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 2,057 - -
Change - -51.37% -8.77% 6.15% -31.23% 4.86% - -
Enterprise Value (EV) 1 4,650 1,938 1,897 2,095 1,397 1,564 1,686 1,783
Change - -58.33% -2.13% 10.47% -33.34% 11.97% 7.81% 5.76%
P/E -8.29x -6.63x -7.9x -10.1x -11x -8.16x -9.74x -12.5x
PBR 4.35x - 3.34x 3.36x 2.73x 3.9x 4.37x 4.9x
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 4.6x 3.46x 2.74x
EV / Revenue 32.2x 9.01x 7.11x 5.25x 3.04x 3.49x 2.84x 2.37x
EV / EBITDA -6.7x -4.89x -5.3x -7.75x -6.51x -6.35x -10.3x -23.2x
EV / EBIT -6.64x -4.79x -5.17x -7.43x -6.09x -5.99x -9.58x -19.5x
EV / FCF -8.19x -4.94x -9.23x -9.5x -8.5x -8.89x -14.6x -25.4x
FCF Yield -12.2% -20.2% -10.8% -10.5% -11.8% -11.2% -6.87% -3.94%
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 18.31 18.31 18.31
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.($)
18.39x3.96x10.22x0.56% 7.07TCr
26.81x5.55x16.3x0.59% 5.43TCr
37.72x12.9x24.55x-.--% 4.93TCr
-44.25x3.17x9.36x3.41% 3.99TCr
25.48x3.48x11.99x-.--% 3.04TCr
61.3x3.69x34.6x-.--% 2.6TCr
-6.44x8.96x-5.51x-.--% 2.21TCr
64.91x6.37x43.87x-.--% 2TCr
-38.46x18.32x-50.14x-.--% 1.68TCr
Average 16.16x 7.38x 10.58x 0.51% 3.66TCr
Weighted average by Cap. 17.36x 6.61x 13.25x 0.63%

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