Tandem (TND)

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Capital at risk

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
315.00	0.0 [0.00]	300.00	330.00	315.00	315.00	315.00	2,477
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
16.87	5.36	0.01	68.50	8.62	4.60	2.74	670.00 - 225.00

Tandem Key Figures

(at previous day's close)
Market Cap.	16.87	m
Shares In Issue	5.36	m
Prev. Close	315.00
PE Ratio	4.60
Dividend Yield	2.74	%
EPS - basic	68.50	p
Dividend PS	8.62	p
Dividend Cover	7.95
Cash Flow PS	46.26	p
Return On Equity (ROE)	20.82	%
Operating Margin	10.81	%
PEG Factor	0.07
EPS Growth Rate	69.14	%
Dividends PS Growth Rate	30.61	%
Net Debt	9.74	m
Gross Gearing	48.78	%
Quick Assets	17.81	m
Net Working Capital	11.40	m
Intangibles / Fixed Assets	54.24	%
Turnover PS	691.98	p
Pre-Tax Profit PS	74.77	p
Retained Profit PS	56.90	p
Cash PS	113.46	p
Net Cash PS	-90.55	p
Net Tangible Asset Value PS *	207.78	p
Net Asset Value PS	310.14	p
Spread	30.00 (9.09%)
* 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	315.00	285.00
4 weeks	315.00	255.00
12 weeks	350.00	225.00
1 year	670.00	225.00

Share Price Chart (5 years)

Tandem Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	285.00	30.00	10.53	285.00	0.01		306.86
4 weeks	255.00	60.00	23.53	255.00	0.00		284.76
12 weeks	325.00	-10.00	-3.08	225.00	0.01		281.30
26 weeks	600.00	-285.00	-47.50	225.00	0.01		381.20
1 year	555.00	-240.00	-43.24	225.00	0.01		499.85
3 years	187.50	127.50	68.00	107.50	0.01		440.17
5 years	140.00	175.00	125.00	90.00	0.01		394.72
† 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	6.88
PE Ratio	4.60
Tobin's Q Ratio	0.57
Tobin's Q Ratio (excl. intangibles)	0.71
Dividend Yield	2.74	%
Market-to-Book Ratio	1.02
Price-to-Pre-Tax Profit PS	4.21
Price-to-Retained Profit PS	5.54
Price-to-Cash Flow PS	6.81
Price-to-Sales PS	0.46
Price-to-Net Tangible Asset Value PS	1.52
Price-to-Cash PS	2.78
Net Working Capital PS	212.79
Price Pct to Working Capital PS	1.48	%
Earnings Yield	21.75	%
Average PE	4.94
Years in average	5
PE to PE average	93.13	%

Tandem Financial Ratios

(Leverage Ratios)
Debt Ratio	22.75	%
Debt-to-Equity Ratio	0.29
Debt-to-Equity Ratio (excl. Intgbl)	0.44
Debt-to-Equity Market Value	0.29
Net Gearing	30.04	%
Net Gearing (excl. Intangibles)	36.15	%
Gross Gearing	48.78	%
Gross Gearing (excl. Intangibles)	58.70	%
Gearing Under 1 Year	33.69	%
Gearing Under 1 Year (excl. Intgbl)	40.55	%
Assets/Equity	1.95
Cash/Equity	36.58
(Liquidity Ratios)
Net Working Capital to Total Assets	35.14	%
Current Ratio	2.04
Quick Ratio (Acid Test)	1.63
Liquidity Ratio	0.56
Cash & Equiv/Current Assets	27.22	%
(Solvency Ratios)
Enterprise Value	15.68	m
CFO/Sales	0.07
CFO/Attributable Profit	0.72
CFO/Assets	0.08
CFO/Debt	0.16
Total Debt/Equity Market Value	0.94
Total Debt/Sales	0.43
Total Debt/Pre-Tax Profit	3.95
Total Debt	15.82	m
Total Debt/Net Current Assets	1.39	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	28.48	%
5 yr Compound Earnings Growth	33.76	%
10 yr Compound Earnings Growth	17.75	%
Earn drops > 5% in 10yrs	9

Beta (60-Mnth)	Beta (36-Mnth)
0.0069	0.1646

Tandem Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	18.62	%
Return On Assets (ROA)	11.79	%
Net Profit Margin	9.33	%
Assets Turnover	1.26
Return On Equity (ROE)	20.82	%
Return On Investment (ROI)	17.69	%
Dividend Payout Ratio	12.58	%
Plowback Ratio	87.42	%
Growth from Plowback Ratio	19.55	%
Net Income Of Revenues	8.22	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	2.40
Fixed Assets Turnover	3.85
Current Assets Turnover	1.88
Net Working Capital Turnover
Inventory Turnover	8.04
(Other Operating Ratios)
Total Assets-to-Sales	0.79
Debtors-to-Sales	25.78	%
Debt Collection Period	94.10	Days

Tandem Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
14 Sep 2021	Interim	GBX	3.43	31/12/2020	31/12/2021	07/10/2021	08/10/2021	15/11/2021	-
25 Mar 2021	Final	GBX	3.50	31/12/2019	31/12/2020	13/05/2021	14/05/2021	01/07/2021	8.62
25 Mar 2021	Special	GBX	2.00	31/12/2019	31/12/2020	13/05/2021	14/05/2021	01/07/2021	-
22 Sep 2020	Interim	GBX	3.12	31/12/2019	31/12/2020	08/10/2020	09/10/2020	10/11/2020	-
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 2017 (GBP)		31 Dec 2018 (GBP)		31 Dec 2019 (GBP)		31 Dec 2020 (GBP)
turnover	36.84	100.00%	32.51	100.00%	38.84	100.00%	37.06	100.00%	m
pre tax profit	1.89	5.13%	1.87	5.76%	2.51	6.46%	4.00	10.81%	m
attributable profit	1.74	4.73%	1.62	4.99%	2.03	5.24%	3.46	9.33%	m
retained profit	1.55	4.20%	1.41	4.34%	1.81	4.66%	3.05	8.22%	m
eps - basic (p)	35.00		32.30		40.50		68.50
eps - diluted (p)	34.80		32.10		39.60		64.70
dividends per share	4.10		4.31		6.60		8.62

Tandem Balance Sheet

	31 Dec 2017 (GBP)		31 Dec 2018 (GBP)		31 Dec 2019 (GBP)		31 Dec 2020 (GBP)


	31 Dec 2017 (GBP)		31 Dec 2018 (GBP)		31 Dec 2019 (GBP)		31 Dec 2020 (GBP)
ASSETS
fixed assets	3.55	15.21%	3.48	14.27%	3.59	13.68%	4.62	14.26%	m
intangibles	5.60	23.98%	5.58	22.88%	5.54	21.11%	5.48	16.90%	m
fixed investments	-	-%	-	-%	-	-%	-	-%	m
current assets - other	-	-%	0.05	0.22%	-	-%	-	-%	m
stocks	4.00	17.14%	4.25	17.43%	4.71	17.94%	4.51	13.92%	m
debtors	6.34	27.16%	6.17	25.32%	7.37	28.09%	11.73	36.18%	m
cash & securities	3.86	16.52%	4.85	19.88%	5.04	19.19%	6.08	18.74%	m

TOTAL	23.34	100%	24.38	100%	26.25	100%	32.43	100%	m

LIABILITIES
creditors - short	7.71	33.03%	7.95	32.61%	8.66	33.00%	10.93	33.69%	m
creditors - long	4.56	19.55%	4.03	16.51%	3.28	12.48%	4.89	15.09%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	12.28	52.59%	11.98	49.11%	11.94	45.49%	15.82	48.78%	m

EQUITY
ord cap, reserves	11.07	47.41%	12.41	50.89%	14.31	54.51%	16.61	51.22%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	11.07	47.41%	12.41	50.89%	14.31	54.51%	16.61	51.22%	m

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

Tandem Cash Flow Statement

	31 Dec 2017 (GBP)	31 Dec 2018 (GBP)	31 Dec 2019 (GBP)	31 Dec 2020 (GBP)
Operating CF	3.58	1.32	2.06	2.48	m
Pre-Financing CF	3.55	1.23	1.99	2.43	m
Retained CF	3.01	0.89	0.21	1.07	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