Company Valuation: Zai Lab Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 6,059 2,946 2,688 2,853 1,962 2,945 - -
Change - -51.37% -8.77% 6.15% -31.23% 50.1% - -
Enterprise Value (EV) 1 4,650 1,938 1,897 2,095 1,397 2,487 2,564 2,708
Change - -58.33% -2.13% 10.47% -33.34% 78.08% 3.09% 5.62%
P/E -8.29x -6.63x -7.9x -10.1x -11x -11.9x -11.8x -17.8x
PBR 4.35x - 3.34x 3.36x 2.73x 5.73x 7.52x 6.95x
PEG - 0.2x 0.3x 0.4x 0.3x -0.3x -58.58x 0.5x
Capitalization / Revenue 42x 13.7x 10.1x 7.15x 4.26x 6.97x 5.33x 4.07x
EV / Revenue 32.2x 9.01x 7.11x 5.25x 3.04x 5.88x 4.64x 3.74x
EV / EBITDA -6.7x -4.89x -5.3x -7.75x -6.51x -8.56x -11.2x -21.5x
EV / EBIT -6.64x -4.79x -5.17x -7.43x -6.09x -8.74x -11.1x -17.3x
EV / FCF -8.19x -4.94x -9.23x -9.5x -8.5x -13.7x -14.4x -23x
FCF Yield -12.2% -20.2% -10.8% -10.5% -11.8% -7.3% -6.94% -4.34%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -7.58 -4.63 -3.46 -2.6 -1.6 -2.209 -2.214 -1.47
Distribution rate - - - - - - - -
Net sales 1 144.3 215 266.7 399 460.2 422.8 552.1 723.7
EBITDA 1 -693.6 -396.1 -357.5 -270.3 -214.4 -290.7 -228.3 -126.2
EBIT 1 -700.1 -404.4 -366.6 -282.1 -229.4 -284.6 -230.4 -156.7
Net income 1 -704.5 -443.3 -334.6 -257.1 -175.5 -240.7 -211.1 -157.9
Net Debt 1 -1,409 -1,008 -791.3 -757.9 -565.3 -457.7 -380.8 -236.7
Reference price 2 62.85 30.70 27.33 26.19 17.64 26.23 26.23 26.23
Nbr of stocks (in thousands) 96,409 95,972 98,349 108,937 111,219 112,266 - -
Announcement Date 3/1/22 3/1/23 2/27/24 2/27/25 2/26/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-12.22x6.09x-8.85x-.--% 3.03B
19.53x4.57x10.77x0.46% 84.22B
20.65x4.41x13.65x2.37% 60.48B
-17.71x26.55x-17.53x-.--% 59.43B
35.98x12.26x23.5x-.--% 50.31B
22.03x4.87x13.88x0.66% 48.91B
39.89x3.65x13.91x-.--% 33.17B
57.12x3.65x28.32x-.--% 25.95B
68.4x7.28x44.26x-.--% 22.78B
24.11x5.15x13.42x-.--% 16.73B
Average 25.78x 7.85x 13.53x 0.35% 40.5B
Weighted average by Cap. 23.36x 8.82x 12.23x 0.53%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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