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 2,620 - -
Change - -51.37% -8.77% 6.15% -31.23% 33.55% - -
Enterprise Value (EV) 1 4,650 1,938 1,897 2,095 1,397 2,225 2,239 2,383
Change - -58.33% -2.13% 10.47% -33.34% 59.29% 0.66% 6.44%
P/E -8.29x -6.63x -7.9x -10.1x -11x -12x -12.4x -15x
PBR 4.35x - 3.34x 3.36x 2.73x 4.94x 6.21x 8.97x
PEG - 0.2x 0.3x 0.4x 0.3x -0.6x 4.15x 0.9x
Capitalization / Revenue 42x 13.7x 10.1x 7.15x 4.26x 6.17x 4.48x 3.57x
EV / Revenue 32.2x 9.01x 7.11x 5.25x 3.04x 5.24x 3.83x 3.25x
EV / EBITDA -6.7x -4.89x -5.3x -7.75x -6.51x -7.93x -12.8x -20.1x
EV / EBIT -6.64x -4.79x -5.17x -7.43x -6.09x -7.79x -12.3x -22.5x
EV / FCF -8.19x -4.94x -9.23x -9.5x -8.5x -12.7x -19.3x -33.9x
FCF Yield -12.2% -20.2% -10.8% -10.5% -11.8% -7.9% -5.17% -2.95%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -7.58 -4.63 -3.46 -2.6 -1.6 -1.94 -1.882 -1.55
Distribution rate - - - - - - - -
Net sales 1 144.3 215 266.7 399 460.2 424.7 584.5 734.1
EBITDA 1 -693.6 -396.1 -357.5 -270.3 -214.4 -280.5 -174.9 -118.8
EBIT 1 -700.1 -404.4 -366.6 -282.1 -229.4 -285.4 -181.5 -106
Net income 1 -704.5 -443.3 -334.6 -257.1 -175.5 -211.2 -159.9 -138.3
Net Debt 1 -1,409 -1,008 -791.3 -757.9 -565.3 -395.5 -380.8 -236.7
Reference price 2 62.85 30.70 27.33 26.19 17.64 23.32 23.32 23.32
Nbr of stocks (in thousands) 96,409 95,972 98,349 108,937 111,219 112,355 - -
Announcement Date 1/3/22 1/3/23 27/2/24 27/2/25 26/2/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.24x4.16x9.78x0.51% 77.1B
22.84x4.98x14.49x0.65% 49.43B
36.87x12.61x23.99x-.--% 49.27B
-59.82x3.47x10.25x3.07% 44.59B
37.54x3.41x12.8x-.--% 30.48B
52.83x3.32x25.75x-.--% 24B
-6.28x8.48x-5.47x-.--% 21.5B
68.22x6.5x42.98x-.--% 20.18B
23.37x5.03x13.09x-.--% 16.29B
Average 21.53x 5.77x 16.40x 0.47% 36.98B
Weighted average by Cap. 17.18x 5.77x 15.26x 0.62%

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