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 19,598 - -
Change - 3.38% 4.67% -20.18% -0.43% 46.98% - -
Enterprise Value (EV) 1 20,579 19,480 21,042 18,283 19,098 24,148 23,601 22,999
Change - -5.34% 8.02% -13.11% 4.46% 26.44% -2.27% -2.55%
P/E 15x 7.73x 12x 11x 16.4x 12.9x 11.7x 11.7x
PBR 1.14x 1.08x 1.1x 0.87x 0.85x 1.19x 1.18x 1.17x
PEG - 0x -0.4x -0.8x -0.5x 0.1x 1.1x -76.65x
Capitalization / Revenue 3.29x 2.06x 2.85x 2.49x 2.7x 2.91x 2.75x 2.81x
EV / Revenue 4.37x 2.5x 3.57x 3.4x 3.87x 3.58x 3.31x 3.3x
EV / EBITDA 7.68x 3.54x 5.26x 5.03x 5.71x 5.25x 4.61x 4.7x
EV / EBIT 14.3x 5.19x 10.1x 9.08x 12.1x 9.9x 8.37x 8.75x
EV / FCF 17.6x 6.83x 9.89x 40.7x 25.2x 15.3x 9.9x 9.34x
FCF Yield 5.68% 14.6% 10.1% 2.46% 3.96% 6.55% 10.1% 10.7%
Dividend per Share 2 0.14 0.151 0.262 0.233 0.237 0.3237 0.4031 0.3863
Rate of return 3.05% 3.11% 5.06% 5.64% 5.76% 5.35% 6.66% 6.39%
EPS 2 0.306 0.628 0.432 0.376 0.251 0.4683 0.5175 0.5167
Distribution rate 45.8% 24% 60.6% 62% 94.4% 69.1% 77.9% 74.8%
Net sales 1 4,713 7,790 5,889 5,381 4,939 6,743 7,131 6,978
EBITDA 1 2,679 5,498 3,997 3,637 3,342 4,603 5,117 4,894
EBIT 1 1,436 3,751 2,075 2,013 1,574 2,439 2,819 2,630
Net income 1 658 2,112 1,416 1,224 818 1,433 1,753 1,623
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 6.050 6.050 6.050
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.($)
12.92x3.58x5.25x5.35% 19.6B
13.39x3.39x6.45x5.44% 1,646B
13.52x1.87x6.11x3.4% 411B
7.99x0.58x3.79x6.52% 281B
8.48x0.96x4.24x3.29% 272B
8.26x1.07x4.38x4.5% 202B
6x1.61x2.57x7.61% 148B
4.1x1.62x3.07x7.35% 128B
8.3x0.89x2.19x3.54% 106B
8.68x0.81x4.04x4.69% 80.05B
Average 9.16x 1.64x 4.21x 5.17% 329.33B
Weighted average by Cap. 11.25x 2.33x 5.36x 5.13%

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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  3. STO Stock
  4. Valuation Santos Limited
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