Stock TME TENCENT MUSIC ENTERTAINMENT GROUP
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Financials Tencent Music Entertainment Group

Equities

TME

US88034P1093

Internet Services

Market Closed - Nyse
Other stock markets
 04:00:02 2024-05-31 pm EDT 		5-day change 1st Jan Change
14.45 USD -3.88% Intraday chart for Tencent Music Entertainment Group -2.36% +60.38%
May. 14 Citigroup Adjusts Price Target on Tencent Music Entertainment to $18 From $13, Keeps Buy Rating MT
May. 14 Daiwa Securities Raises Price Target on Tencent Music Entertainment to $15.30 From $12.50, Maintains Buy Rating MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 133,642 210,599 73,647 90,150 99,677 163,120 - -
Enterprise Value (EV) 1 118,216 190,072 58,580 75,232 81,914 140,666 133,836 125,757
P/E ratio 34.3 x 50.8 x 24.2 x 25.2 x 20.6 x 26.2 x 22.2 x 18.8 x
Yield - - - - 0.21% - - -
Capitalization / Revenue 5.25 x 7.22 x 2.36 x 3.18 x 3.59 x 5.65 x 5.05 x 4.54 x
EV / Revenue 4.65 x 6.52 x 1.87 x 2.65 x 2.95 x 4.87 x 4.14 x 3.5 x
EV / EBITDA 19.1 x 34.3 x 12.2 x 13.4 x 11.6 x 16.1 x 12.9 x 10.6 x
EV / FCF 19.4 x 39.8 x 11.5 x 10.8 x 12.2 x 21.6 x 16.7 x 13.1 x
FCF Yield 5.16% 2.51% 8.69% 9.24% 8.2% 4.63% 6% 7.62%
Price to Book 3.15 x 3.98 x 1.44 x 1.92 x 1.81 x 2.64 x 2.38 x 2.16 x
Nbr of stocks (in thousands) 1,635,152 1,677,533 1,692,572 1,578,567 1,558,745 1,558,745 - -
Reference price 2 81.73 125.5 43.51 57.11 63.95 104.6 104.6 104.6
Announcement Date 3/16/20 3/22/21 3/21/22 3/21/23 3/19/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 25,434 29,153 31,244 28,339 27,752 28,868 32,302 35,954
EBITDA 1 6,202 5,534 4,810 5,603 7,063 8,764 10,363 11,827
EBIT 1 5,619 4,710 3,800 4,443 6,059 8,084 9,440 11,209
Operating Margin 22.09% 16.16% 12.16% 15.68% 21.83% 28% 29.23% 31.18%
Earnings before Tax (EBT) 1 4,540 4,632 3,632 4,373 6,045 8,265 9,448 11,395
Net income 1 3,982 4,155 3,029 3,677 4,920 6,350 7,449 8,909
Net margin 15.66% 14.25% 9.69% 12.98% 17.73% 22% 23.06% 24.78%
EPS 2 2.380 2.470 1.800 2.270 3.110 3.992 4.707 5.572
Free Cash Flow 1 6,105 4,777 5,088 6,954 6,716 6,512 8,028 9,587
FCF margin 24% 16.39% 16.28% 24.54% 24.2% 22.56% 24.85% 26.66%
FCF Conversion (EBITDA) 98.44% 86.32% 105.78% 124.11% 95.09% 74.3% 77.47% 81.06%
FCF Conversion (Net income) 153.31% 114.97% 167.98% 189.12% 136.5% 102.55% 107.77% 107.6%
Dividend per Share 2 - - - - 0.1370 - - -
Announcement Date 3/16/20 3/22/21 3/21/22 3/21/23 3/19/24 - - -
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 7,607 6,644 6,905 7,365 7,425 7,004 7,286 6,569 6,893 6,768 7,142 7,252 7,645 7,551 8,099
EBITDA 1 681 785.5 1,080 1,262 2,477 - - 1,526 - - 1,939 1,990 2,137 1,824 -
EBIT 1 682 749 1,045 1,261 1,388 1,381 1,539 1,425 1,714 1,959 2,001 2,080 2,272 2,263 2,322
Operating Margin 8.97% 11.27% 15.13% 17.12% 18.69% 19.72% 21.12% 21.69% 24.87% 28.95% 28.02% 28.68% 29.72% 29.97% 28.67%
Earnings before Tax (EBT) 1 652 739 1,016 1,245 1,373 1,367 1,535 1,439 1,704 1,911 1,962 1,998 2,153 2,139 -
Net income 1 536 609 856 1,061 1,151 1,148 1,298 1,168 1,306 1,422 1,522 1,550 1,693 - -
Net margin 7.05% 9.17% 12.4% 14.41% 15.5% 16.39% 17.81% 17.78% 18.95% 21.01% 21.31% 21.38% 22.15% - -
EPS 2 0.3200 0.3700 0.5300 0.6600 0.7200 0.7300 0.8200 0.7400 0.8300 0.9100 0.9901 1.031 1.115 - -
Dividend per Share 2 - - - - - - - - 0.1370 - - - - - -
Announcement Date 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 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 15,426 20,527 15,067 14,918 17,763 22,454 29,284 37,363
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 6,105 4,777 5,088 6,954 6,716 6,512 8,028 9,587
ROE (net income / shareholders' equity) 9.79% 8.67% 5.91% 7.47% 11.4% 11.5% 12.4% 13%
ROA (Net income/ Total Assets) 8.19% 6.87% 4.47% 5.48% 8.31% 8.66% 9.7% 9.91%
Assets 1 48,644 60,476 67,763 67,132 59,203 73,343 76,775 89,921
Book Value Per Share 2 26.00 31.50 30.30 29.70 35.30 39.60 43.90 48.50
Cash Flow per Share 2 3.700 2.910 1.560 2.310 2.320 4.970 6.480 7.600
Capex 1 95 108 159 527 621 841 905 1,072
Capex / Sales 0.37% 0.37% 0.51% 1.86% 2.24% 2.91% 2.8% 2.98%
Announcement Date 3/16/20 3/22/21 3/21/22 3/21/23 3/19/24 - - -
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 Music Entertainment Group

Trading Rating
Investor Rating
ESG Refinitiv
D+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
30
Last Close Price
104.6 CNY
Average target price
118.1 CNY
Spread / Average Target
+12.82%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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