Financials Zai Lab Limited Hong Kong S.E.

Equities

9688

KYG9887T1168

Pharmaceuticals

Market Closed - Hong Kong S.E. Other stock markets 04:08:05 2024-05-31 am EDT			5-day change	1st Jan Change
14.64 ^HKD	+6.09%		+3.39%	-31.91%

May. 24	Asian Equities Traded in the US as American Depositary Receipts Trend Higher in Friday Trading, End Week Lower	MT
May. 22	Zai Lab Doses First Patient in a Phase 2 Clinical Trial of Plaque Psoriasis Treatment; Shares Rise	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,753	11,913	6,059	2,946	2,688	1,764	-	-
Enterprise Value (EV) ¹	2,484	10,726	4,650	1,938	1,897	1,226	1,489	1,488
P/E ratio	-13.7 x	-39.1 x	-8.29 x	-6.63 x	-7.9 x	-6.47 x	-16.6 x	12 x
Yield	-	-	-	-	-	-	1.12%	-
Capitalization / Revenue	212 x	243 x	42 x	13.7 x	10.1 x	4.53 x	2.86 x	1.84 x
EV / Revenue	191 x	219 x	32.2 x	9.01 x	7.11 x	3.15 x	2.41 x	1.56 x
EV / EBITDA	-12.5 x	-36.1 x	-6.7 x	-4.89 x	-5.3 x	-3.88 x	-7.43 x	-337 x
EV / FCF	-12.6 x	-47.4 x	-8.19 x	-4.94 x	-9.23 x	-2.44 x	-9.9 x	42.2 x
FCF Yield	-7.93%	-2.11%	-12.2%	-20.2%	-10.8%	-40.9%	-10.1%	2.37%
Price to Book	9.63 x	10.2 x	4.35 x	-	3.34 x	3.53 x	8.39 x	21.2 x
Nbr of stocks (in thousands)	66,199	88,024	96,409	95,972	98,349	99,209	-	-
Reference price ²	41.59	135.3	62.85	30.70	27.33	17.78	17.78	17.78
Announcement Date	3/19/20	3/1/21	3/1/22	3/1/23	2/27/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	12.98	48.96	144.3	215	266.7	389.4	617.4	957
EBITDA ¹	-199.4	-297.2	-693.6	-396.1	-357.5	-315.7	-200.4	-4.41
EBIT ¹	-203.2	-301.8	-700.1	-404.4	-366.6	-319.3	-164.4	44.25
Operating Margin	-1,564.88%	-616.45%	-485.1%	-188.04%	-137.44%	-82.01%	-26.62%	4.62%
Earnings before Tax (EBT) ¹	-194.3	-267.8	-703.4	-443.1	-334.6	-272.3	-125.1	81.3
Net income ¹	-195.1	-268.9	-704.5	-443.3	-334.6	-277.2	-130.2	68.7
Net margin	-1,502.31%	-549.26%	-488.16%	-206.14%	-125.46%	-71.19%	-21.09%	7.18%
EPS ²	-3.030	-3.460	-7.580	-4.630	-3.460	-2.748	-1.068	1.486
Free Cash Flow ¹	-197	-226.2	-567.5	-392.2	-205.4	-501.7	-150.3	35.26
FCF margin	-1,517.52%	-462%	-393.26%	-182.4%	-77.01%	-128.84%	-24.35%	3.68%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	51.32%
Dividend per Share ²	-	-	-	-	-	-	0.2000	-
Announcement Date	3/19/20	3/1/21	3/1/22	3/1/23	2/27/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	9.565	19.21	29.74	57.04	44.17	87.27	46.72	48.18	94.9	57.54	62.6	120.1	62.8	68.86	69.23	65.83	87.15	92.92	101.8	114	120.9	130
EBITDA ¹	-	-	-	-	-217.3	-	-77.75	-	-	-	-	-	-	-	-	-121.5	-67.3	-67.9	-66.57	-62.26	-	-
EBIT ¹	-117.3	-130.3	-171.5	-397.7	-219.2	-302.4	-79.76	-98.72	-178.5	-128.6	-97.29	-225.9	-69.52	-89.5	-83.57	-124	-70.31	-77.28	-74.61	-83.91	-56.3	-51.9
Operating Margin	-1,226.58%	-678.12%	-576.61%	-697.19%	-496.24%	-346.5%	-170.71%	-204.91%	-188.07%	-223.47%	-155.42%	-188.01%	-110.71%	-129.97%	-120.72%	-188.34%	-80.68%	-83.16%	-73.26%	-73.63%	-46.57%	-39.92%
Earnings before Tax (EBT) ¹	-111.3	-128.2	-139.6	-	-211.3	-	-82.17	-137.9	-	-161.2	-61.77	-	-49.14	-120.9	-69.15	-95.43	-53.47	-68.46	-65.03	-67.58	-48.5	-44.5
Net income ¹	-111.8	-128.6	-140.3	-	-211.8	-	-82.39	-137.9	-	-161.2	-61.77	-223	-49.14	-120.9	-69.15	-95.43	-53.47	-70.37	-68.52	-70.69	-48.5	-44.5
Net margin	-1,168.87%	-669.43%	-471.64%	-	-479.56%	-	-176.34%	-286.31%	-	-280.14%	-98.67%	-185.58%	-78.26%	-175.56%	-99.89%	-144.96%	-61.36%	-75.73%	-67.28%	-62.02%	-40.12%	-34.23%
EPS ²	-1.660	-1.740	-1.720	-	-2.240	-	-0.8600	-1.440	-	-1.680	-0.6500	-	-0.5100	-1.250	-0.7100	-0.9800	-0.5500	-0.7196	-0.7003	-0.7210	-0.5000	-0.4600
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	3/19/20	8/13/20	3/1/21	8/9/21	3/1/22	3/1/22	5/10/22	8/9/22	8/9/22	11/9/22	3/1/23	3/1/23	5/9/23	8/7/23	11/7/23	2/27/24	5/8/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	269	1,187	1,409	1,008	791	538	275	275
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-197	-226	-568	-392	-205	-502	-150	35.3
ROE (net income / shareholders' equity)	-71.5%	-36.7%	-55.3%	-36.6%	-36.3%	-46.7%	-35.7%	-7.19%
ROA (Net income/ Total Assets)	-59.4%	-32.5%	-48.5%	-31.3%	-29.7%	-36.5%	-14.9%	14.3%
Assets ¹	328.6	826.4	1,454	1,415	1,128	759	872.2	480.7
Book Value Per Share ²	4.320	13.30	14.50	-	8.190	5.030	2.120	0.8400
Cash Flow per Share	-2.970	-2.780	-5.910	-	-	-	-	-
Capex ¹	6.04	10.1	18.3	24.6	7.21	8.85	21.6	30.7
Capex / Sales	46.48%	20.69%	12.68%	11.43%	2.7%	2.27%	3.49%	3.21%
Announcement Date	3/19/20	3/1/21	3/1/22	3/1/23	2/27/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Zai Lab Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

17.78 USD

Average target price

51.37 USD

Spread / Average Target

+188.93%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Biopharmaceuticals

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Biopharmaceuticals