Internet Initiative Japan Inc.

DB:I6I Stock Report

Market Cap: €3.4b

Internet Initiative Japan Valuation

Is I6I undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of I6I when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: I6I (€18.8) is trading below our estimate of fair value (€40.04)

Significantly Below Fair Value: I6I is trading below fair value by more than 20%.


Key Valuation Metric

Which metric is best to use when looking at relative valuation for I6I?

Key metric: As I6I is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for I6I. This is calculated by dividing I6I's market cap by their current earnings.
What is I6I's PE Ratio?
PE Ratio28.1x
EarningsJP¥18.98b
Market CapJP¥533.23b

Price to Earnings Ratio vs Peers

How does I6I's PE Ratio compare to its peers?

The above table shows the PE ratio for I6I vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average31.6x
O2D Telefónica Deutschland Holding
22.8x-11.4%€6.2b
O2D Telefónica Deutschland Holding
26.5x-41.1%€7.2b
DTE Deutsche Telekom
24.8x15.7%€148.5b
E4C ecotel communication ag
52.4x64.5%€48.5m
I6I Internet Initiative Japan
28.1x15.3%€533.2b

Price-To-Earnings vs Peers: I6I is good value based on its Price-To-Earnings Ratio (28.1x) compared to the peer average (31.6x).


Price to Earnings Ratio vs Industry

How does I6I's PE Ratio compare vs other companies in the European Telecom Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
I6I 28.1xIndustry Avg. 18.1xNo. of Companies7PE01020304050+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: I6I is expensive based on its Price-To-Earnings Ratio (28.1x) compared to the European Telecom industry average (18.2x).


Price to Earnings Ratio vs Fair Ratio

What is I6I's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

I6I PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio28.1x
Fair PE Ratio25.3x

Price-To-Earnings vs Fair Ratio: I6I is expensive based on its Price-To-Earnings Ratio (28.1x) compared to the estimated Fair Price-To-Earnings Ratio (25.3x).


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst I6I forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€18.80
€22.55
+20.0%
3.3%€24.00€21.79n/a7
Nov ’25€17.00
€21.70
+27.6%
3.4%€23.39€20.93n/a7
Oct ’25€18.70
€21.92
+17.2%
6.2%€24.22€19.31n/a7
Sep ’25€18.20
€21.09
+15.9%
6.7%€23.60€18.82n/a7
Aug ’25€15.10
€18.76
+24.3%
9.4%€21.90€16.54n/a7
Jul ’25€13.60
€19.09
+40.4%
7.9%€21.92€17.30n/a7
Jun ’25€12.90
€19.73
+53.0%
7.4%€22.31€17.73n/a6
May ’25€15.80
€20.57
+30.2%
6.4%€23.08€19.25n/a6
Apr ’25€17.00
€20.57
+21.0%
6.4%€23.08€19.25n/a6
Mar ’25€16.90
€20.47
+21.1%
9.0%€23.91€17.93n/a6
Feb ’25€18.10
€20.47
+13.1%
9.0%€23.91€17.93n/a6
Jan ’25€18.20
€20.47
+12.5%
9.0%€23.91€17.93n/a6
Dec ’24€16.20
€20.18
+24.6%
8.9%€23.62€17.71n/a6
Nov ’24€15.30
€20.79
+35.9%
11.8%€25.86€17.97€17.006
Oct ’24€15.50
€21.06
+35.9%
11.1%€25.97€18.05€18.707
Sep ’24€16.10
€21.73
+35.0%
11.0%€25.94€18.03€18.208
Aug ’24€16.60
€20.90
+25.9%
12.6%€24.43€16.07€15.107
Jul ’24€17.00
€20.58
+21.1%
11.7%€22.79€16.28€13.606
Jun ’24€18.50
€20.73
+12.1%
11.4%€23.27€16.62€12.906
May ’24€18.60
€20.62
+10.8%
10.4%€24.31€17.46€15.806
Apr ’24€18.80
€20.90
+11.2%
9.6%€24.53€17.62€17.007
Mar ’24€18.70
€19.97
+6.8%
7.0%€21.69€17.78€16.907
Feb ’24€16.70
€19.97
+19.6%
7.0%€21.69€17.78€18.107
Jan ’24€17.20
€19.80
+15.1%
5.7%€21.13€18.01€18.206
Dec ’23€17.00
€19.80
+16.5%
5.7%€21.13€18.01€16.206
Nov ’23€15.70
€19.16
+22.0%
7.1%€20.83€16.94€15.307

Analyst Forecast: Target price is less than 20% higher than the current share price.


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