Hi Vic, since Madamswer hasn't been posting for a little while I thought I would go through what I get.
All data is from the FY 2018 report.
It seems you are using FCF = OCF - NCFI (cash out flow for investing)
OCF of 139.7m
NCFI of 28.7m
FCF = 139.7 - 28.7 = 111m
market cap = 1886m
FCF yield = (111/1886)*100 = 5.9%
Normally the dividend is included in the FCF and not taken out, as that is cash the business is producing and can be paid out - i.e. free cashflow.
Anyway I have been a holder of TME for around 4 years now and each year that FCF has been growing, along with increased business invesment. The valuation still seems pretty attractive even after the little increase recently.
Ann: Preliminary Final Report, page-34
Currently unlisted. Proposed listing date: 16 SEPTEMBER 2024 #