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 19,477 - -
Change - 3.38% 4.67% -20.18% -0.43% 46.07% - -
Enterprise Value (EV) 1 20,579 19,480 21,042 18,283 19,098 24,045 23,428 22,822
Change - -5.34% 8.02% -13.11% 4.46% 25.9% -2.56% -2.59%
P/E 15x 7.73x 12x 11x 16.4x 12.4x 11.6x 11.6x
PBR 1.14x 1.08x 1.1x 0.87x 0.85x 1.18x 1.16x 1.16x
PEG - 0x -0.4x -0.8x -0.5x 0.1x 1.67x -31.66x
Capitalization / Revenue 3.29x 2.06x 2.85x 2.49x 2.7x 2.83x 2.68x 2.78x
EV / Revenue 4.37x 2.5x 3.57x 3.4x 3.87x 3.49x 3.23x 3.26x
EV / EBITDA 7.68x 3.54x 5.26x 5.03x 5.71x 5.08x 4.47x 4.65x
EV / EBIT 14.3x 5.19x 10.1x 9.08x 12.1x 9.41x 7.98x 8.62x
EV / FCF 17.6x 6.83x 9.89x 40.7x 25.2x 15.2x 9.84x 9.28x
FCF Yield 5.68% 14.6% 10.1% 2.46% 3.96% 6.6% 10.2% 10.8%
Dividend per Share 2 0.14 0.151 0.262 0.233 0.237 0.3318 0.4304 0.3948
Rate of return 3.05% 3.11% 5.06% 5.64% 5.76% 5.52% 7.16% 6.57%
EPS 2 0.306 0.628 0.432 0.376 0.251 0.4849 0.5186 0.5167
Distribution rate 45.8% 24% 60.6% 62% 94.4% 68.4% 83% 76.4%
Net sales 1 4,713 7,790 5,889 5,381 4,939 6,881 7,264 6,999
EBITDA 1 2,679 5,498 3,997 3,637 3,342 4,735 5,243 4,912
EBIT 1 1,436 3,751 2,075 2,013 1,574 2,556 2,936 2,647
Net income 1 658 2,112 1,416 1,224 818 1,398 1,782 1,622
Net Debt 1 5,073 3,450 4,264 4,891 5,764 4,568 3,951 3,345
Reference price 2 4.588 4.853 5.181 4.134 4.116 6.012 6.012 6.012
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 2/15/22 2/21/23 2/20/24 2/18/25 1/21/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.97x3.38x6.41x5.52% 1,622B
12.48x1.81x5.97x3.49% 401B
8.19x0.61x3.98x6.36% 294B
8.21x0.94x4.1x3.28% 272B
7.94x1.04x4.33x4.59% 197B
6.03x1.66x2.66x7.57% 149B
4.01x1.61x3.02x8.3% 128B
7.46x0.81x1.96x3.8% 98.51B
8.67x0.84x4.15x4.7% 80.22B
Average 8.44x 1.41x 4.06x 5.29% 360.25B
Weighted average by Cap. 10.83x 2.30x 5.32x 5.23%

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