Buy Or Sell Opportunity • May 18
Now 24% undervalued Over the last 90 days, the stock has risen 2.9% to kr81.20. The fair value is estimated to be kr107, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.1% over the last 3 years. Earnings per share has declined by 22%. Revenue is forecast to grow by 6.5% in 2 years. Earnings are forecast to grow by 156% in the next 2 years. Recent Insider Transactions • May 11
Insider recently bought kr482k worth of stock On the 6th of May, Thomas Eriksson bought around 6k shares on-market at roughly kr83.62 per share. This transaction amounted to 67% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr309m more in shares than they have sold in the last 12 months. Annonce • Apr 30
Alleima AB (Publ) Announces Cash Dividend, Payable May 7, 2026 Alleima AB (publ) at its AGM, held on April 29, 2026, resolved pursuant to the Board's proposal on a cash dividend of SEK 2.50 per share. The record day for payment of the dividend was set at May 4, 2026. The dividend is expected to be paid by Euroclear Sweden AB on May 7, 2026. Reported Earnings • Apr 28
First quarter 2026 earnings released: EPS: kr1.16 (vs kr1.57 in 1Q 2025) First quarter 2026 results: EPS: kr1.16 (down from kr1.57 in 1Q 2025). Revenue: kr4.58b (down 11% from 1Q 2025). Net income: kr290.0m (down 26% from 1Q 2025). Profit margin: 6.3% (down from 7.7% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 23
Upcoming dividend of kr2.50 per share Eligible shareholders must have bought the stock before 30 April 2026. Payment date: 07 May 2026. Payout ratio is on the higher end at 93%, however this is supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of British dividend payers (5.7%). Higher than average of industry peers (2.6%). Buy Or Sell Opportunity • Mar 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.6% to kr75.08. The fair value is estimated to be kr93.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 16%. For the next 3 years, revenue is forecast to grow by 2.5% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Reported Earnings • Mar 25
Full year 2025 earnings released: EPS: kr2.68 (vs kr4.88 in FY 2024) Full year 2025 results: EPS: kr2.68 (down from kr4.88 in FY 2024). Revenue: kr18.6b (down 5.4% from FY 2024). Net income: kr671.0m (down 45% from FY 2024). Profit margin: 3.6% (down from 6.2% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Mar 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to kr74.35. The fair value is estimated to be kr93.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 16%. For the next 3 years, revenue is forecast to grow by 2.5% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Recent Insider Transactions • Jan 30
Director recently bought kr102m worth of stock On the 29th of January, Karl Åberg bought around 1m shares on-market at roughly kr78.41 per share. This transaction amounted to 76% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr226m more in shares than they have sold in the last 12 months. Buy Or Sell Opportunity • Jan 28
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.8% to kr75.75. The fair value is estimated to be kr97.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 16%. For the next 3 years, revenue is forecast to grow by 2.5% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Reported Earnings • Jan 27
Full year 2025 earnings released: EPS: kr2.68 (vs kr4.88 in FY 2024) Full year 2025 results: EPS: kr2.68 (down from kr4.88 in FY 2024). Revenue: kr18.6b (down 5.4% from FY 2024). Net income: kr671.0m (down 45% from FY 2024). Profit margin: 3.6% (down from 6.2% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Annonce • Nov 18
Alleima AB (publ) Appoints Maria Reinholdsson as Executive Vice President and Head of Human Resources, Effective March 2, 2026 Alleima AB (publ) has appointed Maria Reinholdsson as Executive Vice President and Head of Human Resources, effective March 2, 2026. Maria Reinholdsson will be a member of the Alleima Group Executive Management team. She is currently Head of Human Resources and Sustainability at Stockholm Exergi and previously held the position of Head of Human Resources and Communications at LKAB. Born in 1968, Maria has a longstanding career within Human Resources at several globally operating corporations. Maria will be based in Stockholm. As previously announced, Ulrika Dunker, currently EVP and Head of Human Resources at Alleima, has decided to leave her position, after six years in the role. Annonce • Nov 05
Alleima AB (Publ) Appoints Frida Adrian as Head of Investor Relations, Effective December 15, 2025 Alleima AB (publ) has appointed Frida Adrian as Head of Investor Relations, effective December 15, 2025. With an extensive and deep background in Investor Relations, ESG, and corporate communications, Frida will lead the Investor Relations function at Alleima. Born in 1977, Frida Adrian most recently worked as a Senior Advisor in Investor Relations, corporate communications, and ESG in her own consultancy. She has previously held, among other positions, the role of Vice President of Investor Relations, Communications and Sustainability at Indutrade. Frida will be based in Stockholm. Reported Earnings • Oct 23
Third quarter 2025 earnings released: EPS: kr0.34 (vs kr0.94 in 3Q 2024) Third quarter 2025 results: EPS: kr0.34 (down from kr0.94 in 3Q 2024). Revenue: kr4.22b (down 6.1% from 3Q 2024). Net income: kr85.0m (down 64% from 3Q 2024). Profit margin: 2.0% (down from 5.3% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. Annonce • Oct 16
Alleima AB (publ) Appoints Christian Swartling as Executive Vice President and General Counsel, effective January 19, 2026 Alleima AB (publ) has appointed Christian Swartling as Executive Vice President and General Counsel, effective January 19, 2026. Christian Swartling, born in 1974, currently holds the position Senior Vice President Group Legal at Stora Enso, and will be a member of the Alleima Group Executive Management. Christian has a strong foundation in industrial law and corporate governance. He brings deep expertise in navigating complex regulatory environments, managing international transactions, and supporting strategic initiatives across manufacturing and sustainability-driven sectors. His background from an international industrial company and his profound knowledge of working for companies that are listed on the stock exchange, makes him a great fit for the role. Annonce • Sep 09
Alleima AB (publ), Annual General Meeting, Apr 29, 2026 Alleima AB (publ), Annual General Meeting, Apr 29, 2026. Location: sandviken Sweden Recent Insider Transactions • Aug 03
President recently bought kr355k worth of stock On the 29th of July, Goran Bjorkman bought around 5k shares on-market at roughly kr71.00 per share. This transaction amounted to 8.2% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr124m. Goran has been a buyer over the last 12 months, purchasing a net total of kr941k worth in shares. Recent Insider Transactions • Jul 25
Director recently bought kr124m worth of stock On the 21st of July, Karl Åberg bought around 2m shares on-market at roughly kr72.66 per share. This transaction increased Karl's direct individual holding by 142x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr124m more in shares than they have sold in the last 12 months. Reported Earnings • Jul 20
Second quarter 2025 earnings released: EPS: kr0.81 (vs kr2.54 in 2Q 2024) Second quarter 2025 results: EPS: kr0.81 (down from kr2.54 in 2Q 2024). Revenue: kr4.77b (down 11% from 2Q 2024). Net income: kr204.0m (down 68% from 2Q 2024). Profit margin: 4.3% (down from 12% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Metals and Mining industry in the United Kingdom. Annonce • Jun 10
Alleima AB (Publ) Announces Emelie Alm Leaves as Head of Investor Relations, No Later Than September 4, 2025 Alleima AB (publ) announced that Emelie Alm, Head of Investor Relations, has decided to leave Alleima for the position as Head of Investor Relations at Husqvarna Group. Emelie has been in her current position since 2021 and she will leave Alleima no later than September 4, 2025. The recruitment process of her successor has begun. Recent Insider Transactions • Jun 08
President recently bought kr586k worth of stock On the 5th of June, Goran Bjorkman bought around 7k shares on-market at roughly kr79.55 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Goran's only on-market trade for the last 12 months. Annonce • Apr 28
Alleima AB (Publ) Approves Cash Dividend, Payable on May 6, 2025 Alleima AB (publ) at its AGM held on April 28, 2025 approved Board's proposal on a cash dividend of SEK 2.30 per share. The record day for payment of the dividend was set at Wednesday April 30, 2025. The dividend is expected to be paid by Euroclear Sweden AB on Tuesday, May 6, 2025. Reported Earnings • Apr 23
First quarter 2025 earnings released: EPS: kr1.57 (vs kr0.20 in 1Q 2024) First quarter 2025 results: EPS: kr1.57 (up from kr0.20 in 1Q 2024). Revenue: kr5.15b (up 8.6% from 1Q 2024). Net income: kr394.0m (up kr343.0m from 1Q 2024). Profit margin: 7.7% (up from 1.1% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Metals and Mining industry in the United Kingdom. Upcoming Dividend • Apr 22
Upcoming dividend of kr2.30 per share Eligible shareholders must have bought the stock before 29 April 2025. Payment date: 06 May 2025. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of British dividend payers (6.2%). Lower than average of industry peers (4.5%). Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr69.65, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Metals and Mining industry in the United Kingdom. Negligible returns to shareholders over past year. Reported Earnings • Mar 21
Full year 2024 earnings released: EPS: kr4.88 (vs kr6.28 in FY 2023) Full year 2024 results: EPS: kr4.88 (down from kr6.28 in FY 2023). Revenue: kr19.7b (down 4.7% from FY 2023). Net income: kr1.22b (down 22% from FY 2023). Profit margin: 6.2% (down from 7.6% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Metals and Mining industry in the United Kingdom. Annonce • Mar 14
Alleima AB (Publ) Announces Chief Financial Officer Changes Alleima AB (publ) announced that Chief Financial Officer Olof Bengtsson has informed the company that he will retire from his position as of August 31, 2025. Johan Eriksson, currently Head of Group Business Control at Alleima, will succeed Olof Bengtsson as Chief Financial Officer as of September 1, 2025. Johan Eriksson, who joined Alleima in 2018, has previously held various positions within Finance in the Sandvik Group, most recently as Head of Group Business Control. Annonce • Feb 26
Alleima Appoints Per Eklund as President for Strip Division Alleima announced that Per Eklund, currently Vice President and Head of Marketing and Sales for the Alleima Strip division, has been appointed President for the Strip division and member of the Group Executive Management for Alleima. He has led the Strip division as Acting President since December 13, 2024, and will start the new position on March 1, 2025. Per Eklund, born in 1971, has more than 25 years of experience from various roles in marketing, sales, business development, and strategy. He has many years of experience working within Alleima and from several divisions within the company. Per Eklund returned to Alleima in July 2024 after several years at Sandvik Coromant, most recently as Head of Strategy Execution and Corporate Business Development. Per Eklund succeeds Claes Åkerblom who, as previously announced, left the position on December 9, 2024. Declared Dividend • Jan 30
Dividend increased to kr2.30 Dividend of kr2.30 is 15% higher than last year. Ex-date: 29th April 2025 Payment date: 6th May 2025 Dividend yield will be 2.5%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is covered by both earnings (38% earnings payout ratio) and cash flows (62% cash payout ratio). The dividend has increased by an average of 28% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 61% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 25
Full year 2024 earnings released: EPS: kr4.88 (vs kr6.28 in FY 2023) Full year 2024 results: EPS: kr4.88 (down from kr6.28 in FY 2023). Revenue: kr19.7b (down 4.7% from FY 2023). Net income: kr1.22b (down 22% from FY 2023). Profit margin: 6.2% (down from 7.6% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Metals and Mining industry in the United Kingdom. Annonce • Jan 24
Alleima AB (publ) Proposes a Dividend The Board of Directors of Alleima AB (publ) proposed a dividend of SEK 2.30 per share (2.00). Annonce • Jan 15
Alleima AB (publ) (OM:ALLEI) acquired Endox Feinwerktechnik and Endox Polska. Alleima AB (publ) (OM:ALLEI) signed an agreement to acquire Endox Feinwerktechnik and Endox Polska on December 10, 2024. With strengthened and complementary capabilities, the acquisition of Endox enables forward-integration in the value chain of the medical industry. The product offering, certifications, and existing customer base of Endox will increase Alleima’s addressable market. The combined capabilities and footprint will drive new product development and geographical sales expansion, as well as possibilities of joint utilization of production and application capabilities. In 2023, Endox had revenues of approximately SEK 65 million, and an EBIT margin slightly positive to Kanthal. Impact on Alleima’s earnings per share will be slightly positive. The transaction is expected to close in the first quarter of 2025 and is subject to customary approvals.
Alleima AB (publ) (OM:ALLEI) completed the acquisition of Endox Feinwerktechnik and Endox Polska on January 14, 2025. Annonce • Dec 10
Claes Åkerblom to Leave His Position as President of the Strip Division At Alleima Claes Åkerblom will leave his position as President of the Strip division at Alleima. Claes has held the position as President of the Strip division since 2019. He will leave his position as of December 9, 2024. The process to find a successor will now be initiated. Reported Earnings • Oct 22
Third quarter 2024 earnings released: EPS: kr0.95 (vs kr0.55 in 3Q 2023) Third quarter 2024 results: EPS: kr0.95 (up from kr0.55 in 3Q 2023). Revenue: kr4.50b (down 2.6% from 3Q 2023). Net income: kr237.0m (up 73% from 3Q 2023). Profit margin: 5.3% (up from 3.0% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Metals and Mining industry in the United Kingdom. Annonce • Sep 26
Alleima AB (publ), Annual General Meeting, Apr 28, 2025 Alleima AB (publ), Annual General Meeting, Apr 28, 2025. Location: sandviken Sweden Recent Insider Transactions • Aug 08
President of Tube Division recently bought kr232k worth of stock On the 5th of August, Carl von Schantz bought around 3k shares on-market at roughly kr67.17 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr528k. Insiders have collectively bought kr3.1m more in shares than they have sold in the last 12 months. Reported Earnings • Jul 22
Second quarter 2024 earnings released: EPS: kr2.54 (vs kr0.87 in 2Q 2023) Second quarter 2024 results: EPS: kr2.54 (up from kr0.87 in 2Q 2023). Revenue: kr5.36b (down 4.9% from 2Q 2023). Net income: kr636.0m (up 192% from 2Q 2023). Profit margin: 12% (up from 3.9% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Metals and Mining industry in the United Kingdom. Recent Insider Transactions • Jun 08
President recently bought kr528k worth of stock On the 3rd of June, Goran Bjorkman bought around 7k shares on-market at roughly kr72.54 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Goran has been a buyer over the last 12 months, purchasing a net total of kr853k worth in shares. Recent Insider Transactions • Apr 28
Chief Financial Officer recently bought kr391k worth of stock On the 25th of April, Olof Bengtsson bought around 6k shares on-market at roughly kr65.10 per share. This transaction amounted to 46% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Olof's only on-market trade for the last 12 months. Upcoming Dividend • Apr 26
Upcoming dividend of kr2.00 per share Eligible shareholders must have bought the stock before 03 May 2024. Payment date: 10 May 2024. Trailing yield: 3.1%. Lower than top quartile of British dividend payers (5.9%). Lower than average of industry peers (4.0%). Reported Earnings • Apr 24
First quarter 2024 earnings released: EPS: kr90.21 (vs kr3.25 in 1Q 2023) First quarter 2024 results: EPS: kr90.21. Revenue: kr4.74b (down 12% from 1Q 2023). Net income: kr51.0m (down 94% from 1Q 2023). Profit margin: 1.1% (down from 15% in 1Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Metals and Mining industry in the United Kingdom. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: kr6.28 (vs kr5.86 in FY 2022) Full year 2023 results: EPS: kr6.28 (up from kr5.86 in FY 2022). Revenue: kr20.7b (up 12% from FY 2022). Net income: kr1.57b (up 7.1% from FY 2022). Profit margin: 7.6% (down from 8.0% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Metals and Mining industry in the United Kingdom. Annonce • Feb 27
Alleima Unveils New Alloy Designed Specifically for Subsea Umbilicals Alleima announced the new tube product represents the next generation of super-duplex seamless tubing developed specifically for the offshore oil and gas industry. It builds on the success of SAF™ 2507 (UNS S32750), which has become the industry standard, and further advances the duplex revolution that Alleima pioneered decades ago. SAF™ 3007 is the latest addition to the growing duplex family of Alleima, a super-duplex stainless steel grade developed for subsea umbilicals. The new tube offers a safe, lighter, stronger and more efficient alternative to SAF™ 2507, the current standard. With superior strength, fatigue properties and excellent corrosion resistance, SAF™ 3007 delivers superior performance in harsh deepwater environments. Recent Insider Transactions • Jan 28
President recently bought kr325k worth of stock On the 25th of January, Goran Bjorkman bought around 5k shares on-market at roughly kr65.00 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Goran has been a buyer over the last 12 months, purchasing a net total of kr821k worth in shares. Declared Dividend • Jan 25
Dividend increased to kr2.00 Dividend of kr2.00 is 43% higher than last year. Ex-date: 3rd May 2024 Payment date: 10th May 2024 Dividend yield will be 3.0%, which is lower than the industry average of 7.2%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (36% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 24% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 24
Full year 2023 earnings released: EPS: kr6.28 (vs kr5.86 in FY 2022) Full year 2023 results: EPS: kr6.28 (up from kr5.86 in FY 2022). Revenue: kr20.7b (up 12% from FY 2022). Net income: kr1.57b (up 7.1% from FY 2022). Profit margin: 7.6% (down from 8.0% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to remain flat. Annonce • Jan 23
Alleima AB (Publ) Proposes Dividend Alleima AB (publ) announced that the Board proposes a dividend of SEK 2.00 (1.40). Reported Earnings • Oct 25
Third quarter 2023 earnings released: EPS: kr0.55 (vs kr0.61 loss in 3Q 2022) Third quarter 2023 results: EPS: kr0.55 (up from kr0.61 loss in 3Q 2022). Revenue: kr4.62b (up 8.1% from 3Q 2022). Net income: kr137.0m (up kr291.0m from 3Q 2022). Profit margin: 3.0% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to remain flat. Annonce • Aug 17
Alleima AB (publ) Announces Executive Changes, Effective October 1, 2023 Alleima AB (publ) has appointed Carl von Schantz as President of Tube division, and member of the Group Executive Management team. It has now been decided that he will start his position on October 1, 2023. Carl von Schantz was born in 1973 and most recently came from Atlas Copco, where he held the position as President of the General Industry Tools and Assembly Systems division for the past five years. Carl von Schantz succeeds Michael Andersson, who left Alleima in June 2023. An earlier press release announced November 17 as the latest starting date for Carl von Schantz. As he takes office on October 1, Nigel Haworth, who was acting President of Tube division, will return to his role as President of business unit Energy. Board Change • Jul 26
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 9 new directors. 1 experienced director. No highly experienced directors. 3 independent directors (5 non-independent directors). President, CEO & Director Goran Bjorkman is the most experienced director on the board, commencing their role in 2019. Independent Board Member Susanne Akerlundh was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. 
