Cycle-normalized earnings valuation
When earnings are at a cyclical peak or trough, how misleading is the current P/E?
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Sample JSON
Specification JSON
Sample as of
0700.HK Tencent Holdings | Hang Seng Index | 2025-10-16 – 2026-10-16 | HKD
- Highest item: Trough margin
- 13 x
- Lowest item: Peak margin
- 5.8 x
- Average
- 9.5 x
- Number of items
- 4 items
Reported vs. normalized valuation
Normalized P/E (x) (Multi-series)
Historical margins
Median historical margin (%) (Bar)
Cycle selection
Normalized P/E (x) and Median historical margin (%) (Table)
Sample data rows
| Earnings basis | Normalized P/E (x) | Median historical margin (%) | Data date (sample) |
|---|---|---|---|
| Peak margin | 5.8 | 10.15 | 2026-10-16 |
| Trough margin | 13 | 19.04 | 2026-10-16 |
| Median margin | 6.5 | 16.71 | 2026-10-16 |
| Current margin | 12.8 | 9.85 | 2026-10-16 |