Stock TME TENCENT MUSIC ENTERTAINMENT GROUP
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Financials Tencent Music Entertainment Group

Equities

TME

US88034P1093

Internet Services

Market Closed - Nyse
Other stock markets
 01:30:02 27/04/2024 am IST 		5-day change 1st Jan Change
12.88 USD +1.58% Intraday chart for Tencent Music Entertainment Group +13.38% +42.95%
05/04 Asian Equities Traded in the US as American Depositary Receipts Nudge Higher in Friday Trading, End Week Lower MT
22/03 Sector Update: Tech Stocks Mixed Pre-Bell Friday MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,33,642 2,10,599 73,647 90,150 99,677 1,45,483 - -
Enterprise Value (EV) 1 1,18,216 1,90,072 58,580 75,232 99,677 1,21,843 1,14,507 1,04,326
P/E ratio 34.3 x 50.8 x 24.2 x 25.2 x 20.6 x 25.1 x 21.9 x 18.1 x
Yield - - - - - - - -
Capitalization / Revenue 5.25 x 7.22 x 2.36 x 3.18 x 3.59 x 5.09 x 4.57 x 4.15 x
EV / Revenue 4.65 x 6.52 x 1.87 x 2.65 x 3.59 x 4.26 x 3.6 x 2.97 x
EV / EBITDA 19.1 x 34.3 x 12.2 x 13.4 x - 15.4 x 12.1 x 9.82 x
EV / FCF 19.4 x 39.8 x 11.5 x 10.8 x - 20.3 x 16.3 x 12.2 x
FCF Yield 5.16% 2.51% 8.69% 9.24% - 4.92% 6.12% 8.21%
Price to Book 3.15 x 3.98 x 1.44 x 1.92 x - 2.42 x 2.14 x 1.92 x
Nbr of stocks (in thousands) 16,35,152 16,77,533 16,92,572 15,78,567 15,58,745 15,58,745 - -
Reference price 2 81.73 125.5 43.51 57.11 63.95 93.33 93.33 93.33
Announcement Date 16/03/20 22/03/21 21/03/22 21/03/23 19/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 25,434 29,153 31,244 28,339 27,752 28,607 31,851 35,083
EBITDA 1 6,202 5,534 4,810 5,603 - 7,903 9,501 10,624
EBIT 1 5,619 4,710 3,800 4,443 6,059 7,108 8,438 10,132
Operating Margin 22.09% 16.16% 12.16% 15.68% 21.83% 24.85% 26.49% 28.88%
Earnings before Tax (EBT) 1 4,540 4,632 3,632 4,373 6,045 7,343 8,412 9,876
Net income 1 3,982 4,155 3,029 3,677 4,920 5,916 6,878 7,995
Net margin 15.66% 14.25% 9.69% 12.98% 17.73% 20.68% 21.59% 22.79%
EPS 2 2.380 2.470 1.800 2.270 3.110 3.723 4.263 5.156
Free Cash Flow 1 6,105 4,777 5,088 6,954 - 6,000 7,013 8,567
FCF margin 24% 16.39% 16.28% 24.54% - 20.97% 22.02% 24.42%
FCF Conversion (EBITDA) 98.44% 86.32% 105.78% 124.11% - 75.92% 73.81% 80.64%
FCF Conversion (Net income) 153.31% 114.97% 167.98% 189.12% - 101.42% 101.96% 107.15%
Dividend per Share 2 - - - - - - - -
Announcement Date 16/03/20 22/03/21 21/03/22 21/03/23 19/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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
Net sales 1 7,805 7,607 6,644 6,905 7,365 7,425 7,004 7,286 6,569 6,893 6,575 7,076 7,308 7,633 7,562
EBITDA 1 943.5 681 785.5 1,080 1,262 2,477 - - 1,526 - 1,779 1,954 2,059 2,114 -
EBIT 1 919 682 749 1,045 1,261 1,388 1,381 1,539 1,425 1,714 1,528 1,774 1,853 2,047 1,811
Operating Margin 11.77% 8.97% 11.27% 15.13% 17.12% 18.69% 19.72% 21.12% 21.69% 24.87% 23.24% 25.08% 25.36% 26.82% 23.95%
Earnings before Tax (EBT) 1 890 652 739 1,016 1,245 1,373 1,367 1,535 1,439 1,704 1,585 1,735 1,832 1,979 -
Net income 1 740 536 609 856 1,061 1,151 1,148 1,298 1,168 1,306 1,294 1,446 1,499 1,631 -
Net margin 9.48% 7.05% 9.17% 12.4% 14.41% 15.5% 16.39% 17.81% 17.78% 18.95% 19.68% 20.44% 20.51% 21.36% -
EPS 2 0.4400 0.3200 0.3700 0.5300 0.6600 0.7200 0.7300 0.8200 0.7400 0.8300 0.8372 0.9397 0.9798 1.057 -
Dividend per Share 2 - - - - - - - - - - - - - - -
Announcement Date 08/11/21 21/03/22 16/05/22 15/08/22 15/11/22 21/03/23 16/05/23 15/08/23 14/11/23 19/03/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 15,426 20,527 15,067 14,918 - 23,641 30,976 41,158
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 6,105 4,777 5,088 6,954 - 6,000 7,013 8,567
ROE (net income / shareholders' equity) 9.79% 8.67% 5.91% 7.47% - 10.8% 11.4% 11.9%
ROA (Net income/ Total Assets) 8.19% 6.87% 4.47% 5.48% - 8.1% 8.84% 9.36%
Assets 1 48,644 60,476 67,763 67,132 - 73,069 77,777 85,444
Book Value Per Share 2 26.00 31.50 30.30 29.70 - 38.60 43.60 48.70
Cash Flow per Share 2 3.700 2.910 1.560 2.310 - 5.100 6.170 6.380
Capex 1 95 108 159 527 - 704 835 1,051
Capex / Sales 0.37% 0.37% 0.51% 1.86% - 2.46% 2.62% 2.99%
Announcement Date 16/03/20 22/03/21 21/03/22 21/03/23 19/03/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Tencent Music Entertainment Group

Trading Rating
Investor Rating
ESG Refinitiv
D+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
29
Last Close Price
93.33 CNY
Average target price
93.28 CNY
Spread / Average Target
-0.05%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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