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 2,064 - -
Change - -51.37% -8.77% 6.15% -31.23% 5.2% - -
Enterprise Value (EV) 1 4,650 1,938 1,897 2,095 1,397 1,570 1,693 1,790
Change - -58.33% -2.13% 10.47% -33.34% 12.45% 7.78% 5.74%
P/E -8.29x -6.63x -7.9x -10.1x -11x -8.19x -9.77x -12.6x
PBR 4.35x - 3.34x 3.36x 2.73x 3.91x 4.39x 4.91x
PEG - 0.2x 0.3x 0.4x 0.3x -0.2x 0.6x 0.6x
Capitalization / Revenue 42x 13.7x 10.1x 7.15x 4.26x 4.61x 3.47x 2.75x
EV / Revenue 32.2x 9.01x 7.11x 5.25x 3.04x 3.51x 2.85x 2.38x
EV / EBITDA -6.7x -4.89x -5.3x -7.75x -6.51x -6.38x -10.4x -23.3x
EV / EBIT -6.64x -4.79x -5.17x -7.43x -6.09x -6.02x -9.62x -19.6x
EV / FCF -8.19x -4.94x -9.23x -9.5x -8.5x -8.93x -14.6x -25.5x
FCF Yield -12.2% -20.2% -10.8% -10.5% -11.8% -11.2% -6.84% -3.92%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -7.58 -4.63 -3.46 -2.6 -1.6 -2.244 -1.88 -1.464
Distribution rate - - - - - - - -
Net sales 1 144.3 215 266.7 399 460.2 447.6 594.6 751.5
EBITDA 1 -693.6 -396.1 -357.5 -270.3 -214.4 -246.2 -163.3 -76.84
EBIT 1 -700.1 -404.4 -366.6 -282.1 -229.4 -260.9 -175.9 -91.43
Net income 1 -704.5 -443.3 -334.6 -257.1 -175.5 -244.1 -158.9 -136.3
Net Debt 1 -1,409 -1,008 -791.3 -757.9 -565.3 -493.5 -371.4 -274.2
Reference price 2 62.85 30.70 27.33 26.19 17.64 18.37 18.37 18.37
Nbr of stocks (in thousands) 96,409 95,972 98,349 108,937 111,219 112,355 - -
Announcement Date 3/1/22 A 3/1/23 A 2/27/24 A 2/27/25 A 2/26/26 A - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.15x4.14x9.73x0.51% 76.75B
23.27x5.08x14.76x0.64% 50.46B
36.31x12.41x23.62x-.--% 48.5B
-59.22x3.44x10.16x3.1% 44.14B
37.6x3.42x12.82x-.--% 30.53B
53.46x3.37x26.12x-.--% 24.28B
-6.56x8.93x-5.76x-.--% 22.46B
68.17x6.51x43.28x-.--% 20.04B
23.1x4.97x12.95x-.--% 16.14B
Average 21.59x 5.81x 16.41x 0.47% 37.03B
Weighted average by Cap. 17.26x 5.78x 15.18x 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