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 2,959,004 - -
Change - -21.7% -10.33% 43.58% 35.86% -39.14% - -
Enterprise Value (EV) 1 3,530,001 2,764,940 2,547,303 3,501,974 4,755,014 2,922,429 2,952,696 2,933,541
Change - -21.67% -7.87% 37.48% 35.78% -38.54% 1.04% -0.65%
P/E 16.1x 15.3x 22.4x 19.1x 22.3x 13.2x 12.5x 11.3x
PBR 4.4x 3.9x 3.12x 3.79x 4.31x 2.18x 1.88x 1.67x
PEG - -0.9x -0.6x 0.3x 1.2x 6.21x 2.15x 1.1x
Capitalization / Revenue 6.34x 5.01x 4.09x 5.42x 6.47x 3.59x 3.28x 2.98x
EV / Revenue 6.3x 4.99x 4.18x 5.3x 6.33x 3.54x 3.27x 2.96x
EV / EBITDA 20.4x 16.9x 10.8x 12.6x 14.1x 8.21x 7.63x 6.67x
EV / EBIT 13x 11.7x 15.9x 16.8x 19.7x 11.1x 10.8x 9.84x
EV / FCF 24.9x 21.6x 12.9x 19.3x 21.2x 24.1x 17.6x 15.3x
FCF Yield 4.02% 4.63% 7.78% 5.19% 4.71% 4.16% 5.67% 6.52%
Dividend per Share 2 1.298 2.4 3.129 3.164 4.649 5.021 5.174 5.722
Rate of return 0.35% 0.81% 1.17% 0.81% 0.86% 1.54% 1.59% 1.76%
EPS 2 23.16 19.34 11.89 20.49 24.15 24.67 26.1 28.72
Distribution rate 5.6% 12.4% 26.3% 15.4% 19.2% 20.4% 19.8% 19.9%
Net sales 1 560,118 554,552 609,015 660,257 751,766 824,528 902,568 991,971
EBITDA 1 173,173 164,037 235,454 277,012 336,427 356,105 386,795 439,495
EBIT 1 271,620 235,706 160,074 208,099 241,562 263,000 273,145 298,074
Net income 1 224,822 188,243 115,216 194,073 224,842 224,971 235,886 256,335
Net Debt 1 -20,243 -14,832 54,740 -76,798 -107,145 -36,575 -6,308 -25,463
Reference price 2 372.14 295.44 266.50 391.85 538.28 325.77 325.77 325.77
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.($)
15.74x7.63x16.31x0.27% 3,946B
22.16x6.51x11.65x0.33% 1,659B
32.37x15.14x23.92x0.55% 555B
13.21x3.51x8.13x1.54% 439B
18.72x5.52x16.55x-.--% 275B
19.25x1.41x9.49x1.07% 253B
104.3x13.85x74.39x-.--% 217B
21.75x2.48x12.6x-.--% 141B
8.07x0.9x3.88x-.--% 113B
Average 28.40x 6.33x 19.66x 0.42% 844.21B
Weighted average by Cap. 20.96x 7.39x 16.56x 0.38%

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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