value indicator - uk main market 20131018

7/27/2019 value indicator - uk main market 20131018

1/17

18 October 2013

Powered by


2/17

Intellisys Intelligent Analysis Limited 18 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 534.00 310.13 550.50 Neutral Sell 490 0.86

BAE SYSTEMS 445.20 300.80 468.00 Neutral Buy 592 0.66

CHEMRING GROUP 210.70 210.70 353.30 Neutral Buy 315 0.65

COBHAM 278.80 190.10 307.70 N eu tral Neutral 282 0.76

MEGGITT 539.00 366.20 564.00 Neutral Sell 494 1.24

QINETIQ GROUP 193.00 179.00 211.10 Neutral Sell 120 0.63

ROLLS-ROYCE HOLDINGS 1097.00 835.76 1240.00 Neutral Buy 1477 0.95

SENIOR 272.30 185.90 288.40 N eu tral Neutral 262 1.63

SMITHS GROUP 1390.00 1018.00 1419.00 Neutral Sell 1165 0.70

ULTR A ELECT RONICS HDG. 1868.00 1505 .00 19 81.00 Neutral Sell 1644 0.49

Automobiles & Parts Over Valued

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

GKN 364.20 201.00 367.90 Neutral Sell -1708 1.98

INCHCAPE 622.50 380.80 645.00 Neutral Strong Buy 2850 1.35

LOOKERS 123.00 71.50 128.50 Neutral Strong Buy 640 1.17

PENDRAGON 35.75 13.50 35.75 Neutral Strong Buy 252 0.96

TOROTRAK 26.25 23.50 35.50 Neutral Sell 12 0.68

Banks Over Valued


BARCLAYS 278.30 210.15 308.39 Neutral Sell -646 2.12

HSBC HDG. (ORD $0.50) 678.00 595.80 769.90 Neutral Buy 827 1.35

LLOYDS BANKING GROUP 76.79 40.29 78.00 Neutral Sell 8 1.90

ROYAL BANK OF SCTL.GP. 376.90 266.10 384.90 Neutral Sell -90 1.35

STANDARD CHARTERED 1481.00 1395.00 1837.50 Neutral Strong Buy 3307 1.79

Beverages Under Valued


BARR (AG) 522.00 432.20 588.50 Neutral Sell 421 0.52

BRITVIC 607.50 349.10 607.50 Sell Buy 831 0.67

DIAGEO 1954.00 1746.50 2136.50 Sell Buy 2295 0.52

SABMILLER 3167.00 2599.00 3657.00 Neutral Strong Buy 5088 0.92


7/17



Chemicals Under Valued


ALENT 337.10 305.00 397.50 Neutral Strong Buy 3668 #NA

AZ ELECTRONIC MATS.(DI) 289.10 240.00 406.40 Neutral Strong Buy 534 1.11

CARCLO 388.00 342.75 501.00 Neutral Sell 124 0.73

CRODA INTERNATIONAL 2490.00 2164.00 2841.00 Neutral Buy 3158 1.06

ELEMENTIS 235.70 204.20 275.00 Neutral Buy 291 1.01

JOHNSON MATTHEY 2936.00 2190.00 2987.00 Neutral Buy 3916 1.41

VICTREX 1629.00 1380.00 1765.00 Neutral Sell 1295 1.17

SYNTHOMER 248.00 146.00 249.20 Neutral Buy 368 1.05

ZOTEFOAMS 190.00 186.50 224.00 Neutral Buy 283 1.01

Construction - Building Materials & Fittings Under Valued


ALUMASC GROUP 129.00 79.50 137.00 Neutral Strong Buy 458 0.54

CRH 1539.00 1090.00 1580.00 Neutral Sell 1065 0.97

LOW & BONAR 74.50 50.00 80.00 Neutral Strong Buy 566 1.11

MARSHALLS 181.00 85.00 184.00 N eutra l Neutral 181 1.37

NORCROS 20.25 11.75 21.75 Neutral Strong Buy 226 1.02

SIG 196.80 102.00 196.80 Neutral Strong Buy 1000 1.61

TITON HOLDINGS 43.00 22.00 45.50 Neutral Sell 39 0.91

TRAVIS PERKINS 1749.00 1060.00 1778.00 Neutral Strong Buy 15594 1.93

TYMAN 234.25 143.13 240.00 N eutra l Neutral 229 1.01

WOLSELEY 3192.00 2636.64 3483.00 Neutral Strong Buy 10526 1.32

Construction - Heavy Construction Over Valued


BALFOUR BEATTY 281.50 207.60 320.80 Neutral Strong Buy 1087 0.68

BOOT (HENRY) 187.00 123.50 201.00 Neutral Sell 115 0.71

CARILLION 307.30 244.80 331.80 Neutral Buy 377 0.98

CLARKE (T) 68.00 40.00 69.00 Neutral Buy 86 0.68

COSTAIN GROUP 273.50 226.25 306.00 Neutral Strong Buy 421 0.50

GALLIFORD TRY 1133.00 678.00 1140.00 Neutral Sell 740 0.76

KELLER 1050.00 565.00 1161.00 Neutral Sell 547 1.25

KIER GROUP 1770.00 1106.00 1772.00 Neutral Sell 1629 0.82

MORGAN SINDALL GROUP 828.00 508.00 828.00 Neutral Buy 1010 0.60

NORTH MIDLAND CON. 117.50 95.00 147.50 Neutral Strong Buy 268 #NA

POCHIN'S 33.50 20.00 34.00 Sell Sell -10 0.45

Construction Home Construction Under Valued


BARRATT DEVELOPMENTS 340.80 181.30 355.20 Neutral Buy 376 1.60

BELLWAY 1505.00 951.00 1505.00 Neutral Buy 1984 0.93

BERKELEY GROUP HDG.(THE) 2335.00 1480.00 2340.00 Neutra l Neutral 2265 0.47

BOVIS HOMES GROUP 790.00 489.30 851.50 Neutral Buy 998 1.05

CRE ST NICHOLSON HOLDINGS 361.0 0 22 0.00 361.00 Neutral Sell 290 #NA

GLEESON (MJ) GROUP 335.00 142.00 354.75 Neutral Sell 195 0.49

PERSIMMON 1210.00 695.55 1305.00 Sell Sell 1109 1.06

REDROW 251.80 152.90 255.10 Neutra l Neutral 263 0.84

TAYLOR WIMPEY 111.60 56.65 113.80 Neutral Buy 129 1.45


8/17



Electronics & Electrical Equipment Under Valued


DIALIGHT 1186.00 999.50 1399.00 Neutral Sell 1050 0.63

DOMINO PRINTING SCIENCES 687.50 522.00 717.00 Neutral Buy 882 0.99

E2V TECHNOLOGIES 142.50 105.50 148.25 Neutral Strong Buy 286 1.29

INVENSYS 498.50 217.33 509.50 Neutral Sell 292 1.33

LAIRD 223.50 171.10 249.30 Neutral Strong Buy 447 1.99

OXFORD INSTRUMENTS 1313.00 1209.00 1752.00 Neutral Sell 1151 1.22

RENISHAW 1580.00 1494.00 2081.00 Neutral Buy 2064 1.31

SPECTRIS 2224.00 1594.00 2470.00 Neutral Buy 2817 1.48

BIOME TECHNOLOGIES 187.50 65.00 303.67 Neutral Sell -432 0.70

TT ELECTRONICS 198.75 114.00 200.00 Neutral Strong Buy 436 1.64

XAAR 794.50 257.50 898.00 Neutral Sell 418 1.00

Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 133.75 54.38 135.75 Neutral Buy 148 1.06

BODYCOTE 656.00 362.70 685.00 Neutral Neutral 650 1.51

CASTINGS 415.00 291.00 450.00 Neutral Buy 579 0.93

VESUVIUS 465.00 279.81 487.60 Neutral Strong Buy 1204 2.20

FENNER 403.90 305.90 435.20 Neutral Buy 576 1.44

HALMA 538.50 410.40 578.00 Neutral Sell 419 0.84

HILL & SMITH 460.25 369.00 480.00 Neutral Buy 561 1.25

IMI 1501.00 902.00 1528.00 Neutral Strong Buy 4314 1.31

MOR GAN ADVANCED MATER IAL 299.6 0 23 6.10 318.00 Neutral Strong Buy 503 1.82

ROTORK 2845.00 2229.00 3037.00 Neutral Sell 2370 0.97

SEVERFIELD-ROWEN 63.25 35.40 76.91 Neutral Sell 51 0.76

SPIRAX-SARCO 2897.00 1932.53 3090.00 Neutral Sell 1827 0.69

VITEC GROUP 687.50 559.00 736.00 Neutral Sell 491 1.33

WEIR GROUP 2268.00 1688.00 2474.00 Neutral Neutral 2273 1.31

Food & Drug Stores Over Valued


GREGGS 438.50 392.10 523.50 Neutral Strong Buy 821 0.40

MORRISON(WM)SPMKTS. 283.50 248.60 302.50 Neutral Buy 388 0.35

SAINSBURY (J) 396.50 321.90 400.80 Neutral Buy 467 0.58

TESCO 368.00 310.55 387.75 Neutral Sell 198 0.74

THORNTONS 108.00 28.63 108.00 Neutral Sell 67 0.83

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 2014.0 0 134 5.00 2 031.00 Sell Sell 1686 0.57

CRANSWICK 1092.00 733.00 1189.00 Neutral Strong Buy 1793 0.35

DAIRY CREST 493.60 342.90 528.50 Neutral Sell 416 0.83

DEVRO 317.80 289.90 380.00 Neutral Strong Buy 499 0.37

PREMIER FOODS 180.25 59.75 180.25 Neutral Buy 269 1.22

TATE & LYLE 767.50 711.00 883.00 Neutral Strong Buy 1331 0.62

UNILEVER (UK) 2444.00 2262.00 2885.00 Neutral Sell 2125 0.57


9/17



General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 25.25 24.00 29.50 Neutral Strong Buy 45 0.65

BROWN (N) GROUP 520.00 316.00 577.00 N eutra l Neutral 519 0.56

BURBERRY GROUP 1503.00 1134.00 1667.00 Neutral Sell 1240 1.28

CARPETRIGHT 622.00 585.00 701.50 Neutral Sell 254 0.85

DIXONS RETAIL 46.06 20.36 47.67 N eutra l Neutral 45 1.53

FINDEL 239.75 108.00 253.75 Neutral Sell 150 0.90

FRENCH CONNECTN.GROUP 30.00 23.00 34.00 Sell Sell 10 1.09

HALFORDS GROUP 394.50 299.00 406.00 Neutral Strong Buy 594 0.68

JD SPORTS FASHION 1180.00 670 .00 1180.00 Neutral Strong Buy 2083 0.59

DARTY 77.50 39.00 88.25 Neutral Strong Buy 123 1.10

KINGFISHER 379.40 268.90 420.00 Neutral Buy 554 0.98

MARKS & SPENCER GROUP 487.90 359.00 513.50 Neutral Strong Buy 748 0.50

MOSS BROTHERS GROUP 67.50 53.50 74.88 Neutral Buy 87 0.78

MOTHERCARE 413.50 257.25 492.75 Neutral Sell 134 0.28

NEXT 5150.00 3542.00 5205.00 N eutra l Neutral 5241 0.63TED BAKER 1678.00 920.00 2017.00 Neutral Sell 1042 0.60

TOPPS TILES 86.00 47.00 94.00 Neutral Sell 80 1.55

Health Over Valued


BIOQUELL 152.50 130.00 160.00 Neutral Sell 122 0.45

CONSORT MEDICAL 898.00 660.50 902.50 Neutral Sell 691 0.37

OPTOS 153.00 106.75 215.25 Neutral Buy 177 1.09

SMITH & NEPHEW 780.00 638.00 800.00 Neutral Sell 675 0.33

Household Goods & Textiles Under Valued


GAMES WORKSHOP 775.00 601.00 823.50 Neutra l Neutral 752 0.29

HEADLAM GROUP 386.00 302.50 415.00 Neutral Buy 448 0.75

HORNBY 80.75 55.25 87.50 Neutral Sell 49 0.70

Information Technology & Hardware Over Valued


ARM HOLDINGS 1005.00 591.00 1097.00 Neutral Sell 443 0.63

CSR 531.00 332.00 607.00 Neutral Strong Buy 1509 1.06

FILTRONIC 65.63 30.75 83.25 N eu tra l Neu tral 71 1.00

IMAGINATION TECHNOLOGIES 283.8 0 23 5.10 552.00 Neutral Sell 219 1.09

SPIRENT COMMUNICATIONS 125.10 118.00 169.20 Neutral Strong Buy 400 0.88

WOLFSON M ICR OE LE CTR ON ICS 1 47 .7 5 1 40 .0 0 2 26 .2 5 Neutral Sell -36 0.95


10/17


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

Insurance Under Valued


ADMIRAL GROUP 1209.00 1019.00 1416.00 Neutral Sell -568 0.58

AMLIN 417.00 364.10 435.10 Neutral Strong Buy 1602 0.47

BEAZLEY 218.10 167.30 242.70 Neutral Strong Buy 992 0.61

CATLIN GROUP 507.50 455.30 552.50 N eu tra l Neu tral 489 0.29

HISCOX 674.50 463.32 674.50 Neutral Strong Buy 1985 0.43

JARDINE LLOYD THOMPSON 969.00 723.00 969.00 Neutral Buy 1245 0.28

RSA INSURANCE GROUP 119.90 107.70 136.30 Neutral Strong Buy 766 0.36

NOVAE GROUP 516.50 345.00 520.50 Neutral Strong Buy 3606 0.39

Leisure & Hotels Over Valued


CARNIVAL 2068.00 2030.00 2628.00 Neutral Strong Buy 3359 0.96

ENTERPRISE INNS 156.80 65.75 156.80 Neutral Sell 100 1.51

TUI TRAVEL 373.20 246.70 401.50 Neutral Strong Buy 697 1.06

FULLER SMITH 'A' 908.50 726.00 969.00 Neutral Sell 581 0.24

GREENE KING 810.50 587.00 897.50 Neutral Sell 593 0.87

LADBROKES 184.70 167.40 243.10 Neutral Buy 251 0.85

ICTL.HTLS.GP. 1830.00 1524.00 2039.00 Neutral Sell 1610 1.10

MILLENNIUM & CPTH.HTLS. 580.50 456.00 582.50 N eutra l Neutral 563 1.33

MITCHELLS & BUTLERS 400.00 296.00 460.00 Neutral Sell 261 0.89

BWIN PARTY DIGITAL ENTM. 115.70 101.30 156.00 Neutral Sell 59 1.28

PUNCH TAVERNS 14.50 6 .15 15.50 Neutral Strong Buy 67 0.98

RANK GROUP 150.00 137.30 177.50 Neutral Strong Buy 549 1.01

RESTAURANT GROUP 560.00 364.00 575.00 Neutral Sell 374 0.66

WETHERSPOON (JD) 737.50 493.80 767.00 Neutral Sell 662 0.55

WHITBREAD 3274.00 2300.00 3303.00 Neutral Sell 2095 1.05WILLIAM HILL 416.80 305.06 494.50 Neutral Sell 349 0.79

MARSTON'S 148.30 118.80 165.50 Neutral Sell 9 1.08

Life Assurance Under Valued


AVIVA 436.00 294.10 436.00 Neutral Sell 396 1.23

CHESNARA 290.00 176.50 291.00 Neutral Strong Buy 562 0.62

LEGAL & GENERAL 204.40 132.50 204.40 Neutral Strong Buy 529 1.82

OLD MUTUAL 197.20 166.10 221.60 Neutral Strong Buy 418 1.54

PRUDENTIAL 1214.00 834.50 1232.00 Sell Neutral 1264 1.82

ST.JAMES'S PLACE 655.00 377.40 655.00 Neutral Strong Buy 7066 0.88


11/17



Media & Entertainment Under Valued


BLOOMSBURY PBL. 168.50 102.00 169.00 Neutral Strong Buy 922 0.39

BRITISH SKY BCAST.GROUP 940.00 709.00 940.00 Neutral Strong Buy 1056 0.42

CENTAUR MEDIA 51.00 31.00 60.00 Neutral Sell -42 1.00

DAILY MAIL 'A' 798.50 451.25 835.00 Neutral Strong Buy 3556 1.04

EUR OM ONE Y IN STL.INV ESTOR 1065.0 0 74 7.50 1 209.00 Neutral Strong Buy 5566 0.87

INFORMA 527.50 380.50 545.00 Neutral Strong Buy 327 1.51

ITE GROUP 289.10 183.50 307.40 Neutral Buy 201 1.38

ITV 195.10 85.65 195.10 Neutral Strong Buy 1369 1.54

JOHNSTON PRESS 12.50 9.88 19.00 Neutral Buy 720 1.11

PEARSON 1317.00 1119.00 1350.00 N eutra l Neutral 309 0.60

PHOTO-ME INTL. 126.25 49.00 126.25 Sell Strong Buy 2283 0.81

PINEWOOD SHEPPERTON 300.00 269.00 300.00 Neutral Strong Buy 732 0.06

THOMSON REUTERS 36.05 26.85 36.59 Neutral Strong Buy 346 0.39

STV GROUP 273.00 93.75 273.00 Neutral Sell 240 0.86

ST.IVES 176.25 98.50 180.50 Neutral Sell 159 1.34TRINITY MIRROR 130.25 51.25 130.25 Neutral Sell -289 1.53

UBM 731.00 636.00 788.00 Neutral Strong Buy 1421 1.33

WILMINGTON GROUP 217.75 127.75 218.50 Neutral Strong Buy 1390 0.83

WPP 1276.00 788.00 1296.00 Neutral Sell -827 1.25

Mining Under Valued


ANGLO AMERICAN 1553.00 1207.00 2072.00 Neutral Sell 1271 1.74

ANGLO PACIFIC GROUP 195.75 161.00 289.00 N eutra l Neutral 204 1.03

ANTOFAGASTA 888.50 784.50 1381.00 Neutral Sell 828 1.27

BHP BILLITON 1844.00 1666.50 2236.00 Neutral Strong Buy 2870 1.41GLENCORE XSTRATA 330.50 256.85 397.85 Neutral Strong Buy 1011 #NA

LONMIN 320.30 240.84 380.10 Sell Buy 447 1.86

RANDGOLD RESOURCES 4448.00 3972.00 7 615.00 Neutral Sell 2813 0.51

RIO TINTO 3191.50 2582.00 3757.00 Neutral Sell 2507 1.44

VEDANTA RESOURCES 1033.00 992.00 1335.00 Neutral Strong Buy 2757 2.17

Oil & Gas Under Valued


BG GROUP 1220.50 1000.50 1350.50 Neutral Sell 881 0.81

BP 443.90 416.60 483.30 Neutral Strong Buy 971 1.04

CAIRN ENERGY 289.40 251.80 296.10 Neutral Sell -37 1.25

FORTUNE OIL 8.20 5.44 9.51 Neutral Strong Buy 89 0.76

HUNTING 810.50 716.00 941.00 Neutral Sell 569 1.25

JKX OIL & GAS 73.00 48.50 80.38 Neutral Sell -69 1.21

PREMIER OIL 330.50 321.30 400.20 Buy Buy 398 1.45

ROYAL DUTCH SHELL B 2141.00 2077.50 2365.00 Neutral Strong Buy 8236 0.78

SOCO INTERNATIONAL 396.50 290.14 417.00 Neutral Buy 443 0.53

TULLOW OIL 981.50 975.50 1458.00 Neutral Sell 685 1.08

WOOD GROUP (JOHN) 786.50 720.50 915.50 Neutral Sell 713 1.40


12/17



Personal Care & Household Products Over Valued


MCBRIDE 116.00 101.00 144.60 Neutral Buy 158 0.85

PZ CUSSONS 404.50 326.40 432.50 Neutral Sell 359 0.75

RECKITT BENCKISER GROUP 4356.00 3633.00 4950.00 Neutra l Neutral 4488 0.33

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.34 0.32 3.58 Buy Strong Buy 1 0.89

ASTRAZENECA 3150.00 2792.50 3521.50 Neutral Strong Buy 10067 0.47

BTG 376.20 317.50 397.90 Neutral Sell 285 0.38

DECHRA PHARMACEUTICALS 681.00 569.00 780.00 Neutral Strong Buy 1478 0.18

GLAXOSMITHKLINE 1574.00 1317.50 1782.00 Neutral Strong Buy 2371 0.49

OXFORD BIOMEDICA 2.50 1.33 2.83 Buy Sell -1 0.38

IXICO 59.00 51.50 568.75 Buy Sell -145 0.79SHIRE 2514.00 1727.00 2593.00 Neutral Sell 2084 0.69

SKYEPHARMA 91.75 43.50 101.75 Neutral Strong Buy 213 0.51

VERNALIS 28.88 19.38 31.00 Neutral Sell 15 0.76

Real Estate - REIT Under Valued


BIG YELLOW GROUP 472.50 322.90 472.50 Neutral Strong Buy 771 1.24

BRITISH LAND 607.00 506.00 658.00 Neutral Buy 883 1.14

DERWENT LONDON 2560.00 1999.00 2560.00 Sell Strong Buy 5461 1.32

GREAT PORTLAND ESTATES 591.00 451.50 598.00 Neutral Strong Buy 1261 1.07

HAMMERSON 522.50 458.70 554.00 Neutral Buy 596 1.41

INTU PROPERTIES 332.70 300.60 366.00 Neutral Strong Buy 616 1.22

LAND SECURITIES GROUP 973.00 762.50 994.00 Sell Strong Buy 1903 1.22

LOCAL SHOP.REIT (THE) 29.25 24.25 37.75 Neutral Sell -177 0.78

LONDONMETRIC PROPERTY 126.70 103.20 126.70 Sell Sell -7 0.33

MCKAY SECURITIES 180.00 131.50 182.00 Neutral Strong Buy 308 0.50

MUCKLOW (A & J) GROUP 464.75 341.50 500.00 Neutral Sell 258 0.57

PRIMARY HEALTH PROPS. 321.00 312.50 363.53 Neutral Sell 123 0.22

REDEFINE INTL.REIT 49.50 30.75 49.50 Neutral Sell -409 0.43

SEGRO 330.00 221.60 330.00 Sell Sell -325 1.96

SHAFTESBURY 619.00 522.50 668.00 Neutral Buy 917 1.13

TOWN CENTRE SECURITIES 223.00 178.75 230.00 Neutral Sell 8 0.95

WORKSPACE GROUP 479.00 293.90 482.30 Neutral Strong Buy 1518 1.10


13/17



Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 357.40 223.50 365.60 Neutral Strong Buy 700 0.72

CAPITAL & REGIONAL 43.75 22.75 44.25 Neutral Sell -53 0.55

CLS HOLDINGS 1176.00 656.50 1260.00 Neutral Strong Buy 2989 0.80

DAEJAN HOLDINGS 4014.00 2706.00 4200.00 Neutral Strong Buy 15004 0.56

DEVELOPMENT SECS. 198.00 143.00 209.00 Neutral Neutral 197 1.14

GRAINGER 181.50 105.10 187.50 Neutral Sell 114 1.64

HELICAL BAR 296.00 178.00 302.50 Neutral Sell 208 0.83

LONDON & ASSOCS.PROPS. 38.00 21.50 38.00 Neutral Strong Buy 233 0.60

MOUNTVIEW ESTATES 6662.50 4350.00 6662.50 Neutral Strong Buy 14791 0.69

QUINTAIN ESTATES & DEV. 88.25 51.75 92.00 Sell Sell -213 1.10

RAVEN RUSSIA 79.00 61.50 79.75 Neutral Strong Buy 216 1.56

SAVILLS 648.50 402.50 664.50 Neutral Strong Buy 1990 0.68

SMART (J) 85.00 72.50 90.50 Neutral Strong Buy 376 0.42

ST MODWEN PROPS. 343.90 194.00 343.90 Neutral Strong Buy 639 1.68

UNITE GROUP 396.70 260.70 403.00 Neutral Strong Buy 1674 1.93

Software & Computer Services Under Valued


ANITE 83.25 76.75 162.00 Neutral Strong Buy 140 0.66

AVEVA GROUP 2554.00 1975.75 2650.00 Neutral Sell 1475 1.49

COMPUTACENTER 568.50 333.29 568.50 Neutral Strong Buy 1426 0.85

KOFAX 350.25 260.75 388.00 N eutra l Neutral 337 1.11

INNOVATION GROUP 30.50 20.75 31.00 Neutral Sell 26 0.78

MICRO FOCUS INTL. 797.00 543.00 812.50 Neutral Buy 1041 0.84

PHOENIX IT GROUP 155.00 130.00 184.00 Neutral Sell -235 0.59

RM 114.00 64.00 114.25 Neutral Strong Buy 261 0.58

FIDESSA GROUP 1898.00 1275.00 2190.00 Neutral Buy 2125 0.62

SAGE GROUP 322.20 289.36 368.18 Neutral Buy 430 0.70

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 409.70 318.20 492.10 Neutral Strong Buy 1299 1.12

BREWIN DOLPHIN 275.20 169.80 283.00 Neutral Strong Buy 680 0.85

CAMELLIA 8505.00 8000.00 11105.00 Neutral Strong Buy 85430 0.85

CHARLES STANLEY GROUP 452.50 266.00 474.00 Neutral Strong Buy 1494 0.89

CHARLES TAYLOR 207.25 155.00 228.00 Neutral Strong Buy 1699 0.64

CLOSE BROTHERS GROUP 1283.00 830.00 1300.00 Neutral Strong Buy 5068 0.78

F&C ASSET MANAGEMENT 102.90 90.00 110.40 Neutral Sell 80 0.77

HELPHIRE GROUP 5.12 0.75 5.70 Neutral Sell -133 0.77

HENDERSON GROUP 204.10 109.10 205.60 Neutral Strong Buy 833 1.44

ICAP 366.90 280.80 422.20 Neutral Strong Buy 867 0.94

INTERMEDIATE CAPITAL GP. 480.50 287.20 501.50 Neutral Strong Buy 2366 1.77

INVESTEC 426.70 364.40 513.50 Neutral Strong Buy 2780 1.54

LONDON STOCK EX.GROUP 1650.00 930.00 1652.00 Neutral Strong Buy 7078 1.32

MAN GROUP 85.85 71.80 134.40 Neutral Sell -5096 1.23

RATHBONE BROTHERS 1585.00 1208.00 1691.00 Neutral Strong Buy 5688 0.83

SCHRODERS 2568.00 1518.00 2650.00 Neutral Strong Buy 8503 1.42

SCHRODERS NV 2164.00 1218.00 2209.00 Neutral Strong Buy 11734 1.38


14/17



Support Services Under Valued


ACAL 309.00 157.75 309.00 Neutral Strong Buy 627 0.79

AGGREKO 1455.00 1442.00 2302.00 Neutral Strong Buy 3255 1.04

AMEC 1089.00 965.50 1127.00 Neutral Strong Buy 3261 0.98

ASHTEAD GROUP 656.50 350.20 730.00 Neutral Buy 963 1.69

BABCOCK INTL. 1180.00 940.00 1218.00 Neutral Strong Buy 2556 0.40

BRITISH POLYTHENE INDS. 655.00 372.50 655.00 Neutral Strong Buy 2299 0.84

BUNZL 1334.00 1009.00 1409.00 Neutral Strong Buy 2724 0.49

UK MAIL GROUP 585.00 265.00 645.00 Neutral Strong Buy 1610 0.47

CAPITA 959.50 713.00 1057.00 Neutral Strong Buy 1868 0.57

COMMUNISIS 62.75 34.54 68.00 Neutral Strong Buy 434 0.79

COMPASS GROUP 869.00 671.50 910.50 Neutral Strong Buy 1957 0.78

BERENDSEN 933.00 563.00 939.00 Neutral Strong Buy 3339 1.02

DE LA RUE 949.00 891.50 1075.00 Neutral Strong Buy 2310 #NA

DIGNITY 1356.00 922.31 1567.68 Neutral Buy 1708 0.21

DIPLOMA 662.00 435.00 662.00 Neutral Strong Buy 1318 1.00ELECTROCOMP. 278.50 203.90 282.50 Neutral Strong Buy 875 1.03

ESSENTRA PLC 759.50 543.00 830.00 Neutral Strong Buy 1261 1.13

G4S 240.50 207.50 313.50 Neutral Strong Buy 909 0.42

HAYS 120.30 76.70 122.70 Neutral Strong Buy 396 0.99

HOMESERVE 228.70 185.60 293.60 Neutral Strong Buy 923 0.93

INTERSERVE 609.50 349.10 609.50 Sell Strong Buy 3067 1.15

INTERTEK GROUP 3210.00 2800.00 3453.00 Neutral Buy 4393 0.74

JOHNSON SERVICE GROUP 51.75 33.63 51.75 Neutral Strong Buy 234 1.03

MANAGEMENT CNSL.GP. 26.50 21.25 32.00 Neutral Strong Buy 185 0.61

MENZIES (JOHN) 825.00 573.00 841.50 Neutral Strong Buy 1998 1.37

MICHAEL PAGE INTL. 467.40 346.40 502.50 Neutral Strong Buy 796 1.19

MITIE GROUP 298.00 248.00 312.90 Neutral Strong Buy 1021 0.50

OFFICE2OFFICE 39.38 33.75 130.50 Neutral Strong Buy 649 0.28

PAYPOINT 1080.00 750.00 1185.00 Neutral Strong Buy 1832 0.72

PREMIER FARNELL 218.20 165.50 238.40 Neutral Strong Buy 548 1.40

REGUS 200.20 96.00 200.20 Sell Sell 70 1.46

RENTOKIL INITIAL 108.00 85.00 111.30 Neutral Strong Buy 450 1.31

REXAM 480.00 432.56 547.50 Neutral Strong Buy 1781 0.90

RICARDO 605.00 349.63 605.00 Sell Strong Buy 1607 1.04

ROBERT WALTERS 313.00 191.00 335.00 Neutral Strong Buy 943 1.11

RPC GROUP 461.70 378.00 477.80 Neutral Strong Buy 1614 0.72

RPS GROUP 278.90 195.50 278.90 Neutral Strong Buy 901 1.49

SERCO GROUP 522.50 516.50 683.50 Neutral Strong Buy 2216 0.52

SHANKS GROUP 99.50 73.00 100.00 Neutral Strong Buy 363 1.55

SPEEDY HIRE 66.50 31.50 70.00 Neutral Strong Buy 333 1.17

TRIBAL GROUP 185.50 92.25 206.50 Neutral Strong Buy 528 0.64

TRIFAST 73.50 40.50 73.50 Neutral Strong Buy 320 0.81

VP 501.50 313.00 510.00 Neutral Strong Buy 2253 0.65

WYG 110.25 51.00 110.25 Neutral Strong Buy 195 0.78


15/17



Telecommunication Services Over Valued


BT GROUP 364.10 212.50 364.10 Sell Buy 449 0.92

CABLE & WIRELESS COMMS. 41.93 34.31 46.29 Neutral Strong Buy 84 0.66

INMARSAT 722.00 542.50 749.00 Neutral Sell 261 0.52

KCOM GROUP 96.35 68.25 96.35 Neutral Buy 126 0.97

TELECOM PLUS 1410.00 830.00 1412.00 Neutral Sell 854 0.05

VODAFONE GROUP 229.30 154.45 229.30 Neutral Sell 132 0.46

Transport Over Valued


BBA AVIATION 316.20 195.70 326.00 Neutral Sell 227 1.17

BRAEMAR SHIPPING SVS. 535.00 350.00 535.00 N eu tral Neutral 571 0.91

CLARKSON 2356.00 1150.00 2370.00 Sell Sell 1285 0.77

EASYJET 1328.00 600.50 1448.00 Neutral Sell 863 0.78

FIRST GROUP 118.50 92.00 182.47 Neutral Strong Buy 275 0.85

FISHER(JAMES)& SONS 1091.00 768.00 1148.00 Neutral Sell 811 0.69

GO-AHEAD GROUP 1669.00 1220.00 1697.00 Neutral Strong Buy 2936 0.94

NATIONAL EXPRESS 256.80 164.50 274.90 N eu tral Neutral 249 1.33

NORTHGATE 445.75 249.00 449.50 Neutral Sell 357 1.22

STAGECOACH GROUP 331.60 265.90 337.60 Neutral Buy 467 0.87

WINCANTON 122.25 43.75 122.25 Neutral Strong Buy 282 0.83

Utilities Under Valued


CENTRICA 364.30 310.80 402.20 Neutral Strong Buy 565 0.51

NATIONAL GRID 751.50 682.00 847.50 Neutral Buy 967 0.49

PENNON GROUP 691.50 598.00 734.50 Neutral Sell 612 0.66

SSE 1432.00 1364.00 1676.00 Neutral Strong Buy 2234 0.44

SEVERN TRENT 1799.00 1513.00 2090.00 Neutral Sell 1490 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 20131018

Documents