Financials Internet Initiative Japan Inc.

Equities

3774

JP3152820001

Integrated Telecommunications Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,691 ^JPY	+0.79%		-1.18%	-6.69%

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

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	100,913	159,822	234,354	370,735	496,558	475,800	-	-
Enterprise Value (EV) ¹	113,739	148,900	215,471	343,920	474,516	438,274	415,323	393,779
P/E ratio	28.7 x	40.1 x	24.1 x	23.7 x	26.4 x	23.2 x	19.4 x	17.1 x
Yield	1.21%	0.76%	1.54%	1.17%	1.06%	1.28%	1.47%	1.65%
Capitalization / Revenue	0.52 x	0.78 x	1.1 x	1.64 x	1.96 x	1.7 x	1.55 x	1.42 x
EV / Revenue	0.59 x	0.73 x	1.01 x	1.52 x	1.88 x	1.57 x	1.35 x	1.18 x
EV / EBITDA	5.57 x	4.05 x	5.1 x	6.61 x	8.47 x	9.51 x	7.9 x	6.6 x
EV / FCF	7.33 x	6.91 x	7.88 x	10.8 x	23.6 x	12.4 x	12.9 x	10.9 x
FCF Yield	13.7%	14.5%	12.7%	9.23%	4.24%	8.06%	7.75%	9.2%
Price to Book	1.32 x	2.02 x	2.61 x	3.58 x	4.2 x	3.89 x	3.42 x	3.01 x
Nbr of stocks (in thousands)	180,282	180,335	180,411	180,626	180,698	176,811	-	-
Reference price ²	559.8	886.2	1,299	2,052	2,748	2,691	2,691	2,691
Announcement Date	5/14/19	5/14/20	5/12/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	192,430	204,474	213,002	226,335	252,708	279,790	307,484	335,069
EBITDA ¹	20,419	36,745	42,221	51,991	56,022	46,090	52,566	59,655
EBIT ¹	6,023	8,225	14,248	23,547	27,221	30,598	36,011	40,652
Operating Margin	3.13%	4.02%	6.69%	10.4%	10.77%	10.94%	11.71%	12.13%
Earnings before Tax (EBT) ¹	5,842	7,159	14,035	24,162	27,309	30,084	35,620	40,457
Net income ¹	3,521	4,007	9,712	15,672	18,838	20,450	24,075	27,306
Net margin	1.83%	1.96%	4.56%	6.92%	7.45%	7.31%	7.83%	8.15%
EPS ²	19.53	22.12	53.84	86.78	104.3	115.9	138.7	157.7
Free Cash Flow ¹	15,526	21,555	27,328	31,735	20,143	35,334	32,199	36,211
FCF margin	8.07%	10.54%	12.83%	14.02%	7.97%	12.63%	10.47%	10.81%
FCF Conversion (EBITDA)	76.04%	58.66%	64.73%	61.04%	35.96%	76.66%	61.25%	60.7%
FCF Conversion (Net income)	440.95%	537.96%	281.4%	202.49%	106.93%	172.78%	133.75%	132.61%
Dividend per Share ²	6.750	6.750	20.00	24.00	29.26	34.56	39.52	44.40
Announcement Date	5/14/19	5/14/20	5/12/21	5/13/22	5/12/23	-	-	-

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	101,665	56,079	109,054	56,546	60,736	58,190	63,772	121,962	63,377	67,369	61,420	66,778	128,198	72,900	75,832	67,872	73,458	76,255	81,924
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	9,696	6,650	8,175	9,850	10,775
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%	12.79%	9.8%	11.13%	12.92%	13.15%
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	9,714	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	6,672	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%	8.8%	6.9%	7.91%	8.71%	9.49%
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	11/8/19	11/9/20	11/5/21	11/5/21	2/8/22	5/13/22	8/5/22	11/7/22	11/7/22	2/8/23	5/12/23	8/8/23	11/6/23	11/6/23	2/7/24	-	-	-	-	-

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	37,526	60,476	82,020
Leverage (Debt/EBITDA)	0.6281 x	-	-	-	-	-	-	-
Free Cash Flow ¹	15,526	21,555	27,328	31,735	20,143	35,335	32,199	36,211
ROE (net income / shareholders' equity)	3.7%	5.2%	11.5%	16.2%	17%	16.8%	18.7%	18.4%
ROA (Net income/ Total Assets)	3.07%	2.14%	4.55%	6.93%	10.7%	11.7%	13.3%	13.6%
Assets ¹	114,784	186,907	213,441	226,292	175,513	174,529	181,430	200,480
Book Value Per Share ²	423.0	438.0	499.0	573.0	654.0	691.0	787.0	895.0
Cash Flow per Share ²	106.0	180.0	209.0	244.0	264.0	278.0	306.0	313.0
Capex ¹	9,626	11,839	11,007	11,518	13,723	15,830	15,764	16,114
Capex / Sales	5%	5.79%	5.17%	5.09%	5.43%	5.66%	5.13%	4.81%
Announcement Date	5/14/19	5/14/20	5/12/21	5/13/22	5/12/23	-	-	-

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

2,691 JPY

Average target price

3,387 JPY

Spread / Average Target

+25.85%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Internet Service Providers

	1st Jan change	Capi.
INTERNET INITIATIVE JAPAN INC.	-6.69%	3.02B
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RUIJIE NETWORKS CO., LTD.	-7.68%	2.74B
CONVERGE INFORMATION AND COMMUNICATIONS TECHNOLOGY SOLUTIONS, INC.	+7.88%	1.14B
LICT CORPORATION	-11.60%	272M
FREEBIT CO., LTD.	-2.68%	180M
GIGA PRIZE CO.,LTD.	+15.53%	164M
BREDBAND2 I SKANDINAVIEN AB	+25.33%	166M
ASAHI NET, INC.	+3.41%	112M
UNIDATA S.P.A.	-11.93%	112M

Internet Service Providers