value indicator - uk main market 20130829

7/30/2019 value indicator - uk main market 20130829

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29 August 2013

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Intellisys Intelligent Analysis Limited 29 August 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 Under Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Over Valued ........................................................8General Retail Under Valued ..............................................................................9Health Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Under Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Under Valued ................................................ 12Real Estate - REIT Under Valued ..................................................................... 12Real Estate REIS Under Valued ..................................................................... 13Software & Computer Services Under Valued .................................................... 13Speciality & Other Finance Under Valued .......................................................... 13Support Services Under Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 14Transport 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 providedsolely to enable you to make your own investment decisions. If you are unsure about dealing in sharesand other equity investments, you must contact your financial adviser as these types of investments maynot be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well asrise and 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 440.00 300.80 455.40 Neutral Buy 599 0.71

CHEMRING GROUP 313.00 217.00 360.60 Neutral Buy 367 0.66

COBHAM 287.10 190.10 307.70 N eu tra l Neu tral 295 0.85

MEGGITT 526.50 366.20 562.00 N eu tra l Neu tral 517 1.28

ROLLS-ROYCE HOLDINGS 1092.00 7 99.39 1 240.00 N eu tra l Neu tral 1108 1.00

SMITHS GROUP 1289.00 1011.00 1397.00 Neutral Sell 1133 0.77

ULTRA ELECTRONICS HDG. 1865.00 1 505.00 1981.00 Neutral Sell 1682 0.52

Automobiles & Parts Under Valued

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

GKN 324.10 201.00 354.00 N eu tra l Neu tral 320 1.97

INCHCAPE 592.50 353.30 645.00 N eu tra l Neu tral 634 1.42

LOOKERS 123.75 68.75 128.50 Neutral Sell 112 1.22

PENDRAGON 33.25 13.50 33.50 Neutral Buy 44 1.09

Banks Over Valued


BARCLAYS 284.55 181.25 333.85 Neutral Sell -845 1.95

HSBC HDG. (ORD $0.50) 678.30 541.00 769.90 Neutral Buy 848 1.18

LLOYDS BANKING GROUP 73.89 32.89 77.14 Neutral Sell 0 1.86

ROYAL BANK OF SCTL.GP. 336.00 220.70 367.80 Neutral Sell -121 1.39

STANDARD CHARTERED 1435.00 1364.00 1 837.50 Neutral Strong Buy 3379 1.64

Beverages Under Valued


BARR (AG) 553.50 415.00 588.50 Neutral Sell 487 0.58

DIAGEO 1989.00 1672.50 2136.50 Sell Neutral 2170 0.54

SABMILLER 3100.00 2599.00 3657.00 Neutral Buy 4217 0.91

Chemicals Under Valued


ALENT 363.80 305.00 397.50 Neutral Buy 458 #NA

AZ ELECTRONIC MATS.(DI) 305.60 240.00 406.40 Neutral Strong Buy 561 1.12

CARCLO 363.50 342.75 501.00 Neutral Sell 144 0.74

CRODA INTERNATIONAL 2589.00 2164.00 2841.00 Neutral Buy 3263 1.05

ELEMENTIS 250.00 204.20 275.00 Neutral Buy 315 1.07

JOHNSON MATTHEY 2805.00 2190.00 2887.00 Neutral Strong Buy 4344 1.43

VICTREX 1566.00 1309.00 1765.00 Neutral Sell 1360 1.16

SYNTHOMER 225.00 146.00 230.90 Neutral Strong Buy 401 1.10

ZOTEFOAMS 197.50 182.50 225.00 Neutral Strong Buy 301 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 116.00 76.00 118.50 Neutral Strong Buy 267 0.56

BALFOUR BEATTY 249.80 207.60 320.80 Neutral Strong Buy 1085 0.83

BARRATT DEVELOPMENTS 304.70 149.30 355.20 Neutral Strong Buy 588 1.70

BELLWAY 1345.00 869.00 1502.00 Neutral Strong Buy 2764 1.02

BERKELEY GROUP HDG.(THE) 2087.00 1387.00 2340.00 Neutral Strong Buy 3348 0.58

BOOT (HENRY) 193.00 123.50 201.00 Neutral Strong Buy 352 0.75

BOVIS HOMES GROUP 740.00 473.20 851.50 Neutral Strong Buy 1388 1.11

CARILLION 284.80 244.80 331.80 Neutral Strong Buy 1494 1.09

CLARKE (T) 59.00 40.00 62.50 Neutral Strong Buy 373 0.80

COSTAIN GROUP 275.25 226.25 306.00 Neutral Strong Buy 1100 0.52

CRH 1333.00 1090.00 1540.00 Neutral Sell 875 1.04

GALLIFORD TRY 965.50 621.00 1020.00 Neutral Strong Buy 2860 0.97

KELLER 1105.00 496.00 1161.00 Neutral Strong Buy 2309 1.29

KIER GROUP 1483.00 1106.00 1528.00 Neutral Strong Buy 5174 1.01

LOW & BONAR 73.75 50.00 76.75 Neutral Strong Buy 217 1.06MARSHALLS 151.25 81.00 155.75 Neutral Buy 196 1.33

MORGAN SINDALL GROUP 670.00 508.00 695.00 Neutral Strong Buy 4389 0.71

NORCROS 17.00 11.25 18.25 Neutral Strong Buy 59 1.05

PERSIMMON 1096.00 649.34 1305.00 Neutral Strong Buy 1930 1.02

REDROW 222.00 145.50 255.10 Neutral Strong Buy 439 0.90

SIG 176.40 98.05 188.00 Neutral Strong Buy 510 1.70

SUPERGLASS HOLDINGS 46.00 43.00 287.50 Neutral Strong Buy 4067 0.89

TAYLOR WIMPEY 99.75 50.25 113.80 Neutral Strong Buy 219 1.61

TRAVIS PERKINS 1559.00 1013.00 1713.00 Neutral Strong Buy 4265 1.95

WOLSELEY 3222.00 2504.56 3483.00 Neutral Strong Buy 5806 1.35

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1337.00 999.50 1365.00 Neutral Sell 1089 0.69

DOMINO PRINTING SCIENCES 664.00 522.00 717.00 Neutral Buy 913 1.14

E2V TECHNOLOGIES 132.50 105.50 137.75 Neutral Strong Buy 283 1.27

INVENSYS 490.10 217.33 509.50 Neutral Sell 282 1.40

LAIRD 215.40 171.10 249.30 Neutral Strong Buy 457 2.10

OXFORD INSTRUMENTS 1495.00 1209.00 1752.00 Neutral Sell 1338 1.11

RENISHAW 1692.00 1494.00 2081.00 Neutral Buy 2148 1.29

SPECTRIS 2220.00 1549.00 2470.00 Neutral Buy 2912 1.53

BIOME TECHNOLOGIES 97.50 65.00 303.67 Neutral Sell -454 0.77

TT ELECTRONICS 185.00 114.00 191.50 Neutral Strong Buy 442 1.61

XAAR 869.50 227.00 898.00 Neutral Sell 433 1.06


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Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 111.75 54.25 114.75 Sell Buy 143 1.19

BODYCOTE 625.00 338.90 644.00 Neutral Neutral 617 1.60

CASTINGS 420.00 291.00 443.50 Neutral Strong Buy 654 0.95

VESUVIUS 468.80 263.19 480.00 Neutral Strong Buy 1155 2.23

FENNER 341.70 305.90 435.20 Neutral Strong Buy 542 1.45

HALMA 539.50 405.80 578.00 Neutral Sell 397 0.78

HILL & SMITH 441.00 339.25 480.00 Neutral Buy 530 1.32

IMI 1429.00 837.50 1504.00 Neutral Strong Buy 4189 1.41

MORGAN ADVANCED MATERIAL 297 .40 220 .30 318 .00 Neutral Strong Buy 483 1.90

ROTORK 2699.00 2157.00 3037.00 Neutral Neutral 2829 1.00

SENIOR 270.70 185.90 288.40 Neutral Sell 241 1.66

SEVERFIELD-ROWEN 55.25 35.40 76.91 Neutral Sell 46 0.79

SPIRAX-SARCO 2975.00 1932.53 3041.00 Neutral Sell 2066 0.84

VITEC GROUP 620.50 559.00 740.00 Neutral Sell 471 1.37

WEIR GROUP 2181.00 1566.00 2474.00 Neutral Neutral 2132 1.44

Food & Drug Stores Over Valued


GREGGS 413.50 392.10 523.50 Neutral Strong Buy 778 0.44

MORRISON(WM)SPMKTS. 292.90 248.60 296.90 Neutral Buy 392 0.39

SAINSBURY (J) 391.30 321.90 398.70 Neutral Buy 480 0.56

TESCO 371.25 307.90 387.75 Neutral Sell 197 0.68

THORNTONS 80.50 24.13 100.50 Neutral Sell 51 0.79

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1838.00 1267.00 2 031.00 Neutral Sell 1652 0.61

CRANSWICK 1139.00 732.50 1178.00 Neutral Strong Buy 1775 0.33

DAIRY CREST 514.00 332.90 528.50 Neutral Sell 391 0.91

DEVRO 322.80 289.90 380.00 Neutral Strong Buy 505 0.37

PREMIER FOODS 129.00 54.50 135.75 Neutral Strong Buy 254 1.26

TATE & LYLE 797.00 634.50 883.00 Neutral Strong Buy 1340 0.67

UNILEVER (UK) 2486.00 2235.00 2885.00 Neutral Sell 2162 0.50


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 26.63 22.13 29.50 Neutral Buy 38 0.66

BROWN (N) GROUP 551.50 266.40 577.00 Neutral Sell 454 0.51

BURBERRY GROUP 1531.00 1000.00 1593.00 Neutral Sell 1226 1.29

CARPETRIGHT 650.00 585.00 701.50 Neutral Sell 346 0.90

DIXONS RETAIL 40.92 17.00 46.33 Neutral Buy 47 1.46

FINDEL 234.50 108.00 239.25 Neutral Sell 59 1.06

FRENCH CONNECTN.GROUP 29.50 21.38 34.00 Sell Strong Buy 109 1.01

HALFORDS GROUP 364.20 234.60 405.20 Neutral Buy 507 0.71

JD SPORTS FASHION 932.50 655.00 963.50 Neutral Strong Buy 1737 0.49

DARTY 88.25 39.00 88.25 Neutral Buy 115 1.23

KINGFISHER 387.20 262.20 404.90 Neutral Buy 442 0.91

MARKS & SPENCER GROUP 475.00 352.70 488.80 Neutral Buy 634 0.60

MOSS BROTHERS GROUP 63.00 44.75 71.00 Neutral Buy 74 0.97

MOTHERCARE 434.00 202.00 492.75 Neutral Sell 163 0.38

NEXT 4916.00 3320.00 5030.00 Neu tral Neu tral 5325 0.61

TED BAKER 1831.00 899.00 1973.00 Neutral Sell 961 0.56

TOPPS TILES 83.75 46.00 89.75 Neutral Sell 75 1.51

Health Over Valued


BIOQUELL 135.50 129.50 160.00 Neutral Sell 116 0.39

CONSORT MEDICAL 824.00 660.50 839.00 Neutral Sell 576 0.35

OPTOS 154.00 106.75 222.75 Neutral Buy 170 1.17

SMITH & NEPHEW 766.00 638.00 800.00 Neutral Sell 652 0.45

Household Goods & Textiles Over Valued


GAMES WORKSHOP 781.00 601.00 794.50 Neutral Neutral 765 0.42

HEADLAM GROUP 395.00 295.00 415.00 Neutral Sell 333 0.88

HORNBY 81.25 55.25 88.50 Neutral Buy 113 0.70

Information Technology & Hardware Over Valued


ARM HOLDINGS 863.50 528.00 1097.00 Neutral Sell 271 0.73

CSR 494.10 308.10 607.00 Neutral Strong Buy 1533 1.13FILTRONIC 65.00 30.75 83.25 Neutral Sell 56 0.94

IMAGIN AT ION TECHNOLOGIES 258 .40 235 .10 624 .00 Neutral Buy 319 1.04

SPIRENT COMMUNICATIONS 122.00 118.00 170.00 Neutral Strong Buy 233 0.94

WOLFSON M ICR OELECTR ONICS 158 .50 140 .00 226 .25 Neutral Sell -200 0.94


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Insurance Under Valued


ADMIRAL GROUP 1290.00 1019.00 1416.00 Neutral Sell -424 0.52

AMLIN 392.90 364.10 435.10 Neutral Strong Buy 1512 0.40

BEAZLEY 202.30 162.20 242.70 Neutral Strong Buy 940 0.50

CATLIN GROUP 475.90 455.30 552.50 Neu tral Neu tral 466 0.22

HISCOX 640.00 463.32 660.00 Neutral Strong Buy 1881 0.46

JARDINE LLOYD THOMPSON 916.00 723.00 949.50 Neutral Buy 1219 0.32

RSA INSURANCE GROUP 120.70 107.70 136.30 Neutral Strong Buy 715 0.39

NOVAE GROUP 506.00 345.00 515.00 Neutral Strong Buy 3377 0.38

Leisure & Hotels Over Valued


CARNIVAL 2431.00 2125.00 2628.00 Neutral Buy 3445 0.95

ENTERPRISE INNS 145.50 56.75 152.20 Neutral Sell 104 1.64

TUI TRAVEL 341.30 209.10 401.50 Neutral Strong Buy 713 0.96

FULLER SMITH 'A' 930.00 700.50 969.00 Neutral Sell 594 0.26

GREENE KING 804.00 556.50 897.50 Neutral Sell 606 0.88

LADBROKES 185.90 169.70 243.10 Neutral Buy 254 0.87

ICTL.HTLS.GP. 1788.00 1524.00 2039.00 Neutral Sell 1606 1.10

MILLENNIUM & CPTH.HTLS. 553.50 456.00 582.50 Neu tral Neu tral 573 1.34

MITCHELLS & BUTLERS 414.10 263.70 430.40 Sell Sell 267 1.00

BWIN PARTY DIGITAL ENTM. 126.40 91.90 156.00 Neutral Sell 62 1.24

PUNCH TAVERNS 12.88 6 .15 13.75 Neutral Strong Buy 70 1.16

RANK GROUP 157.00 128.60 177.50 Neutral Strong Buy 553 0.96

RESTAURANT GROUP 532.50 322.00 570.00 Neutral Sell 379 0.70

WETHERSPOON (JD) 713.00 447.90 767.00 Neutral Sell 672 0.57

WHITBREAD 3070.00 2099.00 3303.00 Neutral Sell 2126 0.97WILLIAM HILL 417.00 275.75 494.50 Neutral Sell 250 0.80

MARSTON'S 154.20 110.00 164.50 Neutral Sell 14 1.16

Life Assurance Under Valued


AVIVA 394.40 294.10 404.90 Neutral Sell 361 1.18

CHESNARA 260.50 176.50 270.00 Neutral Strong Buy 509 0.64

LEGAL & GENERAL 187.40 128.00 201.90 Neutral Strong Buy 477 1.69

OLD MUTUAL 183.00 165.10 221.60 Neutral Strong Buy 379 1.52

PRUDENTIAL 1094.00 770.00 1232.00 Neu tral Neu tral 1134 1.66

ST.JAMES'S PLACE 588.00 339.30 641.50 Neutral Strong Buy 6376 0.84


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 139.50 102.00 144.00 Neutral Strong Buy 922 0.42

BRITISH SKY BCAST.GROUP 841.00 709.00 899.50 Neutral Strong Buy 1056 0.47

CENTAUR MEDIA 40.50 31.00 60.00 Neutral Sell -42 1.06

DAILY MAIL 'A' 773.50 451.25 835.00 Neutral Strong Buy 3556 1.07

EUROMONEY INSTL.INVESTOR 1157.00 747 .50 1180.00 Neutral Strong Buy 5566 0.96

INFORMA 501.00 380.50 541.50 Neutral Strong Buy 327 1.63

ITE GROUP 277.90 183.50 307.40 Neutral Buy 201 1.44

ITV 162.00 82.00 168.60 Neutral Strong Buy 1369 1.46

JOHNSTON PRESS 15.75 5.20 19.00 Neutral Buy 720 1.20

PEARSON 1316.00 1119.00 1350.00 Neutral Neutral 309 0.65

PHOTO-ME INTL. 98.25 42.75 99.00 Neutral Strong Buy 2283 0.86

PINEWOOD SHEPPERTON 289.00 269.00 289.00 Neutral Strong Buy 732 0.13

THOMSON REUTERS 34.71 26.85 36.45 Neutral Strong Buy 346 0.52

STV GROUP 204.50 81.50 204.50 Neutral Sell 240 0.82

ST.IVES 161.00 75.00 170.00 Neutral Sell 159 1.48TRINITY MIRROR 114.75 36.75 122.25 Neutral Sell -289 1.59

UBM 699.50 636.00 788.00 Neutral Strong Buy 1421 1.33

WILMINGTON GROUP 193.50 104.25 196.00 Neutral Strong Buy 1390 0.85

WPP 1178.00 788.00 1221.00 Neutral Sell -827 1.27

Mining Under Valued


ANGLO AMERICAN 1530.50 1207.00 2084.00 Neutral Sell 1290 1.84

ANGLO PACIFIC GROUP 206.25 161.00 290.00 Neu tral Neu tral 217 1.07

ANTOFAGASTA 874.50 784.50 1381.00 Neu tral Neu tral 875 1.42

BHP BILLITON 1877.00 1666.50 2236.00 Neutral Strong Buy 3062 1.48

GLENCORE XSTRATA 311.35 256.85 397.85 Neutral Strong Buy 1054 #NA

LONMIN 350.10 240.84 380.10 Sell Buy 453 2.08

RANDGOLD RESOURCES 5195.00 3972.00 7 775.00 Neutral Sell 2973 0.47

RIO TINTO 2975.00 2582.00 3757.00 Neutral Sell 2531 1.53

VEDANTA RESOURCES 861.00 1335.00 Neutral Strong Buy 2880 2.24

Oil & Gas Under Valued


BG GROUP 1267.50 1000.50 1350.50 Neutral Sell 898 0.84

BP 452.65 416.60 483.30 Neutral Strong Buy 1009 1.02

CAIRN ENERGY 279.10 251.80 297.00 Neutral Sell -27 1.33

FORTUNE OIL 8.70 7.15 12.50 Neutral Strong Buy 112 0.84

HUNTING 868.00 716.00 941.00 Neutral Sell 576 1.35

JKX OIL & GAS 66.50 48.50 87.00 Neutral Sell -62 1.35

PREMIER OIL 363.00 321.30 400.20 Neutral Buy 409 1.45

ROYAL DUTCH SHELL B 2221.00 2098.00 2365.00 Neutral Strong Buy 8308 0.83

SOCO INTERNATIONAL 386.00 319.90 404.30 Neutral Buy 472 0.53

TULLOW OIL 1026.00 977.00 1468.00 Neutral Sell 702 1.05

WOOD GROUP (JOHN) 810.00 720.50 915.50 Neutral Sell 730 1.44


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Personal Care & Household Products Over Valued


MCBRIDE 129.50 101.00 144.60 Neutral Strong Buy 267 0.84

PZ CUSSONS 405.40 297.20 415.60 Neutral Sell 335 0.70

RECKITT BENCKISE R GROUP 4407.00 3560.00 4950.00 Neutral Neutral 4462 0.30

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.48 0.36 3.58 Buy Sell -3 0.91

ASTRAZENECA 3217.00 2792.50 3521.50 Neutral Strong Buy 9023 0.51

BTG 384.40 301.00 397.90 Neutral Sell 215 0.73

DECHRA PHARMACEUTICALS 700.50 4 92.30 780.00 Neutral Buy 933 0.18

GLAXOSMITHKLINE 1667.50 1317.50 1782.00 Neutral Buy 1927 0.52

OXFORD BIOMEDICA 1.74 1.33 2.80 Neutral Sell -2 0.57

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Neutral Sell -5 0.93

SHIRE 2373.00 1727.00 2442.00 Neutral Sell 1539 0.70

SKYEPHARMA 82.00 43.50 100.50 Neutral Buy 104 0.66

VERNALIS 24.25 19.38 27.38 Neutral Sell 11 0.86

Real Estate - REIT Under Valued


BIG YELLOW GROUP 410.00 300.00 445.00 Neutral Strong Buy 665 1.18

BRITISH LAND 562.00 506.00 658.00 Neutral Buy 782 1.05

DERWENT LONDON 2334.00 1890.00 2542.00 Neutral Strong Buy 4540 1.23

GREAT PORTLAND ESTATES 526.00 43 5.20 598.00 Neutral Strong Buy 1052 1.06

HAMMERSON 485.00 448.60 554.00 Neutral Neutral 519 1.24

INTU PROPERTIES 311.00 300.60 366.00 Neutral Strong Buy 508 1.13

LAND SECURITIES GROUP 890.50 761.50 994.00 Neutral Strong Buy 1643 1.15

LOCAL SHOP.REIT (THE) 25.50 24.25 40.75 Neutral Sell -155 0.81

LONDONMETRIC PROPERTY 109.20 1 03.20 121.40 Neutral Sell -6 0.33

MCKAY SECURITIES 153.50 131.50 155.00 Neutral Strong Buy 248 0.66

MUCKLOW (A & J) GROUP 433.00 325.00 454.50 Neutral Sell 230 0.39

PRIMARY HEALTH PROPS. 348.50 312.50 363.53 Neutral Sell 94 0.30

REDEFINE INTL.REIT 43.75 29.02 45.00 Neutral Sell -376 0.64

SEGRO 297.40 221.60 313.60 Neutral Sell -274 1.81

SHAFTESBURY 593.50 517.50 668.00 Neutral Buy 799 1.03

TOWN CENTRE SECURITIES 190.00 177.00 223.00 Neutral Sell 5 1.04

WARNER ESTATE SUSP - 28/08/13 0.80 0.70 2.25 Neutral Sell -987 0.93

WORKSPACE GROUP 451.60 250.75 475.00 Neutral Strong Buy 1168 1.01


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 318.40 210.90 365.60 Neutral Strong Buy 733 0.70

CAPITAL & REGIONAL 40.25 22.75 41.25 Neutral Sell -50 0.64

CLS HOLDINGS 1186.00 656.50 1260.00 Neutral Strong Buy 2893 0.75

DAEJAN HOLDINGS 4003.00 2706.00 4179.00 Neutral Strong Buy 7041 0.48

DEVELOPMENT SECS. 191.00 143.00 209.00 Neutral Neutral 192 0.96

GRAINGER 174.00 97.45 187.50 Neutral Sell 109 1.57

HELICAL BAR 270.00 178.00 302.50 Neutral Sell 199 0.82

LONDON & ASSOCS.PROPS. 28.50 21.00 29.75 Sell Strong Buy 226 0.64

MOUNTVIEW ESTATES 6162.50 4350.00 6512.50 Neutral Strong Buy 14364 0.69

QUINTAIN ESTATES & DEV. 86.50 51.00 92.00 Sell Sell -195 1.04

RAVEN RUSSIA 73.00 61.50 79.75 Neutral Strong Buy 208 1.48

SAVILLS 607.00 386.70 664.50 Neutral Strong Buy 2133 0.74

SMART (J) 90.50 71.50 90.50 Neutral Strong Buy 382 0.33

ST MODWEN PROPS. 303.00 193.10 333.00 Neutral Strong Buy 612 1.60

UNITE GROUP 361.60 223.50 403.00 Neutral Strong Buy 1633 1.77

Software & Computer Services Under Valued


ANITE 111.10 109.60 162.00 Neutral Buy 124 0.67

AVEVA GROUP 2316.00 1789.01 2588.15 Neutral Sell 1467 1.49

COMPUTACENTER 520.00 333.29 564.10 Neutral Strong Buy 1142 0.89

KOFAX 351.00 260.75 358.75 Neutral Sell 301 1.06

INNOVATION GROUP 29.25 19.50 30.25 Neutral Sell 21 0.78

MICRO FOCUS INTL. 771.50 541.11 812.50 Neutral Buy 877 0.82

PHOENIX IT GROUP 153.00 130.00 217.00 Neutral Strong Buy 241 0.69

RM 84.00 64.00 85.50 Neutral Strong Buy 234 0.54

FIDESSA GROUP 2112.00 1275.00 2156.00 Neutral Neutral 2143 0.79

SAGE GROUP 349.70 289.36 368.18 Neutral Buy 430 0.69

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 348.20 276.00 492.10 Neutral Strong Buy 1246 1.11

BREWIN DOLPHIN 272.00 146.50 283.00 Neutral Strong Buy 659 0.70

CAMELLIA 8990.50 8000.00 11105.00 Neutral Strong Buy 96647 0.84

CHARLES STANLEY GROUP 474.00 260.00 474.00 Sell Strong Buy 1445 0.96

CHARLES TAYLOR 190.00 155.00 195.00 Neutral Strong Buy 1644 0.67

CLOSE BROTHERS GROUP 1035.00 771.00 1107.00 Neutral Strong Buy 4881 0.86

F&C ASSET MANAGEMENT 102.90 88.90 110.40 Neutral Sell 67 0.84

HELPHIRE GROUP 5.15 0.55 5.22 Sell Sell -134 0.63

HENDERSON GROUP 167.40 101.70 180.40 Neutral Strong Buy 823 1.46

ICAP 368.20 280.80 406.80 Neutral Strong Buy 819 1.04

INTERMEDIATE CAPITAL GP. 436.30 28 0.70 501.50 Neutral Strong Buy 2296 1.69

INVESTEC 412.30 358.40 513.50 Neutral Strong Buy 1696 1.57

LONDON STOCK EX.GROUP 1 56 2.00 93 0.00 1 622 .0 0 Neutral Strong Buy 6504 1.11

MAN GROUP 82.80 71.30 134.40 Neutral Sell -5055 1.36

RATHBONE BROTHERS 1605.00 1208.00 1691.00 Neutral Strong Buy 5566 0.73

SCHRODERS 2307.00 1407.00 2560.00 Neutral Strong Buy 8293 1.30

SCHRODERS NV 1839.00 1136.00 2000.00 Neutral Strong Buy 10920 1.28


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Support Services Under Valued


ACAL 270.00 157.75 270.00 Neutral Strong Buy 851 0.88

AGGREKO 1572.00 1557.00 2400.00 Neutral Strong Buy 4173 1.13

AMEC 1062.00 965.50 1172.00 Neutral Strong Buy 3287 1.09

ASHTEAD GROUP 638.50 276.30 730.00 Neutral Strong Buy 985 1.65

BABCOCK INTL. 1123.00 910.00 1209.00 Neutral Strong Buy 2593 0.49

BRITISH POLYTHENE INDS. 570.00 371.50 604.00 Neutral Strong Buy 2338 0.80

BUNZL 1364.00 1009.00 1409.00 Neutral Strong Buy 2763 0.53

UK MAIL GROUP 630.00 233.50 645.00 Neutral Strong Buy 1648 0.42

CAPITA 971.50 713.00 1057.00 Neutral Sell 206 0.54

COMMUNISIS 56.50 34.16 68.00 Neutral Strong Buy 476 0.81

COMPASS GROUP 861.50 671.50 910.50 Neutral Strong Buy 1964 0.74

BERENDSEN 888.50 530.00 888.50 Sell Strong Buy 3330 1.03

DE LA RUE 1003.00 891.50 1075.00 Neutral Buy 1407 #NA

DIGNITY 1487.00 899.82 1567.68 Neutral Strong Buy 3107 0.24

DIPLOMA 623.50 422.00 642.00 Neutral Strong Buy 1510 0.96

ELECTROCOMP. 257.10 200.00 278.40 Neutral Strong Buy 919 1.01ESSENTRA PLC 759.50 500.50 830.00 Neutral Strong Buy 1372 1.16

G4S 252.40 207.50 313.50 Neutral Strong Buy 876 0.53

HAYS 101.40 68.20 107.60 Neutral Strong Buy 454 1.06

HOMESERVE 242.50 185.60 293.60 Neutral Strong Buy 964 0.88

INTERSERVE 567.50 349.10 574.00 Sell Strong Buy 3662 1.26

INTERTEK GROUP 3205.00 2697.00 3453.00 Neutral Buy 4746 0.80

JOHNSON SERVICE GROUP 50.00 28 .00 50.00 Neutral Strong Buy 113 1.11

MANAGEMENT CNSL.GP. 26.88 21.25 32.00 Neutral Strong Buy 215 0.63

MENZIES (JOHN) 765.00 573.00 801.00 Neutral Strong Buy 1780 1.38

MICHAEL PAGE INTL. 455.40 346.40 474.40 Neutral Strong Buy 834 1.41

MITIE GROUP 278.30 248.00 300.80 Neutral Strong Buy 1049 0.52

OFFICE2OFFICE 36.50 36.50 142.50 Buy Strong Buy 702 0.28

PAYPOINT 1089.00 700.50 1185.00 Neutral Strong Buy 2184 0.73PREMIER FARNELL 222.00 165.50 236.30 Neutral Strong Buy 716 1.42

REGUS 179.60 96.00 193.40 Neutral Sell 55 1.40

RENTOKIL INITIAL 100.00 76.10 103.50 Neutral Strong Buy 264 1.26

REXAM 483.90 420.70 547.50 Neutral Strong Buy 1756 0.85

RICARDO 467.75 340.00 485.00 Neutral Strong Buy 1655 0.89

ROBERT WALTERS 281.00 176.25 285.00 Neutral Strong Buy 1008 1.19

RPC GROUP 458.30 378.00 477.00 Neutral Strong Buy 1508 0.80

RPS GROUP 250.00 195.50 274.20 Neutral Strong Buy 991 1.51

SERCO GROUP 606.50 535.00 683.50 Neutral Strong Buy 2350 0.59

SHANKS GROUP 94.50 73.00 98.00 Neutral Strong Buy 264 1.49

SPEEDY HIRE 59.00 23.50 64.75 Neutral Strong Buy 305 1.20

TRIBAL GROUP 192.25 88.50 202.25 Neutral Strong Buy 557 0.65

TRIFAST 64.50 40.50 64.50 Neutral Strong Buy 329 0.91

VP 437.00 295.25 437.00 Sell Strong Buy 2278 0.81

WYG 100.00 48.50 101.00 Neutral Strong Buy 615 0.80

Telecommunication Services Over Valued


BT GROUP 323.00 212.50 344.00 Neutral Buy 411 0.88

CABLE & WIRELESS COMMS. 39.10 33.65 46.29 Neutral Strong Buy 77 0.68

INMARSAT 700.50 542.50 749.00 Neutral Sell 261 0.55

KCOM GROUP 84.90 68.25 88.50 Neutral Buy 117 1.21

TELECOM PLUS 1351.00 814.00 1399.00 Neutral Sell 797 0.05

VODAFONE GROUP 189.30 154.45 200.20 Neutral Sell 105 0.51


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Transport Under Valued


BBA AVIATION 310.50 187.20 310.50 Sell Sell 232 1.24

BRAEMAR SHIPPING SVS. 450.50 350.00 460.00 Neutral Buy 593 1.05

CLARKSON 1960.00 1150.00 1960.00 Sell Sell 1341 0.85

EASYJET 1212.00 530.00 1448.00 Neutral Sell 864 0.76

FIRST GROUP 112.60 92.00 212.39 Neutral Strong Buy 279 0.91

FISHER(JAMES)& SONS 1107.00 708.00 1110.00 Neutral Sell 791 0.74

GO-AHEAD GROUP 1467.00 1220.00 1595.00 Neutral Strong Buy 2725 0.99

NATIONAL EXPRESS 260.00 164.50 2 63.10 Neutral Neutral 247 1.40

NORTHGATE 392.00 219.00 395.75 Neutral Strong Buy 646 1.34

STAGECOACH GROUP 307.40 265.90 337.60 Neutral Buy 441 0.98

WINCANTON 86.00 43.75 87.50 Neutral Strong Buy 234 0.96

Utilities Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaCENTRICA 391.20 310.80 394.90 Neutral Buy 577 0.52

NATIONAL GRID 742.50 678.00 847.50 Neutral Buy 969 0.46

PENNON GROUP 693.50 598.00 749.50 Neutral Sell 626 0.62

SSE 1562.00 1357.00 1676.00 Neutral Buy 2270 0.41

SEVERN TRENT 1710.00 1513.00 2090.00 Neutral Sell 1483 0.36

UNITED UTILITIES GROUP 683.00 647.00 787.50 Neutral Neutral 742 0.48


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value indicator - uk main market 20130829

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