.
SSL' s 10-Year Dividend growth (3y) Range
Min: 0  Med: 8.95 Max: 77.6
Current: 25.4
0
77.6
Yield on cost (5-Year) 10.84
SSL's Yield on cost (5-Year) is ranked higher than
87% of the 132 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 7.81 vs. SSL: 10.84 )
Ranked among companies with meaningful Yield on cost (5-Year) only.
SSL' s 10-Year Yield on cost (5-Year) Range
Min: 3.21  Med: 6.66 Max: 11.96
Current: 10.84
3.21
11.96
Share Buyback Rate -0.20
SSL's Share Buyback Rate is ranked higher than
64% of the 45 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: -0.50 vs. SSL: -0.20 )
Ranked among companies with meaningful Share Buyback Rate only.
SSL' s 10-Year Share Buyback Rate Range
Min: 2.5  Med: 0.15 Max: -1.7
Current: -0.2

Valuation & Return

vs
industry
vs
history
Price/Tangible Book 1.45
SSL's Price/Tangible Book is ranked lower than
57% of the 65 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 1.36 vs. SSL: 1.45 )
Ranked among companies with meaningful Price/Tangible Book only.
SSL' s 10-Year Price/Tangible Book Range
Min: 1.57  Med: 2.03 Max: 3.68
Current: 1.45
1.57
3.68
Price/Projected FCF 1.39
SSL's Price/Projected FCF is ranked lower than
69% of the 36 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 1.08 vs. SSL: 1.39 )
Ranked among companies with meaningful Price/Projected FCF only.
SSL' s 10-Year Price/Projected FCF Range
Min: 0.84  Med: 1.35 Max: 2.93
Current: 1.39
0.84
2.93
Price/DCF (Earnings Based) 0.36
SSL's Price/DCF (Earnings Based) is ranked higher than
93% of the 15 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 1.61 vs. SSL: 0.36 )
Ranked among companies with meaningful Price/DCF (Earnings Based) only.
N/A
Price/Median PS Value 0.79
SSL's Price/Median PS Value is ranked higher than
55% of the 64 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 0.80 vs. SSL: 0.79 )
Ranked among companies with meaningful Price/Median PS Value only.
SSL' s 10-Year Price/Median PS Value Range
Min: 0.49  Med: 0.84 Max: 1.29
Current: 0.79
0.49
1.29
Price/Peter Lynch Fair Value 0.53
SSL's Price/Peter Lynch Fair Value is ranked higher than
67% of the 9 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 0.66 vs. SSL: 0.53 )
Ranked among companies with meaningful Price/Peter Lynch Fair Value only.
SSL' s 10-Year Price/Peter Lynch Fair Value Range
Min: 0.25  Med: 0.62 Max: 1.85
Current: 0.53
0.25
1.85
Price/Graham Number 0.83
SSL's Price/Graham Number is ranked higher than
52% of the 44 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 0.84 vs. SSL: 0.83 )
Ranked among companies with meaningful Price/Graham Number only.
SSL' s 10-Year Price/Graham Number Range
Min: 0.7  Med: 0.97 Max: 1.56
Current: 0.83
0.7
1.56
Earnings Yield (Greenblatt) (%) 17.40
SSL's Earnings Yield (Greenblatt) (%) is ranked higher than
84% of the 70 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 5.30 vs. SSL: 17.40 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) (%) only.
SSL' s 10-Year Earnings Yield (Greenblatt) (%) Range
Min: 7.8  Med: 12.80 Max: 22.6
Current: 17.4
7.8
22.6
Forward Rate of Return (Yacktman) (%) 17.60
SSL's Forward Rate of Return (Yacktman) (%) is ranked higher than
81% of the 37 Companies
in the Global Oil & Gas Integrated industry.

( Industry Median: 0.46 vs. SSL: 17.60 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) (%) only.
SSL' s 10-Year Forward Rate of Return (Yacktman) (%) Range
Min: 5.1  Med: 15.20 Max: 34.1
Current: 17.6
5.1
34.1

Analyst Estimate

Jun15 Jun16
Revenue(Mil) 15,670 15,262
EPS($) 3.23 3.09
EPS without NRI($) 3.23 3.09

Business Description

Industry: Oil & Gas - Integrated » Oil & Gas Integrated
Compare:XOM, RDS.B, CVX, EC, PBR » details
Traded in other countries:SSL N.Mexico, SAOA.Germany, SOL.South Africa, SOLBE1.South Africa, SASOF.USA, SAO.Germany,
Sasol Ltd was incorporated under the laws of the Republic of South Africa in 1979. The Company is an international integrated energy and chemicals company. It develops and commercializes technologies, and builds and operates facilities, to produce product streams, including liquid fuels, high-value chemicals and low-carbon electricity. The Company operates in three segments including South African Energy Cluster, International Energy Cluster and Chemical Cluster. The South African Energy Cluster segment includes Sasol Mining, Sasol Gas, Sasol Synfuels, and Sasol Oil. Sasol Mining engaged in mining & exporting of coal. Sasol Gas engaged in distribution and marketing of Mozambican-produced natural gas and Secunda-produced methane-rich gas to customers in the Gauteng, Mpumalanga, KwaZulu-Natal, Free State and North-West provinces of South Africa. Sasol Synfuels engaged in operating commercial coal-based synfuels manufacturing facility at Secunda and produce synthesis gas through coal gasification and natural gas reforming, using its proprietary technology to convert synthesis gas into synthetic fuel components, chemical feedstock and pipeline gas, and also sells fuel components and heavy fuel oils to Sasol Oil, and methane-rich gas to Sasol Gas. Sasol Oil market fuels blended at Secunda and fuels refined through its refinery, and also market lubricants blended at Engen, Sasol Oil and the Agip (ESA) facility in Durban. Its products include petrol, diesel, jet fuel, illuminating paraffin, liquid petroleum gas (LPG), fuel oils, bitumen, motor and industrial lubricants and sulphur. The International Energy Cluster segment includes Sasol Synfuels International, and Sasol Petroleum International. Sasol Synfuels International develops, implements and manages international business ventures based on Company's proprietary GTL technology, marketing and support subsidiary. It is involved in two GTL production facilities in Qatar and Nigeria. Sasol Petroleum International manages natural oil and gas exploration and production interests in West and Southern Africa, Canada and Australia; and operates production facilities in Mozambique. The Chemical Cluster segment includes Sasol Polymers, Sasol Solvents, Sasol Olefins & Surfactants, and Other chemical businesses. Sasol Polymers operates plants at Sasolburg and Secunda in South Africa and supply ethylene, propylene, polyethylene, polypropylene, polyvinyl chloride, chlor-alkali chemicals and mining reagents to domestic and international customers. Sasol Solvents operates plants in South Africa and supply a diverse range of solvents (ketones and alcohols), acrylates and associated products. Sasol Olefins & Surfactants operate plants in Germany, Italy, the US, the Slovak Republic and China and supply surfactants, linear alkylbenzene, surfactant intermediates, n-paraffins, n-olefins, C6-C22 alcohols, co-monomers, ethylene and other organic intermediates to customers as well as specialty aluminas, sil
» More Articles for SSL

Headlines

Articles On GuruFocus.com
Gulf Coast LNG Projects Dominate 2016's Top 10 Spending Projects in U.S. Southwest Region, an Indust Aug 14 2015 
MIG May 07 2015 
Value Apr 08 2015 
Weekly Guru Bargains Highlights: NOV, PBR.A, EC, VALE, SSL Apr 02 2015 
GuruFocus Names Three Dividend Growers of the Week Mar 29 2015 
Weekly Guru Bargains Highlights: ITUB, PBR.A, SSL, APA, NOV Mar 21 2015 
Weekly Guru Bargains Highlights: SSL, PBR, FCX, EC, APA Mar 09 2015 
Weekly 3-Year Low Highlights: E, FCX, SSL, VET, NBR Dec 08 2014 
Weekly 52-Week Highs Highlight: PSX, SSL, ROK, EMN Apr 20 2014 
Philip Morris and Five Others Named GuruFocus Dividend Growers of the Week Sep 16 2013 

More From Other Websites
Sasol Clarifies Position on Iran Aug 24 2015
Gulf Coast LNG Projects Dominate 2016's Top 10 Spending Projects in U.S. Southwest Region, an... Aug 14 2015
SOL: SASOL LIMITED - Trading Statement for the Financial Year Ended 30 June 2015 Aug 07 2015
Sasol Sees Profit Declining as Much as 19% as Oil Price Slumps Aug 07 2015
Sasol upgraded by BofA/Merrill Jul 13 2015
Sasol Provides Additional Historical Disclosure for Performance Chemicals Segment Jun 30 2015
Sasol’s Maurice Radebe appointed as SAPIA chairperson for... Jun 29 2015
Decision by Competition Appeal Court on Polymer Pricing Released Jun 18 2015
South Africa Court Overturns Fine Over Sasol Chemical Pricing Jun 17 2015
Sasol directors support 702 Sun International CEO SleepOut Jun 17 2015
KC Southern couples new rail yard with multibillion-dollar chemical complex Jun 08 2015
Sasol President and CEO to Transition Into an Advisory Role in July 2016 Jun 08 2015
Sasol's Wax Expansion Project Phase I Successfully Commissioned Jun 02 2015
Sasol’s Wax Expansion Project Phase I successfully... Jun 02 2015
Sasol Performance Chemicals expands catalyst carrier... May 20 2015
5 Big Stocks to Trade for Big Gains May 07 2015
Sasol Publishes Production and Sales Metrics for the Nine Months Ended 31 March 2015 May 07 2015
S. Africa braces for economic backlash from xenophobic attacks Apr 25 2015
Sasol (SSL) Shares March Higher, Can It Continue? - Tale of the Tape Apr 17 2015
Sasol Moves South Africans From Mozambique on Xenophobic Turmoil Apr 17 2015

Personalized Checklist

Checklist has been moved to "Checklist" tab.

Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
FEEDBACK