value indicator - uk main market 20130920

7/29/2019 value indicator - uk main market 20130920

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20 September 2013

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Intellisys Intelligent Analysis Limited 20 September 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 Over Va lued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................7Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Under Valued ..................................................8Engineering & Machinery Over 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 ....................................................... 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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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

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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 upon 49valuation metrics

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 BetaAVON RUBBER 525.00 297.50 525.00 N eu tra l Neu tral 500 0.93

BAE SYSTEMS 448.50 300.80 455.40 Neutral Buy 615 0.70

CHEMRING GROUP 308.80 217.00 353.30 N eu tra l Neu tral 333 0.67

COBHAM 286.10 190.10 307.70 N eu tra l Neu tral 293 0.82

MEGGITT 553.00 366.20 564.00 Neutral Sell 514 1.25

QINETIQ GROUP 187.60 171.80 211.10 Neutral Sell 112 0.65

ROLLS-ROYCE HOLDINGS 1112.00 8 22.44 1 240.00 Neutral Buy 1498 0.98

SENIOR 270.30 185.90 288.40 N eu tra l Neu tral 270 1.66

SMITHS GROUP 1406.00 1018.00 1412.00 Neutral Sell 1206 0.76

ULTRA ELECTRONICS HDG. 18 79.00 1 505.00 1981.00 Neutral Sell 1703 0.51

Automobiles & PartsOver Valued

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

GKN 355.70 201.00 358.60 Neutral Sell -1811 1.96

INCHCAPE 615.00 353.30 645.00 Neutral Strong Buy 2942 1.41

LOOKERS 127.00 69.00 128.50 Neutral Strong Buy 663 1.22

PENDRAGON 34.00 13.50 35.25 Neutral Strong Buy 261 1.04

TOROTRAK 27.38 23.50 36.75 Neutral Sell 13 0.73

Banks Over Valued


BARCLAYS 278.30 197.36 308.39 Neutral Sell -635 1.96

HSBC HDG. (ORD $0.50) 698.90 573.30 769.90 Neutral Buy 882 1.19

LLOYDS BANKING GROUP 76.60 37.01 78.00 Neutral Sell 3 1.88

ROYAL BANK OF SCTL.GP. 369.00 255.10 369.00 Neutral Sell -103 1.39

STANDARD CHARTERED 1564.00 1380.00 1837.50 Neutral Strong Buy 3480 1.67

Beverages Under Valued


BARR (AG) 536.00 432.20 588.50 Neutral Sell 430 0.58

BRITVIC 588.50 349.10 592.00 Neutral Buy 833 0.73

DIAGEO 2060.50 1720.00 2136.50 Sell Buy 2379 0.51

SABMILLER 3303.50 2599.00 3657.00 Neutral Strong Buy 5222 0.89


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Chemicals Under Valued


ALENT 362.50 305.00 397.50 Neutral Buy 485 #NA

AZ ELECTRONIC MATS.(DI) 311.10 240.00 406.40 Neutral Strong Buy 593 1.11

CARCLO 419.75 342.75 501.00 Neutral Sell 156 0.74

CRODA INTERNATIONAL 2676.00 2164.00 2841.00 Neutral Buy 3352 1.05

ELEMENTIS 254.60 204.20 275.00 Neutral Buy 329 1.07

JOHNSON MATTHEY 2852.00 2190.00 2985.00 Neutral Strong Buy 4594 1.44

VICTREX 1648.00 1322.00 1765.00 Neutral Sell 1396 1.16

SYNTHOMER 240.70 146.00 249.20 Neutral Strong Buy 425 1.05

ZOTEFOAMS 196.50 186.50 225.00 Neutral Strong Buy 319 1.00

Construction & Building Materials Under Valued


ALUMASC GROUP 137.00 77.50 137.00 Neutral Strong Buy 299 0.55

BALFOUR BEATTY 274.60 207.60 320.80 Neutral Strong Buy 1143 0.82

BARRATT DEVELOPMENTS 335.00 168.00 355.20 Neutral Strong Buy 655 1.67

BELLWAY 1345.00 913.00 1502.00 Neutral Strong Buy 3065 0.96

BERKELEY GROUP HDG.(THE) 2049.00 1387 .00 2340.00 Neutral Strong Buy 3685 0.55

BOOT (HENRY) 190.00 123.50 201.00 Neutral Strong Buy 389 0.74

BOVIS HOMES GROUP 754.50 487.00 851.50 Neutral Strong Buy 1538 1.07

CARILLION 321.50 244.80 331.80 Neutral Strong Buy 1658 1.06

CLARKE (T) 64.38 40.00 64.63 Neutral Strong Buy 415 0.76

COSTAIN GROUP 262.75 226.25 306.00 Neutral Strong Buy 1206 0.50

CRH 1527.00 1090.00 1540.00 Neutral Sell 941 1.03

GALLIFORD TRY 1052.00 678.00 1070.00 Neutral Strong Buy 3171 0.93

KELLER 1088.00 530.50 1161.00 Neutral Strong Buy 2561 1.28

KIER GROUP 1675.00 1106.00 1683.00 Neutral Strong Buy 5727 0.99

LOW & BONAR 78.50 50.00 80.00 Neutral Strong Buy 240 1.08

MARSHALLS 184.00 85.00 184.00 Neutral Buy 222 1.33

MORGAN SINDALL GROUP 723.50 508.00 723.50 Neutral Strong Buy 4872 0.70

NORCROS 20.75 11.25 20.75 Neutral Strong Buy 65 1.02

PERSIMMON 1111.00 685.75 1305.00 Neutral Strong Buy 2134 0.99

REDROW 238.00 152.90 255.10 Neutral Strong Buy 489 0.84

SIG 189.00 99.00 193.70 Neutral Strong Buy 569 1.68

SUPERGLASS HOLDINGS 43.00 43.00 287.50 Neutral Strong Buy 4522 0.89

TAYLOR WIMPEY 102.70 54.30 113.80 Neutral Strong Buy 243 1.58

TRAVIS PERKINS 1630.00 1030.00 1713.00 Neutral Strong Buy 4734 1.94

WOLSELEY 3422.00 2635.64 3483.00 Neutral Strong Buy 6474 1.30


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Electronics & Electrical Equipment Under Valued


DIALIGHT 1169.00 999.50 1399.00 Neutral Sell 1051 0.67

DOMINO PRINTING SCIENCES 635.00 522.00 717.00 Neutral Buy 887 1.12

E2V TECHNOLOGIES 137.50 105.50 138.75 Neutral Strong Buy 275 1.25

INVENSYS 506.50 217.33 509.50 Neutral Sell 280 1.42

LAIRD 229.80 171.10 249.30 Neutral Strong Buy 449 2.06

OXFORD INSTRUMENTS 1331.00 1209.00 1752.00 N eu tral Neu tral 1295 1.11

RENISHAW 1861.00 1494.00 2081.00 Neutral Buy 2072 1.28

SPECTRIS 2221.00 1549.00 2470.00 Neutral Buy 2823 1.51

BIOME TECHNOLOGIES 175.00 65.00 303.67 Neutral Sell -439 0.76

TT ELECTRONICS 197.50 114.00 200.00 Neutral Strong Buy 434 1.61

XAAR 772.00 242.50 898.00 Neutral Sell 420 1.08

Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 125.50 54.25 126.00 Sell Buy 152 1.14

BODYCOTE 670.00 345.10 685.00 Neutral Neutral 649 1.59

CASTINGS 435.00 291.00 450.00 Neutral Strong Buy 689 0.93

VESUVIUS 457.00 263.19 487.60 Neutral Strong Buy 1254 2.23

FENNER 410.10 305.90 435.20 Neutral Buy 575 1.47

HALMA 560.00 410.40 578.00 Neutral Sell 415 0.79

HILL & SMITH 466.00 364.00 480.00 Neutral Buy 562 1.31

IMI 1458.00 900.00 1513.00 Neutral Strong Buy 4268 1.39

MORGAN ADVANCE D MATE RIAL 3 05 .4 0 2 20 .3 0 3 18 .0 0 Neutral Strong Buy 509 1.89

ROTORK 2798.00 2229.00 3037.00 Neutral Sell 2277 1.01

SEVERFIELD-ROWEN 62.50 35.40 76.91 Neutral Sell 53 0.79

SPIRAX-SARCO 2981.00 1932.53 3090.00 Neutral Sell 1806 0.81VITEC GROUP 682.00 559.00 740.00 Neutral Sell 497 1.34

WEIR GROUP 2391.00 1688.00 2474.00 Neutral Sell 2262 1.45

Food & Drug Stores Over Valued


GREGGS 440.00 392.10 523.50 Neutral Strong Buy 814 0.45

MORRISON(WM)SPMKTS. 292.50 248.60 302.50 Neutral Buy 398 0.37

SAINSBURY (J) 391.00 321.90 400.80 Neutral Buy 482 0.55

TESCO 377.30 307.90 387.75 Neutral Sell 201 0.67

THORNTONS 96.00 28.63 100.50 Neutral Sell 60 0.79

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1845.00 1287.00 2 031.00 Neutral Sell 1665 0.59

CRANSWICK 1160.00 732.50 1189.00 Neutral Strong Buy 1794 0.31

DAIRY CREST 480.90 332.90 528.50 Neutral Sell 380 0.88

DEVRO 331.80 289.90 380.00 Neutral Strong Buy 522 0.36

PREMIER FOODS 155.25 59.75 166.50 Neutral Strong Buy 251 1.23

TATE & LYLE 784.00 649.50 883.00 Neutral Strong Buy 1372 0.65

UNILEVER (UK) 2588.00 2252.00 2885.00 Neutral Sell 2234 0.50


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 27.50 25.00 29.50 Neutral Buy 40 0.67

BROWN (N) GROUP 521.00 266.40 577.00 Neutral Sell 476 0.50

BURBERRY GROUP 1636.00 1000.00 1667.00 Neutral Sell 1278 1.29

CARPETRIGHT 688.00 585.00 701.50 Neutral Sell 362 0.87

DIXONS RETAIL 47.25 18.70 47.30 N eu tral Neu tral 46 1.46

FINDEL 226.50 108.00 253.75 Neutral Sell 61 1.04

FRENCH CONNECTN.GROUP 31.25 22.75 34.00 Sell Strong Buy 113 1.03

HALFORDS GROUP 395.70 259.30 406.00 Neutral Buy 531 0.71

JD SPORTS FASHION 1020.00 670.00 1025.00 Neutral Strong Buy 1813 0.51

DARTY 70.00 39.00 88.25 Neutral Strong Buy 109 1.22

KINGFISHER 400.00 262.20 420.00 Neutral Buy 462 0.90

MARKS & SPENCER GROUP 510.00 356.80 513.50 Sell Buy 663 0.61

MOSS BROTHERS GROUP 73.00 46.00 74.88 N eu tral Neu tral 75 0.95

MOTHERCARE 401.00 205.25 492.75 Neutral Sell 153 0.36

NEXT 5115.00 3444.00 5205.00 N eu tral Neu tral 5613 0.59

TED BAKER 1868.00 899.00 2017.00 Neutral Sell 1006 0.57

TOPPS TILES 84.00 46.00 89.75 Neutral Sell 78 1.50

Health Over Valued


BIOQUELL 147.50 130.00 160.00 Neutral Sell 125 0.38

CONSORT MEDICAL 850.50 660.50 863.00 Neutral Sell 607 0.35

OPTOS 159.00 106.75 222.75 Neutral Buy 177 1.18

SMITH & NEPHEW 779.00 638.00 800.00 Neutral Sell 656 0.40

Household Goods & Textiles Over Valued


GAMES WORKSHOP 782.00 601.00 794.50 Neutral Neu tral 766 0.31

HEADLAM GROUP 400.00 295.00 415.00 Neutral Sell 334 0.89

HORNBY 80.50 55.25 88.50 Neutral Buy 114 0.69

Information Technology & Hardware Over Valued


ARM HOLDINGS 1001.00 566.00 1097.00 Neutral Sell 340 0.69

CSR 526.50 308.10 607.00 Neutral Strong Buy 1694 1.13FILTRONIC 63.75 30.75 83.25 Neutral Sell 60 0.93

IMAGINATION TECHNOLOGIES 352.30 235.10 552.00 Neutral Neu tral 363 1.04

SPIRENT COMMUNICATIONS 128.00 118.00 169.20 Neutral Strong Buy 298 0.90

WOLFSON MICROELECTRONICS 178 .75 140 .00 226 .25 Neutral Sell -189 0.93


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Insurance Under Valued


ADMIRAL GROUP 1218.00 1019.00 1416.00 Neutral Sell -514 0.52

AMLIN 400.70 364.10 435.10 Neutral Strong Buy 1538 0.38

BEAZLEY 214.90 166.50 242.70 Neutral Strong Buy 953 0.52

CATLIN GROUP 484.40 455.30 552.50 N eu tral Neu tral 477 0.23

HISCOX 637.50 463.32 660.00 Neutral Strong Buy 1908 0.42

JARDINE LLOYD THOMPSON 915.00 723.00 949.50 Neutral Buy 1216 0.30

RSA INSURANCE GROUP 124.20 107.70 136.30 Neutral Strong Buy 731 0.35

NOVAE GROUP 513.00 345.00 520.00 Neutral Strong Buy 3448 0.35

Leisure & Hotels Over Valued


CARNIVAL 2420.00 2125.00 2628.00 Neutral Buy 3517 0.95

ENTERPRISE INNS 147.30 62.25 153.80 Neutral Sell 110 1.65

TUI TRAVEL 361.50 228.60 401.50 Neutral Strong Buy 716 0.96

FULLER SMITH 'A' 936.25 702.00 969.00 Neutral Sell 607 0.27

GREENE KING 800.00 587.00 897.50 Neutral Sell 622 0.89

LADBROKES 192.80 171.00 243.10 Neutral Buy 259 0.90

ICTL.HTLS.GP. 1869.00 1524.00 2039.00 Neutral Sell 1650 1.09

MILLENNIUM & CPTH.HTLS. 574.00 456.00 582.50 N eu tral Neu tral 583 1.36

MITCHELLS & BUTLERS 428.90 283.20 460.00 Sell Sell 275 0.98

BWIN PARTY DIGITAL ENTM. 115.90 101.30 156.00 Neutral Sell 60 1.28

PUNCH TAVERNS 14.50 6.15 14.50 Neutral Strong Buy 73 1.15

RANK GROUP 159.00 137.30 177.50 Neutral Strong Buy 563 0.97

RESTAURANT GROUP 542.00 352.00 575.00 Neutral Sell 386 0.66

WETHERSPOON (JD) 744.00 471.00 767.00 Neutral Sell 687 0.54

WHITBREAD 3008.00 2263.00 3303.00 Neutral Sell 2170 0.98WILLIAM HILL 419.20 288.83 494.50 Neutral Sell 255 0.84

MARSTON'S 153.30 114.20 165.50 Neutral Sell 9 1.15

Life Assurance Under Valued


AVIVA 414.10 294.10 419.80 Neutral Sell 377 1.18

CHESNARA 269.50 176.50 276.50 Neutral Strong Buy 540 0.61

LEGAL & GENERAL 203.20 131.40 203.20 Neutral Strong Buy 511 1.70

OLD MUTUAL 195.60 166.10 221.60 Neutral Strong Buy 410 1.55

PRUDENTIAL 1202.00 801.50 1232.00 Sell Neutral 1224 1.69

ST.JAMES'S PLACE 624.00 367.10 641.50 Neutral Strong Buy 6982 0.83


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 146.50 102.00 149.00 Neutral Strong Buy 922 0.40

BRITISH SKY BCAST.GROUP 861.50 709.00 899.50 Neutral Strong Buy 1056 0.46

CENTAUR MEDIA 47.75 31.00 60.00 Neutral Sell -42 1.06

DAILY MAIL 'A' 766.00 451.25 835.00 Neutral Strong Buy 3556 1.06

EUROMONEY INSTL.INVESTOR 1113.00 747 .50 1209.00 Neutral Strong Buy 5566 0.93

INFORMA 538.00 380.50 545.00 Neutral Strong Buy 327 1.64

ITE GROUP 277.30 183.50 307.40 Neutral Buy 201 1.46

ITV 180.20 85.65 183.40 Neutral Strong Buy 1369 1.46

JOHNSTON PRESS 14.25 7.63 19.00 Neutral Buy 720 1.21

PEARSON 1286.00 1119.00 1350.00 Neutral Neu tral 309 0.65

PHOTO-ME INTL. 110.00 46.75 110.75 Neutral Strong Buy 2283 0.85

PINEWOOD SHEPPERTON 289.00 269.00 289.00 Neutral Strong Buy 732 0.14

THOMSON REUTERS 36.00 26.85 36.45 Neutral Strong Buy 346 0.52

STV GROUP 251.00 90.50 262.50 Neutral Sell 240 0.82

ST.IVES 172.00 76.25 172.00 Neutral Sell 159 1.49TRINITY MIRROR 125.75 50.50 128.25 Neutral Sell -289 1.58

UBM 723.50 636.00 788.00 Neutral Strong Buy 1421 1.34

WILMINGTON GROUP 200.00 119.00 200.00 Neutral Strong Buy 1390 0.83

WPP 1284.00 788.00 1296.00 Neutral Sell -827 1.25

Mining Under Valued


ANGLO AMERICAN 1635.00 1207.00 2072.00 Neutral Sell 1323 1.85

ANGLO PACIFIC GROUP 204.25 161.00 290.00 Neutral Neu tral 213 1.09

ANTOFAGASTA 886.00 784.50 1381.00 Neutral Neu tral 860 1.42

BHP BILLITON 1908.00 1666.50 2236.00 Neutral Strong Buy 3004 1.49

GLENCORE XSTRATA 340.30 256.85 397.85 Neutral Strong Buy 1059 #NA

LONMIN 348.30 240.84 380.10 Sell Buy 473 2.05

RANDGOLD RESOURCES 4841.00 3972.00 7775.00 Neutral Sell 2934 0.48

RIO TINTO 3141.50 2582.00 3757.00 Neutral Sell 2620 1.55

VEDANTA RESOURCES 992.00 1335.00 Neutral Strong Buy 2865 2.29

Oil & Gas Under Valued


BG GROUP 1204.50 1000.50 1350.50 Neutral Sell 909 0.84

BP 440.10 416.60 483.30 Neutral Strong Buy 1011 1.03

CAIRN ENERGY 267.20 251.80 296.10 Neutral Sell -29 1.33

FORTUNE OIL 9.01 7.15 12.50 Neutral Strong Buy 112 0.81

HUNTING 836.50 716.00 941.00 Neutral Sell 576 1.35

JKX OIL & GAS 66.00 48.50 81.00 Neutral Sell -58 1.33

PREMIER OIL 342.70 321.30 400.20 Buy Buy 416 1.49

ROYAL DUTCH SHELL B 2177.00 2098.00 2365.00 Neutral Strong Buy 8426 0.83

SOCO INTERNATIONAL 421.00 319.90 421.00 Neutral Buy 484 0.52

TULLOW OIL 1080.00 977.00 1468.00 Neutral Sell 710 1.07

WOOD GROUP (JOHN) 835.00 720.50 915.50 Neutral Sell 732 1.44


12/17



Personal Care & Household Products Over Valued


MCBRIDE 123.00 101.00 144.60 Neutral Strong Buy 272 0.83

PZ CUSSONS 419.50 300.00 432.50 Neutral Sell 342 0.71

RECKITT BENCKISER GROUP 4576.00 3565.00 4950.00 Neutral Neu tral 4637 0.31

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.44 0.36 3.58 Buy Strong Buy 231 0.91

ASTRAZENECA 3240.50 2792.50 3521.50 Neutral Strong Buy 180073 0.49

BTG 383.00 317.50 397.90 Neutral Strong Buy 6261 0.70

DECHRA PHARMACEUTICALS 706.50 569.00 780.00 Neutral Strong Buy 48308 0.18

GLAXOSMITHKLINE 1576.00 1317.50 1782.00 Neutral Strong Buy 36271 0.50

OXFORD BIOMEDICA 2.60 1.33 2.83 Buy Strong Buy 74 0.53

PHYTOPHARM SUSP - 21/05/13 66.25 52.50 637.50 Neutral Sell -181 0.90

SHIRE 2542.00 1727.00 2551.00 Neutral Strong Buy 42820 0.69

SKYEPHARMA 84.88 43.50 100.50 Neutral Strong Buy 14484 0.55

VERNALIS 29.50 19.38 31.00 Neutral Strong Buy 362 0.84

Real Estate - REIT Under Valued


BIG YELLOW GROUP 417.50 311.60 445.00 Neutral Strong Buy 763 1.18

BRITISH LAND 591.50 506.00 658.00 Neutral Buy 877 1.05

DERWENT LONDON 2352.00 1946.00 2542.00 Neutral Strong Buy 5275 1.24

GREAT PORTLAND ESTATES 544.50 442.20 598.00 Neutral Strong Buy 1210 1.06

HAMMERSON 511.50 448.60 554.00 Neutral Buy 592 1.27INTU PROPERTIES 323.40 300.60 366.00 Neutral Strong Buy 606 1.14

LAND SECURITIES GROUP 925.50 761.50 994.00 Neutral Strong Buy 1885 1.16

LOCAL SHOP.REIT (THE) 30.00 24.25 39.25 Neutral Sell -188 0.81

LONDONMETRIC PROPERTY 115.80 1 03.20 118.20 Neutral Sell -12 0.34

MCKAY SECURITIES 158.00 131.50 159.75 Neutral Strong Buy 298 0.65

MUCKLOW (A & J) GROUP 483.00 325.00 483.00 Sell Sell 246 0.37

PRIMARY HEALTH PROPS. 329.00 312.50 363.53 Neutral Sell 115 0.26

REDEFINE INTL.REIT 45.50 30.69 45.50 Neutral Sell -434 0.62

SEGRO 309.00 221.60 313.60 Neutral Sell -357 1.82

SHAFTESBURY 589.50 522.50 668.00 Neutral Strong Buy 907 1.04

TOWN CENTRE SECURITIES 220.00 178.75 223.00 Neutral Sell -6 1.04

WORKSPACE GROUP 430.00 257.00 475.00 Neutral Strong Buy 1459 1.02


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 340.00 210.90 365.60 Neutral Strong Buy 751 0.73

CAPITAL & REGIONAL 41.25 22.75 42.00 Neutral Sell -49 0.56

CLS HOLDINGS 1153.00 656.50 1260.00 Neutral Strong Buy 2912 0.73

DAEJAN HOLDINGS 3836.00 2706.00 4179.00 Neutral Strong Buy 7049 0.47

DEVELOPMENT SECS. 190.75 143.00 209.00 Neutral Neutral 192 0.98

GRAINGER 170.90 105.10 187.50 Neutral Sell 113 1.57

HELICAL BAR 290.00 178.00 302.50 Neutral Sell 199 0.83

LONDON & ASSOCS.PROPS. 32.75 21.50 33.00 Neutral Strong Buy 226 0.63

MOUNTVIEW ESTATES 6475.00 4350.00 6512.50 Neutral Strong Buy 14441 0.68

QUINTAIN ESTATES & DEV. 84.50 51.00 92.00 Sell Sell -195 1.02

RAVEN RUSSIA 76.50 61.50 79.75 Neutral Strong Buy 212 1.52

SAVILLS 586.50 391.20 664.50 Neutral Strong Buy 2168 0.69

SMART (J) 89.50 72.50 90.50 Neutral Strong Buy 388 0.32

ST MODWEN PROPS. 301.00 193.10 333.00 Neutral Strong Buy 612 1.63

UNITE GROUP 367.90 246.00 403.00 Neutral Strong Buy 1634 1.78

Software & Computer Services Under Valued


ANITE 120.50 109.60 162.00 Neutral Neu tral 131 0.66

AVEVA GROUP 2615.00 1939.60 2615.00 Neutral Sell 1538 1.52

COMPUTACENTER 524.50 333.29 564.10 Neutral Strong Buy 1233 0.90

KOFAX 380.75 260.75 382.25 Neutral Sell 322 1.04

INNOVATION GROUP 29.75 20.00 30.25 Neutral Sell 23 0.81

MICRO FOCUS INTL. 773.00 543.00 812.50 Neutral Buy 902 0.81

PHOENIX IT GROUP 159.00 130.00 184.00 Neutral Strong Buy 268 0.73

RM 108.00 64.00 114.25 Neutral Strong Buy 249 0.54FIDESSA GROUP 2100.00 1275.00 2190.00 Neutral Neu tral 2255 0.77

SAGE GROUP 349.10 289.36 368.18 Neutral Buy 455 0.69

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 390.80 3 05.00 492.10 Neutral Strong Buy 1233 1.12

BREWIN DOLPHIN 275.80 167.90 283.00 Neutral Strong Buy 654 0.69

CAMELLIA 8800.00 8000.00 11105.00 Neutral Strong Buy 94762 0.85

CHARLES STANLEY GROUP 459.00 260.00 474.00 Neutral Strong Buy 1425 0.93

CHARLES TAYLOR 220.00 155.00 220.00 Neutral Strong Buy 1629 0.65

CLOSE BROTHERS GROUP 1145.00 830.00 1145.00 Sell Strong Buy 4814 0.85

F&C ASSET MANAGEMENT 99.00 90.00 110.40 Neutral Sell 71 0.86

HELPHIRE GROUP 5.40 0.66 5.70 Sell Sell -128 0.61

HENDERSON GROUP 191.70 107.20 191.70 Sell Strong Buy 807 1.44

ICAP 409.70 280.80 422.20 Neutral Strong Buy 818 1.07

INTERMEDIATE CAPITAL GP. 457.20 287.20 501.50 Neutral Strong Buy 2197 1.70

INVESTEC 421.10 358.40 513.50 Neutral Strong Buy 1671 1.56

LONDON STOCK EX.GROUP 1600.00 930.00 1652.00 Neutral Strong Buy 5718 1.13

MAN GROUP 89.55 71.80 134.40 Neutral Sell -4863 1.39

RATHBONE BROTHERS 1583.00 1208.00 1691.00 Neutral Strong Buy 5481 0.71

SCHRODERS 2608.00 1518.00 2608.00 Sell Strong Buy 8161 1.30

SCHRODERS NV 2119.00 1176.00 2119.00 Sell Strong Buy 10907 1.28


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Support Services Under Valued


ACAL 279.00 157.75 284.00 Neutral Strong Buy 872 0.83

AGGREKO 1633.00 1557.00 2370.00 Neutral Strong Buy 4239 1.14

AMEC 1107.00 965.50 1172.00 Neutral Strong Buy 3370 1.11

ASHTEAD GROUP 659.50 322.90 730.00 Neutral Strong Buy 1009 1.64

BABCOCK INTL. 1198.00 914.00 1209.00 Neutral Strong Buy 2659 0.49

BRITISH POLYTHENE INDS. 612.00 372.50 612.00 Neutral Strong Buy 2394 0.80

BUNZL 1351.00 1009.00 1409.00 Neutral Strong Buy 2834 0.50

UK MAIL GROUP 550.00 242.50 645.00 Neutral Strong Buy 1689 0.42

CAPITA 1011.00 713.00 1057.00 Neutral Sell 213 0.54

COMMUNISIS 59.25 34.54 68.00 Neutral Strong Buy 487 0.83

COMPASS GROUP 848.50 671.50 910.50 Neutral Strong Buy 2014 0.75

BERENDSEN 913.50 540.00 939.00 Neutral Strong Buy 3409 1.08

DE LA RUE 1000.00 891.50 1075.00 Neutral Buy 1444 #NA

DIGNITY 1426.00 902.82 1567.68 Neutral Strong Buy 3125 0.25

DIPLOMA 615.00 435.00 661.00 Neutral Strong Buy 1547 0.96ELECTROCOMP. 274.50 200.00 280.90 Neutral Strong Buy 943 0.98

ESSENTRA PLC 782.00 500.50 830.00 Neutral Strong Buy 1407 1.14

G4S 250.00 207.50 313.50 Neutral Strong Buy 892 0.47

HAYS 113.00 75.20 113.90 Neutral Strong Buy 465 1.03

HOMESERVE 263.70 185.60 293.60 Neutral Strong Buy 989 0.89

INTERSERVE 569.50 349.10 591.50 Neutral Strong Buy 3752 1.25

INTERTEK GROUP 3390.00 2697.00 3453.00 Neutral Buy 4865 0.80

JOHNSON SERVICE GROUP 51.63 31.50 51.75 Neutral Strong Buy 116 1.10

MANAGEMENT CNSL.GP. 26.50 21.25 32.00 Neutral Strong Buy 220 0.57

MENZIES (JOHN) 774.00 573.00 805.00 Neutral Strong Buy 1827 1.41

MICHAEL PAGE INTL. 493.70 346.40 502.50 Neutral Strong Buy 855 1.36

MITIE GROUP 289.90 248.00 300.80 Neutral Strong Buy 1075 0.52

OFFICE2OFFICE 45.00 33.75 139.00 Neutral Strong Buy 720 0.31

PAYPOINT 1112.00 716.00 1185.00 Neutral Strong Buy 2237 0.75

PREMIER FARNELL 228.10 165.50 238.40 Neutral Strong Buy 734 1.41

REGUS 180.80 96.00 193.40 Neutral Sell 57 1.38

RENTOKIL INITIAL 108.80 81.30 110.90 Neutral Strong Buy 271 1.26

REXAM 491.60 432.56 547.50 Neutral Strong Buy 1800 0.84

RICARDO 544.50 349.63 556.50 Neutral Strong Buy 1696 0.90

ROBERT WALTERS 323.00 176.25 323.00 Neutral Strong Buy 1045 1.15

RPC GROUP 467.60 378.00 477.80 Neutral Strong Buy 1546 0.81

RPS GROUP 253.00 195.50 274.20 Neutral Strong Buy 1016 1.51

SERCO GROUP 569.50 535.00 683.50 Neutral Strong Buy 2408 0.60

SHANKS GROUP 96.25 73.00 98.00 Neutral Strong Buy 271 1.49

SPEEDY HIRE 64.75 28.25 65.50 Neutral Strong Buy 312 1.18TRIBAL GROUP 198.50 92.25 202.25 Neutral Strong Buy 570 0.65

TRIFAST 68.38 40.50 70.75 Neutral Strong Buy 337 0.90

VP 490.00 313.00 490.00 Sell Strong Buy 2333 0.79

WYG 100.50 49.25 103.00 Neutral Strong Buy 630 0.82


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Telecommunication Services Over Valued


BT GROUP 341.30 212.50 348.90 Neutral Buy 424 0.89

CABLE & WIRELESS COMMS. 39.72 34.31 46.29 Neutral Strong Buy 80 0.67

INMARSAT 711.00 542.50 749.00 Neutral Sell 261 0.53

KCOM GROUP 90.00 68.25 91.00 Neutral Buy 119 1.20

TELECOM PLUS 1342.00 821.00 1399.00 Neutral Sell 814 0.05

VODAFONE GROUP 209.75 154.45 213.90 Neutral Sell 109 0.51

Transport Under Valued


BBA AVIATION 309.80 195.70 326.00 Neutral Sell 248 1.22

BRAEMAR SHIPPING SVS. 477.50 350.00 485.00 Neutral Buy 628 1.06

CLARKSON 2189.00 1150.00 2189.00 Strong Sell Sell 1411 0.86

EASYJET 1294.00 580.00 1448.00 Neutral Sell 916 0.77

FIRST GROUP 119.40 92.00 206.76 Neutral Strong Buy 299 0.88

FISHER(JAMES)& SONS 1110.00 739.75 1148.00 Neutral Sell 844 0.72

GO-AHEAD GROUP 1660.00 1220.00 1660.00 Neutral Strong Buy 2889 0.97

NATIONAL EXPRESS 257.20 164.50 274.90 Neutra l Neu tral 266 1.39

NORTHGATE 430.00 239.00 430.00 Neutral Strong Buy 690 1.34

STAGECOACH GROUP 328.30 265.90 337.60 Neutral Buy 469 0.97

WINCANTON 101.50 43.75 105.00 Neutral Strong Buy 245 0.95

Utilities Under Valued


CENTRICA 397.60 310.80 398.60 Neutral Buy 589 0.50NATIONAL GRID 761.50 682.00 847.50 Neutral Buy 996 0.45

PENNON GROUP 703.50 598.00 749.50 Neutral Sell 637 0.63

SSE 1571.00 1364.00 1676.00 Neutral Buy 2306 0.40

SEVERN TRENT 1805.00 1513.00 2090.00 Neutral Sell 1536 0.37

UNITED UTILITIES GROUP 707.50 647.00 787.50 Neutra l Neu tral 765 0.49


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value indicator - uk main market 20130920

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