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 2,710 - -
Change - -51.37% -8.77% 6.15% -31.23% 38.14% - -
Enterprise Value (EV) 1 4,650 1,938 1,897 2,095 1,397 2,252 2,329 2,473
Change - -58.33% -2.13% 10.47% -33.34% 61.28% 3.41% 6.19%
P/E -8.29x -6.63x -7.9x -10.1x -11x -10.9x -10.9x -16.4x
PBR 4.35x - 3.34x 3.36x 2.73x 5.27x 6.92x 6.39x
PEG - 0.2x 0.3x 0.4x 0.3x -0.3x -54.12x 0.5x
Capitalization / Revenue 42x 13.7x 10.1x 7.15x 4.26x 6.21x 4.91x 3.74x
EV / Revenue 32.2x 9.01x 7.11x 5.25x 3.04x 5.16x 4.22x 3.42x
EV / EBITDA -6.7x -4.89x -5.3x -7.75x -6.51x -7.98x -10.2x -19.6x
EV / EBIT -6.64x -4.79x -5.17x -7.43x -6.09x -7.91x -10.1x -15.8x
EV / FCF -8.19x -4.94x -9.23x -9.5x -8.5x -12.4x -13.1x -21x
FCF Yield -12.2% -20.2% -10.8% -10.5% -11.8% -8.06% -7.64% -4.75%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -7.58 -4.63 -3.46 -2.6 -1.6 -2.209 -2.214 -1.47
Distribution rate - - - - - - - -
Net sales 1 144.3 215 266.7 399 460.2 436.5 552.1 723.7
EBITDA 1 -693.6 -396.1 -357.5 -270.3 -214.4 -282.2 -228.3 -126.2
EBIT 1 -700.1 -404.4 -366.6 -282.1 -229.4 -284.6 -230.4 -156.7
Net income 1 -704.5 -443.3 -334.6 -257.1 -175.5 -240.7 -211.1 -157.9
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 24.14 24.14 24.14
Nbr of stocks (in thousands) 96,409 95,972 98,349 1,08,937 1,11,219 1,12,266 - -
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.($)
18.1x4.19x9.84x0.5% 7.8TCr
19.65x4.21x13.08x2.5% 5.74TCr
-17.17x25.62x-16.63x-.--% 5.75TCr
34.47x11.73x22.49x-.--% 4.88TCr
20.54x4.54x12.95x0.71% 4.55TCr
37.49x3.54x13.51x-.--% 3.21TCr
54.21x3.43x26.59x-.--% 2.46TCr
62.21x6.52x39.5x-.--% 2.08TCr
22.98x4.94x12.86x-.--% 1.57TCr
Average 28.05x 7.64x 14.91x 0.41% 4.23TCr
Weighted average by Cap. 21.98x 8.49x 11.46x 0.56%

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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