Company Valuation: Tencent Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 35,50,244 27,79,772 24,92,563 35,78,772 48,62,159 32,16,342 - -
Change - -21.7% -10.33% 43.58% 35.86% -33.85% - -
Enterprise Value (EV) 1 35,30,001 27,64,940 25,47,303 35,01,974 47,55,014 31,79,761 32,11,103 31,92,803
Change - -21.67% -7.87% 37.48% 35.78% -33.13% 0.99% -0.57%
P/E 16.1x 15.3x 22.4x 19.1x 22.3x 14.5x 13.8x 12.4x
PBR 4.4x 3.9x 3.12x 3.79x 4.31x 2.39x 2.06x 1.84x
PEG - -0.9x -0.6x 0.3x 1.2x 6.82x 2.63x 1.2x
Capitalization / Revenue 6.34x 5.01x 4.09x 5.42x 6.47x 3.9x 3.57x 3.24x
EV / Revenue 6.3x 4.99x 4.18x 5.3x 6.33x 3.86x 3.56x 3.22x
EV / EBITDA 20.4x 16.9x 10.8x 12.6x 14.1x 8.94x 8.34x 7.28x
EV / EBIT 13x 11.7x 15.9x 16.8x 19.7x 12.1x 11.8x 10.7x
EV / FCF 24.9x 21.6x 12.9x 19.3x 21.2x 26.2x 19.2x 16.7x
FCF Yield 4.02% 4.63% 7.78% 5.19% 4.71% 3.82% 5.21% 5.99%
Dividend per Share 2 1.298 2.4 3.129 3.164 4.649 5.021 5.169 5.715
Rate of return 0.35% 0.81% 1.17% 0.81% 0.86% 1.4% 1.45% 1.6%
EPS 2 23.16 19.34 11.89 20.49 24.15 24.67 25.96 28.72
Distribution rate 5.6% 12.4% 26.3% 15.4% 19.2% 20.4% 19.9% 19.9%
Net sales 1 5,60,118 5,54,552 6,09,015 6,60,257 7,51,766 8,24,453 9,02,044 9,91,376
EBITDA 1 1,73,173 1,64,037 2,35,454 2,77,012 3,36,427 3,55,652 3,85,164 4,38,686
EBIT 1 2,71,620 2,35,706 1,60,074 2,08,099 2,41,562 2,62,449 2,71,359 2,97,315
Net income 1 2,24,822 1,88,243 1,15,216 1,94,073 2,24,842 2,24,477 2,34,339 2,55,713
Net Debt 1 -20,243 -14,832 54,740 -76,798 -1,07,145 -36,581 -5,239 -23,539
Reference price 2 372.14 295.44 266.50 391.85 538.28 357.58 357.58 357.58
Nbr of stocks (in thousands) 95,40,009 94,08,797 93,52,822 91,32,925 90,32,821 89,94,823 - -
Announcement Date 23/03/22 22/03/23 20/03/24 19/03/25 18/03/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.84x3.95x9.16x1.37% 49TCr
14.34x6.71x14.58x0.31% 3,46900Cr
20.78x6.07x10.9x0.35% 1,54700Cr
33.43x15.55x24.61x0.53% 57TCr
18.29x5.4x16.19x-.--% 27TCr
20.33x1.5x10.1x1.01% 27TCr
88.82x11.69x63.93x-.--% 18TCr
21.66x2.46x12.54x-.--% 14TCr
46.49x5.41x35.7x-.--% 13TCr
8.56x0.99x4.3x-.--% 12TCr
Average 28.75x 5.97x 20.20x 0.36% 71.9TCr
Weighted average by Cap. 20.17x 6.77x 15.53x 0.4%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Tencent Holdings Limited

Historical PBR trend

Valuation ratios - PBR - Tencent Holdings Limited

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Tencent Holdings Limited

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Tencent Holdings Limited


Year-on-year evolution of the Yield

Valuation ratios - Yield - Tencent Holdings Limited
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