Adlai Nortye Ltd.

ANL

HealthcareBiotechnologyNASDAQ

$13.94

Market Cap: $739.94M

Adlai Nortye Ltd. (ANL) Valuation Summary

Updated Apr 20, 2026 22:15

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$108.64 – $283.87	$164.10	+888.5%
Revenue DCF 10Y	$1.74 – $4.67	$3.07	-81.5%
▸ Trading Multiples
EV/Revenue	$1.50 – $14.32	$4.04	-75.7%

Valuation History

DCF Analysis

Adlai Nortye Ltd. (ANL) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.07

Market Price

$13.94

Upside / Downside

-78.0%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -721.9% to a target of 13.3% over 5 years, discounted at a WACC of 8.6%, Adlai Nortye Ltd. (ANL) has an intrinsic value of $3.07 per share (range: $1.74 – $4.67).

Key Assumptions

Current Operating Margin

-721.9%

Target Operating Margin

13.3%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.4%

Target CapEx/Rev

38.4%

D&A/Revenue

25.6%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	7	34.3%	-574.8%	-39	-39	2	(0)	-0	-37	-36
2027	0	-98.5%	-427.8%	-0	-0	0	(0)	11	-12	-10
2028	0	100.0%	-280.8%	-1	-1	0	(0)	-0	-0	-0
2029	0	0.0%	-133.7%	-0	-0	0	(0)	0	-0	-0
2030	81	40200.0%	13.3%	11	8	21	(17)	-136	148	102
2031	73	-10.0%	13.3%	10	8	19	(18)	14	-5	-3
2032	65	-10.0%	13.3%	9	7	17	(18)	12	-7	-4
2033	59	-10.0%	13.3%	8	6	15	(18)	11	-8	-4
2034	53	-10.0%	13.3%	7	6	14	(18)	10	-9	-5
2035	48	-8.7%	13.3%	6	5	12	(19)	8	-9	-4

Enterprise Value Bridge

Sum of PV(FCFF)35

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value35

(–) Net Debt3

Equity Value33

(÷) Shares Outstanding11

Fair Value per Share$3.07

Note:Terminal value is $0 because Year 5 FCFF is negative. The company's operating margin convergence does not fully offset reinvestment needs within 5 years. See the sensitivity matrix for scenarios where the model produces a positive terminal value (higher target margin or lower WACC).

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.6%	$2	$3	$4	$4	$5
7.6%	$2	$3	$3	$4	$4
8.6%	$2	$3	$3	$4	$4
9.6%	$2	$2	$3	$3	$4
10.6%	$2	$2	$3	$3	$4

Current price: $13.94. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -168.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Adlai Nortye Ltd. (ANL) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$164.10

Market Price

$13.94

Upside / Downside

+1077.2%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-721.9%

Target Operating Margin

13.3%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.4%

Target CapEx/Rev

38.4%

D&A/Revenue

25.6%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	7	34.3%	-574.8%	-39	-39	2	(1)	-0	-38	-36
2027	0	-98.5%	-427.8%	-0	-0	0	(0)	11	-12	-10
2028	0	100.0%	-280.8%	-1	-1	0	(0)	-0	-0	-0
2029	0	0.0%	-133.7%	-0	-0	0	(0)	0	-0	-0
2030	81	40200.0%	13.3%	11	8	21	(31)	-136	134	92

Enterprise Value Bridge

Sum of PV(FCFF)46

Terminal Value (Gordon Growth at 3.0%)2,471

PV of Terminal Value1,706

Enterprise Value1,752

(–) Net Debt3

Equity Value1,749

(÷) Shares Outstanding11

Fair Value per Share$164.10

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.6%	$268	$272	$276	$280	$284
7.6%	$202	$205	$208	$211	$214
8.6%	$159	$162	$164	$167	$169
9.6%	$130	$132	$134	$136	$138
10.6%	$109	$110	$112	$114	$115

Current price: $13.94. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$4.04

Market Price

$13.94

Upside / Downside

-71.0%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Adlai Nortye Ltd. (ANL) has a fair value of $4.04 based on 6 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Adlai Nortye Ltd.ANL	149	30.2x	22.5x
OSR Holdings, Inc.OSRH	15	4.7x	4.0x
Apollomics, Inc.APLM	15	31.0x	6.1x
SeaStar Medical Holding CorporationICU	13	1.2x	6.5x
Lipocine Inc.LPCN	13	3.7x	11.3x
BioLineRx Ltd.BLRX	10	14.3x	11.4x
Ainos, Inc.AIMD	8	147.0x	—
Industry Median		9.5x	6.5x
(*) Revenue		5	7
= Enterprise Value		48	44
(-) Net Debt		3	3
Equity Value		45	41
(/) Outstanding shares		11	11
Fair Price		$4	$4

Selected Fair Value (avg of trailing + forward)

$4.04

-71.0%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$108.64 – $283.87

$164.10

+888.5%

Revenue DCF 10Y

$1.74 – $4.67

$3.07

-81.5%

▸ Trading Multiples

EV/Revenue

$1.50 – $14.32

$4.04

-75.7%

DCF Analysis

Adlai Nortye Ltd. (ANL) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.07

Market Price

$13.94

Upside / Downside

-78.0%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-721.9%

Target Operating Margin

13.3%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.4%

Target CapEx/Rev

38.4%

D&A/Revenue

25.6%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	7	34.3%	-574.8%	-39	-39	2	(0)	-0	-37	-36
2027	0	-98.5%	-427.8%	-0	-0	0	(0)	11	-12	-10
2028	0	100.0%	-280.8%	-1	-1	0	(0)	-0	-0	-0
2029	0	0.0%	-133.7%	-0	-0	0	(0)	0	-0	-0
2030	81	40200.0%	13.3%	11	8	21	(17)	-136	148	102
2031	73	-10.0%	13.3%	10	8	19	(18)	14	-5	-3
2032	65	-10.0%	13.3%	9	7	17	(18)	12	-7	-4
2033	59	-10.0%	13.3%	8	6	15	(18)	11	-8	-4
2034	53	-10.0%	13.3%	7	6	14	(18)	10	-9	-5
2035	48	-8.7%	13.3%	6	5	12	(19)	8	-9	-4

Enterprise Value Bridge

Sum of PV(FCFF)35

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value35

(–) Net Debt3

Equity Value33

(÷) Shares Outstanding11

Fair Value per Share$3.07

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.6%	$2	$3	$4	$4	$5
7.6%	$2	$3	$3	$4	$4
8.6%	$2	$3	$3	$4	$4
9.6%	$2	$2	$3	$3	$4
10.6%	$2	$2	$3	$3	$4

Current price: $13.94. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$4.04

Market Price

$13.94

Upside / Downside

-71.0%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Adlai Nortye Ltd. (ANL) has a fair value of $4.04 based on 6 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Adlai Nortye Ltd.ANL	149	30.2x	22.5x
OSR Holdings, Inc.OSRH	15	4.7x	4.0x
Apollomics, Inc.APLM	15	31.0x	6.1x
SeaStar Medical Holding CorporationICU	13	1.2x	6.5x
Lipocine Inc.LPCN	13	3.7x	11.3x
BioLineRx Ltd.BLRX	10	14.3x	11.4x
Ainos, Inc.AIMD	8	147.0x	—
Industry Median		9.5x	6.5x
(*) Revenue		5	7
= Enterprise Value		48	44
(-) Net Debt		3	3
Equity Value		45	41
(/) Outstanding shares		11	11
Fair Price		$4	$4

Selected Fair Value (avg of trailing + forward)

$4.04

-71.0%