KOSDAQ · 049070 · Electronics · ₩049070

Intops인탑스

049070 · KOSDAQ · ₩049070 · 인탑스

₩16,230▲ ₩680 (4.37%)End-of-day · Oct 28, 2026 · End-of-day prices.

Trade

Sell Buy

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

₩9,640

vs the current price (₩16,230)

Enterprise value: ₩139B
Equity value: ₩152B
WACC: 8.5%

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 41% 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 ₩16,230, the model needs an operating margin of 5.3% every year (it uses 3.3%).
Margins ranged from −1.9% to 12.7% 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.
85% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
Today's P/E is 8.0× against a typical 12.4× 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: ₩4,466; −72.5%
Base: ₩9,640; −40.6%
Bull: ₩19,266; +18.7%

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

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (3.3%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-19.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-19.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-19.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-19.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-19.1% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin3.3%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation3%
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).
Capital spending3.7%
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).
Working capital39.9%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.11%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-28.
Beta0.79
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 0.69, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)5.61%
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): ₩603B
Net debt (borrowings and leases − cash and deposits): −₩69B
+ Stakes and investments: ₩39B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩95B
Shares: 15,742,300
Share price: ₩16,230
Market cap: ₩255B

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩577B	₩615B	₩591B	₩543B	₩506B	₩489B	₩488B	₩502B
Growth	−48.2%	6.5%	−3.9%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	₩18B	₩3.8B	−₩11B	₩18B	₩17B	₩16B	₩16B	₩17B
EBIT margin	3.2%	0.6%	−1.9%	3.3%	3.3%	3.3%	3.3%	3.3%
After-tax EBIT	₩13B	₩2.7B	−₩8.2B	₩13B	₩12B	₩12B	₩12B	₩12B
+ Depreciation	—	—	—	₩16B	₩15B	₩15B	₩15B	₩15B
− Capital spending	₩20B	₩31B	₩16B	₩20B	₩19B	₩18B	₩18B	₩19B
− Working capital	₩43B	−₩13B	₩43B	−₩24B	−₩15B	−₩7.1B	−₩390M	₩5.8B
Free cash flow	—	—	—	₩33B	₩23B	₩15B	₩8.6B	₩2.7B
Discount factor	—	—	—	0.922	0.850	0.784	0.723	0.666
Present value	—	—	—	₩31B	₩20B	₩12B	₩6.2B	₩1.8B

Terminal value ₩103B, worth ₩68B today: 49% 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:

	Low	Typical	High
Price / book (book value ₩43,473 a share)Now 0.37×	₩16,5610.38×	₩26,0210.60×	₩39,9100.92×
Price / earnings (last 12 months: ₩2,027 a share)Now 8.01×	₩8,0623.98×	₩25,16012.4×	₩42,08520.8×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,004 a share)Now 16.2×	₩3,9933.98×	₩12,46212.4×	₩20,84520.8×

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%
7.5%	₩11,275	₩11,045	₩10,765	₩10,419	₩9,985
8.0%	₩10,683	₩10,443	₩10,157	₩9,809	₩9,382
8.5%	₩10,169	₩9,926	₩9,640	₩9,298	₩8,886
9.0%	₩9,717	₩9,476	₩9,194	₩8,863	₩8,468
9.5%	₩9,318	₩9,081	₩8,806	₩8,487	₩8,111

Now (TTM)

Market cap: ₩255B
Enterprise value: ₩180B
P/E: 8.0×
P/B: 0.4×
P/S: 0.4×
EV/EBITDA: —
Dividend yield: 1.2%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩20,050	₩16,640	₩27,000	₩27,750	₩32,250
Market cap	₩316B	₩262B	₩425B	₩437B	₩508B
P/E	19.5×	12.2×	15.4×	4.4×	6.8×
P/B	0.5×	0.4×	0.7×	0.7×	0.9×
P/S	0.5×	0.4×	0.7×	0.4×	0.5×
EV/EBITDA	—	—	—	—	—
Dividend yield	1.0%	1.2%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Intops	8.0×	0.4×	0.4×	—	1.2%
Samsung Electronics	9.5×	2.5×	2.9×	—	0.7%
LG Electronics	25.3×	1.0×	0.3×	—	0.8%
Hanwha Vision	17.0×	2.1×	1.1×	—	0.0%
RFHIC	41.3×	3.7×	6.7×	—	0.8%
KMW	—	5.0×	8.1×	—	0.0%
Intellian Technologies	13.4×	2.0×	1.6×	—	0.4%
Similar companies (median)	17.0×	2.3×	2.3×	—	0.5%

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

Also known as: Intops / 인탑스 / 049070 / KRX:049070

Source: KRX statistical information