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 2,938 - -
Change - -51.37% -8.77% 6.15% -31.23% 49.75% - -
Enterprise Value (EV) 1 4,650 1,938 1,897 2,095 1,397 2,480 2,557 2,701
Change - -58.33% -2.13% 10.47% -33.34% 77.6% 3.1% 5.64%
P/E -8.29x -6.63x -7.9x -10.1x -11x -11.6x -12.2x -15.9x
PBR 4.35x - 3.34x 3.36x 2.73x 6.01x 6.65x 7.15x
PEG - 0.2x 0.3x 0.4x 0.3x -0.3x 2.45x 0.7x
Capitalization / Revenue 42x 13.7x 10.1x 7.15x 4.26x 6.95x 5.16x 4.09x
EV / Revenue 32.2x 9.01x 7.11x 5.25x 3.04x 5.87x 4.5x 3.76x
EV / EBITDA -6.7x -4.89x -5.3x -7.75x -6.51x -8.53x -13x -21.4x
EV / EBIT -6.64x -4.79x -5.17x -7.43x -6.09x -8.25x -12.4x -20.2x
EV / FCF -8.19x -4.94x -9.23x -9.5x -8.5x -13.5x -17.3x -25.9x
FCF Yield -12.2% -20.2% -10.8% -10.5% -11.8% -7.42% -5.77% -3.86%
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 26.17 26.17 26.17
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.($)
19.3x4.51x10.63x0.47% 83.24B
20.45x4.36x13.46x2.43% 59.49B
-18.57x28.37x-18.46x-.--% 63.41B
38.56x13.17x25.26x-.--% 52.94B
22.44x4.95x14.13x0.65% 49.86B
39.23x3.6x13.71x-.--% 32.62B
57.89x3.71x28.77x-.--% 26.29B
72.74x7.16x48.17x-.--% 22.23B
24.61x5.28x13.74x-.--% 17.22B
Average 30.74x 8.35x 16.60x 0.39% 45.26B
Weighted average by Cap. 23.69x 9.44x 12.44x 0.53%

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