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 19,675 - -
Change - 3.38% 4.67% -20.18% -0.43% 47.56% - -
Enterprise Value (EV) 1 20,579 19,480 21,042 18,283 19,098 24,225 23,678 23,076
Change - -5.34% 8.02% -13.11% 4.46% 26.85% -2.26% -2.54%
P/E 15x 7.73x 12x 11x 16.4x 13.1x 11.8x 11.6x
PBR 1.14x 1.08x 1.1x 0.87x 0.85x 1.2x 1.19x 1.17x
PEG - 0x -0.4x -0.8x -0.5x 0.2x 1.1x 9.58x
Capitalization / Revenue 3.29x 2.06x 2.85x 2.49x 2.7x 2.95x 2.77x 2.82x
EV / Revenue 4.37x 2.5x 3.57x 3.4x 3.87x 3.63x 3.34x 3.31x
EV / EBITDA 7.68x 3.54x 5.26x 5.03x 5.71x 5.27x 4.64x 4.72x
EV / EBIT 14.3x 5.19x 10.1x 9.08x 12.1x 10.1x 8.52x 8.83x
EV / FCF 17.6x 6.83x 9.89x 40.7x 25.2x 15.3x 9.93x 9.37x
FCF Yield 5.68% 14.6% 10.1% 2.46% 3.96% 6.53% 10.1% 10.7%
Dividend per Share 2 0.14 0.151 0.262 0.233 0.237 0.3221 0.3992 0.3855
Rate of return 3.05% 3.11% 5.06% 5.64% 5.76% 5.3% 6.57% 6.35%
EPS 2 0.306 0.628 0.432 0.376 0.251 0.4633 0.5153 0.5215
Distribution rate 45.8% 24% 60.6% 62% 94.4% 69.5% 77.5% 73.9%
Net sales 1 4,713 7,790 5,889 5,381 4,939 6,674 7,090 6,982
EBITDA 1 2,679 5,498 3,997 3,637 3,342 4,597 5,099 4,894
EBIT 1 1,436 3,751 2,075 2,013 1,574 2,394 2,778 2,613
Net income 1 658 2,112 1,416 1,224 818 1,433 1,740 1,648
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 6.074 6.074 6.074
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.($)
13.46x3.64x5.29x5.24% 19.52B
13.66x3.49x6.57x5.35% 1,672B
13.58x1.88x6.12x3.42% 409B
8.47x0.61x3.92x6.15% 293B
8.35x0.93x4.06x3.3% 271B
8.36x1.06x4.4x4.56% 200B
6.28x1.76x2.79x7.03% 156B
3.98x1.61x3.03x7.57% 126B
8.02x0.86x2.12x3.66% 102B
8.41x0.8x3.97x4.83% 78.66B
Average 9.26x 1.66x 4.23x 5.11% 332.72B
Weighted average by Cap. 11.43x 2.39x 5.43x 5.07%

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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