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 2,920 - -
Change - -51.37% -8.77% 6.15% -31.23% 48.84% - -
Enterprise Value (EV) 1 4,650 1,938 1,897 2,095 1,397 2,462 2,539 2,683
Change - -58.33% -2.13% 10.47% -33.34% 76.31% 3.12% 5.68%
P/E -8.29x -6.63x -7.9x -10.1x -11x -11.5x -12.1x -15.8x
PBR 4.35x - 3.34x 3.36x 2.73x 5.98x 6.61x 7.11x
PEG - 0.2x 0.3x 0.4x 0.3x -0.3x 2.43x 0.7x
Capitalization / Revenue 42x 13.7x 10.1x 7.15x 4.26x 6.91x 5.13x 4.06x
EV / Revenue 32.2x 9.01x 7.11x 5.25x 3.04x 5.83x 4.46x 3.73x
EV / EBITDA -6.7x -4.89x -5.3x -7.75x -6.51x -8.47x -12.9x -21.3x
EV / EBIT -6.64x -4.79x -5.17x -7.43x -6.09x -8.19x -12.3x -20.1x
EV / FCF -8.19x -4.94x -9.23x -9.5x -8.5x -13.4x -17.2x -25.7x
FCF Yield -12.2% -20.2% -10.8% -10.5% -11.8% -7.48% -5.81% -3.89%
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 26.01 26.01 26.01
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.($)
19.31x4.52x10.64x0.47% 83.28B
-16.91x25.77x-16.64x-.--% 57.92B
19.86x4.25x13.12x2.5% 57.77B
37.73x12.91x24.53x-.--% 51.75B
22.2x4.9x14.02x0.66% 49.35B
38.52x3.54x13.49x-.--% 32.03B
57.04x3.65x28.27x-.--% 25.91B
75.75x7.38x49.38x-.--% 22.74B
24.11x5.18x13.48x-.--% 16.87B
Average 30.85x 8.01x 16.70x 0.4% 44.18B
Weighted average by Cap. 24.31x 8.77x 12.97x 0.54%

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