value indicator - uk main market 20130429

7/30/2019 value indicator - uk main market 20130429

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29 April 2013

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Intellisys Intelligent Analysis Limited 29 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 Over 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 Over 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 Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 378.90 270.90 397.30 Neutral Buy 550 0.66

CHEMRING GROUP 275.60 217.00 414.70 Neutral Buy 331 0.66

COBHAM 250.80 190.10 250.80 Neutral Buy 288 0.83

MEGGITT 472.90 364.30 494.20 Neutral Sell 411 1.32

ROLLS-ROYCE HOLDINGS 1132.00 780.75 1138.10 Neutral Neutral 1085 1.08

SMITHS GROUP 1237.00 979.50 1328.00 Neutral Sell 1048 0.71

ULTRA ELECTRONICS HDG. 1644.00 1424.00 1745.00 Neutral Sell 1547 0.50

Automobiles & Parts Under Valued

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

GKN 270.90 173.60 285.00 Neutral Neutral 259 2.00INCHCAPE 506.50 305.20 530.00 Neutral Neutral 499 1.48

LOOKERS 95.00 56.50 100.50 Neutral Buy 105 1.24

PENDRAGON 23.75 13.50 25.00 Neutral Buy 34 1.12

Banks Over Valued


BARCLAYS 290.70 150.55 327.35 Neutral Sell -811 1.93

HSBC HDG. (ORD $0.50) 699.90 503.20 740.00 Neutral Buy 941 1.17

LLOYDS BANKING GROUP 52.91 25.29 55.68 Sell Sell 6 1.87

ROYAL BANK OF SCTL.GP. 295.10 196.60 367.80 Neutral Sell -175 1.34

STANDARD CHARTERED 1632.50 1228.50 1837.50 Neutral Strong Buy 3213 1.70

Beverages Under Valued


BARR (AG) 537.50 348.00 572.00 Neutral Neutral 576 0.55

DIAGEO 1947.50 1477.00 2085.00 Neutral Sell 1736 0.55

SABMILLER 3457.00 2348.50 3552.50 Neutral Buy 3920 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 290.00 240.00 406.40 Neutral Strong Buy 664 #NA

CARCLO 420.50 345.75 503.00 Neutral Neutral 404 0.74

CRODA INTERNATIONAL 2525.00 2094.00 2841.00 Neutral Sell 2044 1.04

ELEMENTIS 258.60 179.00 275.00 Neutral Buy 348 1.00

JOHNSON MATTHEY 2450.00 2080.27 2573.00 Neutral Strong Buy 11963 1.44

VICTREX 1559.00 1185.00 1736.00 Neutral Sell 1428 1.13

SYNTHOMER 198.70 127.40 238.60 Neutral Buy 221 1.16

ZOTEFOAMS 217.00 157.00 225.00 Neutral Strong Buy 383 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 86.00 61.50 104.00 Neutral Strong Buy 240 0.52

BALFOUR BEATTY 246.40 225.70 320.80 Neutral Strong Buy 962 0.79

BARRATT DEVELOPMENTS 318.00 114.00 320.30 Sell Buy 448 1.50

BELLWAY 1337.00 660.00 1344.00 Neutral Buy 1865 1.10

BERKELEY GROUP HDG.(THE) 2114.00 1177.00 2140.00 Neutral Strong Buy 3231 0.63

BOOT (HENRY) 179.00 115.50 179.00 Neutral Strong Buy 339 0.83

BOVIS HOMES GROUP 767.50 399.30 773.00 Neutral Sell 550 1.14

CARILLION 289.80 235.50 331.80 Neutral Strong Buy 783 1.10

CLARKE (T) 51.00 40.00 61.50 Neutral Strong Buy 262 0.82

COSTAIN GROUP 279.50 188.00 306.00 Neutral Strong Buy 550 0.56

CRH 1376.00 1052.00 1540.00 Neutral Sell 811 1.14

GALLIFORD TRY 964.50 579.00 965.00 Neutral Strong Buy 1659 0.99

KELLER 846.50 348.25 848.00 Neutral Strong Buy 2039 1.25

KIER GROUP 1190.00 1106.00 1408.00 Neutral Strong Buy 3284 0.94

LOW & BONAR 71.00 49.00 76.75 Neutral Strong Buy 207 1.07

MARSHALLS 124.25 76.00 130.00 Neutral Strong Buy 282 1.37

MORGAN SINDALL GROUP 568.50 508.00 695.00 Neutral Strong Buy 3283 0.86

NORCROS 15.88 9.25 18.25 Neutral Strong Buy 33 1.11

PERSIMMON 1080.00 496.69 1086.00 Neutral Buy 1411 1.15

REDROW 206.90 107.30 214.40 Neutral Buy 283 1.05

SIG 158.20 82.30 162.50 Neutral Strong Buy 483 1.74

SUPERGLASS HOLDINGS 5.75 3.88 15.25 Sell Strong Buy 49 0.89

TAYLOR WIMPEY 95.90 40.28 96.55 Neutral Buy 128 1.58

TRAVIS PERKINS 1483.00 906.50 1511.00 Neutral Strong Buy 2533 1.97

WOLSELEY 3230.00 2121.32 3337.00 Neutral Strong Buy 5298 1.43

Electronics & Electrical Equipment Under Valued


DIALIGHT 1295.00 935.00 1364.00 Neutral Sell 765 0.78

DOMINO PRINTING SCIENCES 660.00 509.00 717.00 Neutral Buy 839 1.18

E2V TECHNOLOGIES 120.00 105.50 148.00 Neutral Strong Buy 245 1.31

INVENSYS 358.40 198.90 366.80 Neutral Neutral 343 1.42

LAIRD 214.20 177.00 249.30 Neutral Sell 87 2.12

OXFORD INSTRUMENTS 1522.00 1096.00 1 752.00 Neutral Sell 1170 1.01

RENISHAW 1541.00 1260.00 2081.00 Neutral Strong Buy 2350 1.26

SPECTRIS 2097.00 1427.00 2470.00 Neutral Neutral 2193 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.18 Neutral Strong Buy 0 0.83

TT ELECTRONICS 161.00 114.00 190.00 Neutral Strong Buy 404 1.59

XAAR 510.00 185.00 523.00 Neutral Sell 232 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 79.38 54.25 91.75 Neutral Buy 96 1.26

BODYCOTE 513.50 310.30 556.50 Neutral Neutral 505 1.61

CASTINGS 333.00 277.75 358.50 Neutral Strong Buy 694 0.99

VESUVIUS 346.00 263.19 402.10 Neutral Buy 495 2.19

FENNER 363.40 329.30 450.80 Neutral Strong Buy 547 1.42

HALMA 493.90 373.10 531.50 Neutral Sell 391 0.76

HILL & SMITH 435.00 297.00 480.00 Neutral Sell 326 1.37

IMI 1233.00 776.00 1347.00 Neutral Neutral 1355 1.40

MORGAN ADVANCED MATERIAL 257.70 220.30 332.80 Neutral Strong Buy 532 1.82

ROTORK 2868.00 1859.00 3037.00 Neutral Sell 2162 0.99

SENIOR 250.00 177.00 253.10 Neutral Sell 209 1.65

SEVERFIELD-ROWEN 40.00 35.40 104.11 Neutral Sell 29 0.73

SPIRAX-SARCO 2542.00 1900.00 2734.00 Neutral Sell 2266 0.84

VITEC GROUP 617.50 586.50 740.00 Neutral Neutral 590 1.40

WEIR GROUP 2197.00 1397.00 2474.00 Neutral Sell 2012 1.39

Food & Drug Stores Over Valued


GREGGS 462.50 449.00 523.50 Neutral Strong Buy 714 0.47

MORRISON(WM)SPMKTS. 286.30 248.60 296.40 Neutral Sell 195 0.39

SAINSBURY (J) 382.80 283.50 388.70 Neutral Sell 216 0.58

TESCO 366.95 297.05 387.75 Neutral Sell 280 0.69

THORNTONS 82.25 18.88 82.25 Sell Sell 58 0.84

Food Producers & ProcessorsUnder Valued


ASSOCIATED BRIT.FOODS 1925.00 1167.00 1999.00 Neutral Neutral 2097 0.61

CRANSWICK 1052.00 732.50 1057.00 Neutral Strong Buy 2074 0.49

DAIRY CREST 442.80 296.10 456.00 Neutral Buy 496 0.92

DEVRO 329.30 278.00 380.00 Neutral Strong Buy 516 0.31

PREMIER FOODS 72.00 54.50 165.00 Neutral Sell -183 1.25

TATE & LYLE 851.50 633.50 870.50 Neutral Strong Buy 1549 0.70

UNILEVER (UK) 2767.00 2007.00 2845.00 Neutral Neutral 2765 0.57


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.50 20.50 29.50 Neutral Buy 34 0.68

BROWN (N) GROUP 449.40 224.40 449.40 Sell Sell 367 0.53

BURBERRY GROUP 1350.00 1000.00 1536.00 Neutral Sell 998 1.27

CARPETRIGHT 635.00 585.00 728.50 Neutral Sell 284 0.94

DIXONS RETAIL 37.15 12.67 37.50 Neutral Neutral 40 1.50

FINDEL 155.00 55.20 186.00 Neutral Sell 50 1.08

FRENCH CONNECTN.GROUP 27.00 19.50 43.25 Neutral Strong Buy 104 0.99

HALFORDS GROUP 340.40 189.00 356.80 Neutral Buy 507 0.67

JD SPORTS FASHION 825.00 606.50 841.00 Sell Strong Buy 1536 0.52

DARTY 47.75 38.00 65.00 Neutral Strong Buy 90 1.24

KINGFISHER 315.90 254.10 315.90 Neutral Buy 395 0.92

MARKS & SPENCER GROUP 415.30 312.20 415.30 Neutral Buy 523 0.64

MOSS BROTHERS GROUP 56.00 42.00 71.00 Neutral Neutral 61 1.04

MOTHERCARE 305.25 160.00 362.00 Neutral Buy 380 0.47

NEXT 4408.00 2896.00 4408.00 Neutral Sell 3806 0.66

TED BAKER 1320.00 830.00 1354.00 Neutral Sell 666 0.55

TOPPS TILES 68.88 32.13 70.00 Neutral Sell 51 1.48

Heath Over Valued


BIOQUELL 141.00 125.50 160.00 Neutral Sell 114 0.45

CONSORT MEDICAL 790.00 584.00 831.50 Neutral Sell 568 0.40

OPTOS 167.50 145.75 264.00 Neutral Neutral 169 1.20

SMITH & NEPHEW 744.00 580.00 768.50 Neutral Sell 666 0.41

Household Goods & TextilesOver Valued


GAMES WORKSHOP 667.50 557.00 720.50 Neutral Neutral 652 0.43

HEADLAM GROUP 343.75 263.00 355.00 Neutral Sell 301 0.92

HORNBY 80.38 55.25 95.00 Neutral Buy 106 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 979.00 469.00 988.50 Neutral Sell 563 0.74

CSR 497.20 200.30 502.50 Neutral Strong Buy 1292 1.16

FILTRONIC 65.38 23.50 83.25 Neutral Sell 48 0.90

IMAGINATION TECHNOLOGIES 445.80 383.50 696.00 Neutral Buy 533 1.09

SPIRENT COMMUNICATIONS 130.10 122.00 174.00 Neutral Strong Buy 700 0.94

WOLFSON MICROELECTRONICS 195.00 170.00 230.00 Neutral Sell -533 0.91


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Insurance Under Valued


ADMIRAL GROUP 1322.00 1019.00 1374.00 Neutral Neutral 1344 0.54

AMLIN 430.90 312.90 431.50 Neutral Sell 156 0.46

BEAZLEY 225.80 132.50 225.80 Neutral Strong Buy 1260 0.59

CATLIN GROUP 534.00 399.00 540.00 Neutral Strong Buy 1869 0.29

HISCOX 565.50 379.26 574.05 Neutral Strong Buy 2510 0.48

JARDINE LLOYD THOMPSON 847.50 659.00 868.00 Neutral Strong Buy 1693 0.31

RSA INSURANCE GROUP 113.00 97.65 136.30 Neutral Strong Buy 902 0.40

NOVAE GROUP 460.00 345.00 475.75 Neutral Strong Buy 2893 0.47

Leisure & Hotels Over Valued


CARNIVAL 2336.00 1944.00 2628.00 Neutral Strong Buy 3951 1.00

ENTERPRISE INNS 99.80 55.50 114.70 Neutral Neutral 102 1.59

TUI TRAVEL 318.00 158.00 330.00 Neutral Strong Buy 776 0.99

FULLER SMITH 'A' 782.50 700.00 820.00 Neutral Sell 668 0.38

GREENE KING 714.50 474.30 723.50 Neutral Sell 642 0.91

LADBROKES 192.20 152.70 243.10 Neutral Buy 251 0.93

ICTL.HTLS.GP. 1891.00 1396.63 2039.00 Neutral Sell 1483 1.17

MILLENNIUM & CPTH.HTLS. 567.50 455.40 582.50 Neutral Buy 642 1.38

MITCHELLS & BUTLERS 337.70 217.40 350.10 Neutral Sell 311 1.09

BWIN PARTY DIGITAL ENTM. 132.20 91.90 158.00 Neutral Sell 49 1.25

PUNCH TAVERNS 9.50 5.61 13.12 Neutral Strong Buy 48 1.25

RANK GROUP 166.60 111.00 177.50 Neutral Strong Buy 505 1.00

RESTAURANT GROUP 480.80 269.20 480.80 Neutral Sell 322 0.74

WETHERSPOON (JD) 581.00 371.30 581.00 Neutral Buy 737 0.69

WHITBREAD 2578.00 1786.00 2692.00 Neutral Sell 1984 0.99

WILLIAM HILL 430.70 243.75 430.70 Neutral Sell 255 0.86

MARSTON'S 143.70 94.40 144.50 Neutral Sell 17 1.20

Life Assurance Over Valued


AVIVA 311.10 255.30 388.40 Neutral Strong Buy 675 1.24

CHESNARA 239.00 155.25 250.00 Neutral Strong Buy 377 0.70

LEGAL & GENERAL 167.50 106.00 175.70 Neutral Strong Buy 339 1.70

OLD MUTUAL 204.20 138.70 211.40 Neutral Neutral 197 1.57

PRUDENTIAL 1120.00 660.00 1155.00 Neutral Sell 970 1.70

ST.JAMES'S PLACE 547.00 303.40 550.50 Neutral Strong Buy 1441 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 114.50 102.00 146.50 Neutral Sell -562 0.36

BRITISH SKY BCAST.GROUP 850.50 656.00 899.50 Neutral Strong Buy 1681 0.54

CENTAUR MEDIA 44.50 28.50 60.00 Neutral Strong Buy 150 1.01

DAILY MAIL 'A' 694.00 363.50 722.00 Neutral Strong Buy 3940 1.12

EUROMONEY INSTL.INVESTOR 955.00 672.50 1001.00 Neutral Strong Buy 7410 0.98

INFORMA 490.00 340.00 537.00 Neutral Sell -73 1.53

ITE GROUP 259.90 180.00 289.40 Neutral Strong Buy 227 1.44

ITV 128.00 69.45 132.30 Neutral Strong Buy 1216 1.54

JOHNSTON PRESS 15.75 4.88 16.00 Neutral Buy 748 1.26

PEARSON 1144.00 1115.00 1294.00 Neutral Buy 303 0.62

PHOTO-ME INTL. 77.00 36.25 82.50 Neutral Strong Buy 2533 0.79

PINEWOOD SHEPPERTON 278.50 265.00 377.50 Neutral Strong Buy 837 0.15

THOMSON REUTERS 33.78 26.85 33.82 Neutral Sell -561 0.52

STV GROUP 133.50 81.50 146.88 Neutral Sell 258 0.78

ST.IVES 136.75 67.50 139.25 Neutral Sell 212 1.49

TRINITY MIRROR 91.00 25.50 121.25 Neutral Sell -248 1.57

UBM 714.00 511.00 788.00 Neutral Strong Buy 1699 1.31

WILMINGTON GROUP 146.00 82.00 164.00 Neutral Strong Buy 1305 0.85

WPP 1065.00 743.00 1092.00 Neutral Sell -487 1.34

HIBU 0.39 0.26 3.90 Neutral Strong Buy 783 1.07

Mining Over Valued


ANGLO AMERICAN 1606.00 1553.00 2412.00 Neutral Sell 1311 1.75

ANGLO PACIFIC GROUP 218.25 215.00 320.00 Neutral Neutral 222 0.99

ANTOFAGASTA 916.00 884.00 1381.00 Neutral Sell 807 1.43

BHP BILLITON 1815.50 1681.00 2236.00 Neutral Buy 2580 1.45

LONMIN 280.30 240.84 564.35 Neutral Strong Buy 537 2.03

RANDGOLD RESOURCES 5220.00 4545.00 7775.00 Neutral Sell 2297 0.34

RIO TINTO 2959.50 2715.50 3757.00 Neutral Sell 2785 1.51

COALFIELD RESOURCES 5.38 3.75 22.50 Neutral Strong Buy 155 0.89

VEDANTA RESOURCES 832.50 1298.00 Neutral Buy 1756 2.21

XSTRATA 979.90 785.80 1205.00 Neutral Sell 709 1.88

Oil & Gas Under Valued


BG GROUP 1065.00 1000.50 1451.00 Neutral Buy 1204 0.81

BP 454.10 391.95 475.90 Neutral Strong Buy 1515 1.05

CAIRN ENERGY 289.00 248.20 349.00 Neutral Sell -12 1.32

FORTUNE OIL 8.01 7.66 12.50 Neutral Strong Buy 14 0.90

HUNTING 815.00 688.00 954.00 Neutral Sell 434 1.32

JKX OIL & GAS 67.50 55.00 137.00 Neutral Strong Buy 293 1.36

PREMIER OIL 366.20 321.30 401.20 Neutral Sell 277 1.45

ROYAL DUTCH SHELL B 2217.00 2039.00 2366.50 Neutral Strong Buy 9149 0.86

SOCO INTERNATIONAL 377.90 254.90 404.30 Neutral Sell 242 0.52

TULLOW OIL 1031.00 982.50 1557.00 Neutral Sell 877 1.05

WOOD GROUP (JOHN) 805.00 651.50 879.50 Neutral Neutral 773 1.36


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Personal Care & Household Products Over Valued


MCBRIDE 116.00 102.70 146.75 Neutral Strong Buy 257 0.83

PZ CUSSONS 396.00 297.20 415.60 Neutral Sell 325 0.69

RECKITT BENCKISER GROUP 4671.00 3300.00 4812.00 Neutral Neutral 4715 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.43 0.36 3.88 Buy Sell -3 1.01

ASTRAZENECA 3321.00 2591.00 3390.00 Neutral Strong Buy 6913 0.47

BTG 348.10 300.30 423.00 Neutral Sell 154 0.62

DECHRA PHARMACEUTICALS 725.50 444.50 780.00 Neutral Sell 628 0.26

GLAXOSMITHKLINE 1684.00 1317.50 1684.00 Neutral Buy 2064 0.49

OXFORD BIOMEDICA 1.66 1.55 4.08 Buy Sell -1 0.65

PHYTOPHARM 1.15 1.05 12.75 Buy Strong Buy 2 0.94

SHIRE 1994.00 1727.00 2153.00 Neutral Sell 1410 0.65

SKYEPHARMA 44.75 43.50 101.50 Neutral Sell -106 0.71

VERNALIS 22.50 21.63 27.38 Neutral Buy 27 0.90

Real Estate Under Valued


BIG YELLOW GROUP 398.30 274.50 398.50 Neutral Sell -562 1.15

BRITISH LAND 594.00 475.40 594.00 Neutral Strong Buy 1681 1.03

CAPITAL & REGIONAL 34.25 22.75 34.50 Sell Strong Buy 150 0.82

CLS HOLDINGS 920.00 595.00 930.00 Neutral Strong Buy 3940 0.69

DERWENT LONDON 2297.00 1708.00 2327.00 Neutral Strong Buy 7410 1.20

DEVELOPMENT SECS. 144.00 121.75 175.00 Neutral Sell -73 0.97

GRAINGER 138.90 83.10 142.00 Neutral Strong Buy 227 1.54

GREAT PORTLAND ESTATES 525.50 360.10 534.50 Sell Strong Buy 1216 1.06

HAMMERSON 518.00 409.20 528.50 Neutral Buy 748 1.16

HELICAL BAR 243.25 164.00 251.00 Neutral Buy 303 0.75

LAND SECURITIES GROUP 876.50 704.00 879.00 Neutral Strong Buy 2533 1.15

INTU PROPERTIES 334.90 305.00 366.00 Neutral Strong Buy 837 1.08

MCKAY SECURITIES 144.50 127.00 145.00 Neutral Sell -561 0.72

MUCKLOW (A & J) GROUP 373.00 320.50 390.00 Neutral Sell 258 0.41

PRIMARY HEALTH PROPS. 329.25 312.00 364.50 Neutral Sell 212 0.35

QUINTAIN ESTATES & DEV. 64.50 32.50 70.00 Sell Sell -248 1.17

SAVILLS 556.00 300.80 599.00 Neutral Strong Buy 1699 0.74

SHAFTESBURY 604.50 492.00 611.00 Neutral Strong Buy 1305 1.03

SEGRO 265.10 209.40 271.00 Neutral Sell -487 1.70

ST MODWEN PROPS. 269.10 145.50 280.20 Neutral Strong Buy 783 1.55

TOWN CENTRE SECURITIES 198.50 147.00 215.00 Neutral Sell -16 1.05

UNITE GROUP 334.90 180.25 335.70 Neutral Sell 46 1.75

WARNER ESTATE 1.38 1.00 2.75 Sell Sell -1116 1.01

WORKSPACE GROUP 368.60 213.25 374.10 Neutral Strong Buy 1269 1.02


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Software & Computer Services Under Valued


ANITE 121.00 111.00 162.00 Neutral Neutral 120 0.76

AVEVA GROUP 2214.00 1469.00 2322.00 Neutral Sell 1294 1.40

COMPUTACENTER 460.00 292.40 567.00 Neutral Strong Buy 1324 1.01

KOFAX 325.00 240.00 335.00 Neutral Neutral 317 1.12

INNOVATION GROUP 25.75 18.25 25.75 Sell Sell 24 0.83

MICRO FOCUS INTL. 679.50 426.17 706.00 Neutral Buy 965 0.79

PHOENIX IT GROUP 140.25 131.00 231.75 Neutral Strong Buy 303 0.74

RM 74.00 70.25 89.00 Neutral Sell -90 0.53

FIDESSA GROUP 1792.00 1275.00 1970.00 Neutral Buy 2044 0.77

SAGE GROUP 340.80 247.70 352.10 Neutral Buy 409 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 417.10 237.30 441.90 Neutral Sell 132 1.08

BREWIN DOLPHIN 211.00 136.30 222.00 Neutral Sell 109 0.72

CAMELLIA 10250.00 9250.00 11105.00 Neutral Sell 8031 0.83

CHARLES STANLEY GROUP 400.00 247.50 405.00 Neutral Sell 180 0.97

CHARLES TAYLOR 169.00 134.75 190.00 Neutral Sell 112 0.69

CLOSE BROTHERS GROUP 1036.00 673.50 1107.00 Neutral Sell 150 0.87

F&C ASSET MANAGEMENT 98.20 65.90 110.40 Neutral Neutral 97 0.89

HELPHIRE GROUP 3.30 0.55 3.70 Sell Strong Buy 25 0.68

HENDERSON GROUP 161.70 90.55 171.00 Neutral Sell 55 1.44

ICAP 289.10 280.80 384.00 Neutral Sell 202 1.07

INTERMEDIATE CAPITAL GP. 414.70 227.30 427.60 Neutral Sell 190 1.68

INVESTEC 455.90 310.40 513.50 Neutral Sell 80 1.55

LONDON STOCK EX.GROUP 1310.00 930.00 1411.00 Neutral Strong Buy 2712 1.12

MAN GROUP 104.50 63.25 111.10 Neutral Strong Buy 490 1.32

RATHBONE BROTHERS 1456.00 1151.00 1551.00 Neutral Sell 1050 0.73

SCHRODERS 2287.00 1166.00 2287.00 Sell Sell 1094 1.31

SCHRODERS NV 1797.00 966.00 1797.00 Sell Strong Buy 3625 1.27


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Support Services Over Valued


ACAL 209.00 157.75 242.50 Neutral Buy 288 0.93

AGGREKO 1774.00 1557.00 2400.00 Neutral Sell 1281 1.03

AMEC 1009.00 923.00 1172.00 Neutral Buy 1113 1.04

ASHTEAD GROUP 605.00 212.20 635.00 Neutral Sell 313 1.62

BABCOCK INTL. 1072.00 793.50 1106.00 Neutral Sell 651 0.48

BRITISH POLYTHENE INDS. 545.00 317.00 545.00 Neutral Buy 784 0.78

BUNZL 1266.00 990.00 1320.00 Neutral Sell 966 0.55

UK MAIL GROUP 430.00 214.00 445.00 Neutral Neutral 436 0.38

CAPITA 886.00 602.00 913.50 Neutral Sell 512 0.50

COMMUNISIS 51.88 25.34 53.50 Neutral Buy 66 0.78

COMPASS GROUP 841.50 616.00 852.50 Neutral Sell 594 0.74

BERENDSEN 782.00 462.00 812.00 Neutral Buy 965 1.04

DE LA RUE 947.00 891.50 1075.00 Neutral Sell 595 #NA

DIGNITY 1367.00 803.50 1435.00 Neutral Sell 786 0.21

DIPLOMA 573.00 417.00 627.50 Neutral Sell 479 0.95

ELECTROCOMP. 244.10 195.20 265.00 Neutral Buy 315 1.02

FILTRONA 706.00 428.00 744.00 Neutral Sell 342 1.10

G4S 312.20 240.00 313.50 Neutral Sell 286 0.58

HAYS 94.40 66.40 101.20 Neutral Buy 119 1.09

HOMESERVE 203.70 137.50 252.50 Neutral Strong Buy 483 0.93

INTERSERVE 477.30 271.40 510.50 Neutral Buy 673 1.27

INTERTEK GROUP 3315.00 2406.00 3451.00 Neutral Sell 1424 0.77

JOHNSON SERVICE GROUP 43.00 26.50 45.75 Neutral Strong Buy 93 1.18

MANAGEMENT CNSL.GP. 31.38 21.25 39.00 Neutral Strong Buy 54 0.72

MENZIES (JOHN) 712.00 542.00 789.00 Neutral Strong Buy 1268 1.43

MICHAEL PAGE INTL. 372.30 341.40 451.80 Neutral Sell 313 1.41

MITIE GROUP 283.50 253.90 300.80 Neutral Buy 336 0.55

OFFICE2OFFICE 87.50 87.50 156.00 Neutral Strong Buy 234 0.34

PAYPOINT 850.00 605.00 912.50 Neutral Sell 681 0.70

PREMIER FARNELL 213.70 153.20 236.30 Neutral Buy 279 1.32

REGUS 164.40 82.65 169.00 Neutral Sell 105 1.44

RENTOKIL INITIAL 96.65 69.40 100.70 Neutral Sell 54 1.24

REXAM 512.00 394.28 547.50 Neutral Neutral 522 0.91

RICARDO 375.00 304.50 431.00 Neutral Buy 463 0.85

ROBERT WALTERS 223.00 176.25 259.00 Neutral Buy 304 1.23

RPC GROUP 386.70 348.30 477.00 Neutral Buy 525 0.77

RPS GROUP 250.90 197.00 274.20 Neutral Neutral 243 1.50

SERCO GROUP 612.00 509.50 635.50 Neutral Sell 568 0.59

SHANKS GROUP 77.50 73.00 98.00 Neutral Strong Buy 165 1.46

SPEEDY HIRE 49.50 22.25 50.00 Neutral Neutral 51 1.25

TRIBAL GROUP 141.00 73.25 149.00 Neutral Sell 50 0.56

TRIFAST 53.13 39.50 59.00 Neutral Buy 60 0.92

VP 333.50 234.75 354.88 Neutral Strong Buy 613 0.86

WYG 74.50 42.00 75.00 Sell Strong Buy 179 0.79


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Telecommunication Services Over Valued


BT GROUP 285.80 200.70 288.70 Neutral Buy 343 0.90

CABLE & WIRELESS COMMS. 42.24 27.28 42.91 Neutral Strong Buy 84 0.69

INMARSAT 725.00 390.80 725.00 Neutral Sell 614 0.53

KCOM GROUP 84.20 67.00 85.20 Neutral Strong Buy 132 1.24

TELECOM PLUS 1206.00 683.50 1206.00 Neutral Sell 744 0.11

VODAFONE GROUP 197.20 154.45 197.20 Neutral Sell 172 0.54

Transport Under Valued


BBA AVIATION 251.70 178.00 269.00 Neutral Sell 178 1.30

BRAEMAR SHIPPING SVS. 395.00 309.50 425.00 Neutral Buy 459 0.99

CLARKSON 1642.00 1150.00 1673.00 Neutral Sell 1483 0.81

EASYJET 1135.00 481.20 1150.00 Neutral Sell 675 0.74

FIRST GROUP 218.70 175.70 260.50 Neutral Strong Buy 564 0.90

FISHER(JAMES)& SONS 1045.00 535.00 1110.00 Neutral Sell 398 0.77

GO-AHEAD GROUP 1546.00 1086.00 1546.00 Neutral Buy 1868 0.89

NATIONAL EXPRESS 194.30 164.50 230.50 Neutral Buy 253 1.34

NORTHGATE 315.00 159.60 350.00 Neutral Strong Buy 614 1.41

STAGECOACH GROUP 306.50 230.40 319.60 Neutral Buy 361 0.90

WINCANTON 54.50 31.00 78.50 Sell Sell -44 0.90

Utilities Under Valued


CENTRICA 375.60 306.30 393.10 Neutral Buy 507 0.46

NATIONAL GRID 807.50 641.00 807.50 Neutral Neutral 882 0.49

PENNON GROUP 684.00 598.00 796.00 Neutral Buy 819 0.58

SSE 1550.00 1294.00 1553.00 Neutral Buy 1818 0.42

SEVERN TRENT 1808.00 1513.00 1812.00 Neutral Sell 1596 0.34

UNITED UTILITIES GROUP 732.50 617.50 747.50 Neutral Neutral 708 0.50


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value indicator - uk main market 20130429

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