KOSDAQ · 451220 · Machinery · ₩451220

IMT아이엠티

451220 · KOSDAQ · ₩451220 · 아이엠티

₩7,710▼ ₩160 (2.03%)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

With these assumptions the model gives no positive value.

Enterprise value: −₩112B
Equity value: −₩98B
WACC: 9.1%

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 ₩7,710, the model needs an operating margin of 11.1% every year (it uses −11.0%).
Margins ranged from −34.6% to 0.5% over the last 3 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.
47% 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.

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

Cycle options

Margin path

Every year uses the cycle-average margin (−11.0%).

Revenue growth

Revenue growth, year 125%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (125.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 219.5%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (125.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 314%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (125.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 48.5%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (125.7% 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 2 years' revenue growth (125.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-11%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 3 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 & amortisation15.4%
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 spending19.3%
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 capital25.4%
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.
Beta0.91
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 0.87, 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): ₩42B
Net debt (borrowings and leases − cash and deposits): −₩13B
+ Stakes and investments: ₩1B; Associates, long-term financial assets and deposits (book value)
Shares: 7,874,611
Share price: ₩7,710
Market cap: ₩61B

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	₩6.5B	₩14B	₩33B	₩52B	₩62B	₩71B	₩77B	₩79B
Growth	—	109.7%	142.9%	25.0%	19.5%	14.0%	8.5%	3.0%
EBIT	−₩2.2B	−₩2.2B	₩159M	−₩5.7B	−₩6.8B	−₩7.8B	−₩8.4B	−₩8.7B
EBIT margin	−34.6%	−15.9%	0.5%	−11.0%	−11.0%	−11.0%	−11.0%	−11.0%
After-tax EBIT	−₩1.6B	−₩1.6B	₩115M	−₩4.1B	−₩4.9B	−₩5.6B	−₩6.1B	−₩6.3B
+ Depreciation	—	—	—	₩8B	₩9.5B	₩11B	₩12B	₩12B
− Capital spending	₩381M	₩3.6B	₩8.4B	₩10B	₩12B	₩14B	₩15B	₩15B
− Working capital	—	₩2.7B	−₩5B	₩2.6B	₩2.6B	₩2.2B	₩1.5B	₩584M
Free cash flow	—	—	—	−₩8.8B	−₩9.9B	−₩11B	−₩11B	−₩10B
Discount factor	—	—	—	0.916	0.840	0.770	0.705	0.647
Present value	—	—	—	−₩8.1B	−₩8.3B	−₩8.2B	−₩7.5B	−₩6.4B

Terminal value −₩114B, worth −₩73B today: 66% 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 ₩4,683 a share)Now 1.65×	₩8,9501.91×	₩13,3042.84×	₩28,9086.17×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2023, 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%
8.1%	—	—	—	—	—
8.6%	—	—	—	—	—
9.1%	—	—	—	—	—
9.6%	—	—	—	—	—
10.1%	—	—	—	—	—

Now (TTM)

Market cap: ₩61B
Enterprise value: ₩47B
P/E: 17.8×
P/B: 1.6×
P/S: 1.5×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023
Price	₩9,620	₩7,770	₩17,750
Market cap	₩76B	₩61B	₩140B
P/E	77.8×	—	—
P/B	2.5×	2.1×	5.3×
P/S	2.3×	4.5×	21.6×
EV/EBITDA	—	—	—
Dividend yield	0.0%	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
IMT	17.8×	1.6×	1.5×	—	0.0%
Doosan Enerbility	208.4×	4.6×	2.1×	—	0.0%
Hanmi Semiconductor	82.2×	24.4×	33.1×	74.0×	0.4%
Jusung Engineering	1,121.0×	13.7×	36.0×	2,158.2×	0.0%
Rainbow Robotics	4,006.5×	51.3×	151.2×	—	0.0%
EO Technics	44.8×	6.5×	10.9×	—	0.0%
Doosan Bobcat	13,664.7×	914.4×	736.1×	—	3.5%
Similar companies (median)	664.7×	19.1×	34.5×	1,116.1×	0.0%

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

Also known as: IMT / 아이엠티 / 451220 / KRX:451220

Source: KRX statistical information