value indicator - uk main market 20130930

7/27/2019 value indicator - uk main market 20130930

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30 September 2013

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Intellisys Intelligent Analysis Limited 30 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 Over Va lued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................7Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Under Valued ..................................................8Engineering & Machinery Under Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Over Valued ........................................................8General Retail Under Valued ..............................................................................9Health Over Valued .........................................................................................9Household Goods & Textiles Under 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 ....................................................... 15Transport 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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120.0%

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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120.0%

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 upon 49valuation metrics

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 BetaAVON RUBBER 534.00 297.50 534.00 Neutral Sell 505 0.93

BAE SYSTEMS 466.70 300.80 468.00 Neutral Buy 621 0.70

CHEMRING GROUP 305.20 217.00 353.30 Neutral Buy 337 0.67

COBHAM 293.60 190.10 307.70 N eu tra l Neu tral 296 0.82

MEGGITT 555.50 366.20 564.00 Neutral Sell 518 1.25

QINETIQ GROUP 196.20 179.00 211.10 Neutral Sell 118 0.65

ROLLS-ROYCE HOLDINGS 1125.00 8 26.85 1 240.00 Neutral Buy 1514 0.98

SENIOR 271.30 185.90 288.40 N eu tra l Neu tral 273 1.66

SMITHS GROUP 1401.00 1018.00 1412.00 Neutral Sell 1218 0.76

ULTRA ELECTRONICS HDG. 18 77.00 1 505.00 1981.00 Neutral Sell 1719 0.51

Automobiles & PartsOver Valued

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

GKN 352.10 201.00 360.70 Neutral Sell -1827 1.96

INCHCAPE 610.00 353.30 645.00 Neutral Strong Buy 2947 1.41

LOOKERS 124.25 71.50 128.50 Neutral Strong Buy 664 1.22

PENDRAGON 33.25 13.50 35.25 Neutral Strong Buy 262 1.04

TOROTRAK 27.50 23.50 36.50 Neutral Sell 13 0.73

Banks Over Valued


BARCLAYS 265.80 198.47 308.39 Neutral Sell -649 1.96

HSBC HDG. (ORD $0.50) 677.70 573.30 769.90 Neutral Buy 832 1.19

LLOYDS BANKING GROUP 74.23 37.01 78.00 Neutral Sell 7 1.88

ROYAL BANK OF SCTL.GP. 366.50 257.00 372.70 Neutral Sell -103 1.39

STANDARD CHARTERED 1495.00 1380.00 1837.50 Neutral Strong Buy 3316 1.67

Beverages Under Valued


BARR (AG) 526.00 432.20 588.50 Neutral Sell 419 0.58

BRITVIC 575.00 349.10 592.00 Neutral Buy 812 0.73

DIAGEO 1977.00 1739.50 2136.50 Sell Buy 2302 0.51

SABMILLER 3165.00 2599.00 3657.00 Neutral Strong Buy 5051 0.89


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Chemicals Under Valued


ALENT 360.00 305.00 397.50 Neutral Strong Buy 3702 #NA

AZ ELECTRONIC MATS.(DI) 299.40 240.00 406.40 Neutral Strong Buy 538 1.11

CARCLO 396.00 342.75 501.00 Neutral Sell 125 0.74

CRODA INTERNATIONAL 2674.00 2164.00 2841.00 Neutral Buy 3210 1.05

ELEMENTIS 240.40 204.20 275.00 Neutral Buy 295 1.07

JOHNSON MATTHEY 2813.00 2190.00 2985.00 Neutral Buy 4000 1.44

VICTREX 1605.00 1322.00 1765.00 Neutral Sell 1326 1.16

SYNTHOMER 238.00 146.00 249.20 Neutral Strong Buy 374 1.05

ZOTEFOAMS 196.50 186.50 225.00 Neutral Buy 285 1.00

Construction & Building Materials Under Valued


ALUMASC GROUP 134.50 77.50 137.00 Neutral Strong Buy 289 0.55

BALFOUR BEATTY 284.50 207.60 320.80 Neutral Strong Buy 1076 0.82

BARRATT DEVELOPMENTS 302.10 169.50 355.20 Neutral Strong Buy 635 1.67

BELLWAY 1262.00 913.00 1502.00 Neutral Strong Buy 2956 0.96

BERKELEY GROUP HDG.(THE) 2054.00 1387 .00 2340.00 Neutral Strong Buy 5166 0.55

BOOT (HENRY) 183.00 123.50 201.00 Neutral Strong Buy 370 0.74

BOVIS HOMES GROUP 712.00 487.00 851.50 Neutral Strong Buy 1483 1.07

CARILLION 314.10 244.80 331.80 Neutral Strong Buy 1602 1.06

CLARKE (T) 68.50 40.00 68.50 Sell Strong Buy 402 0.76

COSTAIN GROUP 266.00 226.25 306.00 Neutral Strong Buy 1162 0.50

CRH 1494.00 1090.00 1540.00 Neutral Sell 893 1.03

GALLIFORD TRY 1042.00 678.00 1070.00 Neutral Strong Buy 3069 0.93

KELLER 1002.00 549.00 1161.00 Neutral Strong Buy 2471 1.28

KIER GROUP 1687.00 1106.00 1690.00 Neutral Strong Buy 5543 0.99

LOW & BONAR 77.00 50.00 80.00 Neutral Strong Buy 231 1.08

MARSHALLS 178.25 85.00 184.00 Neutral Buy 214 1.33

MORGAN SINDALL GROUP 732.00 508.00 746.00 Neutral Strong Buy 4760 0.70

NORCROS 20.00 11.25 21.75 Neutral Strong Buy 71 1.02

PERSIMMON 1061.00 685.75 1305.00 Neutral Strong Buy 2065 0.99

REDROW 227.00 152.90 255.10 Neutral Strong Buy 473 0.84

SIG 186.00 99.00 193.70 Neutral Strong Buy 550 1.68

SUPERGLASS HOLDINGS 43.00 43.00 287.50 Neutral Strong Buy 4433 0.89

TAYLOR WIMPEY 97.00 54.30 113.80 Neutral Strong Buy 235 1.58

TRAVIS PERKINS 1648.00 1041.00 1713.00 Neutral Strong Buy 4574 1.94

WOLSELEY 3241.00 2636.64 3483.00 Neutral Strong Buy 6253 1.30


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Electronics & Electrical Equipment Under Valued


DIALIGHT 1130.00 999.50 1399.00 Neutral Sell 1051 0.67

DOMINO PRINTING SCIENCES 636.50 522.00 717.00 Neutral Buy 883 1.12

E2V TECHNOLOGIES 148.25 105.50 148.25 Neutral Strong Buy 286 1.25

INVENSYS 501.00 217.33 509.50 Neutral Sell 291 1.42

LAIRD 223.40 171.10 249.30 Neutral Strong Buy 447 2.06

OXFORD INSTRUMENTS 1270.00 1209.00 1752.00 Neutral Sell 1150 1.11

RENISHAW 1808.00 1494.00 2081.00 Neutral Buy 2067 1.28

SPECTRIS 2209.00 1549.00 2470.00 Neutral Buy 2819 1.51

BIOME TECHNOLOGIES 202.50 65.00 303.67 Neutral Sell -415 0.76

TT ELECTRONICS 193.25 114.00 200.00 Neutral Strong Buy 436 1.61

XAAR 793.00 247.50 898.00 Neutral Sell 418 1.08

Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 128.50 54.25 128.50 Sell Buy 147 1.14

BODYCOTE 658.50 345.10 685.00 Neutral Neutral 656 1.59

CASTINGS 413.50 291.00 450.00 Neutral Buy 580 0.93

VESUVIUS 441.00 263.19 487.60 Neutral Strong Buy 1208 2.23

FENNER 398.90 305.90 435.20 Neutral Buy 576 1.47

HALMA 556.00 410.40 578.00 Neutral Sell 426 0.79

HILL & SMITH 470.25 364.00 480.00 Neutral Buy 559 1.31

IMI 1469.00 900.00 1513.00 Neutral Strong Buy 4518 1.39

MORGAN ADVANCE D MATE RIAL 3 11 .5 0 2 20 .3 0 3 18 .0 0 Neutral Strong Buy 514 1.89

ROTORK 2764.00 2229.00 3037.00 Neutral Sell -68 1.01

SEVERFIELD-ROWEN 60.75 35.40 76.91 Neutral Sell 51 0.79

SPIRAX-SARCO 3019.00 1932.53 3090.00 Neutral Sell 1843 0.81VITEC GROUP 675.00 559.00 740.00 Neutral Sell 489 1.34

WEIR GROUP 2368.00 1688.00 2474.00 Neutral Neutral 2284 1.45

Food & Drug Stores Over Valued


GREGGS 436.80 392.10 523.50 Neutral Strong Buy 802 0.45

MORRISON(WM)SPMKTS. 280.00 248.60 302.50 Neutral Buy 387 0.37

SAINSBURY (J) 394.70 321.90 400.80 Neutral Buy 467 0.55

TESCO 362.60 307.90 387.75 Neutral Sell 195 0.67

THORNTONS 96.25 28.63 100.50 Neutral Sell 60 0.79

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1882.00 1289.00 2 031.00 Neutral Sell 1629 0.59

CRANSWICK 1170.00 732.50 1189.00 Neutral Buy 1748 0.31

DAIRY CREST 456.40 339.90 528.50 Neutral Sell 381 0.88

DEVRO 321.80 289.90 380.00 Neutral Strong Buy 501 0.36

PREMIER FOODS 157.25 59.75 166.50 Neutral Strong Buy 248 1.23

TATE & LYLE 738.00 665.50 883.00 Neutral Strong Buy 1320 0.65

UNILEVER (UK) 2457.00 2252.00 2885.00 Neutral Sell 2147 0.50


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 25.50 24.00 29.50 Neutral Strong Buy 46 0.67

BROWN (N) GROUP 522.00 266.40 577.00 N eu tral Neu tral 531 0.50

BURBERRY GROUP 1623.00 1000.00 1667.00 Neutral Sell 1280 1.29

CARPETRIGHT 656.50 585.00 701.50 Neutral Sell 256 0.87

DIXONS RETAIL 46.52 19.78 47.67 N eu tral Neu tral 45 1.46

FINDEL 239.00 108.00 253.75 Neutral Sell 153 1.04

FRENCH CONNECTN.GROUP 31.50 22.75 34.00 Sell Sell 12 1.03

HALFORDS GROUP 394.50 260.60 406.00 Neutral Strong Buy 604 0.71

JD SPORTS FASHION 1054.00 670.00 1073.00 Neutral Strong Buy 2114 0.51

DARTY 70.00 39.00 88.25 Neutral Strong Buy 125 1.22

KINGFISHER 387.50 262.20 420.00 Neutral Buy 561 0.90

MARKS & SPENCER GROUP 496.30 356.80 513.50 Neutral Strong Buy 762 0.61

MOSS BROTHERS GROUP 68.25 48.50 74.88 Neutral Buy 87 0.95

MOTHERCARE 388.75 212.00 492.75 Neutral Sell 136 0.36

NEXT 5170.00 3450.00 5205.00 N eu tral Neu tral 5460 0.59

TED BAKER 1921.00 899.00 2017.00 Neutral Sell 1076 0.57

TOPPS TILES 93.00 46.00 94.00 Neutral Sell 82 1.50

Health Over Valued


BIOQUELL 150.50 130.00 160.00 Neutral Sell 118 0.38

CONSORT MEDICAL 866.00 660.50 866.75 Neutral Sell 675 0.35

OPTOS 160.00 106.75 222.75 N eu tral Neu tral 175 1.18

SMITH & NEPHEW 775.50 638.00 800.00 Neutral Sell 664 0.40

Household Goods & Textiles Under Valued


GAMES WORKSHOP 810.50 601.00 810.50 Neutral Neu tral 783 0.31

HEADLAM GROUP 385.00 295.00 415.00 Neutral Buy 456 0.89

HORNBY 79.00 55.25 87.50 Neutral Sell 47 0.69

Information Technology & Hardware Over Valued


ARM HOLDINGS 1010.00 575.00 1097.00 Neutral Sell 449 0.69

CSR 517.00 318.10 607.00 Neutral Strong Buy 1568 1.13FILTRONIC 65.25 30.75 83.25 Neutral Buy 83 0.93

IMAGINATION TECHNOLOGIES 339.00 235.10 552.00 Neutral Sell 240 1.04

SPIRENT COMMUNICATIONS 126.90 118.00 169.20 Neutral Strong Buy 406 0.90

WOLFSON MICROELECTRONICS 174 .00 140 .00 226 .25 Neutral Sell -20 0.93


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Insurance Under Valued


ADMIRAL GROUP 1247.00 1019.00 1416.00 Neutral Sell -462 0.52

AMLIN 409.50 364.10 435.10 Neutral Strong Buy 1535 0.38

BEAZLEY 211.40 167.30 242.70 Neutral Strong Buy 951 0.52

CATLIN GROUP 482.70 455.30 552.50 N eu tral Neu tral 476 0.23

HISCOX 648.50 463.32 660.00 Neutral Strong Buy 1905 0.42

JARDINE LLOYD THOMPSON 941.00 723.00 949.50 Neutral Buy 1217 0.30

RSA INSURANCE GROUP 122.80 107.70 136.30 Neutral Strong Buy 729 0.35

NOVAE GROUP 505.50 345.00 520.50 Neutral Strong Buy 3438 0.35

Leisure & Hotels Over Valued


CARNIVAL 2113.00 2100.00 2628.00 Neutral Strong Buy 3229 0.95

ENTERPRISE INNS 142.00 62.25 153.80 Neutral Sell 92 1.65

TUI TRAVEL 368.20 232.00 401.50 Neutral Strong Buy 682 0.96

FULLER SMITH 'A' 887.00 716.00 969.00 Neutral Sell 559 0.27

GREENE KING 798.00 587.00 897.50 Neutral Sell 570 0.89

LADBROKES 171.70 171.00 243.10 Neutral Buy 244 0.90

ICTL.HTLS.GP. 1805.00 1524.00 2039.00 Neutral Sell 1577 1.09

MILLENNIUM & CPTH.HTLS. 552.00 456.00 582.50 N eu tral Neu tral 548 1.36

MITCHELLS & BUTLERS 409.70 289.50 460.00 Neutral Sell 248 0.98

BWIN PARTY DIGITAL ENTM. 123.20 101.30 156.00 Neutral Sell 59 1.28

PUNCH TAVERNS 14.50 6.15 15.50 Neutral Strong Buy 63 1.15

RANK GROUP 156.80 137.30 177.50 Neutral Strong Buy 538 0.97

RESTAURANT GROUP 537.50 357.80 575.00 Neutral Sell 365 0.66

WETHERSPOON (JD) 728.50 481.00 767.00 Neutral Sell 642 0.54

WHITBREAD 3030.00 2268.00 3303.00 Neutral Sell 2039 0.98WILLIAM HILL 402.00 293.84 494.50 Neutral Sell 340 0.84

MARSTON'S 148.20 114.20 165.50 Neutral Sell 10 1.15

Life Assurance Under Valued


AVIVA 403.40 294.10 419.80 Neutral Sell 372 1.18

CHESNARA 272.50 176.50 276.50 Neutral Strong Buy 528 0.61

LEGAL & GENERAL 198.80 131.40 203.60 Neutral Strong Buy 498 1.70

OLD MUTUAL 188.00 166.10 221.60 Neutral Strong Buy 399 1.55

PRUDENTIAL 1158.00 801.50 1232.00 N eu tral Neu tral 1197 1.69

ST.JAMES'S PLACE 620.00 367.10 641.50 Neutral Strong Buy 6738 0.83


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 147.50 102.00 149.00 Neutral Strong Buy 922 0.40

BRITISH SKY BCAST.GROUP 873.50 709.00 899.50 Neutral Strong Buy 1056 0.46

CENTAUR MEDIA 51.75 31.00 60.00 Neutral Sell -42 1.06

DAILY MAIL 'A' 770.00 451.25 835.00 Neutral Strong Buy 3556 1.06

EUROMONEY INSTL.INVESTOR 1145.00 747 .50 1209.00 Neutral Strong Buy 5566 0.93

INFORMA 528.50 380.50 545.00 Neutral Strong Buy 327 1.64

ITE GROUP 273.30 183.50 307.40 Neutral Buy 201 1.46

ITV 175.80 85.65 183.40 Neutral Strong Buy 1369 1.46

JOHNSTON PRESS 14.00 7.83 19.00 Neutral Buy 720 1.21

PEARSON 1258.00 1119.00 1350.00 Neutral Neu tral 309 0.65

PHOTO-ME INTL. 111.75 46.75 113.00 Neutral Strong Buy 2283 0.85

PINEWOOD SHEPPERTON 296.00 269.00 296.00 Neutral Strong Buy 732 0.14

THOMSON REUTERS 36.23 26.85 36.59 Neutral Strong Buy 346 0.52

STV GROUP 256.00 91.00 262.50 Neutral Sell 240 0.82

ST.IVES 171.25 79.00 174.00 Neutral Sell 159 1.49TRINITY MIRROR 121.75 50.75 128.25 Neutral Sell -289 1.58

UBM 726.00 636.00 788.00 Neutral Strong Buy 1421 1.34

WILMINGTON GROUP 208.00 124.00 211.75 Neutral Strong Buy 1390 0.83

WPP 1282.00 788.00 1296.00 Neutral Sell -827 1.25

Mining Under Valued


ANGLO AMERICAN 1540.00 1207.00 2072.00 Neutral Sell 1262 1.85

ANGLO PACIFIC GROUP 199.00 161.00 290.00 Neutral Neu tral 205 1.09

ANTOFAGASTA 830.00 784.50 1381.00 Neutral Neu tral 830 1.42

BHP BILLITON 1841.00 1666.50 2236.00 Neutral Strong Buy 2885 1.49

GLENCORE XSTRATA 344.00 256.85 397.85 Neutral Strong Buy 1008 #NA

LONMIN 324.30 240.84 380.10 Sell Buy 439 2.05

RANDGOLD RESOURCES 4511.00 3972.00 7775.00 Neutral Sell 2822 0.48

RIO TINTO 3067.00 2582.00 3757.00 Neutral Sell 2488 1.55

VEDANTA RESOURCES 992.00 1335.00 Neutral Strong Buy 2753 2.29

Oil & Gas Under Valued


BG GROUP 1192.00 1000.50 1350.50 Neutral Sell 884 0.84

BP 441.10 416.60 483.30 Neutral Strong Buy 991 1.03

CAIRN ENERGY 265.80 251.80 296.10 Neutral Sell -23 1.33

FORTUNE OIL 10.10 7.15 12.50 Neutral Strong Buy 108 0.81

HUNTING 804.00 716.00 941.00 Neutral Sell 562 1.35

JKX OIL & GAS 63.00 48.50 81.00 Neutral Sell -58 1.33

PREMIER OIL 333.30 321.30 400.20 Neutral Buy 404 1.49

ROYAL DUTCH SHELL B 2146.00 2098.00 2365.00 Neutral Strong Buy 8228 0.83

SOCO INTERNATIONAL 397.00 290.14 397.00 Neutral Buy 475 0.52

TULLOW OIL 1046.00 977.00 1468.00 Neutral Sell 691 1.07

WOOD GROUP (JOHN) 816.00 720.50 915.50 Neutral Sell 714 1.44


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Personal Care & Household Products Over Valued


MCBRIDE 121.00 101.00 144.60 Neutral Buy 162 0.83

PZ CUSSONS 412.40 300.00 432.50 Neutral Sell 370 0.71

RECKITT BENCKISER GROUP 4518.00 3565.00 4950.00 Neutral Neu tral 4641 0.31

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.37 0.36 3.58 Buy Sell -4 0.91

ASTRAZENECA 3201.00 2792.50 3521.50 Neutral Strong Buy 8072 0.49

BTG 384.90 317.50 397.90 Neutral Sell 179 0.70

DECHRA PHARMACEUTICALS 710.50 569.00 780.00 Neutral Neu tral 689 0.18

GLAXOSMITHKLINE 1568.50 1317.50 1782.00 Neutral Neu tral 1720 0.50

OXFORD BIOMEDICA 2.15 1.33 2.83 Buy Sell -3 0.53

PHYTOPHARM 58.50 51.50 612.50 Buy Sell -262 0.90

SHIRE 2467.00 1727.00 2593.00 Neutral Sell 1292 0.69

SKYEPHARMA 101.75 43.50 101.75 Neutral Sell 33 0.55

VERNALIS 30.00 19.38 31.00 Neutral Sell 9 0.84

Real Estate - REIT Under Valued


BIG YELLOW GROUP 439.90 312.00 445.00 Neutral Strong Buy 738 1.18

BRITISH LAND 586.00 506.00 658.00 Neutral Buy 844 1.05

DERWENT LONDON 2363.00 1946.00 2542.00 Neutral Strong Buy 5164 1.24

GREAT PORTLAND ESTATES 540.00 442.20 598.00 Neutral Strong Buy 1168 1.06

HAMMERSON 508.50 451.00 554.00 Neutral Buy 568 1.27INTU PROPERTIES 324.60 300.60 366.00 Neutral Strong Buy 586 1.14

LAND SECURITIES GROUP 926.50 761.50 994.00 Neutral Strong Buy 1820 1.16

LOCAL SHOP.REIT (THE) 30.13 24.25 39.25 Neutral Sell -172 0.81

LONDONMETRIC PROPERTY 119.50 1 03.20 120.50 Neutral Sell -7 0.34

MCKAY SECURITIES 165.50 131.50 167.00 Neutral Strong Buy 293 0.65

MUCKLOW (A & J) GROUP 443.25 325.00 500.00 Neutral Sell 246 0.37

PRIMARY HEALTH PROPS. 325.00 312.50 363.53 Neutral Sell 112 0.26

REDEFINE INTL.REIT 46.75 30.69 47.25 Neutral Sell -392 0.62

SEGRO 311.10 221.60 313.60 Neutral Sell -314 1.82

SHAFTESBURY 587.00 522.50 668.00 Neutral Buy 877 1.04

TOWN CENTRE SECURITIES 222.00 178.75 225.00 Neutral Sell 4 1.04

WORKSPACE GROUP 444.80 269.00 475.00 Neutral Strong Buy 1426 1.02


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 337.80 217.80 365.60 Neutral Strong Buy 665 0.73

CAPITAL & REGIONAL 40.50 22.75 42.00 Neutral Sell -52 0.56

CLS HOLDINGS 1170.00 656.50 1260.00 Neutral Strong Buy 2870 0.73

DAEJAN HOLDINGS 3870.00 2706.00 4179.00 Neutral Strong Buy 14488 0.47

DEVELOPMENT SECS. 197.00 143.00 209.00 Neutral Neutral 190 0.98

GRAINGER 175.80 105.10 187.50 Neutral Sell 107 1.57

HELICAL BAR 286.25 178.00 302.50 Neutral Sell 201 0.83

LONDON & ASSOCS.PROPS. 33.25 21.50 33.25 Neutral Strong Buy 223 0.63

MOUNTVIEW ESTATES 6412.50 4350.00 6512.50 Neutral Strong Buy 14285 0.68

QUINTAIN ESTATES & DEV. 84.50 51.00 92.00 Sell Sell -208 1.02

RAVEN RUSSIA 75.00 61.50 79.75 Neutral Strong Buy 205 1.52

SAVILLS 608.00 391.20 664.50 Neutral Strong Buy 1563 0.69

SMART (J) 87.50 72.50 90.50 Neutral Strong Buy 365 0.32

ST MODWEN PROPS. 303.40 194.00 333.00 Neutral Strong Buy 618 1.63

UNITE GROUP 386.70 260.70 403.00 Neutral Strong Buy 1610 1.78

Software & Computer Services Under Valued


ANITE 112.50 109.60 162.00 Neutral Buy 142 0.66

AVEVA GROUP 2609.00 1974.74 2650.00 Neutral Sell 1497 1.52

COMPUTACENTER 518.50 333.29 564.10 Neutral Strong Buy 1484 0.90

KOFAX 375.00 260.75 388.00 Neutral Sell 346 1.04

INNOVATION GROUP 29.75 20.75 30.25 Neutral Sell 27 0.81

MICRO FOCUS INTL. 749.50 543.00 812.50 Neutral Buy 1038 0.81

PHOENIX IT GROUP 158.75 130.00 184.00 Neutral Sell -220 0.73

RM 112.00 64.00 114.25 Neutral Strong Buy 270 0.54FIDESSA GROUP 2012.00 1275.00 2190.00 Neutral Neu tral 2166 0.77

SAGE GROUP 329.90 289.36 368.18 Neutral Buy 438 0.69

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 386.90 3 11.10 492.10 Neutral Strong Buy 1227 1.12

BREWIN DOLPHIN 265.00 168.00 283.00 Neutral Strong Buy 648 0.69

CAMELLIA 8655.00 8000.00 11105.00 Neutral Strong Buy 81362 0.85

CHARLES STANLEY GROUP 457.00 260.00 474.00 Neutral Strong Buy 1424 0.93

CHARLES TAYLOR 215.00 155.00 228.00 Neutral Strong Buy 1632 0.65

CLOSE BROTHERS GROUP 1160.00 830.00 1189.00 Neutral Strong Buy 4810 0.85

F&C ASSET MANAGEMENT 97.60 90.00 110.40 Neutral Sell 77 0.86

HELPHIRE GROUP 5.25 0.75 5.70 Neutral Sell -125 0.61

HENDERSON GROUP 192.20 107.20 192.50 Sell Strong Buy 791 1.44

ICAP 376.80 280.80 422.20 Neutral Strong Buy 828 1.07

INTERMEDIATE CAPITAL GP. 453.20 287.20 501.50 Neutral Strong Buy 2185 1.70

INVESTEC 399.70 358.40 513.50 Neutral Strong Buy 2629 1.56

LONDON STOCK EX.GROUP 1566.00 930.00 1652.00 Neutral Strong Buy 6330 1.13

MAN GROUP 86.25 71.80 134.40 Neutral Sell -4835 1.39

RATHBONE BROTHERS 1543.00 1208.00 1691.00 Neutral Strong Buy 5438 0.71

SCHRODERS 2591.00 1518.00 2631.00 Neutral Strong Buy 8120 1.30

SCHRODERS NV 2165.00 1184.00 2175.00 Sell Strong Buy 11265 1.28


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Support Services Under Valued


ACAL 273.00 157.75 284.00 Neutral Strong Buy 584 0.83

AGGREKO 1608.00 1557.00 2370.00 Neutral Strong Buy 3088 1.14

AMEC 1091.00 965.50 1155.00 Neutral Strong Buy 3147 1.11

ASHTEAD GROUP 619.50 323.80 730.00 Neutral Buy 924 1.64

BABCOCK INTL. 1201.00 922.50 1209.00 Neutral Strong Buy 2461 0.49

BRITISH POLYTHENE INDS. 635.00 372.50 635.00 Sell Strong Buy 2228 0.80

BUNZL 1349.00 1009.00 1409.00 Neutral Strong Buy 2637 0.50

UK MAIL GROUP 600.00 259.50 645.00 Neutral Strong Buy 1547 0.42

CAPITA 994.50 713.00 1057.00 Neutral Strong Buy 1793 0.54

COMMUNISIS 61.00 34.54 68.00 Neutral Strong Buy 411 0.83

COMPASS GROUP 849.50 671.50 910.50 Neutral Strong Buy 1883 0.75

BERENDSEN 898.00 545.50 939.00 Neutral Strong Buy 3198 1.08

DE LA RUE 994.50 891.50 1075.00 Neutral Strong Buy 2270 #NA

DIGNITY 1414.00 912.31 1567.68 Neutral Buy 1598 0.25

DIPLOMA 650.00 435.00 661.00 Neutral Strong Buy 1260 0.96ELECTROCOMP. 276.30 200.00 280.90 Neutral Strong Buy 840 0.98

ESSENTRA PLC 747.00 508.50 830.00 Neutral Strong Buy 1207 1.14

G4S 253.90 207.50 313.50 Neutral Strong Buy 873 0.47

HAYS 116.10 75.20 116.10 Neutral Strong Buy 378 1.03

HOMESERVE 258.00 185.60 293.60 Neutral Strong Buy 884 0.89

INTERSERVE 562.50 349.10 591.50 Neutral Strong Buy 2960 1.25

INTERTEK GROUP 3346.00 2697.00 3453.00 Neutral Buy 4238 0.80

JOHNSON SERVICE GROUP 50.75 31.50 51.75 Neutral Strong Buy 226 1.10

MANAGEMENT CNSL.GP. 26.50 21.25 32.00 Neutral Strong Buy 176 0.57

MENZIES (JOHN) 809.00 573.00 809.00 Neutral Strong Buy 1979 1.41

MICHAEL PAGE INTL. 490.20 346.40 502.50 Neutral Strong Buy 763 1.36

MITIE GROUP 296.50 248.00 300.80 Neutral Strong Buy 977 0.52

OFFICE2OFFICE 46.00 33.75 139.00 Neutral Strong Buy 617 0.31

PAYPOINT 1080.00 716.00 1185.00 Neutral Strong Buy 1752 0.75

PREMIER FARNELL 216.70 165.50 238.40 Neutral Strong Buy 525 1.41

REGUS 182.00 96.00 193.40 Neutral Sell 71 1.38

RENTOKIL INITIAL 110.00 81.30 111.30 Neutral Strong Buy 436 1.26

REXAM 484.60 432.56 547.50 Neutral Strong Buy 1714 0.84

RICARDO 555.00 349.63 556.50 Neutral Strong Buy 1539 0.90

ROBERT WALTERS 318.00 191.00 329.00 Neutral Strong Buy 898 1.15

RPC GROUP 457.90 378.00 477.80 Neutral Strong Buy 1553 0.81

RPS GROUP 268.00 195.50 274.20 Neutral Strong Buy 860 1.51

SERCO GROUP 550.50 535.00 683.50 Neutral Strong Buy 2129 0.60

SHANKS GROUP 94.75 73.00 98.00 Neutral Strong Buy 347 1.49

SPEEDY HIRE 65.00 29.25 65.50 Neutral Strong Buy 319 1.18TRIBAL GROUP 203.50 92.25 206.50 Neutral Strong Buy 503 0.65

TRIFAST 69.00 40.50 70.75 Neutral Strong Buy 305 0.90

VP 488.00 313.00 499.00 Neutral Strong Buy 2157 0.79

WYG 108.25 49.50 108.75 Sell Strong Buy 179 0.82


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Telecommunication Services Over Valued


BT GROUP 346.40 212.50 348.90 Neutral Buy 424 0.89

CABLE & WIRELESS COMMS. 39.21 34.31 46.29 Neutral Strong Buy 78 0.67

INMARSAT 712.00 542.50 749.00 Neutral Sell 249 0.53

KCOM GROUP 90.45 68.25 91.50 Neutral Buy 117 1.20

TELECOM PLUS 1261.00 821.00 1399.00 Neutral Sell 789 0.05

VODAFONE GROUP 217.20 154.45 218.50 Neutral Sell 121 0.51

Transport Over Valued


BBA AVIATION 307.90 195.70 326.00 Neutral Sell 219 1.22

BRAEMAR SHIPPING SVS. 510.00 350.00 520.00 Neutra l Neu tral 554 1.06

CLARKSON 2225.00 1150.00 2225.00 Strong Sell Sell 1245 0.86

EASYJET 1274.00 580.50 1448.00 Neutral Sell 835 0.77

FIRST GROUP 119.40 92.00 198.94 Neutral Strong Buy 264 0.88

FISHER(JAMES)& SONS 1061.00 748.00 1148.00 Neutral Sell 777 0.72

GO-AHEAD GROUP 1650.00 1220.00 1670.00 Neutral Strong Buy 2834 0.97

NATIONAL EXPRESS 253.40 164.50 274.90 Neutral Sell 239 1.39

NORTHGATE 425.75 240.25 435.00 Neutral Sell 342 1.34

STAGECOACH GROUP 324.00 265.90 337.60 Neutral Buy 449 0.97

WINCANTON 100.75 43.75 105.00 Neutral Strong Buy 269 0.95

Utilities Under Valued


CENTRICA 367.00 310.80 402.20 Neutral Strong Buy 564 0.50NATIONAL GRID 739.00 682.00 847.50 Neutral Buy 962 0.45

PENNON GROUP 696.00 598.00 734.50 Neutral Sell 617 0.63

SSE 1468.00 1364.00 1676.00 Neutral Strong Buy 2238 0.40

SEVERN TRENT 1771.00 1513.00 2090.00 Neutral Sell 1478 0.37

UNITED UTILITIES GROUP 689.50 647.00 787.50 Neutra l Neu tral 742 0.49


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value indicator - uk main market 20130930

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