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TND Tandem Group Plc

225.00
0.00 (0.00%)
18 Mar 2024 - Closed
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 Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 225.00 220.00 230.00 225.00 225.00 225.00 5,062 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Motorcycles,bicycles & Parts 26.68M 674k 0.1233 18.25 12.3M
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 225p. Over the last year, Tandem shares have traded in a share price range of 67.50p to 292.50p.

Tandem currently has 5,464,459 shares in issue. The market capitalisation of Tandem is £12.30 million. Tandem has a price to earnings ratio (PE ratio) of 18.25.

Tandem Share Discussion Threads

Showing 4701 to 4722 of 6825 messages
Chat Pages: Latest  189  188  187  186  185  184  183  182  181  180  179  178  Older
DateSubjectAuthorDiscuss
13/1/2020
12:54
I'm in despite the spread
npp62
13/1/2020
12:50
I’d like to see CCT take them over. Still high director pay but similar markets and suppliers whilst a good growing dividend. Maybe with the peppa pig issue this will force some corporate action with their cash pile. Maybe wishful thinking on my part but lots of synergies I would guess.
deanowls
13/1/2020
12:45
Two new holders notify

Action coming?
Tiger

castleford tiger
13/1/2020
12:42
Hi Maddox, that made me laugh! And my sentiments exactly! This is my worry that they are at the end of a long road on the cost cutting so the next few years will be very interesting as being stripped to the bone I think to grow the business significantly in any way then costs will increase quite substantially- unless the directors reduce their salaries to give some wriggle room whilst still rewarding the shareholders
indonews
13/1/2020
11:58
Hi Indonews,

Yes, but any idiot can cut costs, it's a management team that knows how to invest profitably to drive the business forward, that's what I look for.

There appears to be progress being made on this, as highlighted in the 19H1 narrative, but there is insufficient detail on the different 'divisions' financial performance to get a complete picture. Also, the 'strategy' is anodyne is to say the least.

Nevertheless, it's far too cheap and there is value locked away in Tandem.

Regards, Maddox

maddox
13/1/2020
11:28
Hi Tiger very good points made, the main problem is getting the ageing incumbent directors out of the trough - if that could be achieved then there could be huge opportunities here
indonews
13/1/2020
10:54
Indonews
You are nearly right but slightly off track.
Whilst cost cutting and re organisation is key to any company this is not the only reason TND have made money.
We have bought other companies and finally got a on line arm that does very well.
Many changes have and are taking place to make the company more profitable.
These started a few years ago with the purchase of the warehouse and buying panels for the roof that gives us cheap electricity for many years.
The main gripe shareholders have is that not enough of the profit is paid to owners of the business.
The board defended its position by claiming they cannot pay more out than into pension scheme.
Lots of posts about this.

Last week Jupiter announced it had sold about 10% of the company and clearly some went to to our biggest holder Simon Bragg.
The market clearly feels a shift is long overdue and that this may become an income stock.
With eps between 30/50 p last year can you imagine how much the shares are worth if they pay 15 to 25 p dividend.
There is huge upside here as a pe of 4/7 is far to low
Tiger

castleford tiger
11/1/2020
21:27
Hi Indonews,

Apologies but as a new investor I'm not fully getting your point and would appreciate understanding your view.

Certainly, revenue has been in gradual decline for several years and in such a situation cost control is pretty crucial.

However, the first half results looked positive with revenue up 26.5% and gross profit up 30% and an optimistic outlook, whilst operating expenses only rose 8%.

Nevertheless, too early to label Tandem a growth stock.

Regards, Maddox

maddox
11/1/2020
10:02
several points
AMT has always defended leaving the cash in the company and under certain FAST growing companies I have no problem with that.
However we have a pension scheme that's closed and can change dramatiucally with the passing of one or two elderly members.
I also have issues in valuations but others are far more qualified than me to comment.

What I can say is that TND is a mature company which unless there is a seismic shift in direction will be churning out some cash for some time to come.
We have a strong balance sheet with freehold property on it and a board who are more than well paid.

Can I also say put the shares in your ISA and the dividend and capital gain become tax free.

I agree with Maddox that we need a sensible dividend policy building to 50% of EPS.
OVER THE LAST 7 YEARS WE HAVE BEEN AS LOW......as 7.6p eps to 32p
Its taken 10 years to get the Dividend from 3p to 4.31p.
The earnings have come after significant increases in director pay.

I think we should be starting at 10p with the dividend and over the next few years be looking at 50% pay out.
The figures quoted above by Maddox keep us within this hypothetical pension figure.
It was said we only pay in what's needed because getting a surplus out is not easy.

Upset will be caused if the board do not listen to holders.
Shareholder rebellion /takeover action cannot be far away.
I know someone was looking at TND a year ago.
At least 10/15% of the shares are "lost" in my opinion ( the company must know this as dividends must be un cashed or returned)

So to regain unity this needs a serious review.
I am guessing Simon building his stake must have a plan.
If we are not careful this might go private.

Tiger

castleford tiger
11/1/2020
09:41
Back to the pension deficit. Even if there was a rule (and I can't find one) that says the dividend payment cannot be greater than the deficit contribution - there is plenty of headroom.

The dividend could increase by 60% to 6.9p (4.31p currently), moving the yield from 2.15% to 3.45%, and not breach the mythical rule.

maddox
11/1/2020
09:21
Hi amt,

You won't see much capital gain here in the short or medium term unless the dividend is hiked-up or there are prospects of it being hiked-up - this isn't a unicorn.

We're currently trading on a p/e of 4.5 - bargain territory for value investors. Push-up the dividend and the the share price will respond. Otherwise, we're set to languish at this level of valuation and you won't see any significant capital gain.

Regards Maddox

maddox
11/1/2020
07:41
It's a significant risk for Directors dealing with pension fund deficits. Remember there is a government backed scheme to bail out pension fund deficits in cases where companies are unable to do so. However this depends on companies dealing with deficits. They have to show there is a plan in place to eliminate the deficit over a period of time. They have to balance the interest of the pension fund and shareholders. They are in the best place to do this. With the share price starting to rise again and perhaps some good results on the way I think we may be rewarded with further significant capital gain here.
Each shareholder will have their own priorities. Personally I am invested for capital gains and am not interested in Dividends which are taxable income. If my other investments were half as good as this one has been I would be more than happy.

amt
10/1/2020
23:28
BTW, interesting point about cost control in the company David. I'm clearly new to this one, but certainly getting a better understanding of 'value-for-money' of the various elements of Admin expenditure in the company should be an interesting area of focus for the future. Sometimes these traditional companies can get stuck in a rut of ways of doing things, and can do with updating themselves. Only speaking generally at this stage of course.
briangeeee
10/1/2020
23:20
Okay, understood David. However, it would be a serious matter to misstate the basis of dividend policy to shareholders. This is the Chairman of a UK PLC in the setting of an Annual General Meeting. He MUST have solid evidence to support his assertion. It should be an easy matter for him to clarify. The FD and CEO will also be very aware of the situation, and if they didn't intervene to correct, then that adds weight the the view that it is the case. Of course if there is doubt, it's reasonable to request the basis behind his assertion.
briangeeee
10/1/2020
23:04
Brian and all new investors....It is a rule that the shareholders attending the Agm had never come across as all of the holders that attended were basically requesting a much higher dividend. That was their response and excuse for keeping it at a very low level albeit it has increased but from a very low base.

Effectively they said they could not pay more to shareholders than they contribute to the pension deficit. That of course still means that they could have paid much more in dividends already but choose not to do so as the deficit payments are much higher. There is clearly no rule that they cannot pay the board far more in remuneration than they contribute to the pension pot...just shareholders lol

I would like to see this official ruling or proof that a pension regulator has specifically told the Tandem board that this is the case.

davidosh
10/1/2020
22:52
Thanks simso.

If the Chairman hadn't been sure of his facts, he would almost certainly have said that he would check and get back to the questioning shareholder, so I would assume the statement to be correct.

If he has stated (as significant a matter as) the basis of dividend policy incorrectly at an AGM, that would be a major failing, and not one I would think a PLC Chairman likely to make. He should be readily able to substantiate such a statement, and that would save time on speculation.

briangeeee
10/1/2020
22:34
Hi Brian, I attended the AGM in the Summer, and the question of increasing the Dividend was raised. Mervyn Keene, the Chairman, explained that "The Pension Regulator would not allow the level of dividend to be higher than the deficit contribution made" I found this surprising, having managed a Company's DB Pension Scheme for over a Decade (in deficit for most of the time). I have never come across that rule...and indeed believe the Pension Regulator only very rarely becomes involved in any individual company's agreement and negotiation with their Scheme Trustee.
simso
10/1/2020
22:10
Where specifically has the information come from about the company not being able to increase dividend due to pension deficit? Is this just a shareholder suspicion, or has it been formally stated?
briangeeee
10/1/2020
21:19
Good to see some intelligent debate on here. I've taken an initial position this week and look forward to coming along to this years AGM. There is a solid business here with improving financial metrics over recent years and with a few key changes implemented going forward I look forward to this being a long term investment.
norbert colon
10/1/2020
20:25
Hi JakNife,

Wonderful,a trained Actuary, well we probably need to take a close look at this pensions deficit then.

One quick point is that they had enough cash and cash equivalents on their B/S to cover the whole pensions deficit.

Arguably, as trading is going well, they might need to increase their working capital to fund growth. But they could certainly use some of the cash to reduce the deficit.

However, one factor creating the deficit will be the current historically low Gilt yields that will be a factor in the actuarial valuation. As an investor the rationale for funding a pension scheme using an asset class yielding less than inflation is irrational in my view. So the deficit is probably an artifact of the valuation method and probably not wise to completely eradicate it. Getting a surplus out of a pensions scheme I bet is far more difficult than put the money in.

Regards, Maddox (Risk & Compliance professional)

maddox
10/1/2020
20:00
Looks like the shares from Jupiter trades are now showing.
Some big changes coming as some new 3% holders to be declared.
Some great news at last.
Looks like Simon first to declare.
300 by midweek is my guess
Tiger

castleford tiger
10/1/2020
16:42
Hi guys,

Just come on board The Tandem Gravy Train - looking at this as a value share.

Business is trading well with a very strong balance sheet but where the shareholders are not currently being adequately rewarded. One sticking point to raising the dividend is apparently the pensions deficit - £2.83m as at 31 Dec 18.

It's true, The Pensions Regulator (TPR) is taking a far harsher stance, for example, they state:

>> pension schemes should be treated fairly;
>> need strong funding targets;
>> recovery periods should be short;
>> firms that cannot afford to support their pensions scheme should not be paying dividends.

However, there is nothing that I can see that would prevent TND hiking their dividend payments. In 2018 their pensions contributions were £487k (incl. £423k deficit contribution) whereas dividends paid were £210k. So it would be difficult to argue, either that TND is not in a position to support its pension scheme and that shareholders are being remunerated at the expense of its pensioners.

IMHO there needs to be a re-balancing between the various stakeholders in Tandem.

Regards Maddox

maddox
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