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 3,70,735 4,96,558 5,01,437 4,59,807 4,33,849 6,08,319 - -
Change - 33.94% 0.98% -8.3% -5.65% 40.21% - -
Enterprise Value (EV) 1 3,43,920 4,74,516 4,86,143 4,60,889 4,31,024 6,04,516 5,85,217 5,69,719
Change - 37.97% 2.45% -5.19% -6.48% 40.25% -3.19% -2.65%
P/E 23.7x 26.4x 25.4x 23.1x 17.9x 23.9x 20.9x 18.8x
PBR 3.58x 4.2x 3.99x 3.27x 2.75x 3.45x 3.11x 2.81x
PEG - 1.3x 3.51x 29.69x 0.8x 4.8x 1.4x 1.7x
Capitalization / Revenue 1.64x 1.96x 1.82x 1.45x 1.26x 1.54x 1.42x 1.29x
EV / Revenue 1.52x 1.88x 1.76x 1.45x 1.25x 1.53x 1.37x 1.21x
EV / EBITDA 6.61x 8.47x 8.34x 9.72x 8.04x 9.11x 7.95x 7.25x
EV / EBIT 14.6x 17.4x 16.7x 15.3x 12.4x 15.9x 13.5x 11.9x
EV / FCF 10.8x 23.6x 21.3x 68x 17.9x 44.4x 27.2x 27.1x
FCF Yield 9.23% 4.24% 4.7% 1.47% 5.6% 2.25% 3.67% 3.68%
Dividend per Share 2 24 29.26 34.36 35 39 43.9 50.95 55.91
Rate of return 1.17% 1.06% 1.21% 1.35% 1.59% 1.28% 1.49% 1.63%
EPS 2 86.78 104.3 111.8 112.7 136.5 143.3 164.4 182.6
Distribution rate 27.7% 28.1% 30.7% 31.1% 28.6% 30.6% 31% 30.6%
Net sales 1 2,26,335 2,52,708 2,76,080 3,16,831 3,45,395 3,95,147 4,26,901 4,70,910
EBITDA 1 51,991 56,022 58,325 47,416 53,637 66,344 73,597 78,540
EBIT 1 23,547 27,221 29,029 30,104 34,835 38,047 43,493 47,801
Net income 1 15,672 18,838 19,831 19,933 24,188 25,420 29,113 32,298
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 3,430.00 3,430.00 3,430.00
Nbr of stocks (in thousands) 1,80,626 1,80,698 1,76,811 1,76,917 1,77,262 1,77,353 - -
Announcement Date 13/05/22 12/05/23 10/05/24 13/05/25 14/05/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
77.39x5.82x61.53x0.75% 1.89TCr
23.93x1.53x9.11x1.28% 386.52Cr
5.53x1.87x3.19x5.06% 104.87Cr
9.37x0.58x5.19x2.51% 24Cr
13.29x1.2x4.86x0.26% 12Cr
Average 25.90x 2.20x 16.78x 1.97% 482.8Cr
Weighted average by Cap. 64.73x 4.89x 49.77x 1.04%

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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  5. Valuation Internet Initiative Japan Inc.