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 17,174 - -
Change - 3.38% 4.67% -20.18% -0.43% 28.8% - -
Enterprise Value (EV) 1 20,579 19,480 21,042 18,283 19,098 21,588 21,097 20,517
Change - -5.34% 8.02% -13.11% 4.46% 13.04% -2.28% -2.75%
P/E 15x 7.73x 12x 11x 16.4x 9.01x 9.33x 9.71x
PBR 1.14x 1.08x 1.1x 0.87x 0.85x 1.03x 1.01x 0.99x
PEG - 0x -0.4x -0.8x -0.5x 0x -2.75x -2.44x
Capitalization / Revenue 3.29x 2.06x 2.85x 2.49x 2.7x 2.45x 2.43x 2.45x
EV / Revenue 4.37x 2.5x 3.57x 3.4x 3.87x 3.08x 2.99x 2.93x
EV / EBITDA 7.68x 3.54x 5.26x 5.03x 5.71x 4.33x 4.25x 4.24x
EV / EBIT 14.3x 5.19x 10.1x 9.08x 12.1x 7.14x 7.35x 7.39x
EV / FCF 17.6x 6.83x 9.89x 40.7x 25.2x 10.8x 8.6x 9.03x
FCF Yield 5.68% 14.6% 10.1% 2.46% 3.96% 9.3% 11.6% 11.1%
Dividend per Share 2 0.14 0.151 0.262 0.233 0.237 0.3294 0.3678 0.3452
Rate of return 3.05% 3.11% 5.06% 5.64% 5.76% 6.22% 6.94% 6.51%
EPS 2 0.306 0.628 0.432 0.376 0.251 0.5882 0.5683 0.5457
Distribution rate 45.8% 24% 60.6% 62% 94.4% 56% 64.7% 63.3%
Net sales 1 4,713 7,790 5,889 5,381 4,939 7,010 7,055 7,009
EBITDA 1 2,679 5,498 3,997 3,637 3,342 4,989 4,964 4,836
EBIT 1 1,436 3,751 2,075 2,013 1,574 3,022 2,869 2,776
Net income 1 658 2,112 1,416 1,224 818 1,865 1,826 1,763
Net Debt 1 5,073 3,450 4,264 4,891 5,764 4,414 3,923 3,343
Reference price 2 4.588 4.853 5.181 4.134 4.116 5.300 5.300 5.300
Nbr of stocks (in thousands) 3,379,649 3,303,215 3,238,575 3,239,501 3,239,897 3,240,271 - -
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.($)
13.68x3.36x6.48x5.21% 1,722B
11.61x1.64x5.46x4.04% 349B
7.45x0.54x3.4x7.02% 246B
7.88x0.84x3.82x3.82% 227B
6.97x0.97x3.84x5.26% 174B
5.3x1.56x2.51x8.55% 136B
3.29x1.47x2.83x12.98% 107B
7.1x0.78x1.81x4.68% 84.02B
8.29x0.75x3.66x5.28% 69.77B
Average 7.95x 1.32x 3.76x 6.31% 345.96B
Weighted average by Cap. 11.14x 2.36x 5.29x 5.52%

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