Ithmaar Holding B.S.C（ITHMR）株式概要イトマール・ホールディングB.S.C.はその子会社とともに、中東、アフリカ、アジア、そして国際的に金融サービスを提供している。 詳細ITHMR ファンダメンタル分析スノーフレーク・スコア評価0/6将来の成長0/6過去の実績2/6財務の健全性1/6配当金0/6リスク分析株式の流動性は非常に低い 利益率(0.3%)は昨年より低い(2.9%) すべてのリスクチェックを見るITHMR Community Fair Values Create NarrativeSee what others think this stock is worth. Follow their fair value or set your own to get alerts.Your Fair ValueUS$Current PriceUS$0.03633.3% 割高 内在価値ディスカウントGrowth estimate overAnnual revenue growth rate5 Yearstime period%/yrDecreaseIncreasePastFuture-85m499m2016201920222025202620282031Revenue US$499.2mEarnings US$1.5mAdvancedSet Fair ValueView all narrativesIthmaar Holding B.S.C. 競合他社Bahrain Islamic Bank B.S.CSymbol: BAX:BISBMarket cap: ب.د79.5mKhaleeji Bank B.S.CSymbol: BAX:KHALEEJIMarket cap: ب.د76.9mArab Banking Corporation (B.S.C.)Symbol: BAX:ABCMarket cap: US$968.6mAl Salam Bank B.S.CSymbol: BAX:SALAMMarket cap: ب.د671.3m価格と性能株価の高値、安値、推移の概要Ithmaar Holding B.S.C過去の株価現在の株価US$0.03652週高値US$0.0452週安値US$0.02ベータ0.391ヶ月の変化0%3ヶ月変化2.86%1年変化n/a3年間の変化-10.00%5年間の変化-38.98%IPOからの変化-89.14%最新ニュースお知らせ • Mar 17Ithmaar Holding B.S.C. to Report Q1, 2026 Results on May 13, 2026Ithmaar Holding B.S.C. announced that they will report Q1, 2026 results on May 13, 2026お知らせ • Mar 05Ithmaar Holding B.S.C., Annual General Meeting, Mar 29, 2026Ithmaar Holding B.S.C., Annual General Meeting, Mar 29, 2026, at 13:00 Arab Standard Time. Location: noble meeting room, the westin city centre bahrain, hotel, seef district, kingdom of bahrain, seef Bahrainお知らせ • Dec 08Ithmaar Holding B.S.C. to Report Fiscal Year 2025 Results on Feb 11, 2026Ithmaar Holding B.S.C. announced that they will report fiscal year 2025 results at 12:30 PM, Arabian Standard Time on Feb 11, 2026お知らせ • Sep 23Ithmaar Holding B.S.C. to Report Q3, 2025 Results on Nov 12, 2025Ithmaar Holding B.S.C. announced that they will report Q3, 2025 results on Nov 12, 2025New Risk • Aug 06New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 32% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (US$96.0m market cap).お知らせ • Jun 23Ithmaar Holding B.S.C. to Report Q2, 2025 Results on Aug 03, 2025Ithmaar Holding B.S.C. announced that they will report Q2, 2025 results at 2:00 PM, Arabian Standard Time on Aug 03, 2025最新情報をもっと見るRecent updatesお知らせ • Mar 17Ithmaar Holding B.S.C. to Report Q1, 2026 Results on May 13, 2026Ithmaar Holding B.S.C. announced that they will report Q1, 2026 results on May 13, 2026お知らせ • Mar 05Ithmaar Holding B.S.C., Annual General Meeting, Mar 29, 2026Ithmaar Holding B.S.C., Annual General Meeting, Mar 29, 2026, at 13:00 Arab Standard Time. Location: noble meeting room, the westin city centre bahrain, hotel, seef district, kingdom of bahrain, seef Bahrainお知らせ • Dec 08Ithmaar Holding B.S.C. to Report Fiscal Year 2025 Results on Feb 11, 2026Ithmaar Holding B.S.C. announced that they will report fiscal year 2025 results at 12:30 PM, Arabian Standard Time on Feb 11, 2026お知らせ • Sep 23Ithmaar Holding B.S.C. to Report Q3, 2025 Results on Nov 12, 2025Ithmaar Holding B.S.C. announced that they will report Q3, 2025 results on Nov 12, 2025New Risk • Aug 06New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 32% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (US$96.0m market cap).お知らせ • Jun 23Ithmaar Holding B.S.C. to Report Q2, 2025 Results on Aug 03, 2025Ithmaar Holding B.S.C. announced that they will report Q2, 2025 results at 2:00 PM, Arabian Standard Time on Aug 03, 2025New Risk • Jun 12New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: US$93.1m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (US$93.1m market cap).New Risk • May 25New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.3% Last year net profit margin: 2.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risk Profit margins are more than 30% lower than last year (1.3% net profit margin).お知らせ • Mar 27Ithmaar Holding B.S.C. Announces Board AppointmentsIthmaar Holding B.S.C. announced the list of its Board of Directors elected and appointed in its Ordinary General Meeting that was held on 26 March 2025. Members elected by the shareholders in a secret ballot during the Ordinary General Meeting: HRH Prince Amr Mohammed Al Faisal Al Saud [Non-Executive]. Tunku Yaacob Khyra [Independent]. Dr. Amani Khaled Bouresli [Independent]. Ms. Elham Ebrahim Hasan [Independent]. Members appointed by the major shareholders in accordance with Article (175) of the Commercial Companies Law No. (21) of 2001 (as amended): Sheikh Mohamed Abdullah El Khereiji [Non-Executive]. Mr. Juma Hasan Abul [Executive].お知らせ • Mar 18Ithmaar Holding B.S.C. to Report Q1, 2025 Results on May 14, 2025Ithmaar Holding B.S.C. announced that they will report Q1, 2025 results on May 14, 2025お知らせ • Feb 07Ithmaar Holding B.S.C., Annual General Meeting, Mar 24, 2025Ithmaar Holding B.S.C., Annual General Meeting, Mar 24, 2025.お知らせ • Dec 24Ithmaar Holding B.S.C. to Report Fiscal Year 2024 Results on Feb 13, 2025Ithmaar Holding B.S.C. announced that they will report fiscal year 2024 results on Feb 13, 2025New Risk • Nov 15New major risk - Revenue and earnings growthEarnings have declined by 0.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 0.5% per year over the past 5 years. Minor Risk Market cap is less than US$100m (US$52.4m market cap).お知らせ • Sep 23Ithmaar Holding B.S.C. to Report Q3, 2024 Results on Nov 13, 2024Ithmaar Holding B.S.C. announced that they will report Q3, 2024 results on Nov 13, 2024お知らせ • Jun 25Ithmaar Holding B.S.C. to Report Q2, 2024 Results on Aug 13, 2024Ithmaar Holding B.S.C. announced that they will report Q2, 2024 results on Aug 13, 2024お知らせ • Jun 13Ithmaar Holding B.S.C, Ithmaar Bank and Ib Capital Announces the Appointment of Maysan Faisal Almaskati as the Chief Executive OfficerThe Board of Directors of Ithmaar Holding B.S.C announced the appointment of Mr. Maysan Faisal Almaskati as the Chief Executive Officer of Ithmaar Holding, and the Company's two wholly-owned subsidiaries, Ithmaar Bank and IB Capital after obtaining approval of the Central Bank of Bahrain. Prior to his appointment as Ithmaar CEO, Mr. Almaskati was serving as Ithmaar Bank's Assistant General Manager, Business Banking Group with over 24 years of investment and banking experience.お知らせ • Mar 21Ithmaar Holding B.S.C. to Report Q1, 2024 Results on May 14, 2024Ithmaar Holding B.S.C. announced that they will report Q1, 2024 results on May 14, 2024お知らせ • Mar 15Ithmaar Holding B.S.C. Announces the Resignation of Abdulla Abdulaziz Taleb as Chief Executive Officer, Effective 14 April 2024Ithmaar Holding B.S.C. announced the resignation of Mr. Abdulla Abdulaziz Taleb from his position as the Chief Executive Officer. His last working day shall be 14 April 2024. Mr. Taleb has also resigned from his position as Chief Executive Officer from Ithmaar Holding's wholly-owned subsidiaries, Ithmaar Bank B.S.C. (Closed) and IB Capital B.S.C. (Closed) (together, "Ithmaar Group").お知らせ • Mar 04Ithmaar Holding B.S.C., Annual General Meeting, Mar 25, 2024Ithmaar Holding B.S.C., Annual General Meeting, Mar 25, 2024, at 10:30 Coordinated Universal Time. Location: Rotonda Meeting Room, The Ritz-Carlton Hotel Seef District Bahrain Agenda: To receive and approve the minutes of the Ordinary General Meeting of the Company held on 27 March 2023; to discuss and approve the Directors' Report on the Company's business and financial position for the financial year ended 31 December 2023; to receive the Sharia Supervisory Board's Report on the Company's business for the financial year ended 31 December 2023; to receive the External Auditors' Report on the Company's Consolidated Financial Statements for the financial year ended 31 December 2023; to discuss and approve the Company's Consolidated Financial Statements for the financial year ended 31 December 2023; to adopt the Board of Directors' recommendation, subject to obtaining the approvals of the relevant governmental and regulatory authorities, to transfer the losses for the financial year ended 31 December 2023 amounting to USD 9,311,000 to the accumulated losses; and to consider other maters.お知らせ • Feb 29Ithmaar Holding B.S.C. Announces Appointment of Juma Hasan Ali Abul as an Executive DirectorThe Board of Directors of Ithmaar Holding B.S.C. announced the appointment of Mr. Juma Hasan Ali Abul as an Executive Director, representing the major shareholder Dar Al- Maal Al-Islami Trust (‘DMIT’), effective 28 February 2024 after obtaining the approval from the Central Bank of Bahrain. DMIT's appointment of Mr. Abul follows the resignation of their previous representative, Mr. Mohammed Bucheeri. Mr. Abul was further appointed as an Executive Director on the Board of Directors of Ithmaar Holding's wholly-owned subsidiary, Ithmaar Bank B.S.C. (Closed).Board Change • Feb 13Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.お知らせ • Jan 02Ithmaar Holding Announces the Resignation of the Board Member, Mohammed BucheeriThe Board of Directors of Ithmaar Holding announced the resignation of its board member, Mr. Mohammed Bucheeri, due to health reasons. The resignation will be effective end of day 31 December 2023. Mr. Bucheeri was an appointed Board member by a major shareholder, Dar Al-Maal Al-Islami Trust, and the disclosure for a replacement appointment shall be issued in due course.お知らせ • Dec 26Ithmaar Holding B.S.C. to Report Fiscal Year 2023 Results on Feb 13, 2024Ithmaar Holding B.S.C. announced that they will report fiscal year 2023 results on Feb 13, 2024Board Change • Dec 20Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 3 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.Board Change • Oct 24Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 3 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.お知らせ • Sep 22Ithmaar Holding B.S.C. to Report Q3, 2023 Results on Nov 13, 2023Ithmaar Holding B.S.C. announced that they will report Q3, 2023 results at 9:30 AM, Arabian Standard Time on Nov 13, 2023お知らせ • Jun 23Ithmaar Holding B.S.C. to Report Q2, 2023 Results on Aug 13, 2023Ithmaar Holding B.S.C. announced that they will report Q2, 2023 results at 9:30 AM, Arabian Standard Time on Aug 13, 2023Reported Earnings • Jun 08First quarter 2023 earnings released: US$0.001 loss per share (vs US$0.002 loss in 1Q 2022)First quarter 2023 results: US$0.001 loss per share (improved from US$0.002 loss in 1Q 2022). Revenue: US$202.3m (up 253% from 1Q 2022). Net income: US$233.6m (up US$238.0m from 1Q 2022).Board Change • Jun 07Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 3 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.Board Change • May 11Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 3 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.Board Change • Apr 13Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 3 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.Board Change • Feb 08Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 3 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.お知らせ • Dec 26Ithmaar Holding B.S.C. to Report Fiscal Year 2022 Results on Feb 13, 2023Ithmaar Holding B.S.C. announced that they will report fiscal year 2022 results at 12:30 PM, Arabian Standard Time on Feb 13, 2023Board Change • Dec 22Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 3 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.Board Change • Oct 11Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 7 highly experienced directors. 5 independent directors (6 non-independent directors). Independent Non Executive Director Elham Ebrahim Hasan was the last independent 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: Minority of independent directors. Insufficient board refreshment.Reported Earnings • Aug 30Second quarter 2022 earnings released: EPS: US$0.001 (vs US$0.002 loss in 2Q 2021)Second quarter 2022 results: EPS: US$0.001 (up from US$0.002 loss in 2Q 2021). Revenue: US$64.4m (flat on 2Q 2021). Net income: US$4.09m (up US$8.94m from 2Q 2021). Profit margin: 6.4% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings.Board Change • Aug 29Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.Board Change • Jul 13Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.Board Change • May 31Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.Reported Earnings • May 16First quarter 2022 earnings released: US$0.002 loss per share (vs US$0.003 profit in 1Q 2021)First quarter 2022 results: US$0.002 loss per share (down from US$0.003 profit in 1Q 2021). Revenue: US$57.2m (down 19% from 1Q 2021). Net loss: US$4.37m (down 149% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings.Board Change • Apr 27Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.Reported Earnings • Feb 16Full year 2021 earnings: EPS in line with analyst expectations despite revenue beatFull year 2021 results: EPS: US$0.013 (up from US$0.014 loss in FY 2020). Revenue: US$335.1m (up 7.5% from FY 2020). Net income: US$38.6m (up US$80.3m from FY 2020). Profit margin: 12% (up from net loss in FY 2020). The move to profitability was primarily driven by lower expenses. Revenue exceeded analyst estimates by 107%. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings.Board Change • Jan 31Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.Board Change • Jan 05Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.Board Change • Dec 09Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.Reported Earnings • Nov 15Third quarter 2021 earnings released: US$0.001 loss per share (vs US$0.001 loss in 3Q 2020)The company reported a soft third quarter result with increased losses and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: US$60.8m (up 4.3% from 3Q 2020). Net loss: US$2.53m (loss widened 27% from 3Q 2020). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings.Board Change • Nov 04Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.Board Change • Sep 14Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.株主還元ITHMRBH BanksBH 市場7D0%0.4%-0.1%1Yn/a2.0%-4.2%株主還元を見る業界別リターン: ITHMRがBH Banks業界に対してどのようなパフォーマンスを示したかを判断するにはデータが不十分です。リターン対市場: ITHMR BH市場に対してどのようなパフォーマンスを示したかを判断するにはデータが不十分です。価格変動Is ITHMR's price volatile compared to industry and market?ITHMR volatilityITHMR Average Weekly Movementn/aBanks Industry Average Movement4.8%Market Average Movement2.8%10% most volatile stocks in BH Market6.5%10% least volatile stocks in BH Market1.4%安定した株価: ITHMRの株価は、 BH市場と比較して過去 3 か月間で変動しています。時間の経過による変動: 過去 1 年間のITHMRのボラティリティの変化を判断するには データが不十分です。会社概要設立従業員CEO（最高経営責任者ウェブサイト1984n/aMaysan Almaskatiithmaarholding.comイトマール・ホールディングB S.C.は、その子会社とともに、中東、アフリカ、アジア、および国際的な金融サービスを提供している。リテール＆コーポレート・バンキング、アセット・マネジメント／投資銀行、その他のセグメントを通じて事業を展開している。リテール・バンキング、商業銀行、投資銀行、プライベート・バンキング、ウェルス・マネジメント、アセット・マネジメント、ファンド・マネジメント、不動産開発サービスを提供している。リテール顧客と法人顧客にサービスを提供している。以前はIthmaar Bank B.S.C.として知られていたが、2017年1月にIthmaar Holding B.S.C.に社名変更した。Ithmaar Holding B.S.C.は1984年に法人化され、バーレーンのマナーマを拠点としている。もっと見るIthmaar Holding B.S.C. 基礎のまとめIthmaar Holding B.S.C の収益と売上を時価総額と比較するとどうか。ITHMR 基礎統計学時価総額US$104.77m収益（TTM）US$1.12m売上高(TTM)US$375.40m93.5xPER（株価収益率8.8xPBR（株価純資産倍率ITHMR は割高か？公正価値と評価分析を参照収益と収入最新の決算報告書（TTM）に基づく主な収益性統計ITHMR 損益計算書（TTM）収益US$375.40m売上原価US$0売上総利益US$375.40mその他の費用US$374.28m収益US$1.12m直近の収益報告Dec 31, 2025次回決算日該当なし一株当たり利益（EPS）0.00038グロス・マージン100.00%純利益率0.30%有利子負債／自己資本比率612.2%ITHMR の長期的なパフォーマンスは？過去の実績と比較を見るView Valuation企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/03/08 07:03終値2025/12/09 00:00収益2025/12/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Ithmaar Holding B.S.C. 0 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。2 アナリスト機関Jaap MeijerArqaam Capital Research Offshore S.A.L.Jithesh GopiSICO
お知らせ • Mar 17Ithmaar Holding B.S.C. to Report Q1, 2026 Results on May 13, 2026Ithmaar Holding B.S.C. announced that they will report Q1, 2026 results on May 13, 2026
お知らせ • Mar 05Ithmaar Holding B.S.C., Annual General Meeting, Mar 29, 2026Ithmaar Holding B.S.C., Annual General Meeting, Mar 29, 2026, at 13:00 Arab Standard Time. Location: noble meeting room, the westin city centre bahrain, hotel, seef district, kingdom of bahrain, seef Bahrain
お知らせ • Dec 08Ithmaar Holding B.S.C. to Report Fiscal Year 2025 Results on Feb 11, 2026Ithmaar Holding B.S.C. announced that they will report fiscal year 2025 results at 12:30 PM, Arabian Standard Time on Feb 11, 2026
お知らせ • Sep 23Ithmaar Holding B.S.C. to Report Q3, 2025 Results on Nov 12, 2025Ithmaar Holding B.S.C. announced that they will report Q3, 2025 results on Nov 12, 2025
New Risk • Aug 06New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 32% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (US$96.0m market cap).
お知らせ • Jun 23Ithmaar Holding B.S.C. to Report Q2, 2025 Results on Aug 03, 2025Ithmaar Holding B.S.C. announced that they will report Q2, 2025 results at 2:00 PM, Arabian Standard Time on Aug 03, 2025
お知らせ • Mar 17Ithmaar Holding B.S.C. to Report Q1, 2026 Results on May 13, 2026Ithmaar Holding B.S.C. announced that they will report Q1, 2026 results on May 13, 2026
お知らせ • Mar 05Ithmaar Holding B.S.C., Annual General Meeting, Mar 29, 2026Ithmaar Holding B.S.C., Annual General Meeting, Mar 29, 2026, at 13:00 Arab Standard Time. Location: noble meeting room, the westin city centre bahrain, hotel, seef district, kingdom of bahrain, seef Bahrain
お知らせ • Dec 08Ithmaar Holding B.S.C. to Report Fiscal Year 2025 Results on Feb 11, 2026Ithmaar Holding B.S.C. announced that they will report fiscal year 2025 results at 12:30 PM, Arabian Standard Time on Feb 11, 2026
お知らせ • Sep 23Ithmaar Holding B.S.C. to Report Q3, 2025 Results on Nov 12, 2025Ithmaar Holding B.S.C. announced that they will report Q3, 2025 results on Nov 12, 2025
New Risk • Aug 06New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 32% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (US$96.0m market cap).
お知らせ • Jun 23Ithmaar Holding B.S.C. to Report Q2, 2025 Results on Aug 03, 2025Ithmaar Holding B.S.C. announced that they will report Q2, 2025 results at 2:00 PM, Arabian Standard Time on Aug 03, 2025
New Risk • Jun 12New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: US$93.1m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (US$93.1m market cap).
New Risk • May 25New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.3% Last year net profit margin: 2.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risk Profit margins are more than 30% lower than last year (1.3% net profit margin).
お知らせ • Mar 27Ithmaar Holding B.S.C. Announces Board AppointmentsIthmaar Holding B.S.C. announced the list of its Board of Directors elected and appointed in its Ordinary General Meeting that was held on 26 March 2025. Members elected by the shareholders in a secret ballot during the Ordinary General Meeting: HRH Prince Amr Mohammed Al Faisal Al Saud [Non-Executive]. Tunku Yaacob Khyra [Independent]. Dr. Amani Khaled Bouresli [Independent]. Ms. Elham Ebrahim Hasan [Independent]. Members appointed by the major shareholders in accordance with Article (175) of the Commercial Companies Law No. (21) of 2001 (as amended): Sheikh Mohamed Abdullah El Khereiji [Non-Executive]. Mr. Juma Hasan Abul [Executive].
お知らせ • Mar 18Ithmaar Holding B.S.C. to Report Q1, 2025 Results on May 14, 2025Ithmaar Holding B.S.C. announced that they will report Q1, 2025 results on May 14, 2025
お知らせ • Feb 07Ithmaar Holding B.S.C., Annual General Meeting, Mar 24, 2025Ithmaar Holding B.S.C., Annual General Meeting, Mar 24, 2025.
お知らせ • Dec 24Ithmaar Holding B.S.C. to Report Fiscal Year 2024 Results on Feb 13, 2025Ithmaar Holding B.S.C. announced that they will report fiscal year 2024 results on Feb 13, 2025
New Risk • Nov 15New major risk - Revenue and earnings growthEarnings have declined by 0.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 0.5% per year over the past 5 years. Minor Risk Market cap is less than US$100m (US$52.4m market cap).
お知らせ • Sep 23Ithmaar Holding B.S.C. to Report Q3, 2024 Results on Nov 13, 2024Ithmaar Holding B.S.C. announced that they will report Q3, 2024 results on Nov 13, 2024
お知らせ • Jun 25Ithmaar Holding B.S.C. to Report Q2, 2024 Results on Aug 13, 2024Ithmaar Holding B.S.C. announced that they will report Q2, 2024 results on Aug 13, 2024
お知らせ • Jun 13Ithmaar Holding B.S.C, Ithmaar Bank and Ib Capital Announces the Appointment of Maysan Faisal Almaskati as the Chief Executive OfficerThe Board of Directors of Ithmaar Holding B.S.C announced the appointment of Mr. Maysan Faisal Almaskati as the Chief Executive Officer of Ithmaar Holding, and the Company's two wholly-owned subsidiaries, Ithmaar Bank and IB Capital after obtaining approval of the Central Bank of Bahrain. Prior to his appointment as Ithmaar CEO, Mr. Almaskati was serving as Ithmaar Bank's Assistant General Manager, Business Banking Group with over 24 years of investment and banking experience.
お知らせ • Mar 21Ithmaar Holding B.S.C. to Report Q1, 2024 Results on May 14, 2024Ithmaar Holding B.S.C. announced that they will report Q1, 2024 results on May 14, 2024
お知らせ • Mar 15Ithmaar Holding B.S.C. Announces the Resignation of Abdulla Abdulaziz Taleb as Chief Executive Officer, Effective 14 April 2024Ithmaar Holding B.S.C. announced the resignation of Mr. Abdulla Abdulaziz Taleb from his position as the Chief Executive Officer. His last working day shall be 14 April 2024. Mr. Taleb has also resigned from his position as Chief Executive Officer from Ithmaar Holding's wholly-owned subsidiaries, Ithmaar Bank B.S.C. (Closed) and IB Capital B.S.C. (Closed) (together, "Ithmaar Group").
お知らせ • Mar 04Ithmaar Holding B.S.C., Annual General Meeting, Mar 25, 2024Ithmaar Holding B.S.C., Annual General Meeting, Mar 25, 2024, at 10:30 Coordinated Universal Time. Location: Rotonda Meeting Room, The Ritz-Carlton Hotel Seef District Bahrain Agenda: To receive and approve the minutes of the Ordinary General Meeting of the Company held on 27 March 2023; to discuss and approve the Directors' Report on the Company's business and financial position for the financial year ended 31 December 2023; to receive the Sharia Supervisory Board's Report on the Company's business for the financial year ended 31 December 2023; to receive the External Auditors' Report on the Company's Consolidated Financial Statements for the financial year ended 31 December 2023; to discuss and approve the Company's Consolidated Financial Statements for the financial year ended 31 December 2023; to adopt the Board of Directors' recommendation, subject to obtaining the approvals of the relevant governmental and regulatory authorities, to transfer the losses for the financial year ended 31 December 2023 amounting to USD 9,311,000 to the accumulated losses; and to consider other maters.
お知らせ • Feb 29Ithmaar Holding B.S.C. Announces Appointment of Juma Hasan Ali Abul as an Executive DirectorThe Board of Directors of Ithmaar Holding B.S.C. announced the appointment of Mr. Juma Hasan Ali Abul as an Executive Director, representing the major shareholder Dar Al- Maal Al-Islami Trust (‘DMIT’), effective 28 February 2024 after obtaining the approval from the Central Bank of Bahrain. DMIT's appointment of Mr. Abul follows the resignation of their previous representative, Mr. Mohammed Bucheeri. Mr. Abul was further appointed as an Executive Director on the Board of Directors of Ithmaar Holding's wholly-owned subsidiary, Ithmaar Bank B.S.C. (Closed).
Board Change • Feb 13Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.
お知らせ • Jan 02Ithmaar Holding Announces the Resignation of the Board Member, Mohammed BucheeriThe Board of Directors of Ithmaar Holding announced the resignation of its board member, Mr. Mohammed Bucheeri, due to health reasons. The resignation will be effective end of day 31 December 2023. Mr. Bucheeri was an appointed Board member by a major shareholder, Dar Al-Maal Al-Islami Trust, and the disclosure for a replacement appointment shall be issued in due course.
お知らせ • Dec 26Ithmaar Holding B.S.C. to Report Fiscal Year 2023 Results on Feb 13, 2024Ithmaar Holding B.S.C. announced that they will report fiscal year 2023 results on Feb 13, 2024
Board Change • Dec 20Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 3 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.
Board Change • Oct 24Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 3 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.
お知らせ • Sep 22Ithmaar Holding B.S.C. to Report Q3, 2023 Results on Nov 13, 2023Ithmaar Holding B.S.C. announced that they will report Q3, 2023 results at 9:30 AM, Arabian Standard Time on Nov 13, 2023
お知らせ • Jun 23Ithmaar Holding B.S.C. to Report Q2, 2023 Results on Aug 13, 2023Ithmaar Holding B.S.C. announced that they will report Q2, 2023 results at 9:30 AM, Arabian Standard Time on Aug 13, 2023
Reported Earnings • Jun 08First quarter 2023 earnings released: US$0.001 loss per share (vs US$0.002 loss in 1Q 2022)First quarter 2023 results: US$0.001 loss per share (improved from US$0.002 loss in 1Q 2022). Revenue: US$202.3m (up 253% from 1Q 2022). Net income: US$233.6m (up US$238.0m from 1Q 2022).
Board Change • Jun 07Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 3 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.
Board Change • May 11Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 3 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.
Board Change • Apr 13Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 3 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.
Board Change • Feb 08Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 3 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.
お知らせ • Dec 26Ithmaar Holding B.S.C. to Report Fiscal Year 2022 Results on Feb 13, 2023Ithmaar Holding B.S.C. announced that they will report fiscal year 2022 results at 12:30 PM, Arabian Standard Time on Feb 13, 2023
Board Change • Dec 22Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 3 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.
Board Change • Oct 11Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 7 highly experienced directors. 5 independent directors (6 non-independent directors). Independent Non Executive Director Elham Ebrahim Hasan was the last independent 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: Minority of independent directors. Insufficient board refreshment.
Reported Earnings • Aug 30Second quarter 2022 earnings released: EPS: US$0.001 (vs US$0.002 loss in 2Q 2021)Second quarter 2022 results: EPS: US$0.001 (up from US$0.002 loss in 2Q 2021). Revenue: US$64.4m (flat on 2Q 2021). Net income: US$4.09m (up US$8.94m from 2Q 2021). Profit margin: 6.4% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings.
Board Change • Aug 29Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.
Board Change • Jul 13Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.
Board Change • May 31Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.
Reported Earnings • May 16First quarter 2022 earnings released: US$0.002 loss per share (vs US$0.003 profit in 1Q 2021)First quarter 2022 results: US$0.002 loss per share (down from US$0.003 profit in 1Q 2021). Revenue: US$57.2m (down 19% from 1Q 2021). Net loss: US$4.37m (down 149% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings.
Board Change • Apr 27Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.
Reported Earnings • Feb 16Full year 2021 earnings: EPS in line with analyst expectations despite revenue beatFull year 2021 results: EPS: US$0.013 (up from US$0.014 loss in FY 2020). Revenue: US$335.1m (up 7.5% from FY 2020). Net income: US$38.6m (up US$80.3m from FY 2020). Profit margin: 12% (up from net loss in FY 2020). The move to profitability was primarily driven by lower expenses. Revenue exceeded analyst estimates by 107%. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings.
Board Change • Jan 31Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.
Board Change • Jan 05Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.
Board Change • Dec 09Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.
Reported Earnings • Nov 15Third quarter 2021 earnings released: US$0.001 loss per share (vs US$0.001 loss in 3Q 2020)The company reported a soft third quarter result with increased losses and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: US$60.8m (up 4.3% from 3Q 2020). Net loss: US$2.53m (loss widened 27% from 3Q 2020). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings.
Board Change • Nov 04Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.
Board Change • Sep 14Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. Independent Non Executive Director Elham Ebrahim Hasan 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: Insufficient board refreshment.
