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 2,043 - -
Change - -51.37% -8.77% 6.15% -31.23% 4.11% - -
Enterprise Value (EV) 1 4,650 1,938 1,897 2,095 1,397 1,599 1,655 1,828
Change - -58.33% -2.13% 10.47% -33.34% 14.53% 3.5% 10.43%
P/E -8.29x -6.63x -7.9x -10.1x -11x -8.21x -9.75x -13.5x
PBR 4.35x - 3.34x 3.36x 2.73x 3.83x 4.11x 4.07x
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 4.55x 3.43x 2.7x
EV / Revenue 32.2x 9.01x 7.11x 5.25x 3.04x 3.56x 2.78x 2.42x
EV / EBITDA -6.7x -4.89x -5.3x -7.75x -6.51x -6.58x -10.4x -27.5x
EV / EBIT -6.64x -4.79x -5.17x -7.43x -6.09x -6.18x -9.53x -21.3x
EV / FCF -8.19x -4.94x -9.23x -9.5x -8.5x -9.1x -14.3x -26x
FCF Yield -12.2% -20.2% -10.8% -10.5% -11.8% -11% -7% -3.84%
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 18.18 18.18 18.18
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.($)
15.79x3.41x9.2x0.64% 62.05B
26.92x5.45x15.93x0.59% 54.52B
33.97x11.5x21.69x-.--% 41.55B
-52.51x3.11x9.2x3.5% 39.06B
31.74x3.42x10.51x-.--% 29.02B
-7.4x10.45x-6.37x-.--% 25.38B
14.83x2.6x8.05x-.--% 19.62B
47.78x5.2x36.07x-.--% 16.89B
24.64x5.1x13.75x-.--% 15.89B
Average 15.08x 5.58x 13.11x 0.53% 33.78B
Weighted average by Cap. 13.26x 5.57x 12.60x 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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