value indicator - uk main market 20130911

7/29/2019 value indicator - uk main market 20130911

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11 September 2013

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Intellisys Intelligent Analysis Limited 11 September 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 Over 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 447.70 300.80 455.40 Neutral Buy 616 0.70

CHEMRING GROUP 313.20 217.00 360.60 Neutral Buy 375 0.67

COBHAM 299.60 190.10 307.70 N eu tra l Neu tral 305 0.82

MEGGITT 554.50 366.20 562.00 N eu tra l Neu tral 537 1.25

ROLLS-ROYCE HOLDINGS 1131.00 8 12.63 1 240.00 N eu tra l Neu tral 1158 0.98

SMITHS GROUP 1363.00 1011.00 1397.00 Neutral Sell 1173 0.76

ULTRA ELECTRONICS HDG. 1888.00 1 505.00 1981.00 Neutral Sell 1735 0.51

Automobiles & Parts Under Valued

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

GKN 352.30 201.00 354.00 N eu tra l Neu tral 347 1.96

INCHCAPE 628.50 353.30 645.00 N eu tra l Neu tral 652 1.41

LOOKERS 121.00 68.75 128.50 Neutral Sell 115 1.22

PENDRAGON 34.75 13.50 34.75 Neutral Buy 45 1.04

Banks Over Valued


BARCLAYS 305.75 213.50 333.85 Neutral Sell -834 1.96

HSBC HDG. (ORD $0.50) 705.90 564.60 769.90 Neutral Buy 871 1.19

LLOYDS BANKING GROUP 78.00 37.01 78.00 Sell Sell 3 1.88

ROYAL BANK OF SCTL.GP. 356.00 255.10 367.80 Neutral Sell -101 1.39

STANDARD CHARTERED 1511.00 1380.00 1 837.50 Neutral Strong Buy 3443 1.67

Beverages Under Valued


BARR (AG) 547.00 432.20 588.50 Neutral Sell 484 0.58

DIAGEO 1980.00 1672.50 2136.50 Sell Neutral 2162 0.51

SABMILLER 3174.00 2599.00 3657.00 Neutral Buy 4257 0.89

Chemicals Under Valued


ALENT 379.80 305.00 397.50 Neutral Buy 494 #NA

AZ ELECTRONIC MATS.(DI) 324.00 240.00 406.40 Neutral Strong Buy 606 1.11

CARCLO 414.75 342.75 501.00 Neutral Sell 158 0.74

CRODA INTERNATIONAL 2664.00 2164.00 2841.00 Neutral Buy 3437 1.05

ELEMENTIS 259.40 204.20 275.00 Neutral Buy 336 1.07

JOHNSON MATTHEY 2985.00 2190.00 2985.00 Neutral Strong Buy 4661 1.44

VICTREX 1703.00 1322.00 1765.00 Neutral Sell 1426 1.16

SYNTHOMER 249.20 146.00 249.20 Neutral Strong Buy 432 1.05

ZOTEFOAMS 197.50 186.50 225.00 Neutral Strong Buy 325 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 131.00 77.50 131.00 Neutral Strong Buy 293 0.55

BALFOUR BEATTY 268.80 207.60 320.80 Neutral Strong Buy 1158 0.82

BARRATT DEVELOPMENTS 332.30 158.80 355.20 Neutral Strong Buy 643 1.67

BELLWAY 1404.00 913.00 1502.00 Neutral Strong Buy 3011 0.96

BERKELEY GROUP HDG.(THE) 2198.00 1387.00 2340.00 Neutral Strong Buy 3641 0.55

BOOT (HENRY) 193.00 123.50 201.00 Neutral Strong Buy 383 0.74

BOVIS HOMES GROUP 773.00 487.00 851.50 Neutral Strong Buy 1512 1.07

CARILLION 311.30 244.80 331.80 Neutral Strong Buy 1627 1.06

CLARKE (T) 61.00 40.00 62.50 Neutral Strong Buy 407 0.76

COSTAIN GROUP 272.50 226.25 306.00 Neutral Strong Buy 1189 0.50

CRH 1483.00 1090.00 1540.00 Neutral Sell 938 1.03

GALLIFORD TRY 1070.00 661.50 1070.00 Neutral Strong Buy 3112 0.93

KELLER 1130.00 519.00 1161.00 Neutral Strong Buy 2515 1.28

KIER GROUP 1640.00 1106.00 1640.00 Neutral Strong Buy 5626 0.99

LOW & BONAR 74.00 50.00 76.75 Neutral Strong Buy 238 1.08MARSHALLS 172.75 85.00 172.75 Neutral Buy 217 1.33

MORGAN SINDALL GROUP 702.00 508.00 712.00 Neutral Strong Buy 4780 0.70

NORCROS 19.00 11.25 19.00 Neutral Strong Buy 64 1.02

PERSIMMON 1178.00 685.75 1305.00 Neutral Strong Buy 2100 0.99

REDROW 235.90 149.70 255.10 Neutral Strong Buy 480 0.84

SIG 192.00 99.00 192.00 Neutral Strong Buy 557 1.68

SUPERGLASS HOLDINGS 43.00 43.00 287.50 Neutral Strong Buy 4458 0.89

TAYLOR WIMPEY 107.30 54.30 113.80 Neutral Strong Buy 239 1.58

TRAVIS PERKINS 1635.00 1030.00 1713.00 Neutral Strong Buy 4649 1.94

WOLSELEY 3378.00 2635.64 3483.00 Neutral Strong Buy 6343 1.30

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1375.00 999.50 1399.00 Neutral Sell 1089 0.67

DOMINO PRINTING SCIENCES 680.00 522.00 717.00 Neutral Buy 916 1.12

E2V TECHNOLOGIES 138.00 105.50 138.50 Neutral Strong Buy 283 1.25

INVENSYS 497.00 217.33 509.50 Neutral Sell 283 1.42

LAIRD 234.70 171.10 249.30 Neutral Strong Buy 459 2.06

OXFORD INSTRUMENTS 1404.00 1209.00 1752.00 Neu tral Neu tral 1337 1.11

RENISHAW 1830.00 1494.00 2081.00 Neutral Buy 2150 1.28

SPECTRIS 2322.00 1549.00 2470.00 Neutral Buy 2916 1.51

BIOME TECHNOLOGIES 115.00 65.00 303.67 Neutral Sell -455 0.76

TT ELECTRONICS 189.50 114.00 191.50 Neutral Strong Buy 443 1.61

XAAR 775.50 230.00 898.00 Neutral Sell 433 1.08


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Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 126.00 54.25 126.00 Sell Buy 151 1.14

BODYCOTE 670.50 345.10 670.50 Sell Neutral 653 1.59

CASTINGS 439.50 291.00 443.50 Neutral Strong Buy 689 0.93

VESUVIUS 486.30 263.19 486.30 Neutral Strong Buy 1229 2.23

FENNER 389.50 305.90 435.20 Neutral Buy 572 1.47

HALMA 575.50 410.40 578.00 Neutral Sell 421 0.79

HILL & SMITH 447.00 364.00 480.00 Neutral Buy 560 1.31

IMI 1513.00 900.00 1513.00 Neutral Strong Buy 4508 1.39

MORGAN ADVANCED MATERIAL 308 .10 220 .30 318 .00 Neutral Strong Buy 516 1.89

ROTORK 2839.00 2229.00 3037.00 Neutral Strong Buy 9398 1.01

SENIOR 278.50 185.90 288.40 Neutral Sell 254 1.66

SEVERFIELD-ROWEN 59.25 35.40 76.91 Neutral Sell 49 0.79

SPIRAX-SARCO 3090.00 1932.53 3090.00 Neutral Sell 2179 0.81

VITEC GROUP 655.50 559.00 740.00 Neutral Sell 497 1.34

WEIR GROUP 2344.00 1679.00 2474.00 Neutral Neutral 2254 1.45

Food & Drug Stores Over Valued


GREGGS 438.70 392.10 523.50 Neutral Strong Buy 806 0.45

MORRISON(WM)SPMKTS. 294.50 248.60 296.90 Neutral Buy 397 0.37

SAINSBURY (J) 396.30 321.90 398.70 Neutral Buy 483 0.55

TESCO 372.05 307.90 387.75 Neutral Sell 201 0.67

THORNTONS 90.00 27.25 100.50 Neutral Sell 57 0.79

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1842.00 1267.00 2 031.00 Neutral Sell 1676 0.59

CRANSWICK 1174.00 732.50 1178.00 Neutral Strong Buy 1792 0.31

DAIRY CREST 496.50 332.90 528.50 Neutral Sell 401 0.88

DEVRO 329.50 289.90 380.00 Neutral Strong Buy 508 0.36

PREMIER FOODS 166.50 59.75 166.50 Sell Strong Buy 260 1.23

TATE & LYLE 781.50 643.00 883.00 Neutral Strong Buy 1348 0.65

UNILEVER (UK) 2482.00 2235.00 2885.00 Neutral Sell 2180 0.50


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 27.00 22.88 29.50 Neutral Strong Buy 41 0.67

BROWN (N) GROUP 559.00 266.40 577.00 Neutral Sell 487 0.50

BURBERRY GROUP 1667.00 1000.00 1667.00 Neutral Sell 1308 1.29

CARPETRIGHT 686.50 585.00 701.50 Neutral Sell 370 0.87

DIXONS RETAIL 47.08 18.70 47.08 Neu tral Neu tral 49 1.46

FINDEL 253.75 108.00 253.75 Neutral Sell 67 1.04

FRENCH CONNECTN.GROUP 33.13 22.75 34.00 Sell Strong Buy 116 1.03

HALFORDS GROUP 405.00 250.00 405.20 Neutral Buy 542 0.71

JD SPORTS FASHION 975.50 670.00 977.00 Neutral Strong Buy 1850 0.51

DARTY 77.00 39.00 88.25 Neutral Strong Buy 117 1.22

KINGFISHER 420.00 262.20 420.00 Sell Buy 472 0.90

MARKS & SPENCER GROUP 510.50 356.80 510.50 Sell Buy 679 0.61

MOSS BROTHERS GROUP 73.00 45.00 73.00 Neu tral Neu tral 77 0.95

MOTHERCARE 417.25 202.00 492.75 Neutral Sell 164 0.36

NEXT 5160.00 3320.00 5160.00 Sell Buy 5750 0.59

TED BAKER 2017.00 899.00 2017.00 Sell Sell 1028 0.57

TOPPS TILES 83.00 46.00 89.75 Neu tral Neu tral 80 1.50

Health Over Valued


BIOQUELL 154.00 130.00 160.00 Neutral Sell 130 0.38

CONSORT MEDICAL 859.00 660.50 860.00 Neutral Sell 621 0.35

OPTOS 156.00 106.75 222.75 Neutral Buy 179 1.18

SMITH & NEPHEW 771.50 638.00 800.00 Neutral Sell 646 0.40

Household Goods & Textiles Over Valued


GAMES WORKSHOP 769.50 601.00 794.50 Neutral Neutral 754 0.31

HEADLAM GROUP 402.00 295.00 415.00 Neutral Sell 334 0.89

HORNBY 80.00 55.25 88.50 Neutral Buy 114 0.69

Information Technology & Hardware Over Valued


ARM HOLDINGS 941.00 552.00 1097.00 Neutral Sell 314 0.69

CSR 520.00 308.10 607.00 Neutral Strong Buy 1613 1.13FILTRONIC 62.75 30.75 83.25 Neutral Sell 57 0.93

IMAGIN AT ION TECHNOLOGIES 302 .00 235 .10 610 .00 Neutral Buy 341 1.04

SPIRENT COMMUNICATIONS 132.80 118.00 170.00 Neutral Strong Buy 273 0.90

WOLFSON M ICR OELECTR ONICS 168 .00 140 .00 226 .25 Neutral Sell -189 0.93


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Insurance Under Valued


ADMIRAL GROUP 1280.00 1019.00 1416.00 Neutral Sell -446 0.52

AMLIN 382.00 364.10 435.10 Neutral Strong Buy 1514 0.38

BEAZLEY 208.30 162.20 242.70 Neutral Strong Buy 942 0.52

CATLIN GROUP 477.10 455.30 552.50 Neu tral Neu tral 467 0.23

HISCOX 633.50 463.32 660.00 Neutral Strong Buy 1885 0.42

JARDINE LLOYD THOMPSON 899.00 723.00 949.50 Neutral Buy 1217 0.30

RSA INSURANCE GROUP 122.00 107.70 136.30 Neutral Strong Buy 717 0.35

NOVAE GROUP 520.00 345.00 520.00 Neutral Strong Buy 3389 0.35

Leisure & Hotels Over Valued


CARNIVAL 2450.00 2125.00 2628.00 Neutral Buy 3580 0.95

ENTERPRISE INNS 153.80 59.00 153.80 Sell Sell 116 1.65

TUI TRAVEL 354.40 228.10 401.50 Neutral Strong Buy 730 0.96

FULLER SMITH 'A' 948.00 700.50 969.00 Neutral Sell 619 0.27

GREENE KING 855.00 586.00 897.50 Neutral Sell 637 0.89

LADBROKES 198.20 171.00 243.10 Neutral Buy 265 0.90

ICTL.HTLS.GP. 1910.00 1524.00 2039.00 Neutral Sell 1683 1.09

MILLENNIUM & CPTH.HTLS. 555.00 456.00 582.50 Neu tral Neu tral 594 1.36

MITCHELLS & BUTLERS 459.50 283.20 459.50 Sell Sell 282 0.98

BWIN PARTY DIGITAL ENTM. 115.60 101.30 156.00 Neutral Sell 61 1.28

PUNCH TAVERNS 13.75 6 .15 13.75 Neutral Strong Buy 76 1.15

RANK GROUP 158.90 130.70 177.50 Neutral Strong Buy 576 0.97

RESTAURANT GROUP 575.00 352.00 575.00 Neutral Sell 394 0.66

WETHERSPOON (JD) 735.00 454.50 767.00 Neu tral Neu tral 701 0.54

WHITBREAD 3138.00 2236.00 3303.00 Neutral Sell 2212 0.98WILLIAM HILL 422.50 287.81 494.50 Neutral Sell 260 0.84

MARSTON'S 165.10 113.00 165.10 Neutral Sell 11 1.15

Life Assurance Under Valued


AVIVA 411.10 294.10 411.10 Sell Sell 377 1.18

CHESNARA 276.50 176.50 276.50 Sell Strong Buy 536 0.61

LEGAL & GENERAL 199.60 131.40 201.90 Neutral Strong Buy 505 1.70

OLD MUTUAL 191.00 166.10 221.60 Neutral Strong Buy 404 1.55

PRUDENTIAL 1171.00 801.50 1232.00 Neu tral Neu tral 1212 1.69

ST.JAMES'S PLACE 627.00 357.70 641.50 Neutral Strong Buy 6815 0.83


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 144.75 102.00 144.75 Neutral Strong Buy 922 0.40

BRITISH SKY BCAST.GROUP 852.00 709.00 899.50 Neutral Strong Buy 1056 0.46

CENTAUR MEDIA 43.75 31.00 60.00 Neutral Sell -42 1.06

DAILY MAIL 'A' 803.00 451.25 835.00 Neutral Strong Buy 3556 1.06

EUROMONEY INSTL.INVESTOR 1197.00 747 .50 1209.00 Neutral Strong Buy 5566 0.93

INFORMA 531.50 380.50 541.50 Neutral Strong Buy 327 1.64

ITE GROUP 288.50 183.50 307.40 Neutral Buy 201 1.46

ITV 181.00 85.65 181.00 Sell Strong Buy 1369 1.46

JOHNSTON PRESS 14.75 5.20 19.00 Neutral Buy 720 1.21

PEARSON 1299.00 1119.00 1350.00 Neutral Neutral 309 0.65

PHOTO-ME INTL. 102.50 43.25 102.50 Neutral Strong Buy 2283 0.85

PINEWOOD SHEPPERTON 289.00 269.00 289.00 Neutral Strong Buy 732 0.14

THOMSON REUTERS 35.60 26.85 36.45 Neutral Strong Buy 346 0.52

STV GROUP 244.50 85.50 244.50 Neutral Sell 240 0.82

ST.IVES 164.75 76.25 170.00 Neutral Sell 159 1.49TRINITY MIRROR 128.00 42.25 128.00 Neutral Sell -289 1.58

UBM 727.50 636.00 788.00 Neutral Strong Buy 1421 1.34

WILMINGTON GROUP 194.50 106.50 196.00 Neutral Strong Buy 1390 0.83

WPP 1277.00 788.00 1277.00 Sell Sell -827 1.25

Mining Under Valued


ANGLO AMERICAN 1632.00 1207.00 2084.00 Neutral Sell 1331 1.85

ANGLO PACIFIC GROUP 205.00 161.00 290.00 Neu tral Neu tral 212 1.09

ANTOFAGASTA 896.50 784.50 1381.00 Neu tral Neu tral 855 1.42

BHP BILLITON 1939.00 1666.50 2236.00 Neutral Strong Buy 2983 1.49

GLENCORE XSTRATA 328.75 256.85 397.85 Neutral Strong Buy 1061 #NA

LONMIN 352.80 240.84 380.10 Sell Buy 478 2.05

RANDGOLD RESOURCES 4689.00 3972.00 7 775.00 Neutral Sell 2923 0.48

RIO TINTO 3217.50 2582.00 3757.00 Neutral Sell 2636 1.55

VEDANTA RESOURCES 961.50 1335.00 Neutral Strong Buy 2861 2.29

Oil & Gas Under Valued


BG GROUP 1205.00 1000.50 1350.50 Neutral Sell 907 0.84

BP 443.75 416.60 483.30 Neutral Strong Buy 1007 1.03

CAIRN ENERGY 278.20 251.80 297.00 Neutral Sell -32 1.33

FORTUNE OIL 8.99 7.15 12.50 Neutral Strong Buy 115 0.81

HUNTING 838.00 716.00 941.00 Neutral Sell 579 1.35

JKX OIL & GAS 69.00 48.50 81.50 Neutral Sell -62 1.33

PREMIER OIL 366.10 321.30 400.20 Neutral Buy 413 1.49

ROYAL DUTCH SHELL B 2147.50 2098.00 2365.00 Neutral Strong Buy 8391 0.83

SOCO INTERNATIONAL 405.70 319.90 410.10 Neutral Buy 473 0.52

TULLOW OIL 1057.00 977.00 1468.00 Neutral Sell 708 1.07

WOOD GROUP (JOHN) 815.00 720.50 915.50 Neutral Sell 731 1.44


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Personal Care & Household Products Over Valued


MCBRIDE 125.00 101.00 144.60 Neutral Strong Buy 280 0.83

PZ CUSSONS 432.50 297.20 432.50 Neutral Sell 351 0.71

RECKITT BENCKISE R GROUP 4445.00 3565.00 4950.00 Neutral Neutral 4514 0.31

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.50 0.36 3.58 Buy Strong Buy 231 0.91

ASTRAZENECA 3133.50 2792.50 3521.50 Neutral Strong Buy 179935 0.49

BTG 365.30 307.30 397.90 Buy Strong Buy 6257 0.70

DECHRA PHARMACEUTICALS 722.50 5 69.00 780.00 Neutral Strong Buy 48287 0.18

GLAXOSMITHKLINE 1598.50 1317.50 1782.00 Neutral Strong Buy 36233 0.50

OXFORD BIOMEDICA 2.10 1.33 2.80 Neutral Strong Buy 74 0.53

PHYTOPHARM SUSP - 21/05/13 66.25 52.50 637.50 Neutral Sell -179 0.90

SHIRE 2466.00 1727.00 2466.00 Neutral Strong Buy 42789 0.69

SKYEPHARMA 83.00 43.50 100.50 Neutral Strong Buy 14481 0.55

VERNALIS 29.50 19.38 29.50 Neutral Strong Buy 362 0.84

Real Estate - REIT Under Valued


BIG YELLOW GROUP 425.80 311.60 445.00 Neutral Strong Buy 731 1.18

BRITISH LAND 573.00 506.00 658.00 Neutral Buy 836 1.05

DERWENT LONDON 2333.00 1907.00 2542.00 Neutral Strong Buy 5296 1.24

GREAT PORTLAND ESTATES 528.50 43 9.90 598.00 Neutral Strong Buy 1272 1.06

HAMMERSON 493.60 448.60 554.00 Neutral Buy 561 1.27

INTU PROPERTIES 313.00 300.60 366.00 Neutral Strong Buy 579 1.14

LAND SECURITIES GROUP 907.50 761.50 994.00 Neutral Strong Buy 1806 1.16

LOCAL SHOP.REIT (THE) 27.38 24.25 40.00 Neutral Sell -175 0.81

LONDONMETRIC PROPERTY 114.70 1 03.20 118.50 Neutral Sell -10 0.34

MCKAY SECURITIES 159.00 131.50 159.75 Neutral Strong Buy 287 0.65

MUCKLOW (A & J) GROUP 442.00 325.00 454.50 Neutral Sell 238 0.37

PRIMARY HEALTH PROPS. 338.00 312.50 363.53 Neutral Sell 107 0.26

REDEFINE INTL.REIT 43.50 30.69 45.00 Neutral Sell -397 0.62

SEGRO 300.00 221.60 313.60 Neutral Sell -327 1.82

SHAFTESBURY 585.50 520.00 668.00 Neutral Buy 871 1.04

TOWN CENTRE SECURITIES 200.00 178.75 223.00 Neutral Sell -3 1.04

WORKSPACE GROUP 435.00 250.75 475.00 Neutral Strong Buy 1509 1.02


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 321.20 210.90 365.60 Neutral Strong Buy 733 0.73

CAPITAL & REGIONAL 40.00 22.75 42.00 Neutral Sell -50 0.56

CLS HOLDINGS 1187.00 656.50 1260.00 Neutral Strong Buy 2930 0.73

DAEJAN HOLDINGS 3965.00 2706.00 4179.00 Neutral Strong Buy 7118 0.47

DEVELOPMENT SECS. 197.00 143.00 209.00 Neutral Neutral 194 0.98

GRAINGER 174.90 100.00 187.50 Neutral Sell 112 1.57

HELICAL BAR 280.00 178.00 302.50 Neutral Sell 201 0.83

LONDON & ASSOCS.PROPS. 33.00 21.00 33.00 Neutral Strong Buy 229 0.63

MOUNTVIEW ESTATES 6112.50 4350.00 6512.50 Neutral Strong Buy 14534 0.68

QUINTAIN ESTATES & DEV. 85.75 51.00 92.00 Sell Sell -198 1.02

RAVEN RUSSIA 73.50 61.50 79.75 Neutral Strong Buy 211 1.52

SAVILLS 641.50 391.20 664.50 Neutral Strong Buy 2170 0.69

SMART (J) 90.50 71.50 90.50 Neutral Strong Buy 387 0.32

ST MODWEN PROPS. 303.30 193.10 333.00 Neutral Strong Buy 619 1.63

UNITE GROUP 363.60 246.00 403.00 Neutral Strong Buy 1651 1.78

Software & Computer Services Under Valued


ANITE 123.50 109.60 162.00 Neutral Neutral 129 0.66

AVEVA GROUP 2508.00 1884.39 2588.15 Neutral Sell 1514 1.52

COMPUTACENTER 538.00 333.29 564.10 Neutral Strong Buy 1196 0.90

KOFAX 361.00 260.75 367.25 Neutral Sell 313 1.04

INNOVATION GROUP 28.75 20.00 30.25 Neutral Sell 22 0.81

MICRO FOCUS INTL. 769.00 541.11 812.50 Neutral Buy 897 0.81

PHOENIX IT GROUP 160.00 130.00 184.00 Neutral Strong Buy 256 0.73

RM 84.75 64.00 85.50 Neutral Strong Buy 242 0.54

FIDESSA GROUP 2190.00 1275.00 2190.00 Neutral Neutral 2218 0.77

SAGE GROUP 346.60 289.36 368.18 Neutral Buy 446 0.69

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 384.10 288.00 492.10 Neutral Strong Buy 1204 1.12

BREWIN DOLPHIN 269.50 153.20 283.00 Neutral Strong Buy 638 0.69

CAMELLIA 8800.00 8000.00 11105.00 Neutral Strong Buy 92439 0.85

CHARLES STANLEY GROUP 464.00 260.00 474.00 Neutral Strong Buy 1390 0.93

CHARLES TAYLOR 210.00 155.00 210.00 Neutral Strong Buy 1597 0.65

CLOSE BROTHERS GROUP 1122.00 830.00 1122.00 Sell Strong Buy 4691 0.85

F&C ASSET MANAGEMENT 96.20 90.00 110.40 Neutral Sell 71 0.86

HELPHIRE GROUP 5.36 0.57 5.63 Sell Sell -124 0.61

HENDERSON GROUP 187.10 107.20 187.10 Neutral Strong Buy 787 1.44

ICAP 422.20 280.80 422.20 Neutral Strong Buy 800 1.07

INTERMEDIATE CAPITAL GP. 462.00 28 7.20 501.50 Neutral Strong Buy 2144 1.70

INVESTEC 437.20 358.40 513.50 Neutral Strong Buy 1625 1.56

LONDON STOCK EX.GROUP 1 65 2.00 93 0.00 1 652 .0 0 Sell Strong Buy 5925 1.13

MAN GROUP 88.70 71.80 134.40 Neutral Sell -4727 1.39

RATHBONE BROTHERS 1607.00 1208.00 1691.00 Neutral Strong Buy 5359 0.71

SCHRODERS 2485.00 1482.00 2560.00 Neutral Strong Buy 7974 1.30

SCHRODERS NV 1988.00 1176.00 2000.00 Neutral Strong Buy 10705 1.28


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Support Services Under Valued


ACAL 262.88 157.75 270.00 Neutral Strong Buy 880 0.83

AGGREKO 1630.00 1557.00 2400.00 Neutral Strong Buy 4268 1.14

AMEC 1054.00 965.50 1172.00 Neutral Strong Buy 3415 1.11

ASHTEAD GROUP 670.00 322.90 730.00 Neutral Strong Buy 1020 1.64

BABCOCK INTL. 1180.00 910.00 1209.00 Neutral Strong Buy 2696 0.49

BRITISH POLYTHENE INDS. 592.00 371.50 604.00 Neutral Strong Buy 2427 0.80

BUNZL 1356.00 1009.00 1409.00 Neutral Strong Buy 2874 0.50

UK MAIL GROUP 620.00 233.50 645.00 Neutral Strong Buy 1711 0.42

CAPITA 1006.00 713.00 1057.00 Neutral Sell 218 0.54

COMMUNISIS 57.50 34.54 68.00 Neutral Strong Buy 494 0.83

COMPASS GROUP 851.50 671.50 910.50 Neutral Strong Buy 2042 0.75

BERENDSEN 939.00 540.00 939.00 Neutral Strong Buy 3451 1.08

DE LA RUE 1045.00 891.50 1075.00 Neutral Buy 1484 #NA

DIGNITY 1488.00 902.82 1567.68 Neutral Strong Buy 3135 0.25

DIPLOMA 650.50 435.00 651.50 Neutral Strong Buy 1564 0.96

ELECTROCOMP. 277.10 200.00 278.40 Neutral Strong Buy 955 0.98ESSENTRA PLC 795.00 500.50 830.00 Neutral Strong Buy 1424 1.14

G4S 259.30 207.50 313.50 Neutral Strong Buy 906 0.47

HAYS 113.70 75.20 113.70 Sell Strong Buy 471 1.03

HOMESERVE 264.80 185.60 293.60 Neutral Strong Buy 1001 0.89

INTERSERVE 569.00 349.10 574.00 Neutral Strong Buy 3791 1.25

INTERTEK GROUP 3385.00 2697.00 3453.00 Neutral Buy 4924 0.80

JOHNSON SERVICE GROUP 49.75 31 .25 50.00 Neutral Strong Buy 119 1.10

MANAGEMENT CNSL.GP. 26.75 21.25 32.00 Neutral Strong Buy 223 0.57

MENZIES (JOHN) 790.00 573.00 801.00 Neutral Strong Buy 1855 1.41

MICHAEL PAGE INTL. 496.00 346.40 496.00 Neutral Strong Buy 866 1.36

MITIE GROUP 294.60 248.00 300.80 Neutral Strong Buy 1090 0.52

OFFICE2OFFICE 47.50 33.75 139.00 Neutral Strong Buy 730 0.31

PAYPOINT 1092.00 702.00 1185.00 Neutral Strong Buy 2259 0.75PREMIER FARNELL 228.40 165.50 236.30 Neutral Strong Buy 741 1.41

REGUS 185.00 96.00 193.40 Neutral Sell 58 1.38

RENTOKIL INITIAL 108.50 81.30 108.50 Neutral Strong Buy 278 1.26

REXAM 513.50 426.53 547.50 Neutral Strong Buy 1824 0.84

RICARDO 536.00 349.63 536.00 Neutral Strong Buy 1717 0.90

ROBERT WALTERS 287.00 176.25 288.50 Neutral Strong Buy 1058 1.15

RPC GROUP 469.80 378.00 477.00 Neutral Strong Buy 1570 0.81

RPS GROUP 257.00 195.50 274.20 Neutral Strong Buy 1028 1.51

SERCO GROUP 564.50 535.00 683.50 Neutral Strong Buy 2440 0.60

SHANKS GROUP 97.00 73.00 98.00 Neutral Strong Buy 275 1.49

SPEEDY HIRE 62.75 26.25 64.75 Neutral Strong Buy 317 1.18

TRIBAL GROUP 194.75 90.25 202.25 Neutral Strong Buy 577 0.65

TRIFAST 70.75 40.50 70.75 Sell Strong Buy 341 0.90

VP 465.00 313.00 465.00 Sell Strong Buy 2363 0.79

WYG 100.50 48.50 103.00 Neutral Strong Buy 635 0.82

Telecommunication Services Over Valued


BT GROUP 348.90 212.50 348.90 Sell Buy 432 0.89

CABLE & WIRELESS COMMS. 41.22 34.22 46.29 Neutral Strong Buy 82 0.67

INMARSAT 731.50 542.50 749.00 Neutral Sell 266 0.53

KCOM GROUP 90.70 68.25 90.70 Neutral Buy 121 1.20

TELECOM PLUS 1354.00 821.00 1399.00 Neutral Sell 821 0.05

VODAFONE GROUP 207.90 154.45 213.20 Neutral Sell 107 0.51


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Transport Over Valued


BBA AVIATION 321.40 195.70 321.40 Sell Sell 245 1.22

BRAEMAR SHIPPING SVS. 465.00 350.00 465.00 Neutral Buy 620 1.06

CLARKSON 2065.00 1150.00 2065.00 Sell Sell 1392 0.86

EASYJET 1358.00 556.50 1448.00 Neutral Sell 907 0.77

FIRST GROUP 121.30 92.00 212.39 Neutral Strong Buy 298 0.88

FISHER(JAMES)& SONS 1128.00 737.00 1131.00 Neutral Sell 830 0.72

GO-AHEAD GROUP 1516.00 1220.00 1595.00 Neutral Strong Buy 2867 0.97

NATIONAL EXPRESS 274.00 164.50 2 74.00 Neutral Neutral 263 1.39

NORTHGATE 405.00 220.75 405.00 Neutral Strong Buy 680 1.34

STAGECOACH GROUP 325.00 265.90 337.60 Neutral Buy 465 0.97

WINCANTON 104.00 43.75 105.00 Neutral Strong Buy 251 0.95

Utilities Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaCENTRICA 395.50 310.80 395.80 Neutral Buy 577 0.50

NATIONAL GRID 737.00 678.00 847.50 Neutral Buy 973 0.45

PENNON GROUP 722.00 598.00 749.50 Neutral Sell 638 0.63

SSE 1557.00 1358.00 1676.00 Neutral Buy 2299 0.40

SEVERN TRENT 1712.00 1513.00 2090.00 Neutral Sell 1485 0.37

UNITED UTILITIES GROUP 680.00 647.00 787.50 Neutral Buy 749 0.49


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value indicator - uk main market 20130911

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