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 2,270 - -
Change - -51.37% -8.77% 6.15% -31.23% 15.68% - -
Enterprise Value (EV) 1 4,650 1,938 1,897 2,095 1,397 1,826 1,882 2,055
Change - -58.33% -2.13% 10.47% -33.34% 30.78% 3.06% 9.18%
P/E -8.29x -6.63x -7.9x -10.1x -11x -9.12x -10.8x -15x
PBR 4.35x - 3.34x 3.36x 2.73x 4.25x 4.57x 4.52x
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 5.06x 3.81x 3x
EV / Revenue 32.2x 9.01x 7.11x 5.25x 3.04x 4.07x 3.16x 2.72x
EV / EBITDA -6.7x -4.89x -5.3x -7.75x -6.51x -7.52x -11.8x -30.9x
EV / EBIT -6.64x -4.79x -5.17x -7.43x -6.09x -7.06x -10.8x -23.9x
EV / FCF -8.19x -4.94x -9.23x -9.5x -8.5x -10.4x -16.3x -29.3x
FCF Yield -12.2% -20.2% -10.8% -10.5% -11.8% -9.63% -6.15% -3.42%
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 20.20 20.20 20.20
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.($)
-9.12x4.07x-7.52x-.--% 2.27B
17.76x3.85x10.09x0.58% 68.85B
25.64x5.3x15.59x0.61% 52.13B
34.55x11.7x22.35x-.--% 43.46B
-46.16x3.26x9.62x3.31% 41.24B
24.47x3.57x11.94x-.--% 30.41B
-7.13x10.08x-6.19x-.--% 24.53B
77.55x - - -.--% 23.42B
64.32x6.31x43.41x-.--% 19.75B
24.47x5.19x13.62x-.--% 16.57B
Average 20.63x 5.93x 12.55x 0.45% 32.26B
Weighted average by Cap. 19.21x 5.88x 13.88x 0.65%

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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