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 1,918 - -
Change - -51.37% -8.77% 6.15% -31.23% -2.24% - -
Enterprise Value (EV) 1 4,650 1,938 1,897 2,095 1,397 1,475 1,531 1,703
Change - -58.33% -2.13% 10.47% -33.34% 5.6% 3.79% 11.29%
P/E Ratio -8.29x -6.63x -7.9x -10.1x -11x -7.71x -9.15x -12.7x
PBR 4.35x - 3.34x 3.36x 2.73x 3.59x 3.86x 3.82x
PEG - 0.2x 0.3x 0.4x 0.3x -0.2x 0.6x 0.5x
Capitalization / Revenue 42x 13.7x 10.1x 7.15x 4.26x 4.27x 3.22x 2.54x
EV / Revenue 32.2x 9.01x 7.11x 5.25x 3.04x 3.29x 2.57x 2.25x
EV / EBITDA -6.7x -4.89x -5.3x -7.75x -6.51x -6.07x -9.57x -25.6x
EV / EBIT -6.64x -4.79x -5.17x -7.43x -6.09x -5.7x -8.81x -19.8x
EV / FCF -8.19x -4.94x -9.23x -9.5x -8.5x -8.39x -13.2x -24.3x
FCF Yield -12.2% -20.2% -10.8% -10.5% -11.8% -11.9% -7.57% -4.12%
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 17.07 17.07 17.07
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 Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.85x3.42x9.24x0.64% 62.28B
29.67x6x17.19x0.53% 60.59B
32.01x10.82x20.41x-.--% 39.55B
-48.72x2.97x8.76x3.76% 36.8B
32.3x3.5x10.57x-.--% 29.53B
16.54x2.97x9.18x-.--% 21.68B
-5.77x7.76x-4.74x-.--% 19.8B
49.09x5.22x37.5x-.--% 16.96B
24.58x5.09x13.72x-.--% 16.16B
Average 16.17x 5.30x 13.54x 0.55% 33.71B
Weighted average by Cap. 15.45x 5.29x 13.26x 0.69%

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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