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 2,840 - -
Change - -51.37% -8.77% 6.15% -31.23% 44.77% - -
Enterprise Value (EV) 1 4,650 1,938 1,897 2,095 1,397 2,383 2,460 2,604
Change - -58.33% -2.13% 10.47% -33.34% 70.61% 3.22% 5.86%
P/E -8.29x -6.63x -7.9x -10.1x -11x -11.5x -11.4x -17.2x
PBR 4.35x - 3.34x 3.36x 2.73x 5.53x 7.25x 6.7x
PEG - 0.2x 0.3x 0.4x 0.3x -0.3x -56.6x 0.5x
Capitalization / Revenue 42x 13.7x 10.1x 7.15x 4.26x 6.72x 5.02x 3.92x
EV / Revenue 32.2x 9.01x 7.11x 5.25x 3.04x 5.64x 4.34x 3.6x
EV / EBITDA -6.7x -4.89x -5.3x -7.75x -6.51x -8.2x -12.5x -20.6x
EV / EBIT -6.64x -4.79x -5.17x -7.43x -6.09x -8.37x -11.7x -19.8x
EV / FCF -8.19x -4.94x -9.23x -9.5x -8.5x -13.1x -16x -28.2x
FCF Yield -12.2% -20.2% -10.8% -10.5% -11.8% -7.62% -6.25% -3.54%
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 1 144.3 215 266.7 399 460.2 422.8 566.2 723.7
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 -284.6 -209.7 -131.3
Net income 1 -704.5 -443.3 -334.6 -257.1 -175.5 -240.7 -190.9 -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 25.30 25.30 25.30
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.($)
-11.45x5.64x-8.2x-.--% 2.84B
19.08x4.46x10.49x0.47% 82.26B
-18.07x27.64x-17.9x-.--% 61.59B
20.18x4.31x13.34x2.44% 59.05B
37.03x12.62x24.19x-.--% 51.23B
21.81x4.82x13.74x0.67% 48.3B
38.39x3.53x13.45x-.--% 31.92B
55.79x3.55x27.53x-.--% 25.34B
67.75x7.2x43.78x-.--% 22.56B
23.97x5.15x13.41x-.--% 16.56B
Average 25.45x 7.89x 13.38x 0.36% 40.16B
Weighted average by Cap. 22.73x 9.14x 11.86x 0.54%

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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