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 2,068 - -
Change - -51.37% -8.77% 6.15% -31.23% 5.43% - -
Enterprise Value (EV) 1 4,650 1,938 1,897 2,095 1,397 1,625 1,681 1,854
Change - -58.33% -2.13% 10.47% -33.34% 16.38% 3.44% 10.27%
P/E -8.29x -6.63x -7.9x -10.1x -11x -8.31x -9.87x -13.7x
PBR 4.35x - 3.34x 3.36x 2.73x 3.87x 4.16x 4.12x
PEG - 0.2x 0.3x 0.4x 0.3x -0.2x 0.6x 0.5x
Capitalization / Revenue 42x 13.7x 10.1x 7.15x 4.26x 4.61x 3.47x 2.74x
EV / Revenue 32.2x 9.01x 7.11x 5.25x 3.04x 3.62x 2.82x 2.45x
EV / EBITDA -6.7x -4.89x -5.3x -7.75x -6.51x -6.69x -10.5x -27.8x
EV / EBIT -6.64x -4.79x -5.17x -7.43x -6.09x -6.28x -9.68x -21.6x
EV / FCF -8.19x -4.94x -9.23x -9.5x -8.5x -9.24x -14.5x -26.4x
FCF Yield -12.2% -20.2% -10.8% -10.5% -11.8% -10.8% -6.89% -3.79%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -7.58 -4.63 -3.46 -2.6 -1.6 -2.215 -1.865 -1.347
Distribution rate - - - - - - - -
Net sales 1 144.3 215 266.7 399 460.2 448.7 595.6 755.9
EBITDA 1 -693.6 -396.1 -357.5 -270.3 -214.4 -243 -159.9 -66.57
EBIT 1 -700.1 -404.4 -366.6 -282.1 -229.4 -258.7 -173.7 -85.83
Net income 1 -704.5 -443.3 -334.6 -257.1 -175.5 -240.9 -156.5 -125.8
Net Debt 1 -1,409 -1,008 -791.3 -757.9 -565.3 -443.1 -387.2 -214.4
Reference price 2 62.85 30.70 27.33 26.19 17.64 18.41 18.41 18.41
Nbr of stocks (in thousands) 96,409 95,972 98,349 108,937 111,219 112,355 - -
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.($)
16.36x3.55x9.58x0.62% 64.28B
28.32x5.77x16.88x0.56% 57.29B
35.89x12.16x23.03x-.--% 43.45B
-56.58x3.05x9x3.59% 38.02B
34.98x3.72x11.41x-.--% 31.98B
-8.06x11.55x-7.04x-.--% 27.66B
16.64x3.17x9.59x-.--% 22.91B
50.41x5.55x38.45x-.--% 17.74B
25.58x5.32x14.26x-.--% 16.45B
Average 15.95x 5.98x 13.91x 0.53% 35.53B
Weighted average by Cap. 14.62x 5.94x 13.24x 0.65%

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