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 2,219 - -
Change - -51.37% -8.77% 6.15% -31.23% 13.1% - -
Enterprise Value (EV) 1 4,650 1,938 1,897 2,095 1,397 1,776 1,832 2,005
Change - -58.33% -2.13% 10.47% -33.34% 27.16% 3.15% 9.43%
P/E -8.29x -6.63x -7.9x -10.1x -11x -9.02x -10.7x -14.8x
PBR 4.35x - 3.34x 3.36x 2.73x 4.2x 4.52x 4.47x
PEG - 0.2x 0.3x 0.4x 0.3x -0.2x 0.7x 0.5x
Capitalization / Revenue 42x 13.7x 10.1x 7.15x 4.26x 4.95x 3.73x 2.94x
EV / Revenue 32.2x 9.01x 7.11x 5.25x 3.04x 3.96x 3.08x 2.65x
EV / EBITDA -6.7x -4.89x -5.3x -7.75x -6.51x -7.31x -11.5x -30.1x
EV / EBIT -6.64x -4.79x -5.17x -7.43x -6.09x -6.86x -10.5x -23.4x
EV / FCF -8.19x -4.94x -9.23x -9.5x -8.5x -10.1x -15.8x -28.5x
FCF Yield -12.2% -20.2% -10.8% -10.5% -11.8% -9.9% -6.32% -3.5%
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 19.98 19.98 19.98
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.($)
17.16x3.76x10.09x0.59% 67.44B
26.81x5.52x16.19x0.59% 53.98B
33.81x11.45x21.68x-.--% 41.77B
-46.24x3.25x9.6x3.32% 41.15B
30.53x3.49x11.03x-.--% 29.58B
-8.52x12.36x-7.59x-.--% 29.28B
17.02x3.26x9.87x-.--% 23.43B
55.71x6.01x41.72x-.--% 19.11B
26.44x5.42x14.56x-.--% 16.82B
Average 16.97x 6.06x 14.13x 0.5% 35.84B
Weighted average by Cap. 14.50x 5.92x 13.12x 0.64%

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