Intermap Technologies (Market Cap: C$204.33M; Price: C$2.87) creates detailed 3D maps of the Earth using advanced radar technology. They collect, process, and sell this geospatial data to industries such as insurance, aviation, telecommunications, and government.
One of Intermap’s key projects is its Indonesian Mapping Program. In January 2024, the company won Phase 1 of a $20 million contract to map the island of Sulawesi. This is part of Indonesia’s national basemap under the One Map initiative, covering 10% of the country’s land area. Management expects to secure the remaining 90% of the contract, potentially adding $180 million in revenue. Building on this, Intermap has expanded its global government pipeline, with several new multi-year opportunities across Southeast Asia, North America, South America, and the Middle East.
Intermap also serves the defense sector, providing 3D mapping and geospatial data to the U.S. Air Force, the National Geospatial-Intelligence Agency, and other military programs. While recent U.S. Department of Defense budget adjustments affected program timing, none of Intermap’s contracts saw cuts in funding.
Additionally, the company’s commercial insurance business is expanding rapidly, fueled by breakthroughs in AI, machine learning, and the growing demand for real-time data. Their Insurance Risk Assistant Subsystem (IRAS) helps insurers evaluate risks from floods, fires, earthquakes, and wind. By combining accurate data with advanced analytics, IRAS reduces errors, improves claim predictability by up to 30%, and ensures compliance with regulations such as GDPR.
Intermap has not been profitable over the past two quarters; however, analysts project net income of approximately US$14.72 million (C$20.60 million) in 2026, implying a PE multiple of 9.9x. On an EBITDA basis, the company currently trades at 7.3x projected 2026 EBITDA. Given the substantial Indonesia contract, its growing exposure to the defense sector, and the rapid expansion of its insurance business, there appears to be meaningful potential for multiple expansion.
The primary risk for Intermap is securing the remaining 90% of the Indonesian contract, which has not yet been awarded. Even once awarded, the company must successfully execute the project. Additionally, any delays in government funding could negatively affect their defense business.