value indicator - uk main market 20130205

7/29/2019 value indicator - uk main market 20130205

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05 February 2013

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Intellisys Intelligent Analysis Limited 05 February 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 Over Valued .....................................................................6Automobiles & Parts Under Valued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Over Valued ..................................................7Engineering & Machinery Over Valued ................................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Under Valued ........................................................8General Retail Under Valued ..............................................................................9Heath Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Over Valued .................................................................... 10Media & Entertainment Over Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Over Valued ................................................ 12Real Estate Under Valued ............................................................................... 12Software & Computer Services Under Valued ..................................................... 13Speciality & Other Finance Over Valued .......................................................... 13Support Services Over 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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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

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Best Buy/Sell Trend


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Value

A similar discipline has been applied to the process of establishing Target Indications. On a daily basis,Intellisys analyses as broad an array of historic data from not only the Consolidated Income Statement butalso the Balance Sheet and Cash Flow Statement and then utilises this data within its proprietary valuation

models.

Intellisys architect, Philip Morrish, has successfully applied these disciplines to his investment research forthe last 15+ years. Additionally, these investment valuation techniques lend themselves to accurate cross-border analysis.

The resultant Target is also discounted to a Net Present Value to make the Target as realistically valid aspossible.

Nevertheless, Intellisys recognises that Target Indication delivery is not only a function of market levels buta management teams ability to establish and maintain a value generating operating environment setagainst a constantly changing global background.

The typical investment analysts approach to determining target prices is to start with a modest range ofsome 6 8 valuation measures and remove those that are not providing the intuitive result. Intellysisapproach is the opposite we use as many valuation methodologies as possible.

Further, Intellisys recognises that some target Indications may appear strange or extreme. However,subscribers should not dismiss these outcomes but use them as starting points to challenge theirestablished or perceived valuation opinion of a stock.

In short, this disciplined approach provides an investment reality check to assist investors from falling inlove with a stock or becoming mesmerised by management cults.

Conclusion

No investment methodology is 100% successful and like all trading and investment systems active positionmonitoring is critical for maximised investment performance.

Therefore, Intellisys recommends that its products should be used in conjunction with, and not separatefrom subscribers existing investment systems as well as discussing investment options with their financialadvisers.

Philip Morrish ([email protected])

RISK WARNING Ratings and Targets

Intellisys does not make personal recommendations. The information in this publication is provided solely toenable you to make your own investment decisions. If you are unsure about dealing in shares and otherequity investments, you should contact your financial adviser as these types of investments may not besuitable for everyone. The value of stocks and shares, and the income from them, can fall as well as riseand you may not get back the full amount you originally invested. If denominated in a foreign currency,fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them.Past performance is not necessarily a guide to future performance.


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How to use the report

This daily report is typically available for download as a PDF from 7am - well in advance of the marketsopen - and is based upon previous days closing prices.

We have kept the report deliberately simple for quick reading and identification of the shares most likely tobe active as can be seen from the following:

General RetailStock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

ASHLEY(LAURA) HOLDINGS 29.00 18.50 29.50 Neutral Neutral 30 0.72

BROWN (N) GROUP 266.70 222.40 282.70 Neutral Buy 298 0.52

BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

FRENCH CONNECTN.GROUP 23.50 19.50 82.00 Neutral Strong Buy 112 1.05

HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

JJB SPORTS SUSP - 24/09/12 0.40 0.24 17.00 Neutral Sell -62 0.88

JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

Betais a measure of a stock's volatility or risk relative to its market. The market has a betaof 1.0 and individual shares are attributed a beta according to how much they deviate from

the market. This can be summarised as:

eta 1.0 Share should move by more than market (i.e., higher risk/higher reward)

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

eta measures a sharesvolatility/risk relative tomarket (see below)


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Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 330.90 270.90 363.60 Neutral Strong Buy 534 0.65

CHEMRING GROUP 288.70 217.00 442.00 Neutral Strong Buy 558 0.65

COBHAM 211.70 186.30 239.50 Neutral Buy 261 0.83

MEGGITT 430.00 364.30 441.40 Neutral Sell 363 1.32

ROLLS-ROYCE HOLDINGS 972.50 753.28 972.50 Neutral Sell 625 1.08

SMITHS GROUP 1210.00 979.50 1246.00 Neutral Sell 932 0.70

ULTRA ELECTRONICS HDG. 1647.00 1 424.00 1780.00 Neutral Sell 1402 0.50

Automobiles & Parts Under Valued

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

GKN 247.30 173.60 249.30 Neu tral Neu tral 235 1.99

INCHCAPE 479.50 305.20 485.60 Neutral Sell 453 1.46

LOOKERS 79.50 56.50 80.25 Neutral Buy 94 1.23

PENDRAGON 20.50 11.50 21.25 Neutral Buy 30 1.11

Banks Over Valued


BARCLAYS 291.50 150.55 305.85 Neutral Sell 201 1.92

HSBC HDG. (ORD $0.50) 706.10 503.20 724.10 Neutral Strong Buy 1073 1.16

LLOYDS BANKING GROUP 50.66 25.29 54.92 Neutral Buy 61 1.86

ROYAL BANK OF SCTL.GP. 328.60 196.60 367.80 Neutral Sell -120 1.34

STANDARD CHARTERED 1647.50 1228.50 1688.00 Neutral Sell 1396 1.70

Beverages Under Valued


BARR (AG) 537.00 348.00 557.00 Neu tral Neu tral 568 0.54

DIAGEO 1881.00 1461.50 1906.00 Neutral Sell 1667 0.55

SABMILLER 3152.50 2348.50 3158.00 Sell Buy 3660 0.96

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 387.00 267.60 390.00 Neutral Strong Buy 691 #NA

CARCLO 492.00 328.25 503.00 Neutral Sell 416 0.73

CRODA INTERNATIONAL 2436.00 1999.00 2501.00 Neutral Sell 1933 1.01

ELEMENTIS 220.30 158.30 240.30 Neutral Strong Buy 349 0.97

JOHNSON MATTHEY 2243.00 2080.27 2573.00 Neutral Strong Buy 12100 1.44

VICTREX 1559.00 1185.00 1649.00 Neutral Sell 1405 1.12

SYNTHOMER 196.50 127.40 251.00 Neutral Buy 240 1.14

ZOTEFOAMS 200.50 136.50 225.00 Neutral Strong Buy 396 0.96


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Construction & Building Materials Under Valued


ALUMASC GROUP 99.00 61.50 132.50 Neutral Strong Buy 221 0.49

BALFOUR BEATTY 266.80 237.90 320.80 Neutral Strong Buy 932 0.79

BARRATT DEVELOPMENTS 217.50 114.00 231.10 Neutral Strong Buy 425 1.49

BELLWAY 1100.00 660.00 1129.00 Neutral Strong Buy 1805 1.10

BERKELEY GROUP HDG.(THE) 1830.00 1177 .00 1855.00 Neutral Strong Buy 2989 0.64

BOOT (HENRY) 157.00 115.50 165.25 Neutral Strong Buy 313 0.83

BOVIS HOMES GROUP 613.00 399.30 636.50 Neutral Sell 529 1.15

CARILLION 298.90 235.50 344.00 Buy Strong Buy 767 1.08

CLARKE (T) 60.50 39.50 61.50 Neutral Strong Buy 256 0.82

COSTAIN GROUP 263.00 188.00 268.75 Neutral Strong Buy 534 0.58

CRH 1310.00 1052.00 1409.00 Neutral Sell 712 1.14

GALLIFORD TRY 824.00 483.00 843.00 Neutral Strong Buy 1628 1.00

KELLER 718.50 348.25 749.00 Neutral Strong Buy 1929 1.23

KIER GROUP 1351.00 1095.00 1489.00 Neutral Strong Buy 3198 0.93

LOW & BONAR 57.50 49.00 66.50 Neutral Strong Buy 193 1.04MARSHALLS 109.00 76.00 110.00 Neutral Strong Buy 269 1.36

MORGAN SINDALL GROUP 589.00 508.00 725.00 Neutral Strong Buy 3161 0.84

NORCROS 14.62 9.25 15.50 Neutral Strong Buy 33 1.13

PERSIMMON 841.50 532.00 888.50 Neutral Buy 1065 1.15

REDROW 188.90 107.30 195.10 Neutral Buy 274 1.05

SIG 132.30 82.30 136.90 Neutral Strong Buy 444 1.74

SUPERGLASS HOLDINGS 9.75 4.50 22.50 Sell Strong Buy 42 0.86

TAYLOR WIMPEY 71.85 40.28 75.05 Neutral Buy 90 1.58

TRAVIS PERKINS 1226.00 906.50 1245.00 Neutral Strong Buy 2451 1.97

WOLSELEY 2921.00 2121.32 3038.00 Neutral Strong Buy 4954 1.44

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1120.00 758.00 1244.00 Neutral Sell 721 0.74

DOMINO PRINTING SCIENCES 667.00 509.00 674.50 Neutral Buy 876 1.17

E2V TECHNOLOGIES 111.50 105.50 149.50 Neutral Strong Buy 230 1.29

INVENSYS 345.50 186.10 351.60 Neutral Sell 320 1.41

LAIRD 226.60 164.80 243.90 Neutral Sell 79 2.11

OXFORD INSTRUMENTS 1752.00 1023.00 1 752.00 Sell Sell 1104 1.00

RENISHAW 1952.00 1260.00 2081.00 Neutral Buy 2282 1.25

SPECTRIS 2284.00 1427.00 2314.00 Sell Sell 2055 1.50

BIOME TECHNOLOGIES 0.09 0.08 0.22 Neutral Buy 0 0.84

TT ELECTRONICS 164.50 114.00 203.50 Neutral Strong Buy 366 1.58

XAAR 288.00 185.00 292.00 Neutral Sell 213 1.09


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 82.00 54.25 92.00 Neutral Buy 110 1.26

BODYCOTE 473.10 310.30 481.90 Neutral Neutral 486 1.60

CASTINGS 342.50 277.75 358.50 Neutral Strong Buy 657 0.98

VESUVIUS 369.00 263.19 380.80 Neutral Buy 476 2.17

FENNER 376.60 329.30 483.70 Neutral Buy 526 1.40

HALMA 468.80 371.00 469.10 Neutral Sell 368 0.76

HILL & SMITH 446.75 297.00 471.50 Neutral Sell 325 1.35

IMI 1185.00 776.00 1193.00 Neutral Neutral 1271 1.40

METALRAX GROUP 3.08 2.93 9.00 Neutral Neutral 3 0.83

MORGAN CRUCIBLE 284.30 220.30 360.00 Neutral Strong Buy 507 1.80

ROTORK 2702.00 1859.00 2704.00 Neutral Sell 1933 0.97

SENIOR 202.10 177.00 215.00 Neutral Neutral 211 1.64

SEVERFIELD-ROWEN 82.50 73.25 219.50 Neutral Sell 75 0.71

SPIRAX-SARCO 2300.00 1900.00 2357.00 Neutral Sell 2125 0.83

VITEC GROUP 602.00 560.00 740.00 Neutral Neutral 583 1.37WEIR GROUP 2000.00 1397.00 2236.00 Neutral Neutral 1905 1.38

Food & Drug Stores Over Valued


GREGGS 478.20 449.00 558.00 Neutral Buy 636 0.47

MORRISON(WM)SPMKTS. 250.10 250.10 305.70 Neutral Sell 203 0.39

SAINSBURY (J) 330.90 283.50 361.10 Neutral Sell 227 0.60

TESCO 357.50 297.05 361.25 Neutral Sell 281 0.69

THORNTONS 40.25 15.00 45.50 Sell Sell 28 0.81

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1750.00 1167.00 1765.00 Sell Sell 1407 0.62

CRANSWICK 995.00 732.50 995.00 Neutral Buy 1380 0.51

DAIRY CREST 414.60 290.40 424.50 Neutral Sell 380 0.92

DEVRO 352.00 276.00 352.00 Sell Sell 323 0.32

PREMIER FOODS 89.00 54.50 180.00 Neutral Sell -159 1.27

TATE & LYLE 787.00 633.50 834.00 Neutral Buy 996 0.69

UNILEVER (UK) 2558.00 2005.00 2603.00 Neutral Buy 3382 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 27.50 20.50 29.50 Neutral Buy 33 0.69

BROWN (N) GROUP 377.50 222.40 380.00 Neutral Sell 351 0.53

BURBERRY GROUP 1397.00 1000.00 1586.00 Neutral Sell 952 1.28

CARPETRIGHT 676.50 555.00 728.50 Neutral Sell 272 0.96

DIXONS RETAIL 27.02 12.67 29.80 Neutral Buy 36 1.51

FINDEL 7.50 2.76 9.30 Neutral Sell 3 1.08

FRENCH CONNECTN.GROUP 27.25 19.50 55.75 Neutral Strong Buy 108 0.98

HALFORDS GROUP 343.50 189.00 356.80 Neutral Buy 486 0.68

JD SPORTS FASHION 745 .00 606 .50 863 .00 Neutral Strong Buy 1475 0.51

DARTY 53.75 38.00 85.70 Neutral Strong Buy 81 1.26

KINGFISHER 274.00 254.10 313.80 Neutral Buy 380 0.95

MARKS & SPENCER GROUP 375.90 312.20 398.80 Neutral Buy 501 0.65

MOSS BROTHERS GROUP 71.00 36.50 71.00 Neutral Sell 59 1.03

MOTHERCARE 303.00 152.00 362.00 Neutral Buy 338 0.46

NEXT 4103.00 2708.00 4103.00 Sell Sell 3599 0.69TED BAKER 1185.00 766.00 1204.00 Neutral Sell 637 0.56

TOPPS TILES 54.50 31.25 55.75 Neutral Sell 48 1.48

Heath Over Valued


BIOQUELL 145.00 114.00 160.00 Neutral Sell 107 0.44

CONSORT MEDICAL 702.00 565.00 831.50 Neutral Sell 581 0.39

OPTOS 196.00 160.00 279.25 Neutral Sell 175 1.19

SMITH & NEPHEW 721.50 580.00 734.00 Neutral Sell 657 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 655.00 487.50 720.50 N eutral Neutral 640 0.43

HEADLAM GROUP 345.00 263.00 354.00 Neutral Sell 303 0.93

HORNBY 80.75 55.25 111.50 Neutral Buy 106 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 892.00 469.00 893.50 Neutral Sell 549 0.78

CSR 364.00 194.60 376.20 Neutral Strong Buy 1116 1.20FILTRONIC 51.25 23.50 52.50 Neutral Sell 45 0.88

IMAGINATION TECHN OLOGIES 523.00 383.50 717.00 Neutral Sell 497 1.08

SPIRENT COMMUNICATIONS 162.80 1 29.60 174.00 Neutral Strong Buy 665 0.94

WOLFSON MICROELECTR ON ICS 202.00 155.00 230.00 Neutral Sell -393 0.93


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Insurance Under Valued


ADMIRAL GROUP 1220.00 962.50 1238.00 Neutral Sell 379 0.54

AMLIN 390.50 312.90 405.00 Neutral Sell -2809 0.45

BEAZLEY 187.00 132.50 194.20 Neutral Strong Buy 1466 0.59

CATLIN GROUP 533.00 399.00 533.00 Neutral Buy 703 0.30

HISCOX 479.80 371.30 489.40 Neutral Strong Buy 1991 0.48

JARDINE LLOYD THOMPSON 781 .00 659 .00 790 .00 Neutral Strong Buy 3033 0.30

RSA INSURANCE GROUP 130.60 97.65 134.30 Neutral Strong Buy 1626 0.42

NOVAE GROUP 415.00 340.00 430.50 Neutral Strong Buy 1846 0.46

Leisure & Hotels Over Valued


CARNIVAL 2580.00 1841.00 2615.00 Neutral Strong Buy 4198 1.02

ENTERPRISE INNS 94.55 42.25 105.00 Neutral Sell 67 1.59

TUI TRAVEL 297.20 158.00 297.20 Neutral Strong Buy 734 0.98

FULLER SMITH 'A' 761.00 680.00 798.00 Neutral Sell 612 0.38

GREENE KING 693.00 474.30 695.00 Neutral Sell 574 0.92

LADBROKES 212.80 145.70 216.70 Neutral Sell 173 0.93

ICTL.HTLS.GP. 1894.00 1363.59 1896.00 Sell Sell 1564 1.17

MILLENNIUM & CPTH.HTLS. 547.00 455.40 552.50 N eutral Neutral 579 1.36

MITCHELLS & BUTLERS 326.20 217.40 337.00 Neutral Sell 275 1.08

BWIN PARTY DIGITAL ENTM. 111.90 91.90 174.00 Neutral Sell 74 1.24

PUNCH TAVERNS 11.13 5 .61 12.25 Neutral Strong Buy 42 1.25

RANK GROUP 152.20 111.00 155.20 Neutral Strong Buy 480 0.99

RESTAURANT GROUP 379.00 269.20 391.70 Neutral Sell 302 0.76

WETHERSPOON (JD) 512.50 371.30 548.50 Neutral Buy 694 0.70

WHITBREAD 2630.00 1637.00 2643.00 Sell Sell 1834 0.99WILLIAM HILL 385.00 222.40 391.20 Neutral Sell 262 0.87

MARSTON'S 133.20 94.25 134.20 Neutral Sell 17 1.20

Life Assurance Over Valued


AVIVA 351.90 255.30 388.40 Neutral Strong Buy 1091 1.25

CHESNARA 221.75 155.25 221.75 Neutral Buy 327 0.70

LEGAL & GENERAL 148.30 106.00 153.10 Neutral Strong Buy 269 1.70

OLD MUTUAL 184.20 138.70 189.50 Neutral Sell 159 1.57

PRUDENTIAL 934.50 660.00 973.00 Neutral Sell 853 1.70

ST.JAMES'S PLACE 459.10 303.40 467.10 Neutral Sell 401 0.85


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Media & Entertainment Over Valued


AEGIS GROUP 235.00 153.20 237.80 Neutral Sell -596 1.28

BLOOMSBURY PBL. 114.50 104.00 146.50 Neutral Strong Buy 1517 0.35

BRITISH SKY BCAST.GROUP 816.00 635.50 825.50 Neutral Strong Buy 146 0.54

CENTAUR MEDIA 55.75 28.50 57.00 Neutral Strong Buy 3086 0.98

DAILY MAIL 'A' 604.50 363.50 604.50 Sell Strong Buy 5431 1.12

EUROMONEY INSTL.INVESTOR 920.00 672.50 951.50 Neutral Sell -33 1.00

INFORMA 483.40 340.00 491.20 Neutral Strong Buy 264 1.54

ITE GROUP 255.30 180.00 273.40 Neutral Strong Buy 1195 1.42

ITV 117.30 69.45 117.50 Neutral Strong Buy 1473 1.54

JOHNSTON PRESS 12.75 4.88 15.00 Neutral Buy 334 1.25

PEARSON 1191.00 1111.00 1294.00 Neutral Strong Buy 2324 0.64

PHOTO-ME INTL. 69.00 36.25 69.00 Neutral Buy 501 0.76

PINEWOOD SHEPPERTON 274.00 237.62 377.50 Neutral Sell -587 0.15

THOMSON REUTERS 30.36 26.66 31.04 Neutral Sell 278 0.51

STV GROUP 121.50 81.50 121.50 Neutral Strong Buy 713 0.78ST.IVES 122.00 67.50 125.00 Neutral Sell -290 1.49

TRINITY MIRROR 98.75 25.50 102.25 Neutral Strong Buy 2210 1.58

UBM 784.00 511.00 788.00 Neutral Strong Buy 1140 1.31

WILMINGTON GROUP 148.50 82.00 160.00 Neutral Sell 203 0.84

WPP 994.50 743.00 1010.00 Neutral Strong Buy 822 1.34

HIBU 0.31 0.26 5.90 Neutral Sell 23 1.08

Mining Under Valued


ANGLO AMERICAN 1924.50 1664.00 2887.00 Neutral Strong Buy 3291 1.72

ANGLO PACIFIC GROUP 273.00 221.25 340.00 Neutral Buy 312 0.99ANTOFAGASTA 1127.00 991.00 1381.00 Neutral Sell 1064 1.39

BHP BILLITON 2168.00 1681.00 2214.50 Neutral Strong Buy 3926 1.44

LONMIN 366.40 240.84 599.98 Neutral Sell 59 2.01

RANDGOLD RESOURCES 6275.00 4596.00 7775.00 Neutral Sell 3284 0.33

RIO TINTO 3615.00 2715.50 3946.00 N eutral Neutral 3951 1.51

COALFIELD RESOURCES 6.70 3.75 32.75 Neutral Strong Buy 189 0.89

VEDANTA RESOURCES 832.50 1502.00 Neutral Strong Buy 2876 2.18

XSTRATA 1163.50 785.80 1261.50 N eutral Neutral 1170 1.86

Oil & Gas Under Valued


BG GROUP 1104.00 1000.50 1547.00 Neutral Buy 1225 0.80

BP 462.05 391.95 504.60 Neutral Strong Buy 1540 1.05

CAIRN ENERGY 287.00 248.20 360.00 Neutral Sell -28 1.32

FORTUNE OIL 10.25 7.86 12.50 Neutral Buy 15 0.90

HUNTING 868.50 688.00 968.00 Neutral Sell 524 1.29

JKX OIL & GAS 58.00 55.00 187 .75 Neutral Strong Buy 296 1.34

PREMIER OIL 382.50 321.30 449.70 Neutral Sell 293 1.44

ROYAL DUTCH SHELL B 2249.00 2039.00 2366.50 Neutral Strong Buy 10912 0.86

SOCO INTERNATIONAL 388.80 254.90 388.80 Neutral Sell 251 0.52

TULLOW OIL 1175.00 1138.00 1601.00 Neutral Sell 790 1.05

WOOD GROUP (JOHN) 813.50 651.50 875.50 N eutral Neutral 837 1.35


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Personal Care & Household Products Over Valued


MCBRIDE 136.00 102.70 140.00 Neutral Strong Buy 273 0.84

PZ CUSSONS 405.40 296.10 405.40 Neutral Sell 337 0.70

RECKITT BENCKISER GROUP 4187.00 3 300.00 4268.00 N eutral Neutral 4238 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.99 0.99 3.98 Buy Strong Buy 139 1.01

ASTRAZENECA 3040.50 2591.00 3168.00 Neutral Sell -35218 0.49

BTG 338.50 300.30 423.00 Neutral Strong Buy 840 0.62

DECHRA PHARMACEUTICALS 622.00 418.33 643.00 Neutral Strong Buy 5295 0.25

GLAXOSMITHKLINE 1441.50 1317.50 1507.50 Neutral Sell -16071 0.50

OXFORD BIOMEDICA 2.30 2.05 5.80 Buy Strong Buy 60 0.62

PHYTOPHARM 9.00 5.88 12.75 Buy Sell 6 0.88

SHIRE 2153.00 1727.00 2300.00 Neutral Sell -3365 0.64

SKYEPHARMA 71.88 31.00 101.50 Neutral Sell -851 0.71

VERNALIS 23.88 19.25 27.38 Neutral Strong Buy 440 0.83

Real Estate Under Valued


BIG YELLOW GROUP 367.60 274.50 382.10 Neutral Sell -596 1.14

BRITISH LAND 561.00 466.10 577.00 Neutral Strong Buy 1517 1.04

CAPITAL & REGIONAL 28.00 22.75 34.25 Sell Strong Buy 146 0.81

CLS HOLDINGS 765.50 595.00 804.00 Neutral Strong Buy 3086 0.71

DERWENT LONDON 2140.00 1684.00 2205.00 Neutral Strong Buy 5431 1.20DEVELOPMENT SECS. 155.00 121.75 176.00 Neutral Sell -33 0.98

GRAINGER 132.10 83.10 132.10 Neutral Strong Buy 264 1.53

GREAT PORTLAND ESTATES 488.80 345.60 502.00 Sell Strong Buy 1195 1.06

HAMMERSON 478.90 379.00 497.70 Neutral Strong Buy 1473 1.16

HELICAL BAR 232.25 164.00 247.00 Neutral Buy 334 0.76

LAND SECURITIES GROUP 801.50 672.50 832.50 Neutral Strong Buy 2324 1.15

CAPITAL SHOPCTS.GROUP 356.00 305.00 366.00 Neutral Buy 501 1.10

MCKAY SECURITIES 136.50 110.25 144.00 Neutral Sell -587 0.71

MUCKLOW (A & J) GROUP 363.25 310.00 390.00 Neutral Sell 278 0.41

PRIMARY HEALTH PROPS. 355.00 311.00 355.00 Neutral Strong Buy 713 0.37

QUINTAIN ESTATES & DEV. 61.25 32.50 62.50 Sell Sell -290 1.17

SAVILLS 509.50 300.80 509.50 Neutral Strong Buy 2210 0.73

SHAFTESBURY 556.00 482.20 572.50 Neutral Strong Buy 1140 1.02

SEGRO 248.10 209.40 259.20 Neutral Sell 203 1.69

ST MODWEN PROPS. 248.50 143.00 250.00 Neutral Strong Buy 822 1.55

TOWN CENTRE SECURITIES 185.00 147.00 189.50 Neutral Sell 23 1.04

UNITE GROUP 283.60 180.25 290.10 Neutral Sell 63 1.75

WARNER ESTATE 1.55 1.00 4.13 Sell Sell -1056 1.00

WORKSPACE GROUP 330.00 213.25 335.50 Neutral Sell 0 1.02


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Software & Computer Services Under Valued


ANITE 147.60 101.25 149.90 Neutral Sell 119 0.75

AVEVA GROUP 2205.00 1469.00 2232.00 Neutral Sell 1278 1.40

COMPUTACENTER 458.00 292.40 461.90 Neutral Strong Buy 1337 0.99

KOFAX 314.00 240.00 314.00 N eutral Neutral 318 1.09

INNOVATION GROUP 24.75 18.25 24.75 Neutral Sell 22 0.83

MICRO FOCUS INTL. 622.50 426.17 633.50 Neutral Buy 923 0.80

PHOENIX IT GROUP 152.00 135.00 231.75 Neutral Strong Buy 309 0.74

RM 76.50 71.00 93.50 Neutral Sell -85 0.51

FIDESSA GROUP 1540.00 1275.00 1766.00 Neutral Buy 2034 0.73

SAGE GROUP 325.50 247.70 331.60 Neutral Buy 403 0.73

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 401.10 237.30 422.00 Neutral Sell 153 1.09

BREWIN DOLPHIN 212.80 136.30 222.00 Neutral Sell 115 0.70

CAMELLIA 10750.00 9175.00 11105.00 Neutral Sell 9343 0.83

CHARLES STANLEY GROUP 353.50 247.50 355.00 Neutral Sell 162 0.97

CHARLES TAYLOR 173.50 123.00 189.75 Neutral Sell 92 0.68

CLOSE BROTHERS GROUP 995.00 673.50 1001.00 Neutral Sell 146 0.91

F&C ASSET MANAGEMENT 104.10 64.75 110.00 N eutral Neutral 99 0.89

HELPHIRE GROUP 3.45 0.77 3.61 Sell Strong Buy 43 0.70

HENDERSON GROUP 155.50 90.55 158.70 Neutral Sell 45 1.45

ICAP 324.00 281.40 431.50 Neutral Sell 186 1.08

INTERMEDIATE CAPITAL GP. 355.00 227.30 361.60 Neutral Sell 174 1.68

INVESTEC 468.10 310.40 474.40 Neutral Sell 64 1.56

LONDON STOCK EX.GROUP 1209.00 880.00 1249.00 Neutral Strong Buy 3421 1.15MAN GROUP 88.90 63.25 152.50 N eutral Neutral 87 1.32

RATHBONE BROTHERS 1382.00 1151.00 1382.00 Neutral Sell 1082 0.74

SCHRODERS 1913.00 1166.00 1971.00 Neutral Sell 1199 1.32

SCHRODERS NV 1564.00 966.00 1594.00 Neutral Strong Buy 4114 1.28


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Support Services Over Valued


ACAL 211.38 157.75 219.50 Neutral Buy 284 0.91

AGGREKO 1598.00 1597.00 2400.00 Neutral Sell 1156 1.02

AMEC 1080.00 923.00 1172.00 Neutral Sell 987 1.03

ASHTEAD GROUP 465.60 212.20 474.50 Neutral Sell 278 1.61

BABCOCK INTL. 1045.00 721.50 1048.00 Neutral Sell 601 0.47

BRITISH POLYTHENE INDS. 428.00 317.00 430.00 Neutral Strong Buy 731 0.76

BUNZL 1132.00 865.50 1167.00 Neutral Sell 751 0.53

UK MAIL GROUP 365.00 214.00 372.50 Neutral Buy 410 0.37

CAPITA 784.50 602.00 800.50 Neutral Sell 465 0.50

COMMUNISIS 45.00 25.50 50.50 Neutral Buy 67 0.77

COMPASS GROUP 772.50 616.00 776.50 Neutral Sell 552 0.73

BERENDSEN 618.00 454.50 634.00 Neutral Buy 873 1.04

DE LA RUE 952.00 885.50 1075.00 Neutral Sell 554 #NA

DIGNITY 1193.00 755.50 1193.00 Neutral Sell 693 0.21

DIPLOMA 574.00 385.00 574.00 Neutral Sell 439 0.95ELECTROCOMP. 251.70 195.20 263.00 Neutral Buy 290 1.04

FILTRONA 587.50 375.50 597.00 Sell Sell 319 1.09

G4S 276.20 240.00 292.10 Neutral Sell 262 0.58

HAYS 88.65 66.40 92.50 Neutral Buy 110 1.09

HOMESERVE 235.60 137.50 284.90 Neutral Strong Buy 438 0.91

INTERSERVE 458.50 270.10 461.40 Neutral Buy 637 1.26

INTERTEK GROUP 3158.00 2177.00 3219.00 Neutral Sell 1302 0.77

JOHNSON SERVICE GROUP 39.75 26.25 42.00 Neutral Strong Buy 84 1.16

MANAGEMENT CNSL.GP. 26.63 21.25 39.50 Neutral Strong Buy 49 0.69

MENZIES (JOHN) 710.00 542.00 727.00 Neutral Strong Buy 1207 1.42

MICHAEL PAGE INTL. 410.90 341.40 497.00 Neutral Sell 292 1.40

MITIE GROUP 285.20 253.90 300.80 N eutral Neutral 312 0.54

OFFICE2OFFICE 96.50 91.50 163.75 Neutral Strong Buy 218 0.33

PAYPOINT 827.00 555.50 893.50 Neutral Sell 629 0.69

PREMIER FARNELL 213.10 153.20 228.80 Neutral Buy 254 1.31

REGUS 124.40 82.65 124.40 Neutral Sell 98 1.42

RENTOKIL INITIAL 89.85 69.40 97.95 Neutral Sell 50 1.27

REXAM 461.30 378.11 473.50 Neutral Buy 552 0.90

RICARDO 410.00 304.50 412.00 N eutral Neutral 427 0.84

ROBERT WALTERS 211.00 176.25 264.63 Neutral Buy 285 1.19

RPC GROUP 432.10 348.30 447.00 Neutral Buy 484 0.76

RPS GROUP 230.00 197.00 256.60 N eutral Neutral 223 1.48

SERCO GROUP 553.50 509.50 602.00 Neutral Sell 524 0.59

SHANKS GROUP 90.00 75.80 107.20 Neutral Strong Buy 150 1.44

SPEEDY HIRE 39.00 22.25 40.50 Neutral Buy 47 1.24TRIBAL GROUP 125.75 67.13 129.00 Neutral Sell 46 0.53

TRIFAST 51.88 39.50 53.25 N eutral Neutral 55 0.92

VP 325.50 231.75 354.88 Neutral Strong Buy 556 0.85

WYG 71.50 42.00 75.00 Sell Strong Buy 166 0.78


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Telecommunication Services Over Valued


BT GROUP 263.00 200.70 264.80 Neutral Buy 292 0.92

CABLE & WIRELESS COMMS. 40.65 27.28 45.16 Neutral Strong Buy 74 0.68

INMARSAT 655.00 390.80 657.50 Neutral Sell 547 0.52

KCOM GROUP 77.00 67.00 85.20 Neutral Buy 115 1.24

TELECOM PLUS 985.50 612.00 985.50 Neutral Sell 641 0.10

VODAFONE GROUP 170.50 154.45 191.25 Neutral Sell 147 0.55

Transport Over Valued


BBA AVIATION 227.50 178.00 231.20 Neutral Sell 168 1.29

BRAEMAR SHIPPING SVS. 372.00 309.50 425.00 N eutral Neutral 393 0.97

CLARKSON 1380.00 1150.00 1400.00 N eutral Neutral 1329 0.80

EASYJET 952.50 431.70 962.00 Neutral Sell 573 0.75

FIRST GROUP 194.10 175.70 308.30 Neutral Strong Buy 452 0.92

FISHER(JAMES)& SONS 821.50 502.50 844.50 Neutral Sell 327 0.75

GO-AHEAD GROUP 1320.00 1086.00 1374.00 Neutral Buy 1533 0.91

NATIONAL EXPRESS 203.00 164.50 252.00 N eutral Neutral 206 1.33

NORTHGATE 327.00 159.60 336.00 Neutral Strong Buy 536 1.40

STAGECOACH GROUP 304.50 230.40 319.60 N eutral Neutral 324 0.90

WINCANTON 68.00 31.00 91.75 Sell Sell -30 0.90

Utilities Under Valued


CENTRICA 349.00 288.50 353.10 Neutral Buy 472 0.47

NATIONAL GRID 692.50 626.00 717.50 Neutral Buy 822 0.50

PENNON GROUP 681.00 598.00 796.00 Neutral Buy 764 0.59

SSE 1415.00 1247.00 1466.00 Neutral Buy 1716 0.43

SEVERN TRENT 1620.00 1507.00 1796.00 Neutral Sell 1480 0.35

UNITED UTILITIES GROUP 729.50 594.00 747.50 Neutral Sell 657 0.51


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value indicator - uk main market 20130205

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