Company Valuation: Internet Initiative Japan Inc.

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 370,735 496,558 501,437 459,807 433,849 575,686 - -
Change - 33.94% 0.98% -8.3% -5.65% 32.69% - -
Enterprise Value (EV) 1 343,920 474,516 486,143 460,889 431,024 571,884 552,584 537,086
Change - 37.97% 2.45% -5.19% -6.48% 32.68% -3.37% -2.8%
P/E 23.7x 26.4x 25.4x 23.1x 17.9x 22.5x 19.8x 17.9x
PBR 3.58x 4.2x 3.99x 3.27x 2.75x 3.26x 2.91x 2.59x
PEG - 1.3x 3.51x 29.69x 0.8x 4.03x 1.4x 1.7x
Capitalization / Revenue 1.64x 1.96x 1.82x 1.45x 1.26x 1.47x 1.36x 1.24x
EV / Revenue 1.52x 1.88x 1.76x 1.45x 1.25x 1.46x 1.31x 1.16x
EV / EBITDA 6.61x 8.47x 8.34x 9.72x 8.04x 8.78x 7.42x 6.8x
EV / EBIT 14.6x 17.4x 16.7x 15.3x 12.4x 14.8x 12.6x 11.1x
EV / FCF 10.8x 23.6x 21.3x 68x 17.9x 73x 28.5x 23.7x
FCF Yield 9.23% 4.24% 4.7% 1.47% 5.6% 1.37% 3.51% 4.22%
Dividend per Share 2 24 29.26 34.36 35 39 44 49.45 53
Rate of return 1.17% 1.06% 1.21% 1.35% 1.59% 1.36% 1.52% 1.63%
EPS 2 86.78 104.3 111.8 112.7 136.5 144.1 164.1 181.6
Distribution rate 27.7% 28.1% 30.7% 31.1% 28.6% 30.5% 30.1% 29.2%
Net sales 1 226,335 252,708 276,080 316,831 345,395 392,439 422,810 464,886
EBITDA 1 51,991 56,022 58,325 47,416 53,637 65,152 74,505 78,947
EBIT 1 23,547 27,221 29,029 30,104 34,835 38,521 43,926 48,228
Net income 1 15,672 18,838 19,831 19,933 24,188 25,560 29,097 32,221
Net Debt 1 -26,815 -22,042 -15,294 1,082 -2,825 -3,803 -23,103 -38,600
Reference price 2 2,052.50 2,748.00 2,836.00 2,599.00 2,447.50 3,246.00 3,246.00 3,246.00
Nbr of stocks (in thousands) 180,626 180,698 176,811 176,917 177,262 177,353 - -
Announcement Date 5/13/22 5/12/23 5/10/24 5/13/25 5/14/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.52x1.46x8.78x1.36% 3.63B
79.89x5.88x58.35x0.7% 20.03B
5.45x1.86x3.16x5.41% 1.05B
9.45x0.58x5.24x2.49% 238M
10.09x1.13x4.61x0.35% 109M
Average 25.48x 2.18x 16.03x 2.06% 5.01B
Weighted average by Cap. 67.50x 5.00x 48.12x 1.01%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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