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 0.0% 172.50 0.00 08:00:00
Bid Price Offer Price High Price Low Price Open Price
165.00 180.00 172.50 172.50 172.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Leisure Goods 32.51 1.87 32.30 5.3 8
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.00 GBX

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Date Time Title Posts
04/11/201918:14Tandem Thread with Charts3,636
01/2/201218:28Tandem.....good times ahead !534
24/8/200516:46Tandem Group303
29/10/200412:18Tandem - is it time? Ј1.50 for MV Share holders to break even!137

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Tandem Daily Update: Tandem Group Plc is listed in the Leisure Goods sector of the London Stock Exchange with ticker TND. The last closing price for Tandem was 172.50p.
Tandem Group Plc has a 4 week average price of 167.50p and a 12 week average price of 165p.
The 1 year high share price is 220p while the 1 year low share price is currently 107.50p.
There are currently 4,699,754 shares in issue and the average daily traded volume is 130 shares. The market capitalisation of Tandem Group Plc is £8,107,075.65.
amt: "What is wrong" is that the outlook for the sector and retail in general is very uncertain. A good Brexit outcome should make a difference, although even then we are not going to know the impact of Brexit for a long time. In these circumstances it's difficult to see the uncertainty being entirely removed so the effect could drag on for a year or two. The market hates uncertainty so its not entirely surprising there is pressure on the share price, just as there is for the sector in general. Having said that if the market could see through all these issues over consumer confidence the share is an absolute bargain.
castleford tiger: Self promotion was touched on at the AGM and David offered. There was no interest. The danger is someone offers 250 and a tender offer could quickly have 25% The share price should start with a 3 at the very least. Net cash and trades under NAV Thank you
castleford tiger: So with results due in 2 weeks what do we think? Last year we made a loss of approx 350k but ended the year making 2.2m So we made 2.5m in the second half. Am i being reasonable to expect a pbt of £1 m as a minimum in the first half? Tiger PS the share price looks likely to bounce if the results are good
davidosh: If there is to be an increased dividend it would only be flagged as the 'intention to pay' and so the first time any extra payout would happen is in the interim results. Last year the announced dividend was... ...'We are declaring an interim dividend of 1.42p per share (2017 - 1.35p per share) payable on or about 12 November 2018 in line with our progressive dividend policy. The ex-dividend date will be 11 October 2018 and the record date 12 October 2018'. So this year if it was tripled it would still only be 4.3p and that is hardly going to be a distress to the balance sheet. Additionally by November there would be more info on Brexit and the other issues you are concerned about so they can adjust the final dividend accordingly next year when the final results are announced but all things being equal if the dividend looks like being close to 15p overall then the share price will not remain where it is and income seekers will spot the undervaluation even if nobody else does ! Anyway three times covered is standard for many companies and they all face similar uncertainties. We also have the freehold asset so outgoings are reasonably predictable.
amt: David If the economy takes a big hit then relying on borrowing or selling the freehold as implied in your statement doesn't sound a good idea to me. Once you start borrowing from banks then a lot of time would be consumed looking after that. The banks also have an impact on strategy so to be avoided if possible. The economic outlook in my view is worrying. Not only Brexit paralysis or no deal but the dreadful prospect of having Boris in charge. The country and consumers are up to their eyes in debt. A very deep recession is quite possible. I don't think Directors or shareholders for that matter would accept a low opportunistic bid. The Directors have a lot of shares so like you will want a much higher share price that fairly values the company. I haven't attended the AGM it's too far to travel. I think they have a talented and dynamic board and an optimistic about the future. I am happy to let them get on with running the business and let the share price catch up with events. I don't think we will have long to wait now. A good trading update on the 27th and 3 quid should be in sight. If they can generate 3 m in profits in the year ahead and have a reasonable outlook then 5 or 6 quid would be reasonable. I have observed companies on AIM that spend too much time trying to push their share prices. It works for a while but over the longer term the only thing that matters are the financial results. The one exception being tech or pharma companies that have new products under development and then future potential governs the share price. I get the impression the Tandem management are very busy. Just look at the amount of activity that is going on in this business. New product designs and launches. Cost control against an unfavourable exchange rate. Complex supply chain management. New IT systems etc etc.
davidosh: amt....I have bought shares over a very long period of time and supported the company by retaining my shareholding. The board have always refused to provide all the standard listed company information I have mentioned such as broker research, forecasts and presentations. Tandem will shortly have a HQ building that will be totally debt free and it is generating significant amounts of cash. The problem is that this cash does not find its way into the shareholders pockets and the long term returns until the recent share price move have been awful. If harder times come then we have the excellent security of that freehold and my fear is that if the company is valued so lowly then another company will see that low valuation and the assets and make a clever bid that incentivises management to take it leaving shareholders high and dry and without ever having their fair share off the returns. If you base an offer on the level of remuneration being paid out that already means that directors are not going to give that up easily and will need incentivising to do a deal so shareholders will be the ones losing out. Is that not a reasonable assessment? Have you ever attended an Agm? I have been to four nothing ever changes.
amt: Davidosh. Not sure if I have got these numbers correct but it seems the share price Ten years was about 50p. So a 4 fold gain since then plus dividends of about 36p is a good return in my book. Ft index up by about 50% in the same period. Don't understand your comment about why bother to list the shares on AIM. I think having the people who manage a company incentivised by creating value and lifting the share price is important in my opinion. Employees can have an interest in their company also and realise any gains easily. Many companies on Aim go back to the market and raise funds through issuing shares and diluting existing shareholders which is a reason for having a listing. Fortunately Tandem haven't done that. They have done the reverse and bought shares back. Overall I am more than happy with my longterm investment here. Most of my Aim shares have been disasters. I think our main point of disagreement is how you get the share price up. My view is by producing good numbers consistently while perhaps you think by promoting the company to the market. Anomalies in valuation don't last that long. The market will take care of that over time. I didn't say there was shareholder distraction but there might be if they are pushed down that route again like happened a few years ago. I think the Annual and interim reports plus two trading updates per year is fine. They provide plenty of detail and tell it how it is. A short presentation at the AGM I agree would be a good idea. However getting brokers involved is expensive and a waste of money. It's up to individuals to make their own assessments. Forecasting in these markets is extremely difficult. If they go down that route of having brokers involved then a lot of time and distraction plus pressure to make short term fixes increases. Directors have plenty of shares which shows their commitment and direct interest in getting the share price unlike many other AIM companies by the way.
amt: One of the reasons for the undervaluation is that over the years eps has tended to fluctuate and turnover has been impacted by a decline in the bike business. However in the last couple of years there are some very encouraging signs that the toy business is doing very well and the bike business is stabilising. If we get a decent set of results this year then the share price should be due for a major recalibration. Once the market cap gets to a higher level then it would get on to the radar of the bigger fund managers. It seems to me that the management of the company have been very proactive in running this business both through acquisitions in the past and continually driving the business forward with tight cost control and improving margins. Some companies put a lot of resource into attempting to drive their share price forward through presentations and close contact with investors and potential investors. This all takes time and takes resources away from running the business. When all said and done its the financial results and longer term trends that will drive the share price. I think we have to be careful not to divert management time away from running the business. It seems odd to me that people are complaining now just when things are looking promising. The share price up over 80% since the start of the year. We also have to remember that the UK consumer market is very tough at the moment and the falling pound due to Brexit is making it even more difficult. I think they need to build a war chest in case of disruption from a no deal Brexit or indeed a continuing paralysis in Brexit in general. The political situation is worrying and the prospect of a Corbyn government frightening in what it could do to the pound. Its certainly not the time to be paying large dividends. The yield is respectable as is the dividend growth. Now is the time for patience and to let the results do the talking. Always best over the longer term to let the management concentrate on running the business and let the share price take care of itself.
simso: I think that is a good summary davidosh. I have known Tandem for more than a decade, and been invested over most of that time..though more materially in the last year. My impression of the Directors is that they treat shareholders as an irritation...rather than respecting that they own the business. In terms of lack of shareholder engagement, they are in a league of their own, in comparison to any share I have ever owned. They have no interest in engaging with them whatsoever. They have pursued a "buy and build" strategy, and as you say an acquisition spend in your table of c£13m (or nearer £25m if you go back 24 years) has resulted in NTAV of £6.5m, and the market's judgement is that business is worth less than £10m. Value destruction. The repayment profile of their senior loan require a final "Bullet" payment of £1.2m next year. I had a scintilla of sympathy with the modest dividend policy to they clearly need to be comfortable that net cash at its weakest point in the cycle can afford that bullet payment, meet Pension Fund obligations etc. However, with the improved trading and increasingly strong balance sheet..I believe they should be paying at least half of EPS as dividend. I believe they could deliver 50-60p EPS this year if the improved trading from H2 2018 continues through 2019. If they paid a dividend of 25p - 30p...then I am sure the share price would be closer to £4 than the £2 it sits at today.
davidosh: I have been a shareholder since 2004 and the current management have been there all the time I have been a shareholder....additionally the chairman has been involved in all these purchase deals done over the last twenty years... 1999 Pot Black £900,000 1999 Two wheel trading £900,000 2001 Dawes £500,000 2002 Ben Sayers £1.1m 2003 MV Sports £4.3m 2013 bought freehold £2.6m 2014 ProRider £2.5m 2015 ESC £2.1m Total acquisitions.....£14.9m Net Tangible assets are now less than half of that and it includes a freehold property. The value added by this management team is clearly viewed by the market as negative with the market cap still only £10m even after the recent rise. Where has all the value creation and any profits gone ? Total Board remuneration over last ten years has been nearly £7m and if you include options granted is nearly £1m per year. In the AR. the individual directors salaries are not listed but total board costs in 2017 were £1062 and in 2018 a bit lower at £960k. The average net profit for the whole company over the last five years has been £1.35m per year. There will not be many boards who then award themselves nice option packages on top of such generous remuneration. The non executives have been in place for ten years and are the remuneration committee and must feel this is appropriate. Along with many shareholders I disagree and will be at the Agm to put forward my case. I urge all shareholders to attend the Agm this year and put your case to the board as well. We have seen an increase in the share price but that does not mean it is the wrong time to consider change and I feel two new non executive board members are needed in accordance with good corporate governance and QCA guidelines. I also feel further acquisitions should not be considered due to the awful track record of growing the business.....Revenues are actually flat over the last five years despite two acquisitions costing nearly five million pounds in that time. Where is the proof that shareholder funds are being spent well? Finally I think that the dividend cover does not need to be more than twice and the dividend should be incresed to at least 15p to give shareholders an appropriate return on their investment. Any of you happy to add your thoughts ?
Tandem share price data is direct from the London Stock Exchange
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