value indicator - uk main market 20130418

7/28/2019 value indicator - uk main market 20130418

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18 April 2013

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Intellisys Intelligent Analysis Limited 18 April 2013

www.intellisys.uk.com +44 20 3239 8994 Page 2 of 17

Contents

Introduction .................................................................................................................................3Value ...........................................................................................................................................4Conclusion ..................................................................................................................................4RISK WARNING Ratings and Targets ....................................................................................4How to use the report .................................................................................................................5Aerospace & Defence Under Valued .....................................................................6Automobiles & Parts Under Valued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Under Valued ..................................................7Engineering & Machinery 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 Under Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Under Valued ................................................ 12Real Estate Under Valued ............................................................................... 12Software & Computer Services Under Valued ..................................................... 13Speciality & Other Finance Over Valued .......................................................... 13Support Services Over Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 15Transport Under 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 Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 376.10 270.90 397.30 Neutral Buy 561 0.66

CHEMRING GROUP 257.40 217.00 414.70 Neutral Buy 311 0.66

COBHAM 235.30 190.10 248.10 Neutral Buy 279 0.83

MEGGITT 469.70 364.30 494.20 Neutral Sell 396 1.32

ROLLS-ROYCE HOLDINGS 1125.00 788.92 1135.00 Neutral Neutral 1070 1.08

SMITHS GROUP 1236.00 979.50 1328.00 Neutral Sell 1018 0.71

ULTRA ELECTRONICS HDG. 15 71.00 1424.00 1745.00 Neutral Neutral 1499 0.50

Automobiles & Parts Under Valued

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

GKN 245.70 173.60 285.00 Neutral Neutral 239 2.00

INCHCAPE 499.90 305.20 530.00 Neutral Neutral 487 1.48

LOOKERS 95.50 56.50 100.50 Neutral Neutral 102 1.24

PENDRAGON 22.25 13.25 25.00 Neutral Buy 33 1.12

Banks Over Valued


BARCLAYS 290.30 150.55 327.35 Neutral Sell 49 1.93

HSBC HDG. (ORD $0.50) 671.00 503.20 740.00 Neutral Strong Buy 1193 1.17

LLOYDS BANKING GROUP 48.23 25.29 55.68 Sell Strong Buy 75 1.87

ROYAL BANK OF SCTL.GP. 283.20 196.60 367.80 Neutral Sell 36 1.34

STANDARD CHARTERED 1609.00 1228.50 1837.50 Neutral Sell 1012 1.70

Beverages Under Valued


BARR (AG) 535.50 348.00 572.00 Neutral Neutral 576 0.55

DIAGEO 1974.50 1477.00 2085.00 Neutral Sell 1739 0.55

SABMILLER 3342.50 2348.50 3552.50 Neutral Buy 3851 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 275.40 240.00 406.40 Neutral Strong Buy 620 #NA

CARCLO 375.00 345.75 503.00 N eu tra l Neu tral 370 0.74

CRODA INTERNATIONAL 2560.00 2094.00 2841.00 Neutral Sell 2059 1.04

ELEMENTIS 243.00 179.00 275.00 Neutral Buy 335 1.00

JOHNSON MATTHE Y 2370.00 2080.27 2573.00 Neutral Strong Buy 11075 1.44

VICTREX 1531.00 1185.00 1736.00 Neutral Sell 1411 1.13

SYNTHOMER 180.70 127.40 239.50 Neutral Buy 203 1.16

ZOTEFOAMS 220.50 157.00 225.00 Neutral Strong Buy 357 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 84.00 61.50 104.00 Neutral Strong Buy 231 0.52

BALFOUR BEATTY 242.20 225.70 320.80 Neutral Strong Buy 959 0.79

BARRATT DEVELOPMENTS 283.10 114.00 288.60 Neutral Strong Buy 438 1.50

BELLWAY 1301.00 660.00 1327.00 Neutral Buy 1891 1.10

BERKELEY GROUP HDG.(THE) 1995.00 1177 .00 2093.00 Neutral Strong Buy 3280 0.63

BOOT (HENRY) 175.00 115.50 175.00 Neutral Strong Buy 339 0.83

BOVIS HOMES GROUP 733.00 399.30 751.00 Neutral Sell 548 1.14

CARILLION 275.00 235.50 331.80 Neutral Strong Buy 781 1.10

CLARKE (T) 52.00 40.00 61.50 Neutral Strong Buy 264 0.82

COSTAIN GROUP 291.00 188.00 306.00 Neutral Strong Buy 564 0.56

CRH 1320.00 1052.00 1540.00 Neutral Sell 819 1.14

GALLIFORD TRY 910.00 579.00 965.00 Neutral Strong Buy 1676 0.99

KELLER 818.00 348.25 848.00 Neutral Strong Buy 1987 1.25

KIER GROUP 1217.00 1106.00 1408.00 Neutral Strong Buy 3333 0.94

LOW & BONAR 70.00 49.00 76.75 Neutral Strong Buy 199 1.07MARSHALLS 127.37 76.00 130.00 Neutral Strong Buy 280 1.37

MORGAN SINDALL GROUP 560.00 508.00 695.00 Neutral Strong Buy 3252 0.86

NORCROS 16.25 9.25 18.25 Neutral Strong Buy 34 1.11

PERSIMMON 1106.00 532.00 1132.00 Neutral Neutral 1108 1.15

REDROW 199.40 107.30 206.00 Neutral Buy 285 1.05

SIG 149.00 82.30 162.50 Neutral Strong Buy 459 1.74

SUPERGLASS HOLDINGS 5.33 3.88 17.75 Sell Strong Buy 49 0.89

TAYLOR WIMPEY 88.60 40.28 93.50 Neutral Neutral 92 1.58

TRAVIS PERKINS 1420.00 906.50 1465.00 Neutral Strong Buy 2558 1.97

WOLSELEY 3156.00 2121.32 3337.00 Neutral Strong Buy 5089 1.43

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1235.00 935.00 1364.00 Neutral Sell 764 0.78

DOMINO PRINTING SCIENCES 641.50 509.00 717.00 Neutral Buy 839 1.18

E2V TECHNOLOGIES 116.00 105.50 149.50 Neutral Strong Buy 244 1.31

INVENSYS 341.20 186.10 366.80 Neutral Neutral 342 1.42

LAIRD 213.80 177.00 249.30 Neutral Sell 84 2.12

OXFORD INSTRUMENTS 1557.00 1096.00 1 752.00 Neutral Sell 1168 1.01

RENISHAW 1667.00 1260.00 2081.00 Neutral Buy 2357 1.26

SPECTRIS 2205.00 1427.00 2470.00 Neutral Neutral 2191 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.21 Neutral Strong Buy 0 0.83

TT ELECTRONICS 161.00 114.00 190.00 Neutral Strong Buy 402 1.59

XAAR 500.00 185.00 500.00 Sell Sell 231 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 78.50 54.25 91.75 Neutral Buy 94 1.26

BODYCOTE 481.40 310.30 556.50 Neutral Neutral 482 1.61

CASTINGS 330.00 277.75 358.50 Neutral Strong Buy 667 0.99

VESUVIUS 327.10 263.19 402.10 Neutral Buy 474 2.19

FENNER 366.20 329.30 456.50 Neutral Buy 522 1.42

HALMA 480.00 373.10 531.50 Neutral Sell 377 0.76

HILL & SMITH 430.00 297.00 480.00 Neutral Sell 306 1.37

IMI 1193.00 776.00 1347.00 Neutral Buy 1329 1.40

MORGAN ADVANCED MATERIAL 250.90 220.30 332.80 Neutral Strong Buy 514 1.82

ROTORK 2659.00 1859.00 3037.00 Neutral Sell 2434 0.99

SENIOR 240.90 177.00 253.10 Neutral Sell 200 1.65

SEVERFIELD-ROWEN 40.50 35.40 104.11 Neutral Buy 46 0.73

SPIRAX-SARCO 2520.00 1900.00 2734.00 Neutral Sell 2194 0.84

VITEC GROUP 621.00 586.50 740.00 Neutral Sell 556 1.40

WEIR GROUP 2136.00 1397.00 2474.00 Neutral Sell 1926 1.39

Food & Drug Stores Over Valued


GREGGS 457.00 449.00 523.50 Neutral Strong Buy 696 0.47

MORRISON(WM)SPMKTS. 279.30 248.60 298.30 Neutral Sell 197 0.39

SAINSBURY (J) 377.40 283.50 387.20 Neutral Sell 219 0.58

TESCO 369.75 297.05 387.75 Neutral Sell 280 0.69

THORNTONS 74.00 18.88 78.75 Neutral Sell 53 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1821.00 1167.00 1 931.00 Neutral Buy 2075 0.61

CRANSWICK 1043.00 732.50 1057.00 Neutral Strong Buy 2054 0.49

DAIRY CREST 434.40 290.40 444.00 Neutral Buy 486 0.92

DEVRO 335.60 278.00 380.00 Neutral Strong Buy 512 0.31

PREMIER FOODS 72.50 54.50 170.00 Neutral Sell -181 1.25

TATE & LYLE 829.00 633.50 870.50 Neutral Strong Buy 1537 0.70

UNILEVER (UK) 2760.00 2007.00 2831.00 Neutral Neutral 2740 0.57


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.50 20.50 29.50 Neutral Buy 35 0.68

BROWN (N) GROUP 409.60 224.40 429.30 Neutral Sell 360 0.53

BURBERRY GROUP 1289.00 1000.00 1536.00 Neutral Sell 965 1.27

CARPETRIGHT 618.50 585.00 728.50 Neutral Sell 306 0.94

DIXONS RETAIL 34.54 12.67 35.45 Neutral Strong Buy 84 1.50

FINDEL 144.50 55.20 186.00 Neutral Sell -22 1.08

FRENCH CONNECTN.GROUP 28.00 19.50 44.25 Sell Strong Buy 131 0.99

HALFORDS GROUP 331.80 189.00 356.80 Neutral Strong Buy 524 0.67

JD SPORTS FASHION 745 .00 606 .50 841 .00 Neutral Strong Buy 1672 0.52

DARTY 45.75 38.00 65.00 Neutral Strong Buy 282 1.24

KINGFISHER 292.60 254.10 305.70 Neutral Strong Buy 442 0.92

MARKS & SPENCER GROUP 395.00 312.20 400.40 Neutral Buy 582 0.64

MOSS BROTHERS GROUP 58.00 42.00 71.00 Buy Buy 85 1.04

MOTHERCARE 304.00 160.00 362.00 Neutral Strong Buy 1417 0.47

NEXT 4311.00 2896.00 4408.00 Neutral Neutral 4128 0.66TED BAKER 1260.00 830.00 1354.00 Neutral Sell 649 0.55

TOPPS TILES 68.00 32.13 68.00 Neutral Sell 51 1.48

Heath Over Valued


BIOQUELL 146.50 124.00 160.00 Neutral Sell 118 0.45

CONSORT MEDICAL 795.00 584.00 831.50 Neutral Sell 581 0.40

OPTOS 157.25 145.75 264.00 Neutral Neutral 168 1.20

SMITH & NEPHEW 727.50 580.00 768.50 Neutral Sell 652 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 665.00 557.00 720.50 Neutral Neutral 650 0.43

HEADLAM GROUP 344.00 263.00 355.00 Neutral Sell 305 0.92

HORNBY 82.50 55.25 97.00 Neutral Buy 107 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 868.00 469.00 971.50 Neutral Sell 506 0.74

CSR 488.70 194.60 502.50 Neutral Strong Buy 1164 1.16FILTRONIC 52.50 23.50 83.25 Neutral Sell 45 0.90

IMAGINATION TECHN OLOGIES 428.30 383.50 705.00 N eutral Neutral 464 1.09

SPIRENT COMMUNICATIONS 124.40 1 22.80 174.00 Neutral Strong Buy 607 0.94

WOLFSON MICROELECTR ON ICS 198.25 165.75 230.00 Neutral Sell -397 0.91


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Insurance Under Valued


ADMIRAL GROUP 1317.00 1019.00 1374.00 Neutral Sell -689 0.54

AMLIN 411.60 312.90 431.50 Neutral Sell -3004 0.46

BEAZLEY 210.60 132.50 219.10 Neutral Strong Buy 2532 0.59

CATLIN GROUP 505.50 399.00 540.00 Neutral Buy 748 0.29

HISCOX 544.00 379.26 574.05 Neutral Strong Buy 2046 0.48

JARDINE LLOYD THOMPSON 844 .00 659 .00 864 .50 Neutral Strong Buy 2853 0.31

RSA INSURANCE GROUP 108.40 97.65 136.30 Neutral Strong Buy 1647 0.40

NOVAE GROUP 450.00 345.00 475.75 Neutral Strong Buy 1866 0.47

Leisure & Hotels Over Valued


CARNIVAL 2270.00 1944.00 2628.00 Neutral Strong Buy 3694 1.00

ENTERPRISE INNS 103.00 55.50 114.70 Neutral Sell 71 1.59

TUI TRAVEL 303.40 158.00 330.00 Neutral Strong Buy 754 0.99

FULLER SMITH 'A' 810.00 700.00 820.00 Neutral Sell 624 0.38

GREENE KING 671.50 474.30 723.50 Neutral Sell 583 0.91

LADBROKES 189.00 152.70 243.10 Neutral Sell 173 0.93

ICTL.HTLS.GP. 1859.00 1396.63 2039.00 Neutral Sell 1550 1.17

MILLENNIUM & CPTH.HTLS. 550.00 455.40 582.50 N eutral Neutral 585 1.38

MITCHELLS & BUTLERS 316.60 217.40 350.10 Neutral Sell 284 1.09

BWIN PARTY DIGITAL ENTM. 136.00 91.90 158.80 Neutral Sell 99 1.25

PUNCH TAVERNS 10.75 5 .61 13.12 Neutral Strong Buy 44 1.25

RANK GROUP 156.50 111.00 177.50 Neutral Strong Buy 481 1.00

RESTAURANT GROUP 460.80 269.20 474.80 Neutral Sell 304 0.74

WETHERSPOON (JD) 542.00 371.30 548.50 Neutral Buy 703 0.69

WHITBREAD 2417.00 1786.00 2692.00 Neutral Sell 1845 0.99WILLIAM HILL 389.90 239.86 411.17 Neutral Sell 249 0.86

MARSTON'S 134.50 94.40 143.00 Neutral Sell 26 1.20

Life Assurance Over Valued


AVIVA 295.00 255.30 388.40 Neutral Strong Buy 1136 1.24

CHESNARA 231.50 155.25 250.00 Neutral Buy 343 0.70

LEGAL & GENERAL 167.40 106.00 175.70 Neutral Strong Buy 284 1.70

OLD MUTUAL 198.30 138.70 211.40 Neutral Sell 168 1.57

PRUDENTIAL 1019.00 660.00 1155.00 Neutral Sell 913 1.70

ST.JAMES'S PLACE 490.70 303.40 537.00 Neutral Sell 413 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 112.50 102.00 146.50 Neutral Sell -535 0.36

BRITISH SKY BCAST.GROUP 832.50 656.00 899.50 Neutral Strong Buy 1526 0.54

CENTAUR MEDIA 45.50 28.50 60.00 Neutral Strong Buy 136 1.01

DAILY MAIL 'A' 690.00 363.50 722.00 Neutral Strong Buy 2969 1.12

EUROMONEY INSTL.INVESTOR 961.00 672.50 1001.00 Neutral Strong Buy 6548 0.98

INFORMA 484.10 340.00 537.00 Neutral Sell -63 1.53

ITE GROUP 261.20 180.00 289.40 Neutral Strong Buy 217 1.44

ITV 124.50 69.45 132.30 Neutral Strong Buy 1170 1.54

JOHNSTON PRESS 15.25 4.88 16.00 Neutral Strong Buy 1548 1.26

PEARSON 1132.00 1111.00 1294.00 Neutral Buy 283 0.62

PHOTO-ME INTL. 78.50 36.25 82.50 Neutral Strong Buy 2323 0.79

PINEWOOD SHEPPERTON 277.50 265.00 377.50 Neutral Strong Buy 785 0.15

THOMSON REUTERS 33.25 26.85 33.35 Neutral Sell -535 0.52

STV GROUP 133.25 81.50 146.88 Neutral Sell 245 0.78

ST.IVES 134.25 67.50 139.25 Neutral Strong Buy 672 1.49TRINITY MIRROR 92.00 25.50 121.25 Neutral Sell -244 1.57

UBM 682.50 511.00 788.00 Neutral Strong Buy 1615 1.31

WILMINGTON GROUP 151.50 82.00 164.00 Neutral Strong Buy 1188 0.85

WPP 1027.00 743.00 1092.00 Neutral Sell -451 1.34

HIBU 0.37 0.26 3.91 Neutral Strong Buy 723 1.07

Mining Under Valued


ANGLO AMERICAN 1553.00 1553.00 2412.00 Neutral Strong Buy 2617 1.75

ANGLO PACIFIC GROUP 215.00 215.00 320.00 Neutral Buy 250 0.99ANTOFAGASTA 906.00 906.00 1381.00 Neutral Sell 855 1.43

BHP BILLITON 1779.00 1681.00 2236.00 Neutral Strong Buy 3081 1.45

LONMIN 259.40 240.84 564.35 Neutral Sell 20 2.03

RANDGOLD RESOURCES 4566.00 4545.00 7775.00 Neutral Sell 2644 0.34

RIO TINTO 2854.50 2715.50 3757.00 Neutral Neutral 3102 1.51

COALFIELD RESOURCES 5.50 3.75 22.50 Neutral Strong Buy 148 0.89

VEDANTA RESOURCES 832.50 1298.00 Neutral Strong Buy 2090 2.21

XSTRATA 967.00 785.80 1205.00 Neutral Sell 914 1.88

Oil & Gas Under Valued


BG GROUP 1037.50 1000.50 1451.00 Buy Neutral 1125 0.81

BP 440.70 391.95 475.90 Neutral Strong Buy 1444 1.05

CAIRN ENERGY 283.20 248.20 349.00 Neutral Sell -25 1.32

FORTUNE OIL 7.85 7.66 12.50 Neutral Strong Buy 13 0.90

HUNTING 806.00 688.00 954.00 Buy Sell 426 1.32

JKX OIL & GAS 67.50 55.00 147 .75 Neutral Strong Buy 277 1.36

PREMIER OIL 355.00 321.30 401.20 Buy Sell 267 1.45

ROYAL DUTCH SHELL B 2147.00 2039.00 2366.50 Neutral Strong Buy 10596 0.86

SOCO INTERNATIONAL 368.50 254.90 404.30 Neutral Sell 231 0.52

TULLOW OIL 982.50 982.50 1557.00 Buy Sell 811 1.05

WOOD GROUP (JOHN) 803.00 651.50 879.50 Neutral Sell 756 1.36


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Personal Care & Household Products Over Valued


MCBRIDE 111.00 102.70 146.75 Neutral Strong Buy 249 0.83

PZ CUSSONS 385.30 297.20 415.60 Neutral Sell 316 0.69

RECKITT BENCKISER GROUP 4655.00 3 300.00 4812.00 Neutral Neutral 4696 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.41 0.37 3.88 Buy Sell -2 1.01

ASTRAZENECA 3297.50 2591.00 3340.00 Neutral Strong Buy 7630 0.47

BTG 343.80 300.30 423.00 Neutral Sell 155 0.62

DECHRA PHARMACEUTICALS 745.50 444.50 780.00 Neutral Sell 670 0.26

GLAXOSMITHKLINE 1607.00 1317.50 1630.50 Neutral Neutral 1759 0.49

OXFORD BIOMEDICA 1.63 1.55 4.30 Buy Sell -0 0.65

PHYTOPHARM 1.23 1.23 12.75 Buy Buy 1 0.94

SHIRE 1923.00 1727.00 2153.00 Neutral Sell 1353 0.65

SKYEPHARMA 45.25 41.00 101.50 Neutral Sell -91 0.71

VERNALIS 22.63 21.63 27.38 Neutral Buy 32 0.90

Real Estate Under Valued


BIG YELLOW GROUP 385.10 274.50 387.50 Neutral Sell -535 1.15

BRITISH LAND 574.00 475.40 586.00 Neutral Strong Buy 1526 1.03

CAPITAL & REGIONAL 33.75 22.75 34.25 Sell Strong Buy 136 0.82

CLS HOLDINGS 873.00 595.00 880.00 Neutral Strong Buy 2969 0.69

DERWENT LONDON 2281.00 1708.00 2281.00 Neutral Strong Buy 6548 1.20DEVELOPMENT SECS. 152.00 121.75 175.00 Neutral Sell -63 0.97

GRAINGER 134.50 83.10 140.60 Neutral Strong Buy 217 1.54

GREAT PORTLAND ESTATES 518.00 345.60 521.00 Sell Strong Buy 1170 1.06

HAMMERSON 510.50 408.00 525.00 Neutral Strong Buy 1548 1.16

HELICAL BAR 244.75 164.00 251.00 Neutral Buy 283 0.75

LAND SECURITIES GROUP 854.50 704.00 859.00 Neutral Strong Buy 2323 1.15

INTU PROPERTIES 339.90 305.00 366.00 Neutral Strong Buy 785 1.08

MCKAY SECURITIES 135.00 127.00 145.00 Neutral Sell -535 0.72

MUCKLOW (A & J) GROUP 370.50 320.00 390.00 Neutral Sell 245 0.41

PRIMARY HEALTH PROPS. 337.75 312.00 364.50 Neutral Strong Buy 672 0.35

QUINTAIN ESTATES & DEV. 64.75 32.50 70.00 Sell Sell -244 1.17

SAVILLS 515.50 300.80 599.00 Neutral Strong Buy 1615 0.74

SHAFTESBURY 604.50 492.00 608.50 Neutral Strong Buy 1188 1.03

SEGRO 252.80 209.40 271.00 Neutral Sell -451 1.70

ST MODWEN PROPS. 261.00 145.50 280.20 Neutral Strong Buy 723 1.55

TOWN CENTRE SECURITIES 197.50 147.00 215.00 Neutral Sell -10 1.05

UNITE GROUP 309.00 180.25 330.00 Neutral Sell 33 1.75

WARNER ESTATE 1.38 1.00 2.75 Sell Sell -991 1.01

WORKSPACE GROUP 373.50 213.25 374.10 Neutral Sell 0 1.02


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Software & Computer Services Under Valued


ANITE 113.00 111.00 162.00 Neutral Neutral 118 0.76

AVEVA GROUP 2074.00 1469.00 2322.00 Neutral Sell 1264 1.40

COMPUTACENTER 540.00 292.40 567.00 Neutral Strong Buy 1304 1.01

KOFAX 335.00 240.00 335.00 Neutral Sell 311 1.12

INNOVATION GROUP 25.00 18.25 25.50 Neutral Sell 23 0.83

MICRO FOCUS INTL. 663.00 426.17 706.00 Neutral Buy 927 0.79

PHOENIX IT GROUP 140.25 131.00 231.75 Neutral Strong Buy 301 0.74

RM 77.50 70.25 89.00 Neutral Sell -87 0.53

FIDESSA GROUP 1774.00 1275.00 1970.00 Neutral Buy 2003 0.77

SAGE GROUP 338.70 247.70 352.10 Neutral Buy 400 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 406.80 237.30 441.90 Neutral Sell 172 1.08

BREWIN DOLPHIN 220.90 136.30 222.00 Sell Sell 125 0.72

CAMELLIA 10475.50 9250.00 11105.00 Neutral Neutral 10344 0.83

CHARLES STANLEY GROUP 404.00 247.50 404.00 Sell Sell 176 0.97

CHARLES TAYLOR 169.00 132.00 190.00 Neutral Sell 105 0.69

CLOSE BROTHERS GROUP 1033.00 673.50 1107.00 Neutral Sell 192 0.87

F&C ASSET MANAGEMENT 95.50 65.90 110.40 Neutral Neutral 100 0.89

HELPHIRE GROUP 3.13 0.55 3.70 Sell Strong Buy 26 0.68

HENDERSON GROUP 156.90 90.55 171.00 Neutral Sell 51 1.44

ICAP 284.70 281.40 384.00 Neutral Sell 202 1.07

INTERMEDIATE CAPITAL GP. 404.60 227.30 427.60 Neutral Sell 218 1.68

INVESTEC 432.10 310.40 513.50 Neutral Sell 89 1.55

LONDON STOCK EX.GROUP 1282.00 930.00 1411.00 Neutral Strong Buy 3857 1.12MAN GROUP 105.60 63.25 111.10 Neutral Sell 96 1.32

RATHBONE BROTHERS 1494.00 1151.00 1551.00 Neutral Sell 1133 0.73

SCHRODERS 2161.00 1166.00 2212.00 Neutral Sell 1284 1.31

SCHRODERS NV 1730.00 966.00 1785.00 Neutral Strong Buy 4171 1.27


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Support Services Over Valued


ACAL 219.50 157.75 242.50 Neutral Buy 287 0.93

AGGREKO 1772.00 1557.00 2400.00 Neutral Sell 1246 1.03

AMEC 994.00 923.00 1172.00 Neutral Buy 1102 1.04

ASHTEAD GROUP 584.50 212.20 635.00 Neutral Sell 304 1.62

BABCOCK INTL. 1028.00 793.50 1106.00 Neutral Sell 643 0.48

BRITISH POLYTHENE INDS. 535.00 317.00 535.00 Sell Buy 777 0.78

BUNZL 1267.00 990.00 1320.00 Neutral Sell 797 0.55

UK MAIL GROUP 437.50 214.00 445.00 Neutral Neutral 432 0.38

CAPITA 860.00 602.00 913.50 Neutral Sell 501 0.50

COMMUNISIS 51.00 25.34 53.50 Neutral Buy 66 0.78

COMPASS GROUP 827.50 616.00 852.50 Neutral Sell 587 0.74

BERENDSEN 734.00 462.00 812.00 Neutral Buy 946 1.04

DE LA RUE 920.50 891.50 1075.00 Neutral Sell 584 #NA

DIGNITY 1333.00 803.50 1435.00 Neutral Sell 755 0.21

DIPLOMA 546.50 417.00 627.50 Neutral Sell 469 0.95ELECTROCOMP. 232.40 195.20 265.00 Neutral Buy 310 1.02

FILTRONA 699.00 428.00 744.00 Neutral Sell 335 1.10

G4S 295.90 240.00 307.50 Neutral Neutral 282 0.58

HAYS 92.70 66.40 101.20 Neutral Buy 117 1.09

HOMESERVE 194.50 137.50 252.50 Neutral Strong Buy 469 0.93

INTERSERVE 478.00 271.40 510.50 Neutral Buy 666 1.27

INTERTEK GROUP 3328.00 2406.00 3451.00 Neutral Sell 1398 0.77

JOHNSON SERVICE GROUP 44.00 26.50 45.75 Neutral Strong Buy 91 1.18

MANAGEMENT CNSL.GP. 31.50 21.25 39.38 Neutral Strong Buy 53 0.72

MENZIES (JOHN) 681.00 542.00 789.00 Neutral Strong Buy 1263 1.43

MICHAEL PAGE INTL. 362.40 341.40 451.80 Neutral Sell 309 1.41

MITIE GROUP 265.20 253.90 300.80 Neutral Buy 332 0.55

OFFICE2OFFICE 92.00 91.00 156.00 Neutral Strong Buy 232 0.34

PAYPOINT 880.00 605.00 912.50 Neutral Sell 667 0.70

PREMIER FARNELL 204.70 153.20 236.30 Neutral Buy 273 1.32

REGUS 153.00 82.65 169.00 Neutral Sell 104 1.44

RENTOKIL INITIAL 94.80 69.40 100.70 Neutral Sell 54 1.24

REXAM 506.00 394.28 547.50 Neutral Buy 614 0.91

RICARDO 407.00 304.50 431.00 Neutral Buy 456 0.85

ROBERT WALTERS 225.75 176.25 264.63 Neutral Buy 301 1.23

RPC GROUP 382.00 348.30 477.00 Neutral Buy 518 0.77

RPS GROUP 251.20 197.00 274.20 Neutral Neutral 240 1.50

SERCO GROUP 606.50 509.50 635.50 Neutral Sell 561 0.59

SHANKS GROUP 75.00 74.50 98.00 Neutral Strong Buy 163 1.46

SPEEDY HIRE 46.75 22.25 50.00 Neutral Neutral 51 1.25TRIBAL GROUP 146.00 73.25 149.00 Neutral Sell 50 0.56

TRIFAST 55.63 39.50 59.00 Neutral Neutral 59 0.92

VP 334.00 234.75 354.88 Neutral Strong Buy 601 0.86

WYG 74.50 42.00 75.00 Sell Strong Buy 176 0.79


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Telecommunication Services Over Valued


BT GROUP 274.80 200.70 281.70 Neutral Buy 326 0.90

CABLE & WIRELESS COMMS. 41.85 27.28 42.81 Neutral Strong Buy 81 0.69

INMARSAT 687.50 390.80 710.50 Neutral Sell 586 0.53

KCOM GROUP 82.00 67.00 85.20 Neutral Strong Buy 127 1.24

TELECOM PLUS 1150.00 682.50 1152.00 Sell Sell 714 0.11

VODAFONE GROUP 189.25 154.45 192.00 Neutral Sell 163 0.54

Transport Under Valued


BBA AVIATION 245.70 178.00 269.00 Neutral Sell 198 1.30

BRAEMAR SHIPPING SVS. 382.00 309.50 425.00 Neutral Buy 453 0.99

CLARKSON 1633.00 1150.00 1645.00 Sell Sell 1474 0.81

EASYJET 1140.00 481.20 1149.00 Neutral Sell 664 0.74

FIRST GROUP 214.40 175.70 260.50 Neutral Strong Buy 550 0.90

FISHER(JAMES)& SONS 1102.00 535.00 1102.00 Sell Sell 390 0.77

GO-AHEAD GROUP 1525.00 1086.00 1540.00 Neutral Buy 1831 0.89

NATIONAL EXPRESS 191.00 164.50 230.50 Neutral Buy 248 1.34

NORTHGATE 312.00 159.60 350.00 Neutral Strong Buy 609 1.41

STAGECOACH GROUP 294.90 230.40 319.60 Neutral Buy 350 0.90

WINCANTON 56.50 31.00 78.50 Sell Sell -41 0.90

Utilities Under Valued


CENTRICA 383.00 306.30 383.00 Neutral Buy 505 0.46

NATIONAL GRID 790.00 641.00 803.00 Neutral Buy 872 0.49

PENNON GROUP 661.50 598.00 796.00 Neutral Buy 810 0.58

SSE 1536.00 1294.00 1536.00 Neutral Buy 1813 0.42

SEVERN TRENT 1760.00 1513.00 1796.00 Neutral Sell 1574 0.34

UNITED UTILITIES GROUP 740.00 601.50 747.50 Neutral Sell 698 0.50


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value indicator - uk main market 20130418

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