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Inticube

070590 · KOSDAQ · ₩070590 · 인티큐브

₩2,855▲ ₩295 (11.52%)End-of-day · Oct 27, 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

With these assumptions the model gives no positive value.

Enterprise value
−₩34B
Equity value
−₩33B
WACC
7.3%

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 ₩2,855, the model needs an operating margin of 5.1% every year (it uses −5.0%).
  • Margins ranged from −14.5% to 1.6% 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.
  • 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.

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
—

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 (−5.0%).

Revenue growth

  • 3.1%

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

    Default: the last 3 years' revenue growth (3.1% a year, annual reports), fading to 3% by year 5.

  • 3.1%

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

    Default: the last 3 years' revenue growth (3.1% 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 (3.1% 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 (3.1% 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 (3.1% a year, annual reports), fading to 3% by year 5.

Business

  • -5%

    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.

  • 2.8%

    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).

  • 0.5%

    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).

  • 3.6%

    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.

  • 4.03%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-27.

  • 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 0.11, 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.

  • 5.53%

    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)
₩50B
Net debt (borrowings and leases − cash and deposits)
−₩62M
+ Stakes and investments
₩1.1B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩511M
Shares
13,879,521
Share price
₩2,855
Market cap
₩40B

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₩42B₩49B₩65B₩51B₩53B₩54B₩56B₩58B
Growth−29.5%17.0%32.9%3.1%3.1%3.0%3.0%3.0%
EBIT−₩6B−₩3B₩1B−₩2.6B−₩2.6B−₩2.7B−₩2.8B−₩2.9B
EBIT margin−14.5%−6.1%1.6%−5.0%−5.0%−5.0%−5.0%−5.0%
After-tax EBIT−₩4.4B−₩2.2B₩759M−₩1.9B−₩1.9B−₩2B−₩2B−₩2.1B
+ Depreciation₩1.4B₩1.5B₩1.3B₩1.4B₩1.5B₩1.5B₩1.6B₩1.6B
− Capital spending₩209M₩307M₩330M₩255M₩263M₩271M₩279M₩288M
− Working capital−₩7.9B₩3.5B₩100M₩55M₩57M₩57M₩59M₩60M
Free cash flow₩4.7B−₩4.5B₩1.6B−₩732M−₩755M−₩775M−₩799M−₩823M
Discount factor———0.9320.8680.8090.7530.702
Present value———−₩682M−₩655M−₩627M−₩602M−₩577M

Terminal value −₩44B, worth −₩31B today: 91% 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 ₩680 a share)Now 4.20×₩7091.04×₩9361.37×₩1,5512.28×

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%
6.3%—————
6.8%—————
7.3%—————
7.8%—————
8.3%—————

Now (TTM)

Market cap
₩40B
Enterprise value
₩39B
P/E
—
P/B
4.2×
P/S
0.8×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩2,155₩977₩1,703₩1,650₩3,340
Market cap₩30B₩14B₩24B₩23B₩46B
P/E37.7×———141.1×
P/B2.3×1.1×1.4×1.0×1.8×
P/S0.5×0.3×0.6×0.4×0.8×
EV/EBITDA11.7×———41.3×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Inticube—4.2×0.8×—0.0%
Samsung SDS25.6×1.6×1.2×—1.5%
LG CNS15.1×2.4×1.2×—2.5%
DB7.1×0.9×0.6×16.2×0.0%
Itcenglobal6.7×2.9×0.0×—0.0%
Lotte Innovate15.5×0.6×0.2×—4.0%
Shinsegae Information & Communication6.3×0.4×0.3×0.8×0.0%
Similar companies (median)11.1×1.3×0.5×8.5×0.7%

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

Also known as: Inticube / 인티큐브 / 070590 / KRX:070590

Source: KRX statistical information