Tandem Share Discussion Threads

[simso] 30/9/2019 18:58

Overall it was a move in the right direction in terms of shareholder engagement by the Board. The presentation was helpful, they have invited shareholder questions, and a shareholder discount now exists. Positive steps.

In terms of Outlook for H2...I though overall it was positive...with more parts of the business doing well compared to those parts finding it more challenging. Cycles looked the area which was more difficult...anyone with any idea what proportion of the business Cycles is?

[amt] 30/9/2019 11:01

Very good. Chance that net debt of 2m will be eliminated by year end subject to no significant Brexit or economic issues.

[davidosh] 30/9/2019 08:59

Having a presentation on the website is certainly a big improvement but surely an offer by the executives to meet shareholders for one presentation on results day or even a conference call is not that difficult or unreasonable in this age of easy communication

[simso] 30/9/2019 08:53

Numbers ok and only marginally short of my forecast posted a couple of days ago...with the difference being a slightly higher cost.

If we can match / beat H2 last year, then we are heading for Operating Profit north of £3m. The outlook for H2 feels broadly positive...with more things seemingly doing well into v Ly.

In the "positive H2 outlook Box" we have:

1) "Our licensed properties including LOL Surprise!, Peppa Pig and Paw Patrol have continued to perform strongly since the half year. Our new Disney licences, including Spider-Man and, most notably, Toy Story and Frozen, have also performed well.

2) "Hedstrom has continued to perform very well with significant growth since 30 June over the corresponding period.

3) "Our Squish lightweight junior range continues to be significantly up against the same period in the prior year. We reported that Squish had been a particular success story at the half year, gaining market share and greater consumer brand awareness. This has been sustained in the second half

4) Our investment into the Ben Sayers brand delivered double digit growth in the first half of the year which has improved further still going into the second half.

On the negative side

1) Other independent bicycle dealer (IBD) sales from our Dawes and Claud Butler brands continue to be more challenging.... National retailer bicycle sales, from our Falcon, Boss, Townsend, Elswick and Zombie brands, which were tracking at similar levels to last year as at June 2019, have weakened slightly in the period since.

2) Our online and direct-to-consumer activities continue to progress in a number of product areas albeit hampered by reduced gazebo revenue from a major online platform, the mixed August weather and overall economic environment

Other comments on things like Pro Rider, Garden Comforts,Kickmaster, U move and Wired are all reported as "Strong" and /or ahead of LY...though it is less clear if that includes the second half to date. I suspect it does,

Overall feels good, and am pleased they have done a presentation and given contact details for questions...which is a good step in right direction.

[davidosh] 30/9/2019 08:48

The offer is still there for them to come to Mello in November and with 60 companies and 700 investors there it would certainly improve their profile. As the company are now giving 10% shareholder discount on outdoor products via the websites(what about bikes and toys though?) I am happy to give them 10% discount if they come to MelloLondon

[castleford tiger] 30/9/2019 08:15

More than a 10% spread does not help.
5000 at 1.865 and 2.085
Tiger

[balcony] 30/9/2019 08:14

The new board appointment may suggest some corporate action?

[castleford tiger] 30/9/2019 08:11

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

[graham1ty] 30/9/2019 08:07

Results are fine, Shares look cheap. But, their ability to surprise on the downside is well demonstrated over the years. And they do not do enough self promotion to get rerated.

You have done well in the last year, and I have missed out.

[castleford tiger] 30/9/2019 07:56

Tried but on the go so using phone?
What’s your view here?

[graham1ty] 30/9/2019 07:46

Tiger, click on the September 2019

It has significant formatting problems, but that may be as I am on an IPad

[castleford tiger] 30/9/2019 07:40

Better but well below my target.
Can anyone get the presentation?
Tiger

[davidosh] 29/9/2019 22:38

The interims have been out on the 28th , 29th or 30th every year for the last five years.....they are clearly not in a hurry to get them out.

[rndm355] 27/9/2019 23:07

Releasing results on the very last day - another sign of the (lack of) importance they attach to their shareholders.

[castleford tiger] 27/9/2019 18:54

I think under reporting rules it HAS to be Monday ( last day of the month)

I do think they will be good

tiger

[davidosh] 27/9/2019 17:28

I think it is quite positive that results are out on Monday......good news tends to be at the start of a week and bad news buried on Fridays

[castleford tiger] 27/9/2019 15:31

Results are out 7.00 am Monday

tiger

[cwa1] 27/9/2019 14:09

You can have mine for £3.75. No need to thank me :-)

[castleford tiger] 27/9/2019 13:44

Simso

Cannot disagree much there except as you say you are being Prudent.
Likewise my 1m was optimistic.

Either way we should be around these numbers and deducting 3.2 from 9.5 leaves 6.3 value on the company.

That's excluding what cash we have left after debts.

To buy or to bid for the company one would find that 15% of the shares are lost.

If we are making 2 m and you value it at 8x that's 16m plus the property and EXCLUDING net cash it still comes to £4.00 a share as a base value.

Tiger

[simso] 27/9/2019 13:13

Hi Castleford, in answer to your posting above on 14th September about the results, I was modelling a 1st Half PBT of £0.7m...based on:-

Sales +26% v LY (in line with AGM update for first 25 weeks), Gross Margin at 31.5% in line with LY and costs of £4.2m. I am probably being too prudent on Gross Margin being merely in line with LY FY when it is clearly on an uptrend, and my cost assumption is of 5% increase on LY is hopefully also too prudent.

If the first half does deliver c£0.7m PBT..then the rolling last 12 months profit would be £3.1m. Any business making that level of profit, which had closing net cash of £4.9m (which could rise to c£7m by this year end based on £3m PBT being achieved), and a Freehold worth £3.2m...surely should be worth a lot, lot more than the current £9.5m Market Cap....shouldn't it??

[castleford tiger] 27/9/2019 11:38

RESULTS DAY MISSED?????

been last Friday in sept last 2 years

tiger

[castleford tiger] 14/9/2019 16:33

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] 13/8/2019 15:58

Spreadex are not out....they are just below the 3% level now so have to notify that they are no longer notifiable lol. If one of their clients wants Tandem in their portfolio they may go back over the line and have to notify again...

[castleford tiger] 06/8/2019 20:05

Said
Spreadex out?
What were they in for

Not seen any big trades and 50 k is 1%