SANTOS LIMITED (STO)
Share Price Analysis and Chart

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STO - SANTOS LIMITED

FNArena Sector : NatGas

Year End: December

GICS Industry Group : Energy

Debt/EBITDA: 2.02

Index: ASX20 | ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Santos is Australia's number one domestic gas supplier and aims to be a leading Asia-Pacific LNG supplier. Santos was founded in 1954 and made its first significant discovery of natural gas in the Cooper Basin in 1963. the name is an acronym of South Australia Northern Territory Oil Search.

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$5.60 14 Apr 2025	0.100 OPEN $5.59	1.82% HIGH $5.63	8,431,621 LOW $5.52

TARGET

$7.675

37.1% upside

OTHER COMPANIES IN THE SAME SECTOR
AEL . APA . BLU . COI . CRD . CTP . GHY . GLL . KAR . ORG . STX . TBN . WDS .

FNARENA'S MARKET CONSENSUS FORECASTS

12 Month Avg FX Values

Present FX Values

Original Currency

Title	FY25 Forecast	FY26 Forecast
EPS (cps)	52.2	xxx
DPS (cps)	25.3	xxx
EPS Growth	N/A	xxx
DPS Growth	N/A	xxx
PE Ratio	10.8	xxx
Dividend Yield	4.5%	xxx
Div Pay Ratio(%)	48.6%	xxx

Title	FY25 Forecast	FY26 Forecast
EPS (cps)	53.5	xxx
DPS (cps)	26.0	xxx
EPS Growth	N/A	xxx
DPS Growth	N/A	xxx
PE Ratio	10.5	xxx
Dividend Yield	4.6%	xxx
Div Pay Ratio(%)	48.6%	xxx

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	37.8	34.0	xxx
DPS (cps)	xxx	27.4	16.5	xxx
EPS Growth	xxx	- 12.9%	- 10.2%	xxx
DPS Growth	xxx	2.6%	- 39.8%	xxx
Div Pay Ratio(%)	xxx	72.5%	48.6%	xxx

This company reports in USD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 5.27%

DIVIDEND YIELD CALCULATOR

Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 26/08 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2019	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	xxx	57.3
DPS All	xxx	xxx	xxx	xxx	xxx	35.5
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	8,299.0 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	774.5
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	3,797.8 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	22.36 %

EPS Basic

Negative
Growth
Slowing

DPS All

Negative
Growth
Slowing

Sales/Revenue

Negative
Growth
Slowing

Book Value Per Share

Negative
Growth
Slowing

Net Operating Cash Flow

Negative
Growth
Slowing

Net Profit Margin

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	7.82 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	5.74 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	3.89 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	7.82 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	7.95 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	-1,106.7 M

Return on Capital Employed

Negative
Growth
Slowing

Return on Invested Capital

Negative
Growth
Slowing

Return on Assets

Negative
Growth
Slowing

Return on Equity

Negative
Growth
Slowing

Return on Total Capital

Negative
Growth
Slowing

Free Cash Flow ex dividends

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	1,433 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	9,369 M
Total Debt	xxx	xxx	xxx	xxx	xxx	10,802 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	2,415 M
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	2,961 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	0.86

Short-Term Debt

Negative
Growth
Slowing

Long Term Debt

Negative
Growth
Slowing

Total Debt

Negative
Growth
Slowing

Goodwill - Gross

Negative
Growth
Slowing

Cash & Equivalents - Generic

Negative
Growth
Slowing

Price To Book Value

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	3,640.1 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	43.86 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	5,391 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	233 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	704 M

Capex

Negative
Growth
Slowing

Capex % of Sales

Negative
Growth
Slowing

Cost of Goods Sold

Negative
Growth
Slowing

Selling, General & Admin. Exp & Other

Negative
Growth
Slowing

Research & Development

Investments - Total

Negative
Growth
Slowing

Negative

Growth

Slowing

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

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Sentiment Indicator

0.8

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Macquarie	xx/xx/xxxx	1	xxxxxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
UBS	xx/xx/xxxx	1	xxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Morgan Stanley	xx/xx/xxxx	1	xxxxxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Citi	08/04/2025	1	Buy	$7.60	35.71%	In the tariff-related macro uncertainty environment, Citi analysts believe gold stands to benefit as a safe haven exposure, while oil, copper and coking coal would be exposed to growth risks. The broker's downside scenario showed earnings coming under pressure but balance sheets broadly manageable. Commodity prices under such a scenario for 2025-26 include iron ore at US$90/US$80 per ton, brent oil at US$58/US$50 per barrel, LNG at $9.2/$7.7 per MMBtu and copper at US$8,425/US$7,500 per ton. Buy retained for Santos. Target $7.60. FORECAST Citi forecasts a full year FY25 dividend of 23.04 cents and EPS of 60.68 cents. Citi forecasts a full year FY26 dividend of 41.48 cents and EPS of 58.37 cents.
Morgans	xx/xx/xxxx	3	xxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Ord Minnett	xx/xx/xxxx	1	xxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial

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EXTRA COVERAGE

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No. Of Recommendations

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Jarden	xx/xx/xxxx	2	xxxxxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Goldman Sachs	24/02/2025	1	Buy	$7.90	41.07%	Santos' FY24 underlying EBITDA was -3% below Goldman Sachs' estimate on slightly higher G&A costs and gain on sale adjustments. Underlying net profit of US$1.2bn was 3% higher mainly on lower D&A. The broker highlights the company is targeting -US$100-150m in annual structural savings over the next 1-2 years, which should further support free cash flow and returns. The analyst is assuming -US$60m reduction by end-2025 and -US$125m by end-2026. The broker made small revisions to EBITDA but EPS forecasts are unchanged. Target price of $7.9. Buy rating. FORECAST Goldman Sachs forecasts a full year FY25 dividend of 27.65 cents and EPS of 44.55 cents. Goldman Sachs forecasts a full year FY26 dividend of 46.08 cents and EPS of 76.81 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Jarden

xx/xx/xxxx

xxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Goldman Sachs

24/02/2025

Buy

$7.90

41.07%

Santos' FY24 underlying EBITDA was -3% below Goldman Sachs' estimate on slightly higher G&A costs and gain on sale adjustments. Underlying net profit of US$1.2bn was 3% higher mainly on lower D&A.

The broker highlights the company is targeting -US$100-150m in annual structural savings over the next 1-2 years, which should further support free cash flow and returns. The analyst is assuming -US$60m reduction by end-2025 and -US$125m by end-2026.

The broker made small revisions to EBITDA but EPS forecasts are unchanged. Target price of $7.9. Buy rating.

FORECAST
Goldman Sachs forecasts a full year FY25 dividend of 27.65 cents and EPS of 44.55 cents.
Goldman Sachs forecasts a full year FY26 dividend of 46.08 cents and EPS of 76.81 cents.

Access Extra Coverage Research History >

STO STOCK CHART

FNArena News on STO

1	Australian Broker Call Extra Edition – Apr 14, 2025 Apr 14 2025 - Daily Market Reports

2	Australian Broker Call Extra Edition – Apr 10, 2025 Apr 10 2025 - Daily Market Reports

3	Rudi’s View: Coal, Copper, Car Group & More Mar 27 2025 - Rudi's View

4	Rudi’s View: Post February Conviction Calls Mar 13 2025 - Rudi's View

5	Rudi’s View: To Sell Or Not To Sell Mar 06 2025 - Rudi's View

Latest NatGas News

1	Meet LGI, Alternative Clean Energy Producer Apr 10 2025 - Small Caps

2	All Eyes On Woodside’s Lousiana LNG Sell Down Feb 27 2025 - Commodities

3	Is Santos A Re-Rating In Waiting? Jan 29 2025 - Commodities

4	Better Times Ahead For Woodside Shares Jan 14 2025 - Technicals

5	Santos Shifts From Growth To Shareholder Return Nov 25 2024 - Australia

6	Beach Energy: For True Believers Only? Oct 22 2024 - Australia

7	Woodside US LNG Purchase Stirs Heated Debate Aug 01 2024 - Commodities

8	Karoon Strikes The Right Balance Jul 30 2024 - Commodities

9	Cooper Energy Ready For East Coast Gas Deficit Jun 13 2024 - Small Caps

10	Life’s A Beach Under New CEO Feb 14 2024 - Australia

Dividend Yield Today On Last Actual Payout :	7.67
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
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SANTOS LIMITED (STO)
Share Price Analysis and Chart