Company Valuation: Internet Initiative Japan Inc.

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 234,354 370,735 496,558 501,437 459,807 586,914 - -
Change - 58.19% 33.94% 0.98% -8.3% 27.64% - -
Enterprise Value (EV) 1 215,471 343,920 474,516 486,143 460,889 431,024 575,787 555,584
Change - 59.61% 37.97% 2.45% -5.19% -6.48% -2% -3.51%
P/E 24.1x 23.7x 26.4x 25.4x 23.1x 17.9x 22.5x 20x
PBR 2.61x 3.58x 4.2x 3.99x 3.27x 2.75x 3.32x 2.95x
PEG - 0.4x 1.3x 3.51x 29.69x 0.8x 2x 1.6x
Capitalization / Revenue 1.1x 1.64x 1.96x 1.82x 1.45x 1.26x 1.53x 1.42x
EV / Revenue 1.01x 1.52x 1.88x 1.76x 1.45x 1.25x 1.5x 1.34x
EV / EBITDA 5.1x 6.61x 8.47x 8.34x 9.72x 8.04x 8.07x 7.16x
EV / EBIT 15.1x 14.6x 17.4x 16.7x 15.3x 12.4x 14.6x 12.5x
EV / FCF 7.88x 10.8x 23.6x 21.3x 68x 17.9x 65.7x 27.8x
FCF Yield 12.7% 9.23% 4.24% 4.7% 1.47% 5.6% 1.52% 3.6%
Dividend per Share 2 20 24 29.26 34.36 35 39 44.9 50
Rate of return 1.54% 1.17% 1.06% 1.21% 1.35% 1.59% 1.36% 1.51%
EPS 2 53.84 86.78 104.3 111.8 112.7 136.5 147.2 165.7
Distribution rate 37.2% 27.7% 28.1% 30.7% 31.1% 28.6% 30.5% 30.2%
Net sales 1 213,002 226,335 252,708 276,080 316,831 345,395 383,555 414,690
EBITDA 1 42,221 51,991 56,022 58,325 47,416 53,637 71,390 77,630
EBIT 1 14,248 23,547 27,221 29,029 30,104 34,835 39,398 44,332
Net income 1 9,712 15,672 18,838 19,831 19,933 24,188 26,097 29,379
Net Debt 1 -18,883 -26,815 -22,042 -15,294 1,082 -2,825 -11,127 -31,330
Reference price 2 1,299.00 2,052.50 2,748.00 2,836.00 2,599.00 3,311.00 3,311.00 3,311.00
Nbr of stocks (in thousands) 180,411 180,626 180,698 176,811 176,917 177,262 - -
Announcement Date 5/12/21 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.($)
23.89x1.63x9.24x1.26% 3.45B
70.64x5.14x54.28x0.79% 14.08B
5.75x1.94x3.29x4.66% 1.16B
8.19x0.5x4.51x2.87% 201M
9.14x1.05x4.3x0.39% 96.74M
Average 23.52x 2.05x 15.13x 1.99% 3.8B
Weighted average by Cap. 57.20x 4.24x 42.20x 1.13%

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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