KOSDAQ · 189300 · Electronics · ₩189300

Intellian Technologies인텔리안테크

189300 · KOSDAQ · ₩189300 · 인텔리안테크

₩52,700▼ ₩4,000 (7.05%)End-of-day · Oct 30, 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

₩4,443

vs the current price (₩52,700)

Enterprise value: ₩28B
Equity value: ₩48B
WACC: 8.3%

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 is 92% 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 ₩52,700, the model needs an operating margin of 13.7% every year (it uses 3.8%).
Margins ranged from −7.5% to 6.4% 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.
51% 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 12.9× against a typical 45.9× 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: ₩4,443; −91.6%
Bull: ₩17,779; −66.3%

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 (3.8%).

Revenue growth

Revenue growth, year 110.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 28.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 36.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10.1% 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 (10.1% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin3.8%
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 & amortisation8.4%
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 spending10.5%
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).
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 rate4.01%
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.
Beta0.83
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 0.75, 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)5.51%
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): ₩364B
Net debt (borrowings and leases − cash and deposits): ₩33B
+ Stakes and investments: ₩53B; Associates, long-term financial assets and deposits (book value)
Shares: 10,737,497
Share price: ₩52,700
Market cap: ₩566B

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	₩305B	₩258B	₩320B	₩400B	₩433B	₩462B	₩484B	₩499B
Growth	27.4%	−15.5%	24.0%	10.1%	8.3%	6.6%	4.8%	3.0%
EBIT	₩11B	−₩19B	₩12B	₩15B	₩16B	₩18B	₩18B	₩19B
EBIT margin	3.5%	−7.5%	3.7%	3.8%	3.8%	3.8%	3.8%	3.8%
After-tax EBIT	₩7.8B	−₩14B	₩8.7B	₩11B	₩12B	₩13B	₩13B	₩14B
+ Depreciation	—	—	—	₩34B	₩36B	₩39B	₩41B	₩42B
− Capital spending	₩30B	₩30B	₩32B	₩42B	₩46B	₩49B	₩51B	₩52B
− Working capital	−₩2.9B	₩8.1B	₩43B	₩15B	₩13B	₩11B	₩8.9B	₩5.8B
Free cash flow	—	—	—	−₩12B	−₩10B	−₩8.4B	−₩5.7B	−₩2.5B
Discount factor	—	—	—	0.923	0.852	0.787	0.726	0.670
Present value	—	—	—	−₩11B	−₩8.9B	−₩6.6B	−₩4.1B	−₩1.7B

Terminal value ₩90B, worth ₩60B today: 218% 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 ₩26,636 a share)Now 1.98×	₩47,7501.79×	₩79,4682.98×	₩142,5345.35×
Price / earnings (last 12 months: ₩4,087 a share)Now 12.9×	₩66,30016.2×	₩187,52445.9×	₩329,61480.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,768 a share)Now 29.8×	₩28,68016.2×	₩81,11845.9×	₩142,58380.7×

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%
7.3%	₩6,671	₩6,255	₩5,747	₩5,121	₩4,334
7.8%	₩5,958	₩5,538	₩5,035	₩4,425	₩3,676
8.3%	₩5,349	₩4,934	₩4,443	₩3,858	₩3,151
8.8%	₩4,826	₩4,420	₩3,946	₩3,388	₩2,722
9.3%	₩4,373	₩3,979	₩3,524	₩2,993	₩2,369

Now (TTM)

Market cap: ₩566B
Enterprise value: ₩575B
P/E: 12.9×
P/B: 2.0×
P/S: 1.6×
EV/EBITDA: —
Dividend yield: 0.4%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩59,500	₩37,500	₩72,500	₩68,000	₩92,000
Market cap	₩639B	₩403B	₩778B	₩730B	₩988B
P/E	85.6×	—	140.7×	45.6×	164.9×
P/B	2.4×	1.5×	2.8×	4.1×	6.1×
P/S	2.0×	1.6×	2.6×	3.0×	7.2×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.3%	0.3%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Intellian Technologies	12.9×	2.0×	1.6×	—	0.4%
Samsung Electronics	8.8×	2.3×	2.7×	—	0.7%
LG Electronics	23.6×	0.9×	0.3×	—	0.9%
Hanwha Vision	21.8×	2.7×	1.4×	—	0.0%
RFHIC	39.7×	3.5×	6.5×	—	0.8%
KMW	—	4.9×	7.9×	—	0.0%
Solid	8.9×	1.3×	1.5×	12.3×	0.6%
Similar companies (median)	21.8×	2.5×	2.1×	12.3×	0.7%

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

Also known as: Intellian Technologies / 인텔리안테크 / 189300 / KRX:189300

Source: KRX statistical information