KOSDAQ · 052860 · Semiconductors · ₩052860

I&C Technology아이앤씨

052860 · KOSDAQ · ₩052860 · 아이앤씨

₩6,610▲ ₩240 (3.77%)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

With these assumptions the model gives no positive value.

Enterprise value: −₩3.3B
Equity value: −₩2.3B
WACC: 7.4%

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 gives no positive value at these assumptions. What we can see:

To match today's price of ₩6,610, the model needs an operating margin of 30.7% every year (it uses 0.3%).
Margins ranged from −45.7% to 11.0% 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.
55% 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.
In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.
Today's P/E is 53.0× against a typical 22.8× 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: —
Base: —
Bull: ₩310; −95.3%

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 (0.3%).

Revenue growth

Revenue growth, year 1-2.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-0.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 30.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.2% 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 (-2.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin0.3%
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 & amortisation2.2%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Capital spending2.3%
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 capital40%
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.
Beta0.6
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 0.39, 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): ₩31B
Net debt (borrowings and leases − cash and deposits): ₩1.6B
+ Stakes and investments: ₩3.1B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩393M
Shares: 17,866,854
Share price: ₩6,610
Market cap: ₩118B

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	₩64B	₩23B	₩37B	₩30B	₩30B	₩30B	₩31B	₩32B
Growth	63.2%	−63.6%	57.8%	−2.2%	−0.9%	0.4%	1.7%	3.0%
EBIT	₩1.4B	−₩11B	₩4.1B	₩91M	₩90M	₩91M	₩92M	₩95M
EBIT margin	2.2%	−45.7%	11.0%	0.3%	0.3%	0.3%	0.3%	0.3%
After-tax EBIT	₩1B	−₩7.7B	₩2.9B	₩66M	₩66M	₩66M	₩67M	₩69M
+ Depreciation	₩732M	₩809M	₩792M	₩669M	₩663M	₩665M	₩677M	₩697M
− Capital spending	₩1.4B	₩323M	₩1.2B	₩699M	₩693M	₩696M	₩708M	₩729M
− Working capital	−₩1.8B	−₩8.6B	−₩3.4B	−₩274M	−₩109M	₩48M	₩206M	₩369M
Free cash flow	₩2.2B	₩1.3B	₩5.9B	₩309M	₩145M	−₩13M	−₩170M	−₩332M
Discount factor	—	—	—	0.931	0.868	0.808	0.753	0.701
Present value	—	—	—	₩288M	₩126M	−₩10M	−₩128M	−₩233M

Terminal value −₩4.8B, worth −₩3.4B today: 101% 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 ₩2,065 a share)Now 3.20×	₩1,8480.89×	₩2,3661.15×	₩4,3402.10×
Price / earnings (last 12 months: ₩125 a share)Now 53.0×	₩2,02716.2×	₩2,84522.8×	₩7,23157.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩118 a share)Now 56.1×	₩1,91516.2×	₩2,68822.8×	₩6,83257.9×

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%
6.4%	—	—	—	—	—
6.9%	—	—	—	—	—
7.4%	—	—	—	—	—
7.9%	—	—	—	—	—
8.4%	—	—	—	—	—

Now (TTM)

Market cap: ₩118B
Enterprise value: ₩120B
P/E: 53.0×
P/B: 3.2×
P/S: 3.8×
EV/EBITDA: 54.8×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩2,545	₩1,799	₩2,745	₩2,495	₩3,970
Market cap	₩45B	₩32B	₩49B	₩45B	₩71B
P/E	10.0×	—	—	46.3×	—
P/B	1.3×	1.1×	1.1×	1.0×	1.7×
P/S	1.2×	1.4×	0.8×	1.1×	2.4×
EV/EBITDA	9.8×	—	26.7×	18.2×	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
I&C Technology	53.0×	3.2×	3.8×	54.8×	0.0%
SK hynix	6.7×	4.1×	5.7×	—	0.2%
DB HiTek	12.6×	1.8×	2.8×	—	0.8%
Fadu	—	40.1×	14.0×	—	0.0%
Hana Micron	14.4×	4.5×	1.2×	—	0.2%
Jeju Semiconductor	10.4×	5.4×	3.6×	—	0.0%
SFA Semicon	—	3.1×	3.3×	—	0.0%
Similar companies (median)	11.5×	4.3×	3.4×	—	0.1%

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

Also known as: I&C Technology / 아이앤씨 / 052860 / KRX:052860

Source: KRX statistical information