Tandem Share Discussion Threads

[actscap] 17/1/2023 17:42

Trading update must be soon?

[1tx] 16/1/2023 16:26

Tandem does not sell outside UK as far as I am aware,I dont think the situation has changed since Brexit.

[darrin1471] 14/1/2023 17:09

Duties (not VAT) importing a bike (if there are duties)for example into a bonded warehouse in the UK and exporting it into the EU are the same pre and post Brexit. Not using a bonded warehouse would lead to duties being paid twice. That's my understanding.

[my retirement fund] 13/1/2023 18:25

You cab be sure it costs a lot more now (Brexit) separate duties for every country of origin etc

[castleford tiger] 13/1/2023 18:03

Tbf me neither since the rules all changed.

Not sure it was port based the storage.

Bonded do have some costs and the money is kinda secure.

So its like a bank guarantee

I will ask Peter as I am sure its not a confidential item.

[darrin1471] 13/1/2023 16:16

Yes for VAT and duty deferment. To help cashflow.
I assumed the "port storage" would have been bonded.
I had also assumed that Tandem exports some product into Europe and my understanding is that bonded prevents paying double duties. Not an area I know to much about.

[castleford tiger] 13/1/2023 15:57

expired so rental ended.

Bonded as in VAT deferment?

[darrin1471] 13/1/2023 11:26

Tiger. Thanks.
Do you know if the lease on the Northampton site expired or are they still paying rent and will Birmingham be a bonded warehouse.

[harrogate] 13/1/2023 09:11

Thanks. It is good to hear what is going on at the coal face. The 2023 numbers will show us what the overall impact of these developments.

[castleford tiger] 13/1/2023 08:49

Not sure about dilapidations .........certainly no value other than the cost savings in
rent/electric/rates

now all consolidated to one site.

External port storage next to be wound down.......... and that's a saving in transport /handling etc.
Currently
goods arrive and go in there to be moved to HQ when required or to be shipped directly to customers.

We will be accepting containers directly to HQ and having better stock control and less handling.
tiger

[darrin1471] 12/1/2023 14:14

Tiger. Are there any costs or value in the Northampton site they left?

[harrogate] 12/1/2023 14:09

I think that argument is flawed. They need those net assets to make the profit so you can't double count. It could be argued that with that level of net assets ROCE is very poor. I agree that the NAV should provide some sort of floor but it hasn't as the market is valuing it on trading. I would take £4 as actually think it is quite a low quality business.

[castleford tiger] 12/1/2023 13:10

Harrogate
Do you not think the market cap should at the very least be NAV plus a multiple....... x earnings?

The NAV will be close to 26/30 million once the building has been valued.
There is 17/18m in the shed. Plus 1/2 acre of land ( 500k )

P/E or some smart alec is going to come and take this private if wee are not careful.

If they offered £4 would you take it?

Tiger

[harrogate] 12/1/2023 12:28

22p EPS for 2022 per broker. Hopefully meet that as looked a bit kitchen sinked. Fascinating to see what new number is for 2023. Lots of moving parts here with new building and currency and reduced shipping and general demand. Need to see a decent increase on 22p flagged to get us close to £5. Like you say not too long to wait.

[davidosh] 12/1/2023 12:04

Kid's bikes performed well due to the stronger year-on-year availability and Christmas gifting demand with revenues +4.6% vs FY22.

Good to know as Tandem have the leading brand of children’s bikes

[castleford tiger] 12/1/2023 11:03

Trading statement should come late January.

We need shut of 2022 and a new look at the slim lined cost base.

It maybe half year before we get a revaluation on the building.

However the costs associated with the exit from Northants site should be all in last years number.

Further savings to come through with reduction/removal of external storage and double handling etc.
This should be reflected in a better GM in 2023.
Container costs are almost back to normal.

Just on NAV the shares are worth £5 with the business thrown in for free

I am buying again

tiger

[darrin1471] 12/1/2023 10:28

Halfords cycling revenue numbers:

Q3 3 year vs FY20 total -10.5% LFL -0.1%
Q3 1 year vs FY22 total -8.5% LFL -8.6%

H1 3 year vs FY20 total -4.4% LFL +8.6%
H1 1 year vs FY22 total -11.8% LFL -12.5%

Overall revenues outperforming the market, however the market remains -20% down year on year year to date. Kid's bikes performed well due to the stronger year-on-year availability and Christmas gifting demand with revenues +4.6% vs FY22. ? Adult bikes performed weaker than expected down -12.0% vs FY22, reflecting the impact of weaker consumer backdrop relative to H1, and the more discretionary, higher ticket nature of the category. Cycle2Work continues to show resilience against economic backdrop, growing +20.1% vs FY22.

Anybody seen any figures on bike inflation?
I believe bicycles are about 25% of Tandem revenue.

[castleford tiger] 10/1/2023 18:17

i feel a re rating might be coming.

Looking at sheds 160,000 units are selling for 100psf so about £16 million.
There should be a hefty jump in NAV this year as the building is worth more than the market cap.

NAV could be well on the way to 500p about double current price.

Some big costs stripped out of the business ( site in Northants and the storage at the port).

I expect to see this rising this year and moving close to NAV at the very least.

DYOR as i am a holder

[my retirement fund] 16/12/2022 12:24

Amazing how a little volume can shift the share price so radically

[smithie6] 14/12/2022 23:57

A right cheeky blighter !!
If my maids spoke like that they'd be out in a jiffy !

;-)

[glavey] 08/12/2022 16:09

Good lord!

[my retirement fund] 08/12/2022 14:23

Clearly, you've not ridden one around a pedestrianised area as I have recently! That's said, by implication of such a daft comment affirms my point and the basis of my theory. You're British of origin right? Therefore highly biased, prejudiced, ignorant and prefer to dictate your opinion to the rest of the world as if it were fact.

[cousin jack] 08/12/2022 11:21

Mrf:

You say “ there really is no reason not to drive fast near pedestrians”. Surely there is every reason. Electric scooters being driven fast near elderly, disabled, runners etc are a significant hazard as they cannot react quickly enough and are at higher risk of being injured. Fine if there are dedicated lanes but not otherwise.

[castleford tiger] 08/12/2022 08:19

Agree

A very busy period for them as well

January will see the start of a transformed company
tiger

[actscap] 07/12/2022 19:02

Hope all holders are well. Has anyone made it down to the new showroom? I noticed they're bringing the Garden Comforts and Pro Rider Leisure websites under the jack Stonehouse banner. All positive moves together with the relocation to Birmingham. Think management are progressing well.