View ValuationNational Bankshares 将来の成長Future 基準チェック /16National Bankshares は収益が増加すると予測されています。EPS は、年間 増加すると予測されています10.3%。主要情報10.1%収益成長率10.35%EPS成長率Banks 収益成長8.5%収益成長率n/a将来の株主資本利益率n/aアナリストカバレッジLow最終更新日27 Apr 2026今後の成長に関する最新情報更新なしすべての更新を表示Recent updatesBuy Or Sell Opportunity • Jul 03Now 20% undervaluedOver the last 90 days, the stock has risen 1.3% to €31.80. The fair value is estimated to be €39.86, 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 25%.Buy Or Sell Opportunity • Jun 15Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 9.8% to €29.40. The fair value is estimated to be €37.64, 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 25%.Declared Dividend • May 25Dividend of US$0.75 announcedShareholders will receive a dividend of US$0.75. Ex-date: 26th May 2026 Payment date: 1st June 2026 Dividend yield will be 4.7%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 2.9% 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 10% over the next year, which should provide support to the dividend and adequate earnings cover.お知らせ • Apr 01National Bankshares, Inc., Annual General Meeting, May 12, 2026National Bankshares, Inc., Annual General Meeting, May 12, 2026. Location: at the inn at virginia tech, at 901 prices fork road, blacksburg, virginia. United Statesお知らせ • Nov 14National Bankshares, Inc. Approves Semi-Annual Dividend, Payable on December 1, 2025The Board of Directors of National Bankshares, Inc. approved payment on December 1, 2025 of a semi-annual dividend of $0.78 per share to all stockholders of record as of November 24, 2025.お知らせ • Apr 01National Bankshares, Inc., Annual General Meeting, May 13, 2025National Bankshares, Inc., Annual General Meeting, May 13, 2025. Location: the inn at virginia tech, 901 prices fork road, 901 prices fork road, blacksburg, virginia 24061, virginia United StatesReported Earnings • Oct 25Third quarter 2024 earnings released: EPS: US$0.42 (vs US$0.52 in 3Q 2023)Third quarter 2024 results: EPS: US$0.42 (down from US$0.52 in 3Q 2023). Revenue: US$11.7m (up 5.1% from 3Q 2023). Net income: US$2.68m (down 13% from 3Q 2023). Profit margin: 23% (down from 28% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.お知らせ • Oct 18National Bankshares, Inc. and The National Bank of Blacksburg Announce Executive ChangesNational Bankshares, Inc. announced the promotion of Lara E. Ramsey to President of the Company and its subsidiary bank, The National Bank of Blacksburg, effective January 1, 2025. Ms. Ramsey has been with the Company since 1996, most recently as Executive Vice President and Chief Operating Officer. During her career at National Bankshares she has led the Company’s Investment, Human Resources, Marketing, Training, Corporate Administration, and Strategic Initiative functions. The Company’s current President and Chief Executive Officer, F. Brad Denardo, will continue to serve as Chairman and Chief Executive Officer of the bank and holding company. A native of Lebanon, Virginia, Ms. Ramsey is a graduate of Radford University with a dual bachelor's degree in Psychology and Economics and a master's degree in Industrial and Organizational Psychology. She is also a graduate of the Virginia Bankers Association’s School of Bank Management, the American Bankers Association’s Stonier Graduate School of Banking, The New River Valley Leadership program, and is a certified Senior Professional in Human Resources. Ms. Ramsey serves on the Radford University Alumni Association Board of Directors and the Radford University Athletic Foundation Board of Directors. She is a past Board Member of both the United Way of the New River Valley and the Montgomery County Chamber of Commerce. Ms. Ramsey resides in Radford with her husband, Sean. The couple have an adult son, Benjamin, who is currently pursuing a master’s degree at Virginia Tech.New Risk • Jul 28New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (98% payout ratio). Profit margins are more than 30% lower than last year (21% net profit margin). Shareholders have been diluted in the past year (7.9% increase in shares outstanding).Reported Earnings • Jul 26Second quarter 2024 earnings released: US$0.051 loss per share (vs US$0.66 profit in 2Q 2023)Second quarter 2024 results: US$0.051 loss per share (down from US$0.66 profit in 2Q 2023). Revenue: US$9.47m (down 21% from 2Q 2023). Net loss: US$306.0k (down 108% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.お知らせ • Jun 05Alan Sweet to Serve on the Boards of Directors of National Bankshares and The National Bank of BlacksburgAlan Sweet, former President and Chief Executive Officer of Frontier, will serve on the boards of directors of National Bankshares and The National Bank of Blacksburg (National Bank).Reported Earnings • Apr 26First quarter 2024 earnings released: EPS: US$0.37 (vs US$0.77 in 1Q 2023)First quarter 2024 results: EPS: US$0.37 (down from US$0.77 in 1Q 2023). Revenue: US$10.5m (down 21% from 1Q 2023). Net income: US$2.17m (down 52% from 1Q 2023). Profit margin: 21% (down from 35% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 3% per year.Reported Earnings • Mar 21Full year 2023 earnings released: EPS: US$2.66 (vs US$4.33 in FY 2022)Full year 2023 results: EPS: US$2.66 (down from US$4.33 in FY 2022). Revenue: US$47.9m (down 18% from FY 2022). Net income: US$15.7m (down 40% from FY 2022). Profit margin: 33% (down from 44% in FY 2022). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 2.38% (down from 2.88% in FY 2022). Cost-to-income ratio: 61.0% (up from 47.7% in FY 2022). Non-performing loans: 0.31% (down from 0.33% in FY 2022). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth.お知らせ • Feb 29National Bankshares, Inc., Annual General Meeting, May 14, 2024National Bankshares, Inc., Annual General Meeting, May 14, 2024. Location: The Inn at Virginia Tech and Skelton Conference Center 901 Prices Fork Road , Blacksburg Virginia United StatesValuation Update With 7 Day Price Move • Feb 07Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to €25.20, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 7x in the Banks industry in Europe. Total returns to shareholders of 15% over the past three years.Reported Earnings • Jan 27Full year 2023 earnings released: EPS: US$2.66 (vs US$4.33 in FY 2022)Full year 2023 results: EPS: US$2.66 (down from US$4.33 in FY 2022). Revenue: US$47.9m (down 18% from FY 2022). Net income: US$15.7m (down 40% from FY 2022). Profit margin: 33% (down from 44% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth.お知らせ • Jan 25National Bankshares, Inc. Appoints Lara E. Ramsey as DirectorNational Bankshares, Inc.’s Board of Directors appointed Lara E. Ramsey as a new director of the Company, effective immediately. Ms. Ramsey has served as Executive Vice President and Chief Operating Officer of the Company since May 2023 and has served in various senior officer positions with the Company and the Bank since 1996.Valuation Update With 7 Day Price Move • Dec 19Investor sentiment improves as stock rises 22%After last week's 22% share price gain to €32.20, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 7x in the Banks industry in Europe. Total loss to shareholders of 6.6% over the past year.Reported Earnings • Oct 27Third quarter 2023 earnings released: EPS: US$0.52 (vs US$1.03 in 3Q 2022)Third quarter 2023 results: EPS: US$0.52 (down from US$1.03 in 3Q 2022). Revenue: US$11.2m (down 22% from 3Q 2022). Net income: US$3.07m (down 50% from 3Q 2022). Profit margin: 28% (down from 43% in 3Q 2022).Reported Earnings • Jul 26Second quarter 2023 earnings released: EPS: US$0.66 (vs US$0.93 in 2Q 2022)Second quarter 2023 results: EPS: US$0.66 (down from US$0.93 in 2Q 2022). Revenue: US$12.0m (down 8.3% from 2Q 2022). Net income: US$3.90m (down 30% from 2Q 2022). Profit margin: 33% (down from 43% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is expected to decline by 13% p.a. on average during the next 2 years, while revenues in the Banks industry in Europe are expected to grow by 4.4%.Board Change • Jul 26Insufficient 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. 6 highly experienced directors. Chairman, President & CEO F. Denardo was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.業績と収益の成長予測DB:9F2 - アナリストの将来予測と過去の財務データ ( )USD Millions日付収益収益フリー・キャッシュフロー営業活動によるキャッシュ平均アナリスト数3/31/202658181719N/A12/31/202556161518N/A9/30/202552131316N/A6/30/202550111013N/A3/31/202546948N/A12/31/202444869N/A9/30/202443946N/A6/30/202443979N/A3/31/202445131315N/A12/31/202348161416N/A9/30/202355212325N/A6/30/202358242527N/A3/31/202359262627N/A12/31/202259262830N/A9/30/202253222323N/A6/30/202252212122N/A3/31/202251212223N/A12/31/202151202323N/A9/30/202150202121N/A6/30/202148181819N/A3/31/202145171515N/A12/31/202044161214N/A9/30/202044161517N/A6/30/202044161617N/A3/31/202046171719N/A12/31/20194617N/A19N/A9/30/20194617N/A18N/A6/30/20194617N/A18N/A3/31/20194517N/A19N/A12/31/20184616N/A20N/A9/30/20184715N/A14N/A6/30/20184614N/A14N/A3/31/20184614N/A13N/A12/31/20174514N/A11N/A9/30/20174314N/A15N/A6/30/20174415N/A16N/A3/31/20174415N/A14N/A12/31/20164215N/A18N/A9/30/20164515N/A19N/A6/30/20164515N/A19N/A3/31/20164616N/A21N/A12/31/20154616N/A21N/A9/30/20154716N/A20N/Aもっと見るアナリストによる今後の成長予測収入対貯蓄率: 9F2の予測収益成長率 (年間10.1% ) は 貯蓄率 ( 1.9% ) を上回っています。収益対市場: 9F2の収益 ( 10.1% ) German市場 ( 16.8% ) よりも低い成長が予測されています。高成長収益: 9F2の収益は増加すると予測されていますが、大幅には増加しません。収益対市場: 9F2の収益がGerman市場よりも速く成長すると予測されるかどうかを判断するにはデータが不十分です。高い収益成長: 9F2の収益が年間20%よりも速く成長すると予測されるかどうかを判断するにはデータが不十分です。一株当たり利益成長率予想将来の株主資本利益率将来のROE: 9F2の 自己資本利益率 が 3 年後に高くなると予測されるかどうかを判断するにはデータが不十分です成長企業の発掘7D1Y7D1Y7D1YBanks 業界の高成長企業。View Past Performance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2026/07/13 21:11終値2026/07/10 00:00収益2026/03/31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この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、レポートの活用方法に関するガイドやYouTubeのチュートリアルも用意しています。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National Bankshares, Inc. 1 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Christopher MarinacBrean Capital Historical (Janney Montgomery)Brendan NosalPiper Sandler Companies
Buy Or Sell Opportunity • Jul 03Now 20% undervaluedOver the last 90 days, the stock has risen 1.3% to €31.80. The fair value is estimated to be €39.86, 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 25%.
Buy Or Sell Opportunity • Jun 15Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 9.8% to €29.40. The fair value is estimated to be €37.64, 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 25%.
Declared Dividend • May 25Dividend of US$0.75 announcedShareholders will receive a dividend of US$0.75. Ex-date: 26th May 2026 Payment date: 1st June 2026 Dividend yield will be 4.7%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 2.9% 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 10% over the next year, which should provide support to the dividend and adequate earnings cover.
お知らせ • Apr 01National Bankshares, Inc., Annual General Meeting, May 12, 2026National Bankshares, Inc., Annual General Meeting, May 12, 2026. Location: at the inn at virginia tech, at 901 prices fork road, blacksburg, virginia. United States
お知らせ • Nov 14National Bankshares, Inc. Approves Semi-Annual Dividend, Payable on December 1, 2025The Board of Directors of National Bankshares, Inc. approved payment on December 1, 2025 of a semi-annual dividend of $0.78 per share to all stockholders of record as of November 24, 2025.
お知らせ • Apr 01National Bankshares, Inc., Annual General Meeting, May 13, 2025National Bankshares, Inc., Annual General Meeting, May 13, 2025. Location: the inn at virginia tech, 901 prices fork road, 901 prices fork road, blacksburg, virginia 24061, virginia United States
Reported Earnings • Oct 25Third quarter 2024 earnings released: EPS: US$0.42 (vs US$0.52 in 3Q 2023)Third quarter 2024 results: EPS: US$0.42 (down from US$0.52 in 3Q 2023). Revenue: US$11.7m (up 5.1% from 3Q 2023). Net income: US$2.68m (down 13% from 3Q 2023). Profit margin: 23% (down from 28% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.
お知らせ • Oct 18National Bankshares, Inc. and The National Bank of Blacksburg Announce Executive ChangesNational Bankshares, Inc. announced the promotion of Lara E. Ramsey to President of the Company and its subsidiary bank, The National Bank of Blacksburg, effective January 1, 2025. Ms. Ramsey has been with the Company since 1996, most recently as Executive Vice President and Chief Operating Officer. During her career at National Bankshares she has led the Company’s Investment, Human Resources, Marketing, Training, Corporate Administration, and Strategic Initiative functions. The Company’s current President and Chief Executive Officer, F. Brad Denardo, will continue to serve as Chairman and Chief Executive Officer of the bank and holding company. A native of Lebanon, Virginia, Ms. Ramsey is a graduate of Radford University with a dual bachelor's degree in Psychology and Economics and a master's degree in Industrial and Organizational Psychology. She is also a graduate of the Virginia Bankers Association’s School of Bank Management, the American Bankers Association’s Stonier Graduate School of Banking, The New River Valley Leadership program, and is a certified Senior Professional in Human Resources. Ms. Ramsey serves on the Radford University Alumni Association Board of Directors and the Radford University Athletic Foundation Board of Directors. She is a past Board Member of both the United Way of the New River Valley and the Montgomery County Chamber of Commerce. Ms. Ramsey resides in Radford with her husband, Sean. The couple have an adult son, Benjamin, who is currently pursuing a master’s degree at Virginia Tech.
New Risk • Jul 28New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (98% payout ratio). Profit margins are more than 30% lower than last year (21% net profit margin). Shareholders have been diluted in the past year (7.9% increase in shares outstanding).
Reported Earnings • Jul 26Second quarter 2024 earnings released: US$0.051 loss per share (vs US$0.66 profit in 2Q 2023)Second quarter 2024 results: US$0.051 loss per share (down from US$0.66 profit in 2Q 2023). Revenue: US$9.47m (down 21% from 2Q 2023). Net loss: US$306.0k (down 108% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.
お知らせ • Jun 05Alan Sweet to Serve on the Boards of Directors of National Bankshares and The National Bank of BlacksburgAlan Sweet, former President and Chief Executive Officer of Frontier, will serve on the boards of directors of National Bankshares and The National Bank of Blacksburg (National Bank).
Reported Earnings • Apr 26First quarter 2024 earnings released: EPS: US$0.37 (vs US$0.77 in 1Q 2023)First quarter 2024 results: EPS: US$0.37 (down from US$0.77 in 1Q 2023). Revenue: US$10.5m (down 21% from 1Q 2023). Net income: US$2.17m (down 52% from 1Q 2023). Profit margin: 21% (down from 35% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 3% per year.
Reported Earnings • Mar 21Full year 2023 earnings released: EPS: US$2.66 (vs US$4.33 in FY 2022)Full year 2023 results: EPS: US$2.66 (down from US$4.33 in FY 2022). Revenue: US$47.9m (down 18% from FY 2022). Net income: US$15.7m (down 40% from FY 2022). Profit margin: 33% (down from 44% in FY 2022). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 2.38% (down from 2.88% in FY 2022). Cost-to-income ratio: 61.0% (up from 47.7% in FY 2022). Non-performing loans: 0.31% (down from 0.33% in FY 2022). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth.
お知らせ • Feb 29National Bankshares, Inc., Annual General Meeting, May 14, 2024National Bankshares, Inc., Annual General Meeting, May 14, 2024. Location: The Inn at Virginia Tech and Skelton Conference Center 901 Prices Fork Road , Blacksburg Virginia United States
Valuation Update With 7 Day Price Move • Feb 07Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to €25.20, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 7x in the Banks industry in Europe. Total returns to shareholders of 15% over the past three years.
Reported Earnings • Jan 27Full year 2023 earnings released: EPS: US$2.66 (vs US$4.33 in FY 2022)Full year 2023 results: EPS: US$2.66 (down from US$4.33 in FY 2022). Revenue: US$47.9m (down 18% from FY 2022). Net income: US$15.7m (down 40% from FY 2022). Profit margin: 33% (down from 44% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth.
お知らせ • Jan 25National Bankshares, Inc. Appoints Lara E. Ramsey as DirectorNational Bankshares, Inc.’s Board of Directors appointed Lara E. Ramsey as a new director of the Company, effective immediately. Ms. Ramsey has served as Executive Vice President and Chief Operating Officer of the Company since May 2023 and has served in various senior officer positions with the Company and the Bank since 1996.
Valuation Update With 7 Day Price Move • Dec 19Investor sentiment improves as stock rises 22%After last week's 22% share price gain to €32.20, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 7x in the Banks industry in Europe. Total loss to shareholders of 6.6% over the past year.
Reported Earnings • Oct 27Third quarter 2023 earnings released: EPS: US$0.52 (vs US$1.03 in 3Q 2022)Third quarter 2023 results: EPS: US$0.52 (down from US$1.03 in 3Q 2022). Revenue: US$11.2m (down 22% from 3Q 2022). Net income: US$3.07m (down 50% from 3Q 2022). Profit margin: 28% (down from 43% in 3Q 2022).
Reported Earnings • Jul 26Second quarter 2023 earnings released: EPS: US$0.66 (vs US$0.93 in 2Q 2022)Second quarter 2023 results: EPS: US$0.66 (down from US$0.93 in 2Q 2022). Revenue: US$12.0m (down 8.3% from 2Q 2022). Net income: US$3.90m (down 30% from 2Q 2022). Profit margin: 33% (down from 43% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is expected to decline by 13% p.a. on average during the next 2 years, while revenues in the Banks industry in Europe are expected to grow by 4.4%.
Board Change • Jul 26Insufficient 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. 6 highly experienced directors. Chairman, President & CEO F. Denardo was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.