Tandem (TND)

Company name:	Tandem Group Plc
EPIC:	TND	Trading Currency:	GBX
Market Sector:	AIMP	ISIN:	GB00B460T373
Market Segment:	ASX1	Share Type:	DE
WWW Address:	http://www.tandemgroup.co.uk/	Description:	ORD 25P
Industry Sector:	LEISURE GOODS

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
375.00	10.0 [2.74]	360.00	390.00	365.00	375.00	365.00	8,790
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
18.88	5.03	-0.03	40.50	6.60	9.26	1.76	375.00 - 107.50

Tandem Key Figures

(at previous day's close)
Market Cap.	18.88	m
Shares In Issue	5.03	m
Prev. Close	365.00
PE Ratio	9.26
Dividend Yield	1.76	%
EPS - basic	40.50	p
Dividend PS	6.60	p
Dividend Cover	6.14
Cash Flow PS	40.86	p
Return On Equity (ROE)	14.21	%
Operating Margin	6.46	%
PEG Factor	0.36
EPS Growth Rate	25.39	%
Dividends PS Growth Rate	53.13	%
Net Debt	6.90	m
Gross Gearing	45.49	%
Quick Assets	12.41	m
Net Working Capital	8.46	m
Intangibles / Fixed Assets	60.69	%
Turnover PS	771.48	p
Pre-Tax Profit PS	49.80	p
Retained Profit PS	35.95	p
Cash PS	100.06	p
Net Cash PS	-72.05	p
Net Tangible Asset Value PS *	174.19	p
Net Asset Value PS	284.28	p
Spread	30.00 (7.69%)
* Calculation based on Ordinary Capital figure as contained in last annual report, and the most recent shares in issue figure. Therefore the ratio might be exposed to inaccuracies.

Tandem Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	375.00	360.00
4 weeks	375.00	250.00
12 weeks	375.00	220.00
1 year	375.00	107.50

Share Price Chart (5 years)

Tandem Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	365.00	10.00	2.74	360.00	0.00		365.00
4 weeks	250.00	125.00	50.00	250.00	0.01		313.32
12 weeks	230.00	145.00	63.04	220.00	0.01		271.54
26 weeks	210.00	165.00	78.57	107.50	0.01		221.44
1 year	187.50	187.50	100.00	107.50	0.01		214.73
3 years	125.00	250.00	200.00	90.00	0.01		190.44
5 years	175.00	200.00	114.29	90.00	0.01		172.61
† periods calculated are whole weeks rather than calendar months

Tandem Key Management Ratios

Tandem Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	9.71
PE Ratio	9.26
Tobin's Q Ratio	0.75
Tobin's Q Ratio (excl. intangibles)	0.96
Dividend Yield	1.76	%
Market-to-Book Ratio	1.32
Price-to-Pre-Tax Profit PS	7.53
Price-to-Retained Profit PS	10.43
Price-to-Cash Flow PS	9.18
Price-to-Sales PS	0.49
Price-to-Net Tangible Asset Value PS	2.15
Price-to-Cash PS	3.75
Net Working Capital PS	167.97
Price Pct to Working Capital PS	2.23	%
Earnings Yield	10.80	%
Average PE	5.15
Years in average	5
PE to PE average	179.89	%

Tandem Financial Ratios

(Leverage Ratios)
Debt Ratio	18.63	%
Debt-to-Equity Ratio	0.23
Debt-to-Equity Ratio (excl. Intgbl)	0.37
Debt-to-Equity Market Value	0.17
Net Gearing	26.30	%
Net Gearing (excl. Intangibles)	33.34	%
Gross Gearing	45.49	%
Gross Gearing (excl. Intangibles)	57.66	%
Gearing Under 1 Year	33.00	%
Gearing Under 1 Year (excl. Intgbl)	41.83	%
Assets/Equity	1.83
Cash/Equity	35.20
(Liquidity Ratios)
Net Working Capital to Total Assets	32.21	%
Current Ratio	1.98
Quick Ratio (Acid Test)	1.43
Liquidity Ratio	0.58
Cash & Equiv/Current Assets	29.42	%
(Solvency Ratios)
Enterprise Value	17.12	m
CFO/Sales	0.05
CFO/Attributable Profit	1.01
CFO/Assets	0.08
CFO/Debt	0.17
Total Debt/Equity Market Value	0.63
Total Debt/Sales	0.31
Total Debt/Pre-Tax Profit	4.76
Total Debt	11.94	m
Total Debt/Net Current Assets	1.41	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	4.99	%
5 yr Compound Earnings Growth	13.70	%
10 yr Compound Earnings Growth	7.53	%
Earn drops > 5% in 10yrs	9

Beta (60-Mnth)	Beta (36-Mnth)
-0.0312	-0.0494

Tandem Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	14.25	%
Return On Assets (ROA)	8.03	%
Net Profit Margin	5.24	%
Assets Turnover	1.53
Return On Equity (ROE)	14.21	%
Return On Investment (ROI)	11.96	%
Dividend Payout Ratio	16.30	%
Plowback Ratio	83.70	%
Growth from Plowback Ratio	12.74	%
Net Income Of Revenues	4.66	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	2.91
Fixed Assets Turnover	4.27
Current Assets Turnover	2.39
Net Working Capital Turnover
Inventory Turnover	8.67
(Other Operating Ratios)
Total Assets-to-Sales	0.65
Debtors-to-Sales	17.44	%
Debt Collection Period	63.66	Days

Tandem Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
26 Mar 2020	Special	GBX	2.00	31/12/2018	31/12/2019	14/05/2020	15/05/2020	02/07/2020	-
26 Mar 2020	Final	GBX	3.04	31/12/2018	31/12/2019	14/05/2020	15/05/2020	02/07/2020	6.60
30 Sep 2019	Interim	GBX	1.56	31/12/2018	31/12/2019	10/10/2019	11/10/2019	11/11/2019	-
10 Apr 2019	Final	GBX	2.89	31/12/2017	31/12/2018	16/05/2019	17/05/2019	03/07/2019	4.31
28 Sep 2018	Interim	GBX	1.42	31/12/2017	31/12/2018	11/10/2018	12/10/2018	12/11/2018	-
11 Apr 2018	Final	GBX	2.75	31/12/2016	31/12/2017	17/05/2018	18/05/2018	04/07/2018	4.10
29 Sep 2017	Interim	GBX	1.35	31/12/2016	31/12/2017	12/10/2017	13/10/2017	13/11/2017	-
12 Apr 2017	Final	GBX	2.60	31/12/2015	31/12/2016	18/05/2017	19/05/2017	03/07/2017	3.90
30 Sep 2016	Interim	GBX	1.30	31/12/2015	31/12/2016	13/10/2016	14/10/2016	14/11/2016	-
19 Apr 2016	Final	GBX	2.50	31/12/2014	31/12/2015	26/05/2016	27/05/2016	04/07/2016	3.75
29 Sep 2015	Interim	GBX	1.25	31/12/2014	31/12/2015	08/10/2015	09/10/2015	07/11/2015	-
14 Apr 2015	Final	GBX	2.40	31/12/2013	31/12/2014	28/05/2015	29/05/2015	30/06/2015	3.60
19 Sep 2014	Interim	GBX	1.20	31/12/2013	31/12/2014	01/10/2014	03/10/2014	31/10/2014	-
04 Apr 2014	Final	GBX	2.30	31/12/2012	31/12/2013	14/05/2014	16/05/2014	13/06/2014	3.45
20 Sep 2013	Interim	GBX	1.15	31/12/2012	31/12/2013	02/10/2013	04/10/2013	01/11/2013	-
28 Mar 2013	Final	GBX	2.20	31/12/2011	31/12/2012	15/05/2013	17/05/2013	14/06/2013	3.30
21 Sep 2012	Interim	GBX	1.10	31/12/2011	31/12/2012	03/10/2012	05/10/2012	02/11/2012	-
16 Apr 2012	Final	GBX	2.10	31/12/2010	31/12/2011	16/05/2012	18/05/2012	14/06/2012	3.15
19 Oct 2011	Interim	GBX	1.05	31/12/2010	31/12/2011	26/10/2011	28/10/2011	25/11/2011	-
03 May 2011	Final	GBX	2.00	31/01/2010	31/01/2011	01/06/2011	03/06/2011	01/07/2011	3.00
20 Oct 2010	Interim	GBX	1.00	31/01/2010	31/01/2011	27/10/2010	29/10/2010	26/11/2010	-

Tandem Fundamentals

	31 Dec 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)		31 Dec 2019 (GBP)
turnover	38.41	100.00%	36.84	100.00%	32.51	100.00%	38.84	100.00%	m
pre tax profit	0.91	2.38%	1.89	5.13%	1.87	5.76%	2.51	6.46%	m
attributable profit	0.78	2.02%	1.74	4.73%	1.62	4.99%	2.03	5.24%	m
retained profit	0.59	1.54%	1.55	4.20%	1.41	4.34%	1.81	4.66%	m
eps - basic (p)	16.00		35.00		32.30		40.50
eps - diluted (p)	15.70		34.80		32.10		39.60
dividends per share	3.90		4.10		4.31		6.60

Tandem Balance Sheet

	31 Dec 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)		31 Dec 2019 (GBP)


	31 Dec 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)		31 Dec 2019 (GBP)
ASSETS
fixed assets	3.14	13.40%	3.55	15.21%	3.48	14.27%	3.59	13.68%	m
intangibles	5.63	24.00%	5.60	23.98%	5.58	22.88%	5.54	21.11%	m
fixed investments	0.12	0.50%	-	-%	-	-%	-	-%	m
current assets - other	-	-%	-	-%	0.05	0.22%	-	-%	m
stocks	7.62	32.53%	4.00	17.14%	4.25	17.43%	4.71	17.94%	m
debtors	5.83	24.87%	6.34	27.16%	6.17	25.32%	7.37	28.09%	m
cash & securities	1.10	4.70%	3.86	16.52%	4.85	19.88%	5.04	19.19%	m

TOTAL	23.44	100%	23.34	100%	24.38	100%	26.25	100%	m

LIABILITIES
creditors - short	8.93	38.10%	7.71	33.03%	7.95	32.61%	8.66	33.00%	m
creditors - long	6.29	26.85%	4.56	19.55%	4.03	16.51%	3.28	12.48%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	15.22	64.95%	12.28	52.59%	11.98	49.11%	11.94	45.49%	m

EQUITY
ord cap, reserves	8.21	35.05%	11.07	47.41%	12.41	50.89%	14.31	54.51%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	8.21	35.05%	11.07	47.41%	12.41	50.89%	14.31	54.51%	m

OTHER
NAV Basic	-		-		-		-
NAV Diluted	-		-		-		-

Tandem Cash Flow Statement

	31 Dec 2016 (GBP)	31 Dec 2017 (GBP)	31 Dec 2018 (GBP)	31 Dec 2019 (GBP)
Operating CF	1.31	3.58	1.32	2.06	m
Pre-Financing CF	1.18	3.55	1.23	1.99	m
Retained CF	-0.10	3.01	0.89	0.21	m

Tandem Brokers

Name	Activity	Type	Mnemonic	Code
Evolution Securities Limited	Market Maker(MMF)	Broker/Dealer	EVO	EVBGGB21MMT
Shore Capital Stockbrokers Ltd	Market Maker(MMF)	Broker/Dealer	SCAP	SHOCGB21
Winterflood Securities Ltd	Market Maker(MMF)	Broker/Dealer	WINS	WNTSGB2LBIC