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 1,982 - -
Change - -51.37% -8.77% 6.15% -31.23% 1.02% - -
Enterprise Value (EV) 1 4,650 1,938 1,897 2,095 1,397 1,539 1,595 1,767
Change - -58.33% -2.13% 10.47% -33.34% 10.18% 3.64% 10.83%
P/E Ratio -8.29x -6.63x -7.9x -10.1x -11x -7.97x -9.46x -13.1x
PBR 4.35x - 3.34x 3.36x 2.73x 3.71x 3.99x 3.95x
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 4.42x 3.33x 2.62x
EV / Revenue 32.2x 9.01x 7.11x 5.25x 3.04x 3.43x 2.68x 2.34x
EV / EBITDA -6.7x -4.89x -5.3x -7.75x -6.51x -6.33x -9.97x -26.5x
EV / EBIT -6.64x -4.79x -5.17x -7.43x -6.09x -5.95x -9.18x -20.6x
EV / FCF -8.19x -4.94x -9.23x -9.5x -8.5x -8.75x -13.8x -25.2x
FCF Yield -12.2% -20.2% -10.8% -10.5% -11.8% -11.4% -7.26% -3.97%
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 17.64 17.64 17.64
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
-7.79x3.33x-6.16x-.--% 1.94B
15.58x3.36x9.06x0.65% 61.21B
28.52x5.78x16.7x0.55% 58.15B
32.09x10.84x20.46x-.--% 39.54B
-46.6x2.86x8.43x3.94% 35.08B
31.36x3.42x10.31x-.--% 28.68B
17.06x2.86x8.84x-.--% 21.06B
-5.32x7.01x-4.29x-.--% 18.25B
47.8x5.06x36.34x-.--% 16.49B
24.35x5.04x13.6x-.--% 15.87B
Average 13.70x 4.96x 11.33x 0.52% 29.63B
Weighted average by Cap. 15.42x 5.15x 12.95x 0.71%

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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