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 3,334,508 - -
Change - -21.7% -10.33% 43.58% 35.86% -31.42% - -
Enterprise Value (EV) 1 3,530,001 2,764,940 2,547,303 3,501,974 4,755,014 3,297,050 3,321,642 3,295,626
Change - -21.67% -7.87% 37.48% 35.78% -30.66% 0.75% -0.78%
P/E 16.1x 15.3x 22.4x 19.1x 22.3x 15x 14x 12.6x
PBR 4.4x 3.9x 3.12x 3.79x 4.31x 2.48x 2.12x 1.89x
PEG - -0.9x -0.6x 0.3x 1.2x 5.92x 1.95x 1.2x
Capitalization / Revenue 6.34x 5.01x 4.09x 5.42x 6.47x 4.04x 3.69x 3.36x
EV / Revenue 6.3x 4.99x 4.18x 5.3x 6.33x 3.99x 3.67x 3.32x
EV / EBITDA 20.4x 16.9x 10.8x 12.6x 14.1x 9.23x 8.44x 7.37x
EV / EBIT 13x 11.7x 15.9x 16.8x 19.7x 12.5x 12x 10.9x
EV / FCF 24.9x 21.6x 12.9x 19.3x 21.2x 26.5x 19.4x 15.5x
FCF Yield 4.02% 4.63% 7.78% 5.19% 4.71% 3.77% 5.14% 6.45%
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% 1.36% 1.43% 1.59%
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% 20.1%
Net sales 1 560,118 554,552 609,015 660,257 751,766 826,047 904,882 993,653
EBITDA 1 173,173 164,037 235,454 277,012 336,427 357,110 393,756 446,998
EBIT 1 271,620 235,706 160,074 208,099 241,562 263,564 277,010 301,555
Net income 1 224,822 188,243 115,216 194,073 224,842 226,102 241,082 263,195
Net Debt 1 -20,243 -14,832 54,740 -76,798 -107,145 -37,458 -12,866 -38,882
Reference price 2 372.14 295.44 266.50 391.85 538.28 370.56 370.56 370.56
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.($)
15.17x4.05x9.33x1.35% 503B
21.73x6.43x19.32x-.--% 324B
21.81x2.56x13x-.--% 146B
39.63x4.66x30.75x-.--% 115B
31.69x6.21x17.44x-.--% 99.24B
2.69x70.34x1.96x0.15% 96.7B
76.64x4.54x21.62x-.--% 85.91B
10.27x7.46x89.63x0.67% 88.91B
7.92x3.03x62.77x0.76% 34.53B
183.65x2.86x83.48x-.--% 30.21B
Average 41.12x 11.21x 34.93x 0.29% 152.39B
Weighted average by Cap. 25.68x 8.99x 21.54x 0.51%

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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