Company Valuation: Santos Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 15,506 16,030 16,778 13,392 13,334 19,920 - -
Change - 3.38% 4.67% -20.18% -0.43% 49.39% - -
Enterprise Value (EV) 1 20,579 19,480 21,042 18,283 19,098 24,470 23,923 23,321
Change - -5.34% 8.02% -13.11% 4.46% 28.13% -2.24% -2.52%
P/E 15x 7.73x 12x 11x 16.4x 13.1x 11.9x 11.9x
PBR 1.14x 1.08x 1.1x 0.87x 0.85x 1.21x 1.2x 1.19x
PEG - 0x -0.4x -0.8x -0.5x 0.2x 1.1x -77.96x
Capitalization / Revenue 3.29x 2.06x 2.85x 2.49x 2.7x 2.95x 2.79x 2.85x
EV / Revenue 4.37x 2.5x 3.57x 3.4x 3.87x 3.63x 3.35x 3.34x
EV / EBITDA 7.68x 3.54x 5.26x 5.03x 5.71x 5.32x 4.68x 4.77x
EV / EBIT 14.3x 5.19x 10.1x 9.08x 12.1x 10x 8.49x 8.87x
EV / FCF 17.6x 6.83x 9.89x 40.7x 25.2x 15.5x 10x 9.47x
FCF Yield 5.68% 14.6% 10.1% 2.46% 3.96% 6.46% 9.97% 10.6%
Dividend per Share 2 0.14 0.151 0.262 0.233 0.237 0.3237 0.4031 0.3863
Rate of return 3.05% 3.11% 5.06% 5.64% 5.76% 5.26% 6.55% 6.28%
EPS 2 0.306 0.628 0.432 0.376 0.251 0.4683 0.5175 0.5167
Distribution rate 45.8% 24% 60.6% 62% 94.4% 69.1% 77.9% 74.8%
Net sales 1 4,713 7,790 5,889 5,381 4,939 6,743 7,131 6,978
EBITDA 1 2,679 5,498 3,997 3,637 3,342 4,603 5,117 4,894
EBIT 1 1,436 3,751 2,075 2,013 1,574 2,439 2,819 2,630
Net income 1 658 2,112 1,416 1,224 818 1,433 1,753 1,623
Net Debt 1 5,073 3,450 4,264 4,891 5,764 4,550 4,003 3,401
Reference price 2 4.588 4.853 5.181 4.134 4.116 6.149 6.149 6.149
Nbr of stocks (in thousands) 3,379,649 3,303,215 3,238,575 3,239,501 3,239,897 3,239,476 - -
Announcement Date 15/02/22 21/02/23 20/02/24 18/02/25 21/01/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.28x3.43x6.44x5.37% 1,668B
13.52x1.87x6.11x3.4% 411B
7.99x0.58x3.79x6.52% 281B
8.48x0.96x4.24x3.29% 272B
8.26x1.07x4.38x4.5% 202B
6x1.65x2.63x7.61% 148B
4.1x1.62x3.07x7.35% 128B
8.3x0.89x2.19x3.54% 106B
8.68x0.81x4.04x4.69% 80.05B
Average 8.73x 1.43x 4.10x 5.14% 366.18B
Weighted average by Cap. 11.20x 2.35x 5.37x 5.1%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

-40%: Exceptional extension
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