View Financial HealthLottomatica Group 配当と自社株買い配当金 基準チェック /36Lottomatica Group配当を支払う会社であり、現在の利回りは1.75%で、収益によって十分にカバーされています。主要情報1.7%配当利回り4.3%バイバック利回り総株主利回り6.0%将来の配当利回り3.0%配当成長n/a次回配当支払日n/a配当落ち日n/a一株当たり配当金n/a配当性向57%最近の配当と自社株買いの更新お知らせ • Mar 05Lottomatica Group S.p.A. announces Annual dividend, payable on May 20, 2026Lottomatica Group S.p.A. announced Annual dividend of EUR 0.4400 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026.お知らせ • Mar 06Lottomatica Group S.p.A. announces Annual dividend, payable on May 21, 2025Lottomatica Group S.p.A. announced Annual dividend of EUR 0.3000 per share payable on May 21, 2025, ex-date on May 19, 2025 and record date on May 20, 2025.すべての更新を表示Recent updatesBoard Change • May 20High number of new directorsIndependent Director Tiziana Togna was the last director to join the board, commencing their role in 2025.お知らせ • Mar 05Lottomatica Group S.p.A. announces Annual dividend, payable on May 20, 2026Lottomatica Group S.p.A. announced Annual dividend of EUR 0.4400 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026.お知らせ • Jan 20+ 3 more updatesLottomatica Group S.p.A. to Report Nine Months, 2026 Results on Nov 02, 2026Lottomatica Group S.p.A. announced that they will report nine months, 2026 results on Nov 02, 2026Board Change • Dec 30High number of new and inexperienced directorsThere are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. 2 experienced directors. 1 highly experienced director. Chairman & CEO Guglielmo Angelozzi is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.お知らせ • Mar 24Lottomatica Group S.p.A., Annual General Meeting, Apr 30, 2025Lottomatica Group S.p.A., Annual General Meeting, Apr 30, 2025, at 12:00 W. Europe Standard Time.お知らせ • Mar 07Lottomatica Group S.p.A. announced that it expects to receive €405.6 million in fundingLottomatica Group S.p.A announced a private placement of 26,000,000 Ordinary shares at an issue price of € 15.60 for aggregate gross proceeds € 405,600,000 on March 5, 2025, through an accelerated bookbuild offering. The Placement is targeted at eligible institutional investors. Settlement for the Placement is expected to take place on March 10, 2025.お知らせ • Mar 06Lottomatica Group S.p.A. announces Annual dividend, payable on May 21, 2025Lottomatica Group S.p.A. announced Annual dividend of EUR 0.3000 per share payable on May 21, 2025, ex-date on May 19, 2025 and record date on May 20, 2025.お知らせ • Dec 17+ 2 more updatesLottomatica Group S.p.A. to Report First Half, 2025 Results on Jul 30, 2025Lottomatica Group S.p.A. announced that they will report first half, 2025 results on Jul 30, 2025Reported Earnings • Nov 02Third quarter 2024 earnings released: EPS: €0.11 (vs €0.12 in 3Q 2023)Third quarter 2024 results: EPS: €0.11. Revenue: €489.3m (up 31% from 3Q 2023). Net income: €28.8m (up 8.9% from 3Q 2023). Profit margin: 5.9% (down from 7.0% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Hospitality industry in Germany.Buy Or Sell Opportunity • May 20Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 10% to €10.12. The fair value is estimated to be €12.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last year. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 8.9% per annum. Earnings are also forecast to grow by 38% per annum over the same time period.Reported Earnings • May 02First quarter 2024 earnings released: EPS: €0.11 (vs €0.22 in 1Q 2023)First quarter 2024 results: EPS: €0.11 (down from €0.22 in 1Q 2023). Revenue: €444.0m (up 5.1% from 1Q 2023). Net income: €28.6m (down 36% from 1Q 2023). Profit margin: 6.4% (down from 11% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Hospitality industry in Germany.お知らせ • Apr 07+ 2 more updatesLottomatica Group S.p.A. to Report Nine Months, 2024 Results on Oct 29, 2024Lottomatica Group S.p.A. announced that they will report nine months, 2024 results on Oct 29, 2024Buy Or Sell Opportunity • Mar 28Now 22% undervaluedOver the last 90 days, the stock has risen 8.5% to €10.55. The fair value is estimated to be €13.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 9.2% per annum. Earnings are also forecast to grow by 31% per annum over the same time period.Buy Or Sell Opportunity • Mar 07Now 21% undervaluedOver the last 90 days, the stock has risen 15% to €10.75. The fair value is estimated to be €13.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 9.2% per annum. Earnings are also forecast to grow by 31% per annum over the same time period.New Risk • Mar 06New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 1.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company.Reported Earnings • Mar 03Full year 2023 earnings released: EPS: €0.29 (vs €1,461 in FY 2022)Full year 2023 results: EPS: €0.29 (down from €1,461 in FY 2022). Revenue: €1.65b (up 18% from FY 2022). Net income: €68.3m (down 6.5% from FY 2022). Profit margin: 4.1% (down from 5.2% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Hospitality industry in Germany.お知らせ • Feb 23Lottomatica Group S.p.A. to Report Fiscal Year 2023 Results on Feb 29, 2024Lottomatica Group S.p.A. announced that they will report fiscal year 2023 results on Feb 29, 2024New Risk • Nov 12New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 22% 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 Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risk Large one-off items impacting financial results.New Risk • Nov 04New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 24% 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 Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risk Large one-off items impacting financial results.Reported Earnings • Nov 01Third quarter 2023 earnings releasedThird quarter 2023 results: Revenue: €389.3m (up 16% from 3Q 2022). Net income: €26.4m (up 29% from 3Q 2022). Profit margin: 6.8% (up from 6.1% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Hospitality industry in Germany.New Risk • Aug 04New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 24% 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 Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risk Large one-off items impacting financial results.Reported Earnings • Aug 04Second quarter 2023 earnings released: €0.008 loss per share (vs €0.08 profit in 2Q 2022)Second quarter 2023 results: €0.008 loss per share (down from €0.08 profit in 2Q 2022). Revenue: €397.8m (up 21% from 2Q 2022). Net loss: €1.75m (down 111% from profit in 2Q 2022). Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Hospitality industry in Germany.Board Change • Jul 13Less than half of directors are independentThere are 7 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Gaia Mazzalveri was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity.お知らせ • Jun 01+ 1 more updateLottomatica Group S.p.A. to Report First Half, 2023 Results on Jul 27, 2023Lottomatica Group S.p.A. announced that they will report first half, 2023 results on Jul 27, 2023Board Change • May 05Less than half of directors are independentThere are 7 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Gaia Mazzalveri was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity.決済の安定と成長配当データの取得安定した配当: 配当金の支払いは安定していますが、 I56が配当金を支払っている期間は 10 年未満です。増加する配当: I56の配当金は増加していますが、同社は2年間しか配当金を支払っていません。配当利回り対市場Lottomatica Group 配当利回り対市場I56 配当利回りは市場と比べてどうか？セグメント配当利回り会社 (I56)1.7%市場下位25% (DE)1.5%市場トップ25% (DE)4.5%業界平均 (Hospitality)3.0%アナリスト予想 (I56) (最長3年)3.0%注目すべき配当: I56の配当金 ( 1.75% ) はGerman市場の配当金支払者の下位 25% ( 1.52% ) よりも高くなっています。高配当: I56の配当金 ( 1.75% ) はGerman市場の配当金支払者の上位 25% ( 4.52% ) と比較すると低いです。株主への利益配当収益カバレッジ: I56の配当金は、合理的な 配当性向 ( 56.7% ) により、利益によって賄われています。株主配当金キャッシュフローカバレッジ: I56の 現金配当性向 ( 25.6% ) は比較的低く、配当金の支払いはキャッシュフローによって十分にカバーされています。高配当企業の発掘7D1Y7D1Y7D1YDE 市場の強力な配当支払い企業。View Management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2026/05/21 21:44終値2026/05/20 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Lottomatica Group S.p.A. 15 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。23 アナリスト機関Andrea BonfaBanca Akros S.p.A. (ESN)James Rowland ClarkBarclaysPravin GondhaleBarclays20 その他のアナリストを表示
お知らせ • Mar 05Lottomatica Group S.p.A. announces Annual dividend, payable on May 20, 2026Lottomatica Group S.p.A. announced Annual dividend of EUR 0.4400 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026.
お知らせ • Mar 06Lottomatica Group S.p.A. announces Annual dividend, payable on May 21, 2025Lottomatica Group S.p.A. announced Annual dividend of EUR 0.3000 per share payable on May 21, 2025, ex-date on May 19, 2025 and record date on May 20, 2025.
Board Change • May 20High number of new directorsIndependent Director Tiziana Togna was the last director to join the board, commencing their role in 2025.
お知らせ • Mar 05Lottomatica Group S.p.A. announces Annual dividend, payable on May 20, 2026Lottomatica Group S.p.A. announced Annual dividend of EUR 0.4400 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026.
お知らせ • Jan 20+ 3 more updatesLottomatica Group S.p.A. to Report Nine Months, 2026 Results on Nov 02, 2026Lottomatica Group S.p.A. announced that they will report nine months, 2026 results on Nov 02, 2026
Board Change • Dec 30High number of new and inexperienced directorsThere are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. 2 experienced directors. 1 highly experienced director. Chairman & CEO Guglielmo Angelozzi is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.
お知らせ • Mar 24Lottomatica Group S.p.A., Annual General Meeting, Apr 30, 2025Lottomatica Group S.p.A., Annual General Meeting, Apr 30, 2025, at 12:00 W. Europe Standard Time.
お知らせ • Mar 07Lottomatica Group S.p.A. announced that it expects to receive €405.6 million in fundingLottomatica Group S.p.A announced a private placement of 26,000,000 Ordinary shares at an issue price of € 15.60 for aggregate gross proceeds € 405,600,000 on March 5, 2025, through an accelerated bookbuild offering. The Placement is targeted at eligible institutional investors. Settlement for the Placement is expected to take place on March 10, 2025.
お知らせ • Mar 06Lottomatica Group S.p.A. announces Annual dividend, payable on May 21, 2025Lottomatica Group S.p.A. announced Annual dividend of EUR 0.3000 per share payable on May 21, 2025, ex-date on May 19, 2025 and record date on May 20, 2025.
お知らせ • Dec 17+ 2 more updatesLottomatica Group S.p.A. to Report First Half, 2025 Results on Jul 30, 2025Lottomatica Group S.p.A. announced that they will report first half, 2025 results on Jul 30, 2025
Reported Earnings • Nov 02Third quarter 2024 earnings released: EPS: €0.11 (vs €0.12 in 3Q 2023)Third quarter 2024 results: EPS: €0.11. Revenue: €489.3m (up 31% from 3Q 2023). Net income: €28.8m (up 8.9% from 3Q 2023). Profit margin: 5.9% (down from 7.0% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Hospitality industry in Germany.
Buy Or Sell Opportunity • May 20Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 10% to €10.12. The fair value is estimated to be €12.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last year. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 8.9% per annum. Earnings are also forecast to grow by 38% per annum over the same time period.
Reported Earnings • May 02First quarter 2024 earnings released: EPS: €0.11 (vs €0.22 in 1Q 2023)First quarter 2024 results: EPS: €0.11 (down from €0.22 in 1Q 2023). Revenue: €444.0m (up 5.1% from 1Q 2023). Net income: €28.6m (down 36% from 1Q 2023). Profit margin: 6.4% (down from 11% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Hospitality industry in Germany.
お知らせ • Apr 07+ 2 more updatesLottomatica Group S.p.A. to Report Nine Months, 2024 Results on Oct 29, 2024Lottomatica Group S.p.A. announced that they will report nine months, 2024 results on Oct 29, 2024
Buy Or Sell Opportunity • Mar 28Now 22% undervaluedOver the last 90 days, the stock has risen 8.5% to €10.55. The fair value is estimated to be €13.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 9.2% per annum. Earnings are also forecast to grow by 31% per annum over the same time period.
Buy Or Sell Opportunity • Mar 07Now 21% undervaluedOver the last 90 days, the stock has risen 15% to €10.75. The fair value is estimated to be €13.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 9.2% per annum. Earnings are also forecast to grow by 31% per annum over the same time period.
New Risk • Mar 06New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 1.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company.
Reported Earnings • Mar 03Full year 2023 earnings released: EPS: €0.29 (vs €1,461 in FY 2022)Full year 2023 results: EPS: €0.29 (down from €1,461 in FY 2022). Revenue: €1.65b (up 18% from FY 2022). Net income: €68.3m (down 6.5% from FY 2022). Profit margin: 4.1% (down from 5.2% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Hospitality industry in Germany.
お知らせ • Feb 23Lottomatica Group S.p.A. to Report Fiscal Year 2023 Results on Feb 29, 2024Lottomatica Group S.p.A. announced that they will report fiscal year 2023 results on Feb 29, 2024
New Risk • Nov 12New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 22% 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 Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risk Large one-off items impacting financial results.
New Risk • Nov 04New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 24% 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 Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risk Large one-off items impacting financial results.
Reported Earnings • Nov 01Third quarter 2023 earnings releasedThird quarter 2023 results: Revenue: €389.3m (up 16% from 3Q 2022). Net income: €26.4m (up 29% from 3Q 2022). Profit margin: 6.8% (up from 6.1% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Hospitality industry in Germany.
New Risk • Aug 04New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 24% 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 Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risk Large one-off items impacting financial results.
Reported Earnings • Aug 04Second quarter 2023 earnings released: €0.008 loss per share (vs €0.08 profit in 2Q 2022)Second quarter 2023 results: €0.008 loss per share (down from €0.08 profit in 2Q 2022). Revenue: €397.8m (up 21% from 2Q 2022). Net loss: €1.75m (down 111% from profit in 2Q 2022). Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Hospitality industry in Germany.
Board Change • Jul 13Less than half of directors are independentThere are 7 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Gaia Mazzalveri was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity.
お知らせ • Jun 01+ 1 more updateLottomatica Group S.p.A. to Report First Half, 2023 Results on Jul 27, 2023Lottomatica Group S.p.A. announced that they will report first half, 2023 results on Jul 27, 2023
Board Change • May 05Less than half of directors are independentThere are 7 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Gaia Mazzalveri was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity.