Beacon launches coverage of Intermap Technologies with a “Buy” rating

Beacon Securities analyst Russell Stanley believes there is money to be made on Intermap Technologies (Intermap Technologies Stock Quote, Chart, News, Analysts, Financials TSX:IMP).

In a report to clients March 6, Stanley initiated coverage of IMP with a “Buy” rating and 12-month price target of $4.00, implying a return of 103% at the time of publication.

“Intermap is a geospatial intelligence company that creates, analyzes, and provides 3D terrain data and high-resolution thematic models of the Earth’s surface, leveraging its proprietary archive of the world’s largest collection of multi-sensor global elevation data,” the analyst wrote. “The resulting products help government and commercial users understand their terrain environments, including natural and manmade features, to inform decisions. In simpler terms, IMP specializes in converting massive amounts of data into highly accurate, 3D coordinates (elevation data) and imagery very quickly, and at scale.”

Stanley says IMP is a compelling investment because its current $20-million Indonesian contract has $180-million additional work behind it, because agency and military works keeps the company on the “bleeding edge”, and because the insurance company increasingly needs tools to price risk in an increasingly disaster prone world.

Stanley thinks IMP will post Adjusted EBITDA of $10.2-million on revenue of $31.9-million in fiscal 2025. He expects those numbers will improve to Adjusted EBITDA of $21.0-million on a topline of $55.5-million in fiscal 2026.

The analyst says IMP is trading at 56-86% discount to its peers.

“IMP is now trading at 3.7x our F2026 adj EBITDA forecast. This represents an 86% discount to the 27x at which Planet Labs (PLNYSE, Not Rated) trades based on consensus, and a 56% discount to the 8x at which BlackSky Technology (BKSY-NYSE, Not Rated) trades. Potential IMP-specific catalysts include further contract wins (particularly Phase II for Indonesia), the Q4 results on March 27th, F2025 guidance, and progress toward a US exchange listing. As peers within this space have been acquisitive, we also believe IMP could become an acquisition target.”