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Tandem Group (TND) Fair Value & Analysis

Consumer Cyclical · GB · Market cap 9.5M GBX

TG Tandem Group TND · LSE
Price£1.73
Fair Value£2.62
Upside+51.9%
Quality65/100
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Weak Growth
Thin margins · 3.3% net margin
Low debt · generates free cash flow
1.71% dividend yield
Mixed vs. peers (7/15)
Narrow moat 34/100
Evidence: High Range £1.96 – £3.27 Share as image

Fair value as of: Jul 19, 2026

From 24 valuation models · updated 23 days ago

Fair value updated Jul 19, 2026, revised from £2.81 to £2.62 (−6.8%) since Jun 24, 2026. Share price +8.3% over the past month.

A solid business, screening 52% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (£1.96). The market is more pessimistic than our downside scenario.
  • Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

£5.55 £1.03 Fair Value £2.62 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range £1.03 – £5.55 · fair‑value band £1.96 – £3.27 · the £1.73 price screens below the £2.62 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.

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Analysis

Tandem Group (TND) currently trades at £1.73, while our model-based Fair Value estimate is £2.62, implying the stock looks roughly 51.9% undervalued today. The Quality Score stands at 65/100 (solid quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Tandem Group generated revenue of £26.2M at a net margin of 3.3%. Revenue grew 1.0% year over year. It earns a return on equity of 3.4%. Net debt stands at £1.9M. Fundamentals as of Jul 19, 2026

Our scenario range runs from £1.96 (bear case) to £3.27 (bull case); at £1.73, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Consumer Cyclical peers we cover trades at 2% fair-value upside, at 52%, TND screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF £2.99 £3.71 £4.85 80
Residual Income £3.11 £2.93 £2.20 76
Rev-Margin DCF £1.99 £2.72 £3.68 74
All 24 models by family
DCF Models
FCF DCF £2.91 £3.68 £5.00 38
Owner Earnings £1.27 £1.65 £2.30 31
5Y Revenue Exit £1.99 £2.63 £3.58 39
5Y EBITDA Exit £2.18 £2.96 £4.01 41
5Y P/E Exit £2.37 £3.28 £4.40 38
10Y Revenue Exit £2.38 £2.90 £3.43 36
10Y EBITDA Exit £2.51 £3.08 £3.66 37
10Y P/E Exit £2.61 £3.25 £3.86 35
Earnings-Based
Graham-Dodd £1.05 £1.52 £1.79 54
EPV £0.8300 £0.9600 £1.07 59
Dividend Discount
Gordon GGM £0.4600 £0.5000 £0.5500 70
DDM Multi-Stage £0.4600 £0.5400 £0.6400 61
Multiples
P/E Multiple £2.54 £3.39 £4.24 63
P/S Multiple £1.96 £2.62 £3.27 58
P/B Multiple £1.96 £2.62 £3.27 55
EV/EBIT £2.07 £2.86 £3.65 53
EV/EBITDA £1.83 £2.54 £3.25 54
EV/Revenue £1.30 £1.98 £2.67 43
Asset-Based
NCAV (Graham) £2.36 £3.17 £4.73 50
Growth DCF
Growth DCF £2.99 £3.71 £4.85 80
Rev-Margin DCF £1.99 £2.72 £3.68 74
Economic Profit
Residual Income £3.11 £2.93 £2.20 76
ROIC Compounder £0.8300 £0.9600 £1.07 72
Growth Earnings
Growth-Adj P/E £1.79 £2.56 £3.33 68

Widest divergence: Asset-Based (£3.17) versus Dividend Discount (£0.5000). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 26.2M GBX
Revenue growth (YoY) +1.0%
Net margin 3.3%
Return on equity 3.4%
Free cash flow 2.4M GBX FY2025
P/E ratio 11.3
More key figures
Operating margin 6.7%
EPS (TTM) £0.1500
Dividend yield 1.7%
EPS growth (YoY) +124%
Net debt 1.9M GBX FY2025

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 65/100

Of which business quality 64 · Market factors (momentum, volatility) 53

Profitability 34
Margins and returns on capital today
Quality Growth 61
Are margins and returns improving?
Cashflow 72
Earnings quality: real cash, not paper profit
Fin. Strength 59
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 46
Price trend over the last 3–12 months (market factor)
52W Momentum 39
Distance to the 52-week high (market factor)
Net Issuance 76
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Tandem Group plc designs, develops, distributes, and retails of sports, leisure, and mobility products in the United Kingdom. It operates in four segments: Toy, Sports & Leisure, Bicycles, and Home & Garden.

Full company description

Tandem Group plc designs, develops, distributes, and retails of sports, leisure, and mobility products in the United Kingdom. It operates in four segments: Toy, Sports & Leisure, Bicycles, and Home & Garden. The company offers bicycles and accessories under the Amflow, Boss, Claud Butler, Dashel, Dawes, Elswick, Falcon, Gocycle, Hoy, Orbea, Pure, Swytch, Squish, Tern, Trek, Whyte, VanMoof, and Zombie brands; football training products under the Kickmaster name; golf products under the Ben Sayers and Pro Rider brands; and garden and homewares products under the Airwave, Airwave Four Seasons, Garden Trading, Greenhurts, and Jack Stonehouse brand names. It also provides outdoor play products under the Airwave and Hedstrom brands; and snooker, pool, and table sports products under the Pot Black brand. In addition, the company offers wheeled toys under the Barbie, Batman, Bing, Bluey, CoComelon, Disney Frozen, Disney Junior Mickey, Disney Junior Minnie, Disney Moana, Disney Princes, Disney Stitch, Disney Winnie the Pooh, Dora, Gabby's Dollhouse, Hey Duggee, Jurassic World, Li-Fe, L.O.L. Surprise!, Marvel Avengers, Marvel Spider-Man, Marvel Spidey and His Amazing Friends, Minions, Monster High, MoVe, MoVe Squishles, MoVe Pet2go, Nerf, Paw Patrol, Peppa Pig, Star Wars, Superman, Sonic The Hedgehog, SpongeBob SquarePants, Stunted, Teenage Mutant Ninja Turtles, Thomas & Friends, Transformers, Unicorn Academy, Wired, and Wicked brand names. The company was incorporated in 1958 and is headquartered in Birmingham, the United Kingdom.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Tandem Group reported revenue of £26.2M in FY2025 versus £40.9M in FY2021, a compound −10.6%/yr. Reported net income was £850K in FY2025, compounding −31.3%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
£26.2M
Latest YoY
+6.2%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−0.7%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−6.7%
Avg. growth/yr (40Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−0.7%
Revenue −10.6%/yr
FY21 £40.9M
FY22 £26.7M
FY23 £22.2M
FY24 £24.6M
FY25 £26.2M
Net income −31.3%/yr
FY21 £3.8M
FY22 £674K
FY23 −£1.2M
FY24 −£60.0K
FY25 £850K

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Cite: Fair Value Calculator (2026). "Tandem Group Fair Value". https://www.fairvalue-calculator.com/stock/TND

Peer Group

Leisure · 191 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 65 · Top 25%
Fair Value upside +52% · Top 25%
Return on equity (TTM) 3% · Below median
Return on assets 2% · Below median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 7% · Above median
Revenue growth 1% · Below median
Dividend yield (TTM) 1.7% · Below median
Debt / equity 0.12× · Higher than median

Valuation Multiples vs Leisure median · lower = cheaper

P/E (TTM) 11.5× · Cheaper than 75% of peers
P/B 0.49× · Cheaper than 75% of peers
P/S (TTM) 0.49× · Cheaper than median
P/FCF 5.3× · Pricier than median
EV/EBITDA 11.6× · Pricier than median
PEG 0.03× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 14
FUTURE 5 · sector 18
PAST 14 · sector 19
HEALTH 94 · sector 94
DIVIDEND 34 · sector 52

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Leisure stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).

Stock Price Fair Value vs Fair Value
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Hasbro, Inc HAS $81.55 $83.38 +2%
Life Time Group LTH $42.15 $16.15 -62%
Acushnet Holdings GOLF $114.78 $37.79 -67%
Li Ning Company 2331 HK$14.80 HK$29.26 +98%
Benefit Systems S.A BFT 5,255 PLN 3,714 PLN -29%
Ninebot Limited 689009 ¥37.82 ¥39.17 +4%
Asmodee Group ASMDEEB kr 145.70 kr 41.90 -71%

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Frequently asked questions

Is Tandem Group (TND) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of £2.62 versus a price of £1.73, about +52% (undervalued).
What is the fair value of TND?
Our model-based fair value for Tandem Group is £2.62 (as of Jul 19, 2026), built from audited fundamentals. The current price is £1.73.
What is the quality score of TND?
Tandem Group has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Tandem Group (TND)?
Tandem Group reported trailing-twelve-month revenue of about £26.2M (latest available figure, as of Jul 19, 2026).
What is the net profit margin of TND?
The net profit margin of Tandem Group is about 3.3%, meaning it keeps roughly 3.3% of revenue as net income. Based on the latest reported figures.
Does Tandem Group pay a dividend?
Tandem Group currently shows a dividend yield of about 1.71% relative to its recent price (as of Jul 19, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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