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 18,409 - -
Change - 3.38% 4.67% -20.18% -0.43% 38.06% - -
Enterprise Value (EV) 1 20,579 19,480 21,042 18,283 19,098 23,037 22,361 21,635
Change - -5.34% 8.02% -13.11% 4.46% 20.63% -2.94% -3.25%
P/E 15x 7.73x 12x 11x 16.4x 12.6x 11.3x 11.4x
PBR 1.14x 1.08x 1.1x 0.87x 0.85x 1.13x 1.11x 1.1x
PEG - 0x -0.4x -0.8x -0.5x 0.2x 1x -10.24x
Capitalization / Revenue 3.29x 2.06x 2.85x 2.49x 2.7x 2.78x 2.66x 2.62x
EV / Revenue 4.37x 2.5x 3.57x 3.4x 3.87x 3.48x 3.23x 3.08x
EV / EBITDA 7.68x 3.54x 5.26x 5.03x 5.71x 5.03x 4.55x 4.44x
EV / EBIT 14.3x 5.19x 10.1x 9.08x 12.1x 9.61x 8.49x 8.29x
EV / FCF 17.6x 6.83x 9.89x 40.7x 25.2x 15.2x 10.2x 9.74x
FCF Yield 5.68% 14.6% 10.1% 2.46% 3.96% 6.58% 9.82% 10.3%
Dividend per Share 2 0.14 0.151 0.262 0.233 0.237 0.3192 0.3806 0.368
Rate of return 3.05% 3.11% 5.06% 5.64% 5.76% 5.62% 6.7% 6.48%
EPS 2 0.306 0.628 0.432 0.376 0.251 0.4497 0.5031 0.4975
Distribution rate 45.8% 24% 60.6% 62% 94.4% 71% 75.6% 74%
Net sales 1 4,713 7,790 5,889 5,381 4,939 6,627 6,913 7,018
EBITDA 1 2,679 5,498 3,997 3,637 3,342 4,576 4,920 4,867
EBIT 1 1,436 3,751 2,075 2,013 1,574 2,398 2,635 2,611
Net income 1 658 2,112 1,416 1,224 818 1,471 1,622 1,647
Net Debt 1 5,073 3,450 4,264 4,891 5,764 4,628 3,952 3,226
Reference price 2 4.588 4.853 5.181 4.134 4.116 5.681 5.681 5.681
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.($)
12.65x3.48x5.04x5.61% 18.44B
13.85x3.56x6.62x5.24% 1,714B
12.89x1.78x5.82x3.63% 386B
8.2x0.63x3.89x6.38% 292B
8.02x0.88x3.9x3.43% 252B
8.22x1.05x4.39x4.63% 196B
6.01x1.79x2.88x7.5% 153B
3.46x1.5x2.83x8.57% 111B
7.47x0.84x2.05x3.83% 97.61B
8.89x0.82x4.1x4.65% 80.88B
Average 8.97x 1.63x 4.15x 5.35% 330B
Weighted average by Cap. 11.43x 2.44x 5.44x 5.14%

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

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