Stock 700 TENCENT HOLDINGS LIMITED
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Financials Tencent Holdings Limited

Equities

700

KYG875721634

Internet Services

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:20 2024-04-26 am EDT 		5-day change 1st Jan Change
348.4 HKD +2.65% Intraday chart for Tencent Holdings Limited +14.68% +18.66%
Apr. 26 TAKE A LOOK-Beijing auto show RE
Apr. 26 Foreign automakers eager for Chinese partners at Beijing auto show RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 3,187,363 4,520,554 3,550,845 2,775,430 2,495,851 3,001,573 - -
Enterprise Value (EV) 1 3,171,811 4,531,617 3,530,602 2,760,598 2,550,591 2,821,244 2,684,488 2,441,756
P/E ratio 34.8 x 28.7 x 16.1 x 15.3 x 22.4 x 20.5 x 17.5 x 15.1 x
Yield 0.32% 0.28% 0.35% 0.81% 1.17% 1.04% 1.25% 1.37%
Capitalization / Revenue 8.45 x 9.38 x 6.34 x 5 x 4.1 x 4.5 x 4.08 x 3.73 x
EV / Revenue 8.41 x 9.4 x 6.3 x 4.98 x 4.19 x 4.23 x 3.65 x 3.03 x
EV / EBITDA 23.1 x 26.6 x 20.4 x 16.8 x 10.8 x 11.2 x 9.76 x 8.07 x
EV / FCF 27.3 x 28.3 x 24.9 x 21.6 x 12.9 x 15.9 x 12.2 x 10.9 x
FCF Yield 3.66% 3.53% 4.02% 4.64% 7.77% 6.29% 8.22% 9.13%
Price to Book 7.45 x 6.4 x 4.4 x 3.9 x 3.12 x 3.24 x 2.77 x 2.52 x
Nbr of stocks (in thousands) 9,495,729 9,523,125 9,540,009 9,408,797 9,352,822 9,307,098 - -
Reference price 2 335.7 474.7 372.2 295.0 266.9 322.5 322.5 322.5
Announcement Date 3/18/20 3/24/21 3/23/22 3/22/23 3/20/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 377,289 482,064 560,118 554,552 609,015 666,418 735,613 804,864
EBITDA 1 137,268 170,680 173,173 164,037 235,454 251,931 275,123 302,734
EBIT 1 118,694 184,237 271,620 235,706 160,074 202,772 230,170 255,503
Operating Margin 31.46% 38.22% 48.49% 42.5% 26.28% 30.43% 31.29% 31.74%
Earnings before Tax (EBT) 1 109,400 180,022 248,062 210,225 161,324 199,995 228,849 259,372
Net income 1 93,310 159,847 224,822 188,243 115,216 152,837 176,883 200,978
Net margin 24.73% 33.16% 40.14% 33.95% 18.92% 22.93% 24.05% 24.97%
EPS 2 9.643 16.52 23.16 19.34 11.89 15.71 18.40 21.42
Free Cash Flow 1 116,221 160,159 141,794 128,077 198,069 177,524 220,648 222,995
FCF margin 30.8% 33.22% 25.32% 23.1% 32.52% 26.64% 30% 27.71%
FCF Conversion (EBITDA) 84.67% 93.84% 81.88% 78.08% 84.12% 70.47% 80.2% 73.66%
FCF Conversion (Net income) 124.55% 100.2% 63.07% 68.04% 171.91% 116.15% 124.74% 110.95%
Dividend per Share 2 1.089 1.344 1.298 2.400 3.129 3.362 4.035 4.433
Announcement Date 3/18/20 3/24/21 3/23/22 3/22/23 3/20/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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
Net sales 1 142,368 144,188 135,471 134,034 140,093 144,954 149,986 149,208 154,625 155,196 158,490 162,195 169,199 171,582 -
EBITDA 1 49,257 36,568 38,283 38,628 43,124 44,002 52,656 56,848 61,301 59,494 60,996 61,522 64,627 65,083 -
EBIT 1 53,137 109,723 37,217 30,067 51,593 116,829 40,429 40,300 48,475 41,401 49,337 50,701 54,275 54,610 -
Operating Margin 37.32% 76.1% 27.47% 22.43% 36.83% 80.6% 26.96% 27.01% 31.35% 26.68% 31.13% 31.26% 32.08% 31.83% -
Earnings before Tax (EBT) 1 45,527 99,593 29,002 23,798 45,946 111,479 37,859 38,168 47,789 37,508 48,349 50,173 54,582 55,648 -
Net income 1 39,510 94,958 23,413 18,619 39,943 106,268 25,838 26,171 36,182 27,025 35,785 36,837 40,920 42,282 -
Net margin 27.75% 65.86% 17.28% 13.89% 28.51% 73.31% 17.23% 17.54% 23.4% 17.41% 22.58% 22.71% 24.18% 24.64% -
EPS 2 4.074 9.788 2.404 1.915 4.104 10.98 2.639 2.695 3.752 2.807 3.686 3.946 4.383 4.329 -
Dividend per Share - 1.600 - - - 2.400 - - - 3.129 - - - - -
Announcement Date 11/10/21 3/23/22 5/18/22 8/17/22 11/16/22 3/22/23 5/17/23 8/16/23 11/15/23 3/20/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 11,063 - - 54,740 - - -
Net Cash position 1 15,552 - 20,243 14,832 - 180,329 317,085 559,818
Leverage (Debt/EBITDA) - 0.0648 x - - 0.2325 x - - -
Free Cash Flow 1 116,221 160,159 141,794 128,077 198,069 177,524 220,648 222,995
ROE (net income / shareholders' equity) 24.7% 28.1% 29.8% 24.6% 15.1% 18.6% 18.3% 18.5%
ROA (Net income/ Total Assets) 11.1% 14% 15.3% 11.8% 7.3% 9.69% 10% 10.4%
Assets 1 838,757 1,143,725 1,472,890 1,595,253 1,577,696 1,577,594 1,763,429 1,923,803
Book Value Per Share 2 45.10 74.20 84.60 75.70 85.50 99.60 116.0 128.0
Cash Flow per Share 2 15.50 20.10 18.10 15.10 23.10 22.80 26.20 30.80
Capex 1 32,369 33,960 33,392 18,014 23,893 35,450 39,061 39,393
Capex / Sales 8.58% 7.04% 5.96% 3.25% 3.92% 5.32% 5.31% 4.89%
Announcement Date 3/18/20 3/24/21 3/23/22 3/22/23 3/20/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Tencent Holdings Limited

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
50
Last Close Price
322.5 CNY
Average target price
386.7 CNY
Spread / Average Target
+19.91%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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