Financials Tencent Holdings Limited

Equities

700 KYG875721634

Internet Services

Market Closed - Hong Kong S.E. Other stock markets 01:38:14 10/07/2025 pm IST			5-day change	1st Jan Change
496.60 ^HKD	-0.20%		-0.98%	+19.09%

10/07	Tencent bought back 1 million shares for HK$500.3 million on July 10 - HKEX filing	RE
09/07	Tencent bought back 1 million shares on July 9 - HKEX filing	RE

Projected Income Statement: Tencent Holdings Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	4,82,064	5,60,118	5,54,552	6,09,015	6,60,257	7,32,413	7,97,790	8,69,222
Change	-	16.19%	-0.99%	9.82%	8.41%	10.93%	8.93%	8.95%
EBITDA ¹	1,70,680	1,73,173	1,64,037	2,35,454	2,77,012	3,15,665	3,52,654	3,93,360
Change	-	1.46%	-5.28%	43.54%	17.65%	13.95%	11.72%	11.54%
EBIT ¹	1,84,237	2,71,620	2,35,706	1,60,074	2,08,099	2,48,938	2,80,645	3,10,526
Change	-	47.43%	-13.22%	-32.09%	30%	19.62%	12.74%	10.65%
Interest Paid ¹	-7,887	-7,114	-9,985	-11,885	-11,981	-13,634	-13,129	-13,106
Earnings before Tax (EBT) ¹	1,80,022	2,48,062	2,10,225	1,61,324	2,41,485	2,63,797	2,97,933	3,31,822
Change	-	37.8%	-15.25%	-23.26%	49.69%	9.24%	12.94%	11.37%
Net income ¹	1,59,847	2,24,822	1,88,243	1,15,216	1,94,073	2,08,931	2,38,133	2,66,318
Change	-	40.65%	-16.27%	-38.79%	68.44%	7.66%	13.98%	11.84%
Announcement Date	24/03/21	23/03/22	22/03/23	20/03/24	19/03/25	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1
Net sales ¹	1,14,883	1,25,447	1,33,669	1,35,303	1,38,259	1,42,368	1,44,188	1,35,471	1,34,034	1,40,093	1,44,954	1,49,986	1,49,208	1,54,625	1,55,196	1,59,501	1,61,117	1,67,193	1,72,446	1,80,022	1,79,102	1,84,419	1,88,583	1,94,501
Change	-	9.2%	6.55%	1.22%	2.18%	2.97%	1.28%	-6.05%	-1.06%	4.52%	3.47%	3.47%	-0.52%	3.63%	0.37%	2.77%	1.01%	3.77%	3.14%	4.39%	-0.51%	2.97%	2.26%	3.14%
EBITDA ¹	40,525	45,055	42,872	49,355	44,567	49,257	36,568	38,283	38,628	43,124	44,002	52,656	56,848	61,301	59,494	69,259	68,518	69,656	69,579	81,559	76,879	78,819	79,706	77,677
Change	-	11.18%	-4.85%	15.12%	-9.7%	10.52%	-25.76%	4.69%	0.9%	11.64%	2.04%	19.67%	7.96%	7.83%	-2.95%	16.41%	-1.07%	1.66%	-0.11%	17.22%	-5.74%	2.52%	1.13%	-2.55%
EBIT ¹	39,311	43,953	63,713	56,273	52,487	53,137	1,09,723	37,217	30,067	51,593	1,16,829	40,429	40,300	48,475	41,401	58,619	58,443	53,333	51,478	69,320	62,408	63,728	62,837	69,083
Change	-	11.81%	44.96%	-11.68%	-6.73%	1.24%	106.49%	-66.08%	-19.21%	71.59%	126.44%	-65.39%	-0.32%	20.29%	-14.59%	41.59%	-0.3%	-8.74%	-3.48%	34.66%	-9.97%	2.11%	-1.4%	9.94%
Charge d'intérêts ¹	-2,005	-1,945	-2,253	-1,367	-1,942	-1,942	-1,863	-1,935	-1,809	-1,950	-2,826	-2,650	-3,291	-2,784	-3,015	-2,826	-3,112	-3,531	-2,512	-3,860	-3,304	-3,328	-3,350	-
Earnings before Tax (EBT) ¹	37,011	44,638	63,078	56,254	46,688	45,527	99,593	29,002	23,798	45,946	1,11,479	37,859	38,168	47,789	37,508	56,820	58,534	62,883	63,248	63,442	63,711	65,889	68,691	72,872
Change	-	20.61%	41.31%	-10.82%	-17.01%	-2.49%	118.76%	-70.88%	-17.94%	93.07%	142.63%	-66.04%	0.82%	25.21%	-21.51%	51.49%	3.02%	7.43%	0.58%	0.31%	0.42%	3.42%	4.25%	6.09%
Net income ¹	33,107	38,542	59,302	47,767	42,587	39,510	94,958	23,413	18,619	39,943	1,06,268	25,838	26,171	36,182	27,025	41,889	47,630	53,230	51,324	47,821	51,240	53,105	54,468	56,815
Change	-	16.42%	53.86%	-19.45%	-10.84%	-7.23%	140.34%	-75.34%	-20.48%	114.53%	166.05%	-75.69%	1.29%	38.25%	-25.31%	55%	13.71%	11.76%	-3.58%	-6.83%	7.15%	3.64%	2.57%	4.31%
Announcement Date	12/08/20	12/11/20	24/03/21	20/05/21	18/08/21	10/11/21	23/03/22	18/05/22	17/08/22	16/11/22	22/03/23	17/05/23	16/08/23	15/11/23	20/03/24	14/05/24	14/08/24	13/11/24	19/03/25	14/05/25	-	-	-	-

¹CNY in Million

Estimates

Forecast Balance Sheet: Tencent Holdings Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	11,063	-20,243	-14,832	54,740	-76,798	-1,16,166	-2,29,761	-3,88,445
Change	-	-282.98%	26.73%	469.07%	-240.3%	-51.26%	-97.79%	-69.06%
Announcement Date	24/03/21	23/03/22	22/03/23	20/03/24	19/03/25	-	-	-

¹CNY in Million

Estimates

Cash Flow Forecast: Tencent Holdings Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	33,960	33,392	18,014	23,893	76,760	1,03,519	1,01,771	1,04,810
Change	-	-1.67%	-46.05%	32.64%	221.27%	34.86%	-1.69%	2.99%
Free Cash Flow (FCF) ¹	1,60,159	1,41,794	1,28,077	1,98,069	1,81,761	2,01,546	2,47,354	2,71,024
Change	-	-11.47%	-9.67%	54.65%	-8.23%	10.88%	22.73%	9.57%
Announcement Date	24/03/21	23/03/22	22/03/23	20/03/24	19/03/25	-	-	-

¹CNY in Million

Estimates

Forecast Financial Ratios: Tencent Holdings Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	35.41%	30.92%	29.58%	38.66%	41.96%	43.1%	44.2%	45.25%
EBIT Margin (%)	38.22%	48.49%	42.5%	26.28%	31.52%	33.99%	35.18%	35.72%
EBT Margin (%)	37.34%	44.29%	37.91%	26.49%	36.57%	36.02%	37.34%	38.17%
Net margin (%)	33.16%	40.14%	33.95%	18.92%	29.39%	28.53%	29.85%	30.64%
FCF margin (%)	33.22%	25.32%	23.1%	32.52%	27.53%	27.52%	31%	31.18%
FCF / Net Income (%)	100.2%	63.07%	68.04%	171.91%	93.66%	96.47%	103.87%	101.77%
Profitability
ROA	13.98%	15.26%	11.8%	7.3%	11.56%	11.88%	12.05%	11.65%
ROE	28.12%	29.77%	24.64%	15.06%	21.78%	20.82%	20.25%	19.6%
Financial Health
Leverage (Debt/EBITDA)	0.06x	-	-	0.23x	-	-	-	-
Debt / Free cash flow	0.07x	-	-	0.28x	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	7.04%	5.96%	3.25%	3.92%	11.63%	14.13%	12.76%	12.06%
CAPEX / EBITDA (%)	19.9%	19.28%	10.98%	10.15%	27.71%	32.79%	28.86%	26.64%
CAPEX / FCF (%)	21.2%	23.55%	14.06%	12.06%	42.23%	51.36%	41.14%	38.67%
Items per share
Cash flow per share ¹	20.12	18.07	15.07	23.1	27.48	29.63	34.03	39.45
Change	-	-10.18%	-16.6%	53.28%	18.97%	7.82%	14.85%	15.94%
Dividend per Share ¹	1.344	1.298	2.4	3.129	3.164	4.451	5.148	5.942
Change	-	-3.39%	84.86%	30.36%	1.12%	40.68%	15.68%	15.42%
Book Value Per Share ¹	74.18	84.62	75.71	85.52	103.5	128.9	147.3	171.5
Change	-	14.08%	-10.53%	12.95%	21%	24.58%	14.28%	16.43%
EPS ¹	16.52	23.16	19.34	11.89	20.49	22.65	26.07	29.57
Change	-	40.19%	-16.5%	-38.54%	72.34%	10.55%	15.13%	13.39%
Nbr of stocks (in thousands)	95,23,125	95,40,009	94,08,797	93,52,822	91,32,925	90,65,388	90,65,388	90,65,388
Announcement Date	24/03/21	23/03/22	22/03/23	20/03/24	19/03/25	-	-	-