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

$6.38

16 Oct
2025

0.050

OPEN

$6.40

0.79%

HIGH

$6.44

11,302,375

LOW

$6.28

TARGET
$7.65

-0.10 change from previous day

 19.9% 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) 53.7 xxx
DPS (cps) 36.7 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 11.5 xxx
Dividend Yield 5.9% xxx
Div Pay Ratio(%) 68.3% 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: 5.67%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 6.87

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: 26/08 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 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

0.8

No. Of Recommendations

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

Morgans

xx/xx/xxxx

2

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$xx.xx

xx.xx%

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xx/xx/xxxx

1

xxxxxxxxxx

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xx.xx%

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Citi

xx/xx/xxxx

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xxx

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UBS

17/10/2025

1

Buy

$8.10

26.96%

Santos reported slightly weaker 3Q25 production and sales revenue, impacted by Cooper Basin flooding (150 wells offline), slower GLNG ramp-up, and a modest delay in Barossa, UBS notes.

As a result, the company trimmed FY25 production and sales volume guidance, with production now flagged at 89-91Mmboe. The midpoint of 90Mmboe is in line with the broker's forecast but below the consensus of 91Mmboe.

The broker observes Barossa commissioning is progressing well, with first gas introduced and first production expected within 2–3 weeks, a key de-risking milestone.

Gearing rose to 24% due to the Barossa FPSO lease, but rapid deleveraging is expected as Barossa and Pikka Stage 1 ramp up.

The broker highlights strong free cash flow growth, asset optionality, and potential higher payout ratios from mid-2026 are all supportive the investment case. However, management succession planning is emerging as a focus.

FY25 EPS forecast trimmed by -5% on Cooper Basin and GLNG adjustments, and a slower Barossa ramp-up, with FY26-27 also cut by -2-3%.

Buy. Target falls to $8.10 from $8.20.

FORECAST
UBS forecasts a full year FY25 dividend of 37.96 cents and EPS of 57.56 cents.
UBS forecasts a full year FY26 dividend of 48.23 cents and EPS of 71.56 cents.

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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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

23/09/2025

4

Downgrade to Underweight from Overweight

$7.05

10.50%

Jarden lowers its target for Santos to $7.05 from $8.40 and downgrades to Underweight from Overweight after ADNOC’s XRG consortium withdrew its indicative US$5.63/share (circa $8.42) takeover offer.

Santos had been trading at a discount, closing at $7.65 on September 17, but the broker’s underlying valuation is $7.05 at US$70/bbl Brent, or $6.39 at US$65/bbl.

The analysts explain the consortium cited a mix of commercial factors and terms in the Scheme Implementation Agreement as reasons for pulling out. Market disappointment is expected, with investors likely to question management’s negotiation strategy.

The broker expects management to emphasise upcoming catalysts including first gas from Barossa LNG by late September and the accelerated timeline at Pikka in Alaska.

All in all, it's thought shareholders will be left bruised by the collapse of the deal.

FORECAST
Jarden forecasts a full year FY25 dividend of 35.94 cents and EPS of 47.76 cents.
Jarden forecasts a full year FY26 dividend of 36.40 cents and EPS of 62.54 cents.
Access Extra Coverage Research History >

STO STOCK CHART

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