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 2,303 - -
Change - -51.37% -8.77% 6.15% -31.23% 17.4% - -
Enterprise Value (EV) 1 4,650 1,938 1,897 2,095 1,397 1,860 1,916 2,089
Change - -58.33% -2.13% 10.47% -33.34% 33.19% 3.01% 9.02%
P/E -8.29x -6.63x -7.9x -10.1x -11x -8.89x -10.6x -14.6x
PBR 4.35x - 3.34x 3.36x 2.73x 4.14x 4.45x 4.41x
PEG - 0.2x 0.3x 0.4x 0.3x -0.2x 0.7x 0.5x
Capitalization / Revenue 42x 13.7x 10.1x 7.15x 4.26x 5.13x 3.87x 3.05x
EV / Revenue 32.2x 9.01x 7.11x 5.25x 3.04x 4.15x 3.22x 2.76x
EV / EBITDA -6.7x -4.89x -5.3x -7.75x -6.51x -7.66x -12x -31.4x
EV / EBIT -6.64x -4.79x -5.17x -7.43x -6.09x -7.19x -11x -24.3x
EV / FCF -8.19x -4.94x -9.23x -9.5x -8.5x -10.6x -16.5x -29.7x
FCF Yield -12.2% -20.2% -10.8% -10.5% -11.8% -9.45% -6.04% -3.36%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -7.58 -4.63 -3.46 -2.6 -1.6 -2.215 -1.865 -1.347
Distribution rate - - - - - - - -
Net sales 1 144.3 215 266.7 399 460.2 448.7 595.6 755.9
EBITDA 1 -693.6 -396.1 -357.5 -270.3 -214.4 -243 -159.9 -66.57
EBIT 1 -700.1 -404.4 -366.6 -282.1 -229.4 -258.7 -173.7 -85.83
Net income 1 -704.5 -443.3 -334.6 -257.1 -175.5 -240.9 -156.5 -125.8
Net Debt 1 -1,409 -1,008 -791.3 -757.9 -565.3 -443.1 -387.2 -214.4
Reference price 2 62.85 30.70 27.33 26.19 17.64 19.68 19.68 19.68
Nbr of stocks (in thousands) 96,409 95,972 98,349 108,937 111,219 112,355 - -
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.($)
-9.26x4.15x-7.66x-.--% 2.3B
17.15x3.68x9.49x0.6% 66.25B
26.07x5.39x15.85x0.6% 52.86B
33.98x11.48x21.98x-.--% 43.01B
-44.33x3.15x9.3x3.45% 39.52B
24.04x3.43x11.65x-.--% 29.19B
55.87x3.21x26.87x-.--% 23.13B
-6.71x9.37x-5.77x-.--% 23.04B
66.64x6.57x45.21x-.--% 20.48B
24.35x5.21x13.64x-.--% 16.6B
Average 18.78x 5.56x 14.06x 0.47% 31.64B
Weighted average by Cap. 18.37x 5.59x 14.99x 0.66%

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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