TENCENT HOLDINGS LIMITED |
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 371.6 HKD | -0.59% |
|
-2.42% | +26.57% |
| Jun. 11 | Tencent Shareholder Prosus Expects Lower Earnings on Smaller Share Sale | DJ |
| Jun. 06 | Tencent Moves Into New Space in Singapore | MT |
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 | 3,205,360 | - | - |
| Enterprise Value (EV) 1 | 3,171,811 | 4,531,617 | 3,530,602 | 2,760,598 | 2,550,591 | 3,052,981 | 2,937,916 | 2,755,764 |
| P/E ratio | 34.8 x | 28.7 x | 16.1 x | 15.3 x | 22.4 x | 19.8 x | 17.2 x | 15 x |
| Yield | 0.32% | 0.28% | 0.35% | 0.81% | 1.17% | 1.07% | 1.26% | 1.45% |
| Capitalization / Revenue | 8.45 x | 9.38 x | 6.34 x | 5 x | 4.1 x | 4.83 x | 4.4 x | 4.02 x |
| EV / Revenue | 8.41 x | 9.4 x | 6.3 x | 4.98 x | 4.19 x | 4.6 x | 4.03 x | 3.46 x |
| EV / EBITDA | 23.1 x | 26.6 x | 20.4 x | 16.8 x | 10.8 x | 11.6 x | 10.2 x | 8.62 x |
| EV / FCF | 27.3 x | 28.3 x | 24.9 x | 21.6 x | 12.9 x | 16.9 x | 13 x | 11.6 x |
| FCF Yield | 3.66% | 3.53% | 4.02% | 4.64% | 7.77% | 5.93% | 7.69% | 8.59% |
| Price to Book | 7.45 x | 6.4 x | 4.4 x | 3.9 x | 3.12 x | 3.43 x | 2.93 x | 2.56 x |
| Nbr of stocks (in thousands) | 9,495,729 | 9,523,125 | 9,540,009 | 9,408,797 | 9,352,822 | 9,241,829 | - | - |
| Reference price 2 | 335.7 | 474.7 | 372.2 | 295.0 | 266.9 | 346.8 | 346.8 | 346.8 |
| 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 | 663,449 | 728,807 | 796,505 |
| EBITDA 1 | 137,268 | 170,680 | 173,173 | 164,037 | 235,454 | 262,718 | 287,937 | 319,511 |
| EBIT 1 | 118,694 | 184,237 | 271,620 | 235,706 | 160,074 | 213,598 | 238,803 | 266,612 |
| Operating Margin | 31.46% | 38.22% | 48.49% | 42.5% | 26.28% | 32.2% | 32.77% | 33.47% |
| Earnings before Tax (EBT) 1 | 109,400 | 180,022 | 248,062 | 210,225 | 161,324 | 217,810 | 245,073 | 276,485 |
| Net income 1 | 93,310 | 159,847 | 224,822 | 188,243 | 115,216 | 163,737 | 187,174 | 212,741 |
| Net margin | 24.73% | 33.16% | 40.14% | 33.95% | 18.92% | 24.68% | 25.68% | 26.71% |
| EPS 2 | 9.643 | 16.52 | 23.16 | 19.34 | 11.89 | 17.51 | 20.16 | 23.18 |
| Free Cash Flow 1 | 116,221 | 160,159 | 141,794 | 128,077 | 198,069 | 181,034 | 226,004 | 236,670 |
| FCF margin | 30.8% | 33.22% | 25.32% | 23.1% | 32.52% | 27.29% | 31.01% | 29.71% |
| FCF Conversion (EBITDA) | 84.67% | 93.84% | 81.88% | 78.08% | 84.12% | 68.91% | 78.49% | 74.07% |
| FCF Conversion (Net income) | 124.55% | 100.2% | 63.07% | 68.04% | 171.91% | 110.56% | 120.75% | 111.25% |
| Dividend per Share 2 | 1.089 | 1.344 | 1.298 | 2.400 | 3.129 | 3.714 | 4.387 | 5.018 |
| 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 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 144,188 | 135,471 | 134,034 | 140,093 | 144,954 | 149,986 | 149,208 | 154,625 | 155,196 | 159,501 | 161,432 | 168,908 | 170,993 | 171,350 | - |
| EBITDA 1 | 36,568 | 38,283 | 38,628 | 43,124 | 44,002 | 52,656 | 56,848 | 61,301 | 59,494 | 69,259 | 63,037 | 65,988 | 66,073 | 55,327 | - |
| EBIT 1 | 109,723 | 37,217 | 30,067 | 51,593 | 116,829 | 40,429 | 40,300 | 48,475 | 41,401 | 58,619 | 53,269 | 56,536 | 56,411 | 56,576 | - |
| Operating Margin | 76.1% | 27.47% | 22.43% | 36.83% | 80.6% | 26.96% | 27.01% | 31.35% | 26.68% | 36.75% | 33% | 33.47% | 32.99% | 33.02% | - |
| Earnings before Tax (EBT) 1 | 99,593 | 29,002 | 23,798 | 45,946 | 111,479 | 37,859 | 38,168 | 47,789 | 37,508 | 56,820 | 55,026 | 58,973 | 59,961 | 54,148 | - |
| Net income 1 | 94,958 | 23,413 | 18,619 | 39,943 | 106,268 | 25,838 | 26,171 | 36,182 | 27,025 | 41,889 | 40,006 | 43,798 | 44,870 | - | - |
| Net margin | 65.86% | 17.28% | 13.89% | 28.51% | 73.31% | 17.23% | 17.54% | 23.4% | 17.41% | 26.26% | 24.78% | 25.93% | 26.24% | - | - |
| EPS 2 | 9.788 | 2.404 | 1.915 | 4.104 | 10.98 | 2.639 | 2.695 | 3.752 | 2.807 | 4.386 | 4.237 | 4.643 | 4.602 | - | - |
| Dividend per Share 2 | 1.600 | - | - | - | 2.400 | - | - | - | 3.129 | - | - | - | 3.910 | - | - |
| Announcement Date | 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 | 5/14/24 | - | - | - | - | - |
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 | - | 152,379 | 267,444 | 449,595 |
| Leverage (Debt/EBITDA) | - | 0.0648 x | - | - | 0.2325 x | - | - | - |
| Free Cash Flow 1 | 116,221 | 160,159 | 141,794 | 128,077 | 198,069 | 181,034 | 226,004 | 236,670 |
| ROE (net income / shareholders' equity) | 24.7% | 28.1% | 29.8% | 24.6% | 15.1% | 19.8% | 19.2% | 19.1% |
| ROA (Net income/ Total Assets) | 11.1% | 14% | 15.3% | 11.8% | 7.3% | 10.6% | 10.8% | 11.2% |
| Assets 1 | 838,757 | 1,143,725 | 1,472,890 | 1,595,253 | 1,577,696 | 1,537,670 | 1,738,733 | 1,894,388 |
| Book Value Per Share 2 | 45.10 | 74.20 | 84.60 | 75.70 | 85.50 | 101.0 | 118.0 | 135.0 |
| Cash Flow per Share 2 | 15.50 | 20.10 | 18.10 | 15.10 | 23.10 | 23.80 | 26.40 | 31.00 |
| Capex 1 | 32,369 | 33,960 | 33,392 | 18,014 | 23,893 | 35,490 | 37,370 | 37,219 |
| Capex / Sales | 8.58% | 7.04% | 5.96% | 3.25% | 3.92% | 5.35% | 5.13% | 4.67% |
| 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
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
BUY
Number of Analysts
48
Last Close Price
346.8
CNY
Average target price
426.5
CNY
Spread / Average Target
+22.96%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +27.32% | 443B | |
| +13.03% | 143B | |
| +8.53% | 94B | |
| +25.33% | 90.01B | |
| +64.97% | 61.28B | |
| +14.27% | 45.9B | |
| +22.15% | 36.01B | |
| -12.22% | 31.22B | |
| +18.22% | 30.09B | |
| +48.76% | 18.84B |
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