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 3,573,066 - -
Change - -21.7% -10.33% 43.58% 35.86% -26.51% - -
Enterprise Value (EV) 1 3,530,001 2,764,940 2,547,303 3,501,974 4,755,014 3,488,932 3,400,773 3,256,550
Change - -21.67% -7.87% 37.48% 35.78% -26.63% -2.53% -4.24%
P/E 16.1x 15.3x 22.4x 19.1x 22.3x 15.4x 13.8x 12.2x
PBR 4.4x 3.9x 3.12x 3.79x 4.31x 2.65x 2.25x 1.98x
PEG - -0.9x -0.6x 0.3x 1.2x 2.31x 1.1x 1x
Capitalization / Revenue 6.34x 5.01x 4.09x 5.42x 6.47x 4.32x 3.95x 3.61x
EV / Revenue 6.3x 4.99x 4.18x 5.3x 6.33x 4.22x 3.76x 3.29x
EV / EBITDA 20.4x 16.9x 10.8x 12.6x 14.1x 9.84x 8.57x 7.2x
EV / EBIT 13x 11.7x 15.9x 16.8x 19.7x 12.8x 11.4x 9.7x
EV / FCF 24.9x 21.6x 12.9x 19.3x 21.2x 17.9x 13.6x 11.5x
FCF Yield 4.02% 4.63% 7.78% 5.19% 4.71% 5.57% 7.37% 8.73%
Dividend per Share 2 1.298 2.4 3.129 3.164 - 5.297 5.775 6.512
Rate of return 0.35% 0.81% 1.17% 0.81% - 1.33% 1.45% 1.64%
EPS 2 23.16 19.34 11.89 20.49 24.15 25.77 28.89 32.59
Distribution rate 5.6% 12.4% 26.3% 15.4% - 20.6% 20% 20%
Net sales 1 560,118 554,552 609,015 660,257 751,766 826,401 903,503 990,182
EBITDA 1 173,173 164,037 235,454 277,012 336,427 354,407 396,724 452,362
EBIT 1 271,620 235,706 160,074 208,099 241,562 271,604 298,783 335,690
Net income 1 224,822 188,243 115,216 194,073 224,842 235,853 261,454 290,552
Net Debt 1 -20,243 -14,832 54,740 -76,798 -107,145 -84,134 -172,293 -316,516
Reference price 2 372.14 295.44 266.50 391.85 538.28 398.00 398.00 398.00
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.($)
15.45x4.22x9.84x1.33% 527B
20.44x6.05x18.17x-.--% 309B
24.62x2.62x13.54x-.--% 152B
4.92x106.94x3.87x0.11% 124B
32.75x3.99x26.22x-.--% 98.65B
10.94x8.31x95.04x0.64% 95.75B
29.23x5.56x15.69x-.--% 88.21B
75.26x4.42x21.6x-.--% 83.58B
7.56x2.96x45.51x0.69% 39.79B
721.62x4.67x220.62x-.--% 27.91B
Average 94.28x 14.97x 47.01x 0.28% 154.51B
Weighted average by Cap. 33.90x 12.95x 23.41x 0.52%

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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