value indicator - uk main market 20130410

7/28/2019 value indicator - uk main market 20130410

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10 April 2013

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Intellisys Intelligent Analysis Limited 10 April 2013

www.intellisys.uk.com +44 20 3239 8994 Page 2 of 17

Contents

Introduction .................................................................................................................................3Value ...........................................................................................................................................4Conclusion ..................................................................................................................................4RISK WARNING Ratings and Targets ....................................................................................4How to use the report .................................................................................................................5Aerospace & Defence Under Valued .....................................................................6Automobiles & Parts Under Valued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Under Valued ..................................................7Engineering & Machinery Over Valued ................................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Under Valued ........................................................8General Retail Under Valued ..............................................................................9Heath Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Over Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Under Valued ................................................ 12Real Estate Under Valued ............................................................................... 12Software & Computer Services Under Valued ..................................................... 13Speciality & Other Finance Over Valued .......................................................... 13Support Services Over Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 15Transport Under Valued ................................................................................... 15Utilities Under Valued ....................................................................................... 15DISCLAIMER ........................................................................................................................... 16RISK WARNING ...................................................................................................................... 17


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Introduction

The overriding purpose of this daily report is to provide users with a quick guide that will identify thoseshares that merit their investment attention in an increasingly time critical and information noisy tradingenvironment.

The report is published daily and delivered to the subscribers personal email box, typically, before theofficial open of the London Stock Markets.

Putting aside luck, Intellisys recognises that the timing and value of an investment are the two primarydrivers behind a successful portfolio performance.

Timing

Intellisys has invested considerably in identifying what it believes are the key factors that influenceinvestment timing. Having identified the key parameters, these have been established as rules that reflectmarket dynamics and cut through the daily investment noise.

Through this discipline, Intellisys has removed the emotional and sentimental factors as well as the dailypressures exerted upon primary stock promoters (analysts and traders) to find stories for their investmentmeetings.

From an analysis of a years data for 40 stocks within Intellisys stock coverage, the trading indicatorsappear to be, on average, about 77% accurate in identifying good trading points as well as some 74%accurate for overall trend correlation.

The following chart provides an indication the accuracy scores for each of the 40 stocks analysed.

Individual Stock Rating & Trend Accuracy Scores

Source: Intellisys

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

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Best Buy/Sell Trend


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Value

A similar discipline has been applied to the process of establishing Target Indications. On a daily basis,Intellisys analyses as broad an array of historic data from not only the Consolidated Income Statement butalso the Balance Sheet and Cash Flow Statement and then utilises this data within its proprietary valuation

models.

Intellisys architect, Philip Morrish, has successfully applied these disciplines to his investment research forthe last 15+ years. Additionally, these investment valuation techniques lend themselves to accurate cross-border analysis.

The resultant Target is also discounted to a Net Present Value to make the Target as realistically valid aspossible.

Nevertheless, Intellisys recognises that Target Indication delivery is not only a function of market levels buta management teams ability to establish and maintain a value generating operating environment setagainst a constantly changing global background.

The typical investment analysts approach to determining target prices is to start with a modest range ofsome 6 8 valuation measures and remove those that are not providing the intuitive result. Intellysisapproach is the opposite we use as many valuation methodologies as possible.

Further, Intellisys recognises that some target Indications may appear strange or extreme. However,subscribers should not dismiss these outcomes but use them as starting points to challenge theirestablished or perceived valuation opinion of a stock.

In short, this disciplined approach provides an investment reality check to assist investors from falling inlove with a stock or becoming mesmerised by management cults.

Conclusion

No investment methodology is 100% successful and like all trading and investment systems active positionmonitoring is critical for maximised investment performance.

Therefore, Intellisys recommends that its products should be used in conjunction with, and not separatefrom subscribers existing investment systems as well as discussing investment options with their financialadvisers.

Philip Morrish ([email protected])

RISK WARNING Ratings and Targets

Intellisys does not make personal recommendations. The information in this publication is provided solely toenable you to make your own investment decisions. If you are unsure about dealing in shares and otherequity investments, you should contact your financial adviser as these types of investments may not besuitable for everyone. The value of stocks and shares, and the income from them, can fall as well as riseand you may not get back the full amount you originally invested. If denominated in a foreign currency,fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them.Past performance is not necessarily a guide to future performance.


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How to use the report

This daily report is typically available for download as a PDF from 7am - well in advance of the marketsopen - and is based upon previous days closing prices.

We have kept the report deliberately simple for quick reading and identification of the shares most likely tobe active as can be seen from the following:

General RetailStock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

ASHLEY(LAURA) HOLDINGS 29.00 18.50 29.50 Neutral Neutral 30 0.72

BROWN (N) GROUP 266.70 222.40 282.70 Neutral Buy 298 0.52

BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

FRENCH CONNECTN.GROUP 23.50 19.50 82.00 Neutral Strong Buy 112 1.05

HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

JJB SPORTS SUSP - 24/09/12 0.40 0.24 17.00 Neutral Sell -62 0.88

JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

Betais a measure of a stock's volatility or risk relative to its market. The market has a betaof 1.0 and individual shares are attributed a beta according to how much they deviate from

the market. This can be summarised as:

eta 1.0 Share should move by more than market (i.e., higher risk/higher reward)

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

eta measures a sharesvolatility/risk relative tomarket (see below)


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Aerospace & Defence Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 385.60 270.90 396.00 Neutral Buy 564 0.66

CHEMRING GROUP 254.00 217.00 414.70 Neutral Buy 314 0.66

COBHAM 236.30 190.10 248.10 Neutral Buy 279 0.83

MEGGITT 467.80 364.30 494.20 Neutral Sell 396 1.32

ROLLS-ROYCE HOLDINGS 1084.00 781.16 1135.00 Neutral Neutral 1069 1.08

SMITHS GROUP 1225.00 979.50 1328.00 Neutral Sell 1022 0.71

ULTRA ELECTRONICS HDG. 16 56.00 1424.00 1745.00 Neutral Sell 1506 0.50

Automobiles & Parts Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

GKN 257.20 173.60 285.00 Neutral Neutral 248 2.00

INCHCAPE 491.90 305.20 530.00 Neutral Neutral 485 1.48

LOOKERS 94.00 56.50 100.50 Neutral Neutral 102 1.24

PENDRAGON 22.50 13.25 25.00 Neutral Buy 33 1.12

Banks Over Valued


BARCLAYS 286.00 150.55 327.35 Neutral Sell 45 1.93

HSBC HDG. (ORD $0.50) 683.90 503.20 740.00 Neutral Strong Buy 1207 1.17

LLOYDS BANKING GROUP 47.18 25.29 55.68 Sell Strong Buy 74 1.87

ROYAL BANK OF SCTL.GP. 273.90 196.60 367.80 Neutral Sell 28 1.34

STANDARD CHARTERED 1648.00 1228.50 1837.50 Neutral Sell 1047 1.70

Beverages Under Valued


BARR (AG) 553.00 348.00 572.00 Neutral Neutral 588 0.55

DIAGEO 1965.50 1477.00 2085.00 Neutral Sell 1747 0.55

SABMILLER 3364.50 2348.50 3552.50 Neutral Buy 3869 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 240.00 240.00 406.40 Strong Buy Strong Buy 638 #NA

CARCLO 392.00 345.75 503.00 N eu tra l Neu tral 388 0.74

CRODA INTERNATIONAL 2697.00 2050.00 2841.00 Neutral Sell 2117 1.04

ELEMENTIS 247.30 179.00 275.00 Neutral Buy 344 1.00

JOHNSON MATTHE Y 2277.00 2080.27 2573.00 Neutral Strong Buy 11678 1.44

VICTREX 1575.00 1185.00 1736.00 Neutral Sell 1437 1.13

SYNTHOMER 196.00 127.40 239.50 N eu tra l Neu tral 205 1.16

ZOTEFOAMS 222.50 157.00 225.00 Neutral Strong Buy 369 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 88.00 61.50 104.00 Neutral Strong Buy 233 0.52

BALFOUR BEATTY 233.40 225.70 320.80 Neutral Strong Buy 970 0.79

BARRATT DEVELOPMENTS 267.40 114.00 280.30 Neutral Strong Buy 445 1.50

BELLWAY 1236.00 660.00 1301.00 Neutral Strong Buy 1909 1.10

BERKELEY GROUP HDG.(THE) 1958.00 1177 .00 2093.00 Neutral Strong Buy 3292 0.63

BOOT (HENRY) 168.00 115.50 174.00 Neutral Strong Buy 341 0.83

BOVIS HOMES GROUP 697.50 399.30 751.00 Neutral Sell 555 1.14

CARILLION 276.60 235.50 331.80 Neutral Strong Buy 794 1.10

CLARKE (T) 54.75 40.00 61.50 Neutral Strong Buy 266 0.82

COSTAIN GROUP 272.25 188.00 306.00 Neutral Strong Buy 557 0.56

CRH 1364.00 1052.00 1540.00 Neutral Sell 798 1.14

GALLIFORD TRY 917.00 579.00 965.00 Neutral Strong Buy 1694 0.99

KELLER 818.00 348.25 830.00 Neutral Strong Buy 2012 1.25

KIER GROUP 1185.00 1095.00 1408.00 Neutral Strong Buy 3346 0.94

LOW & BONAR 70.50 49.00 76.75 Neutral Strong Buy 202 1.07MARSHALLS 123.50 76.00 127.25 Neutral Strong Buy 283 1.37

MORGAN SINDALL GROUP 550.00 508.00 695.00 Neutral Strong Buy 3287 0.86

NORCROS 18.00 9.25 18.25 Neutral Strong Buy 34 1.11

PERSIMMON 1033.00 532.00 1073.00 Neutral Neutral 1121 1.15

REDROW 188.00 107.30 195.80 Neutral Strong Buy 289 1.05

SIG 149.50 82.30 162.50 Neutral Strong Buy 465 1.74

SUPERGLASS HOLDINGS 4.00 3.88 19.50 Neutral Strong Buy 47 0.89

TAYLOR WIMPEY 86.00 40.28 93.50 Neutral Neutral 94 1.58

TRAVIS PERKINS 1397.00 906.50 1465.00 Neutral Strong Buy 2587 1.97

WOLSELEY 3082.00 2121.32 3337.00 Neutral Strong Buy 5148 1.43

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1291.00 927.50 1364.00 Neutral Sell 761 0.78

DOMINO PRINTING SCIENCES 648.00 509.00 717.00 Neutral Buy 836 1.18

E2V TECHNOLOGIES 116.25 105.50 149.50 Neutral Strong Buy 243 1.31

INVENSYS 346.30 186.10 366.80 Neutral Neutral 339 1.42

LAIRD 218.90 177.00 249.30 Neutral Sell 87 2.12

OXFORD INSTRUMENTS 1627.00 1096.00 1 752.00 Neutral Sell 1164 1.01

RENISHAW 1736.00 1260.00 2081.00 Neutral Buy 2356 1.26

SPECTRIS 2256.00 1427.00 2470.00 Neutral Neutral 2178 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.21 Neutral Strong Buy 0 0.83

TT ELECTRONICS 165.50 114.00 190.00 Neutral Strong Buy 397 1.59

XAAR 411.00 185.00 425.00 Neutral Sell 229 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 82.63 54.25 91.75 Neutral Buy 92 1.26

BODYCOTE 511.00 310.30 556.50 Neutral Neutral 497 1.61

CASTINGS 333.50 277.75 358.50 Neutral Strong Buy 692 0.99

VESUVIUS 334.40 263.19 402.10 Neutral Buy 487 2.19

FENNER 360.60 329.30 456.50 Neutral Buy 540 1.42

HALMA 499.20 373.10 531.50 Neutral Sell 391 0.76

HILL & SMITH 422.75 297.00 480.00 Neutral Sell 314 1.37

IMI 1226.00 776.00 1347.00 Neutral Buy 1390 1.40

MORGAN ADVANCED MATERIAL 287.50 220.30 333.90 Neutral Strong Buy 536 1.82

ROTORK 2782.00 1859.00 3037.00 Neutral Sell 2578 0.99

SENIOR 243.40 177.00 251.80 Neutral Sell 207 1.65

SEVERFIELD-ROWEN 41.50 35.40 104.11 Neutral Neutral 45 0.73

SPIRAX-SARCO 2604.00 1900.00 2734.00 Neutral Sell 2281 0.84

VITEC GROUP 633.00 586.50 740.00 Neutral Sell 571 1.40

WEIR GROUP 2270.00 1397.00 2474.00 Neutral Sell 2005 1.39

Food & Drug Stores Over Valued


GREGGS 461.80 449.00 523.50 Neutral Buy 690 0.47

MORRISON(WM)SPMKTS. 279.30 248.60 298.30 Neutral Sell 203 0.39

SAINSBURY (J) 375.00 283.50 385.50 Neutral Sell 227 0.58

TESCO 378.50 297.05 385.95 Neutral Sell 285 0.69

THORNTONS 67.25 18.88 78.75 Neutral Sell 48 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1849.00 1167.00 1 931.00 Neutral Buy 2072 0.61

CRANSWICK 1014.00 732.50 1023.00 Neutral Strong Buy 2052 0.49

DAIRY CREST 418.00 290.40 444.00 Neutral Buy 482 0.92

DEVRO 347.90 278.00 380.00 Neutral Buy 514 0.31

PREMIER FOODS 76.00 54.50 170.00 Neutral Sell -182 1.25

TATE & LYLE 838.50 633.50 870.50 Neutral Strong Buy 1540 0.70

UNILEVER (UK) 2733.00 2005.00 2831.00 Neutral Neutral 2743 0.57


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.63 20.50 29.50 Neutral Buy 35 0.68

BROWN (N) GROUP 405.00 222.40 429.30 Neutral Sell 357 0.53

BURBERRY GROUP 1268.00 1000.00 1586.00 Neutral Sell 956 1.27

CARPETRIGHT 622.50 585.00 728.50 Neutral Sell 299 0.94

DIXONS RETAIL 31.12 12.67 35.00 Neutral Strong Buy 74 1.50

FINDEL 117.38 55.20 186.00 Neutral Sell -25 1.08

FRENCH CONNECTN.GROUP 30.00 19.50 44.63 Sell Strong Buy 126 0.99

HALFORDS GROUP 316.10 189.00 356.80 Neutral Strong Buy 514 0.67

JD SPORTS FASHION 718 .00 606 .50 841 .00 Neutral Strong Buy 1630 0.52

DARTY 45.25 38.00 65.15 Neutral Strong Buy 241 1.24

KINGFISHER 289.70 254.10 305.70 Neutral Buy 428 0.92

MARKS & SPENCER GROUP 378.90 312.20 398.80 Neutral Buy 564 0.64

MOSS BROTHERS GROUP 59.00 42.00 71.00 Buy Buy 80 1.04

MOTHERCARE 294.00 154.25 362.00 Neutral Strong Buy 1176 0.47

NEXT 4197.00 2896.00 4408.00 Neutral Neutral 3994 0.66TED BAKER 1305.00 823.00 1354.00 Neutral Sell 644 0.55

TOPPS TILES 65.50 32.13 68.00 Neutral Sell 51 1.48

Heath Over Valued


BIOQUELL 147.50 124.00 160.00 Neutral Sell 119 0.45

CONSORT MEDICAL 789.00 584.00 831.50 Neutral Sell 582 0.40

OPTOS 148.00 145.75 275.50 Neutral Buy 165 1.20

SMITH & NEPHEW 739.50 580.00 768.50 Neutral Sell 664 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 647.50 557.00 720.50 Neutral Neutral 633 0.43

HEADLAM GROUP 330.00 263.00 355.00 Neutral Sell 296 0.92

HORNBY 81.50 55.25 97.00 Neutral Buy 104 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 876.50 469.00 971.50 Neutral Sell 533 0.74

CSR 475.00 194.60 492.80 Neutral Strong Buy 1260 1.16FILTRONIC 63.00 23.50 83.25 Neutral Sell 47 0.90

IMAGINATION TECHN OLOGIES 442.70 383.50 705.00 Neutral Buy 493 1.09

SPIRENT COMMUNICATIONS 129.80 1 29.80 174.00 Buy Strong Buy 624 0.94

WOLFSON MICROELECTR ON ICS 171.00 165.75 230.00 Neutral Sell -508 0.91


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Insurance Under Valued


ADMIRAL GROUP 1318.00 1019.00 1374.00 Neutral Sell -711 0.54

AMLIN 424.50 312.90 431.50 Neutral Sell -3028 0.46

BEAZLEY 214.20 132.50 219.10 Neutral Strong Buy 2552 0.59

CATLIN GROUP 509.50 399.00 540.00 Neutral Buy 755 0.29

HISCOX 542.50 379.26 574.05 Neutral Strong Buy 2064 0.48

JARDINE LLOYD THOMPSON 838 .50 659 .00 864 .50 Neutral Strong Buy 2873 0.31

RSA INSURANCE GROUP 109.40 97.65 136.30 Neutral Strong Buy 1660 0.40

NOVAE GROUP 455.00 345.00 475.75 Neutral Strong Buy 1882 0.47

Leisure & Hotels Over Valued


CARNIVAL 2238.00 1900.00 2628.00 Neutral Strong Buy 3645 1.00

ENTERPRISE INNS 100.20 55.50 114.70 Neutral Sell 70 1.59

TUI TRAVEL 302.80 158.00 330.00 Neutral Strong Buy 746 0.99

FULLER SMITH 'A' 807.50 700.00 820.00 Neutral Sell 617 0.38

GREENE KING 656.00 474.30 723.50 Neutral Sell 578 0.91

LADBROKES 205.90 152.70 243.10 Neutral Sell 173 0.93

ICTL.HTLS.GP. 1921.00 1396.63 2039.00 Neutral Sell 1558 1.17

MILLENNIUM & CPTH.HTLS. 558.00 455.40 582.50 N eutral Neutral 583 1.38

MITCHELLS & BUTLERS 312.40 217.40 350.10 Neutral Sell 280 1.09

BWIN PARTY DIGITAL ENTM. 133.30 91.90 160.10 Neutral Sell 98 1.25

PUNCH TAVERNS 11.00 5 .61 13.12 Neutral Strong Buy 43 1.25

RANK GROUP 155.00 111.00 177.50 Neutral Strong Buy 482 1.00

RESTAURANT GROUP 451.40 269.20 468.00 Neutral Sell 303 0.74

WETHERSPOON (JD) 536.50 371.30 548.50 Neutral Buy 699 0.69

WHITBREAD 2392.00 1786.00 2692.00 Neutral Sell 1838 0.99WILLIAM HILL 376.30 239.02 411.17 Neutral Sell 263 0.86

MARSTON'S 130.90 94.40 143.00 Neutral Sell 24 1.20

Life Assurance Over Valued


AVIVA 301.50 255.30 388.40 Neutral Strong Buy 1149 1.24

CHESNARA 250.00 155.25 250.00 Neutral Buy 350 0.70

LEGAL & GENERAL 168.00 106.00 175.70 Neutral Strong Buy 288 1.70

OLD MUTUAL 197.00 138.70 211.40 Neutral Sell 172 1.57

PRUDENTIAL 1029.00 660.00 1155.00 Neutral Sell 930 1.70

ST.JAMES'S PLACE 493.70 303.40 537.00 Neutral Sell 421 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 115.00 102.00 146.50 Neutral Sell -537 0.36

BRITISH SKY BCAST.GROUP 863.00 647.00 899.50 Neutral Strong Buy 1515 0.54

CENTAUR MEDIA 45.00 28.50 60.00 Neutral Strong Buy 136 1.01

DAILY MAIL 'A' 693.50 363.50 722.00 Neutral Strong Buy 2940 1.12

EUROMONEY INSTL.INVESTOR 980.00 672.50 980.00 Sell Strong Buy 6482 0.98

INFORMA 504.00 340.00 537.00 Neutral Sell -64 1.53

ITE GROUP 274.20 180.00 289.40 Neutral Strong Buy 215 1.44

ITV 120.40 69.45 132.30 Neutral Strong Buy 1166 1.54

JOHNSTON PRESS 15.25 4.88 15.75 Neutral Strong Buy 1535 1.26

PEARSON 1138.00 1111.00 1294.00 Neutral Buy 282 0.62

PHOTO-ME INTL. 74.00 36.25 82.50 Neutral Strong Buy 2306 0.79

PINEWOOD SHEPPERTON 274.00 265.00 377.50 Neutral Strong Buy 778 0.15

THOMSON REUTERS 32.76 26.85 33.32 Neutral Sell -538 0.52

STV GROUP 133.50 81.50 146.88 Neutral Sell 242 0.78

ST.IVES 133.75 67.50 139.25 Neutral Strong Buy 666 1.49TRINITY MIRROR 94.75 25.50 121.25 Neutral Sell -244 1.57

UBM 693.00 511.00 788.00 Neutral Strong Buy 1599 1.31

WILMINGTON GROUP 156.00 82.00 164.00 Neutral Strong Buy 1179 0.85

WPP 1032.00 743.00 1092.00 Neutral Sell -454 1.34

HIBU 0.36 0.26 3.91 Neutral Strong Buy 718 1.07

Mining Under Valued


ANGLO AMERICAN 1699.50 1639.50 2412.00 Neutral Strong Buy 2901 1.75

ANGLO PACIFIC GROUP 234.00 221.25 320.00 Neutral Buy 276 0.99ANTOFAGASTA 1028.00 952.50 1381.00 Neutral Sell 948 1.43

BHP BILLITON 1944.00 1681.00 2236.00 Neutral Strong Buy 3451 1.45

LONMIN 295.00 240.84 564.35 Neutral Sell 34 2.03

RANDGOLD RESOURCES 5460.00 4596.00 7775.00 Neutral Sell 2915 0.34

RIO TINTO 3135.00 2715.50 3757.00 Neutral Buy 3468 1.51

COALFIELD RESOURCES 4.63 3.75 22.50 Neutral Strong Buy 166 0.89

VEDANTA RESOURCES 832.50 1298.00 Neutral Strong Buy 2426 2.21

XSTRATA 1076.50 785.80 1205.00 Neutral Sell 1022 1.88

Oil & Gas Under Valued


BG GROUP 1130.50 1000.50 1451.00 Neutral Neutral 1220 0.81

BP 450.75 391.95 475.90 Neutral Strong Buy 1551 1.05

CAIRN ENERGY 291.50 248.20 349.00 Neutral Sell -36 1.32

FORTUNE OIL 7.93 7.66 12.50 Neutral Strong Buy 14 0.90

HUNTING 886.00 688.00 954.00 Neutral Sell 458 1.32

JKX OIL & GAS 70.50 55.00 150 .00 Neutral Strong Buy 300 1.36

PREMIER OIL 387.10 321.30 401.20 Neutral Sell 290 1.45

ROYAL DUTCH SHELL B 2151.50 2039.00 2366.50 Neutral Strong Buy 11456 0.86

SOCO INTERNATIONAL 375.60 254.90 404.30 Neutral Sell 250 0.52

TULLOW OIL 1187.00 1138.00 1557.00 Neutral Sell 910 1.05

WOOD GROUP (JOHN) 852.00 651.50 879.50 Neutral Neutral 814 1.36


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Personal Care & Household Products Over Valued


MCBRIDE 113.75 102.70 146.75 Neutral Strong Buy 249 0.83

PZ CUSSONS 384.00 297.20 415.60 Neutral Sell 316 0.69

RECKITT BENCKISER GROUP 4570.00 3 300.00 4812.00 Neutral Neutral 4611 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.45 0.37 3.88 Buy Sell 0 1.01

ASTRAZENECA 3311.00 2591.00 3340.00 Neutral Strong Buy 7120 0.47

BTG 353.90 300.30 423.00 Neutral Sell 167 0.62

DECHRA PHARMACEUTICALS 775.00 444.50 780.00 Neutral Neutral 758 0.26

GLAXOSMITHKLINE 1539.00 1317.50 1550.00 Neutral Neutral 1478 0.49

OXFORD BIOMEDICA 1.68 1.55 5.80 Buy Sell 1 0.65

PHYTOPHARM 1.35 1.33 12.75 Buy Neutral 1 0.94

SHIRE 1945.00 1727.00 2153.00 Neutral Sell 1308 0.65

SKYEPHARMA 45.50 33.50 101.50 Neutral Sell -99 0.71

VERNALIS 22.50 21.63 27.38 Neutral Strong Buy 38 0.90

Real Estate Under Valued


BIG YELLOW GROUP 356.00 274.50 387.50 Neutral Sell -537 1.15

BRITISH LAND 556.50 467.10 585.50 Neutral Strong Buy 1515 1.03

CAPITAL & REGIONAL 33.25 22.75 34.25 Sell Strong Buy 136 0.82

CLS HOLDINGS 870.00 595.00 870.00 Neutral Strong Buy 2940 0.69

DERWENT LONDON 2148.00 1689.00 2239.00 Neutral Strong Buy 6482 1.20DEVELOPMENT SECS. 153.00 121.75 176.00 Neutral Sell -64 0.97

GRAINGER 132.50 83.10 140.60 Neutral Strong Buy 215 1.54

GREAT PORTLAND ESTATES 492.10 345.60 514.00 Sell Strong Buy 1166 1.06

HAMMERSON 488.20 404.50 525.00 Neutral Strong Buy 1535 1.16

HELICAL BAR 240.00 164.00 249.75 Neutral Buy 282 0.75

LAND SECURITIES GROUP 829.00 704.00 849.00 Neutral Strong Buy 2306 1.15

INTU PROPERTIES 331.90 305.00 366.00 Neutral Strong Buy 778 1.08

MCKAY SECURITIES 140.50 125.00 145.00 Neutral Sell -538 0.72

MUCKLOW (A & J) GROUP 373.25 315.00 390.00 Neutral Sell 242 0.41

PRIMARY HEALTH PROPS. 331.75 312.00 364.50 Neutral Strong Buy 666 0.35

QUINTAIN ESTATES & DEV. 63.00 32.50 70.00 Sell Sell -244 1.17

SAVILLS 512.00 300.80 599.00 Neutral Strong Buy 1599 0.74

SHAFTESBURY 585.00 482.20 597.50 Neutral Strong Buy 1179 1.03

SEGRO 251.30 209.40 271.00 Neutral Sell -454 1.70

ST MODWEN PROPS. 262.70 145.50 280.20 Neutral Strong Buy 718 1.55

TOWN CENTRE SECURITIES 200.00 147.00 215.00 Neutral Sell -12 1.05

UNITE GROUP 319.00 180.25 330.00 Neutral Sell 32 1.75

WARNER ESTATE 1.38 1.00 3.00 Sell Sell -980 1.01

WORKSPACE GROUP 354.50 213.25 363.20 Neutral Sell 0 1.02


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Software & Computer Services Under Valued


ANITE 115.50 111.00 162.00 Neutral Neutral 118 0.76

AVEVA GROUP 2101.00 1469.00 2322.00 Neutral Sell 1267 1.40

COMPUTACENTER 540.50 292.40 544.00 Neutral Strong Buy 1300 1.01

KOFAX 305.00 240.00 325.75 Neutral Neutral 311 1.12

INNOVATION GROUP 25.00 18.25 25.50 Neutral Sell 23 0.83

MICRO FOCUS INTL. 666.00 426.17 706.00 Neutral Buy 936 0.79

PHOENIX IT GROUP 137.50 135.00 231.75 Neutral Strong Buy 300 0.74

RM 76.50 70.25 89.00 Neutral Sell -88 0.53

FIDESSA GROUP 1880.00 1275.00 1970.00 Neutral Neutral 2005 0.77

SAGE GROUP 330.00 247.70 352.10 Neutral Buy 400 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 402.00 237.30 441.90 Neutral Sell 167 1.08

BREWIN DOLPHIN 212.60 136.30 222.00 Neutral Sell 122 0.72

CAMELLIA 10592.50 9250.00 11105.00 Neutral Neutral 10078 0.83

CHARLES STANLEY GROUP 375.75 247.50 377.50 Neutral Sell 172 0.97

CHARLES TAYLOR 175.00 132.00 190.00 Neutral Sell 101 0.69

CLOSE BROTHERS GROUP 1020.00 673.50 1107.00 Neutral Sell 179 0.87

F&C ASSET MANAGEMENT 96.25 64.75 110.40 Neutral Neutral 99 0.89

HELPHIRE GROUP 3.08 0.55 3.70 Sell Strong Buy 26 0.68

HENDERSON GROUP 158.80 90.55 171.00 Neutral Sell 50 1.44

ICAP 295.90 281.40 384.00 Neutral Sell 197 1.07

INTERMEDIATE CAPITAL GP. 406.00 227.30 427.60 Neutral Sell 206 1.68

INVESTEC 447.20 310.40 513.50 Neutral Sell 81 1.55

LONDON STOCK EX.GROUP 1258.00 930.00 1411.00 Neutral Strong Buy 3762 1.12MAN GROUP 93.70 63.25 115.70 Neutral Neutral 94 1.32

RATHBONE BROTHERS 1465.00 1151.00 1532.00 Neutral Sell 1119 0.73

SCHRODERS 2102.00 1166.00 2165.00 Neutral Sell 1263 1.31

SCHRODERS NV 1703.00 966.00 1745.00 Neutral Strong Buy 4139 1.27


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Support Services Over Valued


ACAL 220.00 157.75 242.50 Neutral Buy 291 0.93

AGGREKO 1741.00 1557.00 2400.00 Neutral Sell 1256 1.03

AMEC 1059.00 923.00 1172.00 Neutral Neutral 1113 1.04

ASHTEAD GROUP 575.00 212.20 635.00 Neutral Sell 307 1.62

BABCOCK INTL. 1058.00 793.50 1106.00 Neutral Sell 650 0.48

BRITISH POLYTHENE INDS. 520.00 317.00 530.00 Neutral Strong Buy 786 0.78

BUNZL 1274.00 990.00 1320.00 Neutral Sell 806 0.55

UK MAIL GROUP 406.50 214.00 406.50 Neutral Neutral 437 0.38

CAPITA 867.50 602.00 913.50 Neutral Sell 507 0.50

COMMUNISIS 50.75 25.34 53.50 Neutral Buy 67 0.78

COMPASS GROUP 814.00 616.00 852.50 Neutral Sell 594 0.74

BERENDSEN 768.00 462.00 812.00 Neutral Buy 954 1.04

DE LA RUE 923.00 885.50 1075.00 Neutral Sell 590 #NA

DIGNITY 1330.00 803.50 1435.00 Neutral Sell 760 0.21

DIPLOMA 540.00 417.00 627.50 Neutral Sell 473 0.95ELECTROCOMP. 239.40 195.20 265.00 Neutral Buy 313 1.02

FILTRONA 698.00 428.00 744.00 Neutral Sell 338 1.10

G4S 291.90 240.00 307.50 Neutral Neutral 285 0.58

HAYS 93.50 66.40 100.00 Neutral Buy 119 1.09

HOMESERVE 195.30 137.50 252.50 Neutral Strong Buy 473 0.93

INTERSERVE 466.10 270.10 510.50 Neutral Buy 680 1.27

INTERTEK GROUP 3339.00 2406.00 3451.00 Neutral Sell 1411 0.77

JOHNSON SERVICE GROUP 45.50 26.50 45.50 Neutral Strong Buy 92 1.18

MANAGEMENT CNSL.GP. 30.88 21.25 39.38 Neutral Strong Buy 54 0.72

MENZIES (JOHN) 710.00 542.00 789.00 Neutral Strong Buy 1276 1.43

MICHAEL PAGE INTL. 388.00 341.40 453.90 Neutral Sell 312 1.41

MITIE GROUP 272.40 253.90 300.80 Neutral Buy 336 0.55

OFFICE2OFFICE 92.00 91.50 160.50 Neutral Strong Buy 235 0.34

PAYPOINT 912.50 605.00 912.50 Neutral Sell 673 0.70

PREMIER FARNELL 208.10 153.20 236.30 Neutral Buy 275 1.32

REGUS 162.00 82.65 167.40 Neutral Sell 105 1.44

RENTOKIL INITIAL 95.80 69.40 100.70 Neutral Sell 54 1.24

REXAM 524.00 394.28 547.50 Neutral Buy 620 0.91

RICARDO 421.00 304.50 431.00 Neutral Neutral 460 0.85

ROBERT WALTERS 224.12 176.25 264.63 Neutral Buy 305 1.23

RPC GROUP 384.00 348.30 477.00 Neutral Buy 524 0.77

RPS GROUP 274.20 197.00 274.20 Neutral Sell 242 1.50

SERCO GROUP 611.50 509.50 635.50 Neutral Sell 567 0.59

SHANKS GROUP 76.50 74.50 98.00 Neutral Strong Buy 165 1.46

SPEEDY HIRE 48.50 22.25 50.00 Neutral Neutral 51 1.25TRIBAL GROUP 143.50 70.88 149.00 Neutral Sell 50 0.56

TRIFAST 56.00 39.50 59.00 Neutral Neutral 60 0.92

VP 335.25 234.75 354.88 Neutral Strong Buy 607 0.86

WYG 74.50 42.00 75.00 Sell Strong Buy 178 0.79


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Telecommunication Services Over Valued


BT GROUP 268.10 200.70 281.70 Neutral Buy 313 0.90

CABLE & WIRELESS COMMS. 41.35 27.28 42.63 Neutral Strong Buy 78 0.69

INMARSAT 673.50 390.80 710.50 Neutral Sell 574 0.53

KCOM GROUP 81.50 67.00 85.20 Neutral Buy 122 1.24

TELECOM PLUS 1069.00 677.00 1069.00 Neutral Sell 683 0.11

VODAFONE GROUP 187.50 154.45 192.00 Neutral Sell 158 0.54

Transport Under Valued


BBA AVIATION 255.90 178.00 269.00 Neutral Sell 191 1.30

BRAEMAR SHIPPING SVS. 385.50 309.50 425.00 Neutral Buy 439 0.99

CLARKSON 1583.00 1150.00 1585.00 Sell Sell 1440 0.81

EASYJET 1022.00 471.00 1128.00 Neutral Sell 643 0.74

FIRST GROUP 206.70 175.70 260.50 Neutral Strong Buy 528 0.90

FISHER(JAMES)& SONS 1046.00 535.00 1046.00 Neutral Sell 376 0.77

GO-AHEAD GROUP 1470.00 1086.00 1513.00 Neutral Buy 1765 0.89

NATIONAL EXPRESS 195.80 164.50 230.70 Neutral Buy 238 1.34

NORTHGATE 310.00 159.60 350.00 Neutral Strong Buy 591 1.41

STAGECOACH GROUP 297.30 230.40 319.60 Neutral Buy 345 0.90

WINCANTON 56.50 31.00 78.50 Sell Sell -39 0.90

Utilities Under Valued


CENTRICA 373.60 306.30 375.60 Neutral Buy 495 0.46

NATIONAL GRID 777.50 633.00 785.00 Neutral Neutral 846 0.49

PENNON GROUP 653.00 598.00 796.00 Neutral Buy 787 0.58

SSE 1509.00 1294.00 1517.00 Neutral Buy 1773 0.42

SEVERN TRENT 1676.00 1513.00 1796.00 Neutral Sell 1524 0.34

UNITED UTILITIES GROUP 709.00 594.00 747.50 Neutral Neutral 675 0.50


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value indicator - uk main market 20130410

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