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 2,879 - -
Change - -51.37% -8.77% 6.15% -31.23% 46.72% - -
Enterprise Value (EV) 1 4,650 1,938 1,897 2,095 1,397 2,421 2,498 2,642
Change - -58.33% -2.13% 10.47% -33.34% 73.34% 3.17% 5.77%
P/E -8.29x -6.63x -7.9x -10.1x -11x -11.3x -11.9x -15.5x
PBR 4.35x - 3.34x 3.36x 2.73x 5.89x 6.52x 7.01x
PEG - 0.2x 0.3x 0.4x 0.3x -0.3x 2.39x 0.7x
Capitalization / Revenue 42x 13.7x 10.1x 7.15x 4.26x 6.81x 5.06x 4x
EV / Revenue 32.2x 9.01x 7.11x 5.25x 3.04x 5.73x 4.39x 3.67x
EV / EBITDA -6.7x -4.89x -5.3x -7.75x -6.51x -8.33x -12.7x -20.9x
EV / EBIT -6.64x -4.79x -5.17x -7.43x -6.09x -8.05x -12.1x -19.8x
EV / FCF -8.19x -4.94x -9.23x -9.5x -8.5x -13.1x -16.9x -25.3x
FCF Yield -12.2% -20.2% -10.8% -10.5% -11.8% -7.61% -5.91% -3.95%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -7.58 -4.63 -3.46 -2.6 -1.6 -2.265 -2.152 -1.651
Distribution rate - - - - - - - -
Net sales 1 144.3 215 266.7 399 460.2 422.6 568.9 719.1
EBITDA 1 -693.6 -396.1 -357.5 -270.3 -214.4 -290.7 -196.7 -126.2
EBIT 1 -700.1 -404.4 -366.6 -282.1 -229.4 -300.6 -207 -133.5
Net income 1 -704.5 -443.3 -334.6 -257.1 -175.5 -245.1 -186.9 -168.2
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 25.64 25.64 25.64
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
18.61x4.33x10.21x0.49% 80.23B
37.7x12.88x24.51x-.--% 50.64B
21.26x4.7x13.43x0.69% 46.87B
-51.83x3.58x10.59x2.95% 46.34B
37.28x3.44x13.12x-.--% 31B
-7.38x10.27x-6.63x-.--% 25.28B
52.93x3.38x26.22x-.--% 24.36B
69.87x6.7x44.75x-.--% 20.81B
23.08x4.97x12.94x-.--% 16.08B
Average 22.39x 6.03x 16.57x 0.46% 37.96B
Weighted average by Cap. 17.80x 6.01x 15.21x 0.61%

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