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 17,797 - -
Change - 3.38% 4.67% -20.18% -0.43% 33.48% - -
Enterprise Value (EV) 1 20,579 19,480 21,042 18,283 19,098 22,253 21,787 21,194
Change - -5.34% 8.02% -13.11% 4.46% 16.52% -2.09% -2.72%
P/E 15x 7.73x 12x 11x 16.4x 9.76x 10.1x 10.1x
PBR 1.14x 1.08x 1.1x 0.87x 0.85x 1.04x 1.05x 1.03x
PEG - 0x -0.4x -0.8x -0.5x 0x -3.15x -45.86x
Capitalization / Revenue 3.29x 2.06x 2.85x 2.49x 2.7x 2.33x 2.55x 2.53x
EV / Revenue 4.37x 2.5x 3.57x 3.4x 3.87x 2.92x 3.12x 3.01x
EV / EBITDA 7.68x 3.54x 5.26x 5.03x 5.71x 4.54x 4.46x 4.38x
EV / EBIT 14.3x 5.19x 10.1x 9.08x 12.1x 7.57x 7.8x 7.63x
EV / FCF 17.6x 6.83x 9.89x 40.7x 25.2x 11.8x 9.58x 9.46x
FCF Yield 5.68% 14.6% 10.1% 2.46% 3.96% 8.47% 10.4% 10.6%
Dividend per Share 2 0.14 0.151 0.262 0.233 0.237 0.3212 0.357 0.3435
Rate of return 3.05% 3.11% 5.06% 5.64% 5.76% 5.85% 6.5% 6.25%
EPS 2 0.306 0.628 0.432 0.376 0.251 0.563 0.5449 0.5437
Distribution rate 45.8% 24% 60.6% 62% 94.4% 57.1% 65.5% 63.2%
Net sales 1 4,713 7,790 5,889 5,381 4,939 7,625 6,990 7,030
EBITDA 1 2,679 5,498 3,997 3,637 3,342 4,906 4,887 4,838
EBIT 1 1,436 3,751 2,075 2,013 1,574 2,941 2,792 2,777
Net income 1 658 2,112 1,416 1,224 818 1,799 1,762 1,762
Net Debt 1 5,073 3,450 4,264 4,891 5,764 4,455 3,989 3,396
Reference price 2 4.588 4.853 5.181 4.134 4.116 5.493 5.493 5.493
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.($)
9.75x3.21x4.54x5.85% 17.8B
13.72x3.4x6.49x5.23% 1,713B
12.84x1.77x5.87x3.7% 382B
8.28x0.62x3.86x6.31% 288B
8.45x0.92x4.13x3.54% 245B
7.95x1.05x4.21x4.85% 188B
5.92x1.76x2.84x7.75% 151B
3.53x1.55x2.97x12.09% 116B
7.57x0.85x2.01x3.99% 93.97B
9.23x0.78x3.93x4.91% 74.74B
Average 8.72x 1.59x 4.08x 5.82% 327B
Weighted average by Cap. 11.38x 2.37x 5.38x 5.32%

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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