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 2,731 - -
Change - -51.37% -8.77% 6.15% -31.23% 39.22% - -
Enterprise Value (EV) 1 4,650 1,938 1,897 2,095 1,397 2,274 2,351 2,495
Change - -58.33% -2.13% 10.47% -33.34% 62.81% 3.38% 6.13%
P/E -8.29x -6.63x -7.9x -10.1x -11x -11x -11x -16.5x
PBR 4.35x - 3.34x 3.36x 2.73x 5.32x 6.98x 6.44x
PEG - 0.2x 0.3x 0.4x 0.3x -0.3x -54.61x 0.5x
Capitalization / Revenue 42x 13.7x 10.1x 7.15x 4.26x 6.26x 4.95x 3.77x
EV / Revenue 32.2x 9.01x 7.11x 5.25x 3.04x 5.21x 4.26x 3.45x
EV / EBITDA -6.7x -4.89x -5.3x -7.75x -6.51x -8.06x -10.3x -19.8x
EV / EBIT -6.64x -4.79x -5.17x -7.43x -6.09x -7.99x -10.2x -15.9x
EV / FCF -8.19x -4.94x -9.23x -9.5x -8.5x -12.5x -13.2x -21.2x
FCF Yield -12.2% -20.2% -10.8% -10.5% -11.8% -7.99% -7.57% -4.71%
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 24.33 24.33 24.33
Nbr of stocks (in thousands) 96,409 95,972 98,349 108,937 111,219 112,266 - -
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.($)
32.45x11.78x23.93x0.61% 1,019B
28.48x6.32x17.74x2.09% 617B
33.26x7.78x16.08x2.64% 464B
104.98x5.87x24.89x2.36% 356B
18.81x4.58x11.36x2.9% 333B
19.83x5.17x12.78x3.09% 267B
20.02x4.17x11.86x2.13% 244B
25.46x6.66x11.86x2.5% 218B
-43.78x6.39x24.97x2.27% 179B
Average 26.61x 6.52x 17.28x 2.29% 410.8B
Weighted average by Cap. 31.80x 7.61x 18.61x 1.96%

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