ALTEOGEN Inc (196170) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of ALTEOGEN Inc stock KRW 71,563, price KRW 211,500, that is 66.2% below the price, quality 73 out of 100. Rating: strongly overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
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Our calculation puts a fair price 66% below what the stock costs today.
Quality 73/100
Healthy Growth(revenue 5y +38.5 %/yr in KRW)
Highly profitable · 75.5% net margin (TTM)
Low debt
Generates free cash flow
0.1% dividend yield · Well covered
36% return on equity.
Mixed vs. peers(7/13)
Wide moat90/100 · thin data
Neutral coverage
Some data
Fair value 71,563 KRW · Strongly overvalued (−66.2%)
Quality growth
Risks from the AI analysis
🚩Price drop: European court ruling on competitor patent raises near-term revenue questions🚩European court ruling blocks Keytruda SC sales in eight countries🚩Next-gen drug delivery could obsolete ALT-B4🚩Halozyme and biosimilar platforms could erode deals🚩Halozyme patent challenges could restrict use
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range 28,642 KRW – 558,528 KRW · fair‑value band 42,630 KRW – 143,594 KRW · the 211,500 KRW price screens above the 71,563 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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ALTEOGEN Inc., a bio company, focuses on developing long-acting biobetters, proprietary antibody-drug conjugates, and antibody biosimilars.
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The company develops ALT-P1, a long-acting human growth hormone that is in the Phase IIa clinical trial; and ALT-Q2, a long-acting active form of coagulation factor VII for the treatment of hemophilia based on its NexP technology.
It is also involved in the development of ALT-P7, a targeted breast/gastric cancer drug that is in the Phase I clinical trial; ALT-Q5, an antibody-drug conjugate (ADC) for the treatment of ovarian cancer based on its NexMab ADC technology; and ALT-LS2, a SC (subcutaneous) formulation of trastuzuamb for the treatment of breast and gastric cancer.
The company has a strategic alliance with Kissei Pharmaceutical for the development of ALT-L9, a biosimilar of Eylea (Aflibercept) which is currently under Phase 1 trial; Cristalia for the development of ALT-L2, a biosimilar of Herceptin (Trastuzumab), a monoclonal antibody for the treatment of breast cancer, which is in the Phase II clinical trial; and Biogen Inc. to develop subcutaneous (SC) formulations of biologics utilizing ALT-B4. ALTEOGEN Inc. was founded in 2008 and is headquartered in Daejeon, South Korea.
Stock analysis
ALTEOGEN Inc (196170) currently trades at 211,500 KRW, while our model-based Fair Value estimate is 71,563 KRW, 66% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 94,523 KRW per share, and 0 of the 24 models we run sit above the 211,500 KRW price.
Bear case: the Economic Profit group reads lowest at 19,477 KRW, and 24 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 42,630 KRW (bear) to 143,594 KRW (bull), the price of 211,500 KRW sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 73/100 (solid quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
ALTEOGEN Inc reported revenue of 216B KRW in FY2025 versus 41.1B KRW in FY2021, a compound +51.4%/yr. Reported net income was 142B KRW in FY2025, compounding +120.4%/yr from FY2021.
Key figures
Market cap 14.9T KRW (≈ $10.9B) Large · P/E ratio 79.1 · P/S ratio 58.5 · EPS (TTM) 2,753 KRW · Dividend yield 0.1% · Net margin 75.5% · Return on equity 35.6% · Return on assets (EBIT) 2.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 90 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 62% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 8% fair-value upside, at −66%, 196170 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (3,264 KRW to 96,481 KRW). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear42,630 KRWFair Value 71,563 KRWBull143,594 KRW
Price 211,500 KRW · Downside -66.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (2,096 KRW per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+109.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+95.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+38.5%
Start year 2020 (pandemic). Over 10 years: +46.5% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+36.5%
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What shareholders gained per year (last 5 years), in KRW ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in KRW: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+79.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+79.6%
Dividend (yield on the price)0.1%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.0% → 50%
Growth Forecast
Price in line with expectations
The price assumes more growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+44.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+44.3%
Yearly sales growth analysts expect, extended to five years.
The revenue jump in 2026 (+125.9%) comes with 30% more shares (acquisition or merger paid in stock). Per share it is about +73.5%. The comparison above is unreliable in such a year.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about +42.0% a year for the price and +41.4% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (39 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
AI conclusion: The ALT-B4 platform stands out for attracting major licensing deals in subcutaneous biologics, yet thin public data and missing qualitative signals prevent confirmation of a durable moat.
Main risk: Advanced delivery systems such as microneedles or nano-encapsulation could supplant hyaluronidase-based subcutaneous conversion and reduce demand for the ALT-B4 platform.
Bull case: Alteogen could integrate or license next-generation delivery technologies itself and expand its platform offerings to maintain relevance with partners seeking differentiated subcutaneous options.
Bear case: If superior delivery systems emerge or rivals secure more deals, partners might bypass ALT-B4 entirely, leaving the company with few commercial products and eroding its licensing revenue base.
Alteogen’s ALT-B4 platform continues to attract major licensing deals for turning intravenous biologics into subcutaneous versions. A European court ruling last month upheld a competitor patent and blocked Keytruda SC sales in eight countries, raising questions about near-term revenue even though the company calls the affected share small. Our models see the stock as overvalued. Will the push into subcutaneous ADCs deliver the next growth wave before those hurdles clear?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 565 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score73 · Top 25%
Fair Value upside−66.2% · Below median
Profitability
Return on equity (12 months)35.6% · Top 25%
Return on assets20.3% · Top 25%
Net margin (12 months)75.5% · Top 25%
Operating margin (12 months)49.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)269.5% · Top 25%
Dividend yield (12 months)0.1% · Bottom 25%
Balance sheet
Debt / equity0.01× · Below median
Valuation Multiplesvs Biotechnology median · lower = cheaper
P/E (12 months)79.1× · Priciest 25%
P/B33.37× · Priciest 25%
P/S (12 months)58.48× · Priciest 25%
Price / free cash flow163.8× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 0
PAST (return on equity)100· sector 0
HEALTH (low debt)100· sector 97
DIVIDEND (yield)3· sector 22
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "ALTEOGEN Inc Fair Value". https://www.fairvalue-calculator.com/stock/196170
Frequently asked questions
Is ALTEOGEN Inc (196170) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of 71,563 KRW versus a price of 211,500 KRW, about 66% lower (overvalued).
What is the fair value of 196170?
Our model-based fair value for ALTEOGEN Inc is 71,563 KRW (as of Nov 3, 2026), built from audited fundamentals. The current price: 211,500 KRW.
What is the quality score of 196170?
ALTEOGEN Inc has a Quality Score of 73/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for ALTEOGEN Inc (196170)?
Our model-based price target is the fair value of 71,563 KRW (as of Nov 3, 2026) from 24 valuation models. Cautious scenario 42,630 KRW, optimistic scenario 143,594 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the ALTEOGEN Inc stock forecast for 2026?
Our models put fair value at 71,563 KRW, about 66% lower versus a price of 211,500 KRW (overvalued). Cautious scenario 42,630 KRW, optimistic scenario 143,594 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of ALTEOGEN Inc (196170)?
ALTEOGEN Inc reported trailing-twelve-month revenue of about 254B KRW (latest available figure, as of Nov 3, 2026).
Does ALTEOGEN Inc pay a dividend?
ALTEOGEN Inc currently shows a dividend yield of 0.13% relative to its recent price (as of Nov 3, 2026).
What growth is priced into ALTEOGEN Inc (196170)?
For today's price to be fair in a discounted-cash-flow model, ALTEOGEN Inc would have to grow free cash flow by +44.9 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +38.5 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of 196170 use?
Our models discount ALTEOGEN Inc at 9.6 %: a base by market capitalisation (large), damped by beta 0.98, country premium for South Korea. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For ALTEOGEN Inc that is +44.9 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has ALTEOGEN Inc (196170) delivered so far?
Over the past 5 years revenue at ALTEOGEN Inc grew +38.5 % a year. The price currently implies +44.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of ALTEOGEN Inc (196170) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into ALTEOGEN Inc (+44.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of ALTEOGEN Inc (196170)?
The free-cash-flow yield on the price is 0.80 %: that much free cash flow ALTEOGEN Inc produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of ALTEOGEN Inc (196170)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ALTEOGEN Inc it is 71,563 KRW per share (as of Nov 3, 2026), against a price of 211,500 KRW. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is ALTEOGEN Inc stock overvalued or undervalued in 2026?
As of Nov 3, 2026, 196170 trades above its calculated fair value: price 211,500 KRW, fair value 71,563 KRW, a gap of about −66% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 196170?
No. The price is what the market pays today (211,500 KRW); the fair value is what the company's own numbers justify (71,563 KRW). For ALTEOGEN Inc the two are 139,937 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is ALTEOGEN Inc worth?
The market values ALTEOGEN Inc at about 14.9T KRW (market capitalisation, as of Nov 3, 2026). Per share that is 211,500 KRW; our models calculate a fair value of 71,563 KRW per share.
What do the bullish and bearish scenarios say about 196170?
Our models span a range for ALTEOGEN Inc: cautious scenario 42,630 KRW, base 71,563 KRW, optimistic 143,594 KRW per share (as of Nov 3, 2026, price 211,500 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 196170?
ALTEOGEN Inc trades at a price-to-earnings ratio of 79.1 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 71,563 KRW is built from several models across several years. Other multiples: P/B 33.4, P/S 58.5.
How solid is the balance sheet of ALTEOGEN Inc (196170)?
Balance-sheet figures for ALTEOGEN Inc (as of Nov 3, 2026): return on equity 35.6%, debt of 0.01 per unit of equity. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is 196170 from its 52-week high?
ALTEOGEN Inc trades at 211,500 KRW, about 62% below its 52-week high of 558,528 KRW and 4% above the low of 204,000 KRW (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 71,563 KRW is for.
Which stocks are comparable to ALTEOGEN Inc?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, CSL Limited, argenx SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is ALTEOGEN Inc stock attractive at the current price?
The data as of Nov 3, 2026: price 211,500 KRW, calculated fair value 71,563 KRW (−66%), Quality Score 73/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 196170 calculated?
We run ALTEOGEN Inc through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 71,563 KRW, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. ALTEOGEN Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of ALTEOGEN Inc (196170)?
The closing price on Nov 5, 2026 was 211,500 KRW. Our model-based fair value is 71,563 KRW, about 66% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ALTEOGEN Inc right now?
The price sits above even our optimistic bull case (143,594 KRW). The favourable scenario is already priced in. The model range is unusually wide (42,630 KRW to 143,594 KRW). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (73/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of ALTEOGEN Inc
How large is the market capitalisation of ALTEOGEN Inc (196170)?
The market capitalisation of ALTEOGEN Inc is 14.9T KRW (≈ $10.9B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of ALTEOGEN Inc (196170)?
The price-to-sales ratio of ALTEOGEN Inc is 58.5 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of ALTEOGEN Inc (196170)?
Earnings per share at ALTEOGEN Inc are 2,753 KRW (price ÷ EPS = P/E 79.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of ALTEOGEN Inc (196170)?
The dividend yield of ALTEOGEN Inc is 0.1% (payout 10.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of ALTEOGEN Inc (196170)?
The net margin of ALTEOGEN Inc is 75.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of ALTEOGEN Inc (196170)?
The return on equity (ROE) of ALTEOGEN Inc is 35.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of ALTEOGEN Inc (196170)?
On an EBIT basis the return on assets of ALTEOGEN Inc is 2.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of ALTEOGEN Inc (196170)?
The operating margin of ALTEOGEN Inc is 49.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ALTEOGEN Inc (196170)?
Revenue at ALTEOGEN Inc is growing +270% versus a year earlier (3y avg +95.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at ALTEOGEN Inc (196170)?
Earnings per share at ALTEOGEN Inc are growing −41.2% versus a year earlier. How much earnings per share grew versus a year earlier.
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Some data
Nov 3, 2026