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Key Info

Tencent Holdings Ltd Web - www.tencent.com

Tel - 86-755-8601-3388

Next Reporting Date - 15.05.2019

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Tencent Holdings Ltd

Software & Services

CHINA


DCF Model Assumptions

Risk Free Rate

2.70%

Country Equity Risk Premium

6.00%

Cost of Debt

5.26%

Cost of Debt

5.26%

Long Term Growth

2.00%

Beta Assumption

1.52

Current Market Cap mln$

466,033.11

Net Debt mln$

6,501.37

WACC Estimate

11.73%

Ordinary Current Price $

48.95

DCF Model

DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
Revenue16370.1022880.0235223.2747308.1457742.7673802.6990066.46107045.69125087.66149164.19177874.90212111.76252938.45301623.34359678.96
EBITDA Costs9256.0112990.0119184.9528148.3533785.3843428.4753193.9563389.0374222.2288755.49106134.47126916.39151767.56181484.78217020.85
EBITDA7114.099890.0116038.3219159.7823957.3830374.2236872.5143656.6650865.4460408.7071740.4285195.37101170.88120138.55142658.11
EBITDA Margin43.4643.2345.5340.5041.4941.1640.9440.7840.6640.5040.3340.1740.0039.8339.66
Operating Costs10318.1514908.6522682.8333329.8040321.4852094.9764017.8876465.3089691.82107518.95128889.39154507.43185217.30222031.06266161.92
Operating Profit6051.957971.3712540.4413978.3317421.2821707.7326048.5830580.3935395.8441645.2448985.5057604.3367721.1479592.2793517.04
Operating Margin36.9734.8435.6029.5530.1729.4128.9228.5728.3027.9227.5427.1626.7726.3926.00
Pretax Costs10606.5215103.6622154.5433016.1739584.1750976.6162513.6374558.1987356.63104555.64125140.83149778.89179267.75214562.46256806.09
PTP5763.587776.3613068.7314291.9618158.5922826.0927552.8232487.4937731.0344608.5552734.0762332.8873670.6987060.87102872.87
Pretax Margin35.2133.9937.1030.2131.4530.9330.5930.3530.1629.9129.6529.3929.1328.8628.60
Net Income Costs11212.2216040.3225575.0935587.6943607.5056258.8069070.6782446.1696658.83115789.79138707.19166160.47199047.37238443.32285636.62
Net Income5157.886839.709648.1811720.4514135.2617543.8920995.7824599.5328428.8333374.4039167.7045951.2953891.0863180.0274042.34
Net Margin31.5129.8927.3924.7724.4823.7723.3122.9822.7322.3722.0221.6621.3120.9520.59
Revenue Less Capex17720.4424371.5937023.8450664.4061436.4178492.9495765.96113798.85132960.43158521.67188996.99225331.09268650.32320297.54381873.78
Capex-1350.34-1491.57-1800.57-3356.26-3693.64-4690.25-5699.51-6753.16-7872.77-9357.48-11122.09-13219.33-15711.87-18674.20-22194.82
Capex to Revenues-8.25-6.52-5.11-7.09-6.40-6.36-6.33-6.31-6.29-6.27-6.25-6.23-6.21-6.19-6.17
Revenue less FCF10046.4914138.3920479.1533628.6139786.6951678.9663722.1676295.1789655.13107749.25129495.12155629.71187038.77224786.78270153.07
FCF6323.618741.6314744.1113679.5317956.0822123.7426344.2930750.5235432.5341414.9448379.7856482.0565899.6776836.5589525.90
FCF to Revenue38.6338.2141.8628.9231.1029.9829.2528.7328.3327.7627.2026.6326.0525.4724.89

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P/B
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6 month return
2019
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700 HKTencent Holdings LtdCHINA 466033.1134.3327.3025.0220.477.810.3031.677.2923.1747.61
BIDU USBaidu IncCHINA 58668.8820.8515.4116.1111.503.310.0017.352.2710.45-10.92
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International Comparables

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2019
PE RATIO
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PE RATIO
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2019
EV/EBITDA
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DIVIDEND YIELD
2019
EBITDA Margin
2019
P/B
2019
ROE
2019
6 month return
2019
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