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 2,162 2,239 2,383
Change - -58.33% -2.13% 10.47% -33.34% 54.84% 3.55% 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 6.16x 4.5x 3.57x
EV / Revenue 32.2x 9.01x 7.11x 5.25x 3.04x 5.08x 3.84x 3.25x
EV / EBITDA -6.7x -4.89x -5.3x -7.75x -6.51x -7.45x -12.6x -20.1x
EV / EBIT -6.64x -4.79x -5.17x -7.43x -6.09x -7.27x -12.1x -22.5x
EV / FCF -8.19x -4.94x -9.23x -9.5x -8.5x -12.3x -19.3x -33.9x
FCF Yield -12.2% -20.2% -10.8% -10.5% -11.8% -8.13% -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 1 144.3 215 266.7 399 460.2 425.7 582.7 734.1
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 -297.6 -185.3 -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 -457.7 -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 1,08,937 1,11,219 1,12,355 - -
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.($)
18.53x4.23x9.95x0.5% 7.83TCr
37.89x12.96x24.67x-.--% 5.11TCr
22.65x4.94x14.36x0.65% 4.92TCr
-59.98x3.47x10.27x3.06% 4.47TCr
37.84x3.44x12.89x-.--% 3.07TCr
53.8x3.4x26.32x-.--% 2.44TCr
-6.9x9.48x-6.12x-.--% 2.36TCr
71.12x6.82x45.08x-.--% 2.1TCr
23.75x5.1x13.29x-.--% 1.66TCr
Average 22.08x 5.98x 16.75x 0.47% 3.78TCr
Weighted average by Cap. 17.73x 5.98x 15.51x 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