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 2,954,303 - -
Change - -21.7% -10.33% 43.58% 35.86% -39.24% - -
Enterprise Value (EV) 1 3,530,001 2,764,940 2,547,303 3,501,974 4,755,014 2,917,728 2,947,996 2,928,840
Change - -21.67% -7.87% 37.48% 35.78% -38.64% 1.04% -0.65%
P/E 16.1x 15.3x 22.4x 19.1x 22.3x 13.3x 12.6x 11.4x
PBR 4.4x 3.9x 3.12x 3.79x 4.31x 2.2x 1.89x 1.69x
PEG - -0.9x -0.6x 0.3x 1.2x 6.25x 2.16x 1.1x
Capitalization / Revenue 6.34x 5.01x 4.09x 5.42x 6.47x 3.58x 3.27x 2.98x
EV / Revenue 6.3x 4.99x 4.18x 5.3x 6.33x 3.54x 3.27x 2.95x
EV / EBITDA 20.4x 16.9x 10.8x 12.6x 14.1x 8.19x 7.62x 6.66x
EV / EBIT 13x 11.7x 15.9x 16.8x 19.7x 11.1x 10.8x 9.83x
EV / FCF 24.9x 21.6x 12.9x 19.3x 21.2x 24x 17.6x 15.3x
FCF Yield 4.02% 4.63% 7.78% 5.19% 4.71% 4.16% 5.67% 6.54%
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% 1.53% 1.58% 1.74%
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 2 372.14 295.44 266.50 391.85 538.28 328.31 328.31 328.31
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.($)
15.55x7.54x16.11x0.27% 3,900B
21.97x6.45x11.53x0.33% 1,643B
31.88x14.91x23.56x0.56% 546B
13.31x3.54x8.19x1.53% 443B
18.39x5.43x16.26x-.--% 270B
18.82x1.37x9.26x1.09% 248B
104.22x13.84x74.33x-.--% 217B
21.01x2.39x12.17x-.--% 136B
43.81x5.13x33.62x-.--% 120B
Average 32.11x 6.73x 22.78x 0.42% 835.92B
Weighted average by Cap. 21.32x 7.37x 16.85x 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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