Financials Tencent Music Entertainment Group

Equities

TME

US88034P1093

Internet Services

Market Closed - Nyse Other stock markets 16:00:02 2025-11-14 EST			5-day change	1st Jan Change
18.93 ^USD	+1.34%		-11.04%	+66.78%

11-14	Nomura Adjusts Tencent Music Entertainment Price Target to $26 From $30, Maintains Buy Rating	MT
11-12	Top Midday Stories: AMD Shares Rise on Analyst Day Guidance; Anthropic to Invest $50 Billion in US Computing Infrastructure	MT

Projected Income Statement: Tencent Music Entertainment Group

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	29,153	31,244	28,339	27,752	28,401	32,695	36,546	40,882
Change	-	7.17%	-9.3%	-2.07%	2.34%	15.12%	11.78%	11.87%
EBITDA ¹	5,534	4,810	5,603	7,063	9,688	11,440	12,398	14,286
Change	-	-13.08%	16.49%	26.06%	37.17%	18.09%	8.37%	15.23%
EBIT ¹	4,710	3,800	4,443	6,059	8,710	11,669	12,081	13,858
Change	-	-19.32%	16.92%	36.37%	43.75%	33.98%	3.53%	14.7%
Interest Paid ¹	-97	-121	-115	-141	-94	-94.62	-102.1	-88.71
Earnings before Tax (EBT) ¹	4,632	3,632	4,373	6,045	8,712	13,244	12,429	14,284
Change	-	-21.59%	20.4%	38.23%	44.12%	52.02%	-6.15%	14.92%
Net income ¹	4,155	3,029	3,677	4,920	6,644	11,094	9,928	11,522
Change	-	-27.1%	21.39%	33.8%	35.04%	66.98%	-10.51%	16.06%
Announcement Date	3/22/21	3/21/22	3/21/23	3/19/24	3/18/25	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	6,932	7,575	8,335	7,824	8,008	7,805	7,607	6,644	6,905	7,365	7,425	7,004	7,286	6,569	6,893	6,768	7,160	7,015	7,458	7,356	8,442	8,233	8,427	8,248	9,416	9,606	9,614	9,533
Change	-	9.28%	10.03%	-6.13%	2.35%	-2.53%	-2.54%	-12.66%	3.93%	6.66%	0.81%	-5.67%	4.03%	-9.84%	4.93%	-1.81%	5.79%	-2.03%	6.32%	-1.37%	14.76%	-2.48%	2.36%	-2.12%	14.15%	2.02%	0.09%	-0.85%
EBITDA	1,056	1,222	1,242	1,166	1,068	943.5	681	785.5	1,080	1,262	2,477	-	-	1,526	-	-	-	-	-	-	-	-	2,885	-	-	-	-	-
Change	-	15.82%	1.55%	-6.12%	-8.41%	-11.62%	-27.82%	15.35%	37.56%	16.75%	96.35%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	867	1,260	1,296	1,164	1,035	919	682	749	1,045	1,261	1,388	1,381	1,539	1,425	1,714	1,959	2,198	2,144	2,409	4,836	2,978	2,654	2,845	2,649	3,119	2,938	2,930	2,933
Change	-	45.33%	2.86%	-10.19%	-11.08%	-11.21%	-25.79%	9.82%	39.52%	20.67%	10.07%	-0.5%	11.44%	-7.41%	20.28%	14.29%	12.2%	-2.46%	12.36%	100.75%	-38.42%	-10.89%	7.2%	-6.88%	17.74%	-5.79%	-0.28%	0.11%
Charge d'intérêts ¹	-17	-42	-18	-31	-	-	-31	-31	-29	-24	-38	-34	-42	-35	-30	-30	-26	-97	59	-25	-12	-30	-27.5	-	-	-	-	-
Earnings before Tax (EBT) ¹	1,082	1,251	1,283	1,106	984	890	652	739	1,016	1,245	1,373	1,367	1,535	1,439	1,704	1,911	2,226	2,076	2,499	4,834	2,982	2,742	2,854	-	-	-	-	-
Change	-	15.62%	2.56%	-13.8%	-11.03%	-9.55%	-26.74%	13.34%	37.48%	22.54%	10.28%	-0.44%	12.29%	-6.25%	18.42%	12.15%	16.48%	-6.74%	20.38%	93.44%	-38.31%	-8.03%	4.05%	-	-	-	-	-
Net income ¹	939	1,132	1,197	926	827	740	536	609	856	1,061	1,151	1,148	1,298	1,168	1,306	1,422	1,682	1,583	1,957	4,291	2,409	2,123	2,225	-	-	-	-	-
Change	-	20.55%	5.74%	-22.64%	-10.69%	-10.52%	-27.57%	13.62%	40.56%	23.95%	8.48%	-0.26%	13.07%	-10.02%	11.82%	8.88%	18.28%	-5.89%	23.63%	119.26%	-43.86%	-11.87%	4.8%	-	-	-	-	-
Announcement Date	8/10/20	11/10/20	3/22/21	5/17/21	8/16/21	11/8/21	3/21/22	5/16/22	8/15/22	11/15/22	3/21/23	5/16/23	8/15/23	11/14/23	3/19/24	5/13/24	8/13/24	11/12/24	3/18/25	5/13/25	8/12/25	-	-	-	-	-	-	-

¹CNY in Million

Estimates

Forecast Balance Sheet: Tencent Music Entertainment Group

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-20,527	-15,067	-14,918	-17,763	-23,575	-24,054	-33,053	-43,001
Change	-	26.6%	0.99%	-19.07%	-32.72%	-2.03%	-37.41%	-30.1%
Announcement Date	3/22/21	3/21/22	3/21/23	3/19/24	3/18/25	-	-	-

¹CNY in Million

Estimates

Cash Flow Forecast: Tencent Music Entertainment Group

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	108	159	527	621	1,032	887.3	952.4	1,019
Change	-	47.22%	231.45%	17.84%	66.18%	-14.02%	7.34%	6.98%
Free Cash Flow (FCF) ¹	4,777	5,088	6,954	6,716	9,243	10,857	11,121	12,025
Change	-	6.51%	36.67%	-3.42%	37.63%	17.47%	2.43%	8.13%
Announcement Date	3/22/21	3/21/22	3/21/23	3/19/24	3/18/25	-	-	-

¹CNY in Million

Estimates

Forecast Financial Ratios: Tencent Music Entertainment Group

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	18.98%	15.39%	19.77%	25.45%	34.11%	34.99%	33.92%	34.94%
EBIT Margin (%)	16.16%	12.16%	15.68%	21.83%	30.67%	35.69%	33.06%	33.9%
EBT Margin (%)	15.89%	11.62%	15.43%	21.78%	30.67%	40.51%	34.01%	34.94%
Net margin (%)	14.25%	9.69%	12.98%	17.73%	23.39%	33.93%	27.16%	28.18%
FCF margin (%)	16.39%	16.28%	24.54%	24.2%	32.54%	33.21%	30.43%	29.41%
FCF / Net Income (%)	114.97%	167.98%	189.12%	136.5%	139.12%	97.87%	112.03%	104.37%
Profitability
ROA	6.87%	4.47%	5.48%	8.31%	8.01%	10.56%	9.57%	10.06%
ROE	8.67%	5.91%	7.47%	11.39%	10.74%	14.02%	12.57%	13.08%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	0.37%	0.51%	1.86%	2.24%	3.63%	2.71%	2.61%	2.49%
CAPEX / EBITDA (%)	1.95%	3.31%	9.41%	8.79%	10.65%	7.76%	7.68%	7.13%
CAPEX / FCF (%)	2.26%	3.12%	7.58%	9.25%	11.17%	8.17%	8.56%	8.47%
Items per share
Cash flow per share ¹	2.907	1.558	2.313	2.316	6.564	8.644	8.286	9.795
Change	-	-46.42%	48.47%	0.12%	183.44%	31.7%	-4.15%	18.21%
Dividend per Share ¹	-	-	-	0.137	1.311	1.554	1.802	2.124
Change	-	-	-	-	857.28%	18.48%	15.99%	17.82%
Book Value Per Share ¹	31.53	30.3	29.74	35.29	43.35	50.57	55.93	62.6
Change	-	-3.91%	-1.85%	18.66%	22.84%	16.66%	10.58%	11.94%
EPS ¹	2.47	1.8	2.27	3.11	4.24	7.118	6.439	7.668
Change	-	-27.13%	26.11%	37%	36.33%	67.87%	-9.53%	19.07%
Nbr of stocks (in thousands)	1,677,533	1,692,572	1,602,072	1,582,250	1,582,250	1,582,250	1,582,250	1,582,250
Announcement Date	3/22/21	3/21/22	3/21/23	3/19/24	3/18/25	-	-	-