Financials Santos Limited

Equities

STO

AU000000STO6

Integrated Oil & Gas

Market Closed - Australian S.E. Other stock markets 11:40:44 26/04/2024 am IST			5-day change	1st Jan Change
7.72 ^AUD	-0.39%		-1.40%	+1.58%

24/04	Australian shares cut gains as inflation slowdown disappoints	RE
24/04	Australian shares climb on banks, energy boost; March-quarter CPI in focus	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	11,953	10,049	15,482	16,068	16,762	16,308	-	-
Enterprise Value (EV) ¹	15,307	13,700	20,555	19,518	21,026	20,536	20,291	19,856
P/E ratio	17.9 x	-28.2 x	15 x	7.75 x	12 x	11.5 x	11.3 x	9.41 x
Yield	1.92%	1.47%	3.06%	3.1%	5.06%	4.16%	4.41%	5.46%
Capitalization / Revenue	2.96 x	2.97 x	3.29 x	2.06 x	2.85 x	2.91 x	2.86 x	2.45 x
EV / Revenue	3.8 x	4.04 x	4.36 x	2.51 x	3.57 x	3.67 x	3.56 x	2.98 x
EV / EBITDA	6.5 x	7.45 x	7.67 x	3.55 x	5.26 x	5.23 x	5.05 x	4.26 x
EV / FCF	13.1 x	18.5 x	17.6 x	6.85 x	9.88 x	38 x	13.7 x	8.53 x
FCF Yield	7.64%	5.4%	5.69%	14.6%	10.1%	2.63%	7.29%	11.7%
Price to Book	1.56 x	1.39 x	1.14 x	1.09 x	1.1 x	1.03 x	0.99 x	0.95 x
Nbr of stocks (in thousands)	20,83,097	20,83,077	33,79,649	33,03,215	32,38,575	32,39,190	-	-
Reference price ²	5.738	4.824	4.581	4.864	5.176	5.035	5.035	5.035
Announcement Date	19/02/20	17/02/21	15/02/22	21/02/23	20/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,033	3,387	4,713	7,790	5,889	5,600	5,703	6,656
EBITDA ¹	2,354	1,839	2,679	5,498	3,997	3,927	4,016	4,657
EBIT ¹	1,295	824	1,436	3,751	2,139	2,264	2,251	2,696
Operating Margin	32.11%	24.33%	30.47%	48.15%	36.32%	40.42%	39.47%	40.5%
Earnings before Tax (EBT) ¹	1,018	-306	1,205	2,948	1,819	2,048	2,103	2,343
Net income ¹	674	-357	658	2,112	1,416	1,435	1,429	1,658
Net margin	16.71%	-10.54%	13.96%	27.11%	24.04%	25.62%	25.05%	24.91%
EPS ²	0.3210	-0.1710	0.3060	0.6280	0.4320	0.4385	0.4456	0.5349
Free Cash Flow ¹	1,169	740	1,169	2,851	2,128	541	1,479	2,327
FCF margin	28.99%	21.85%	24.8%	36.6%	36.14%	9.66%	25.93%	34.96%
FCF Conversion (EBITDA)	49.66%	40.24%	43.64%	51.86%	53.24%	13.77%	36.82%	49.97%
FCF Conversion (Net income)	173.44%	-	177.66%	134.99%	150.28%	37.7%	103.5%	140.39%
Dividend per Share ²	0.1100	0.0710	0.1400	0.1510	0.2620	0.2094	0.2222	0.2748
Announcement Date	19/02/20	17/02/21	15/02/22	21/02/23	20/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 S1	2025 S2
Net sales ¹	2,059	1,668	1,719	2,112	2,601	1,850	-	2,150	1,874	4,024	1,631	1,336	2,967	1,436	1,486	2,922	1,398	1,308	2,742	1,360	1,371	2,712	1,421	2,671	3,591
EBITDA	-	-	-	1,190	-	-	-	-	-	-	-	-	2,063	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	596	840	-	1,750	-	-	1,976	-	-	1,112	-	-	1,027	-	523.5	1,054	568.5	578.3	1,074	599.2	993.4	1,591
Operating Margin	-	-	-	28.22%	32.3%	-	-	-	-	49.11%	-	-	37.48%	-	-	35.15%	-	40.03%	38.45%	41.79%	42.18%	39.6%	42.16%	37.19%	44.29%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	659	-	-	-	-	976	-	-	843	-	448.1	974.1	489.1	495.2	984.3	512.2	991.6	1,954
Net income	-	-	-	354	304	-	1,167	472.5	-	945	-	-	790	-	-	626	-	313.7	681.8	342.4	346.6	689	358.5	694.1	1,367
Net margin	-	-	-	16.76%	11.69%	-	-	21.98%	-	23.48%	-	-	26.63%	-	-	21.42%	-	23.99%	24.86%	25.17%	25.28%	25.41%	25.23%	25.99%	38.07%
EPS	-	-	-	0.1690	-	-	-	0.1400	-	-	-	-	0.2400	-	-	0.1920	-	0.0970	0.1950	0.1060	0.1070	0.2015	0.1110	0.1780	0.3045
Dividend per Share	-	-	-	0.0550	-	-	0.0760	0.0800	-	-	-	-	0.0870	-	-	0.1750	-	0.0350	0.0730	0.0370	0.0370	0.0740	0.0380	0.0660	0.1320
Announcement Date	19/02/20	19/08/20	17/02/21	16/08/21	15/02/22	16/08/22	16/08/22	19/10/22	21/02/23	21/02/23	19/04/23	19/07/23	19/07/23	18/10/23	20/02/24	20/02/24	-	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,354	3,651	5,073	3,450	4,264	4,228	3,983	3,548
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.425 x	1.985 x	1.894 x	0.6275 x	1.067 x	1.077 x	0.992 x	0.7619 x
Free Cash Flow ¹	1,169	740	1,169	2,851	2,128	541	1,479	2,327
ROE (net income / shareholders' equity)	9.01%	3.85%	9.08%	17.3%	9.45%	9.05%	8.79%	9.46%
ROA (Net income/ Total Assets)	4.05%	1.68%	3.97%	8.36%	4.86%	5.31%	5.8%	6.23%
Assets ¹	16,660	-21,249	16,577	25,259	29,162	27,003	24,627	26,594
Book Value Per Share ²	3.680	3.480	4.030	4.480	4.700	4.880	5.070	5.310
Cash Flow per Share ²	0.9700	0.7100	1.060	1.350	0.9900	0.9400	0.9800	1.210
Capex ¹	877	770	1,103	1,707	2,625	2,658	2,211	1,968
Capex / Sales	21.75%	22.73%	23.4%	21.91%	44.57%	47.47%	38.76%	29.57%
Announcement Date	19/02/20	17/02/21	15/02/22	21/02/23	20/02/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Santos Limited

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

5.035 USD

Average target price

5.567 USD

Spread / Average Target

+10.58%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Oil & Gas

	1st Jan change	Capi.
SANTOS LIMITED	+1.58%	16.31B
SAUDI ARABIAN OIL COMPANY	-8.79%	1,942B
EXXON MOBIL CORPORATION	+17.98%	465B
PETROCHINA COMPANY LIMITED	+46.12%	259B
TOTALENERGIES SE	+12.79%	172B
PETROBRAS	+11.84%	108B
EQUINOR ASA	-5.74%	80.36B
ENI S.P.A	-0.57%	52.04B
GAZPROM	-.--%	50.84B
SUNCOR ENERGY INC.	+26.90%	50.66B

Integrated Oil & Gas