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 3,302,666 - -
Change - -21.7% -10.33% 43.58% 35.86% -32.07% - -
Enterprise Value (EV) 1 3,530,001 2,764,940 2,547,303 3,501,974 4,755,014 3,265,207 3,289,800 3,263,783
Change - -21.67% -7.87% 37.48% 35.78% -31.33% 0.75% -0.79%
P/E 16.1x 15.3x 22.4x 19.1x 22.3x 14.8x 13.8x 12.5x
PBR 4.4x 3.9x 3.12x 3.79x 4.31x 2.46x 2.1x 1.87x
PEG - -0.9x -0.6x 0.3x 1.2x 5.84x 1.92x 1.2x
Capitalization / Revenue 6.34x 5.01x 4.09x 5.42x 6.47x 4x 3.65x 3.32x
EV / Revenue 6.3x 4.99x 4.18x 5.3x 6.33x 3.95x 3.64x 3.28x
EV / EBITDA 20.4x 16.9x 10.8x 12.6x 14.1x 9.15x 8.4x 7.34x
EV / EBIT 13x 11.7x 15.9x 16.8x 19.7x 12.4x 11.9x 10.9x
EV / FCF 24.9x 21.6x 12.9x 19.3x 21.2x 26.3x 19.3x 15.4x
FCF Yield 4.02% 4.63% 7.78% 5.19% 4.71% 3.81% 5.19% 6.51%
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% 1.38% 1.44% 1.6%
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 2 372.14 295.44 266.50 391.85 538.28 367.03 367.03 367.03
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
Average
Weighted average by Cap.

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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  3. 700 Stock
  4. TENCENT19 Stock
  5. Valuation Tencent Holdings Limited
-40%: Exceptional extension
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