Indra’s shares recorded slight declines this Wednesday of 0.22% mid-morning to 9.12 euros, with investors collecting part of the profits obtained in the last two days after the extraordinary shareholders’ meeting was held, in which approved the appointment of the new independent directors.

Indra’s new Board of Directors is made up of 14 members following the appointment last Friday of six independent directors (Belén Amatriain, Virginia Arce, Axel Joachim Arendt, Coloma Armero, Olga San Jacinto, and Bernardo José Villazán) and one proprietary director ( John Moscoso).

Likewise, the members of the different Commissions (Audit and Compliance, Appointments, Remuneration and Corporate Governance, Sustainability and Strategy) have been elected at the meeting.

“We value favorably the approval of the new directors”, says Iván San Félix Carbajo, analyst at Renta 4, in a note. “We consider it to be a decisive step in restoring the proper functioning of Indra’s corporate governance”.

Indra’s shares have rebounded 15% in the last three weeks, taking the value above 9 euros for the first time since July. However, in the accumulated figure for the year it is still negative, with a drop of 3% and the market capitalization at around 1,600 million euros.

Renta 4 analysts place the target price at 12.5 euroswhich implies an upward potential of more than 35% compared to its current price.

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