Buy Or Sell Opportunity • Jul 09
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 39% to €18.80. The fair value is estimated to be €15.66, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 9.2%. For the next 3 years, revenue is forecast to grow by 8.1% per annum. Earnings are also forecast to grow by 9.4% per annum over the same time period. Tillkännagivande • Jun 23
Internet Initiative Japan Inc. to Report Q1, 2027 Results on Aug 07, 2026 Internet Initiative Japan Inc. announced that they will report Q1, 2027 results at 12:00 PM, Tokyo Standard Time on Aug 07, 2026 Reported Earnings • May 20
Full year 2026 earnings released: EPS: JP¥137 (vs JP¥113 in FY 2025) Full year 2026 results: EPS: JP¥137 (up from JP¥113 in FY 2025). Revenue: JP¥345.4b (up 9.0% from FY 2025). Net income: JP¥24.2b (up 21% from FY 2025). Profit margin: 7.0% (up from 6.3% in FY 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Tillkännagivande • May 14
Internet Initiative Japan Inc., Annual General Meeting, Jun 26, 2026 Internet Initiative Japan Inc., Annual General Meeting, Jun 26, 2026. Tillkännagivande • Mar 11
Internet Initiative Japan Inc. to Report Fiscal Year 2026 Results on May 14, 2026 Internet Initiative Japan Inc. announced that they will report fiscal year 2026 results at 12:00 PM, Tokyo Standard Time on May 14, 2026 Tillkännagivande • Dec 08
Internet Initiative Japan Inc. to Report Q3, 2026 Results on Feb 06, 2026 Internet Initiative Japan Inc. announced that they will report Q3, 2026 results at 12:00 PM, Tokyo Standard Time on Feb 06, 2026 Tillkännagivande • Sep 10
Internet Initiative Japan Inc. to Report Q2, 2026 Results on Nov 07, 2025 Internet Initiative Japan Inc. announced that they will report Q2, 2026 results at 12:00 PM, Tokyo Standard Time on Nov 07, 2025 Tillkännagivande • Jun 12
Internet Initiative Japan Inc. to Report Q1, 2026 Results on Aug 07, 2025 Internet Initiative Japan Inc. announced that they will report Q1, 2026 results at 12:00 PM, Tokyo Standard Time on Aug 07, 2025 Tillkännagivande • May 13
Internet Initiative Japan Inc., Annual General Meeting, Jun 26, 2025 Internet Initiative Japan Inc., Annual General Meeting, Jun 26, 2025. Tillkännagivande • Mar 10
Internet Initiative Japan Inc. to Report Fiscal Year 2025 Results on May 13, 2025 Internet Initiative Japan Inc. announced that they will report fiscal year 2025 results at 12:00 PM, Tokyo Standard Time on May 13, 2025 Declared Dividend • Dec 30
First half dividend of JP¥17.50 announced Shareholders will receive a dividend of JP¥17.50. Ex-date: 28th March 2025 Payment date: 30th June 2025 Dividend yield will be 97%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 54% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • Dec 30
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Outside Director Kaori Tonosu was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Dec 09
Internet Initiative Japan Inc. to Report Q3, 2025 Results on Feb 07, 2025 Internet Initiative Japan Inc. announced that they will report Q3, 2025 results at 12:00 PM, Tokyo Standard Time on Feb 07, 2025 Reported Earnings • Nov 10
Second quarter 2025 earnings released: EPS: JP¥23.46 (vs JP¥26.80 in 2Q 2024) Second quarter 2025 results: EPS: JP¥23.46 (down from JP¥26.80 in 2Q 2024). Revenue: JP¥75.0b (up 12% from 2Q 2024). Net income: JP¥4.15b (down 12% from 2Q 2024). Profit margin: 5.5% (down from 7.1% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥17.50 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 09 December 2024. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (2.8%). Tillkännagivande • Sep 07
Internet Initiative Japan Inc. to Report Q2, 2025 Results on Nov 08, 2024 Internet Initiative Japan Inc. announced that they will report Q2, 2025 results on Nov 08, 2024 Reported Earnings • Aug 09
First quarter 2025 earnings released: EPS: JP¥18.78 (vs JP¥20.01 in 1Q 2024) First quarter 2025 results: EPS: JP¥18.78 (down from JP¥20.01 in 1Q 2024). Revenue: JP¥72.0b (up 17% from 1Q 2024). Net income: JP¥3.32b (down 7.3% from 1Q 2024). Profit margin: 4.6% (down from 5.8% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Aug 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Declared Dividend • Jul 11
Final dividend of JP¥17.18 announced Shareholders will receive a dividend of JP¥17.18. Ex-date: 27th September 2024 Payment date: 9th December 2024 Dividend yield will be 119%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Jun 13
Internet Initiative Japan Inc. to Report Q1, 2025 Results on Aug 07, 2024 Internet Initiative Japan Inc. announced that they will report Q1, 2025 results at 12:00 PM, Tokyo Standard Time on Aug 07, 2024 Reported Earnings • May 13
Full year 2024 earnings released: EPS: JP¥112 (vs JP¥104 in FY 2023) Full year 2024 results: EPS: JP¥112 (up from JP¥104 in FY 2023). Revenue: JP¥276.1b (up 9.2% from FY 2023). Net income: JP¥19.8b (up 5.3% from FY 2023). Profit margin: 7.2% (down from 7.5% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 14% per year. Tillkännagivande • May 12
Internet Initiative Japan Inc., Annual General Meeting, Jun 27, 2024 Internet Initiative Japan Inc., Annual General Meeting, Jun 27, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥17.18 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (3.3%). Tillkännagivande • Mar 11
Internet Initiative Japan Inc. to Report Fiscal Year 2024 Results on May 10, 2024 Internet Initiative Japan Inc. announced that they will report fiscal year 2024 results at 12:00 PM, Tokyo Standard Time on May 10, 2024 Reported Earnings • Feb 09
Third quarter 2024 earnings released: EPS: JP¥26.34 (vs JP¥23.33 in 3Q 2023) Third quarter 2024 results: EPS: JP¥26.34 (up from JP¥23.33 in 3Q 2023). Revenue: JP¥72.9b (up 15% from 3Q 2023). Net income: JP¥4.66b (up 11% from 3Q 2023). Profit margin: 6.4% (down from 6.7% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 25% per year. Tillkännagivande • Dec 08
Internet Initiative Japan Inc. to Report Q3, 2024 Results on Feb 07, 2024 Internet Initiative Japan Inc. announced that they will report Q3, 2024 results at 12:00 PM, Tokyo Standard Time on Feb 07, 2024 Reported Earnings • Nov 08
Second quarter 2024 earnings released: EPS: JP¥26.80 (vs JP¥23.51 in 2Q 2023) Second quarter 2024 results: EPS: JP¥26.80 (up from JP¥23.51 in 2Q 2023). Revenue: JP¥66.8b (up 4.7% from 2Q 2023). Net income: JP¥4.74b (up 12% from 2Q 2023). Profit margin: 7.1% (up from 6.7% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥17.18 per share at 1.4% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (3.0%). Tillkännagivande • Sep 06
Internet Initiative Japan Inc. to Report Q2, 2024 Results on Nov 06, 2023 Internet Initiative Japan Inc. announced that they will report Q2, 2024 results at 12:00 PM, Tokyo Standard Time on Nov 06, 2023 Reported Earnings • Aug 09
First quarter 2024 earnings released: EPS: JP¥20.01 (vs JP¥24.31 in 1Q 2023) First quarter 2024 results: EPS: JP¥20.01 (down from JP¥24.31 in 1Q 2023). Revenue: JP¥61.4b (up 5.6% from 1Q 2023). Net income: JP¥3.58b (down 18% from 1Q 2023). Profit margin: 5.8% (down from 7.5% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Jun 18
Internet Initiative Japan Inc. to Report Q1, 2024 Results on Aug 08, 2023 Internet Initiative Japan Inc. announced that they will report Q1, 2024 results at 12:00 PM, Tokyo Standard Time on Aug 08, 2023 Tillkännagivande • May 20
Internet Initiative Japan Inc. (TSE:3774) announces an Equity Buyback for 4,320,000 shares, representing 2.39% for ¥12,536.64 million. Internet Initiative Japan Inc. (TSE:3774) announces a share repurchase program. Under the program, the company will repurchase up to 4,320,000 shares, representing 2.39% of its issued share capital (excluding treasury stock), for a total purchase price of ¥12,536.64 million. The shares will be repurchased at a price of ¥2,902 per share. The purpose of the program is to improve the capital efficiency and enhance shareholder returns. As of May 18, 2023, the company has 180,697,868 issued shares (excluding treasury stock) and has 6,371,732 treasury shares. Reported Earnings • May 17
Full year 2023 earnings released: EPS: JP¥104 (vs JP¥86.78 in FY 2022) Full year 2023 results: EPS: JP¥104 (up from JP¥86.78 in FY 2022). Revenue: JP¥252.7b (up 12% from FY 2022). Net income: JP¥18.8b (up 20% from FY 2022). Profit margin: 7.5% (up from 6.9% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Tillkännagivande • May 12
Internet Initiative Japan Inc., Annual General Meeting, Jun 28, 2023 Internet Initiative Japan Inc., Annual General Meeting, Jun 28, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥14.63 per share at 1.1% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 29 June 2023. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (3.2%). Reported Earnings • Feb 09
Third quarter 2023 earnings released: EPS: JP¥23.33 (vs JP¥25.63 in 3Q 2022) Third quarter 2023 results: EPS: JP¥23.33 (down from JP¥25.63 in 3Q 2022). Revenue: JP¥63.4b (up 12% from 3Q 2022). Net income: JP¥4.22b (down 8.9% from 3Q 2022). Profit margin: 6.7% (down from 8.2% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Dec 21
Internet Initiative Japan Inc. to Report Q3, 2023 Results on Feb 08, 2023 Internet Initiative Japan Inc. announced that they will report Q3, 2023 results at 12:00 PM, Tokyo Standard Time on Feb 08, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥143,021 (vs JP¥18.74 in 2Q 2022) Second quarter 2023 results: EPS: JP¥143,021 (up from JP¥18.74 in 2Q 2022). Revenue: JP¥63.8b (up 14% from 2Q 2022). Net income: JP¥4.25b (up 26% from 2Q 2022). Profit margin: 6.7% (up from 6.0% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 09
Second quarter 2023 earnings released: EPS: JP¥142,987 (vs JP¥18.74 in 2Q 2022) Second quarter 2023 results: EPS: JP¥142,987 (up from JP¥18.74 in 2Q 2022). Revenue: JP¥63.8b (up 14% from 2Q 2022). Net income: JP¥4.25b (up 26% from 2Q 2022). Profit margin: 6.7% (up from 6.0% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥29.25 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 05 December 2022. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (3.5%). Reported Earnings • Aug 07
First quarter 2023 earnings released: EPS: JP¥48.62 (vs JP¥38.85 in 1Q 2022) First quarter 2023 results: EPS: JP¥48.62 (up from JP¥38.85 in 1Q 2022). Revenue: JP¥58.2b (up 9.8% from 1Q 2022). Net income: JP¥4.39b (up 25% from 1Q 2022). Profit margin: 7.5% (up from 6.6% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 9.9%, compared to a 1.9% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 56% per year and the company’s share price has also increased by 56% per year. Board Change • May 28
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 6 highly experienced directors. No independent directors (11 non-independent directors). Company Auditor Masako Tanaka was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • May 16
Full year 2022 earnings released: EPS: JP¥174 (vs JP¥108 in FY 2021) Full year 2022 results: EPS: JP¥174 (up from JP¥108 in FY 2021). Revenue: JP¥226.3b (up 6.3% from FY 2021). Net income: JP¥15.7b (up 61% from FY 2021). Profit margin: 6.9% (up from 4.6% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 7.0%, compared to a 1.7% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 57% per year whereas the company’s share price has increased by 54% per year. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 6 highly experienced directors. No independent directors (11 non-independent directors). Company Auditor Masako Tanaka was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥23.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of German dividend payers (3.6%). Lower than average of industry peers (3.6%). Reported Earnings • Feb 09
Third quarter 2022 earnings: EPS in line with expectations, revenues disappoint Third quarter 2022 results: EPS: JP¥51.27 (up from JP¥34.43 in 3Q 2021). Revenue: JP¥56.5b (up 3.9% from 3Q 2021). Net income: JP¥4.63b (up 49% from 3Q 2021). Profit margin: 8.2% (up from 5.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.9%. Over the next year, revenue is forecast to grow 8.2%, compared to a 2.4% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 06
Second quarter 2022 earnings released: EPS JP¥37.48 (vs JP¥18.33 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥56.1b (up 9.3% from 2Q 2021). Net income: JP¥3.39b (up 105% from 2Q 2021). Profit margin: 6.0% (up from 3.2% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥19.50 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 04 December 2021. Trailing yield: 1.0%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (3.4%). Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 15% share price gain to €33.00, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 17x in the Telecom industry in Europe. Total returns to shareholders of 300% over the past three years. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improved over the past week After last week's 15% share price gain to JP¥22.80, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 16x in the Telecom industry in Europe. Total returns to shareholders of 176% over the past three years. Reported Earnings • May 14
Full year 2021 earnings released: EPS JP¥108 (vs JP¥44.43 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥213.0b (up 4.2% from FY 2020). Net income: JP¥9.71b (up 142% from FY 2020). Profit margin: 4.6% (up from 2.0% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. 
