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 2,871 - -
Change - -51.37% -8.77% 6.15% -31.23% 46.32% - -
Enterprise Value (EV) 1 4,650 1,938 1,897 2,095 1,397 2,413 2,490 2,634
Change - -58.33% -2.13% 10.47% -33.34% 72.78% 3.18% 5.79%
P/E -8.29x -6.63x -7.9x -10.1x -11x -11.3x -11.9x -15.5x
PBR 4.35x - 3.34x 3.36x 2.73x 5.87x 6.5x 6.99x
PEG - 0.2x 0.3x 0.4x 0.3x -0.3x 2.39x 0.7x
Capitalization / Revenue 42x 13.7x 10.1x 7.15x 4.26x 6.79x 5.05x 3.99x
EV / Revenue 32.2x 9.01x 7.11x 5.25x 3.04x 5.71x 4.38x 3.66x
EV / EBITDA -6.7x -4.89x -5.3x -7.75x -6.51x -8.3x -12.7x -20.9x
EV / EBIT -6.64x -4.79x -5.17x -7.43x -6.09x -8.03x -12x -19.7x
EV / FCF -8.19x -4.94x -9.23x -9.5x -8.5x -13.1x -16.9x -25.2x
FCF Yield -12.2% -20.2% -10.8% -10.5% -11.8% -7.63% -5.93% -3.96%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -7.58 -4.63 -3.46 -2.6 -1.6 -2.265 -2.152 -1.651
Distribution rate - - - - - - - -
Net sales 1 144.3 215 266.7 399 460.2 422.6 568.9 719.1
EBITDA 1 -693.6 -396.1 -357.5 -270.3 -214.4 -290.7 -196.7 -126.2
EBIT 1 -700.1 -404.4 -366.6 -282.1 -229.4 -300.6 -207 -133.5
Net income 1 -704.5 -443.3 -334.6 -257.1 -175.5 -245.1 -186.9 -168.2
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 25.57 25.57 25.57
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.($)
18.76x4.38x10.31x0.48% 8.09TCr
37.28x12.74x24.23x-.--% 5.01TCr
21.76x4.81x13.74x0.67% 4.8TCr
18.53x4x12.31x2.68% 5.36TCr
37.77x3.48x13.26x-.--% 3.14TCr
-7.34x10.2x-6.58x-.--% 2.51TCr
54.39x3.5x27.09x-.--% 2.5TCr
71.69x6.93x46.4x-.--% 2.15TCr
24.35x5.22x13.6x-.--% 1.69TCr
Average 30.80x 6.14x 17.15x 0.43% 3.92TCr
Weighted average by Cap. 27.62x 6.03x 15.66x 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