MeritValue

Adlai Nortye Ltd.

ANLdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Adlai Nortye Ltd. earns about -175% on equity, but has diluted owners by 276% over 4 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024
Revenue$45.7M1—$5M2—
Net income−$56.7M3−$58.8M4−$109.2M4−$51.9M4
Operating cash flow−$3.03M5−$43.2M6−$56.7M6−$51.8M6
Capital expenditure$1.02M7$1.25M8$200,0008$170,0008
Free cash flow (derived)−$4.05M5−$44.5M6−$56.9M6−$52M6
Total debt$10.5M9$4.31M10$30.4M10$26.3M10
Cash & equivalents$64.1M11$42.8M11$91.5M11$60.9M11
Diluted shares25.4M25.4M43.3M95.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$2.66
your share of equity
Profit it earned you last year
−$5.42
Free cash flow it threw off
−$5.43
Debt you’d be carrying
$2.75

10 shares is a claim on $2.66 of net worth that earned you −$5.42 and generated −$5.43 of cash last year, against $2.75 of debt.

iii. Is this a good business?
Moat signal · return on equity
-175% avg · 4y
FY21 —FY22 —FY23 -146%FY24 -204%

It earned an average -175% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+276% shares · 4y

Share count is up 276% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 152% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F/A · period ending 2021-12-31 · accession 0001213900-25-014428 (Revenue)
  2. 20-F/A · period ending 2023-12-31 · accession 0001213900-25-041663 (Revenue)
  3. 20-F/A · period ending 2021-12-31 · accession 0001213900-25-014428 (ProfitLossAttributableToOwnersOfParent)
  4. 20-F/A · period ending 2022-12-31 · accession 0001213900-25-041663 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F/A · period ending 2021-12-31 · accession 0001213900-25-014428 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F/A · period ending 2022-12-31 · accession 0001213900-25-041663 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F/A · period ending 2021-12-31 · accession 0001213900-25-014428 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  8. 20-F/A · period ending 2022-12-31 · accession 0001213900-25-041663 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  9. 20-F/A · period ending 2021-12-31 · accession 0001213900-25-014428 (Borrowings)
  10. 20-F/A · period ending 2022-12-31 · accession 0001213900-25-041663 (Borrowings)
  11. 20-F/A · period ending 2021-12-31 · accession 0001213900-25-041663 (CashAndCashEquivalents)