View Future GrowthAllcore 過去の業績過去 基準チェック /06Allcoreの収益は年間平均-9.4%の割合で減少していますが、 Professional Services業界の収益は年間 増加しています。収益は年間9.3% 15.4%割合で 増加しています。主要情報-9.43%収益成長率-23.34%EPS成長率Professional Services 業界の成長30.00%収益成長率15.40%株主資本利益率-0.42%ネット・マージン0.081%前回の決算情報31 Dec 2025最近の業績更新分析記事 • Apr 24Allcore's (BIT:CORE) Problems Go Beyond Weak ProfitAllcore S.p.A.'s ( BIT:CORE ) stock showed strength, with investors undeterred by its weak earnings report. While...分析記事 • Oct 03Earnings Troubles May Signal Larger Issues for Allcore (BIT:CORE) ShareholdersThe subdued market reaction suggests that Allcore S.p.A.'s ( BIT:CORE ) recent earnings didn't contain any surprises...Reported Earnings • Oct 01First half 2024 earnings releasedFirst half 2024 results: Revenue: €22.6m (up 16% from 1H 2023). Net income: €582.1k (down 33% from 1H 2023). Profit margin: 2.6% (down from 4.5% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Professional Services industry in Italy.Reported Earnings • Oct 08First half 2023 earnings releasedFirst half 2023 results: Revenue: €19.6m (up 13% from 1H 2022). Net income: €874.0k (down 27% from 1H 2022). Profit margin: 4.5% (down from 6.9% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Professional Services industry in Italy.Reported Earnings • Apr 15Full year 2022 earnings releasedFull year 2022 results: Revenue: €35.8m (up 34% from FY 2021). Net income: €2.15m (up 73% from FY 2021). Profit margin: 6.0% (up from 4.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Professional Services industry in Italy.分析記事 • Jul 08Soluzione Tasse's (BIT:STG) Earnings Are Weaker Than They SeemSoluzione Tasse S.p.A. ( BIT:STG ) just reported some strong earnings, and the market rewarded them with a positive...すべての更新を表示Recent updatesお知らせ • Apr 14Allcore S.p.A., Annual General Meeting, Apr 27, 2026Allcore S.p.A., Annual General Meeting, Apr 27, 2026, at 10:00 W. Europe Standard Time.分析記事 • Oct 28We Think Allcore (BIT:CORE) Can Stay On Top Of Its DebtDavid Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...お知らせ • Jul 02Ad Maiora S.S. acquired 10% stake in Re Business - S.r.l. from Allcore S.p.A. (BIT:CORE) for €0.06 million.Ad Maiora S.S. acquired 10% stake in Re Business - S.r.l. from Allcore S.p.A. (BIT:CORE) for €0.06 million on July 1, 2025. A cash consideration of €0.06 million will be paid by Ad Maiora S.S. As part of consideration, €0.06 million is paid towards common equity of Re Business - S.r.l. Following the completion of the transaction, Allcore's stake in Re Business stands at 41.22% . Ad Maiora S.S. completed the acquisition of 10% stake in Re Business - S.r.l. from Allcore S.p.A. (BIT:CORE) on July 1, 2025.分析記事 • Apr 24Allcore's (BIT:CORE) Problems Go Beyond Weak ProfitAllcore S.p.A.'s ( BIT:CORE ) stock showed strength, with investors undeterred by its weak earnings report. While...お知らせ • Mar 30Allcore S.p.A. announces Annual dividend, payable on May 28, 2025Allcore S.p.A. announced Annual dividend of EUR 0.0800 per share payable on May 28, 2025, ex-date on May 26, 2025 and record date on May 27, 2025.Price Target Changed • Oct 22Price target decreased by 15% to €2.96Down from €3.49, the current price target is an average from 2 analysts. New target price is 78% above last closing price of €1.66. Stock is down 15% over the past year. The company is forecast to post earnings per share of €0.14 for next year compared to €0.084 last year.Upcoming Dividend • Oct 21Upcoming dividend of €0.06 per shareEligible shareholders must have bought the stock before 28 October 2024. Payment date: 30 October 2024. Payout ratio is a comfortable 71% but the company is not cash flow positive. Trailing yield: 3.7%. Lower than top quartile of Italian dividend payers (5.3%). Higher than average of industry peers (2.3%).分析記事 • Oct 03Earnings Troubles May Signal Larger Issues for Allcore (BIT:CORE) ShareholdersThe subdued market reaction suggests that Allcore S.p.A.'s ( BIT:CORE ) recent earnings didn't contain any surprises...Reported Earnings • Oct 01First half 2024 earnings releasedFirst half 2024 results: Revenue: €22.6m (up 16% from 1H 2023). Net income: €582.1k (down 33% from 1H 2023). Profit margin: 2.6% (down from 4.5% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Professional Services industry in Italy.New Risk • Aug 05New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.5% 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 Risk High level of non-cash earnings (35% accrual ratio). Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (5.5% average weekly change). Profit margins are more than 30% lower than last year (3.1% net profit margin). Market cap is less than US$100m (€20.2m market cap, or US$22.2m).分析記事 • May 07Allcore (BIT:CORE) Is Reinvesting At Lower Rates Of ReturnIf we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...分析記事 • Dec 11Investors Could Be Concerned With Allcore's (BIT:CORE) Returns On CapitalDid you know there are some financial metrics that can provide clues of a potential multi-bagger? In a perfect world...Valuation Update With 7 Day Price Move • Dec 11Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €2.04, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Professional Services industry in Italy. Total returns to shareholders of 14% over the past year.New Risk • Dec 07New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.9% 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 Risk High level of non-cash earnings (50% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.9% average weekly change). Market cap is less than US$100m (€29.4m market cap, or US$31.7m).Price Target Changed • Nov 07Price target decreased by 15% to €3.24Down from €3.83, the current price target is an average from 2 analysts. New target price is 64% above last closing price of €1.97. Stock is down 2.2% over the past year. The company is forecast to post earnings per share of €0.23 for next year compared to €0.15 last year.Reported Earnings • Oct 08First half 2023 earnings releasedFirst half 2023 results: Revenue: €19.6m (up 13% from 1H 2022). Net income: €874.0k (down 27% from 1H 2022). Profit margin: 4.5% (down from 6.9% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Professional Services industry in Italy.分析記事 • Aug 23Some Investors May Be Worried About Allcore's (BIT:CORE) Returns On CapitalWhat trends should we look for it we want to identify stocks that can multiply in value over the long term? One common...New Risk • Jun 29New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.2% 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 Risk High level of non-cash earnings (20% accrual ratio). Minor Risks Dividend is not well covered by cash flows (400% cash payout ratio). Share price has been volatile over the past 3 months (5.2% average weekly change). Market cap is less than US$100m (€34.8m market cap, or US$37.9m).Reported Earnings • Apr 15Full year 2022 earnings releasedFull year 2022 results: Revenue: €35.8m (up 34% from FY 2021). Net income: €2.15m (up 73% from FY 2021). Profit margin: 6.0% (up from 4.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Professional Services industry in Italy.Board Change • Nov 16Less than half of directors are independentNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. 1 independent director (2 non-independent directors). Member of Statutory Auditor Claudio Signorelli was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.分析記事 • Jul 08Soluzione Tasse's (BIT:STG) Earnings Are Weaker Than They SeemSoluzione Tasse S.p.A. ( BIT:STG ) just reported some strong earnings, and the market rewarded them with a positive...Reported Earnings • Jul 05Full year 2021 earnings releasedFull year 2021 results: Revenue: €30.1m (up 56% from FY 2020). Net income: €2.05m (up 141% from FY 2020). Profit margin: 6.8% (up from 4.4% in FY 2020). The increase in margin was driven by higher revenue.Board Change • Apr 27Less than half of directors are independentNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. 1 independent director (2 non-independent directors). Member of Statutory Auditor Claudio Signorelli was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.収支内訳Allcore 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BIT:CORE 収益、費用、利益 ( )EUR Millions日付収益収益G+A経費研究開発費31 Dec 254503030 Sep 254613030 Jun 254613031 Mar 254613031 Dec 244513030 Sep 244413030 Jun 244313031 Mar 244212031 Dec 234012030 Sep 233922030 Jun 233722031 Mar 233622031 Dec 223522030 Sep 223421030 Jun 223221031 Mar 222921031 Dec 212711030 Sep 212511030 Jun 212412031 Mar 212212031 Dec 201911031 Dec 1913100質の高い収益: CORE 非現金収入 のレベルが高いです。利益率の向上: COREの現在の純利益率 (0.08%)は、昨年(2.4%)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: COREの収益は過去 5 年間で年間9.4%減少しました。成長の加速: COREは過去 1 年間の収益成長がマイナスであったため、5 年間の平均と比較することはできません。収益対業界: COREは過去 1 年間で収益成長率がマイナス ( -96.6% ) となったため、 Professional Services業界平均 ( 2.4% ) と比較することが困難です。株主資本利益率高いROE: COREの 自己資本利益率 ( -0.4% ) 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7D1Y7D1Y7D1YCommercial-services 、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2026/05/07 12:31終値2026/05/07 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Allcore S.p.A. 2 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。4 アナリスト機関Gian GuicciardiBanca Finnat Euramerica SpAChiara TavazziIntermonte SIM S.p.A.null nullIntermonte SIM S.p.A.1 その他のアナリストを表示
分析記事 • Apr 24Allcore's (BIT:CORE) Problems Go Beyond Weak ProfitAllcore S.p.A.'s ( BIT:CORE ) stock showed strength, with investors undeterred by its weak earnings report. While...
分析記事 • Oct 03Earnings Troubles May Signal Larger Issues for Allcore (BIT:CORE) ShareholdersThe subdued market reaction suggests that Allcore S.p.A.'s ( BIT:CORE ) recent earnings didn't contain any surprises...
Reported Earnings • Oct 01First half 2024 earnings releasedFirst half 2024 results: Revenue: €22.6m (up 16% from 1H 2023). Net income: €582.1k (down 33% from 1H 2023). Profit margin: 2.6% (down from 4.5% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Professional Services industry in Italy.
Reported Earnings • Oct 08First half 2023 earnings releasedFirst half 2023 results: Revenue: €19.6m (up 13% from 1H 2022). Net income: €874.0k (down 27% from 1H 2022). Profit margin: 4.5% (down from 6.9% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Professional Services industry in Italy.
Reported Earnings • Apr 15Full year 2022 earnings releasedFull year 2022 results: Revenue: €35.8m (up 34% from FY 2021). Net income: €2.15m (up 73% from FY 2021). Profit margin: 6.0% (up from 4.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Professional Services industry in Italy.
分析記事 • Jul 08Soluzione Tasse's (BIT:STG) Earnings Are Weaker Than They SeemSoluzione Tasse S.p.A. ( BIT:STG ) just reported some strong earnings, and the market rewarded them with a positive...
お知らせ • Apr 14Allcore S.p.A., Annual General Meeting, Apr 27, 2026Allcore S.p.A., Annual General Meeting, Apr 27, 2026, at 10:00 W. Europe Standard Time.
分析記事 • Oct 28We Think Allcore (BIT:CORE) Can Stay On Top Of Its DebtDavid Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
お知らせ • Jul 02Ad Maiora S.S. acquired 10% stake in Re Business - S.r.l. from Allcore S.p.A. (BIT:CORE) for €0.06 million.Ad Maiora S.S. acquired 10% stake in Re Business - S.r.l. from Allcore S.p.A. (BIT:CORE) for €0.06 million on July 1, 2025. A cash consideration of €0.06 million will be paid by Ad Maiora S.S. As part of consideration, €0.06 million is paid towards common equity of Re Business - S.r.l. Following the completion of the transaction, Allcore's stake in Re Business stands at 41.22% . Ad Maiora S.S. completed the acquisition of 10% stake in Re Business - S.r.l. from Allcore S.p.A. (BIT:CORE) on July 1, 2025.
分析記事 • Apr 24Allcore's (BIT:CORE) Problems Go Beyond Weak ProfitAllcore S.p.A.'s ( BIT:CORE ) stock showed strength, with investors undeterred by its weak earnings report. While...
お知らせ • Mar 30Allcore S.p.A. announces Annual dividend, payable on May 28, 2025Allcore S.p.A. announced Annual dividend of EUR 0.0800 per share payable on May 28, 2025, ex-date on May 26, 2025 and record date on May 27, 2025.
Price Target Changed • Oct 22Price target decreased by 15% to €2.96Down from €3.49, the current price target is an average from 2 analysts. New target price is 78% above last closing price of €1.66. Stock is down 15% over the past year. The company is forecast to post earnings per share of €0.14 for next year compared to €0.084 last year.
Upcoming Dividend • Oct 21Upcoming dividend of €0.06 per shareEligible shareholders must have bought the stock before 28 October 2024. Payment date: 30 October 2024. Payout ratio is a comfortable 71% but the company is not cash flow positive. Trailing yield: 3.7%. Lower than top quartile of Italian dividend payers (5.3%). Higher than average of industry peers (2.3%).
分析記事 • Oct 03Earnings Troubles May Signal Larger Issues for Allcore (BIT:CORE) ShareholdersThe subdued market reaction suggests that Allcore S.p.A.'s ( BIT:CORE ) recent earnings didn't contain any surprises...
Reported Earnings • Oct 01First half 2024 earnings releasedFirst half 2024 results: Revenue: €22.6m (up 16% from 1H 2023). Net income: €582.1k (down 33% from 1H 2023). Profit margin: 2.6% (down from 4.5% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Professional Services industry in Italy.
New Risk • Aug 05New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.5% 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 Risk High level of non-cash earnings (35% accrual ratio). Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (5.5% average weekly change). Profit margins are more than 30% lower than last year (3.1% net profit margin). Market cap is less than US$100m (€20.2m market cap, or US$22.2m).
分析記事 • May 07Allcore (BIT:CORE) Is Reinvesting At Lower Rates Of ReturnIf we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...
分析記事 • Dec 11Investors Could Be Concerned With Allcore's (BIT:CORE) Returns On CapitalDid you know there are some financial metrics that can provide clues of a potential multi-bagger? In a perfect world...
Valuation Update With 7 Day Price Move • Dec 11Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €2.04, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Professional Services industry in Italy. Total returns to shareholders of 14% over the past year.
New Risk • Dec 07New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.9% 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 Risk High level of non-cash earnings (50% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.9% average weekly change). Market cap is less than US$100m (€29.4m market cap, or US$31.7m).
Price Target Changed • Nov 07Price target decreased by 15% to €3.24Down from €3.83, the current price target is an average from 2 analysts. New target price is 64% above last closing price of €1.97. Stock is down 2.2% over the past year. The company is forecast to post earnings per share of €0.23 for next year compared to €0.15 last year.
Reported Earnings • Oct 08First half 2023 earnings releasedFirst half 2023 results: Revenue: €19.6m (up 13% from 1H 2022). Net income: €874.0k (down 27% from 1H 2022). Profit margin: 4.5% (down from 6.9% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Professional Services industry in Italy.
分析記事 • Aug 23Some Investors May Be Worried About Allcore's (BIT:CORE) Returns On CapitalWhat trends should we look for it we want to identify stocks that can multiply in value over the long term? One common...
New Risk • Jun 29New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.2% 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 Risk High level of non-cash earnings (20% accrual ratio). Minor Risks Dividend is not well covered by cash flows (400% cash payout ratio). Share price has been volatile over the past 3 months (5.2% average weekly change). Market cap is less than US$100m (€34.8m market cap, or US$37.9m).
Reported Earnings • Apr 15Full year 2022 earnings releasedFull year 2022 results: Revenue: €35.8m (up 34% from FY 2021). Net income: €2.15m (up 73% from FY 2021). Profit margin: 6.0% (up from 4.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Professional Services industry in Italy.
Board Change • Nov 16Less than half of directors are independentNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. 1 independent director (2 non-independent directors). Member of Statutory Auditor Claudio Signorelli was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
分析記事 • Jul 08Soluzione Tasse's (BIT:STG) Earnings Are Weaker Than They SeemSoluzione Tasse S.p.A. ( BIT:STG ) just reported some strong earnings, and the market rewarded them with a positive...
Reported Earnings • Jul 05Full year 2021 earnings releasedFull year 2021 results: Revenue: €30.1m (up 56% from FY 2020). Net income: €2.05m (up 141% from FY 2020). Profit margin: 6.8% (up from 4.4% in FY 2020). The increase in margin was driven by higher revenue.
Board Change • Apr 27Less than half of directors are independentNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. 1 independent director (2 non-independent directors). Member of Statutory Auditor Claudio Signorelli was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.