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TRB

Tribal Group AIM:TRB Stock Report

Last Price

UK£0.70

Market Cap

UK£148.7m

7D

-0.7%

1Y

-26.1%

Updated

04 Oct, 2022

Data

Company Financials +
TRB fundamental analysis
Snowflake Score
Valuation2/6
Future Growth3/6
Past Performance2/6
Financial Health4/6
Dividends2/6

TRB Stock Overview

Tribal Group plc, through its subsidiaries, provides education related systems, solutions, and consultancy services in the United Kingdom, Australia, other Asia Pacific, North America, and internationally.

Tribal Group Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Tribal Group
Historical stock prices
Current Share PriceUK£0.70
52 Week HighUK£1.07
52 Week LowUK£0.67
Beta0.64
1 Month Change-17.35%
3 Month Change-20.62%
1 Year Change-26.05%
3 Year Change14.23%
5 Year Change-12.19%
Change since IPO-70.73%

Recent News & Updates

Sep 24
These 4 Measures Indicate That Tribal Group (LON:TRB) Is Using Debt Extensively

These 4 Measures Indicate That Tribal Group (LON:TRB) Is Using Debt Extensively

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...

Shareholder Returns

TRBGB Consumer ServicesGB Market
7D-0.7%-1.5%1.6%
1Y-26.1%-15.6%-13.0%

Return vs Industry: TRB underperformed the UK Consumer Services industry which returned -15.8% over the past year.

Return vs Market: TRB underperformed the UK Market which returned -14.4% over the past year.

Price Volatility

Is TRB's price volatile compared to industry and market?
TRB volatility
TRB Average Weekly Movement3.8%
Consumer Services Industry Average Movement3.8%
Market Average Movement5.5%
10% most volatile stocks in GB Market10.7%
10% least volatile stocks in GB Market2.9%

Stable Share Price: TRB is less volatile than 75% of UK stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: TRB's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1999982Mark Picketthttps://www.tribalgroup.com

Tribal Group plc, through its subsidiaries, provides education related systems, solutions, and consultancy services in the United Kingdom, Australia, other Asia Pacific, North America, and internationally. It operates in two segments, Student Information Systems (SIS) and Education Services (ES). The SIS segment offers software, and maintenance and support services; and deploys and configures software solutions, asset management, and information managed services for its customers.

Tribal Group Fundamentals Summary

How do Tribal Group's earnings and revenue compare to its market cap?
TRB fundamental statistics
Market CapUK£148.68m
Earnings (TTM)UK£4.14m
Revenue (TTM)UK£84.27m

36.0x

P/E Ratio

1.8x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
TRB income statement (TTM)
RevenueUK£84.27m
Cost of RevenueUK£43.97m
Gross ProfitUK£40.30m
Other ExpensesUK£36.16m
EarningsUK£4.14m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.02
Gross Margin47.82%
Net Profit Margin4.91%
Debt/Equity Ratio15.1%

How did TRB perform over the long term?

See historical performance and comparison

Dividends

1.9%

Current Dividend Yield

66%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is TRB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TRB?

Other financial metrics that can be useful for relative valuation.

TRB key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue1.8x
Enterprise Value/EBITDA19.9x
PEG Ratio1.8x

Price to Earnings Ratio vs Peers

How does TRB's PE Ratio compare to its peers?

TRB PE Ratio vs Peers
The above table shows the PE ratio for TRB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average13.4x
FRAN Franchise Brands
31.5x20.7%UK£196.6m
ANX Anexo Group
5.4xn/aUK£123.9m
TEG Ten Entertainment Group
4.7x-5.8%UK£147.3m
LGRS Loungers
11.9x4.4%UK£213.3m
TRB Tribal Group
36x20.3%UK£148.7m

Price-To-Earnings vs Peers: TRB is expensive based on its Price-To-Earnings Ratio (36x) compared to the peer average (13.4x).


Price to Earnings Ratio vs Industry

How does TRB's PE Ratio compare vs other companies in the Global Consumer Services Industry?

Price-To-Earnings vs Industry: TRB is expensive based on its Price-To-Earnings Ratio (36x) compared to the Global Consumer Services industry average (16.8x)


Price to Earnings Ratio vs Fair Ratio

What is TRB's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TRB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio36x
Fair PE Ratio17.1x

Price-To-Earnings vs Fair Ratio: TRB is expensive based on its Price-To-Earnings Ratio (36x) compared to the estimated Fair Price-To-Earnings Ratio (17.1x).


Share Price vs Fair Value

What is the Fair Price of TRB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TRB (£0.7) is trading below our estimate of fair value (£3.49)

Significantly Below Fair Value: TRB is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.


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Future Growth

How is Tribal Group forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

3/6

Future Growth Score 3/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


20.3%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: TRB's forecast earnings growth (20.3% per year) is above the savings rate (0.9%).

Earnings vs Market: TRB's earnings (20.3% per year) are forecast to grow faster than the UK market (8.6% per year).

High Growth Earnings: TRB's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: TRB's revenue (1.1% per year) is forecast to grow slower than the UK market (4.4% per year).

High Growth Revenue: TRB's revenue (1.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: TRB's Return on Equity is forecast to be low in 3 years time (17.1%).


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Past Performance

How has Tribal Group performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


13.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: TRB has high quality earnings.

Growing Profit Margin: TRB's current net profit margins (4.9%) are lower than last year (9.5%).


Past Earnings Growth Analysis

Earnings Trend: TRB has become profitable over the past 5 years, growing earnings by 13.7% per year.

Accelerating Growth: TRB's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: TRB had negative earnings growth (-41%) over the past year, making it difficult to compare to the Consumer Services industry average (2%).


Return on Equity

High ROE: TRB's Return on Equity (8.3%) is considered low.


Discover strong past performing companies

Financial Health

How is Tribal Group's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: TRB's short term assets (£24.8M) do not cover its short term liabilities (£40.3M).

Long Term Liabilities: TRB's short term assets (£24.8M) exceed its long term liabilities (£12.2M).


Debt to Equity History and Analysis

Debt Level: TRB's net debt to equity ratio (9.6%) is considered satisfactory.

Reducing Debt: TRB's debt to equity ratio has increased from 9.1% to 15.1% over the past 5 years.

Debt Coverage: TRB's debt is well covered by operating cash flow (81.8%).

Interest Coverage: TRB's interest payments on its debt are well covered by EBIT (72.1x coverage).


Balance Sheet


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Dividend

What is Tribal Group current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


1.85%

Current Dividend Yield

Dividend Yield vs Market

Tribal Group Dividend Yield vs Market
How does Tribal Group dividend yield compare to the market?
SegmentDividend Yield
Company (Tribal Group)1.9%
Market Bottom 25% (GB)2.1%
Market Top 25% (GB)5.9%
Industry Average (Consumer Services)2.9%
Analyst forecast in 3 Years (Tribal Group)2.0%

Notable Dividend: TRB's dividend (1.85%) isn’t notable compared to the bottom 25% of dividend payers in the UK market (2.08%).

High Dividend: TRB's dividend (1.85%) is low compared to the top 25% of dividend payers in the UK market (6.02%).


Stability and Growth of Payments

Stable Dividend: TRB's dividend payments have been volatile in the past 10 years.

Growing Dividend: TRB's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (66%), TRB's dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: TRB is paying a dividend but the company has no free cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

2.9yrs

Average management tenure


CEO

Mark Pickett

6.25yrs

Tenure

UK£993,105

Compensation

Mr. Mark Pickett has been Chief Executive Officer of Tribal Group plc since March 18, 2019 and serves as its Chairman of Executive Board. He served as Company Secretary at Tribal Group plc June 30, 2016 an...


CEO Compensation Analysis

Mark Pickett's Compensation vs Tribal Group Earnings
How has Mark Pickett's remuneration changed compared to Tribal Group's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

UK£4m

Mar 31 2022n/an/a

UK£6m

Dec 31 2021UK£993kUK£270k

UK£7m

Sep 30 2021n/an/a

UK£7m

Jun 30 2021n/an/a

UK£7m

Mar 31 2021n/an/a

UK£7m

Dec 31 2020UK£978kUK£257k

UK£6m

Sep 30 2020n/an/a

UK£2m

Jun 30 2020n/an/a

-UK£3m

Mar 31 2020n/an/a

-UK£3m

Dec 31 2019UK£874kUK£270k

-UK£3m

Sep 30 2019n/an/a

UK£976k

Jun 30 2019n/an/a

UK£5m

Mar 31 2019n/an/a

UK£5m

Dec 31 2018UK£673kUK£218k

UK£4m

Sep 30 2018n/an/a

UK£4m

Jun 30 2018n/an/a

UK£4m

Mar 31 2018n/an/a

UK£3m

Dec 31 2017UK£614kUK£200k

UK£3m

Sep 30 2017n/an/a

UK£3m

Jun 30 2017n/an/a

UK£3m

Mar 31 2017n/an/a

UK£900k

Dec 31 2016UK£433kUK£99k

-UK£1m

Compensation vs Market: Mark's total compensation ($USD1.14M) is above average for companies of similar size in the UK market ($USD713.33K).

Compensation vs Earnings: Mark's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: TRB's management team is considered experienced (2.9 years average tenure).


Board Members

Experienced Board: TRB's board of directors are considered experienced (6.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

What is the ownership structure of TRB?
Owner TypeNumber of SharesOwnership Percentage
Public Companies32,1450.02%
Employee Share Scheme374,2040.2%
Individual Insiders6,861,9123.2%
General Public8,764,2904.1%
VC/PE Firms17,375,7598.2%
Private Companies42,498,84020.1%
Institutions135,839,42664.2%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 93.07% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
19.5%
Jenzabar, Limited
41,285,985£29.0m0%no data
15.81%
RWC Partners Limited
33,476,165£23.5m-6.15%0.26%
11.34%
Liontrust Asset Management PLC
24,014,522£16.9m1.34%0.08%
8.21%
Gresham House Asset Management Limited
17,375,759£12.2m1.52%1.51%
6.85%
Schroder Investment Management Limited
14,505,471£10.2m-2.03%0.01%
6.43%
Charles Stanley & Co. Ltd, Asset Management Arm
13,605,789£9.6m31.59%0.1%
4.95%
Janus Henderson Group plc
10,489,171£7.4m-11.89%no data
3.96%
Harwood Capital LLP
8,380,000£5.9m17.03%0.91%
2.17%
Rathbone Investment Management Limited
4,598,453£3.2m23.86%0.01%
2.03%
Herald Investment Management Limited
4,300,000£3.0m0%0.34%
1.82%
Brooks MacDonald Asset Management Limited
3,861,527£2.7m5.93%0.25%
1.41%
Richard Last
2,995,726£2.1m0%no data
1.41%
Roger McDowell
2,975,726£2.1m0%no data
1.13%
Hargreave Hale Limited, Asset Management Arm
2,400,000£1.7m-0.21%0.05%
0.99%
Bank J. Safra Sarasin AG
2,089,234£1.5m0%0.08%
0.96%
Teviot Partners LLP
2,035,627£1.4m-5.35%1.16%
0.75%
Downing Ventures
1,577,528£1.1m11.48%0.51%
0.52%
River and Mercantile Asset Management LLP
1,105,640£776.7k7.28%0.05%
0.46%
Integrated Financial Arrangements plc, Asset Management Arm
972,528£683.2k0%0.04%
0.45%
Ninety One UK Limited
943,588£662.9k0%no data
0.44%
Jarvis Securities plc, Asset Management Arm
932,492£655.1k-24.39%0.04%
0.41%
Mark Pickett
876,175£615.5k0%no data
0.38%
Castlefield Investment Partners LLP
813,942£571.8k7.4%0.06%
0.36%
Credit Suisse, Investment Banking and Securities Investments
769,177£540.3k-2.41%no data
0.33%
Barclays Bank PLC, Wealth and Investment Management Division
702,211£493.3k-14.88%0.01%

Company Information

Tribal Group plc's employee growth, exchange listings and data sources


Key Information

  • Name: Tribal Group plc
  • Ticker: TRB
  • Exchange: AIM
  • Founded: 1999
  • Industry: Education Services
  • Sector: Consumer Services
  • Implied Market Cap: UK£148.681m
  • Shares outstanding: 211.65m
  • Website: https://www.tribalgroup.com

Number of Employees


Location

  • Tribal Group plc
  • Kings Orchard
  • 1 Queen Street
  • Bristol
  • BS2 0HQ
  • United Kingdom


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
TRBAIM (London Stock Exchange AIM Market)YesOrdinary SharesGBGBPFeb 2001
T3GDB (Deutsche Boerse AG)YesOrdinary SharesDEEURFeb 2001

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/04 00:00
End of Day Share Price2022/10/04 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.