value indicator - uk main market 20130828

7/30/2019 value indicator - uk main market 20130828

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28 August 2013

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Intellisys Intelligent Analysis Limited 28 August 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 Under Valued ................................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Over Valued ........................................................8General Retail Under Valued ..............................................................................9Health 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 - REIT Under Valued ..................................................................... 12Real Estate REIS Under Valued ..................................................................... 13Software & Computer Services Under Valued ..................................................... 13Speciality & Other Finance Under Valued .......................................................... 13Support Services Under Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 14Transport 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 providedsolely to enable you to make your own investment decisions. If you are unsure about dealing in sharesand other equity investments, you must contact your financial adviser as these types of investments maynot be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well asrise and you may not get back the full amount you originally invested. If denominated in a foreign currency,fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them.Past performance is not necessarily a guide to future performance.


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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 443.80 300.80 455.40 Neutral Buy 603 0.71

CHEMRING GROUP 307.50 217.00 360.60 Neutral Buy 366 0.66

COBHAM 288.80 190.10 307.70 N eu tra l Neu tral 297 0.85

MEGGITT 532.50 366.20 562.00 N eu tra l Neu tral 521 1.28

ROLLS-ROYCE HOLDINGS 1114.00 7 99.39 1 240.00 N eu tra l Neu tral 1129 1.00

SMITHS GROUP 1296.00 1011.00 1397.00 Neutral Sell 1144 0.77

ULTRA ELECTRONICS HDG. 1895.00 1 505.00 1981.00 Neutral Sell 1695 0.52

Automobiles & Parts Under Valued

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

GKN 331.40 201.00 354.00 N eu tra l Neu tral 327 1.97

INCHCAPE 605.00 353.30 645.00 N eu tra l Neu tral 642 1.42

LOOKERS 124.50 68.75 128.50 Neutral Sell 113 1.22

PENDRAGON 33.50 13.50 33.50 Neutral Buy 44 1.09

Banks Over Valued


BARCLAYS 280.70 181.25 333.85 Neutral Sell -844 1.95

HSBC HDG. (ORD $0.50) 684.80 541.00 769.90 Neutral Buy 851 1.18

LLOYDS BANKING GROUP 72.63 32.89 77.14 Neutral Sell -0 1.86

ROYAL BANK OF SCTL.GP. 330.10 220.70 367.80 Neutral Sell -127 1.39

STANDARD CHARTERED 1437.50 1364.00 1 837.50 Neutral Strong Buy 3387 1.64

Beverages Under Valued


BARR (AG) 563.50 415.00 588.50 Neutral Sell 494 0.58

DIAGEO 1999.00 1672.50 2136.50 Sell Neutral 2189 0.54

SABMILLER 3109.00 2599.00 3657.00 Neutral Buy 4247 0.91

Chemicals Under Valued


ALENT 345.90 305.00 397.50 Neutral Buy 462 #NA

AZ ELECTRONIC MATS.(DI) 313.60 240.00 406.40 Neutral Strong Buy 568 1.12

CARCLO 363.50 342.75 501.00 Neutral Sell 143 0.74

CRODA INTERNATIONAL 2636.00 2164.00 2841.00 Neutral Buy 3362 1.05

ELEMENTIS 258.70 204.20 275.00 Neutral Buy 320 1.07

JOHNSON MATTHEY 2820.00 2190.00 2887.00 Neutral Strong Buy 4355 1.43

VICTREX 1621.00 1309.00 1765.00 Neutral Sell 1396 1.16

SYNTHOMER 227.90 146.00 230.90 Neutral Strong Buy 403 1.10

ZOTEFOAMS 198.00 182.50 225.00 Neutral Strong Buy 304 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 116.00 76.00 118.50 Neutral Strong Buy 272 0.56

BALFOUR BEATTY 250.70 207.60 320.80 Neutral Strong Buy 1111 0.83

BARRATT DEVELOPMENTS 311.10 149.30 355.20 Neutral Strong Buy 598 1.70

BELLWAY 1390.00 869.00 1502.00 Neutral Strong Buy 2811 1.02

BERKELEY GROUP HDG.(THE) 2224.00 1387.00 2340.00 Neutral Strong Buy 3413 0.58

BOOT (HENRY) 197.00 123.50 201.00 Sell Strong Buy 358 0.75

BOVIS HOMES GROUP 757.00 473.20 851.50 Neutral Strong Buy 1412 1.11

CARILLION 285.70 244.80 331.80 Neutral Strong Buy 1517 1.09

CLARKE (T) 60.75 40.00 62.50 Neutral Strong Buy 379 0.80

COSTAIN GROUP 279.25 226.25 306.00 Neutral Strong Buy 1117 0.52

CRH 1358.00 1090.00 1540.00 Neutral Sell 890 1.04

GALLIFORD TRY 968.00 621.00 1020.00 Neutral Strong Buy 2904 0.97

KELLER 1109.00 491.00 1161.00 Neutral Strong Buy 2347 1.29

KIER GROUP 1494.00 1106.00 1528.00 Neutral Strong Buy 5255 1.01

LOW & BONAR 72.25 50.00 76.75 Neutral Strong Buy 221 1.06MARSHALLS 150.75 81.00 155.75 Neutral Buy 200 1.33

MORGAN SINDALL GROUP 682.50 508.00 695.00 Neutral Strong Buy 4456 0.71

NORCROS 17.25 11.25 18.25 Neutral Strong Buy 60 1.05

PERSIMMON 1113.00 649.34 1305.00 Neutral Strong Buy 1963 1.02

REDROW 222.90 144.90 255.10 Neutral Strong Buy 447 0.90

SIG 179.00 98.05 188.00 Neutral Strong Buy 518 1.70

SUPERGLASS HOLDINGS 46.00 43.00 287.50 Neutral Strong Buy 4150 0.89

TAYLOR WIMPEY 102.80 50.25 113.80 Neutral Strong Buy 223 1.61

TRAVIS PERKINS 1573.00 1013.00 1713.00 Neutral Strong Buy 4336 1.95

WOLSELEY 3230.00 2504.56 3483.00 Neutral Strong Buy 5897 1.35

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1356.00 999.50 1365.00 Neutral Sell 1087 0.69

DOMINO PRINTING SCIENCES 672.50 522.00 717.00 Neutral Buy 912 1.14

E2V TECHNOLOGIES 132.25 105.50 137.75 Neutral Strong Buy 282 1.27

INVENSYS 491.60 217.33 509.50 Neutral Sell 282 1.40

LAIRD 217.50 171.10 249.30 Neutral Strong Buy 457 2.10

OXFORD INSTRUMENTS 1509.00 1209.00 1752.00 Neutral Sell 1335 1.11

RENISHAW 1702.00 1494.00 2081.00 Neutral Buy 2144 1.29

SPECTRIS 2248.00 1549.00 2470.00 Neutral Buy 2908 1.53

BIOME TECHNOLOGIES 96.50 65.00 303.67 Neutral Sell -460 0.77

TT ELECTRONICS 189.25 114.00 191.50 Neutral Strong Buy 441 1.61

XAAR 830.00 227.00 898.00 Neutral Sell 433 1.06


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Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 112.00 54.25 114.75 Sell Buy 143 1.19

BODYCOTE 628.50 337.60 644.00 Neutral Neutral 622 1.60

CASTINGS 422.50 291.00 443.50 Neutral Strong Buy 660 0.95

VESUVIUS 476.00 263.19 480.00 Neutral Strong Buy 1160 2.23

FENNER 347.00 305.90 435.20 Neutral Strong Buy 547 1.45

HALMA 547.50 405.80 578.00 Neutral Sell 401 0.78

HILL & SMITH 440.00 339.25 480.00 Neutral Buy 535 1.32

IMI 1451.00 837.50 1504.00 Neutral Strong Buy 4246 1.41

MORGAN ADVANCED MATERIAL 305 .40 220 .30 318 .00 Neutral Strong Buy 489 1.90

ROTORK 2720.00 2157.00 3037.00 Neutral Neutral 2848 1.00

SENIOR 276.60 185.90 288.40 Neutral Sell 243 1.66

SEVERFIELD-ROWEN 54.50 35.40 76.91 Neutral Sell 46 0.79

SPIRAX-SARCO 2999.00 1932.53 3041.00 Neutral Sell 2087 0.84

VITEC GROUP 623.00 559.00 740.00 Neutral Sell 475 1.37

WEIR GROUP 2190.00 1566.00 2474.00 Neutral Neutral 2154 1.44

Food & Drug Stores Over Valued


GREGGS 409.00 392.10 523.50 Neutral Strong Buy 783 0.44

MORRISON(WM)SPMKTS. 296.90 248.60 296.90 Neutral Buy 393 0.39

SAINSBURY (J) 398.70 321.90 398.70 Neutral Buy 481 0.56

TESCO 372.80 307.90 387.75 Neutral Sell 199 0.68

THORNTONS 84.50 24.00 100.50 Neutral Sell 54 0.79

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1887.00 1267.00 2 031.00 Neutral Sell 1679 0.61

CRANSWICK 1155.00 732.50 1178.00 Neutral Strong Buy 1802 0.33

DAIRY CREST 516.50 332.90 528.50 Neutral Sell 397 0.91

DEVRO 330.30 289.90 380.00 Neutral Strong Buy 513 0.37

PREMIER FOODS 135.75 54.50 135.75 Sell Strong Buy 260 1.26

TATE & LYLE 804.50 634.50 883.00 Neutral Strong Buy 1360 0.67

UNILEVER (UK) 2515.00 2235.00 2885.00 Neutral Sell 2200 0.50


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 26.50 22.13 29.50 Neutral Buy 39 0.66

BROWN (N) GROUP 567.00 266.40 577.00 Sell Sell 461 0.51

BURBERRY GROUP 1545.00 1000.00 1593.00 Neutral Sell 1244 1.29

CARPETRIGHT 653.50 585.00 701.50 Neutral Sell 350 0.90

DIXONS RETAIL 41.89 17.00 46.33 Neutral Buy 48 1.46

FINDEL 236.50 108.00 239.25 Neutral Sell 61 1.06

FRENCH CONNECTN.GROUP 30.00 21.25 34.00 Sell Strong Buy 110 1.01

HALFORDS GROUP 385.80 234.60 405.20 Neutral Buy 515 0.71

JD SPORTS FASHION 937.00 653.00 963.50 Neutral Strong Buy 1759 0.49

DARTY 85.50 39.00 85.50 Neutral Buy 116 1.23

KINGFISHER 387.80 262.20 404.90 Neutral Buy 448 0.91

MARKS & SPENCER GROUP 479.10 352.70 488.80 Neutral Buy 643 0.60

MOSS BROTHERS GROUP 63.00 44.75 71.00 Neutral Buy 74 0.97

MOTHERCARE 431.75 202.00 492.75 Neutral Sell 163 0.38

NEXT 4990.00 3320.00 5030.00 Sell Neutral 5426 0.61

TED BAKER 1877.00 899.00 1973.00 Neutral Sell 975 0.56

TOPPS TILES 82.75 46.00 89.75 Neutral Sell 76 1.51

Health Over Valued


BIOQUELL 134.00 129.50 160.00 Neutral Sell 116 0.39

CONSORT MEDICAL 837.00 660.50 839.00 Neutral Sell 578 0.35

OPTOS 153.50 106.75 222.75 Neutral Buy 170 1.17

SMITH & NEPHEW 770.50 638.00 800.00 Neutral Sell 659 0.45

Household Goods & Textiles Over Valued


GAMES WORKSHOP 783.00 601.00 794.50 Neutral Neutral 767 0.42

HEADLAM GROUP 393.50 295.00 415.00 Neutral Sell 334 0.88

HORNBY 82.50 55.25 88.50 Neutral Buy 114 0.70

Information Technology & Hardware Over Valued


ARM HOLDINGS 872.00 528.00 1097.00 Neutral Sell 276 0.73

CSR 499.30 308.10 607.00 Neutral Strong Buy 1544 1.13FILTRONIC 65.00 30.75 83.25 Neutral Sell 56 0.94

IMAGIN AT ION TECHNOLOGIES 262 .80 235 .10 624 .00 Neutral Buy 321 1.04

SPIRENT COMMUNICATIONS 124.20 118.00 170.00 Neutral Strong Buy 238 0.94

WOLFSON M ICR OELECTR ONICS 159 .00 140 .00 226 .25 Neutral Sell -200 0.94


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Insurance Under Valued


ADMIRAL GROUP 1296.00 1019.00 1416.00 Neutral Sell -414 0.52

AMLIN 394.20 364.10 435.10 Neutral Strong Buy 1514 0.40

BEAZLEY 202.30 162.20 242.70 Neutral Strong Buy 941 0.50

CATLIN GROUP 476.20 455.30 552.50 Neu tral Neu tral 466 0.22

HISCOX 640.00 459.54 660.00 Neutral Strong Buy 1884 0.46

JARDINE LLOYD THOMPSON 931.00 723.00 949.50 Neutral Buy 1223 0.32

RSA INSURANCE GROUP 122.00 107.70 136.30 Neutral Strong Buy 715 0.39

NOVAE GROUP 497.25 345.00 515.00 Neutral Strong Buy 3379 0.38

Leisure & Hotels Over Valued


CARNIVAL 2483.00 2125.00 2628.00 Neutral Buy 3469 0.95

ENTERPRISE INNS 139.80 56.75 152.20 Neutral Sell 105 1.64

TUI TRAVEL 343.90 208.80 401.50 Neutral Strong Buy 718 0.96

FULLER SMITH 'A' 919.00 700.50 969.00 Neutral Sell 598 0.26

GREENE KING 814.00 556.50 897.50 Neutral Sell 611 0.88

LADBROKES 189.00 169.70 243.10 Neutral Buy 256 0.87

ICTL.HTLS.GP. 1815.00 1524.00 2039.00 Neutral Sell 1620 1.10

MILLENNIUM & CPTH.HTLS. 552.50 456.00 582.50 Neu tral Neu tral 577 1.34

MITCHELLS & BUTLERS 416.80 262.70 430.40 Sell Sell 269 1.00

BWIN PARTY DIGITAL ENTM. 128.80 91.90 156.00 Neutral Sell 62 1.24

PUNCH TAVERNS 12.00 6 .15 13.75 Neutral Strong Buy 71 1.16

RANK GROUP 156.30 128.60 177.50 Neutral Strong Buy 557 0.96

RESTAURANT GROUP 531.00 322.00 570.00 Neutral Sell 382 0.70

WETHERSPOON (JD) 730.50 447.90 767.00 Neutral Sell 678 0.57

WHITBREAD 3128.00 2099.00 3303.00 Neutral Sell 2141 0.97WILLIAM HILL 422.60 271.02 494.50 Neutral Sell 252 0.80

MARSTON'S 157.20 110.00 164.50 Neutral Sell 15 1.16

Life Assurance Under Valued


AVIVA 396.50 294.10 404.90 Neutral Sell 363 1.18

CHESNARA 260.00 176.50 270.00 Neutral Strong Buy 514 0.64

LEGAL & GENERAL 194.10 128.00 201.90 Neutral Strong Buy 484 1.69

OLD MUTUAL 184.40 165.10 221.60 Neutral Strong Buy 386 1.52

PRUDENTIAL 1114.00 770.00 1232.00 Neu tral Neu tral 1160 1.66

ST.JAMES'S PLACE 606.50 336.20 641.50 Neutral Strong Buy 6492 0.84


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 144.00 102.00 145.50 Neutral Strong Buy 922 0.42

BRITISH SKY BCAST.GROUP 839.00 709.00 899.50 Neutral Strong Buy 1056 0.47

CENTAUR MEDIA 38.00 31.00 60.00 Neutral Sell -42 1.06

DAILY MAIL 'A' 785.50 451.25 835.00 Neutral Strong Buy 3556 1.07

EUROMONEY INSTL.INVESTOR 1157.00 747 .50 1180.00 Neutral Strong Buy 5566 0.96

INFORMA 510.50 380.50 541.50 Neutral Strong Buy 327 1.63

ITE GROUP 281.30 183.50 307.40 Neutral Buy 201 1.44

ITV 164.00 82.00 168.60 Neutral Strong Buy 1369 1.46

JOHNSTON PRESS 16.00 5.20 19.00 Neutral Buy 720 1.20

PEARSON 1317.00 1119.00 1350.00 Neutral Neutral 309 0.65

PHOTO-ME INTL. 98.75 42.75 99.00 Neutral Strong Buy 2283 0.86

PINEWOOD SHEPPERTON 289.00 269.00 289.00 Neutral Strong Buy 732 0.13

THOMSON REUTERS 34.63 26.85 36.45 Neutral Strong Buy 346 0.52

STV GROUP 204.50 81.50 204.50 Neutral Sell 240 0.82

ST.IVES 164.25 74.88 170.00 Neutral Sell 159 1.48TRINITY MIRROR 115.75 36.75 122.25 Neutral Sell -289 1.59

UBM 711.50 636.00 788.00 Neutral Strong Buy 1421 1.33

WILMINGTON GROUP 193.00 103.75 196.00 Neutral Strong Buy 1390 0.85

WPP 1201.00 788.00 1221.00 Neutral Sell -827 1.27

Mining Under Valued


ANGLO AMERICAN 1497.50 1207.00 2084.00 Neutral Sell 1285 1.84

ANGLO PACIFIC GROUP 200.00 161.00 290.00 Neu tral Neu tral 218 1.07

ANTOFAGASTA 884.50 784.50 1381.00 Neu tral Neu tral 882 1.42

BHP BILLITON 1883.00 1666.50 2236.00 Neutral Strong Buy 3093 1.48

GLENCORE XSTRATA 314.20 256.85 397.85 Neutral Strong Buy 1052 #NA

LONMIN 346.00 240.84 380.10 Sell Buy 443 2.08

RANDGOLD RESOURCES 5335.00 3972.00 7 775.00 Neutral Sell 2991 0.47

RIO TINTO 2992.50 2582.00 3757.00 Neutral Sell 2510 1.53

VEDANTA RESOURCES 861.00 1335.00 Neutral Strong Buy 2910 2.24

Oil & Gas Under Valued


BG GROUP 1210.00 1000.50 1350.50 Neutral Sell 887 0.84

BP 447.10 416.60 483.30 Neutral Strong Buy 997 1.02

CAIRN ENERGY 278.10 251.80 297.00 Neutral Sell -27 1.33

FORTUNE OIL 8.80 7.15 12.50 Neutral Strong Buy 112 0.84

HUNTING 870.00 716.00 941.00 Neutral Sell 570 1.35

JKX OIL & GAS 66.50 48.50 87.00 Neutral Sell -61 1.35

PREMIER OIL 355.30 321.30 400.20 Neutral Buy 403 1.45

ROYAL DUTCH SHELL B 2177.00 2098.00 2365.00 Neutral Strong Buy 8200 0.83

SOCO INTERNATIONAL 376.50 319.90 404.30 Neutral Buy 461 0.53

TULLOW OIL 1018.00 977.00 1468.00 Neutral Sell 691 1.05

WOOD GROUP (JOHN) 813.00 720.50 915.50 Neutral Sell 721 1.44


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Personal Care & Household Products Over Valued


MCBRIDE 131.75 101.00 144.60 Neutral Strong Buy 269 0.84

PZ CUSSONS 407.50 297.20 415.60 Neutral Sell 338 0.70

RECKITT BENCKISE R GROUP 4468.00 3560.00 4950.00 Neutral Neutral 4522 0.30

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.48 0.36 3.58 Buy Sell -3 0.91

ASTRAZENECA 3245.00 2792.50 3521.50 Neutral Strong Buy 9087 0.51

BTG 386.20 300.30 397.90 Neutral Sell 216 0.73

DECHRA PHARMACEUTICALS 718.50 4 92.30 780.00 Neutral Buy 935 0.18

GLAXOSMITHKLINE 1677.00 1317.50 1782.00 Neutral Buy 1944 0.52

OXFORD BIOMEDICA 1.41 1.33 2.80 Buy Sell -3 0.57

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Neutral Sell -6 0.93

SHIRE 2422.00 1727.00 2442.00 Neutral Sell 1549 0.70

SKYEPHARMA 85.00 43.50 100.50 Neutral Buy 103 0.66

VERNALIS 24.75 19.38 27.38 Neutral Sell 11 0.86

Real Estate - REIT Under Valued


BIG YELLOW GROUP 412.70 300.00 445.00 Neutral Strong Buy 662 1.18

BRITISH LAND 564.50 506.00 658.00 Neutral Buy 778 1.05

DERWENT LONDON 2337.00 1890.00 2542.00 Neutral Strong Buy 4531 1.23

GREAT PORTLAND ESTATES 527.50 43 4.40 598.00 Neutral Strong Buy 1049 1.06

HAMMERSON 486.20 448.60 554.00 Neutral Neutral 517 1.24

INTU PROPERTIES 312.10 300.60 366.00 Neutral Strong Buy 506 1.13

LAND SECURITIES GROUP 886.50 761.50 994.00 Neutral Strong Buy 1636 1.15

LOCAL SHOP.REIT (THE) 25.50 24.25 40.75 Neutral Sell -153 0.81

LONDONMETRIC PROPERTY 109.80 1 03.20 121.40 Neutral Sell -5 0.33

MCKAY SECURITIES 151.00 131.50 155.00 Neutral Strong Buy 249 0.66

MUCKLOW (A & J) GROUP 426.50 325.00 454.50 Neutral Sell 231 0.39

PRIMARY HEALTH PROPS. 348.00 312.50 363.53 Neutral Sell 94 0.30

REDEFINE INTL.REIT 43.75 29.02 45.00 Neutral Sell -370 0.64

SEGRO 298.40 221.60 313.60 Neutral Sell -268 1.81

SHAFTESBURY 602.50 516.00 668.00 Neutral Buy 795 1.03

TOWN CENTRE SECURITIES 195.00 177.00 223.00 Neutral Sell 7 1.04

WARNER ESTATE 0.80 0.70 2.25 Neutral Sell -975 0.93

WORKSPACE GROUP 465.30 250.75 475.00 Neutral Strong Buy 1164 1.01


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 321.60 210.50 365.60 Neutral Strong Buy 740 0.70

CAPITAL & REGIONAL 40.50 22.75 41.25 Neutral Sell -50 0.64

CLS HOLDINGS 1174.00 656.50 1260.00 Neutral Strong Buy 2910 0.75

DAEJAN HOLDINGS 4000.00 2706.00 4179.00 Neutral Strong Buy 7070 0.48

DEVELOPMENT SECS. 189.00 143.00 209.00 Neutral Neutral 193 0.96

GRAINGER 175.20 97.45 187.50 Neutral Sell 110 1.57

HELICAL BAR 273.50 178.00 302.50 Neutral Sell 200 0.82

LONDON & ASSOCS.PROPS. 28.50 21.00 29.75 Sell Strong Buy 227 0.64

MOUNTVIEW ESTATES 6187.50 4350.00 6512.50 Neutral Strong Buy 14431 0.69

QUINTAIN ESTATES & DEV. 87.75 51.00 92.00 Sell Sell -196 1.04

RAVEN RUSSIA 73.00 61.50 79.75 Neutral Strong Buy 209 1.48

SAVILLS 605.00 386.70 664.50 Neutral Strong Buy 2143 0.74

SMART (J) 90.50 71.50 90.50 Neutral Strong Buy 383 0.33

ST MODWEN PROPS. 304.70 193.10 333.00 Neutral Strong Buy 615 1.60

UNITE GROUP 366.30 221.50 403.00 Neutral Strong Buy 1642 1.77

Software & Computer Services Under Valued


ANITE 110.00 109.60 162.00 Neutral Buy 125 0.67

AVEVA GROUP 2336.00 1776.97 2588.15 Neutral Sell 1475 1.49

COMPUTACENTER 528.00 333.29 564.10 Neutral Strong Buy 1138 0.89

KOFAX 348.25 260.75 358.75 Neutral Sell 301 1.06

INNOVATION GROUP 29.50 19.50 30.25 Neutral Sell 21 0.78

MICRO FOCUS INTL. 786.00 541.11 812.50 Neutral Buy 893 0.82

PHOENIX IT GROUP 150.25 130.00 218.00 Neutral Strong Buy 239 0.69

RM 84.00 64.00 85.50 Neutral Strong Buy 234 0.54

FIDESSA GROUP 2123.00 1275.00 2156.00 Neutral Neutral 2153 0.79

SAGE GROUP 350.30 289.36 368.18 Neutral Buy 432 0.69

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 352.00 274.60 492.10 Neutral Strong Buy 1273 1.11

BREWIN DOLPHIN 270.50 144.60 283.00 Neutral Strong Buy 673 0.70

CAMELLIA 8986.00 8000.00 11105.00 Neutral Strong Buy 98817 0.84

CHARLES STANLEY GROUP 474.00 260.00 474.00 Sell Strong Buy 1477 0.96

CHARLES TAYLOR 190.00 155.00 195.00 Neutral Strong Buy 1674 0.67

CLOSE BROTHERS GROUP 1043.00 771.00 1107.00 Neutral Strong Buy 4995 0.86

F&C ASSET MANAGEMENT 105.50 88.90 110.40 Neutral Sell 67 0.84

HELPHIRE GROUP 5.22 0.55 5.22 Sell Sell -137 0.63

HENDERSON GROUP 174.20 101.70 180.40 Neutral Strong Buy 842 1.46

ICAP 367.30 280.80 406.80 Neutral Strong Buy 836 1.04

INTERMEDIATE CAPITAL GP. 441.90 28 0.00 501.50 Neutral Strong Buy 2364 1.69

INVESTEC 415.90 358.40 513.50 Neutral Strong Buy 1743 1.57

LONDON STOCK EX.GROUP 1 56 7.00 93 0.00 1 622 .0 0 Neutral Strong Buy 6757 1.11

MAN GROUP 83.20 71.30 134.40 Neutral Sell -5182 1.36

RATHBONE BROTHERS 1610.00 1208.00 1691.00 Neutral Strong Buy 5679 0.73

SCHRODERS 2344.00 1407.00 2560.00 Neutral Strong Buy 8468 1.30

SCHRODERS NV 1861.00 1133.00 2000.00 Neutral Strong Buy 11111 1.28


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Support Services Under Valued


ACAL 265.00 157.75 266.75 Neutral Strong Buy 864 0.88

AGGREKO 1608.00 1557.00 2400.00 Neutral Strong Buy 4230 1.13

AMEC 1065.00 965.50 1172.00 Neutral Strong Buy 3341 1.09

ASHTEAD GROUP 668.00 273.20 730.00 Neutral Buy 1000 1.65

BABCOCK INTL. 1131.00 900.50 1209.00 Neutral Strong Buy 2636 0.49

BRITISH POLYTHENE INDS. 580.00 370.00 604.00 Neutral Strong Buy 2376 0.80

BUNZL 1376.00 1009.00 1409.00 Neutral Strong Buy 2809 0.53

UK MAIL GROUP 625.00 233.50 645.00 Neutral Strong Buy 1675 0.42

CAPITA 971.50 713.00 1057.00 Neutral Sell 209 0.54

COMMUNISIS 56.75 34.16 68.00 Neutral Strong Buy 484 0.81

COMPASS GROUP 869.50 671.50 910.50 Neutral Strong Buy 1997 0.74

BERENDSEN 878.00 526.50 879.00 Sell Strong Buy 3384 1.03

DE LA RUE 1002.00 891.50 1075.00 Neutral Buy 1436 #NA

DIGNITY 1498.00 899.82 1567.68 Neutral Strong Buy 3152 0.24

DIPLOMA 624.00 420.10 642.00 Neutral Strong Buy 1533 0.96

ELECTROCOMP. 261.50 200.00 278.40 Neutral Strong Buy 934 1.01ESSENTRA PLC 779.00 500.50 830.00 Neutral Strong Buy 1394 1.16

G4S 245.30 207.50 313.50 Neutral Strong Buy 892 0.53

HAYS 102.30 68.20 107.60 Neutral Strong Buy 462 1.06

HOMESERVE 248.40 185.60 293.60 Neutral Strong Buy 980 0.88

INTERSERVE 574.00 349.10 574.00 Sell Strong Buy 3715 1.26

INTERTEK GROUP 3230.00 2697.00 3453.00 Neutral Buy 4819 0.80

JOHNSON SERVICE GROUP 50.00 28 .00 50.00 Neutral Strong Buy 116 1.11

MANAGEMENT CNSL.GP. 26.50 21.25 32.00 Neutral Strong Buy 218 0.63

MENZIES (JOHN) 775.00 573.00 801.00 Neutral Strong Buy 1808 1.38

MICHAEL PAGE INTL. 467.80 346.40 474.40 Neutral Strong Buy 847 1.41

MITIE GROUP 279.10 248.00 300.80 Neutral Strong Buy 1067 0.52

OFFICE2OFFICE 37.00 37.00 142.50 Neutral Strong Buy 714 0.28

PAYPOINT 1092.00 700.50 1185.00 Neutral Strong Buy 2215 0.73PREMIER FARNELL 226.50 165.50 236.30 Neutral Strong Buy 727 1.42

REGUS 185.00 96.00 193.40 Neutral Sell 56 1.40

RENTOKIL INITIAL 100.70 76.10 103.50 Neutral Strong Buy 271 1.26

REXAM 490.00 420.70 547.50 Neutral Strong Buy 1785 0.85

RICARDO 476.75 340.00 485.00 Neutral Strong Buy 1682 0.89

ROBERT WALTERS 280.00 176.25 285.00 Neutral Strong Buy 1025 1.19

RPC GROUP 459.70 378.00 477.00 Neutral Strong Buy 1535 0.80

RPS GROUP 251.90 195.50 274.20 Neutral Strong Buy 1007 1.51

SERCO GROUP 609.50 535.00 683.50 Neutral Strong Buy 2389 0.59

SHANKS GROUP 93.50 73.00 98.00 Neutral Strong Buy 269 1.49

SPEEDY HIRE 59.25 23.50 64.75 Neutral Strong Buy 310 1.20

TRIBAL GROUP 193.25 88.50 202.25 Neutral Strong Buy 566 0.65

TRIFAST 63.00 40.50 63.00 Neutral Strong Buy 334 0.91

VP 430.00 295.25 435.00 Neutral Strong Buy 2316 0.81

WYG 99.00 48.50 101.00 Neutral Strong Buy 623 0.80

Telecommunication Services Over Valued


BT GROUP 326.20 212.50 344.00 Neutral Buy 416 0.88

CABLE & WIRELESS COMMS. 39.91 33.55 46.29 Neutral Strong Buy 78 0.68

INMARSAT 700.50 542.50 749.00 Neutral Sell 263 0.55

KCOM GROUP 86.00 68.25 88.50 Neutral Buy 119 1.21

TELECOM PLUS 1385.00 814.00 1399.00 Sell Sell 810 0.05

VODAFONE GROUP 190.10 154.45 200.20 Neutral Sell 106 0.51


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Transport Under Valued


BBA AVIATION 310.20 187.20 310.20 Sell Sell 233 1.24

BRAEMAR SHIPPING SVS. 445.00 350.00 460.00 Neutral Buy 594 1.05

CLARKSON 1950.00 1150.00 1950.00 Sell Sell 1341 0.85

EASYJET 1234.00 530.00 1448.00 Neutral Sell 866 0.76

FIRST GROUP 114.60 92.00 212.39 Neutral Strong Buy 280 0.91

FISHER(JAMES)& SONS 1100.00 706.00 1110.00 Neutral Sell 791 0.74

GO-AHEAD GROUP 1492.00 1220.00 1595.00 Neutral Strong Buy 2731 0.99

NATIONAL EXPRESS 260.50 164.50 2 63.10 Neutral Neutral 248 1.40

NORTHGATE 392.75 219.00 395.75 Neutral Strong Buy 645 1.34

STAGECOACH GROUP 318.10 265.90 337.60 Neutral Buy 445 0.98

WINCANTON 87.00 43.75 87.50 Neutral Strong Buy 236 0.96

Utilities Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaCENTRICA 388.00 310.80 394.90 Neutral Buy 575 0.52

NATIONAL GRID 740.00 678.00 847.50 Neutral Buy 964 0.46

PENNON GROUP 681.00 598.00 749.50 Neutral Sell 620 0.62

SSE 1561.00 1357.00 1676.00 Neutral Buy 2253 0.41

SEVERN TRENT 1708.00 1513.00 2090.00 Neutral Sell 1477 0.36

UNITED UTILITIES GROUP 681.00 647.00 787.50 Neutral Neutral 736 0.48


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value indicator - uk main market 20130828

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