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 2,620 - -
Change - -51.37% -8.77% 6.15% -31.23% 33.55% - -
Enterprise Value (EV) 1 4,650 1,938 1,897 2,095 1,397 2,225 2,239 2,383
Change - -58.33% -2.13% 10.47% -33.34% 59.29% 0.66% 6.44%
P/E -8.29x -6.63x -7.9x -10.1x -11x -10.8x -12.1x -15.7x
PBR 4.35x - 3.34x 3.36x 2.73x 4.93x 5.57x 6.37x
PEG - 0.2x 0.3x 0.4x 0.3x -0.3x 1.1x 0.7x
Capitalization / Revenue 42x 13.7x 10.1x 7.15x 4.26x 6.21x 4.51x 3.57x
EV / Revenue 32.2x 9.01x 7.11x 5.25x 3.04x 5.27x 3.86x 3.25x
EV / EBITDA -6.7x -4.89x -5.3x -7.75x -6.51x -7.67x -12.6x -20.1x
EV / EBIT -6.64x -4.79x -5.17x -7.43x -6.09x -7.63x -12.2x -22.5x
EV / FCF -8.19x -4.94x -9.23x -9.5x -8.5x -12.7x -19.3x -33.9x
FCF Yield -12.2% -20.2% -10.8% -10.5% -11.8% -7.9% -5.17% -2.95%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -7.58 -4.63 -3.46 -2.6 -1.6 -2.166 -1.923 -1.486
Distribution rate - - - - - - - -
Net sales 1 144.3 215 266.7 399 460.2 422.1 580.6 734.1
EBITDA 1 -693.6 -396.1 -357.5 -270.3 -214.4 -290.1 -177.9 -118.8
EBIT 1 -700.1 -404.4 -366.6 -282.1 -229.4 -291.6 -183.3 -106
Net income 1 -704.5 -443.3 -334.6 -257.1 -175.5 -225.6 -161.9 -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 23.32 23.32 23.32
Nbr of stocks (in thousands) 96,409 95,972 98,349 108,937 111,219 112,355 - -
Announcement Date 1/3/22 1/3/23 27/2/24 27/2/25 26/2/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
-10.77x5.27x-7.67x-.--% 2.62B
18.53x4.23x9.95x0.5% 78.32B
22.65x4.94x14.36x0.65% 49.18B
37.89x12.96x24.67x-.--% 51.1B
-59.98x3.47x10.27x3.06% 44.71B
37.84x3.44x12.89x-.--% 30.72B
53.8x3.4x26.32x-.--% 24.44B
-6.9x9.48x-6.12x-.--% 23.62B
71.12x6.82x45.08x-.--% 21.05B
23.75x5.1x13.29x-.--% 16.61B
Average 18.79x 5.91x 14.30x 0.42% 34.24B
Weighted average by Cap. 17.52x 5.98x 15.33x 0.61%

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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