Internet Initiative Japan Inc.

3774.T · Communication Services · Telecom Services · Valued as of 2026-11-03 · Statements 2026-03-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

2.69B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

2.32B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

1.00B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

2.01B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

3.92B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.51×

the ratio the screener ranks by

Margin of Safety

-95.5%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 2.69B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)2.50B USD
+②Net Cash Today11.44M USD
+③Growth Value179.18M USD
=Value2.69B USD

EPV of the Operations (NOPAT over WACC)

2.50B USD

Net cash today

+11.44M USD

Growth Value

+179.18M USD

Value

2.69B USD

①EPV (earnings power value)

2.50B USD

②Net Cash Today

11.44M USD

③Growth Value

179.18M USD

Market value

Market Cap3.92B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-45.7%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 2.32B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE1.32B USD
+②Equity at Year 15, Today998.89M USD
=Value2.32B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

1.32B USD

②Equity at Year 15, Today

998.89M USD

Market value

Market Cap3.92B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-68.9%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 1.00B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (a change in working capital above half the operating profit in the latest three years), so the value is the book value today, 1.00B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Cash Today

Not in the value

Market value

Market Cap3.92B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-290.5%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 6.11%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.30×Market Risk Premium 6.00%= 6.30%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 67.85M USDPretax Income 220.70M USD= 30.74%

The tax the interest saves.

Interest Expense =EBIT 229.51M USD−Pretax Income 220.70M USD= 8.81M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 8.81M USDTotal Debt 219.89M USD×(1 − Tax Rate for WACC 30.74%)= 2.77%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 219.89M USDMarket Cap + Total Debt 3.92B USD + 219.89M USD= 5.31%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 94.69%×Cost of Equity 6.30%+Debt Weight 5.31%×Cost of Debt 2.77%= 6.11%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 2.25B USD − Total Liabilities 1.24B USD = Book Value Today 1.00B USD

Total Debt 219.89M USD − Cash and Short-Term Investments 231.33M USD = Net Debt Today -11.44M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 10.3%at most 5%passes177,330,005 / 176,811,412
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets7.3%at least -10.0%passes(316.00M USD − 151.48M USD) ÷ 2.25B USD
Price to bookMarket Cap ÷ Book Value Today3.91×at most 3×does not pass3.92B USD ÷ 1.00B USD
Operating marginOperating Income ÷ Revenue10.1%above 10.0%passes218.15M USD ÷ 2.16B USD
Revenue growthRevenue ÷ Revenue a Year Before − 12.0%above 10.0%does not pass2.16B USD / 2.12B USD
Net cash(Cash − Total Debt) ÷ Market Cap-0.2%above -30%passes(211.34M USD − 219.89M USD) ÷ 3.92B USD
Operating efficiencyOperating Income ÷ Gross Profit45.7%above 25.0%passes218.15M USD ÷ 476.99M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

3468.46 JPY

Enterprise value

659.06B JPY

the provider's own figure

EV / EBITDA

9.62×

Price / book

3.82×

the provider's book

Price / earnings

24.82×

Return on equity

16.3%

the provider's figure, not this page's

Profit margin

6.8%

Revenue growth

27.1%

Analyst target, mean

3576.27 JPY

Analysts

10

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2023202420252026
Income statement

Revenue

1.90B1.82B2.12B2.16B

Gross profit

435.18M422.15M457.64M476.99M

Operating income

204.56M191.88M201.41M218.15M

EBITDA

operating income before depreciation and amortisation

425.81M389.18M412.41M434.13M

Pretax income

205.23M191.25M195.25M220.70M

Net income

141.67M131.08M133.36M151.48M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

141.67M131.08M133.36M151.48M

R&D

————
Balance sheet, year end

Total assets

1.85B1.81B2.09B2.17B

Total liabilities

953.58M969.54M1.14B1.17B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

888.58M831.20M941.23M989.51M

Total debt

153.53M199.49M224.91M222.76M

Cash and equivalents

319.18M300.58M217.67M240.45M

Net PP&E

fixed assets after depreciation

526.02M464.77M532.07M527.45M

Working capital

current assets less current liabilities

216.54M142.32M112.93M141.69M
Cash flow

Operating cash flow

289.54M269.55M190.86M316.00M

Capital expenditure

paid out, so below zero

-129.69M-125.21M-134.58M-178.42M

Depreciation and amortisation

216.44M193.64M209.89M204.62M

Free cash flow

operating cash flow plus capital expenditure

159.85M144.34M56.29M137.59M