value indicator - uk main market 20130515

7/30/2019 value indicator - uk main market 20130515

1/17

15 May 2013

Powered by


2/17

Intellisys Intelligent Analysis Limited 15 May 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 Va lued ......................................................................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 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 Under 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 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.


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 upon49 valuation

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 BetaBAE SYSTEMS 398.00 270.90 398.00 Neutral Buy 585 0.67

CHEMRING GROUP 292.20 217.00 414.70 Neutral Buy 357 0.66

COBHAM 277.10 190.10 277.10 Neutral Buy 309 0.82

MEGGITT 521.50 364.30 521.50 Sell Sell 447 1.32

ROLLS-ROYCE HOLDINGS 1218.00 7 80.75 1 218.00 Neu tral Neutra l 1166 1.07

SMITHS GROUP 1313.00 979.50 1328.00 Neutral Sell 1125 0.71

ULTRA ELECTRONICS HDG. 1738.00 1 424.00 1745.00 Neu tral Neutra l 1656 0.51

Automobiles & Parts Under Valued

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

GKN 292.30 173.60 292.30 Neu tral Neutra l 278 2.02

INCHCAPE 525.50 305.20 530.00 Neu tral Neutra l 521 1.48

LOOKERS 100.50 56.50 102.00 Neu tral Neutra l 110 1.23

PENDRAGON 24.00 13.50 25.00 Neutral Buy 35 1.11

Banks Over Valued


BARCLAYS 314.05 150.55 327.35 Neutral Sell -804 1.94

HSBC HDG. (ORD $0.50) 746.40 503.20 746.40 Neutral Buy 942 1.17

LLOYDS BANKING GROUP 58.86 25.29 58.94 Sell Sell 8 1.89

ROYAL BANK OF SCTL.GP. 302.50 196.60 367.80 Neutral Sell -161 1.35

STANDARD CHARTERED 1585.00 1228.50 1 837.50 Neutral Strong Buy 3214 1.70

Beverages Under Valued


BARR (AG) 549.50 348.00 572.00 Neutral Neutra l 596 0.55

DIAGEO 2069.00 1477.00 2085.00 Sell Sell 1829 0.55

SABMILLER 3645.00 2348.50 3655.50 Neutral Buy 4137 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 301.00 240.00 406.40 Neutral Strong Buy 675 1.23

CARCLO 375.00 345.75 503.00 Neutral Buy 419 0.73

CRODA INTERNATIONAL 2592.00 2094.00 2841.00 Neutral Sell 2085 1.04

ELEMENTIS 247.00 179.00 275.00 Neutral Buy 353 0.99

JOHNSON MATTHEY 2640.00 2080.27 2640.00 Neutral Strong Buy 12508 1.45

VICTREX 1620.00 1185.00 1736.00 Neutral Sell 1456 1.14

SYNTHOMER 216.70 127.40 225.80 Neu tral Neutra l 216 1.16

ZOTEFOAMS 216.00 157.00 225.00 Neutral Strong Buy 390 1.00


7/17



Construction & Building Materials Under Valued


ALUMASC GROUP 86.00 61.50 104.00 Neutral Strong Buy 242 0.51

BALFOUR BEATTY 222.70 207.60 320.80 Neutral Strong Buy 932 0.80

BARRATT DEVELOPMENTS 311.40 114.00 323.30 Neutral Buy 444 1.58

BELLWAY 1270.00 660.00 1377.00 Neutral Buy 1812 1.15

BERKELEY GROUP HDG.(THE) 2125.00 1180.00 2140.00 Neutral Strong Buy 3255 0.66

BOOT (HENRY) 187.00 115.50 187.00 Neutral Strong Buy 336 0.83

BOVIS HOMES GROUP 730.00 399.30 778.50 Neutral Sell 540 1.20

CARILLION 269.00 235.50 331.80 Buy Strong Buy 743 1.12

CLARKE (T) 53.00 40.00 61.50 Neutral Strong Buy 251 0.82

COSTAIN GROUP 271.00 188.00 306.00 Neutral Strong Buy 543 0.57

CRH 1406.00 1052.00 1540.00 Neutral Sell 808 1.14

GALLIFORD TRY 948.00 579.00 995.50 Neutral Strong Buy 1592 1.01

KELLER 867.00 348.25 890.00 Neutral Strong Buy 2022 1.26

KIER GROUP 1199.00 1106.00 1408.00 Neutral Strong Buy 3186 0.97

LOW & BONAR 69.75 49.00 76.75 Neutral Strong Buy 209 1.07MARSHALLS 122.25 76.00 130.00 Neutral Strong Buy 277 1.39

MORGAN SINDALL GROUP 540.00 508.00 695.00 Neutral Strong Buy 3205 0.87

NORCROS 15.75 9.25 18.25 Neutral Strong Buy 32 1.15

PERSIMMON 1098.00 496.69 1109.00 Neutral Buy 1376 1.20

REDROW 214.90 107.30 215.90 Neutral Buy 275 1.09

SIG 170.50 82.30 170.50 Neutral Strong Buy 492 1.79

SUPERGLASS HOLDINGS 2.00 2.00 14.50 Neutral Strong Buy 49 0.88

TAYLOR WIMPEY 94.50 40.28 96.55 Neutral Buy 123 1.67

TRAVIS PERKINS 1442.00 906.50 1511.00 Neutral Strong Buy 2455 2.01

WOLSELEY 3370.00 2121.32 3370.00 Neutral Strong Buy 5323 1.46

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1342.00 935.00 1364.00 Neutral Sell 830 0.75

DOMINO PRINTING SCIENCES 675.00 509.00 717.00 Neutral Buy 911 1.18

E2V TECHNOLOGIES 124.00 105.50 144.00 Neutral Strong Buy 267 1.29

INVENSYS 392.10 198.90 399.70 Neutral Sell 372 1.41

LAIRD 204.90 177.00 249.30 Neutral Sell 75 2.13

OXFORD INSTRUMENTS 1524.00 1096.00 1752.00 Neutral Sell 1271 1.00

RENISHAW 1774.00 1260.00 2081.00 Neutral Buy 2553 1.26

SPECTRIS 2153.00 1427.00 2470.00 Neutral Buy 2395 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.15 Neutral Strong Buy 0 0.84

TT ELECTRONICS 177.25 114.00 178.50 Neutral Strong Buy 441 1.58

XAAR 625.00 185.00 625.00 Sell Sell 253 1.11


8/17



Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 84.50 54.25 91.75 Neutral Buy 99 1.28

BODYCOTE 538.00 310.30 556.50 Neutral Neutral 531 1.60

CASTINGS 330.00 277.75 358.50 Neutral Strong Buy 731 0.99

VESUVIUS 373.30 263.19 402.10 Neutral Buy 520 2.20

FENNER 366.00 329.30 435.20 Neutral Strong Buy 576 1.42

HALMA 531.00 373.10 531.50 Neutral Sell 412 0.75

HILL & SMITH 452.00 297.00 480.00 Neutral Sell 344 1.37

IMI 1325.00 776.00 1347.00 Neutral Neutral 1434 1.41

MORGAN ADVANCED MATERIAL 277.40 220 .30 305.00 Neutral Strong Buy 563 1.82

ROTORK 2935.00 1859.00 3037.00 Neutral Sell 2297 1.00

SENIOR 266.70 177.00 266.70 Sell Sell 221 1.64

SEVERFIELD-ROWEN 40.00 35.40 103.33 Neutral Sell 30 0.79

SPIRAX-SARCO 2822.00 1900.00 2822.00 Sell Sell 2389 0.84

VITEC GROUP 597.00 586.50 740.00 Neutral Neutral 619 1.39

WEIR GROUP 2445.00 1397.00 2474.00 Neutral Sell 2128 1.38

Food & Drug Stores Over Valued


GREGGS 398.00 398.00 523.50 Buy Strong Buy 689 0.47

MORRISON(WM)SPMKTS. 291.90 248.60 296.40 Neutral Sell 185 0.39

SAINSBURY (J) 390.30 283.50 396.50 Neutral Sell 207 0.57

TESCO 376.80 297.05 387.75 Neutral Sell 266 0.68

THORNTONS 87.00 18.88 87.00 Sell Sell 64 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 2013.00 1167.00 2013.00 Neutral Neutral 2160 0.62

CRANSWICK 1082.00 732.50 1082.00 Neutral Strong Buy 2133 0.43

DAIRY CREST 471.90 307.00 471.90 Neutral Neutral 517 0.94

DEVRO 340.00 278.00 380.00 Neutral Strong Buy 528 0.32

PREMIER FOODS 73.25 54.50 130.25 Neutral Sell -184 1.25

TATE & LYLE 867.00 633.50 870.50 Neutral Strong Buy 1591 0.71

UNILEVER (UK) 2822.00 2007.00 2845.00 Neutral Neutral 2849 0.58


9/17



General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.63 20.50 29.50 Neutral Buy 35 0.69

BROWN (N) GROUP 448.60 224.40 451.00 Neutral Sell 382 0.54

BURBERRY GROUP 1394.00 1000.00 1455.00 Neutral Sell 1029 1.27

CARPETRIGHT 625.50 585.00 728.50 Neutral Sell 294 0.95

DIXONS RETAIL 36.83 12.67 37.50 Neutral Buy 41 1.51

FINDEL 136.50 55.20 186.00 Neutral Sell 53 1.13

FRENCH CONNECTN.GROUP 31.00 19.50 40.25 Sell Strong Buy 107 0.99

HALFORDS GROUP 400.10 189.00 400.10 Neutral Buy 528 0.68

JD SPORTS FASHION 835 .00 606.50 855 .00 Neutral Strong Buy 1590 0.53

DARTY 53.00 38.00 65.00 Neutral Strong Buy 92 1.25

KINGFISHER 325.50 254.10 330.60 Neutral Buy 411 0.94

MARKS & SPENCER GROUP 420.60 312.20 423.60 Neutral Buy 544 0.65

MOSS BROTHERS GROUP 56.25 42.00 71.00 Neutral Buy 63 1.04

MOTHERCARE 347.25 160.00 362.00 Neu tral Neu tral 370 0.47

NEXT 4600.00 2899.00 4601.00 Neutral Sell 3915 0.67

TED BAKER 1362.00 840.00 1397.00 Neutral Sell 691 0.55

TOPPS TILES 67.00 32.13 70.00 Neutral Sell 53 1.50

Heath Over Valued


BIOQUELL 146.50 126.00 160.00 Neutral Sell 117 0.46

CONSORT MEDICAL 788.00 584.00 831.50 Neutral Sell 579 0.39

OPTOS 156.00 145.75 257.00 Neu tral Neu tral 168 1.18

SMITH & NEPHEW 766.00 580.00 769.00 Neutral Sell 687 0.43

Household Goods & Textiles Over Valued


GAMES WORKSHOP 737.50 557.00 742.00 Neutral Neutral 718 0.44

HEADLAM GROUP 332.50 263.00 355.00 Neutral Sell 295 0.92

HORNBY 80.00 55.25 91.50 Neutral Buy 104 0.77

Information Technology & Hardware Over Valued


ARM HOLDINGS 1076.00 469.00 1076.00 Neutral Sell 558 0.74

CSR 543.00 200.30 544.00 Neutral Strong Buy 1290 1.18FILTRONIC 63.00 23.50 83.25 Neutral Sell 48 0.90

IMAGIN AT ION TECHNOLOGIES 312.60 296 .00 624.00 Neutral Strong Buy 525 1.08

SPIRENT COMMUNICATIONS 136.50 122.00 170.90 Neutral Strong Buy 695 0.94

WOLFSON MICROELECTRONICS 204.50 170 .00 230.00 Neutral Sell -504 0.90


10/17



Insurance Under Valued


ADMIRAL GROUP 1275.00 1019.00 1374.00 Neu tral Neu tral 1261 0.53

AMLIN 429.30 312.90 431.50 Neutral Sell 90 0.46

BEAZLEY 230.00 132.50 231.20 Neutral Strong Buy 1302 0.60

CATLIN GROUP 541.00 399.00 541.00 Neutral Strong Buy 2019 0.30

HISCOX 575.00 385.08 575.00 Neutral Strong Buy 2596 0.48

JARDINE LLOYD THOMPSON 914 .00 659.00 914 .00 Neutral Strong Buy 1734 0.31

RSA INSURANCE GROUP 113.10 97.65 136.30 Neutral Strong Buy 938 0.41

NOVAE GROUP 490.00 345.00 492.00 Neutral Strong Buy 2944 0.48

Leisure & Hotels Over Valued


CARNIVAL 2382.00 1969.00 2628.00 Neutral Strong Buy 4109 1.01

ENTERPRISE INNS 99.00 55.50 114.70 Neutral Buy 111 1.61

TUI TRAVEL 347.20 158.00 350.50 Neutral Strong Buy 802 1.01

FULLER SMITH 'A' 802.50 700.00 820.00 Neutral Sell 693 0.39

GREENE KING 749.50 474.30 749.50 Neutral Sell 670 0.93

LADBROKES 209.90 152.70 243.10 Neutral Buy 259 0.93

ICTL.HTLS.GP. 1966.00 1396.63 2039.00 Neutral Sell 1524 1.18

MILLENNIUM & CPTH.HTLS. 555.50 455.40 582.50 Neutral Buy 664 1.40

MITCHELLS & BUTLERS 375.40 217.40 375.40 Sell Sell 326 1.12

BWIN PARTY DIGITAL ENTM. 144.40 91.90 156.00 Neutral Sell 52 1.25

PUNCH TAVERNS 10.00 5 .61 13.12 Neutral Strong Buy 53 1.27

RANK GROUP 157.00 115.00 177.50 Neutral Strong Buy 517 1.00

RESTAURANT GROUP 485.90 275.90 488.10 Neutral Sell 332 0.76

WETHERSPOON (JD) 622.50 373.50 622.50 Neutral Buy 763 0.69

WHITBREAD 2710.00 1786.00 2710.00 Neutral Sell 2047 0.99WILLIAM HILL 429.40 245.70 430.70 Neutral Sell 264 0.87

MARSTON'S 150.80 94.40 150.80 Neutral Sell 21 1.21

Life Assurance Over Valued


AVIVA 323.60 255.30 388.40 Neutral Strong Buy 723 1.25

CHESNARA 257.75 155.25 257.75 Neutral Strong Buy 404 0.70

LEGAL & GENERAL 182.60 106.00 182.60 Neutral Strong Buy 365 1.71

OLD MUTUAL 219.50 138.70 220.40 Neu tral Neu tral 210 1.57

PRUDENTIAL 1163.00 660.00 1177.00 Neutral Sell 1038 1.71

ST.JAMES'S PLACE 597.50 303.40 597.50 Sell Strong Buy 1516 0.85


11/17



Media & Entertainment Under Valued


BLOOMSBURY PBL. 116.25 102.00 146.50 Neutral Sell -615 0.37

BRITISH SKY BCAST.GROUP 823.00 656.00 899.50 Neutral Strong Buy 1821 0.54

CENTAUR MEDIA 47.00 28.50 60.00 Neutral Strong Buy 163 1.03

DAILY MAIL 'A' 738.00 363.50 744.50 Neutral Strong Buy 4284 1.14

EUROMONEY INSTL.INVESTOR 1013.00 672 .50 1013.00 Neutral Strong Buy 7982 1.00

INFORMA 505.00 340.00 537.00 Neutral Sell -80 1.53

ITE GROUP 293.30 180.00 293.30 Neutral Strong Buy 252 1.45

ITV 131.70 69.45 132.30 Neutral Strong Buy 1333 1.54

JOHNSTON PRESS 17.88 4.88 19.00 Neutral Buy 816 1.27

PEARSON 1195.00 1115.00 1294.00 Neutral Buy 333 0.63

PHOTO-ME INTL. 81.00 36.25 82.50 Neutral Strong Buy 2746 0.79

PINEWOOD SHEPPERTON 277.25 265.00 377.50 Neutral Strong Buy 914 0.16

THOMSON REUTERS 35.01 26.85 35.01 Neutral Sell -613 0.50

STV GROUP 131.00 81.50 146.88 Neutral Sell 278 0.79

ST.IVES 150.00 67.50 153.00 Neutral Sell 243 1.50TRINITY MIRROR 91.50 25.50 121.25 Neutral Sell -270 1.59

UBM 737.50 511.00 788.00 Neutral Strong Buy 1793 1.31

WILMINGTON GROUP 156.50 82.00 164.00 Neutral Strong Buy 1416 0.84

WPP 1147.00 743.00 1147.00 Neutral Sell -529 1.35

HIBU 0.39 0.26 3.22 Neutral Strong Buy 847 1.07

Mining Under Valued


ANGLO AMERICAN 1550.00 1550.00 2215.00 Buy Sell 1185 1.74

ANGLO PACIFIC GROUP 239.00 215.00 290.00 Neu tral Neu tral 232 0.96

ANTOFAGASTA 939.50 884.00 1381.00 Neutral Sell 860 1.41

BHP BILLITON 1920.00 1681.00 2236.00 Neutral Strong Buy 2905 1.43

GLENCORE XSTRATA 340.35 293.55 397.85 Buy Strong Buy 981 #NA

LONMIN 265.10 240.84 428.18 Neutral Buy 342 2.03

RANDGOLD RESOURCES 4989.00 4545.00 7 775.00 Neutral Sell 3000 0.34

RIO TINTO 2967.50 2715.50 3757.00 Neutral Sell 2311 1.50

COALFIELD RESOURCES 3.38 14.25 Neutral Strong Buy 166 0.89

VEDANTA RESOURCES 1254.00 832.50 1299.00 Neutral Strong Buy 2132 2.20

Oil & Gas Under Valued


BG GROUP 1227.00 1000.50 1350.50 Neu tral Neu tral 1259 0.80

BP 468.55 391.95 475.90 Neutral Strong Buy 1585 1.03

CAIRN ENERGY 276.10 248.20 309.40 Neutral Sell -22 1.32

FORTUNE OIL 7.94 7.66 12.50 Neutral Strong Buy 14 0.82

HUNTING 856.50 688.00 941.00 Neutral Sell 454 1.31

JKX OIL & GAS 67.00 55.00 120 .00 Neutral Strong Buy 306 1.36

PREMIER OIL 393.30 321.30 401.20 Neutral Sell 291 1.43

ROYAL DUTCH SHELL B 2355.50 2039.00 2366.50 Neutral Strong Buy 9569 0.84

SOCO INTERNATIONAL 390.50 264.20 404.30 Neutral Sell 252 0.53

TULLOW OIL 1039.00 977.00 1531.00 Neutral Sell 922 1.04

WOOD GROUP (JOHN) 826.50 651.50 879.50 Neu tral Neu tral 814 1.35


12/17



Personal Care & Household Products Over Valued


MCBRIDE 117.00 101.20 144.60 Neutral Strong Buy 253 0.84

PZ CUSSONS 389.10 297.20 415.60 Neutral Sell 321 0.69

RECKITT BENCKISER GROUP 4800.00 3300 .00 4812.00 Neutral Neutral 4837 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.45 0.36 3.58 Buy Sell 0 1.01

ASTRAZENECA 3342.50 2591.00 3390.00 Neutral Strong Buy 6562 0.47

BTG 346.60 300.30 423.00 Neutral Sell 169 0.58

DECHRA PHARMACEUTICALS 704.50 4 60.00 780.00 Neu tral Neu tral 729 0.25

GLAXOSMITHKLINE 1695.00 1317.50 1695.00 Neutral Sell 1581 0.49

OXFORD BIOMEDICA 2.15 1.55 4.00 Neutral Sell 1 0.64

PHYTOPHARM 1.33 1.05 12.75 Buy Strong Buy 2 0.95

SHIRE 2055.00 1727.00 2153.00 Neutral Sell 1377 0.66

SKYEPHARMA 45.50 43.50 101.50 Neutral Sell -135 0.73

VERNALIS 22.75 21.63 27.38 Neutral Strong Buy 36 0.91

Real Estate Under Valued


BIG YELLOW GROUP 424.80 274.50 426.20 Neutral Sell -615 1.18

BRITISH LAND 620.00 475.40 625.50 Neutral Strong Buy 1821 1.06

CAPITAL & REGIONAL 35.25 22.75 35.50 Sell Strong Buy 163 0.85

CLS HOLDINGS 991.50 595.00 991.50 Neutral Strong Buy 4284 0.70

DERWENT LONDON 2454.00 1708.00 2454.00 Sell Strong Buy 7982 1.24DEVELOPMENT SECS. 173.25 121.75 175.00 Neutral Sell -80 0.99

GRAINGER 149.90 83.10 150.60 Neutral Strong Buy 252 1.58

GREAT PORTLAND ESTATES 572.00 367.80 572.50 Sell Strong Buy 1333 1.10

HAMMERSON 551.00 409.20 551.00 Neutral Buy 816 1.19

HELICAL BAR 277.00 164.00 277.00 Neutral Buy 333 0.77

LAND SECURITIES GROUP 934.50 704.00 934.50 Sell Strong Buy 2746 1.16

INTU PROPERTIES 353.50 305.00 366.00 Neutral Strong Buy 914 1.09

MCKAY SECURITIES 144.00 127.00 145.38 Neutral Sell -613 0.73

MUCKLOW (A & J) GROUP 413.00 325.00 437.50 Neutral Sell 278 0.42

PRIMARY HEALTH PROPS. 330.50 312.00 364.50 Neutral Sell 243 0.35

QUINTAIN ESTATES & DEV. 71.00 32.50 71.00 Sell Sell -270 1.19

SAVILLS 582.00 300.80 601.50 Neutral Strong Buy 1793 0.77

SHAFTESBURY 638.50 492.00 639.50 Neutral Strong Buy 1416 1.05

SEGRO 288.70 209.40 288.70 Neutral Sell -529 1.73

ST MODWEN PROPS. 307.30 145.50 307.90 Neutral Strong Buy 847 1.59

TOWN CENTRE SECURITIES 215.00 147.00 215.00 Neutral Sell -13 1.01

UNITE GROUP 375.30 180.25 375.30 Neutral Sell 53 1.79

WARNER ESTATE 1.41 1.00 2.75 Sell Sell -1196 1.03

WORKSPACE GROUP 390.70 215.50 390.70 Neutral Strong Buy 1373 1.05


13/17



Software & Computer Services Under Valued


ANITE 128.00 111.00 162.00 Neu tral Neu tral 122 0.73

AVEVA GROUP 2265.00 1469.00 2322.00 Neutral Sell 1322 1.40

COMPUTACENTER 453.90 292.40 567.00 Neutral Strong Buy 1353 1.00

KOFAX 320.00 242.00 335.00 Neu tral Neu tral 323 1.11

INNOVATION GROUP 27.25 18.25 27.25 Sell Sell 24 0.85

MICRO FOCUS INTL. 681.50 431.48 706.00 Neutral Buy 1009 0.76

PHOENIX IT GROUP 130.00 130.00 222.00 Buy Strong Buy 308 0.74

RM 68.00 68.00 85.50 Neutral Sell -92 0.52

FIDESSA GROUP 1925.00 1275.00 1970.00 Neu tral Neu tral 2085 0.76

SAGE GROUP 357.00 247.70 357.00 Neutral Buy 418 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 463.50 237.30 468.00 Neutral Sell 150 1.09

BREWIN DOLPHIN 208.00 136.30 222.00 Neutral Sell 122 0.73

CAMELLIA 9950.00 9250.00 11105.00 Neutral Sell 9380 0.84

CHARLES STANLEY GROUP 393.00 247.50 406.25 Neutral Sell 205 0.97

CHARLES TAYLOR 175.00 137.00 190.00 Neutral Sell 134 0.69

CLOSE BROTHERS GROUP 1063.00 673.50 1107.00 Neutral Sell 235 0.86

F&C ASSET MANAGEMENT 92.80 67.00 110.40 Neu tral Neu tral 102 0.89

HELPHIRE GROUP 3.21 0.55 3.70 Neutral Strong Buy 25 0.69

HENDERSON GROUP 179.00 90.55 179.60 Neutral Sell 66 1.44

ICAP 339.70 280.80 376.60 Neutral Sell 237 1.07

INTERMEDIATE CAPITAL GP. 439.50 227.30 439.50 Neutral Sell 177 1.70

INVESTEC 497.60 310.40 513.50 Neutral Sell 127 1.56

LONDON STOCK EX.GROUP 1335.00 930.00 1411.00 Neutral Strong Buy 3508 1.15MAN GROUP 121.60 63.25 125.70 Neutral Strong Buy 473 1.32

RATHBONE BROTHERS 1488.00 1151.00 1551.00 Neutral Sell 1122 0.75

SCHRODERS 2481.00 1166.00 2481.00 Sell Sell 1213 1.30

SCHRODERS NV 1949.00 966.00 1949.00 Sell Strong Buy 3835 1.27


14/17



Support Services Over Valued


ACAL 213.00 157.75 242.50 Neutral Buy 299 0.92

AGGREKO 1768.00 1557.00 2400.00 Neutral Sell 1322 1.05

AMEC 1075.00 923.00 1172.00 Neutral Neutral 1157 1.04

ASHTEAD GROUP 613.50 212.20 635.00 Neutral Sell 326 1.63

BABCOCK INTL. 1163.00 827.00 1163.00 Sell Sell 679 0.48

BRITISH POLYTHENE INDS. 557.00 324.00 559.00 Neutral Buy 818 0.76

BUNZL 1319.00 990.00 1320.00 Neutral Sell 1008 0.55

UK MAIL GROUP 442.50 214.00 445.00 Neutral Neutral 452 0.39

CAPITA 938.00 602.00 942.50 Neutral Sell 535 0.51

COMMUNISIS 55.38 25.34 56.50 Neutral Buy 69 0.78

COMPASS GROUP 870.00 616.00 870.00 Neutral Sell 619 0.74

BERENDSEN 764.00 462.00 812.00 Neutral Buy 1000 1.05

DE LA RUE 961.50 891.50 1075.00 Neutral Sell 612 #NA

DIGNITY 1433.00 803.50 1462.00 Neutral Sell 824 0.22

DIPLOMA 580.00 417.00 627.50 Neutral Sell 496 0.96ELECTROCOMP. 263.10 195.20 265.00 Neutral Buy 328 1.04

FILTRONA 745.00 428.00 750.00 Neutral Sell 355 1.13

G4S 258.90 240.00 313.50 Neutral Buy 299 0.58

HAYS 95.80 66.40 101.20 Neutral Buy 124 1.10

HOMESERVE 215.00 137.50 248.00 Neutral Strong Buy 499 0.94

INTERSERVE 498.20 271.40 510.50 Neutral Buy 702 1.28

INTERTEK GROUP 3412.00 2456.00 3451.00 Neutral Sell 1480 0.78

JOHNSON SERVICE GROUP 44.25 26.50 45.75 Neutral Strong Buy 96 1.17

MANAGEMENT CNSL.GP. 31.00 21.25 34.75 Neutral Strong Buy 57 0.72

MENZIES (JOHN) 799.50 542.00 799.50 Neutral Strong Buy 1321 1.43

MICHAEL PAGE INTL. 392.80 341.40 451.80 Neutral Sell 326 1.42

MITIE GROUP 270.00 253.90 300.80 Neutral Buy 350 0.55

OFFICE2OFFICE 97.00 87.50 156.00 Neutral Strong Buy 244 0.33

PAYPOINT 849.50 605.00 912.50 Neutral Sell 704 0.71

PREMIER FARNELL 227.60 153.20 236.30 Neutral Buy 293 1.33

REGUS 176.70 82.65 177.50 Neutral Sell 109 1.46

RENTOKIL INITIAL 93.50 69.40 100.70 Neutral Sell 56 1.25

REXAM 535.50 394.28 547.50 Neutral Neutral 543 0.90

RICARDO 390.00 304.50 431.00 Neutral Buy 481 0.86

ROBERT WALTERS 218.00 176.25 232.00 Neutral Buy 315 1.24

RPC GROUP 404.00 351.00 477.00 Neutral Buy 547 0.78

RPS GROUP 234.10 197.00 274.20 Neutral Neutral 253 1.51

SERCO GROUP 632.00 509.50 635.50 Neutral Sell 592 0.60

SHANKS GROUP 83.50 73.00 98.00 Neutral Strong Buy 172 1.46

SPEEDY HIRE 53.25 22.25 53.25 Sell Neutral 53 1.26TRIBAL GROUP 153.50 73.75 153.50 Neutral Sell 52 0.63

TRIFAST 53.00 39.50 59.00 Neutral Buy 63 0.93

VP 333.00 237.00 354.88 Neutral Strong Buy 636 0.86

WYG 78.88 42.00 78.88 Sell Strong Buy 187 0.79


15/17



Telecommunication Services Over Valued


BT GROUP 311.50 200.70 311.50 Neutral Buy 352 0.91

CABLE & WIRELESS COMMS. 42.57 27.28 43.08 Neutral Strong Buy 84 0.70

INMARSAT 700.00 390.80 749.00 Neutral Sell 615 0.53

KCOM GROUP 87.00 67.00 87.00 Neutral Strong Buy 134 1.24

TELECOM PLUS 1214.00 695.00 1239.00 Neutral Sell 759 0.09

VODAFONE GROUP 193.50 154.45 197.20 Neutral Sell 173 0.54

Transport Under Valued


BBA AVIATION 269.90 178.00 273.00 Neutral Sell 179 1.30

BRAEMAR SHIPPING SVS. 416.00 309.50 425.00 Neutral Buy 460 0.98

CLARKSON 1650.00 1150.00 1673.00 Neutral Sell 1490 0.80

EASYJET 1130.00 481.20 1153.00 Neutral Sell 678 0.77

FIRST GROUP 220.80 175.70 260.50 Neutral Strong Buy 568 0.91

FISHER(JAMES)& SONS 954.50 535.00 1110.00 Neutral Sell 401 0.77

GO-AHEAD GROUP 1522.00 1086.00 1558.00 Neutral Buy 1877 0.90

NATIONAL EXPRESS 212.80 164.50 230.50 Neutral Buy 254 1.35

NORTHGATE 335.00 159.60 350.00 Neutral Strong Buy 618 1.41

STAGECOACH GROUP 313.00 230.40 319.60 Neutral Buy 367 0.89

WINCANTON 54.50 31.00 78.50 Sell Sell -44 0.90

Utilities Under Valued


CENTRICA 384.90 306.30 393.10 Neutral Buy 527 0.47

NATIONAL GRID 847.00 641.00 847.00 Neutral Buy 936 0.50

PENNON GROUP 695.00 598.00 796.00 Neutral Buy 866 0.59

SSE 1611.00 1294.00 1611.00 Neutral Buy 1882 0.42

SEVERN TRENT 2077.00 1513.00 2077.00 Neutral Sell 1702 0.35

UNITED UTILITIES GROUP 760.50 617.50 760.50 Neu tral Neutra l 755 0.50


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 havepositions in or options or other financial instruments on any of the securities mentioned within a report, and


17/17



may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed byinternal rules.

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 provided solely toenable you to make your own investment decisions.

If you are unsure about dealing in shares and other equity investments, you should 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 20130515

Documents

Transcript of value indicator - uk main market 20130515