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 3,517,842 - -
Change - -21.7% -10.33% 43.58% 35.86% -27.65% - -
Enterprise Value (EV) 1 3,530,001 2,764,940 2,547,303 3,501,974 4,755,014 3,480,384 3,458,687 3,414,203
Change - -21.67% -7.87% 37.48% 35.78% -26.81% -0.62% -1.29%
P/E 16.1x 15.3x 22.4x 19.1x 22.3x 15.8x 14.6x 13.1x
PBR 4.4x 3.9x 3.12x 3.79x 4.31x 2.62x 2.25x 2x
PEG - -0.9x -0.6x 0.3x 1.2x 6.23x 1.71x 1.2x
Capitalization / Revenue 6.34x 5.01x 4.09x 5.42x 6.47x 4.26x 3.89x 3.54x
EV / Revenue 6.3x 4.99x 4.18x 5.3x 6.33x 4.21x 3.82x 3.44x
EV / EBITDA 20.4x 16.9x 10.8x 12.6x 14.1x 9.72x 8.76x 7.59x
EV / EBIT 13x 11.7x 15.9x 16.8x 19.7x 13.2x 12.4x 11.2x
EV / FCF 24.9x 21.6x 12.9x 19.3x 21.2x 28.1x 17.7x 14.5x
FCF Yield 4.02% 4.63% 7.78% 5.19% 4.71% 3.56% 5.65% 6.89%
Dividend per Share 2 1.298 2.4 3.129 3.164 4.649 5.056 5.315 5.896
Rate of return 0.35% 0.81% 1.17% 0.81% 0.86% 1.29% 1.36% 1.5%
EPS 2 23.16 19.34 11.89 20.49 24.15 24.77 26.88 29.82
Distribution rate 5.6% 12.4% 26.3% 15.4% 19.2% 20.4% 19.8% 19.8%
Net sales 1 560,118 554,552 609,015 660,257 751,766 826,198 904,936 993,552
EBITDA 1 173,173 164,037 235,454 277,012 336,427 358,186 394,613 449,837
EBIT 1 271,620 235,706 160,074 208,099 241,562 263,564 279,194 305,495
Net income 1 224,822 188,243 115,216 194,073 224,842 226,101 243,246 267,023
Net Debt 1 -20,243 -14,832 54,740 -76,798 -107,145 -37,458 -59,155 -103,640
Reference price 2 372.14 295.44 266.50 391.85 538.28 391.85 391.85 391.85
Nbr of stocks (in thousands) 9,540,009 9,408,797 9,352,822 9,132,925 9,032,821 8,977,496 - -
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.($)
15.82x4.21x9.72x1.29% 523B
22.2x6.57x19.73x-.--% 331B
24.02x2.82x14.34x-.--% 161B
35.4x7.03x19.77x-.--% 110B
37.46x4.37x28.89x-.--% 110B
3.02x81.86x2.28x0.14% 107B
86.51x5.15x24.59x-.--% 96.84B
10.59x8.06x94.05x0.63% 94.47B
8.48x2.73x59.22x0.73% 36.95B
196.69x2.99x87.07x-.--% 31.52B
Average 44.02x 12.58x 35.97x 0.28% 160.23B
Weighted average by Cap. 27.30x 10.16x 22.30x 0.48%

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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