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 2,159 - -
Change - -51.37% -8.77% 6.15% -31.23% 10.07% - -
Enterprise Value (EV) 1 4,650 1,938 1,897 2,095 1,397 1,666 1,788 1,885
Change - -58.33% -2.13% 10.47% -33.34% 19.29% 7.33% 5.43%
P/E -8.29x -6.63x -7.9x -10.1x -11x -8.57x -10.2x -13.1x
PBR 4.35x - 3.34x 3.36x 2.73x 4.1x 4.59x 5.14x
PEG - 0.2x 0.3x 0.4x 0.3x -0.2x 0.6x 0.6x
Capitalization / Revenue 42x 13.7x 10.1x 7.15x 4.26x 4.82x 3.63x 2.87x
EV / Revenue 32.2x 9.01x 7.11x 5.25x 3.04x 3.72x 3.01x 2.51x
EV / EBITDA -6.7x -4.89x -5.3x -7.75x -6.51x -6.77x -11x -24.5x
EV / EBIT -6.64x -4.79x -5.17x -7.43x -6.09x -6.39x -10.2x -20.6x
EV / FCF -8.19x -4.94x -9.23x -9.5x -8.5x -9.47x -15.4x -26.8x
FCF Yield -12.2% -20.2% -10.8% -10.5% -11.8% -10.6% -6.48% -3.73%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -7.58 -4.63 -3.46 -2.6 -1.6 -2.244 -1.88 -1.464
Distribution rate - - - - - - - -
Net sales 1 144.3 215 266.7 399 460.2 447.6 594.6 751.5
EBITDA 1 -693.6 -396.1 -357.5 -270.3 -214.4 -246.2 -163.3 -76.84
EBIT 1 -700.1 -404.4 -366.6 -282.1 -229.4 -260.9 -175.9 -91.43
Net income 1 -704.5 -443.3 -334.6 -257.1 -175.5 -244.1 -158.9 -136.3
Net Debt 1 -1,409 -1,008 -791.3 -757.9 -565.3 -493.5 -371.4 -274.2
Reference price 2 62.85 30.70 27.33 26.19 17.64 19.22 19.22 19.22
Nbr of stocks (in thousands) 96,409 95,972 98,349 108,937 111,219 112,355 - -
Announcement Date 01/03/22 01/03/23 27/02/24 27/02/25 26/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-8.68x3.83x-7.06x-.--% 2.16B
17.35x3.71x9.57x0.59% 66.74B
26.36x5.45x16.03x0.6% 53.32B
37.26x12.6x24.05x-.--% 48.12B
-42.39x3.06x9.03x3.57% 38.25B
25.06x3.49x11.87x-.--% 29.85B
56.96x3.39x25.31x-.--% 23.51B
-6.24x8.61x-5.3x-.--% 21.45B
-37.77x18x-49.29x-.--% 16.47B
24.05x5.15x13.48x-.--% 16.38B
Average 9.20x 6.73x 4.77x 0.48% 31.63B
Weighted average by Cap. 14.04x 6.39x 10.20x 0.66%

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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