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 2,973 - -
Change - -51.37% -8.77% 6.15% -31.23% 51.53% - -
Enterprise Value (EV) 1 4,650 1,938 1,897 2,095 1,397 2,515 2,592 2,736
Change - -58.33% -2.13% 10.47% -33.34% 80.09% 3.05% 5.56%
P/E -8.29x -6.63x -7.9x -10.1x -11x -12x -12x -18x
PBR 4.35x - 3.34x 3.36x 2.73x 5.78x 7.59x 7.01x
PEG - 0.2x 0.3x 0.4x 0.3x -0.3x -59.58x 0.5x
Capitalization / Revenue 42x 13.7x 10.1x 7.15x 4.26x 7.03x 5.25x 4.11x
EV / Revenue 32.2x 9.01x 7.11x 5.25x 3.04x 5.95x 4.58x 3.78x
EV / EBITDA -6.7x -4.89x -5.3x -7.75x -6.51x -8.65x -13.2x -21.7x
EV / EBIT -6.64x -4.79x -5.17x -7.43x -6.09x -8.84x -12.4x -20.8x
EV / FCF -8.19x -4.94x -9.23x -9.5x -8.5x -13.9x -16.9x -29.7x
FCF Yield -12.2% -20.2% -10.8% -10.5% -11.8% -7.22% -5.93% -3.37%
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 1 144.3 215 266.7 399 460.2 422.8 566.2 723.7
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 -284.6 -209.7 -131.3
Net income 1 -704.5 -443.3 -334.6 -257.1 -175.5 -240.7 -190.9 -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 26.48 26.48 26.48
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.($)
-11.99x5.95x-8.65x-.--% 2.97B
19.73x4.62x10.89x0.46% 85.08B
-17.67x26.98x-17.48x-.--% 60.21B
20.41x4.36x13.47x2.41% 59.71B
36.57x12.46x23.89x-.--% 51.1B
22.01x4.87x13.87x0.66% 48.73B
39.56x3.62x13.81x-.--% 32.9B
57.49x3.68x28.54x-.--% 26.11B
67.86x7.21x43.87x-.--% 22.6B
23.85x5.12x13.34x-.--% 16.42B
Average 25.78x 7.89x 13.55x 0.35% 40.58B
Weighted average by Cap. 23.33x 8.95x 12.22x 0.53%

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

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