Earnings valuation excluding net cash
After stripping out excess cash, what is the market paying for operating earnings?
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サンプル基準日
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) (複数系列)
Earnings adjustment
Cash interest adjustment (million) (棒)
Deployable cash assumption
P/E excluding net cash (x) and Cash interest adjustment (million) (表)
サンプルデータ行
| 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 |