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 18,873 - -
Change - 3.38% 4.67% -20.18% -0.43% 41.54% - -
Enterprise Value (EV) 1 20,579 19,480 21,042 18,283 19,098 23,462 22,871 22,303
Change - -5.34% 8.02% -13.11% 4.46% 22.85% -2.52% -2.48%
P/E 15x 7.73x 12x 11x 16.4x 13.1x 11.2x 11x
PBR 1.14x 1.08x 1.1x 0.87x 0.85x 1.14x 1.13x 1.12x
PEG - 0x -0.4x -0.8x -0.5x 0.2x 0.6x 10.54x
Capitalization / Revenue 3.29x 2.06x 2.85x 2.49x 2.7x 2.85x 2.69x 2.7x
EV / Revenue 4.37x 2.5x 3.57x 3.4x 3.87x 3.54x 3.26x 3.19x
EV / EBITDA 7.68x 3.54x 5.26x 5.03x 5.71x 5.17x 4.55x 4.54x
EV / EBIT 14.3x 5.19x 10.1x 9.08x 12.1x 10x 8.49x 8.52x
EV / FCF 17.6x 6.83x 9.89x 40.7x 25.2x 14.8x 9.59x 9.05x
FCF Yield 5.68% 14.6% 10.1% 2.46% 3.96% 6.74% 10.4% 11%
Dividend per Share 2 0.14 0.151 0.262 0.233 0.237 0.3121 0.3946 0.3787
Rate of return 3.05% 3.11% 5.06% 5.64% 5.76% 5.36% 6.77% 6.5%
EPS 2 0.306 0.628 0.432 0.376 0.251 0.4449 0.5224 0.5278
Distribution rate 45.8% 24% 60.6% 62% 94.4% 70.2% 75.5% 71.7%
Net sales 1 4,713 7,790 5,889 5,381 4,939 6,628 7,023 7,000
EBITDA 1 2,679 5,498 3,997 3,637 3,342 4,540 5,026 4,912
EBIT 1 1,436 3,751 2,075 2,013 1,574 2,338 2,695 2,618
Net income 1 658 2,112 1,416 1,224 818 1,385 1,675 1,664
Net Debt 1 5,073 3,450 4,264 4,891 5,764 4,589 3,998 3,431
Reference price 2 4.588 4.853 5.181 4.134 4.116 5.826 5.826 5.826
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 2/15/22 A 2/21/23 A 2/20/24 A 2/18/25 A 1/21/26 A - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.76x3.52x6.62x5.32% 1,684B
13.13x1.82x5.96x3.53% 396B
8.58x0.63x3.96x6.12% 298B
8.02x0.88x3.87x3.44% 251B
8.06x1.03x4.3x4.72% 193B
6.44x1.81x2.88x6.86% 160B
3.7x1.54x2.9x8.18% 114B
7.78x0.84x2.06x3.82% 97.95B
8.26x0.79x3.93x4.9% 77.08B
Average 8.64x 1.43x 4.05x 5.21% 363.41B
Weighted average by Cap. 11.42x 2.40x 5.44x 5.12%

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