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 2,346 - -
Change - -51.37% -8.77% 6.15% -31.23% 19.58% - -
Enterprise Value (EV) 1 4,650 1,938 1,897 2,095 1,397 1,950 1,965 2,109
Change - -58.33% -2.13% 10.47% -33.34% 39.66% 0.75% 7.34%
P/E -8.29x -6.63x -7.9x -10.1x -11x -10.8x -11.1x -13.5x
PBR 4.35x - 3.34x 3.36x 2.73x 4.42x 5.56x 8.03x
PEG - 0.2x 0.3x 0.4x 0.3x -0.5x 3.71x 0.8x
Capitalization / Revenue 42x 13.7x 10.1x 7.15x 4.26x 5.52x 4.01x 3.2x
EV / Revenue 32.2x 9.01x 7.11x 5.25x 3.04x 4.59x 3.36x 2.87x
EV / EBITDA -6.7x -4.89x -5.3x -7.75x -6.51x -6.95x -11.2x -17.8x
EV / EBIT -6.64x -4.79x -5.17x -7.43x -6.09x -6.83x -10.8x -19.9x
EV / FCF -8.19x -4.94x -9.23x -9.5x -8.5x -11.1x -17x -30x
FCF Yield -12.2% -20.2% -10.8% -10.5% -11.8% -9.02% -5.89% -3.33%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -7.58 -4.63 -3.46 -2.6 -1.6 -1.94 -1.882 -1.55
Distribution rate - - - - - - - -
Net sales 1 144.3 215 266.7 399 460.2 424.7 584.5 734.1
EBITDA 1 -693.6 -396.1 -357.5 -270.3 -214.4 -280.5 -174.9 -118.8
EBIT 1 -700.1 -404.4 -366.6 -282.1 -229.4 -285.4 -181.5 -106
Net income 1 -704.5 -443.3 -334.6 -257.1 -175.5 -211.2 -159.9 -138.3
Net Debt 1 -1,409 -1,008 -791.3 -757.9 -565.3 -395.5 -380.8 -236.7
Reference price 2 62.85 30.70 27.33 26.19 17.64 20.88 20.88 20.88
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
18.24x4.16x9.78x0.51% 77.1B
22.84x4.98x14.49x0.65% 49.43B
36.87x12.61x23.99x-.--% 49.27B
-59.82x3.47x10.25x3.07% 44.59B
37.54x3.41x12.8x-.--% 30.48B
52.83x3.32x25.75x-.--% 24B
-6.28x8.48x-5.47x-.--% 21.5B
68.22x6.5x42.98x-.--% 20.18B
23.37x5.03x13.09x-.--% 16.29B
Average 21.53x 5.77x 16.40x 0.47% 36.98B
Weighted average by Cap. 17.18x 5.77x 15.26x 0.62%

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