View Future GrowthAssociated Coaters 過去の業績過去 基準チェック /16Associated Coatersは、平均年間34.5%の収益成長を遂げていますが、 Metals and Mining業界の収益は、年間 成長しています。収益は、平均年間19.4% 31%収益成長率で 成長しています。 Associated Coatersの自己資本利益率は15.6%であり、純利益率は16.5%です。主要情報34.49%収益成長率-26.04%EPS成長率Metals and Mining 業界の成長25.90%収益成長率30.96%株主資本利益率15.64%ネット・マージン16.54%前回の決算情報30 Sep 2025最近の業績更新お知らせ • Nov 11Associated Coaters Limited to Report First Half, 2026 Results on Nov 14, 2025Associated Coaters Limited announced that they will report first half, 2026 results on Nov 14, 2025Reported Earnings • May 30Full year 2025 earnings released: EPS: ₹7.85 (vs ₹10.83 in FY 2024)Full year 2025 results: EPS: ₹7.85. Revenue: ₹59.6m (up 11% from FY 2024). Net income: ₹10.6m (up 5.4% from FY 2024). Profit margin: 18% (in line with FY 2024).お知らせ • May 21Associated Coaters Limited to Report Fiscal Year 2025 Results on May 26, 2025Associated Coaters Limited announced that they will report fiscal year 2025 results on May 26, 2025Reported Earnings • Nov 15First half 2025 earnings released: EPS: ₹4.30 (vs ₹4.47 in 1H 2024)First half 2025 results: EPS: ₹4.30 (down from ₹4.47 in 1H 2024). Revenue: ₹22.1m (down 14% from 1H 2024). Net income: ₹4.00m (down 3.8% from 1H 2024). Profit margin: 18% (up from 16% in 1H 2024). The increase in margin was driven by lower expenses.お知らせ • Nov 09Associated Coaters Limited to Report First Half, 2025 Results on Nov 13, 2024Associated Coaters Limited announced that they will report first half, 2025 results on Nov 13, 2024Reported Earnings • Aug 11Full year 2024 earnings released: EPS: ₹10.83 (vs ₹5.84 in FY 2023)Full year 2024 results: EPS: ₹10.83 (up from ₹5.84 in FY 2023). Revenue: ₹53.8m (up 50% from FY 2023). Net income: ₹10.1m (up 86% from FY 2023). Profit margin: 19% (up from 15% in FY 2023). The increase in margin was driven by higher revenue.すべての更新を表示Recent updatesBoard Change • May 22Less than half of directors are independentFollowing the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Chetna Gupta was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.Valuation Update With 7 Day Price Move • Apr 15Investor sentiment improves as stock rises 19%After last week's 19% share price gain to ₹110, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 22x in the Metals and Mining industry in India. Total returns to shareholders of 12% over the past year.Valuation Update With 7 Day Price Move • Feb 09Investor sentiment improves as stock rises 18%After last week's 18% share price gain to ₹93.61, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 22x in the Metals and Mining industry in India. Total loss to shareholders of 36% over the past year.Valuation Update With 7 Day Price Move • Dec 01Investor sentiment improves as stock rises 15%After last week's 15% share price gain to ₹112, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 22x in the Metals and Mining industry in India. Total loss to shareholders of 38% over the past year.New Risk • Nov 11New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 8.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.5% average weekly change). High level of non-cash earnings (97% accrual ratio). Revenue is less than US$1m (₹60m revenue, or US$672k). Market cap is less than US$10m (₹124.6m market cap, or US$1.40m).お知らせ • Nov 11Associated Coaters Limited to Report First Half, 2026 Results on Nov 14, 2025Associated Coaters Limited announced that they will report first half, 2026 results on Nov 14, 2025Valuation Update With 7 Day Price Move • Sep 02Investor sentiment improves as stock rises 22%After last week's 22% share price gain to ₹101, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 23x in the Metals and Mining industry in India. Total loss to shareholders of 53% over the past year.お知らせ • Aug 28Associated Coaters Limited, Annual General Meeting, Sep 19, 2025Associated Coaters Limited, Annual General Meeting, Sep 19, 2025, at 15:00 Indian Standard Time.New Risk • Jul 04New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (97% accrual ratio). Revenue is less than US$1m (₹60m revenue, or US$698k). Market cap is less than US$10m (₹134.1m market cap, or US$1.57m). Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change).Valuation Update With 7 Day Price Move • Jul 03Investor sentiment deteriorates as stock falls 18%After last week's 18% share price decline to ₹104, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 24x in the Metals and Mining industry in India. Total loss to shareholders of 49% over the past year.Board Change • Jun 24Less than half of directors are independentFollowing the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Chetna Gupta was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.Reported Earnings • May 30Full year 2025 earnings released: EPS: ₹7.85 (vs ₹10.83 in FY 2024)Full year 2025 results: EPS: ₹7.85. Revenue: ₹59.6m (up 11% from FY 2024). Net income: ₹10.6m (up 5.4% from FY 2024). Profit margin: 18% (in line with FY 2024).お知らせ • May 21Associated Coaters Limited to Report Fiscal Year 2025 Results on May 26, 2025Associated Coaters Limited announced that they will report fiscal year 2025 results on May 26, 2025Valuation Update With 7 Day Price Move • May 20Investor sentiment improves as stock rises 19%After last week's 19% share price gain to ₹120, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 22x in the Metals and Mining industry in India.Valuation Update With 7 Day Price Move • Mar 25Investor sentiment improves as stock rises 23%After last week's 23% share price gain to ₹103, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 21x in the Metals and Mining industry in India.Valuation Update With 7 Day Price Move • Mar 11Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to ₹97.80, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 21x in the Metals and Mining industry in India.Valuation Update With 7 Day Price Move • Jan 27Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to ₹140, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 24x in the Metals and Mining industry in India.Valuation Update With 7 Day Price Move • Jan 08Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to ₹174, the stock trades at a trailing P/E ratio of 21.9x. Average trailing P/E is 26x in the Metals and Mining industry in India.Valuation Update With 7 Day Price Move • Dec 09Investor sentiment improves as stock rises 17%After last week's 17% share price gain to ₹212, the stock trades at a trailing P/E ratio of 26.7x. Average trailing P/E is 27x in the Metals and Mining industry in India.Reported Earnings • Nov 15First half 2025 earnings released: EPS: ₹4.30 (vs ₹4.47 in 1H 2024)First half 2025 results: EPS: ₹4.30 (down from ₹4.47 in 1H 2024). Revenue: ₹22.1m (down 14% from 1H 2024). Net income: ₹4.00m (down 3.8% from 1H 2024). Profit margin: 18% (up from 16% in 1H 2024). The increase in margin was driven by lower expenses.お知らせ • Nov 09Associated Coaters Limited to Report First Half, 2025 Results on Nov 13, 2024Associated Coaters Limited announced that they will report first half, 2025 results on Nov 13, 2024Valuation Update With 7 Day Price Move • Oct 01Investor sentiment deteriorates as stock falls 20%After last week's 20% share price decline to ₹229, the stock trades at a trailing P/E ratio of 30.7x. Average trailing P/E is 27x in the Metals and Mining industry in India.Valuation Update With 7 Day Price Move • Sep 16Investor sentiment improves as stock rises 20%After last week's 20% share price gain to ₹257, the stock trades at a trailing P/E ratio of 34.5x. Average trailing P/E is 27x in the Metals and Mining industry in India.Reported Earnings • Aug 11Full year 2024 earnings released: EPS: ₹10.83 (vs ₹5.84 in FY 2023)Full year 2024 results: EPS: ₹10.83 (up from ₹5.84 in FY 2023). Revenue: ₹53.8m (up 50% from FY 2023). Net income: ₹10.1m (up 86% from FY 2023). Profit margin: 19% (up from 15% in FY 2023). The increase in margin was driven by higher revenue.お知らせ • Aug 10Associated Coaters Limited, Annual General Meeting, Sep 13, 2024Associated Coaters Limited, Annual General Meeting, Sep 13, 2024, at 12:00 Indian Standard Time.お知らせ • Aug 07Associated Coaters Limited to Report Fiscal Year 2024 Results on Aug 09, 2024Associated Coaters Limited announced that they will report fiscal year 2024 results on Aug 09, 2024Valuation Update With 7 Day Price Move • Jul 02Investor sentiment improves as stock rises 19%After last week's 19% share price gain to ₹210, the stock trades at a trailing P/E ratio of 52.3x. Average trailing P/E is 26x in the Metals and Mining industry in India.Board Change • Jun 06Less than half of directors are independentFollowing the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Additional Independent Director Chetna Gupta was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.収支内訳Associated Coaters の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。収益と収入の歴史BSE:544183 収益、費用、利益 ( )INR Millions日付収益収益G+A経費研究開発費30 Sep 2569115030 Jun 2564115031 Mar 2560114031 Dec 2455105030 Sep 2453115030 Jun 2453104031 Mar 2454103031 Mar 233653031 Mar 221411031 Mar 21000031 Mar 20000031 Mar 190000質の高い収益: 544183 非現金収入 のレベルが高いです。利益率の向上: 544183の現在の純利益率 (16.5%)は、昨年(20.4%)よりも低くなっています。フリー・キャッシュフローと収益の比較過去の収益成長分析収益動向: 544183過去 5 年間で収益を上げており、収益は年間34.5%増加しています。成長の加速: 544183の過去 1 年間の収益成長率 ( 6% ) は、5 年間の平均 ( 年間34.5%を下回っています。収益対業界: 544183の過去 1 年間の収益成長率 ( 6% ) Metals and Mining業界9.2%を上回りませんでした。株主資本利益率高いROE: 544183の 自己資本利益率 ( 15.6% ) は 低い とみなされます。総資産利益率使用総資本利益率過去の好業績企業の発掘7D1Y7D1Y7D1YMaterials 、過去の業績が好調な企業。View Financial Health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2026/05/23 12:26終値2026/05/22 00:00収益2025/09/30年間収益2025/03/31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Associated Coaters Limited 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。0
お知らせ • Nov 11Associated Coaters Limited to Report First Half, 2026 Results on Nov 14, 2025Associated Coaters Limited announced that they will report first half, 2026 results on Nov 14, 2025
Reported Earnings • May 30Full year 2025 earnings released: EPS: ₹7.85 (vs ₹10.83 in FY 2024)Full year 2025 results: EPS: ₹7.85. Revenue: ₹59.6m (up 11% from FY 2024). Net income: ₹10.6m (up 5.4% from FY 2024). Profit margin: 18% (in line with FY 2024).
お知らせ • May 21Associated Coaters Limited to Report Fiscal Year 2025 Results on May 26, 2025Associated Coaters Limited announced that they will report fiscal year 2025 results on May 26, 2025
Reported Earnings • Nov 15First half 2025 earnings released: EPS: ₹4.30 (vs ₹4.47 in 1H 2024)First half 2025 results: EPS: ₹4.30 (down from ₹4.47 in 1H 2024). Revenue: ₹22.1m (down 14% from 1H 2024). Net income: ₹4.00m (down 3.8% from 1H 2024). Profit margin: 18% (up from 16% in 1H 2024). The increase in margin was driven by lower expenses.
お知らせ • Nov 09Associated Coaters Limited to Report First Half, 2025 Results on Nov 13, 2024Associated Coaters Limited announced that they will report first half, 2025 results on Nov 13, 2024
Reported Earnings • Aug 11Full year 2024 earnings released: EPS: ₹10.83 (vs ₹5.84 in FY 2023)Full year 2024 results: EPS: ₹10.83 (up from ₹5.84 in FY 2023). Revenue: ₹53.8m (up 50% from FY 2023). Net income: ₹10.1m (up 86% from FY 2023). Profit margin: 19% (up from 15% in FY 2023). The increase in margin was driven by higher revenue.
Board Change • May 22Less than half of directors are independentFollowing the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Chetna Gupta was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
Valuation Update With 7 Day Price Move • Apr 15Investor sentiment improves as stock rises 19%After last week's 19% share price gain to ₹110, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 22x in the Metals and Mining industry in India. Total returns to shareholders of 12% over the past year.
Valuation Update With 7 Day Price Move • Feb 09Investor sentiment improves as stock rises 18%After last week's 18% share price gain to ₹93.61, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 22x in the Metals and Mining industry in India. Total loss to shareholders of 36% over the past year.
Valuation Update With 7 Day Price Move • Dec 01Investor sentiment improves as stock rises 15%After last week's 15% share price gain to ₹112, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 22x in the Metals and Mining industry in India. Total loss to shareholders of 38% over the past year.
New Risk • Nov 11New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 8.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.5% average weekly change). High level of non-cash earnings (97% accrual ratio). Revenue is less than US$1m (₹60m revenue, or US$672k). Market cap is less than US$10m (₹124.6m market cap, or US$1.40m).
お知らせ • Nov 11Associated Coaters Limited to Report First Half, 2026 Results on Nov 14, 2025Associated Coaters Limited announced that they will report first half, 2026 results on Nov 14, 2025
Valuation Update With 7 Day Price Move • Sep 02Investor sentiment improves as stock rises 22%After last week's 22% share price gain to ₹101, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 23x in the Metals and Mining industry in India. Total loss to shareholders of 53% over the past year.
お知らせ • Aug 28Associated Coaters Limited, Annual General Meeting, Sep 19, 2025Associated Coaters Limited, Annual General Meeting, Sep 19, 2025, at 15:00 Indian Standard Time.
New Risk • Jul 04New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (97% accrual ratio). Revenue is less than US$1m (₹60m revenue, or US$698k). Market cap is less than US$10m (₹134.1m market cap, or US$1.57m). Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change).
Valuation Update With 7 Day Price Move • Jul 03Investor sentiment deteriorates as stock falls 18%After last week's 18% share price decline to ₹104, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 24x in the Metals and Mining industry in India. Total loss to shareholders of 49% over the past year.
Board Change • Jun 24Less than half of directors are independentFollowing the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Chetna Gupta was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
Reported Earnings • May 30Full year 2025 earnings released: EPS: ₹7.85 (vs ₹10.83 in FY 2024)Full year 2025 results: EPS: ₹7.85. Revenue: ₹59.6m (up 11% from FY 2024). Net income: ₹10.6m (up 5.4% from FY 2024). Profit margin: 18% (in line with FY 2024).
お知らせ • May 21Associated Coaters Limited to Report Fiscal Year 2025 Results on May 26, 2025Associated Coaters Limited announced that they will report fiscal year 2025 results on May 26, 2025
Valuation Update With 7 Day Price Move • May 20Investor sentiment improves as stock rises 19%After last week's 19% share price gain to ₹120, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 22x in the Metals and Mining industry in India.
Valuation Update With 7 Day Price Move • Mar 25Investor sentiment improves as stock rises 23%After last week's 23% share price gain to ₹103, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 21x in the Metals and Mining industry in India.
Valuation Update With 7 Day Price Move • Mar 11Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to ₹97.80, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 21x in the Metals and Mining industry in India.
Valuation Update With 7 Day Price Move • Jan 27Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to ₹140, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 24x in the Metals and Mining industry in India.
Valuation Update With 7 Day Price Move • Jan 08Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to ₹174, the stock trades at a trailing P/E ratio of 21.9x. Average trailing P/E is 26x in the Metals and Mining industry in India.
Valuation Update With 7 Day Price Move • Dec 09Investor sentiment improves as stock rises 17%After last week's 17% share price gain to ₹212, the stock trades at a trailing P/E ratio of 26.7x. Average trailing P/E is 27x in the Metals and Mining industry in India.
Reported Earnings • Nov 15First half 2025 earnings released: EPS: ₹4.30 (vs ₹4.47 in 1H 2024)First half 2025 results: EPS: ₹4.30 (down from ₹4.47 in 1H 2024). Revenue: ₹22.1m (down 14% from 1H 2024). Net income: ₹4.00m (down 3.8% from 1H 2024). Profit margin: 18% (up from 16% in 1H 2024). The increase in margin was driven by lower expenses.
お知らせ • Nov 09Associated Coaters Limited to Report First Half, 2025 Results on Nov 13, 2024Associated Coaters Limited announced that they will report first half, 2025 results on Nov 13, 2024
Valuation Update With 7 Day Price Move • Oct 01Investor sentiment deteriorates as stock falls 20%After last week's 20% share price decline to ₹229, the stock trades at a trailing P/E ratio of 30.7x. Average trailing P/E is 27x in the Metals and Mining industry in India.
Valuation Update With 7 Day Price Move • Sep 16Investor sentiment improves as stock rises 20%After last week's 20% share price gain to ₹257, the stock trades at a trailing P/E ratio of 34.5x. Average trailing P/E is 27x in the Metals and Mining industry in India.
Reported Earnings • Aug 11Full year 2024 earnings released: EPS: ₹10.83 (vs ₹5.84 in FY 2023)Full year 2024 results: EPS: ₹10.83 (up from ₹5.84 in FY 2023). Revenue: ₹53.8m (up 50% from FY 2023). Net income: ₹10.1m (up 86% from FY 2023). Profit margin: 19% (up from 15% in FY 2023). The increase in margin was driven by higher revenue.
お知らせ • Aug 10Associated Coaters Limited, Annual General Meeting, Sep 13, 2024Associated Coaters Limited, Annual General Meeting, Sep 13, 2024, at 12:00 Indian Standard Time.
お知らせ • Aug 07Associated Coaters Limited to Report Fiscal Year 2024 Results on Aug 09, 2024Associated Coaters Limited announced that they will report fiscal year 2024 results on Aug 09, 2024
Valuation Update With 7 Day Price Move • Jul 02Investor sentiment improves as stock rises 19%After last week's 19% share price gain to ₹210, the stock trades at a trailing P/E ratio of 52.3x. Average trailing P/E is 26x in the Metals and Mining industry in India.
Board Change • Jun 06Less than half of directors are independentFollowing the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Additional Independent Director Chetna Gupta was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.