value indicator - uk main market 20130611

7/28/2019 value indicator - uk main market 20130611

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11 June 2013

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Intellisys Intelligent Analysis Limited 11 June 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 Under Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Under Valued ................................................ 12Real Estate Under Valued ............................................................................... 12Software & Computer Services Under Valued .................................................... 13Speciality & Other Finance Under Valued .......................................................... 13Support Services Under Valued ..................................................................... 14Telecommunication Services Under 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 Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 404.20 276.40 427.00 Neutral Buy 569 0.67

CHEMRING GROUP 272.30 217.00 414.70 Neutral Buy 326 0.66

COBHAM 262.50 190.10 293.40 Neu tral Neutra l 281 0.82

MEGGITT 527.00 364.30 534.50 Neutral Sell 499 1.32

ROLLS-ROYCE HOLDINGS 1181.00 7 99.39 1 225.00 Neu tral Neutra l 1138 1.07

SMITHS GROUP 1305.00 979.50 1390.00 Neutral Sell 1096 0.71

ULTRA ELECTRONICS HDG. 1710.00 1 424.00 1843.00 Neutral Sell 1617 0.51

Automobiles & Parts Under Valued

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

GKN 308.80 173.60 313.40 Neu tral Neutra l 306 2.02

INCHCAPE 538.00 316.60 577.50 Neu tral Neutra l 556 1.48

LOOKERS 100.25 56.50 110.00 Neu tral Neutra l 98 1.23

PENDRAGON 24.75 13.50 26.50 Neutral Buy 34 1.11

Banks Over Valued


BARCLAYS 308.65 150.55 333.85 Neutral Sell -825 1.94

HSBC HDG. (ORD $0.50) 700.20 510.60 769.90 Neutral Buy 842 1.17

LLOYDS BANKING GROUP 61.56 28.49 62.96 Sell Sell 5 1.89

ROYAL BANK OF SCTL.GP. 334.00 196.60 367.80 Neutral Sell -130 1.35

STANDARD CHARTERED 1480.00 1228.50 1 837.50 Neutral Strong Buy 3331 1.70

Beverages Under Valued


BARR (AG) 509.00 350.00 588.50 Neutral Neutra l 555 0.55

DIAGEO 1948.00 1587.00 2085.00 Neutral Sell 1695 0.55

SABMILLER 3220.50 2422.00 3657.00 Neutral Buy 3734 0.95

Chemicals Under Valued


ALENT 355.00 305.00 397.50 Neutral Strong Buy 3466 #NA

AZ ELECTRONIC MATS.(DI) 315.80 240.00 406.40 Neutral Strong Buy 495 1.23

CARCLO 390.00 358.00 503.00 Neutral Sell 124 0.73

CRODA INTERNATIONAL 2459.00 2125.00 2841.00 Neutral Buy 3287 1.04

ELEMENTIS 231.30 179.00 275.00 Neutral Buy 296 0.99

JOHNSON MATTHEY 2709.00 2080.27 2750.00 Neutral Strong Buy 4521 1.45

VICTREX 1668.00 1185.00 1765.00 Neutral Sell 1338 1.14

SYNTHOMER 192.40 127.40 225.80 Neutral Strong Buy 343 1.16

ZOTEFOAMS 202.50 157.00 225.00 Neutral Buy 254 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 93.00 61.50 104.00 Neutral Strong Buy 257 0.51

BALFOUR BEATTY 226.30 207.60 320.80 Neutral Strong Buy 1299 0.80

BARRATT DEVELOPMENTS 320.90 125.30 346.30 Neutral Strong Buy 607 1.58

BELLWAY 1330.00 765.00 1377.00 Neutral Strong Buy 2907 1.15

BERKELEY GROUP HDG.(THE) 2167.00 1239.00 2207.00 Neutral Strong Buy 3351 0.66

BOOT (HENRY) 179.00 115.50 201.00 Neutral Strong Buy 415 0.83

BOVIS HOMES GROUP 763.50 428.00 778.50 Neutral Buy 1076 1.20

CARILLION 249.10 235.50 331.80 Neutral Strong Buy 1534 1.12

CLARKE (T) 53.50 40.00 61.50 Neutral Strong Buy 458 0.82

COSTAIN GROUP 257.00 188.00 306.00 Neutral Strong Buy 1133 0.57

CRH 1348.00 1078.00 1540.00 Neutral Sell 856 1.14

GALLIFORD TRY 948.50 584.00 999.00 Neutral Strong Buy 2936 1.01

KELLER 906.00 348.25 978.50 Neutral Strong Buy 2389 1.26

KIER GROUP 1198.00 1106.00 1408.00 Neutral Strong Buy 5463 0.97

LOW & BONAR 67.00 50.00 76.75 Neutral Strong Buy 221 1.07MARSHALLS 135.50 76.00 142.00 Neutral Strong Buy 408 1.39

MORGAN SINDALL GROUP 576.50 508.00 695.00 Neutral Strong Buy 4404 0.87

NORCROS 16.50 10.50 18.25 Neutral Strong Buy 62 1.15

PERSIMMON 1223.00 529.83 1280.00 Sell Strong Buy 2035 1.20

REDROW 220.00 107.30 238.10 Neutral Strong Buy 460 1.09

SIG 168.40 84.75 179.20 Neutral Strong Buy 509 1.79

SUPERGLASS HOLDINGS 48.00 46.88 362.50 Neutral Buy 69 0.88

TAYLOR WIMPEY 96.30 42.72 103.00 Neutral Strong Buy 232 1.67

TRAVIS PERKINS 1534.00 916.00 1611.00 Neutral Strong Buy 4178 2.01

WOLSELEY 3095.00 2154.34 3483.00 Neutral Strong Buy 5866 1.46

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1338.00 994.50 1365.00 Neutral Sell 835 0.75

DOMINO PRINTING SCIENCES 635.00 509.00 717.00 Neutral Buy 908 1.18

E2V TECHNOLOGIES 120.50 105.50 144.00 Neutral Strong Buy 267 1.29

INVENSYS 396.90 198.90 402.70 Neutral Sell 356 1.41

LAIRD 193.00 177.00 249.30 Neutral Strong Buy 334 2.13

OXFORD INSTRUMENTS 1567.00 1149.00 1752.00 Neutral Sell 1290 1.00

RENISHAW 1724.00 1260.00 2081.00 Neutral Strong Buy 2712 1.26

SPECTRIS 2037.00 1427.00 2470.00 Neutral Buy 2868 1.52

BIOME TECHNOLOGIES 0.08 0.07 0.13 Neutral Sell 0 0.84

TT ELECTRONICS 162.25 114.00 178.50 Neutral Strong Buy 326 1.58

XAAR 807.00 185.00 807.00 Sell Sell 241 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 84.00 54.25 91.75 Neutral Buy 126 1.28

BODYCOTE 541.50 310.30 563.00 Neutral Buy 639 1.60

CASTINGS 341.13 277.75 358.50 Neutral Strong Buy 636 0.99

VESUVIUS 380.90 263.19 402.10 Neutral Strong Buy 991 2.20

FENNER 339.50 329.30 435.20 Neutral Strong Buy 521 1.42

HALMA 508.50 375.00 538.50 Neutral Sell 361 0.75

HILL & SMITH 422.00 297.00 480.00 Neutral Sell 348 1.37

IMI 1287.00 776.00 1359.00 Neutral Strong Buy 5439 1.41

MORGAN ADVANCED MATERIAL 282.00 220 .30 305.00 Neutral Strong Buy 2583 1.82

ROTORK 2740.00 1859.00 3037.00 Neutral Sell 1359 1.00

SENIOR 264.90 177.00 280.80 Neutral Sell 233 1.64

SEVERFIELD-ROWEN 48.75 35.40 83.55 Neutral Sell 39 0.79

SPIRAX-SARCO 2810.00 1903.48 2928.35 Sell Sell 2020 0.84

VITEC GROUP 613.50 586.50 740.00 Neutral Sell 426 1.39

WEIR GROUP 2267.00 1397.00 2474.00 Neutral Sell 2071 1.38

Food & Drug Stores Over Valued


GREGGS 403.60 398.00 523.50 Neutral Strong Buy 679 0.47

MORRISON(WM)SPMKTS. 263.50 248.60 296.40 Neutral Sell 158 0.39

SAINSBURY (J) 363.70 283.50 396.50 Neutral Sell 190 0.57

TESCO 350.00 301.10 387.75 Neutral Sell 254 0.68

THORNTONS 88.25 19.25 100.50 Neutral Sell 62 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1833.00 1194.00 2031.00 Neutral Buy 2061 0.62

CRANSWICK 1111.00 732.50 1127.00 Neutral Strong Buy 2035 0.43

DAIRY CREST 468.00 316.00 503.50 Neutral Neutral 496 0.94

DEVRO 324.70 278.00 380.00 Neutral Strong Buy 502 0.32

PREMIER FOODS 71.25 54.50 125.75 Neutral Sell -178 1.25

TATE & LYLE 801.50 634.50 875.50 Neutral Strong Buy 1514 0.71

UNILEVER (UK) 2675.00 2038.00 2885.00 Neutral Neutral 2710 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.75 20.50 29.50 Neutral Buy 34 0.69

BROWN (N) GROUP 460.00 227.50 465.60 Neutral Sell 345 0.54

BURBERRY GROUP 1427.00 1000.00 1541.00 Neutral Sell 938 1.27

CARPETRIGHT 615.00 585.00 728.50 Neutral Sell 282 0.95

DIXONS RETAIL 42.37 12.97 42.90 Neu tral Neu tral 45 1.51

FINDEL 179.00 55.20 186.00 Neutral Sell 61 1.13

FRENCH CONNECTN.GROUP 30.50 19.50 34.00 Sell Strong Buy 105 0.99

HALFORDS GROUP 318.40 189.00 405.20 Neutral Strong Buy 488 0.68

JD SPORTS FASHION 918 .00 606.50 920 .00 Neutral Strong Buy 1504 0.53

DARTY 67.25 38.00 72.50 Neutral Strong Buy 103 1.25

KINGFISHER 352.90 254.10 352.90 Neu tral Neu tral 364 0.94

MARKS & SPENCER GROUP 451.40 312.20 485.00 Neutral Buy 511 0.65

MOSS BROTHERS GROUP 57.50 43.00 71.00 Neu tral Neu tral 63 1.04

MOTHERCARE 382.75 189.25 385.00 Neutral Buy 467 0.47

NEXT 4666.00 3051.00 4749.00 Sell Neutral 4501 0.67

TED BAKER 1430.00 875.00 1490.00 Neutral Sell 635 0.55

TOPPS TILES 68.50 38.00 70.00 Neutral Sell 53 1.50

Heath Over Valued


BIOQUELL 136.00 126.50 160.00 Neutral Sell 112 0.46

CONSORT MEDICAL 745.00 585.00 831.50 Neutral Sell 546 0.39

OPTOS 120.00 120.00 222.75 Neutral Buy 150 1.18

SMITH & NEPHEW 745.00 603.00 794.50 Neutral Sell 673 0.43

Household Goods & Textiles Over Valued


GAMES WORKSHOP 725.00 565.00 742.00 Neutral Neutral 706 0.44

HEADLAM GROUP 374.75 263.00 378.75 Neutral Sell 324 0.92

HORNBY 82.00 55.25 88.50 Sell Buy 111 0.77

Information Technology & Hardware Over Valued


ARM HOLDINGS 869.00 469.00 1097.00 Neutral Sell 460 0.74

CSR 523.50 200.40 570.00 Neutral Strong Buy 1511 1.18FILTRONIC 63.50 27.25 83.25 Neutral Sell 25 0.90

IMAGIN AT ION TECHNOLOGIES 334.70 296 .00 624.00 Neu tral Neu tral 360 1.08

SPIRENT COMMUNICATIONS 134.40 122.00 170.90 Neutral Strong Buy 449 0.94

WOLFSON MICROELECTRONICS 179.50 170 .00 230.00 Neutral Sell -683 0.90


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Insurance Under Valued


ADMIRAL GROUP 1308.00 1019.00 1374.00 Neutral Sell -388 0.53

AMLIN 394.20 323.50 435.10 Neutral Strong Buy 1477 0.46

BEAZLEY 222.50 132.50 241.30 Neutral Strong Buy 918 0.60

CATLIN GROUP 466.60 409.40 552.50 Neu tral Neu tral 452 0.30

HISCOX 534.50 414.09 600.00 Neutral Strong Buy 1839 0.48

JARDINE LLOYD THOMPSON 889 .00 679.50 914 .50 Neutral Buy 1198 0.31

RSA INSURANCE GROUP 115.90 100.70 136.30 Neutral Strong Buy 696 0.41

NOVAE GROUP 489.00 345.00 507.50 Neutral Strong Buy 3293 0.48

Leisure & Hotels Over Valued


CARNIVAL 2147.00 2083.00 2628.00 Neutral Strong Buy 4063 1.01

ENTERPRISE INNS 115.20 55.50 123.80 Neutral Sell 108 1.61

TUI TRAVEL 346.20 158.00 373.20 Neutral Strong Buy 791 1.01

FULLER SMITH 'A' 897.00 700.00 925.00 Neutral Sell 685 0.39

GREENE KING 761.50 479.20 789.50 Sell Sell 659 0.93

LADBROKES 200.00 152.70 243.10 Neutral Buy 253 0.93

ICTL.HTLS.GP. 1821.00 1493.74 2039.00 Neutral Sell 1493 1.18

MILLENNIUM & CPTH.HTLS. 548.00 455.40 582.50 Neutral Buy 626 1.40

MITCHELLS & BUTLERS 373.30 219.70 408.50 Neutral Sell 322 1.12

BWIN PARTY DIGITAL ENTM. 124.10 91.90 156.00 Neutral Sell 44 1.25

PUNCH TAVERNS 13.25 5 .61 13.75 Neutral Strong Buy 51 1.27

RANK GROUP 160.30 115.00 177.50 Neutral Strong Buy 510 1.00

RESTAURANT GROUP 505.00 288.50 531.00 Neutral Sell 398 0.76

WETHERSPOON (JD) 627.50 387.60 661.50 Neutral Buy 752 0.69

WHITBREAD 2925.00 1824.00 2925.00 Sell Sell 2023 0.99WILLIAM HILL 439.00 247.83 452.80 Neutral Sell 260 0.87

MARSTON'S 142.50 94.70 154.70 Neutral Sell 18 1.21

Life Assurance Under Valued


AVIVA 336.50 260.50 388.40 Neu tral Neu tral 325 1.25

CHESNARA 250.50 161.25 270.00 Neutral Strong Buy 470 0.70

LEGAL & GENERAL 176.20 115.80 187.80 Neutral Strong Buy 448 1.71

OLD MUTUAL 192.10 148.70 221.60 Neutral Strong Buy 383 1.57

PRUDENTIAL 1096.00 700.00 1203.00 Neu tral Neu tral 1101 1.71

ST.JAMES'S PLACE 561.50 318.20 640.00 Neutral Strong Buy 6370 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 129.00 102.00 146.50 Neutral Sell -638 0.37

BRITISH SKY BCAST.GROUP 782.50 656.00 899.50 Neutral Strong Buy 1727 0.54

CENTAUR MEDIA 34.50 29.00 60.00 Neutral Sell -20 1.03

DAILY MAIL 'A' 770.00 363.50 770.00 Sell Strong Buy 4157 1.14

EUROMONEY INSTL.INVESTOR 935.00 708 .00 1030.00 Neutral Strong Buy 7619 1.00

INFORMA 503.00 350.40 537.00 Neutral Sell -58 1.53

ITE GROUP 285.40 180.00 299.00 Neutral Strong Buy 278 1.45

ITV 134.20 70.40 134.70 Neutral Strong Buy 1290 1.54

JOHNSTON PRESS 17.75 4.88 19.00 Neutral Strong Buy 796 1.27

PEARSON 1193.00 1119.00 1294.00 Neutral Buy 345 0.63

PHOTO-ME INTL. 82.50 36.25 84.50 Neutral Strong Buy 2671 0.79

PINEWOOD SHEPPERTON 277.50 265.00 350.00 Neutral Strong Buy 918 0.16

THOMSON REUTERS 34.38 26.85 36.45 Neutral Sell -625 0.50

STV GROUP 135.50 81.50 146.88 Neutral Sell 268 0.79

ST.IVES 161.00 67.50 166.50 Neutral Sell 252 1.50TRINITY MIRROR 112.25 25.50 122.25 Neutral Sell -294 1.59

UBM 689.00 532.50 788.00 Neutral Strong Buy 1919 1.31

WILMINGTON GROUP 163.75 82.00 164.50 Neutral Strong Buy 1372 0.84

WPP 1110.00 743.00 1190.00 Neutral Sell -520 1.35

HIBU 0.37 0.26 2.18 Neutral Strong Buy 822 1.07

Mining Under Valued


ANGLO AMERICAN 1421.50 1421.50 2215.00 Buy Sell 1139 1.74

ANGLO PACIFIC GROUP 234.75 215.00 290.00 Neu tral Neu tral 228 0.96

ANTOFAGASTA 911.00 884.00 1381.00 Neutral Sell 829 1.41

BHP BILLITON 1807.00 1724.00 2236.00 Neutral Strong Buy 2851 1.43

GLENCORE XSTRATA 314.30 293.55 397.85 Buy Strong Buy 952 #NA

LONMIN 287.60 240.84 420.20 Neutral Buy 333 2.03

RANDGOLD RESOURCES 5025.00 4545.00 7 775.00 Neutral Sell 2938 0.34

RIO TINTO 2740.00 2715.50 3757.00 Neutral Sell 2214 1.50

COALFIELD RESOURCES 3.38 10.00 Neutral Strong Buy 162 0.89

VEDANTA RESOURCES 1212.00 832.50 1335.00 Neutral Strong Buy 2041 2.20

Oil & Gas Under Valued


BG GROUP 1170.00 1000.50 1350.50 Neutral Sell 858 0.80

BP 461.85 401.60 483.30 Neutral Strong Buy 966 1.03

CAIRN ENERGY 265.40 248.20 309.40 Neutral Sell -16 1.32

FORTUNE OIL 8.00 7.60 12.50 Neutral Buy 10 0.82

HUNTING 813.50 688.00 941.00 Neutral Sell 548 1.31

JKX OIL & GAS 57.50 55.00 120 .00 Neutral Sell -60 1.36

PREMIER OIL 342.30 321.30 401.20 Neutral Buy 392 1.43

ROYAL DUTCH SHELL B 2193.50 2098.00 2366.50 Neutral Strong Buy 8060 0.84

SOCO INTERNATIONAL 375.90 276.50 404.30 Neutral Buy 484 0.53

TULLOW OIL 1012.00 977.00 1531.00 Neutral Sell 679 1.04

WOOD GROUP (JOHN) 806.50 651.50 879.50 Neutral Sell 709 1.35


12/17



Personal Care & Household Products Over Valued


MCBRIDE 111.00 101.00 144.60 Neutral Strong Buy 241 0.84

PZ CUSSONS 374.10 297.20 415.60 Neutral Sell 308 0.69

RECKITT BENCKISER GROUP 4576.00 3300 .00 4926.00 Neutral Neutral 4619 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.44 0.36 3.58 Buy Sell -2 1.01

ASTRAZENECA 3308.00 2656.50 3521.50 Neutral Strong Buy 6440 0.47

BTG 367.80 300.30 423.00 Neutral Sell 167 0.58

DECHRA PHARMACEUTICALS 697.00 4 69.50 780.00 Neu tral Neu tral 733 0.25

GLAXOSMITHKLINE 1669.50 1317.50 1782.00 Neu tral Neu tral 1679 0.49

OXFORD BIOMEDICA 1.73 1.55 2.80 Buy Sell 1 0.64

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Buy Strong Buy 2 0.95

SHIRE 2103.00 1727.00 2213.00 Neutral Sell 1436 0.66

SKYEPHARMA 47.50 43.50 101.50 Neutral Sell 31 0.73

VERNALIS 22.25 21.75 27.38 Neutral Sell 10 0.91

Real Estate Under Valued


BIG YELLOW GROUP 385.90 276.30 426.70 Neutral Sell -638 1.18

BRITISH LAND 589.50 478.30 658.00 Neutral Strong Buy 1727 1.06

CAPITAL & REGIONAL 33.75 22.75 37.00 Neutral Sell -20 0.85

CLS HOLDINGS 977.50 595.00 1004.00 Neutral Strong Buy 4157 0.70

DERWENT LONDON 2295.00 1740.00 2542.00 Neutral Strong Buy 7619 1.24DEVELOPMENT SECS. 199.00 121.75 203.00 Neutral Sell -58 0.99

GRAINGER 146.00 83.10 157.00 Neutral Strong Buy 278 1.58

GREAT PORTLAND ESTATES 535.00 367.80 598.00 Neutral Strong Buy 1290 1.10

HAMMERSON 498.50 409.20 554.00 Neutral Strong Buy 796 1.19

HELICAL BAR 271.00 175.00 297.50 Neutral Buy 345 0.77

LAND SECURITIES GROUP 920.00 707.50 994.00 Neutral Strong Buy 2671 1.16

INTU PROPERTIES 329.50 309.80 366.00 Neutral Strong Buy 918 1.09

MCKAY SECURITIES 148.00 127.00 155.00 Neutral Sell -625 0.73

MUCKLOW (A & J) GROUP 378.25 325.00 437.50 Neutral Sell 268 0.42

PRIMARY HEALTH PROPS. 316.00 312.17 363.53 Neutral Sell 252 0.35

QUINTAIN ESTATES & DEV. 76.50 32.50 79.50 Sell Sell -294 1.19

SAVILLS 600.00 319.50 601.50 Neutral Strong Buy 1919 0.77

SHAFTESBURY 610.50 492.00 668.00 Neutral Strong Buy 1372 1.05

SEGRO 278.00 209.80 302.80 Neutral Sell -520 1.73

ST MODWEN PROPS. 283.00 145.50 329.10 Neutral Strong Buy 822 1.59

TOWN CENTRE SECURITIES 215.00 147.00 223.00 Neutral Sell 8 1.01

UNITE GROUP 366.10 180.75 387.50 Neutral Strong Buy 2214 1.79

WARNER ESTATE 1.41 1.00 2.75 Neutral Sell -1102 1.03

WORKSPACE GROUP 383.00 222.75 418.20 Neutral Strong Buy 1311 1.05


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Software & Computer Services Under Valued


ANITE 134.60 113.00 162.00 Neutral Sell 125 0.73

AVEVA GROUP 2315.00 1550.00 2420.00 Neutral Sell 1335 1.40

COMPUTACENTER 467.60 292.40 567.00 Neutral Strong Buy 1330 1.00

KOFAX 330.00 242.00 335.00 Neu tral Neu tral 330 1.11

INNOVATION GROUP 27.75 18.25 28.00 Neutral Sell 25 0.85

MICRO FOCUS INTL. 656.00 431.48 710.00 Neutral Strong Buy 995 0.76

PHOENIX IT GROUP 160.00 130.00 222.00 Neutral Strong Buy 320 0.74

RM 68.00 68.00 85.50 Neutral Sell -96 0.52

FIDESSA GROUP 1899.00 1275.00 2047.00 Neutral Buy 2147 0.76

SAGE GROUP 346.60 247.75 368.18 Neutral Buy 432 0.72

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 414.10 244.80 492.10 Neutral Strong Buy 1289 1.09

BREWIN DOLPHIN 240.00 136.30 244.70 Sell Strong Buy 672 0.73

CAMELLIA 9800.00 9250.00 11105.00 Neutral Strong Buy 98412 0.84

CHARLES STANLEY GROUP 388.50 247.50 406.25 Neutral Strong Buy 1325 0.97

CHARLES TAYLOR 193.00 147.00 195.00 Neutral Strong Buy 1176 0.69

CLOSE BROTHERS GROUP 952.00 699.50 1107.00 Neutral Strong Buy 5199 0.86

F&C ASSET MANAGEMENT 97.00 73.00 110.40 Neutral Sell 71 0.89

HELPHIRE GROUP 3.45 0.55 3.70 Sell Sell -126 0.69

HENDERSON GROUP 153.60 90.55 180.40 Neutral Strong Buy 812 1.44

ICAP 373.20 280.80 377.30 Neutral Strong Buy 1821 1.07

INTERMEDIATE CAPITAL GP. 454.00 249.10 501.50 Neutral Strong Buy 3137 1.70

INVESTEC 443.00 344.00 513.50 Neutral Strong Buy 1857 1.56

LONDON STOCK EX.GROUP 1388.00 930.00 1434.00 Neutral Strong Buy 4378 1.15MAN GROUP 92.85 63.25 134.40 Neutral Sell -4507 1.32

RATHBONE BROTHERS 1560.00 1186.00 1577.00 Neutral Strong Buy 5682 0.75

SCHRODERS 2248.00 1237.00 2560.00 Neutral Strong Buy 8604 1.30

SCHRODERS NV 1717.00 966.00 2000.00 Neutral Strong Buy 11340 1.27


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Support Services Under Valued


ACAL 229.62 157.75 242.50 Neutral Strong Buy 1268 0.92

AGGREKO 1666.00 1557.00 2400.00 Neutral Strong Buy 3453 1.05

AMEC 1002.00 933.00 1172.00 Neutral Strong Buy 3375 1.04

ASHTEAD GROUP 627.00 228.30 671.00 Neutral Buy 906 1.63

BABCOCK INTL. 1128.00 842.50 1205.00 Neutral Strong Buy 2274 0.48

BRITISH POLYTHENE INDS. 537.00 331.50 580.25 Neutral Strong Buy 2034 0.76

BUNZL 1270.00 1009.00 1342.00 Neutral Strong Buy 2860 0.55

UK MAIL GROUP 508.00 214.00 525.00 Neutral Strong Buy 1468 0.39

CAPITA 955.50 641.50 1018.00 Neutral Sell 236 0.51

COMMUNISIS 53.50 25.34 56.50 Neutral Strong Buy 484 0.78

COMPASS GROUP 855.50 624.50 910.50 Neutral Strong Buy 2018 0.74

BERENDSEN 750.50 470.00 812.00 Neutral Strong Buy 2911 1.05

DE LA RUE 956.50 891.50 1075.00 Neutral Strong Buy 1794 #NA

DIGNITY 1360.00 803.50 1462.00 Neutral Strong Buy 2106 0.22

DIPLOMA 543.50 417.10 627.50 Neutral Strong Buy 1407 0.96ELECTROCOMP. 258.30 196.60 278.40 Neutral Strong Buy 1064 1.04

FILTRONA 688.00 439.60 750.00 Neutral Strong Buy 1316 1.13

G4S 242.80 240.00 313.50 Neutral Strong Buy 921 0.58

HAYS 88.40 66.40 101.20 Neutral Strong Buy 432 1.10

HOMESERVE 280.80 137.50 280.80 Neutral Strong Buy 1266 0.94

INTERSERVE 473.80 297.20 513.50 Neutral Strong Buy 3404 1.28

INTERTEK GROUP 3111.00 2558.00 3453.00 Neutral Buy 4543 0.78

JOHNSON SERVICE GROUP 45.38 26.50 47.25 Neutral Strong Buy 356 1.17

MANAGEMENT CNSL.GP. 29.50 21.25 32.00 Neutral Strong Buy 216 0.72

MENZIES (JOHN) 713.00 542.00 801.00 Neutral Strong Buy 2218 1.43

MICHAEL PAGE INTL. 381.50 341.40 451.80 Neutral Strong Buy 824 1.42

MITIE GROUP 250.80 249.00 300.80 Neutral Strong Buy 1296 0.55

OFFICE2OFFICE 83.50 83.50 156.00 Neutral Strong Buy 721 0.33

PAYPOINT 988.50 670.50 989.50 Neutral Strong Buy 1752 0.71

PREMIER FARNELL 204.90 153.20 236.30 Neutral Strong Buy 775 1.33

REGUS 162.90 82.65 177.50 Neutral Sell 67 1.46

RENTOKIL INITIAL 88.55 69.40 100.70 Neutral Strong Buy 319 1.25

REXAM 511.50 403.43 547.50 Neutral Strong Buy 1775 0.90

RICARDO 409.00 304.50 431.00 Neutral Strong Buy 1649 0.86

ROBERT WALTERS 227.00 176.25 234.00 Neutral Strong Buy 1167 1.24

RPC GROUP 418.30 365.40 477.00 Neutral Strong Buy 1870 0.78

RPS GROUP 208.00 200.20 274.20 Neutral Strong Buy 1051 1.51

SERCO GROUP 590.50 526.00 647.50 Buy Strong Buy 2377 0.60

SHANKS GROUP 83.50 73.00 98.00 Neutral Strong Buy 704 1.46

SPEEDY HIRE 54.50 22.25 61.50 Neutral Strong Buy 258 1.26TRIBAL GROUP 174.00 82.00 174.00 Sell Strong Buy 552 0.63

TRIFAST 58.25 40.50 59.25 Neutral Strong Buy 334 0.93

VP 351.00 245.75 356.50 Neutral Strong Buy 2056 0.86

WYG 89.50 42.00 89.50 Sell Strong Buy 532 0.79


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Telecommunication Services Under Valued


BT GROUP 308.00 200.70 322.30 Neutral Buy 357 0.91

CABLE & WIRELESS COMMS. 41.43 27.55 46.29 Neutral Strong Buy 86 0.70

INMARSAT 641.00 459.80 749.00 Neutral Sell 491 0.53

KCOM GROUP 82.10 68.25 88.30 Neutral Strong Buy 135 1.24

TELECOM PLUS 1247.00 775.00 1325.00 Neutral Sell 749 0.09

VODAFONE GROUP 191.75 154.45 199.90 Neu tral Neutra l 189 0.54

Transport Under Valued


BBA AVIATION 280.00 178.00 288.40 Sell Sell 178 1.30

BRAEMAR SHIPPING SVS. 427.50 315.00 429.75 Neutral Neutra l 455 0.98

CLARKSON 1600.00 1150.00 1716.00 Neutral Sell 1168 0.80

EASYJET 1226.00 489.00 1300.00 Neutral Sell 689 0.77

FIRST GROUP 122.80 118.00 260.50 Neutral Strong Buy 571 0.91

FISHER(JAMES)& SONS 961.50 565.00 1110.00 Neutral Sell 411 0.77

GO-AHEAD GROUP 1456.00 1113.00 1588.00 Neutral Buy 1844 0.90

NATIONAL EXPRESS 204.40 164.50 230.50 Neutral Buy 257 1.35

NORTHGATE 336.50 159.60 350.00 Neutral Strong Buy 688 1.41

STAGECOACH GROUP 292.00 230.40 319.60 Neutral Buy 378 0.89

WINCANTON 68.75 31.00 78.50 Sell Sell -44 0.90

Utilities Under Valued


CENTRICA 367.80 307.10 394.90 Neutral Strong Buy 577 0.47

NATIONAL GRID 743.50 641.00 847.50 Neutral Buy 868 0.50

PENNON GROUP 670.00 598.00 796.00 Neutral Buy 794 0.59

SSE 1514.00 1294.00 1676.00 Neutral Buy 2144 0.42

SEVERN TRENT 1946.00 1513.00 2090.00 Neutral Sell 1549 0.35

UNITED UTILITIES GROUP 734.50 646.00 787.50 Neu tral Neutra l 704 0.50


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value indicator - uk main market 20130611

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