Earnings valuation excluding net cash

After stripping out excess cash, what is the market paying for operating earnings?

Valuation VAL-019 Multi-series Sample

Download CSV Sample JSON Specification JSON Sample as of 2026-10-16

0700.HK Tencent Holdings | Hang Seng Index | 2025-10-16 – 2026-10-16 | HKD

Highest item: Earnings basis: 28.6 x
Lowest item: Adjusted P/E: 13.6 x
Average: 23.4 x
Number of items: 4 items

Operating equity value

P/E excluding net cash (x) (Multi-series)

Earnings adjustment

Cash interest adjustment (million) (Bar)

Deployable cash assumption

P/E excluding net cash (x) and Cash interest adjustment (million) (Table)

Sample data rows

Adjustment step	P/E excluding net cash (x)	Cash interest adjustment (million)	Data date (sample)
Market capitalization	23.5	3627	2026-10-16
Deployable net cash	27.7	4671	2026-10-16
Earnings basis	28.6	791	2026-10-16
Adjusted P/E	13.6	631	2026-10-16

Source and limits

Research question

After stripping out excess cash, what is the market paying for operating earnings?

Axes and units

Horizontal axis: Adjustment step
Vertical axis: Multiple / amount
Metric: P/E excluding net cash (x)
Comparison metric: Cash interest adjustment (million)

Calculation method

Operating equity value = market capitalization - user-specified deployable net cash; the earnings base is reduced by the user-specified after-tax interest on that cash, and the first is divided by the second.

Limitations

Excess cash and cash interest cannot be determined reliably and automatically, so they must be entered explicitly by the USER. Calculation is skipped when the denominator is negative. All preview values are synthetic samples, not live quotes. Fields and historical depth for non-US and Hong Kong stocks depend on each stock's actual coverage. Before any cross-currency calculation, confirm the currencies of market cap and the financial statement denominators. If conversion is needed, use a stated date and FX basis.

The plotted values are generated sample data and do not result from this calculation.

Data API requirements

FUND
USER
FX

Data class: User data
Complexity: High
Update cadence: Recalculated when the user changes holdings, write-offs or scenarios. Recalculated after new financial statements are loaded. Data revisions checked weekly.
Needs user-supplied input: Yes
Needs extra data plan: No

API names are the data groups the original specification requires, listed as methodology metadata only. This page makes no live data connection and is not connected to the live market data shown elsewhere on the site.

Source documentation

Design priority

Catalogue priority 768 of 1,000 (stage P3), a planning estimate from the original workbook.