SANTOS LIMITED (STO)
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STO

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

$6.62

27 Jan
2026

0.160

OPEN

$6.55

2.48%

HIGH

$6.70

17,042,576

LOW

$6.55

TARGET
$7.213 9.0% upside
Franking for last dividend paid out: 9%
OTHER COMPANIES IN THE SAME SECTOR
AEL . APA . BLU . COI . CRD . CTP . GHY . GLL . KAR . ORG . STX . TBN . WDS .
FNARENA'S MARKET CONSENSUS FORECASTS
STO: 1
Title FY25
Forecast		 FY26
Forecast
EPS (cps) 48.3 xxx
DPS (cps) 36.6 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 14.1 xxx
Dividend Yield 5.4% xxx
Div Pay Ratio(%) 75.8% 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: 5.38%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.71

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
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: 02/09 - ex-div 20.90c (franking 9%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx57.3
DPS All xxxxxxxxxxxxxxx35.5
Sales/Revenue xxxxxxxxxxxxxxx8,299.0 M
Book Value Per Share xxxxxxxxxxxxxxx774.5
Net Operating Cash Flow xxxxxxxxxxxxxxx3,797.8 M
Net Profit Margin xxxxxxxxxxxxxxx22.36 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx7.82 %
Return on Invested Capital xxxxxxxxxxxxxxx5.74 %
Return on Assets xxxxxxxxxxxxxxx3.89 %
Return on Equity xxxxxxxxxxxxxxx7.82 %
Return on Total Capital xxxxxxxxxxxxxxx7.95 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-1,106.7 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx1,433 M
Long Term Debt xxxxxxxxxxxxxxx9,369 M
Total Debt xxxxxxxxxxxxxxx10,802 M
Goodwill - Gross xxxxxxxxxxxxxxx2,415 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx2,961 M
Price To Book Value xxxxxxxxxxxxxxx0.86

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx3,640.1 M
Capex % of Sales xxxxxxxxxxxxxxx43.86 %
Cost of Goods Sold xxxxxxxxxxxxxxx5,391 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx233 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx704 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.7

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

23/01/2026

1

Outperform

$7.75

17.07%

The highlight for Macquarie in Santos' December quarter update was 2026 guidance of 101-111Mmboe, which met its forecast, marking a key step-up year for the company.

Barossa's first LNG cargo loading (departure expected over the weekend) and imminent Pikka first oil significantly de-risk the growth outlook, the broker explains.

The broker notes capex and gearing are tracking as expected, and a free cash flow inflection is approaching as ramp-ups progress.

Outperform reiterated, with Barossa and Pikka set to underpin a more compelling investor narrative into the May 26 investor day. Target unchanged at $7.75.

FORECAST
Macquarie forecasts a full year FY25 dividend of 37.62 cents and EPS of 50.58 cents.
Macquarie forecasts a full year FY26 dividend of 27.91 cents and EPS of 33.15 cents.

Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

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

28/01/2026

4

Underweight

$6.10

-7.85%

Santos's 4Q2025 production of 22.3mmboe was -4% below both Jarden and consensus, reflecting lower commissioning gas at Barossa and weaker WA oil output, despite sales revenue beating the broker’s forecast on higher PNG LNG cargoes.

Barossa has finally begun loading LNG cargoes, albeit more than two months late, while first oil at Pikka is approaching after a further US$200m capex increase driven by inflationary pressures.

Maiden 2026 guidance disappointed the analyst at the mid-point, sitting -2.3% below consensus, attributed to the conservative outlook to Barossa ramp-up uncertainty.

Investors are expected to seek clarity on how Santos will manage competing growth capex demands ahead of the May investor day.

Underweight rated with a higher target of $6 from $5.95.

FORECAST
Jarden forecasts a full year FY25 dividend of 34.70 cents and EPS of 46.41 cents.
Jarden forecasts a full year FY26 dividend of 34.08 cents and EPS of 40.40 cents.
Access Extra Coverage Research History >

STO STOCK CHART

FNArena News on STO

1
A Major Low For Santos Shares (?)

Jan 27 2026 - Technicals
2
Weekly Ratings, Targets, Forecast Changes – 23-01-26

Jan 27 2026 - Weekly Reports
3
Rudi’s View: Key Picks & Sector Favourites

Jan 22 2026 - Rudi's View
4
Rudi’s View: Best Buys & Favourites For 2026

Dec 24 2025 - Rudi's View
5
Next Week At A Glance – 22-24 Dec 2025

Dec 19 2025 - Weekly Reports

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