value indicator - uk main market 20131014

7/27/2019 value indicator - uk main market 20131014

1/17

14 October 2013

Powered by


2/17

Intellisys Intelligent Analysis Limited 14 October 2013

www.intellisys.uk.com +44 (0)1189 333606 Page 2 of 17

Contents

Introduction .................................................................................................................................3Value ...........................................................................................................................................4Conclusion ..................................................................................................................................4RISK WARNING Ratings and Targets ....................................................................................4How to use the report .................................................................................................................5Aerospace & Defence Over Valued ....................................................................6Automobiles & Parts Over Valued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ...................................................................................6Chemicals Under Valued ..................................................................................7Construction - Building Materials & Fittings Under Valued ......................................7Construction - Heavy Construction Over Valued ..................................................7Construction Home Construction 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


3/17



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

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

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

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

Best Buy/Sell Trend


4/17



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.


5/17



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)


6/17



Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaAVON RUBBER 543.50 305.25 550.50 Neutral Sell 488 0.86

BAE SYSTEMS 436.30 300.80 468.00 Neutral Buy 591 0.66

CHEMRING GROUP 220.00 217.00 353.30 Buy Buy 314 0.65

COBHAM 280.30 190.10 307.70 N eu tral Neutral 281 0.76

MEGGITT 541.00 366.20 564.00 Neutral Sell 493 1.24

QINETIQ GROUP 190.40 179.00 211.10 Neutral Sell 117 0.63

ROLLS-ROYCE HOLDINGS 1120.00 835.76 1240.00 Neutral Buy 1473 0.95

SENIOR 256.70 185.90 288.40 N eu tral Neutral 261 1.63

SMITHS GROUP 1379.00 1018.00 1419.00 Neutral Sell 1162 0.70

ULTR A ELECT RONICS HDG. 1846.00 1505 .00 19 81.00 Neutral Sell 1640 0.49

Automobiles & Parts Over Valued

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

GKN 362.30 201.00 362.30 Neutral Sell -1778 1.98

INCHCAPE 618.00 356.50 645.00 Neutral Strong Buy 2912 1.35

LOOKERS 121.75 71.50 128.50 Neutral Strong Buy 655 1.17

PENDRAGON 34.50 13.50 35.25 Neutral Strong Buy 258 0.96

TOROTRAK 27.00 23.50 35.50 Neutral Sell 12 0.68

Banks Over Valued


BARCLAYS 278.00 210.15 308.39 Neutral Sell -644 2.12

HSBC HDG. (ORD $0.50) 689.60 595.30 769.90 Neutral Buy 833 1.35

LLOYDS BANKING GROUP 76.02 39.70 78.00 Neutral Sell 8 1.90

ROYAL BANK OF SCTL.GP. 376.90 266.10 384.90 Neutral Sell -91 1.35

STANDARD CHARTERED 1487.50 1395.00 1837.50 Neutral Strong Buy 3325 1.79

Beverages Under Valued


BARR (AG) 520.50 432.20 588.50 Neutral Sell 415 0.52

BRITVIC 575.50 349.10 592.00 Neutral Buy 804 0.67

DIAGEO 1973.00 1746.50 2136.50 Sell Buy 2272 0.52

SABMILLER 3014.00 2599.00 3657.00 Neutral Strong Buy 4955 0.92


7/17



Chemicals Under Valued


ALENT 338.20 305.00 397.50 Neutral Strong Buy 3638 #NA

AZ ELECTRONIC MATS.(DI) 293.10 240.00 406.40 Neutral Strong Buy 530 1.11

CARCLO 388.75 342.75 501.00 Neutral Sell 124 0.73

CRODA INTERNATIONAL 2477.00 2164.00 2841.00 Neutral Buy 3113 1.06

ELEMENTIS 238.70 204.20 275.00 Neutral Buy 288 1.01

JOHNSON MATTHEY 2821.00 2190.00 2985.00 Neutral Buy 3905 1.41

VICTREX 1598.00 1380.00 1765.00 Neutral Sell 1286 1.17

SYNTHOMER 238.10 146.00 249.20 Neutral Strong Buy 366 1.05

ZOTEFOAMS 191.50 186.50 225.00 Neutral Buy 281 1.01

Construction - Building Materials & Fittings Under Valued


ALUMASC GROUP 126.50 79.50 137.00 Neutral Strong Buy 446 0.54

CRH 1502.00 1090.00 1540.00 Neutral Sell 1042 0.97

LOW & BONAR 75.50 50.00 80.00 Neutral Strong Buy 552 1.11

MARSHALLS 180.00 85.00 184.00 N eutra l Neutral 176 1.37

NORCROS 19.88 11.75 21.75 Neutral Strong Buy 221 1.02

SIG 186.70 102.00 193.70 Neutral Strong Buy 975 1.61

TITON HOLDINGS 44.00 22.00 45.50 Neutral Sell 39 0.91

TRAVIS PERKINS 1678.00 1060.00 1713.00 Neutral Strong Buy 15245 1.93

TYMAN 211.00 143.13 240.00 N eutra l Neutral 221 1.01

WOLSELEY 3169.00 2636.64 3483.00 Neutral Strong Buy 10266 1.32

Construction - Heavy Construction Over Valued


BALFOUR BEATTY 268.50 207.60 320.80 Neutral Strong Buy 1064 0.68

BOOT (HENRY) 183.00 123.50 201.00 Neutral Sell 112 0.71

CARILLION 303.50 244.80 331.80 Neutral Buy 365 0.98

CLARKE (T) 65.75 40.00 68.50 Neutral Buy 84 0.68

COSTAIN GROUP 262.50 226.25 306.00 Neutral Strong Buy 410 0.50

GALLIFORD TRY 1098.00 678.00 1098.00 Neutral Sell 718 0.76

KELLER 1010.00 560.50 1161.00 Neutral Sell 528 1.25

KIER GROUP 1740.00 1106.00 1740.00 Neutral Sell 1582 0.82

MORGAN SINDALL GROUP 817.00 508.00 819.00 Neutral Buy 981 0.60

NORTH MIDLAND CON. 117.50 95.00 147.50 Neutral Strong Buy 261 #NA

POCHIN'S 33.50 20.00 34.00 Sell Sell -11 0.45

Construction Home Construction Under Valued


BARRATT DEVELOPMENTS 331.80 177.00 355.20 Neutral Buy 371 1.60

BELLWAY 1355.00 934.50 1502.00 Neutral Buy 1924 0.93

BERKELEY GROUP HDG.(THE) 2232.00 1420.00 2340.00 Neutra l Neutral 2134 0.47

BOVIS HOMES GROUP 767.00 489.30 851.50 Neutral Buy 969 1.05

CRE ST NICHOLSON HOLDINGS 346.0 0 22 0.00 360.00 Neutral Sell 276 #NA

GLEESON (MJ) GROUP 340.00 141.50 354.75 Neutral Sell 193 0.49

PERSIMMON 1197.00 689.95 1305.00 Sell Sell 1080 1.06

REDROW 248.00 152.90 255.10 Neutra l Neutral 258 0.84

TAYLOR WIMPEY 109.00 56.65 113.80 Neutral Buy 125 1.45


8/17



Electronics & Electrical Equipment Under Valued


DIALIGHT 1185.00 999.50 1399.00 Neutral Sell 1063 0.63

DOMINO PRINTING SCIENCES 659.50 522.00 717.00 Neutral Buy 892 0.99

E2V TECHNOLOGIES 142.00 105.50 148.25 Neutral Strong Buy 290 1.29

INVENSYS 503.00 217.33 509.50 Neutral Sell 294 1.33

LAIRD 221.80 171.10 249.30 Neutral Strong Buy 451 1.99

OXFORD INSTRUMENTS 1384.00 1209.00 1752.00 Neutral Sell 1163 1.22

RENISHAW 1729.00 1494.00 2081.00 Neutral Buy 2090 1.31

SPECTRIS 2234.00 1549.00 2470.00 Neutral Buy 2852 1.48

BIOME TECHNOLOGIES 187.50 65.00 303.67 Neutral Sell -433 0.70

TT ELECTRONICS 192.50 114.00 200.00 Neutral Strong Buy 440 1.64

XAAR 795.50 247.50 898.00 Neutral Sell 423 1.00

Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 130.50 54.38 130.50 Sell Buy 147 1.06

BODYCOTE 653.00 345.10 685.00 Neutral Neutral 646 1.51

CASTINGS 418.50 291.00 450.00 Neutral Buy 574 0.93

VESUVIUS 460.10 263.19 487.60 Neutral Strong Buy 1197 2.20

FENNER 398.30 305.90 435.20 Neutral Buy 571 1.44

HALMA 536.00 410.40 578.00 Neutral Sell 417 0.84

HILL & SMITH 452.25 364.00 480.00 Neutral Buy 555 1.25

IMI 1488.00 902.00 1513.00 Neutral Strong Buy 4298 1.31

MOR GAN ADVANCED MATER IAL 298.3 0 22 0.30 318.00 Neutral Strong Buy 500 1.82

ROTORK 2782.00 2229.00 3037.00 Neutral Sell 2621 0.97

SEVERFIELD-ROWEN 60.13 35.40 76.91 Neutral Sell 51 0.76

SPIRAX-SARCO 2911.00 1932.53 3090.00 Neutral Sell 1813 0.69

VITEC GROUP 683.00 559.00 740.00 Neutral Sell 486 1.33

WEIR GROUP 2313.00 1688.00 2474.00 Neutral Neutral 2257 1.31

Food & Drug Stores Over Valued


GREGGS 436.70 392.10 523.50 Neutral Strong Buy 805 0.40

MORRISON(WM)SPMKTS. 275.60 248.60 302.50 Buy Buy 380 0.35

SAINSBURY (J) 388.50 321.90 400.80 Neutral Buy 457 0.58

TESCO 357.90 307.90 387.75 Neutral Sell 193 0.74

THORNTONS 103.25 28.63 103.25 Neutral Sell 64 0.83

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1911.0 0 132 6.00 2 031.00 Neutral Sell 1618 0.57

CRANSWICK 1066.00 733.00 1189.00 Neutral Strong Buy 1727 0.35

DAIRY CREST 477.50 342.90 528.50 Neutral Sell 394 0.83

DEVRO 305.00 289.90 380.00 Neutral Strong Buy 484 0.37

PREMIER FOODS 158.00 59.75 166.50 Neutral Strong Buy 251 1.22

TATE & LYLE 753.50 692.50 883.00 Neutral Strong Buy 1287 0.62

UNILEVER (UK) 2376.00 2262.00 2885.00 Neutral Sell 2059 0.57


9/17



General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 25.25 24.00 29.50 Neutral Strong Buy 44 0.65

BROWN (N) GROUP 502.00 267.00 577.00 N eutra l Neutral 515 0.56

BURBERRY GROUP 1605.00 1125.00 1667.00 Neutral Sell 1238 1.28

CARPETRIGHT 663.50 585.00 701.50 Neutral Sell 252 0.85

DIXONS RETAIL 46.28 20.36 47.67 N eutra l Neutral 45 1.53

FINDEL 236.25 108.00 253.75 Neutral Sell 148 0.90

FRENCH CONNECTN.GROUP 30.38 23.00 34.00 Sell Sell 12 1.09

HALFORDS GROUP 381.10 299.00 406.00 Neutral Strong Buy 588 0.68

JD SPORTS FASHION 1098.00 670 .00 1098.00 Neutral Strong Buy 2063 0.59

DARTY 74.50 39.00 88.25 Neutral Strong Buy 123 1.10

KINGFISHER 370.20 268.50 420.00 Neutral Buy 548 0.98

MARKS & SPENCER GROUP 477.70 359.00 513.50 Neutral Strong Buy 741 0.50

MOSS BROTHERS GROUP 69.75 53.50 74.88 Neutral Buy 86 0.78

MOTHERCARE 386.50 221.25 492.75 Neutral Sell 135 0.28

NEXT 5040.00 3542.00 5205.00 N eutra l Neutral 5275 0.63TED BAKER 1696.00 920.00 2017.00 Neutral Sell 1036 0.60

TOPPS TILES 85.00 47.00 94.00 Neutral Sell 80 1.55

Health Over Valued


BIOQUELL 151.50 130.00 160.00 Neutral Sell 121 0.45

CONSORT MEDICAL 899.00 660.50 899.00 Sell Sell 689 0.37

OPTOS 154.75 106.75 215.25 Neutral Buy 176 1.09

SMITH & NEPHEW 771.50 638.00 800.00 Neutral Sell 669 0.33

Household Goods & Textiles Under Valued


GAMES WORKSHOP 780.00 601.00 823.50 Neutra l Neutral 756 0.29

HEADLAM GROUP 382.75 302.50 415.00 Neutral Buy 446 0.75

HORNBY 78.75 55.25 87.50 Neutral Sell 48 0.70

Information Technology & Hardware Over Valued


ARM HOLDINGS 984.00 577.50 1097.00 Neutral Sell 435 0.63

CSR 500.50 330.90 607.00 Neutral Strong Buy 1493 1.06

FILTRONIC 66.25 30.75 83.25 Neutral Buy 73 1.00

IMAGINATION TECHNOLOGIES 275.8 0 23 5.10 552.00 Neutral Sell 221 1.09

SPIRENT COMMUNICATIONS 128.10 118.00 169.20 Neutral Strong Buy 394 0.88

WOLFSON M ICR OE LE CTR ON ICS 1 53 .7 5 1 40 .0 0 2 26 .2 5 Neutral Sell -33 0.95


10/17


www.intellisys.uk.com +44 (0)1189 333606 Page 10 of17

Insurance Under Valued


ADMIRAL GROUP 1226.00 1019.00 1416.00 Neutral Sell -485 0.58

AMLIN 406.50 364.10 435.10 Neutral Strong Buy 1544 0.47

BEAZLEY 209.40 167.30 242.70 Neutral Strong Buy 957 0.61

CATLIN GROUP 486.90 455.30 552.50 N eu tra l Neu tral 477 0.29

HISCOX 664.50 463.32 670.00 Neutral Strong Buy 1915 0.43

JARDINE LLOYD THOMPSON 949.50 723.00 949.50 Neutral Buy 1218 0.28

RSA INSURANCE GROUP 118.90 107.70 136.30 Neutral Strong Buy 735 0.36

NOVAE GROUP 497.50 345.00 520.50 Neutral Strong Buy 3463 0.39

Leisure & Hotels Over Valued


CARNIVAL 2058.00 2030.00 2628.00 Neutral Strong Buy 3303 0.96

ENTERPRISE INNS 150.20 63.75 153.80 Neutral Sell 97 1.51

TUI TRAVEL 369.60 246.40 401.50 Neutral Strong Buy 691 1.06

FULLER SMITH 'A' 870.50 726.00 969.00 Neutral Sell 571 0.24

GREENE KING 800.00 587.00 897.50 Neutral Sell 584 0.87

LADBROKES 190.70 167.40 243.10 Neutral Buy 249 0.85

ICTL.HTLS.GP. 1815.00 1524.00 2039.00 Neutral Sell 1612 1.10

MILLENNIUM & CPTH.HTLS. 573.50 456.00 582.50 N eutra l Neutral 557 1.33

MITCHELLS & BUTLERS 396.00 296.00 460.00 Neutral Sell 255 0.89

BWIN PARTY DIGITAL ENTM. 122.00 101.30 156.00 Neutral Sell 59 1.28

PUNCH TAVERNS 14.75 6 .15 15.50 Neutral Strong Buy 66 0.98

RANK GROUP 162.00 137.30 177.50 Neutral Strong Buy 549 1.01

RESTAURANT GROUP 548.50 364.00 575.00 Neutral Sell 372 0.66

WETHERSPOON (JD) 714.50 491.80 767.00 Neutral Sell 655 0.55

WHITBREAD 3210.00 2300.00 3303.00 Neutral Sell 2076 1.05WILLIAM HILL 412.20 302.37 494.50 Neutral Sell 347 0.79

MARSTON'S 146.70 117.70 165.50 Neutral Sell 10 1.08

Life Assurance Under Valued


AVIVA 426.60 294.10 428.20 Neutral Sell 390 1.23

CHESNARA 291.00 176.50 291.00 Neutral Strong Buy 549 0.62

LEGAL & GENERAL 195.90 132.40 203.60 Neutral Strong Buy 514 1.82

OLD MUTUAL 190.40 166.10 221.60 Neutral Strong Buy 404 1.54

PRUDENTIAL 1178.00 834.50 1232.00 N eu tra l Neu tral 1215 1.82

ST.JAMES'S PLACE 620.00 374.90 641.50 Neutral Strong Buy 6853 0.88


11/17



Media & Entertainment Under Valued


BLOOMSBURY PBL. 169.00 102.00 169.00 Neutral Strong Buy 922 0.39

BRITISH SKY BCAST.GROUP 873.00 709.00 899.50 Neutral Strong Buy 1056 0.42

CENTAUR MEDIA 51.00 31.00 60.00 Neutral Sell -42 1.00

DAILY MAIL 'A' 754.50 451.25 835.00 Neutral Strong Buy 3556 1.04

EUR OM ONE Y IN STL.INV ESTOR 1060.0 0 74 7.50 1 209.00 Neutral Strong Buy 5566 0.87

INFORMA 518.00 380.50 545.00 Neutral Strong Buy 327 1.51

ITE GROUP 282.10 183.50 307.40 Neutral Buy 201 1.38

ITV 183.90 85.65 184.00 Neutral Strong Buy 1369 1.54

JOHNSTON PRESS 13.25 9.88 19.00 Neutral Buy 720 1.11

PEARSON 1292.00 1119.00 1350.00 N eutra l Neutral 309 0.60

PHOTO-ME INTL. 116.50 47.25 116.50 Neutral Strong Buy 2283 0.81

PINEWOOD SHEPPERTON 297.50 269.00 299.50 Neutral Strong Buy 732 0.06

THOMSON REUTERS 35.94 26.85 36.59 Neutral Strong Buy 346 0.39

STV GROUP 266.50 92.50 266.50 Neutral Sell 240 0.86

ST.IVES 171.25 98.50 180.50 Neutral Sell 159 1.34TRINITY MIRROR 122.25 51.25 128.25 Neutral Sell -289 1.53

UBM 716.50 636.00 788.00 Neutral Strong Buy 1421 1.33

WILMINGTON GROUP 218.50 127.75 218.50 Neutral Strong Buy 1390 0.83

WPP 1238.00 788.00 1296.00 Neutral Sell -827 1.25

Mining Under Valued


ANGLO AMERICAN 1512.00 1207.00 2072.00 Neutral Sell 1241 1.74

ANGLO PACIFIC GROUP 193.00 161.00 289.00 N eutra l Neutral 201 1.03

ANTOFAGASTA 859.00 784.50 1381.00 Neutral Sell 814 1.27

BHP BILLITON 1815.00 1666.50 2236.00 Neutral Strong Buy 2820 1.41GLENCORE XSTRATA 335.90 256.85 397.85 Neutral Strong Buy 988 #NA

LONMIN 315.30 240.84 380.10 Sell Buy 432 1.86

RANDGOLD RESOURCES 4304.00 3972.00 7 745.00 Neutral Sell 2768 0.51

RIO TINTO 3079.50 2582.00 3757.00 Neutral Sell 2445 1.44

VEDANTA RESOURCES 1020.00 992.00 1335.00 Neutral Strong Buy 2695 2.17

Oil & Gas Under Valued


BG GROUP 1190.50 1000.50 1350.50 Neutral Sell 887 0.81

BP 439.65 416.60 483.30 Neutral Strong Buy 982 1.04

CAIRN ENERGY 265.50 251.80 296.10 Neutral Sell -40 1.25

FORTUNE OIL 8.01 5.44 9.51 Neutral Strong Buy 89 0.76

HUNTING 790.00 716.00 941.00 Neutral Sell 573 1.25

JKX OIL & GAS 72.25 48.50 80.38 Neutral Sell -59 1.21

PREMIER OIL 331.90 321.30 400.20 Neutral Buy 402 1.45

ROYAL DUTCH SHELL B 2115.00 2077.50 2365.00 Neutral Strong Buy 8247 0.78

SOCO INTERNATIONAL 406.70 290.14 417.00 N eutra l Neutral 436 0.53

TULLOW OIL 997.00 975.50 1468.00 Neutral Sell 685 1.08

WOOD GROUP (JOHN) 783.50 720.50 915.50 Neutral Sell 717 1.40


12/17



Personal Care & Household Products Over Valued


MCBRIDE 123.00 101.00 144.60 Neutral Buy 164 0.85

PZ CUSSONS 407.40 314.60 432.50 Neutral Sell 364 0.75

RECKITT BENCKISER GROUP 4349.00 3610.00 4950.00 Neutra l Neutral 4472 0.33

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.32 0.32 3.58 Buy Sell -4 0.89

ASTRAZENECA 3176.50 2792.50 3521.50 Neutral Strong Buy 7922 0.47

BTG 377.10 317.50 397.90 Neutral Sell 175 0.38

DECHRA PHARMACEUTICALS 691.50 569.00 780.00 N eutra l Neutral 666 0.18

GLAXOSMITHKLINE 1554.50 1317.50 1782.00 N eutra l Neutral 1678 0.49

OXFORD BIOMEDICA 2.31 1.33 2.83 Buy Sell -3 0.38

PHYTOPHARM 58.00 51.50 568.75 Buy Sell -255 0.79SHIRE 2445.00 1727.00 2593.00 Neutral Sell 1256 0.69

SKYEPHARMA 90.25 43.50 101.75 Neutral Sell 28 0.51

VERNALIS 29.25 19.38 31.00 Neutral Sell 9 0.76

Real Estate - REIT Under Valued


BIG YELLOW GROUP 461.00 322.90 462.40 Neutral Strong Buy 768 1.24

BRITISH LAND 591.00 506.00 658.00 Neutral Buy 880 1.14

DERWENT LONDON 2462.00 1985.00 2542.00 Neutral Strong Buy 5400 1.32

GREAT PORTLAND ESTATES 567.50 446.50 598.00 Neutral Strong Buy 1250 1.07

HAMMERSON 507.00 458.70 554.00 Neutral Buy 594 1.41

INTU PROPERTIES 329.70 300.60 366.00 Neutral Strong Buy 612 1.22

LAND SECURITIES GROUP 945.00 762.50 994.00 Neutral Strong Buy 1895 1.22

LOCAL SHOP.REIT (THE) 29.38 24.25 38.50 Neutral Sell -182 0.78

LONDONMETRIC PROPERTY 121.20 103.20 121.90 Neutral Sell -9 0.33

MCKAY SECURITIES 179.50 131.50 179.50 Neutral Strong Buy 304 0.50

MUCKLOW (A & J) GROUP 474.00 341.50 500.00 Neutral Sell 252 0.57

PRIMARY HEALTH PROPS. 317.00 312.50 363.53 Neutral Sell 119 0.22

REDEFINE INTL.REIT 47.50 30.75 47.50 Neutral Sell -420 0.43

SEGRO 318.00 221.60 318.00 Neutral Sell -340 1.96

SHAFTESBURY 600.50 522.50 668.00 Neutral Strong Buy 912 1.13

TOWN CENTRE SECURITIES 226.50 178.75 230.00 Neutral Sell 1 0.95

WORKSPACE GROUP 466.50 281.90 481.00 Neutral Strong Buy 1516 1.10


13/17



Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 347.30 223.50 365.60 Neutral Strong Buy 682 0.72

CAPITAL & REGIONAL 41.50 22.75 42.00 Neutral Sell -53 0.55

CLS HOLDINGS 1200.00 656.50 1260.00 Neutral Strong Buy 2936 0.80

DAEJAN HOLDINGS 3944.00 2706.00 4200.00 Neutral Strong Buy 14765 0.56

DEVELOPMENT SECS. 202.00 143.00 209.00 Neutral Neutral 195 1.14

GRAINGER 178.50 105.10 187.50 Neutral Sell 112 1.64

HELICAL BAR 295.00 178.00 302.50 Neutral Sell 205 0.83

LONDON & ASSOCS.PROPS. 35.25 21.50 35.25 Neutral Strong Buy 228 0.60

MOUNTVIEW ESTATES 6462.50 4350.00 6512.50 Neutral Strong Buy 14563 0.69

QUINTAIN ESTATES & DEV. 88.00 51.75 92.00 Sell Sell -211 1.10

RAVEN RUSSIA 79.00 61.50 79.75 Sell Strong Buy 210 1.56

SAVILLS 620.50 392.80 664.50 Neutral Strong Buy 1875 0.68

SMART (J) 85.00 72.50 90.50 Neutral Strong Buy 373 0.42

ST MODWEN PROPS. 330.70 194.00 333.00 Neutral Strong Buy 631 1.68

UNITE GROUP 385.60 260.70 403.00 Neutral Strong Buy 1643 1.93

Software & Computer Services Under Valued


ANITE 113.25 109.50 162.00 Neutral Buy 142 0.66

AVEVA GROUP 2537.00 1975.75 2650.00 Neutral Sell 1499 1.49

COMPUTACENTER 536.50 333.29 564.10 Neutral Strong Buy 1477 0.85

KOFAX 370.50 260.75 388.00 Neutral Sell 346 1.11

INNOVATION GROUP 31.00 20.75 31.00 Sell Sell 27 0.78

MICRO FOCUS INTL. 770.50 543.00 812.50 Neutral Buy 1043 0.84

PHOENIX IT GROUP 160.00 130.00 184.00 Neutral Sell -228 0.59

RM 113.50 64.00 114.25 Neutral Strong Buy 269 0.58

FIDESSA GROUP 1959.00 1275.00 2190.00 Neutral Buy 2169 0.62

SAGE GROUP 322.90 289.36 368.18 Neutral Buy 439 0.70

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 393.40 318.20 492.10 Neutral Strong Buy 1287 1.12

BREWIN DOLPHIN 268.50 169.80 283.00 Neutral Strong Buy 648 0.85

CAMELLIA 8550.00 8000.00 11105.00 Neutral Strong Buy 81297 0.85

CHARLES STANLEY GROUP 454.75 264.38 474.00 Neutral Strong Buy 1414 0.89

CHARLES TAYLOR 210.00 155.00 228.00 Neutral Strong Buy 1628 0.64

CLOSE BROTHERS GROUP 1275.00 830.00 1275.00 Sell Strong Buy 4799 0.78

F&C ASSET MANAGEMENT 96.60 90.00 110.40 Neutral Sell 77 0.77

HELPHIRE GROUP 5.50 0.75 5.70 Neutral Sell -124 0.77

HENDERSON GROUP 197.10 109.10 197.10 Sell Strong Buy 793 1.44

ICAP 365.00 280.80 422.20 Neutral Strong Buy 822 0.94

INTERMEDIATE CAPITAL GP. 456.90 287.20 501.50 Neutral Strong Buy 2253 1.77

INVESTEC 420.20 358.40 513.50 Neutral Strong Buy 2605 1.54

LONDON STOCK EX.GROUP 1577.00 930.00 1652.00 Neutral Strong Buy 6862 1.32

MAN GROUP 78.75 71.80 134.40 Neutral Sell -4791 1.23

RATHBONE BROTHERS 1520.00 1208.00 1691.00 Neutral Strong Buy 5417 0.83

SCHRODERS 2644.00 1518.00 2644.00 Neutral Strong Buy 8084 1.42

SCHRODERS NV 2209.00 1193.00 2209.00 Sell Strong Buy 11250 1.38


14/17



Support Services Under Valued


ACAL 285.00 157.75 285.00 Neutral Strong Buy 607 0.79

AGGREKO 1477.00 1442.00 2302.00 Neutral Strong Buy 3178 1.04

AMEC 1085.00 965.50 1127.00 Neutral Strong Buy 3187 0.98

ASHTEAD GROUP 630.50 342.60 730.00 Neutral Buy 942 1.69

BABCOCK INTL. 1177.00 940.00 1218.00 Neutral Strong Buy 2494 0.40

BRITISH POLYTHENE INDS. 647.00 372.50 647.00 Sell Strong Buy 2254 0.84

BUNZL 1334.00 1009.00 1409.00 Neutral Strong Buy 2666 0.49

UK MAIL GROUP 599.00 265.00 645.00 Neutral Strong Buy 1571 0.47

CAPITA 1005.00 713.00 1057.00 Neutral Strong Buy 1820 0.57

COMMUNISIS 59.00 34.54 68.00 Neutral Strong Buy 421 0.79

COMPASS GROUP 855.00 671.50 910.50 Neutral Strong Buy 1909 0.78

BERENDSEN 912.00 563.00 939.00 Neutral Strong Buy 3250 1.02

DE LA RUE 946.00 891.50 1075.00 Neutral Strong Buy 2246 #NA

DIGNITY 1400.00 922.31 1567.68 Neutral Buy 1677 0.21

DIPLOMA 615.00 435.00 661.00 Neutral Strong Buy 1285 1.00ELECTROCOMP. 272.90 203.90 282.50 Neutral Strong Buy 853 1.03

ESSENTRA PLC 725.50 510.00 830.00 Neutral Strong Buy 1229 1.13

G4S 243.00 207.50 313.50 Neutral Strong Buy 884 0.42

HAYS 121.60 76.70 121.60 Neutral Strong Buy 386 0.99

HOMESERVE 252.70 185.60 293.60 Neutral Strong Buy 898 0.93

INTERSERVE 586.00 349.10 591.50 Sell Strong Buy 3013 1.15

INTERTEK GROUP 3270.00 2773.00 3453.00 Neutral Buy 4299 0.74

JOHNSON SERVICE GROUP 51.75 33.63 51.75 Neutral Strong Buy 225 1.03

MANAGEMENT CNSL.GP. 26.50 21.25 32.00 Neutral Strong Buy 180 0.61

MENZIES (JOHN) 804.00 573.00 809.00 Neutral Strong Buy 1973 1.37

MICHAEL PAGE INTL. 494.50 346.40 502.50 Neutral Strong Buy 776 1.19

MITIE GROUP 290.90 248.00 300.80 Neutral Strong Buy 994 0.50

OFFICE2OFFICE 39.25 33.75 132.50 Neutral Strong Buy 631 0.28

PAYPOINT 1044.00 750.00 1185.00 Neutral Strong Buy 1791 0.72

PREMIER FARNELL 211.70 165.50 238.40 Neutral Strong Buy 537 1.40

REGUS 192.70 96.00 195.70 Neutral Sell 69 1.46

RENTOKIL INITIAL 109.90 85.00 111.30 Neutral Strong Buy 436 1.31

REXAM 478.00 432.56 547.50 Neutral Strong Buy 1734 0.90

RICARDO 585.00 349.63 585.00 Neutral Strong Buy 1565 1.04

ROBERT WALTERS 325.00 191.00 335.00 Neutral Strong Buy 918 1.11

RPC GROUP 453.90 378.00 477.80 Neutral Strong Buy 1571 0.72

RPS GROUP 268.70 195.50 274.60 Neutral Strong Buy 877 1.49

SERCO GROUP 542.00 522.50 683.50 Neutral Strong Buy 2163 0.52

SHANKS GROUP 94.75 73.00 98.00 Neutral Strong Buy 349 1.55

SPEEDY HIRE 66.00 30.00 66.25 Neutral Strong Buy 323 1.17

TRIBAL GROUP 181.25 92.25 206.50 Neutral Strong Buy 513 0.64

TRIFAST 67.63 40.50 70.75 Neutral Strong Buy 311 0.81

VP 498.50 313.00 499.50 Neutral Strong Buy 2193 0.65

WYG 105.50 51.00 110.00 Neutral Strong Buy 188 0.78


15/17



Telecommunication Services Over Valued


BT GROUP 348.10 212.50 350.90 Neutral Buy 436 0.92

CABLE & WIRELESS COMMS. 40.82 34.31 46.29 Neutral Strong Buy 81 0.66

INMARSAT 702.00 542.50 749.00 Neutral Sell 258 0.52

KCOM GROUP 92.25 68.25 92.25 Neutral Buy 123 0.97

TELECOM PLUS 1396.00 830.00 1403.00 Neutral Sell 837 0.05

VODAFONE GROUP 219.80 154.45 222.00 Neutral Sell 129 0.46

Transport Over Valued


BBA AVIATION 308.70 195.70 326.00 Neutral Sell 223 1.17

BRAEMAR SHIPPING SVS. 505.00 350.00 520.00 Neutral Buy 561 0.91

CLARKSON 2343.00 1150.00 2350.00 Sell Sell 1266 0.77

EASYJET 1272.00 597.50 1448.00 Neutral Sell 849 0.78

FIRST GROUP 120.70 92.00 182.47 Neutral Strong Buy 267 0.85

FISHER(JAMES)& SONS 1100.00 750.00 1148.00 Neutral Sell 797 0.69

GO-AHEAD GROUP 1673.00 1220.00 1697.00 Neutral Strong Buy 2881 0.94

NATIONAL EXPRESS 255.50 164.50 274.90 N eu tral Neutral 244 1.33

NORTHGATE 442.25 247.75 442.25 Neutral Sell 350 1.22

STAGECOACH GROUP 333.70 265.90 337.60 Neutral Buy 461 0.87

WINCANTON 108.00 43.75 108.00 Neutral Strong Buy 275 0.83

Utilities Under Valued


CENTRICA 363.30 310.80 402.20 Neutral Strong Buy 564 0.51

NATIONAL GRID 748.00 682.00 847.50 Neutral Buy 966 0.49

PENNON GROUP 693.50 598.00 734.50 Neutral Sell 615 0.66

SSE 1451.00 1364.00 1676.00 Neutral Strong Buy 2239 0.44

SEVERN TRENT 1786.00 1513.00 2090.00 Neutral Sell 1486 0.39

UNITED UTILITIES GROUP 700.00 647.00 787.50 N eu tral Neu tral 748 0.51


16/17



DISCLAIMER

Intellisys Intelligent Analysis Limited has prepared this report. Intellisys is the trading name of IntellisysIntelligent Analysis Limited.

Intellisys is a provider of financial research reports that indicate the possible value of quoted companyshares. The information contained within any and all of Intellisys reports are designed to present anobjective assessment of the possible value or relative value of a company and/or an actuarial sector orstock market index. Intellisys utilises as extensive as possible range of valuation tools and proprietarysystems to derive its outputs. The base data for the models are derived from sources believed to beaccurate but Intellisys Intelligent Analysis Limited does not warrant or guarantee the accuracy or reliability ofthe source data or its models and proprietary systems. Subscribers, and casual readers, should not relyupon the Intellisys research outputs when forming specific investment decisions but should seek advicespecific to their situation and investment requirements from a person authorized under the FinancialServices and Markets Act 2000, before entering into any investment agreement.

Intellisys Intelligent Analysis Limited has used reasonable care and skill in compiling the content of thisreport. No representation or warranty, expressed or implied, is given by any person as to the accuracy or

completeness or accuracy of the information and no responsibility or liability is accepted to the accuracy orsufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. Inno event will Intellisys Intelligent Analysis Limited, Intellisys or any of its officers, employees or agents beliable to any other party for any direct, indirect, special or other consequential damages arising from the useof this report.

The Intellisys Intelligent Analysis Limited and/or Intellisys reports are not directed to any person in anyjurisdiction where (by reason of that persons nationality, residence or otherwise) the publication oravailability of the Intellisys Intelligent Analysis Limited and/or Intellisys information may be prohibited.Persons in respect of whom such prohibitions apply must not access the Intellisys Intelligent AnalysisLimited and/or Intellisys reports. Neither this document, nor any copy in whatever form of media, may betaken or transmitted into the United States, Canada, Australia, Ireland, South Africa or Japan or into any

jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may constitute aviolation of relevant local securities laws. Recipients of Intellisys Intelligent Analysis Limited and/or Intellisysreports outside the UK are not covered by the rules and regulations made for the protection of investors inthe UK.

Any user distributing information taken from any Intellisys reports and/or the Intellisys website, in whateverform, to any other person, agrees to attach a copy of this Disclaimer and the Terms and Conditions of Usepages and obtain the agreement of such other person to comply with the terms set forth.

Intellisys' published reports are published for information purposes and only available to marketcounterparties, high net-worth and sophisticated individual investors.

No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other

financial instruments in any company or any interest therein, nor shall it form the basis of any contractentered into for the sale of shares or any other financial instrument in any company.

Intellisys believes that the information within each and any of its reports to be correct, but its accuracy orcompleteness cannot be guaranteed. No representation or warranty, expressed or implied, is given by anyperson as to the accuracy or completeness of the information and no responsibility or liability is accepted forthe accuracy or sufficiency of any of the information, for any errors, omissions or mis-statements, negligentor otherwise.

Intellisys (including its Directors, employees and representatives) or a connected person may have positionsin or options or other financial instruments on any of the securities mentioned within a report, and may buy,sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internal

rules.


17/17


www.intellisys.uk.com +44 (0)1189 333606 Page 17 of

Subscribers, and casual reader, are reminded that the value of shares in any company may go up or downand that past performance is not necessarily a guide to future performance.

Intellisys Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authorityand does not offer, provide or purport to provide or offer investment advice.

RISK WARNING

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 shares and other equity investments, you must contact your financialadviser as these types of investments may not be suitable for everyone.

The value of stocks and shares, and the income from them, can fall as well as rise and you may not getback the full amount you originally invested. If denominated in a foreign currency, fluctuations in theexchange rate will also affect the value of stocks and shares and the income from them. Past performanceis not necessarily a guide to future performance.

value indicator - uk main market 20131014

Documents