Itek아이텍
119830 · KOSDAQ · ₩119830 · 아이텍
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
₩5,023
vs the current price (₩5,450)
- Enterprise value
- −₩17B
- Equity value
- ₩133B
- WACC
- 7.9%
Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.
Bear / Base / Bull
- Bear
- ₩4,947
- −9.2%
- Base
- ₩5,023
- −7.8%
- Bull
- ₩5,236
- −3.9%
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 (−0.6%).
Revenue growth
- -10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-14.1% a year, annual reports), fading to 3% by year 5.
- -6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-14.1% a year, annual reports), fading to 3% by year 5.
- -3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-14.1% a year, annual reports), fading to 3% by year 5.
- -0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-14.1% 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 (-14.1% a year, annual reports), fading to 3% by year 5.
Business
- -0.6%
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.
- 16.2%
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).
- 20.3%
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).
- 13.4%
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.
- 0.7
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 0.55, 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)
- ₩46B
- Net debt (borrowings and leases − cash and deposits)
- −₩148B
- + Stakes and investments
- ₩1.8B
- Associates, long-term financial assets and deposits (book value)
- Shares
- 26,538,536
- Share price
- ₩5,450
- Market cap
- ₩145B
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 | ₩83B | ₩62B | ₩49B | ₩41B | ₩38B | ₩37B | ₩37B | ₩38B |
| Growth | 8.6% | −25.6% | −21.7% | −10.0% | −6.7% | −3.5% | −0.2% | 3.0% |
| EBIT | −₩7.2B | −₩4.9B | −₩257M | −₩246M | −₩229M | −₩221M | −₩221M | −₩228M |
| EBIT margin | −8.6% | −7.9% | −0.5% | −0.6% | −0.6% | −0.6% | −0.6% | −0.6% |
| After-tax EBIT | −₩5.2B | −₩3.5B | −₩186M | −₩178M | −₩166M | −₩161M | −₩160M | −₩165M |
| + Depreciation | — | — | — | ₩6.6B | ₩6.2B | ₩6B | ₩6B | ₩6.1B |
| − Capital spending | ₩13B | ₩12B | ₩12B | ₩8.3B | ₩7.8B | ₩7.5B | ₩7.5B | ₩7.7B |
| − Working capital | −₩17B | −₩26B | ₩2.5B | −₩610M | −₩368M | −₩179M | −₩9.9M | ₩148M |
| Free cash flow | — | — | — | −₩1.2B | −₩1.4B | −₩1.5B | −₩1.7B | −₩1.9B |
| Discount factor | — | — | — | 0.927 | 0.860 | 0.797 | 0.739 | 0.685 |
| Present value | — | — | — | −₩1.2B | −₩1.2B | −₩1.2B | −₩1.2B | −₩1.3B |
Terminal value −₩15B, worth −₩11B today: 64% 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 ₩7,300 a share)Now 0.75× | ₩6,5120.89× | ₩9,5521.31× | ₩16,0852.20× |
| P/E on run-rate earnings (Q2 2026 × 4: ₩418 a share)Now 13.0× | ₩3,0407.27× | ₩5,24912.5× | ₩8,22519.7× |
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% |
|---|---|---|---|---|---|
| 6.9% | ₩5,026 | ₩4,974 | ₩4,912 | ₩4,836 | ₩4,740 |
| 7.4% | ₩5,068 | ₩5,024 | ₩4,973 | ₩4,911 | ₩4,834 |
| 7.9% | ₩5,104 | ₩5,067 | ₩5,023 | ₩4,972 | ₩4,909 |
| 8.4% | ₩5,135 | ₩5,103 | ₩5,066 | ₩5,022 | ₩4,971 |
| 8.9% | ₩5,162 | ₩5,135 | ₩5,102 | ₩5,065 | ₩5,022 |
Now (TTM)
- Market cap
- ₩145B
- Enterprise value
- −₩4.1B
- P/E
- —
- P/B
- 0.7×
- P/S
- 3.2×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩5,570 | ₩5,290 | ₩7,180 | ₩6,680 | ₩9,280 |
| Market cap | ₩148B | ₩140B | ₩191B | ₩177B | ₩246B |
| P/E | — | 6.7× | — | 8.2× | — |
| P/B | 0.9× | 0.9× | 1.3× | 1.3× | 2.3× |
| P/S | 3.0× | 2.3× | 2.3× | 2.3× | 3.8× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 0.0% | — | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Itek | — | 0.7× | 3.2× | — | 0.0% |
| S-1 | 24.0× | 2.1× | 1.3× | — | 0.0% |
| Cheil Worldwide | 9.8× | 1.3× | 0.5× | — | 6.5% |
| Doosan Tesna | 54.7× | 4.1× | 5.7× | — | 0.2% |
| Lotte Tour Development | 15.4× | 2.2× | 1.1× | — | 0.0% |
| Soulbrain Holdings | 1.3× | 0.4× | 1.3× | — | 1.3% |
| Innocean Worldwide | 5.5× | 0.6× | 0.3× | — | 6.7% |
| Similar companies (median) | 12.6× | 1.7× | 1.2× | — | 0.7% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Itek / 아이텍 / 119830 / KRX:119830
Source: KRX statistical information