Price Target Changed • May 16
Price target decreased by 9.3% to €2.45 Down from €2.70, the current price target is an average from 2 analysts. New target price is 10% above last closing price of €2.22. Stock is down 13% over the past year. The company is forecast to post a net loss per share of €0.02 next year compared to a net loss per share of €0.11 last year. Board Change • May 11
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Milja Saksi 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. New Risk • Apr 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% 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 Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (€38.6m market cap, or US$45.1m). Duyuru • Apr 23
Administer Oyj Announces Board and Committee Changes Administer Oyj at its AGM, held on April 22, 206, announced that Lauri Ratia and Anni Vepsäläinen were elected as new board members. The Board of Directors has elected Leena Siirala as the Chair as well as Lauri Ratia and Risto Koivula as members of the Company's Audit Committee. Upcoming Dividend • Apr 16
Upcoming dividend of €0.05 per share Eligible shareholders must have bought the stock before 23 April 2026. Payment date: 04 May 2026. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Finnish dividend payers (5.3%). Lower than average of industry peers (5.0%). Declared Dividend • Mar 06
Dividend of €0.05 announced Dividend of €0.05 is the same as last year. Ex-date: 23rd April 2026 Payment date: 4th May 2026 Dividend yield will be 2.1%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (16% cash payout ratio). The dividend has remained flat since 3 years ago. However, payments have been volatile during that time. Reported Earnings • Mar 05
Full year 2025 earnings: Revenues in line with analyst expectations Full year 2025 results: Revenue: €73.4m (down 1.7% from FY 2024). Net loss: €1.64m (loss narrowed 29% from FY 2024). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Professional Services industry in Finland. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Duyuru • Mar 05
Administer Oyj announces Annual dividend, payable on May 04, 2026 Administer Oyj announced Annual dividend of EUR 0.0500 per share payable on May 04, 2026, ex-date on April 23, 2026 and record date on April 24, 2026. Reported Earnings • Nov 11
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: €0.09 loss per share (further deteriorated from €0.07 loss in 3Q 2024). Revenue: €17.0m (down 3.4% from 3Q 2024). Net loss: €1.30m (loss widened 30% from 3Q 2024). Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Professional Services industry in Finland. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Price Target Changed • Nov 07
Price target decreased by 11% to €2.70 Down from €3.05, the current price target is an average from 2 analysts. New target price is 8.0% above last closing price of €2.50. Stock is up 4.2% over the past year. The company posted a net loss per share of €0.16 last year. New Risk • Nov 07
New major risk - Revenue and earnings growth Earnings have declined by 34% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 34% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€37.4m market cap, or US$43.3m). Major Estimate Revision • Oct 31
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -€0.04 to -€0.045 per share. Revenue forecast unchanged at €75.1m. Professional Services industry in Finland expected to see average net income growth of 81% next year. Consensus price target broadly unchanged at €3.00. Share price fell 2.3% to €2.60 over the past week. Reported Earnings • Aug 15
Second quarter 2025 earnings: Revenues in line with analyst expectations Second quarter 2025 results: Revenue: €19.4m (flat on 2Q 2024). Net loss: €119.0k (down 124% from profit in 2Q 2024). Revenue was in line with analyst estimates. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Professional Services industry in Finland. New Risk • Jul 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Finnish stocks, typically moving 8.2% 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 Risk Share price has been highly volatile over the past 3 months (8.2% average weekly change). Minor Risk Market cap is less than US$100m (€44.0m market cap, or US$51.5m). New Risk • Jun 24
New major risk - Revenue and earnings growth Earnings have declined by 40% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 40% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (€40.9m market cap, or US$47.4m). Price Target Changed • May 09
Price target increased by 7.5% to €2.85 Up from €2.65, the current price target is an average from 2 analysts. New target price is 10% above last closing price of €2.58. Stock is up 2.4% over the past year. The company posted a net loss per share of €0.16 last year. Duyuru • Apr 24
Administer Oyj Approves the Dividend for the Financial Year Ended 31 December 2024, Payable on 23 May 2025 Administer Oyj at its Annual General Meeting resolved in accordance with the proposal of the Board of Directors that a dividend of EUR 0.05 per share be paid based on the balance sheet adopted for the financial year ended 31 December 2024. The dividend will be paid to shareholders who are registered in the shareholders’ register of the Company maintained by Euroclear Finland Ltd. on the record date 25 April 2025. The dividend will be paid on 23 May 2025. Upcoming Dividend • Apr 17
Upcoming dividend of €0.05 per share Eligible shareholders must have bought the stock before 24 April 2025. Payment date: 23 May 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Finnish dividend payers (6.1%). Lower than average of industry peers (3.2%). Duyuru • Mar 28
Administer Oyj announces Annual dividend, payable on May 06, 2025 Administer Oyj announced Annual dividend of EUR 0.0500 per share payable on May 06, 2025, ex-date on April 25, 2025 and record date on April 28, 2025. Major Estimate Revision • Mar 13
Consensus EPS estimates fall by 667% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -€0.015 to -€0.115 per share. Revenue forecast unchanged at €75.7m. Professional Services industry in Finland expected to see average net income growth of 37% next year. Consensus price target down from €2.90 to €2.65. Share price was steady at €2.32 over the past week. Price Target Changed • Mar 07
Price target decreased by 8.6% to €2.65 Down from €2.90, the current price target is an average from 2 analysts. New target price is 16% above last closing price of €2.28. Stock is down 5.0% over the past year. Reported Earnings • Mar 06
Full year 2024 earnings: Revenues in line with analyst expectations Full year 2024 results: Revenue: €74.9m (down 1.3% from FY 2023). Net loss: €2.31m (loss narrowed 41% from FY 2023). Revenue was in line with analyst estimates. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Professional Services industry in Finland. New Risk • Mar 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (€33.3m market cap, or US$34.5m). New Risk • Jan 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Finnish 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: Minor Risks Share price has been volatile over the past 3 months (5.9% average weekly change). Market cap is less than US$100m (€31.9m market cap, or US$32.5m). Major Estimate Revision • Nov 10
Consensus EPS estimates fall by 20% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -€0.05 to -€0.06 per share. Revenue forecast unchanged at €74.7m. Professional Services industry in Finland expected to see average net income growth of 51% next year. Consensus price target down from €3.00 to €2.90. Share price fell 6.3% to €2.40 over the past week. Major Estimate Revision • Oct 24
Consensus EPS estimates fall by 43% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €76.2m to €75.1m. Losses expected to increase from €0.035 per share to €0.05. Professional Services industry in Finland expected to see average net income growth of 34% next year. Consensus price target down from €3.10 to €3.00. Share price was steady at €2.56 over the past week. Duyuru • Sep 27
Administer Appoints Shareholders Nomination Board The members of Administer's Shareholders' Nomination Board have been appointed. The Nomination Board consists of four (4) members, of which the four (4) largest shareholders of the company are each entitled to appoint one (1) member according to the shareholder´s register administered by Euroclear on the first calendar working day in September. The following were confirmed as members of the Nomination Board of the Administer Plc: Peter Aho, Chairman of the Nomination Board (representing himself as the largest shareholder of the company), Rolf Backlund (representing Sijoitus Oy MC Invest Ab), Karoliina Lindroos (representing Ilmarinen Mutual Pension Insurance Company), and Hanna Vainio (representing Varma Mutual Pension Insurance Company). The Nomination Board also includes Jukka-Pekka Joensuu, Chairman of the Board of Directors of Administer Plc, as an expert member. The Nomination Board's task is to prepare and present to the Annual General Meeting and, if necessary, to the Extraordinary General Meeting, proposals on the number and remuneration of the members of the Board of Directors and a proposal on the remuneration of the members of the Board of Directors and the members of the Board committees. The Nomination Committee is also responsible for seeking new candidates for the Board of Directors. Duyuru • Sep 06
Administer Oyj (HLSE:ADMIN) completed the acquisition of additional 40.10% stake in Kuntalaskenta Oy from Pieksämäki City Council. Administer Oyj (HLSE:ADMIN) proposed to acquire an additional 40.10% stake in Kuntalaskenta Oy from Pieksämäki City Council for €0.12 million on July 2, 2024. The purchase price is €0.12 million, of which €0.05 million will be paid with Administer Plc’s shares. Upon completion, Administer Oyj will own 90% stake in Kuntalaskenta Oy. The remaining 10% of the shares of Kuntalaskenta still under the ownership of the City of Pieksämäki. The bid has been approved by the Board of Directors of Administer Plc and the Pieksämäki City Council. Kuntalaskenta has reported turnover of €2.25 million in 2023. The transaction is expected to take place in early autumn. Evli Oyj (HLSE:EVLI) acted as financial advisor to Administer.
Administer Oyj (HLSE:ADMIN) completed the acquisition of additional 40.10% stake in Kuntalaskenta Oy from Pieksämäki City Council on September 5, 2024. In the transaction, 20 661 shares have been transferred from Administer Plc to the City of Pieksämäki. Major Estimate Revision • Aug 22
Consensus EPS estimates upgraded to €0.035 loss, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from €77.1m to €76.1m. 2024 losses expected to reduce from -€0.095 to -€0.035 per share. Professional Services industry in Finland expected to see average net income growth of 40% next year. Consensus price target of €3.10 unchanged from last update. Share price was steady at €2.70 over the past week. Price Target Changed • Aug 18
Price target increased by 13% to €3.10 Up from €2.75, the current price target is an average from 2 analysts. New target price is 18% above last closing price of €2.62. Stock is down 8.1% over the past year. The company is forecast to post a net loss per share of €0.035 next year compared to a net loss per share of €0.27 last year. Reported Earnings • Aug 16
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €19.4m (down 1.3% from 2Q 2023). Net income: €507.0k (up €1.42m from 2Q 2023). Profit margin: 2.6% (up from net loss in 2Q 2023). The move to profitability was driven by lower expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Professional Services industry in Finland. Reported Earnings • Mar 07
Full year 2023 earnings released Full year 2023 results: Revenue: €76.3m (up 45% from FY 2022). Net loss: €3.89m (loss widened 453% from FY 2022). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Professional Services industry in Finland. Major Estimate Revision • Mar 03
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €77.5m to €76.3m. Losses expected to increase from €0.23 per share to €0.27. Professional Services industry in Finland expected to see average net income growth of 26% next year. Consensus price target down from €3.25 to €2.90. Share price rose 2.1% to €2.41 over the past week. New Risk • Feb 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (7.4% average weekly change). Market cap is less than US$100m (€34.4m market cap, or US$37.1m). New Risk • Jan 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Finnish stocks, typically moving 7.2% 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: Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (€39.2m market cap, or US$42.5m). Duyuru • Jan 02
Lefroy Exploration Limited has filed a Follow-on Equity Offering in the amount of €0.061501 million. Lefroy Exploration Limited has filed a Follow-on Equity Offering in the amount of €0.061501 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 24,730
Price\Range: €2.4869
Transaction Features: Subsequent Direct Listing Price Target Changed • Dec 20
Price target decreased by 8.5% to €3.25 Down from €3.55, the current price target is an average from 2 analysts. New target price is 34% above last closing price of €2.43. Stock is down 18% over the past year. The company is forecast to post a net loss per share of €0.16 next year compared to a net loss per share of €0.05 last year. Price Target Changed • Nov 22
Price target decreased by 7.9% to €3.50 Down from €3.80, the current price target is an average from 2 analysts. New target price is 17% above last closing price of €2.99. Stock is up 6.8% over the past year. The company is forecast to post a net loss per share of €0.16 next year compared to a net loss per share of €0.05 last year. Duyuru • Oct 26
Administer Oyj Announces Changes to Management Team Administer Oyj announced that Group will reduce the size and streamline the work of its Management Team. As of the beginning of November, the Management Team will comprise 8 members instead of the previous 13 members. Arttu Eräpalo from Econia Oy will become a new member of the Management Team. Eräpalo has held a managerial position at Econia since 2015, prior to which he performed managerial duties related to financial administration and sales. Administer Group's Management Team as of 1 November 2023: Kimmo Herranen, CEO Toni Leppänen, Silta Oy, Arttu Eräpalo, Econia Oy, Peter Aho, Business Area Director, Financial Management Services Markus Backlund, EmCe Solution Partner Oy,Mikko Vahtera, Business Area Director, Consultancy Services and International Business Paula Niemi, HR . Major Estimate Revision • Aug 18
Consensus EPS estimates fall by 567% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €81.0m to €80.0m. Losses expected to increase from €0.015 per share to €0.10. Professional Services industry in Finland expected to see average net income growth of 18% next year. Consensus price target down from €3.80 to €3.55. Share price fell 11% to €2.85 over the past week. Price Target Changed • Aug 17
Price target decreased by 11% to €3.55 Down from €4.00, the current price target is an average from 2 analysts. New target price is 22% above last closing price of €2.91. Stock is up 4.3% over the past year. The company is forecast to post a net loss per share of €0.11 next year compared to a net loss per share of €0.05 last year. New Risk • Jul 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Finnish stocks, typically moving 7.0% 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 Risk Share price has been highly volatile over the past 3 months (7.0% average weekly change). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€23m). Market cap is less than US$100m (€48.2m market cap, or US$53.7m). Board Change • May 19
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Minna Vanhala-Harmanen was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 28
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: €0.05 loss per share (improved from €0.17 loss in FY 2021). Revenue: €52.8m (up 26% from FY 2021). Net loss: €703.0k (loss narrowed 61% from FY 2021). Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Professional Services industry in Finland. Price Target Changed • Mar 26
Price target increased by 11% to €4.00 Up from €3.60, the current price target is provided by 1 analyst. New target price is 32% above last closing price of €3.02. Stock is down 16% over the past year. The company is forecast to post a net loss per share of €0.01 next year compared to a net loss per share of €0.17 last year. Duyuru • Jan 12
Administer Oy Announces Executive Appointments, Effective from 1 February 2023 Administer Oy announced that Seija Uusitalo has been appointed as Communications Director of Administer Group. Uusitalo, who joined Administer inMarch 2022 as Communications Manager, has extensive experience in both external and internal communications as well as investor relations. Prior to joining Administer, she was responsible for internal and external communications at energy company Helen. Susanna Suomela has been appointed as the Group's Marketing Director. Before the appointment, Suomela served as Director of Development in Emce Solution Partner Oy, subsidiary of Administer. She has robust experience in marketing in b2b companies as well as advertising agencies. Uusitalo and Suomela will start in their new positions and as members of the Group Management Team on 1 February 2023. Major Estimate Revision • Nov 17
Consensus estimates of losses per share improve by 67% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €48.3m to €51.3m. EPS estimate increased from -€0.03 per share to -€0.01 per share. Professional Services industry in Finland expected to see average net income growth of 26% next year. Consensus price target of €3.60 unchanged from last update. Share price rose 14% to €2.50 over the past week. Board Change • Nov 16
Less than half of directors are independent Following 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 Minna Vanhala-Harmanen was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Sep 02
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 expected loss increased from -€0.01 to -€0.03 per share. Revenue forecast unchanged at €48.3m. Professional Services industry in Finland expected to see average net income growth of 23% next year. Consensus price target down from €4.00 to €3.60. Share price fell 2.1% to €2.62 over the past week. Duyuru • Aug 13
Administer Revises Earnings Guidance for the Full Year 2022 Administer revised earnings guidance for the full year 2022. For the period, the company expected net sales to be EUR 47 million to EUR 49 million compared to previously expected net sales to be EUR 51 million. Administer lowers its outlook for net sales and EBITDA margin for 2022 as the increased general economic uncertainty has impacted customer activity. Duyuru • Jul 02
Administer Announces Executive Changes Administer announced Outi Tenhola, Chief Human Resources Officer is leaving the company. The new appointed Acting CHRO and a member of the management team from 1 August 2022 is Paula Niemi, who has long-standing experience in HR tasks in Administer Group. Duyuru • May 19
Administer Plc Appoints Minna Vanhala-Harmanen as New Board Member Administer Plc at its annual general meeting held on May 18, 2022, announced that Minna Vanhala-Harmanen was elected as new board member. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Risto Koivula was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Apr 15
Administer Oy Provides Earnings Guidance for the Year 2022 Administer Oy provided earnings guidance for the year 2022. For the year, the company expects net sales will increase to at least EUR 51 million. Board Change • Dec 20
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Risto Koivula was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.