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 3,550,244 2,779,772 2,492,563 3,578,772 4,862,159 3,362,066 - -
Change - -21.7% -10.33% 43.58% 35.86% -30.85% - -
Enterprise Value (EV) 1 3,530,001 2,764,940 2,547,303 3,501,974 4,755,014 3,324,607 3,349,200 3,323,183
Change - -21.67% -7.87% 37.48% 35.78% -30.08% 0.74% -0.78%
P/E 16.1x 15.3x 22.4x 19.1x 22.3x 15.1x 14.1x 12.7x
PBR 4.4x 3.9x 3.12x 3.79x 4.31x 2.5x 2.14x 1.91x
PEG - -0.9x -0.6x 0.3x 1.2x 5.96x 1.96x 1.2x
Capitalization / Revenue 6.34x 5.01x 4.09x 5.42x 6.47x 4.07x 3.72x 3.38x
EV / Revenue 6.3x 4.99x 4.18x 5.3x 6.33x 4.02x 3.7x 3.34x
EV / EBITDA 20.4x 16.9x 10.8x 12.6x 14.1x 9.32x 8.55x 7.47x
EV / EBIT 13x 11.7x 15.9x 16.8x 19.7x 12.6x 12.1x 11.1x
EV / FCF 24.9x 21.6x 12.9x 19.3x 21.2x 26.7x 19.6x 15.6x
FCF Yield 4.02% 4.63% 7.78% 5.19% 4.71% 3.74% 5.1% 6.4%
Dividend per Share 2 1.298 2.4 3.129 3.164 4.649 5.05 5.298 5.872
Rate of return 0.35% 0.81% 1.17% 0.81% 0.86% 1.35% 1.42% 1.57%
EPS 2 23.16 19.34 11.89 20.49 24.15 24.77 26.55 29.32
Distribution rate 5.6% 12.4% 26.3% 15.4% 19.2% 20.4% 20% 20%
Net sales 1 560,118 554,552 609,015 660,257 751,766 826,047 904,932 993,653
EBITDA 1 173,173 164,037 235,454 277,012 336,427 356,852 391,808 444,908
EBIT 1 271,620 235,706 160,074 208,099 241,562 263,368 276,005 300,101
Net income 1 224,822 188,243 115,216 194,073 224,842 226,102 240,761 263,195
Net Debt 1 -20,243 -14,832 54,740 -76,798 -107,145 -37,458 -12,866 -38,882
Reference price 2 372.14 295.44 266.50 391.85 538.28 373.63 373.63 373.63
Nbr of stocks (in thousands) 9,540,009 9,408,797 9,352,822 9,132,925 9,032,821 8,998,443 - -
Announcement Date 3/23/22 3/22/23 3/20/24 3/19/25 3/18/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
15.16x4.04x9.36x1.34% 503B
20.01x5.93x17.81x-.--% 299B
21.68x2.48x12.61x-.--% 141B
3.2x88.24x2.46x0.13% 115B
36.89x4.3x28.14x-.--% 105B
28.49x5.51x15.47x-.--% 89.26B
9.96x7.15x85.96x0.69% 85.14B
72.53x4.28x20.38x-.--% 81.26B
7.52x2.87x59.42x0.8% 32.23B
Average 23.94x 13.87x 27.96x 0.33% 161.18B
Weighted average by Cap. 20.98x 11.21x 18.84x 0.53%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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