Intermap Technologies wins price target raise at Beacon

Beacon Securities analyst Russell Stanley raised his target for Intermap Technologies (Intermap Technologies Stock Quote, Chart, News, Analysts, Financials TSX:IMP) to C$5.50 from C$4.00 in a Sept. 9 report while maintaining a “Buy” rating, pointing to the company’s strong positioning for new contract awards under Indonesia’s One Map program.

Stanley said the recently issued Request for Bids for the next major phase of One Map is a near-term catalyst, with contracts expected in January 2026 following a December 15 award announcement.

“We continue to believe IMP is particularly well positioned to win additional One Map business, building on its success mapping the first 10% of the country under the $20-million competitive-bid contract announced in January 2024,” he said. He noted the program’s inclusion on President Prabowo’s National Strategic Projects list underscores its priority status.

The Colorado-based geospatial intelligence company is already using the specialized equipment required by the RFB, designed to overcome the cloud and forest cover that characterizes 83% of Indonesia’s terrain. Stanley said the technical scoring bias in the bid process, weighted 60% to capability and 40% to price, favours Intermap, which has prior experience producing basemaps to the required 1:5,000 scale.

He added that the government has secured US$653-million in World Bank financing for the initiative, with roughly 30% of payments scheduled for fiscal 2026 and 60% in 2027. Intermap is expected to bid on all four lots, each evaluated separately.

He said Intermap should generate $8-million in Adjusted EBITDA on $30-million of revenue in fiscal 2025, improving to $21-million on $56-million of revenue in fiscal 2026.

Valuation also supports his more constructive view. Intermap trades at 6.8 times his 2026 adjusted EBITDA forecast, a 62% discount to BlackSky Technology at 17.7 times and a 96% discount to Planet Labs at 153 times.

“We contend that Intermap’s stronger EBITDA margin profile and relatively modest CAPEX needs should translate to superior free cash flow production,” Stanley said, highlighting further contract awards, third-quarter results in November, and a potential U.S. exchange uplisting by year-end as additional catalysts.

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