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Ictk

456010 · KOSDAQ · ₩456010 · 아이씨티케이

₩18,910▼ ₩1,290 (6.39%)End-of-day · Oct 29, 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

₩1,785

vs the current price (₩18,910)

Enterprise value
−₩9.2B
Equity value
₩26B
WACC
9.3%

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 91% 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:

  • No operating margin up to 90% gets the model to today's price at these growth assumptions.
  • Margins ranged from −220.5% to −38.2% 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.
  • 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
₩1,879
−90.1%
Base
₩1,785
−90.6%
Bull
₩1,664
−91.2%

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 (−20.0%).

Revenue growth

  • -10%

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

    Default: the last 2 years' revenue growth (-19.4% 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 2 years' revenue growth (-19.4% 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 2 years' revenue growth (-19.4% 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 2 years' revenue growth (-19.4% 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 2 years' revenue growth (-19.4% a year, annual reports), fading to 3% by year 5.

Business

  • -20%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 14.6%

    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).

  • 18.3%

    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).

  • -10%

    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.

  • 4.08%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 0.94

    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 0.91, 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.

  • 5.58%

    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)
₩5.1B
Net debt (borrowings and leases − cash and deposits)
−₩34B
+ Stakes and investments
₩793M
Associates, long-term financial assets and deposits (book value)
Shares
14,634,503
Share price
₩18,910
Market cap
₩277B

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₩6.2B₩6.7B₩4B₩4.6B₩4.3B₩4.1B₩4.1B₩4.3B
Growth—8.0%−39.9%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT−₩2.4B−₩6.7B−₩8.9B−₩919M−₩857M−₩827M−₩826M−₩850M
EBIT margin−38.2%−100.0%−220.5%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩1.7B−₩4.8B−₩6.4B−₩666M−₩621M−₩600M−₩599M−₩616M
+ Depreciation———₩671M₩626M₩604M₩603M₩621M
− Capital spending₩446M₩17M₩1.9B₩841M₩784M₩757M₩755M₩778M
− Working capital—₩2.2B−₩19B₩51M₩31M₩15M₩827,210−₩12M
Free cash flow———−₩887M−₩811M−₩768M−₩752M−₩761M
Discount factor———0.9150.8380.7670.7020.642
Present value———−₩812M−₩679M−₩589M−₩528M−₩489M

Terminal value −₩9.4B, worth −₩6.1B 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:

LowTypicalHigh
Price / book (book value ₩3,205 a share)Now 5.90×₩8,6922.71×₩18,7445.85×₩36,79311.5×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2024, 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%
8.3%₩1,762₩1,729₩1,691₩1,646₩1,593
8.8%₩1,801₩1,773₩1,741₩1,704₩1,660
9.3%₩1,836₩1,812₩1,785₩1,753₩1,717
9.8%₩1,867₩1,846₩1,823₩1,796₩1,765
10.3%₩1,895₩1,877₩1,856₩1,833₩1,807

Now (TTM)

Market cap
₩277B
Enterprise value
₩241B
P/E
—
P/B
5.9×
P/S
54.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024
Price₩16,530₩9,800
Market cap₩242B₩143B
P/E——
P/B5.5×3.3×
P/S60.2×21.5×
EV/EBITDA——
Dividend yield0.0%—

Loading data for this company — check back soon

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Ictk—5.9×54.2×—0.0%
SK hynix6.9×4.2×5.9×—0.2%
DB HiTek12.5×1.8×2.8×—0.8%
Fadu—39.2×13.7×—0.0%
Hana Micron14.4×4.5×1.2×—0.2%
Jeju Semiconductor10.5×5.4×3.6×—0.0%
SFA Semicon—3.0×3.2×—0.0%
Similar companies (median)11.5×4.4×3.4×—0.1%

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

Also known as: Ictk / 아이씨티케이 / 456010 / KRX:456010

Source: KRX statistical information