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Interm

017250 · KOSDAQ · ₩017250 · 인터엠

₩1,022 ₩0 (0.00%)End-of-day · Oct 30, 2026 · End-of-day prices.
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Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

₩2,863

vs the current price (₩1,022)

Enterprise value
₩68B
Equity value
₩57B
WACC
6.1%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Why the model and the price differ

The model is 180% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

  • To match today's price of ₩1,022, the model needs an operating margin of 3.4% every year (it uses 6.6%).
  • Or revenue growth −18.3 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −35.2% to 21.1% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.
  • Today's P/E is 7.3× against a typical 7.5× over the last 10 years.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear
₩1,079
+5.5%
Base
₩2,863
+180.1%
Bull
₩6,306
+517.0%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (6.6%).

Revenue growth

  • 0.8%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (0.8% a year, annual reports), fading to 3% by year 5.

  • 1.3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (0.8% a year, annual reports), fading to 3% by year 5.

  • 1.9%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (0.8% a year, annual reports), fading to 3% by year 5.

  • 2.4%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (0.8% a year, annual reports), fading to 3% by year 5.

  • 3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (0.8% a year, annual reports), fading to 3% by year 5.

Business

  • 6.6%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 1.9%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).

  • 2.4%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 10.1%

    Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.

    Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.01%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 0.6

    How much the share moves when the market moves: 1 means just like the market.

    Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.08, adjusted toward 1 and kept between 0.6 and 2.0.

  • 5.5%

    The extra return investors want for owning shares instead of bonds.

    Default: a typical premium for Korean shares.

  • 5.51%

    The interest rate the company would pay to borrow.

    Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026)
₩65B
Net debt (borrowings and leases − cash and deposits)
₩11B
+ Stakes and investments
₩7M
Associates, long-term financial assets and deposits (book value)
Shares
20,048,925
Share price
₩1,022
Market cap
₩20B

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩51B₩60B₩60B₩65B₩66B₩67B₩69B₩71B
Growth−13.2%18.4%−0.5%0.8%1.3%1.9%2.4%3.0%
EBIT₩11B₩4.4B₩4B₩4.3B₩4.4B₩4.4B₩4.5B₩4.7B
EBIT margin21.1%7.3%6.6%6.6%6.6%6.6%6.6%6.6%
After-tax EBIT₩7.8B₩3.2B₩2.9B₩3.1B₩3.2B₩3.2B₩3.3B₩3.4B
+ Depreciation———₩1.2B₩1.3B₩1.3B₩1.3B₩1.3B
− Capital spending₩1.3B₩1.3B₩1.5B₩1.6B₩1.6B₩1.6B₩1.7B₩1.7B
− Working capital₩6.8B−₩19B−₩4B₩52M₩85M₩127M₩163M₩208M
Free cash flow———₩2.7B₩2.7B₩2.8B₩2.8B₩2.8B
Discount factor———0.9420.8880.8360.7880.742
Present value———₩2.6B₩2.4B₩2.3B₩2.2B₩2.1B

Terminal value ₩77B, worth ₩57B today: 83% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

LowTypicalHigh
Price / book (book value ₩2,088 a share)Now 0.49×₩1,0240.49×₩1,2150.58×₩1,9420.93×
Price / earnings (last 12 months: ₩140 a share)Now 7.30×₩2651.89×₩1,0567.54×₩1,52010.9×
P/E on run-rate earnings (Q4 2025 × 4: ₩321 a share)Now 3.18×₩6091.89×₩2,4257.54×₩3,49010.9×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →1.0%1.5%2.0%2.5%3.0%
5.1%₩3,055₩3,446₩3,961₩4,670₩5,709
5.6%₩2,660₩2,957₩3,336₩3,836₩4,523
6.1%₩2,341₩2,574₩2,863₩3,230₩3,714
6.6%₩2,080₩2,265₩2,491₩2,771₩3,127
7.1%₩1,861₩2,012₩2,192₩2,410₩2,681

Now (TTM)

Market cap
₩20B
Enterprise value
₩30B
P/E
7.3×
P/B
0.5×
P/S
0.3×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,009₩1,082₩1,278₩1,160₩1,355
Market cap₩20B₩22B₩26B₩23B₩27B
P/E9.9×9.4×3.1×23.1×—
P/B0.5×0.5×0.7×0.7×0.9×
P/S0.3×0.4×0.5×0.4×0.5×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Interm7.3×0.5×0.3×—0.0%
Samsung Electronics8.8×2.3×2.7×—0.7%
LG Electronics23.6×0.9×0.3×—0.9%
Hanwha Vision21.8×2.7×1.4×—0.0%
RFHIC39.7×3.5×6.5×—0.8%
KMW—4.9×7.9×—0.0%
Intellian Technologies12.9×2.0×1.6×—0.4%
Similar companies (median)21.8×2.5×2.1×—0.6%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: Interm / 인터엠 / 017250 / KRX:017250

Source: KRX statistical information