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TND Tandem Group Plc

202.00
0.00 (0.00%)
Last Updated: 08:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Tandem Group Plc LSE:TND London Ordinary Share GB00B460T373 ORD 25P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 202.00 0.00 08:00:00
Bid Price Offer Price High Price Low Price Open Price
194.00 210.00 202.00 202.00 202.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Motorcycles,bicycles & Parts 26.68M 674k 0.1233 16.38 11.04M
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 202.00 GBX

Tandem (TND) Latest News

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Tandem Forums and Chat

Date Time Title Posts
26/3/202412:09Tandem Thread with Charts5,807
23/6/202213:32shocker - 2 years of pain to work through -
11/9/202011:01Tandem Group - 2
01/2/201218:28Tandem.....good times ahead !534
24/8/200517:46Tandem Group303

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Tandem (TND) Top Chat Posts

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Posted at 24/4/2024 09:20 by Tandem Daily Update
Tandem Group Plc is listed in the Motorcycles,bicycles & Parts sector of the London Stock Exchange with ticker TND. The last closing price for Tandem was 202p.
Tandem currently has 5,464,459 shares in issue. The market capitalisation of Tandem is £11,038,207.
Tandem has a price to earnings ratio (PE ratio) of 16.38.
This morning TND shares opened at 202p
Posted at 25/3/2024 13:31 by darrin1471
The revenue figures pre covid were £39m for FY19.
Last year they were £26.6m which was 10% below the lowest revenue figures in a decade. Now they are down another 17%. Thats 43% down on the pre covid revenue and that does not take into account inflation.
It looks like something has fundamentally changed rather than destocking after a covid boom.


The share price appears well supported by current holders. Without that support the share price would be a lot lower and be of more interest to new shareholders.
I can understand bicycle and garden sales falling after the covid boom but I struggle to see why toy sales would fall from £16.4m to £14.7m to £10.1

I hold no position, long or short.
Posted at 25/3/2024 12:39 by castleford tiger
MRF I disagree with your comments. If you report a loss the NAV will reduce.
Looking forward this year we are looking at 20% growth and a small profit.
Share are tightly held with 40% listed and another 20% with a group of private investors.
I cannot see the price falling but rather increasing to 300 plus as the recovery grows and the economy improves.

Whilst clearly some way to go I think we have strong leadership that will get the business growing again .
The company is now leaner and we should be back to a healthy profit before too long.

I remain supportive of the actions being taken

Tiger
Posted at 25/3/2024 10:54 by value hound
Note from Cavendish concludes:

"Valuation .... As discussed above, the group’s profitability is currently suppressed, given the weak macro-economic environment. However, in the last full year pre-Covid (ie FY19A), Tandem generated PAT of £2m; if this represents ‘normalised217; profitability (arguably a conservative assumption, given increasing efficiencies resulting from the warehouse consolidation, new client wins / product launches, eMobility growth opportunities etc), it would imply a ‘normalised217; P/E of just 6x. At our 350p price target, P/TNAV would still only be 1.1x. We consider the shares to be meaningfully undervalued."
Posted at 01/2/2024 07:19 by amt
A better outlook so things are looking promising for a strong recovery in the share price to nearer to net asset value I would have thought. In these markets though it might just tread water until sense returns to the markets as interest rates are cut as I believe inflation will fall much faster than the market believes.
Posted at 19/1/2024 09:23 by castleford tiger
why would it be valued at 50p when the company has 400p of net assets?

As i say it would go private and be broken up and sold to release value.

The fact Mr Bragg continues to buy tells you there is value there.

The shares were quoted at 80p when it opened after the trading update, but i tried, and others did and no such price was available.

tiger
Posted at 11/12/2023 15:37 by amt
Interesting share price movement over at Character Group
Posted at 18/11/2023 12:20 by darrin1471
Moathunter, Its was interesting to read your thoughts. I did read your post several times.
The consolidation of the rented warehouses onto a single site was planned pre covid and makes financial sense. Renting out part of the new warehouse(I assume short term) indicates a turnaround in volumes should not be expected anytime soon.
Bike sales were less than 19% of revenue in 2022, 25% in 2021 and 31% in 2020. This is adult's and children's bikes. I would agree that adult bikes in the price point TND sell too is going to be a long road to partial recovery. Children's bikes are different as they grow out of them every few years.
I don't see much evidence of TND overstocking post covid and they already have a broad range of product that all did well during lockdown. It would be expensive to expand into new sectors already served by other importers. eMobility is a good long term area for organic growth.
Currys Nordic business has been hurt by a similar phenomenon where consumer electronics did well during lockdown and exceptional profits were made. Smaller competitors used the profits to expand inventory to gain market share just as demand started to weaken and the cost of financing inventory rocketed. The resulting market wide stock clearance resulted in unprofitable sales and the closure of competitors.
With hindsight it is easy to see predict the future. Anybody able to predict the future will do well when picking shares.
I hold no position in TND.
Posted at 16/11/2023 09:54 by moathunter
Just a few thoughts:
A one sentence summary of TND could be "the moons aligned for TND during a once in 100 year social experiment (lockdown) which caused toys, leisure goods, gardening equipment and bicycle sales to skyrocket; they greatly expanded warehousing and onshoring(!).... to now realise they'll be under-utilising warehousing and so renting out (and other indicators of struggle)."
Assets are only worth the cash flows they can generate (or their market resale value).

One third of TND's revenue- bike sales- is likely to remain very low for 4+ years:
## it's a narrative fallacy to think 'the survivors in the bike industry will do well.' The bike industry is very fragmented, especially at the distributor and retailer end with many competitors. This fragmentation means even if 30% of competitors go under, the survivors will at best have proportionate uplift in sales but it will still be a small uplift because of the fragmentation.
More likely, bike sales will be subdued for 5+ years and when they do pick up, low entry barriers (causing industry fragmentation) mean new rivals will quickly enter in 2028.

## Second reason bike sales (and extending to some other sport and leisure- so around 70% of TND revenue!!) will remain very low for 4+ years is down to consumers. Covid saw around 5-7 years of normal bike sales time-shifted squeezed into just 1-2 years, as masses of people got outdoors and stimulus handouts and forced saving enabled spending on hobbies.
But there is only so much space in the garage for bikes, the majority only have need for one bike, a majority never touch their bike now, most bike owners keep the bike for 5-15 yrs... so the whole bike ecosystem is now stuffed full of bikes (channel-stuffing manufacturers, distributors unable to offlosd stock to retailers who now don't want orders (or gone under), second hand markets awash with bikes, garages and flats full of bikes (and same with sport and leisure goods for TND).
I've 2 decades road & MTB cycling experience, so know a little about the market and consumer.

So it's staggering that TND and the cycle industry at large never thought "our industry has constrained supply and a massive surge in demand with Covid... let's *not* place orders as though this is the new normal, projecting it into the future.
Instead, lets counter-intuitively place orders and manufacture at slightly below pre-Covid levels, because the micro-economics of each individual consumer means we won't see normal sales levels for some years now. And instead, we have to find alternative revenue sources to fill this cycle (and sports leisure) void."

Instead, TND just like everyone else in 2020/21/22 expanded their cycle and sports product range, ramped up digital marketing and management systems and doubled warehouse capacity...and now cannot receive the manufactured goods and don't have the orders they hoped for and instead resorting to renting warehousing- well, that's the alternate revenue source to fill the cycle and sport void!!

TND have optimised their business for a demand 50% larger (50% higher sales than £27m), and so the previously touted cost savings from developments in 2020/21/22 will prove illusory, as they're now counteracted by under-utilisation (of staff, of systems, of storage, of cost per product line, of cost per retail and manufacturer relationships).
Cue 'rationalisation/ streamlining' of all these areas next "to align to the new market environment" in 2023/24.
Crazy.
Posted at 24/9/2023 07:44 by rcturner2
CT, I ran a business for 20 years and sold up 2 years ago and now have a management position in the larger business.

For probably 12 months at least you have posted what can only described as misleading nonsense about Tandem, the way you post about Tandem you would think it was Tesla or Apple.

Unfortunately the share price shows the real story and if you had listened to me (rather to yourself) you would have saved yourself how much money?
Posted at 08/9/2021 09:16 by skwas1
Has the Halfords comment on supply chain issues caused the TND share price fall today? Hoping our Sept trading update start to change direction of this share price So far it’s not done much for me over the last 12 months.
Tandem share price data is direct from the London Stock Exchange

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