Financials Internet Initiative Japan Inc. OTC Markets

Equities

IIJIY

US46059T1097

Integrated Telecommunications Services

Delayed OTC Markets Other stock markets 11:07:57 17/05/2024 pm IST			5-day change	1st Jan Change
31.04 ^USD	-1.24%		+5.40%	-22.40%

26/03	L is B corp. has completed an IPO in the amount of ¥1.727946 billion.	CI
20/02	L is B corp. has filed an IPO.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,00,913	1,59,822	2,34,354	3,70,735	4,96,558	4,20,739	-	-
Enterprise Value (EV) ¹	1,13,739	1,48,900	2,15,471	3,43,920	4,74,516	4,79,395	3,60,262	3,38,718
P/E ratio	28.7 x	40.1 x	24.1 x	23.7 x	26.4 x	25.4 x	17.5 x	15.1 x
Yield	1.21%	0.76%	1.54%	1.17%	1.06%	1.21%	1.65%	1.87%
Capitalization / Revenue	0.52 x	0.78 x	1.1 x	1.64 x	1.96 x	1.82 x	1.36 x	1.25 x
EV / Revenue	0.59 x	0.73 x	1.01 x	1.52 x	1.88 x	1.74 x	1.17 x	1.01 x
EV / EBITDA	5.57 x	4.05 x	5.1 x	6.61 x	8.47 x	8.31 x	6.95 x	5.68 x
EV / FCF	7.33 x	6.91 x	7.88 x	10.8 x	23.6 x	21 x	11.2 x	9.35 x
FCF Yield	13.7%	14.5%	12.7%	9.23%	4.24%	4.77%	8.94%	10.7%
Price to Book	1.32 x	2.02 x	2.61 x	3.58 x	4.2 x	3.99 x	2.96 x	2.6 x
Nbr of stocks (in thousands)	1,80,282	1,80,335	1,80,411	1,80,626	1,80,698	1,76,855	-	-
Reference price ²	559.8	886.2	1,299	2,052	2,748	2,379	2,379	2,379
Announcement Date	14/05/19	14/05/20	12/05/21	13/05/22	12/05/23	10/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,92,430	2,04,474	2,13,002	2,26,335	2,52,708	2,76,080	3,08,894	3,36,407
EBITDA ¹	20,419	36,745	42,221	51,991	56,022	46,090	51,850	59,655
EBIT ¹	6,023	8,225	14,248	23,547	27,221	29,029	34,441	39,939
Operating Margin	3.13%	4.02%	6.69%	10.4%	10.77%	10.51%	11.15%	11.87%
Earnings before Tax (EBT) ¹	5,842	7,159	14,035	24,162	27,309	28,934	34,009	39,757
Net income ¹	3,521	4,007	9,712	15,672	18,838	19,831	23,016	26,918
Net margin	1.83%	1.96%	4.56%	6.92%	7.45%	7.18%	7.45%	8%
EPS ²	19.53	22.12	53.84	86.78	104.3	111.8	135.9	157.7
Free Cash Flow ¹	15,526	21,555	27,328	31,735	20,143	22,853	32,199	36,211
FCF margin	8.07%	10.54%	12.83%	14.02%	7.97%	8.28%	10.42%	10.76%
FCF Conversion (EBITDA)	76.04%	58.66%	64.73%	61.04%	35.96%	76.66%	62.1%	60.7%
FCF Conversion (Net income)	440.95%	537.96%	281.4%	202.49%	106.93%	115.24%	139.9%	134.53%
Dividend per Share ²	6.750	6.750	20.00	24.00	29.26	34.36	39.18	44.52
Announcement Date	14/05/19	14/05/20	12/05/21	13/05/22	12/05/23	10/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	99,220	1,01,665	56,079	1,09,054	56,546	60,736	58,190	63,772	1,21,962	63,377	67,369	61,420	66,778	1,28,198	72,900	74,982	68,398	73,658	76,880	86,374
EBITDA ¹	-	-	-	-	-	14,605	12,085	13,237	-	14,726	15,974	12,288	14,390	-	12,106	14,647	11,035	12,657	13,790	15,617
EBIT ¹	3,352	5,239	4,944	9,304	6,994	7,249	5,030	6,147	11,173	7,617	8,427	5,003	7,077	12,080	8,200	8,749	5,310	7,410	9,795	11,935
Operating Margin	3.38%	5.15%	8.82%	8.53%	12.37%	11.93%	8.64%	9.64%	9.16%	12.02%	12.51%	8.15%	10.6%	9.42%	11.25%	11.67%	7.76%	10.06%	12.74%	13.82%
Earnings before Tax (EBT) ¹	3,043	4,466	5,082	10,432	7,165	6,566	6,620	6,235	12,858	6,160	8,294	5,481	7,071	12,552	7,098	9,284	6,735	8,357	9,490	11,239
Net income ¹	1,756	2,770	3,385	6,892	4,630	4,150	4,390	4,248	8,638	4,215	5,985	3,583	4,739	8,322	4,657	6,852	4,685	5,807	6,640	7,778
Net margin	1.77%	2.72%	6.04%	6.32%	8.19%	6.83%	7.54%	6.66%	7.08%	6.65%	8.88%	5.83%	7.1%	6.49%	6.39%	9.14%	6.85%	7.88%	8.64%	9%
EPS	9.740	15.36	-	38.17	25.63	-	24.31	-	47.81	23.33	-	20.01	-	46.78	26.32	-	-	-	-	-
Dividend per Share	3.375	5.125	-	11.50	-	-	-	-	14.62	-	-	-	-	17.18	-	-	-	-	-	-
Announcement Date	08/11/19	09/11/20	05/11/21	05/11/21	08/02/22	13/05/22	05/08/22	07/11/22	07/11/22	08/02/23	12/05/23	08/08/23	06/11/23	06/11/23	07/02/24	10/05/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	12,826	-	-	-	-	-	-	-
Net Cash position ¹	-	10,922	18,883	26,815	22,042	22,042	60,476	82,020
Leverage (Debt/EBITDA)	0.6281 x	-	-	-	-	-	-	-
Free Cash Flow ¹	15,526	21,555	27,328	31,735	20,143	22,853	32,199	36,211
ROE (net income / shareholders' equity)	3.7%	5.2%	11.5%	16.2%	17%	16.3%	17.9%	18%
ROA (Net income/ Total Assets)	3.07%	2.14%	4.55%	6.93%	10.7%	11.1%	12.1%	12.8%
Assets ¹	1,14,784	1,86,907	2,13,441	2,26,292	1,75,513	1,78,169	1,89,906	2,10,780
Book Value Per Share ²	423.0	438.0	499.0	573.0	654.0	711.0	803.0	915.0
Cash Flow per Share ²	106.0	180.0	209.0	244.0	264.0	277.0	304.0	320.0
Capex ¹	9,626	11,839	11,007	11,518	13,723	11,744	16,264	17,280
Capex / Sales	5%	5.79%	5.17%	5.09%	5.43%	4.25%	5.27%	5.14%
Announcement Date	14/05/19	14/05/20	12/05/21	13/05/22	12/05/23	10/05/24	-	-

¹JPY in Million²JPY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Internet Initiative Japan Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,379 JPY

Average target price

3,387 JPY

Spread / Average Target

+42.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Internet Service Providers

	1st Jan change	Capi.
PT INDORITEL MAKMUR INTERNASIONAL TBK.	-1.06%	4.13B
RUIJIE NETWORKS CO., LTD.	-5.25%	2.82B
CONVERGE INFORMATION AND COMMUNICATIONS TECHNOLOGY SOLUTIONS, INC.	+23.63%	1.3B
LICT CORPORATION	-14.92%	261M
BREDBAND2 I SKANDINAVIEN AB	+40.83%	192M
FREEBIT CO., LTD.	-0.41%	189M
GIGA PRIZE CO.,LTD.	+17.46%	168M
UNIDATA S.P.A.	+3.81%	133M
ASAHI NET, INC.	+3.90%	110M

Internet Service Providers