A company can spend a lot of money investing to future proof their business and end up with a higher P/E compared to a company that just sat on its hands. In that way a low P/E can be misleading. Of course, this expenditure can sometimes also be just to get the company out of some hole it's dug itself into so some research is needed. Look at where the expenses were incurred.
Ann: Santos upgrades 2025 production target to 120 mmboe, page-28
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