KOSPI · 129260 · Transport & Logistics · ₩129260

Intergis인터지스

129260 · KOSPI · ₩129260 · 인터지스

₩1,772▲ ₩8 (0.45%)End-of-day · Oct 27, 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

₩11,195

vs the current price (₩1,772)

Enterprise value: ₩402B
Equity value: ₩333B
WACC: 5.4%

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 is 532% 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 ₩1,772, the model needs an operating margin of 1.5% every year (it uses 3.3%).
Today's P/E is 7.4× against a typical 4.8× 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: ₩11,195; +531.7%
Bull: ₩36,715; +1,972.0%

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 1-0.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 20.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 31.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.5% 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 (-0.5% 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 & amortisation2.7%
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 spending3.4%
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).
Working capital12.4%
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

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 0.09, 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): ₩771B
Net debt (borrowings and leases − cash and deposits): ₩76B
+ Stakes and investments: ₩10B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩3.4B
Shares: 29,747,874
Share price: ₩1,772
Market cap: ₩53B

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	₩612B	₩701B	₩709B	₩767B	₩770B	₩780B	₩796B	₩820B
Growth	−15.0%	14.6%	1.1%	−0.5%	0.4%	1.2%	2.1%	3.0%
EBIT	₩23B	₩24B	₩20B	₩25B	₩25B	₩26B	₩26B	₩27B
EBIT margin	3.8%	3.4%	2.8%	3.3%	3.3%	3.3%	3.3%	3.3%
After-tax EBIT	₩17B	₩17B	₩14B	₩18B	₩18B	₩19B	₩19B	₩20B
+ Depreciation	—	—	—	₩21B	₩21B	₩21B	₩21B	₩22B
− Capital spending	₩8.2B	₩30B	₩33B	₩26B	₩26B	₩27B	₩27B	₩28B
− Working capital	₩12B	₩2.6B	−₩40B	−₩478M	₩381M	₩1.1B	₩2B	₩3B
Free cash flow	—	—	—	₩13B	₩13B	₩12B	₩11B	₩11B
Discount factor	—	—	—	0.948	0.899	0.853	0.809	0.767
Present value	—	—	—	₩13B	₩11B	₩10B	₩9.3B	₩8.4B

Terminal value ₩456B, worth ₩350B today: 87% 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 ₩10,075 a share)Now 0.18×	₩2,3340.23×	₩2,7640.27×	₩4,4690.44×
Price / earnings (last 12 months: ₩239 a share)Now 7.42×	₩6142.57×	₩1,1544.83×	₩1,8957.93×
P/E on run-rate earnings (Q2 2026 × 4: ₩736 a share)Now 2.41×	₩1,8902.57×	₩3,5534.83×	₩5,8357.93×

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%
4.4%	₩12,503	₩14,317	₩16,871	₩20,734	₩27,271
4.9%	₩10,558	₩11,838	₩13,549	₩15,956	₩19,596
5.4%	₩9,053	₩9,990	₩11,195	₩12,805	₩15,070
5.9%	₩7,855	₩8,559	₩9,439	₩10,571	₩12,084
6.4%	₩6,878	₩7,420	₩8,081	₩8,906	₩9,968

Now (TTM)

Market cap: ₩53B
Enterprise value: ₩107B
P/E: 7.4×
P/B: 0.2×
P/S: 0.1×
EV/EBITDA: —
Dividend yield: 5.6%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩2,400	₩2,415	₩2,370	₩2,800	₩3,485
Market cap	₩71B	₩72B	₩71B	₩83B	₩104B
P/E	7.3×	5.0×	5.3×	2.7×	7.1×
P/B	0.2×	0.3×	0.3×	0.3×	0.5×
P/S	0.1×	0.1×	0.1×	0.1×	0.2×
EV/EBITDA	—	—	—	—	—
Dividend yield	4.2%	4.1%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Intergis	7.4×	0.2×	0.1×	—	5.6%
HMM	14.8×	0.7×	1.8×	—	3.1%
Hyundai Glovis	8.8×	1.2×	0.4×	—	3.2%
Pan Ocean	9.2×	0.5×	0.5×	—	2.6%
CJ Logistics	6.5×	0.3×	0.1×	—	1.3%
Korea Line	3.4×	0.2×	0.5×	—	0.0%
Heung-A Shipping	17.3×	1.5×	2.3×	—	0.0%
Similar companies (median)	9.0×	0.6×	0.5×	—	1.9%

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

Also known as: Intergis / 인터지스 / 129260 / KRX:129260

Source: KRX statistical information