Tencent Holdings Limited

SEHK-700

Basic

Market Cap
HK$3,225.92B
EV
HK$3,251B
Shares Out
9,185.41M
Revenue
CN¥618.53B
Employees
104,787

Margins

Gross
49.92%
EBITDA
32.08%
Operating
28.69%
Pre-Tax
29.15%
Net
21.22%
FCF
32.37%

Returns (5Yr Avg)

ROA
12.12%
ROTA
27.3%
ROE
22.25%
ROCE
12.73%
ROIC
9.93%

Valuation (TTM)

P/E
—
P/B
—
EV/Sales
—
EV/EBITDA
—
P/FCF
—
EV/Gross Profit
—

Valuation (NTM)

Price Target
HK$466.57
P/E
—
PEG
—
EV/Sales
—
EV/EBITDA
—
P/FCF
—

Financial Health

Cash
CN¥419.04B
Net Debt
-CN¥45.04B
Debt/Equity
0.41
EBIT/Interest
14.63

Growth (CAGR)

Rev 3Yr
6.69%
Rev 5Yr
13.76%
Rev 10Yr
25.21%
Dil EPS 3Yr
-9.59%
Dil EPS 5Yr
9.54%
Dil EPS 10Yr
21.66%
Rev Fwd 2Yr
9.46%
EBITDA Fwd 2Yr
11.04%
EPS Fwd 2Yr
19.82%
EPS LT Growth Est
18.62%

Dividends

Yield
—
Payout
22.15%
DPS
CN¥3.09
DPS Growth 3Yr
31.82%
DPS Growth 5Yr
28.58%
DPS Growth 10Yr
32.33%
DPS Growth Fwd 2Yr
18.74%

Metric	Dec '14	Dec '15	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23	LTM
Operating Revenues						369,723	474,569	552,433	554,552	609,015	617,450
Other Revenues, Total						7,566	7,495	7,685	—	—	1,080
Total Revenues						377,289	482,064	560,118	554,552	609,015	618,530
Total Revenues % Chg.						20.7%	27.8%	16.2%	-1%	9.8%	8.7%
Cost of Goods Sold, Total						209,705	260,440	314,187	315,665	315,903	309,730
Gross Profit						167,584	221,624	245,931	238,887	293,112	308,800
Selling General & Admin Expenses, Total						74,842	101,383	130,441	135,925	137,736	138,430
Other Operating Expenses						-4,678	-5,141	-8,360	-7,918	-7,571	-7,082
Other Operating Expenses, Total						70,164	96,242	122,081	128,007	130,165	131,348
Operating Income						97,420	125,382	123,850	110,880	162,947	177,452
Interest Expense, Total						-7,690	-7,449	-7,918	-9,985	-11,885	-12,129
Interest And Investment Income						7,328	8,722	7,310	8,592	13,808	15,287
Net Interest Expenses						-362	1,273	-608	-1,393	1,923	3,158
Income (Loss) On Equity Invest.						-1,681	3,672	-16,444	-16,129	5,800	7,906
Currency Exchange Gains (Loss)						77	-438	804	633	-383	-383
Other Non Operating Income (Expenses)	—	—	—	—	—	—	—	—	—	—	643
EBT, Excl. Unusual Items						95,454	129,889	107,602	93,991	170,287	188,776
Impairment of Goodwill						-20	-4,205	-8,702	—	—	-35
Gain (Loss) On Sale Of Investments						14,180	55,005	149,160	116,287	-6,090	-5,592
Gain (Loss) On Sale Of Assets	—	—	—	—	—	—	—	—	108	126	126
Asset Writedown						-214	-667	2	-141	-3	-3
Other Unusual Items	—	—	—	—	—	—	—	—	-20	-2,996	-2,987
EBT, Incl. Unusual Items						109,400	180,022	248,062	210,225	161,324	180,285
Income Tax Expense						13,512	19,897	20,252	21,516	43,276	45,980
Earnings From Continuing Operations						95,888	160,125	227,810	188,709	118,048	134,305
Minority Interest						-2,578	-278	-2,988	-466	-2,832	-3,038
Net Income						93,310	159,847	224,822	188,243	115,216	131,267
Net Income to Common Incl Extra Items						93,310	159,847	224,822	188,243	115,216	131,267
Net Income to Common Excl. Extra Items						93,310	159,847	224,822	188,243	115,216	131,267
Total Shares Outstanding						9,474.6	9,512.4	9,538.5	9,482.8	9,373.4	9,352
Weighted Avg. Shares Outstanding						9,468	9,490	9,528	9,528	9,455	9,422.3
Weighted Avg. Shares Outstanding Dil						9,603	9,650	9,696	9,695	9,610	9,566.8
EPS						9.9	16.8	23.6	19.8	12.2	13.9
EPS Diluted						9.6	16.5	23.2	19.3	11.9	13.6
EBITDA						110,605	144,667	146,995	134,297	183,937	198,450
Effective Tax Rate						12.4%	11.1%	8.2%	10.2%	26.8%	25.5%