uk value investor december 2012

UK Value Investor is for investors who want to make their own investment decisions and are capable of doing so withoutprofessional advice. If you think you need advice then you should seek a professional advisor. Please see the importantnotes on the back page for further information.

December 2012

UK Value InvestorValue Investing for Income and Growth

Contents

Market Valuation and Forecast Page 1

Model Portfolio Review Page 2

Buy Alert: Greggs (The Baker) is the Latest Buy Page 7

FTSE 350 Sorted by Growth/Yield/Value/Quality Rank Page 10

Market Valuation and ForecastThe FTSE 100 has an invisible barrier at 6,000

At the start of December the FTSE 100 was close to 5,900 and its Cyclically Adjusted PE (CAPE) was at 13.2.That’s below the long-term average, which is around 15 to 18 depending on whose data you use.

This means the UK market is still at historically attractive levels; far more attractive than they have been formost of the last 30 years. From these levels equities have generally performed well over the following decadeor two.

Because of this attractive valuation, those who use active asset allocation may want to hold more equitiesthan normal. The Ben Graham-based method used in the Market Valuation table on the next page indicatesan equity allocation slightly above the baseline 50%.

Actively adjusting asset allocation levels based on the market's valuation multiple is not an exact science. Soif you use this approach to reducing risk then just being somewhere in the range indicated in that table wouldprobably keep Ben Graham happy.

Regarding the FTSE 100’s invisible barrier, these arbitrary “resistance” levels are a fundament part of howshare prices work. They occur because there is no obviously correct value for any given company or market.Instead there is only a wide range in which the price seems vaguely appropriate.

So for the FTSE 100 a valuation today of anywhere between say 5,000 and7,000 could be reasonable. An intelligent investor may well be able tocome up with reasons as to why it should be at either level.

Given that there is no obviously correct level, market participants havelittle to go on other than the prior level of the market, which eventuallyspawned an entire philosophy known as technical analysis. However,that’s not something you’ll see much of in this newsletter.

“Individuals who cannotmaster their emotions areill-suited to profit fromthe investment process”

- Benjamin Graham

FTSE 100 Cyclically AdjustedP/E Ratio Description Ben Graham Equity

Allocation7 Year Total AnnualReturns Forecast

11,600 - 13,900 25 - 30 Bubble Minimum 25% to 33% -3% to 0%

9,300 - 11,600 20 - 25 Bull Top 33% to 42% 0% to 3%

6,900 - 9,300 15 - 20 Expensive 42% to 50% 3% to 8%

5,800 - 6,900 12.5 - 15 Normal 50% to 58% 8% to 10%

4,600 - 5,800 10 - 12.5 Cheap 58% to 66% 10% to 14%

3,500 - 4,600 7.5 - 10 Bear Bottom 66% to 75% 14% to 19%

2,300 - 3,500 5 - 7.5 Depression Maximum 75% 19% to 26%

Model Portfolio ReviewA down month, but intrinsic value appears to be increasing

Some recent bad news for a couple of holdings (Tullett Prebon and Balfour Beatty) led to a decline inthe capital value of the portfolio by 2.3% this month. As always, the short-term performance of theportfolio is interesting but not important (note that investors always say this when a portfolio goesdown, but fail to mention it when their fund does well). However, there are some pieces of informationwhich arise month-to-month may be useful.

Looking at the half-year results announced over the last month (which are summarised shortly), in eachcase the dividend has been increased. The increases are 7%, 10%, 5%, 4.5% and 4.4%. Ultimately it isthe income from an investment, or the potential to produce an income, which sets its intrinsic value, soit is pleasing to see continued dividend growth among the portfolio's holdings.

Next month the process of continually improving the portfolio continues with a new Sell Alert, andcurrent it's likely to be either Mears (total return of 26% since September 2011) or N Brown (total returnof 50% since May 2012) leaving the portfolio, but of course much can change in a month.

The current trading pattern is two Buy Alerts to one Sell Alert, and this is set to continue through 2013.This will carry on until the portfolio has 30 holdings, at which point the pattern will change to one BuyAlert and one Sell Alert on alternate months. This will keep the portfolio towards the cutting edge interms of its combined growth, yield, value and quality, and so hopefully maximise returns whileminimising risks.

If you need additional investment ideas then you may want to look in the ‘green zone’ of the modelportfolio’s current holdings.

DividendsIn November there were dividends totalling £300 from Mears, Centrica, Tullett Prebon, Go-Ahead,Aviva, RSA and BAE Systems. The rolling 12 month dividend income for the model portfolio is some£896 ahead of its benchmark, a FTSE 100 index tracker.

Last month's buy alertCranswick was last month's buy alert. 240 shares were was added to the model portfolio on November6th at 769.1p. As usual these shares are likely to be held for anywhere between 1 and 5 years, althoughit could be much longer.

MARKET VALUATION, FORECAST AND ASSET ALLOCATION

Performance (%) Yield 2012 YTD 2011Annualised(2011-2012)

Total(2011-2012)

Model Portfolio 4.8 17.3 - 6.9 5.2 9.2

Index Tracker 3.2 11.8 - 3.4 4.5 8

Relative to Index Tracker + 1.2 + 8.5 - 3.5 + 0.7 + 1.2

Cash Results(started at £50,000)

Total Value Rolling 12 Month Income

Model Portfolio £54,597 £2,638

Index Tracker £54,009 £1,742

Relative to Index Tracker + £588 + £896

MODEL PORTFOLIO PERFORMANCE

£42,000

£44,000

£46,000

£48,000

£50,000

£52,000

£54,000

£56,000

£58,000

Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12

Model Portfolio Total Return FT SE 100 Tracker Total Return

Size Allocation

Large-cap, 54%

Medium-cap,37%Small-cap, 9%

Industry Allocation

Health Care, 4.5%

Financials, 12.4%

Industrials, 39.4%

Basic Materials, 8.1%

Oil & Gas, 4.2%

Consumer Services,13.0%Utilities, 8.2%

Consumer Goods,5.1%Telecommunications,5.0%

Current HoldingsThe current holdings are shown in order of their growth/yield/value/quality rank. The top 10 mostattractively valued holdings (by rank) are in green, the middle 10 are in yellow, and those which are leastattractive and may be sold soon are in red.

Rank Weight Name EPIC Index Sector Price Growth Yield PE10 Quality

2 1.6% Chemring Group PLC CHG FTSE Mid 250 Aerospace & Defense £2.46 33.9% 6.0% 10.2 98%

3 2.8% Tullett Prebon PLC TLPR FTSE Mid 250 Financial Services £2.27 16.0% 7.3% 6.5 88%

4 2.4% ICAP PLC IAP FTSE Mid 250 Financial Services £2.92 12.3% 7.5% 11.2 93%

5 4.4% AstraZeneca PLC AZN FTSE 100 Pharmaceuticals &Biotechnology £29.67 17.3% 5.9% 11.1 90%

6 3.0% RSA Insurance GroupPLC RSA FTSE 100 Nonlife Insurance £1.18 18.9% 7.8% 11.2 82%

7 3.4% Braemar ShippingServices PLC BMS FTSE Small

Cap Industrial Transportation £3.63 10.8% 7.2% 9.2 86%

8 3.3% JD Sports Fashion PLC JD. FTSE Mid 250 General Retailers £7.10 22.8% 3.6% 11 95%

9 4.7% SSE PLC SSE FTSE 100 Electricity £14.25 16.5% 5.6% 16.3 90%

10 4.5% Balfour Beatty PLC BBY FTSE Mid 250 Construction & Materials £2.58 12.6% 5.3% 10.7 88%

12 4.7% BHP Billiton PLC BLT FTSE 100 Mining £19.62 23.1% 3.6% 14.4 95%

13 4.8% BAE Systems PLC BA. FTSE 100 Aerospace & Defense £3.27 12.3% 5.7% 11.2 86%

15 3.3% Tesco PLC TSCO FTSE 100 Food & Drug Retailers £3.25 9.7% 4.5% 13.9 98%

16 4.4% Vodafone Group PLC VOD FTSE 100 Mobile Telecommunications £1.61 11.1% 5.9% 11.5 88%

17 4.9% MITIE Group PLC MTO FTSE Mid 250 Support Services £2.68 15.3% 3.6% 18.7 98%

20 3.5% Cranswick PLC CWK FTSE Mid 250 Food Producers £8.00 11.5% 3.6% 14.8 95%

22 2.5% Go-Ahead Group (The)PLC GOG FTSE Mid 250 Travel & Leisure £12.32 7.4% 6.6% 8.8 79%

24 6.6% Interserve PLC IRV FTSE Mid 250 Support Services £3.64 8.3% 5.2% 13.9 83%

25 3.4% Rio Tinto PLC RIO FTSE 100 Mining £30.94 21.1% 2.9% 11.6 83%

29 5.4% Reckitt Benckiser GroupPLC RB. FTSE 100 Household Goods & Home

Construction £39.25 18.3% 3.2% 27.5 100%

31 5.3% Mears Group PLC MER FTSE SmallCap Support Services £3.25 19.7% 2.3% 21.8 98%

38 4.3% Brown (N) Group PLC BWNG FTSE Mid 250 General Retailers £3.59 12.3% 3.6% 19.1 88%

44 3.3% Centrica PLC CNA FTSE 100 Gas; Water & Multiutilities £3.26 10.5% 4.7% 16.4 81%

52 3.9% BP PLC BP. FTSE 100 Oil & Gas Producers £4.32 2.9% 4.2% 9.1 71%

62 2.9% Aviva PLC AV. FTSE 100 Life Insurance £3.51 0.2% 7.4% 8.8 68%

6.8% CASH

Recent half-year resultsHalf-year results and interim management statements are a useful way to keep on top of events. They aresummarised here for information only, and are unlikely to result in any changes to the portfolio.

Vodafone half-year results 13th November

"One of the world's largest mobile companies providing a wide range of services including voice,messaging, data and fixed broadband."

Revenue down 0.4% Adjusted EPS up 1.4% Dividend up 7%

Vittorio Colao, Group Chief Executive, commented:

"We remain very positive about the longer-term opportunities, and our Vodafone 2015 strategy reflects ourconfidence in the future. This is based on a new strategic approach to our consumer offer and pricing in Europenow being rolled out, an increasing focus on unified communications in enterprise, and an attractive and growingexposure to emerging markets. Fundamental to the success of this strategy will be an ongoing enhancement ofthe consumer and enterprise customer experience through continuous investment in high speed data networks,and an increased drive towards standardisation and simplification across the Group to maximise cost efficiencyand accelerate execution."

ICAP half-year results 14th November

"ICAP is the world's leading voice and electronic interdealer broker and provider of post trade risk andinformation services."

Revenue down 14% Adjusted EPS down 21% Dividend up 10%

Michael Spencer, Group Chief Executive Officer, said:

"This has been one of the toughest periods in my 36 year career in the wholesale financial markets. Tradingvolumes this year have fallen significantly across nearly all asset classes and geographies whether equities,futures, FX, commodities, fixed income and also OTC. This has been caused by a combination of factors: globaleconomic weakness, the continuing Eurozone crisis, bank recapitalisation and deleveraging, uncertainty overregulatory reform, quantitative easing and near zero rates, to name the main ones. I do not believe this negativeenvironment will continue indefinitely but equally I do not expect it to improve imminently. It has been a time toweather a hard storm and prepare thoroughly for financial regulatory reform."

“Experience tends to confirm a long-held notion that beingprepared, on a few occasions in a lifetime, to act promptly inscale, in doing some simple and logical thing, will oftendramatically improve the financial results of that lifetime. A fewmajor opportunities, clearly recognizable as such, will usuallycome to one who continuously searches and waits, with a curiousmind that loves diagnosis involving multiple variables. And thenall that is required is a willingness to bet heavily when the oddsare extremely favorable, using resources available as a result ofprudence and patience in the past.”

- Charlie Munger

SSE half-year results 14th November

"We are the UK's second largest generation business, with an ownership interest in over 100 thermaland renewable power stations, with a total capacity of just over 11,300MW."

Revenue down 3% Adjusted EPS up 41% Dividend up 5%

Lord Smith of Kelvin, Chairman of SSE, said:

"SSE's balanced model of market-based and economically-regulated businesses, and the robustness of itsstrategy of focusing on operations and investment in each of those businesses, continues to prove its worth. Itscommitment to the dividend remains the hallmark of a company that takes a disciplined and long-term approachto business here in the UK and in Ireland. For this reason, there can be every confidence that SSE will extendfurther its record of annual above-inflation dividend growth, and it is targeting a full-year increase of at least 2%more than RPI inflation, to around 84p, for 2012/13 and annual increases that are above RPI inflation in thefollowing years."

MITIE half-year results 19th November

"We provide facilities, property and energy management for a wide range of public and private sectorbusinesses."

Revenue up 5.6% Adjusted EPS up 1% Dividend up 4.5%

Ruby McGregor-Smith CBE, Chief Executive of MITIE Group PLC, commented:

"This has been a positive start to the year for MITIE. We have won and retained key contracts and expanded ourhealthcare offering via the purchase of Enara. we are particularly pleased to have successfully mobilised andstarted our largest ever contract, with Lloyds Banking Group."

"We are confident that we will continue to build on our long track record of sustainable, profitable growth."

Cranswick half-year results 26th November

"Cranswick is a leading UK food supplier providing the consumer with a range of great tasting food thatincludes fresh pork, gourmet sausages, cooked meats, air dried bacon and sandwiches along with avariety of non-meat products."

Revenue up 6% Adjusted EPS up 19% Dividend up 4.4%

Cranswick's Chairman, Martin Davey, said:

"It is pleasing to report continued growth in sales, in what continues to be a difficult economic and consumerenvironment, reflecting the on-going popularity of pork with the consumer, driven by both the versatility and thelow relative price of pork to other proteins. Rising input costs were a feature of trading during the period and thishas continued into the second half, although efficiency improvements brought about by investment undertakenby the business and on-going constructive pricing discussions with customers have helped offset the full impactof this."

Buy Alert: Greggs plc (GRG)

Price

480p

Index

FTSE 250

Industry

Food RetailerMarket Cap

£485 million

Revenue

£702 million

Pre-tax Profit

£54 million

“Greggs is the UK’s leading bakery retailer specialising in freshly made bakery food. With over 1,570shops across the UK served by ten regional bakeries, our 20,000 employees are proud to serve 6 millioncustomers each week.” - Greggs annual results 2011

OverviewAfter the addition of Cranswick (producer of sausages, bacon and other meat products) to the portfolio lastmonth, the food theme continues this month with Greggs, the bakers.

Greggs began life as a one-man-and-a-bicycle delivery service in the 1930s. The first shop opened in the1950s and expansion really began in the 1960s and 70s. Today Greggs has around 1,500 shops and isdifferentiated to some extent by its “wheat to eat” concept, where it produces its own food products for salein its own shops.

The company has an outstandingly consistent track record, even for a business in such a non-cyclical industryas food production and retail. The clearest indicator of this is the fact that the dividend has been raised for27 consecutive years, which should warm the heart of any income investor.

Initial quantitative analysisThe summarised results from the Stock Screen, plus the initial analysis of the company’s debt obligations arein the table below.

Long-term growth rate

7.5%

Dividend yield

4.0%

Valuation (PE10)

15.7Quality

93%

Borrowings/Profit

No borrowings

Pension Obligations

18% of market cap

Rank

26 (out of 155)

The wide expanse of green shows that three of the four main quantitative factors of growth, yield,quality/consistency and value are stronger than average (as measured by the FTSE 100).

The new “Borrowings/Profit” ratio replaces interest cover in this table, although it has long been usedalongside interest cover in this newsletter’s buy analysis process. This ratio has replaced interest cover in thistable because it is perhaps more useful to look at the total level of borrowings rather than the interest paidon them, although both are still checked.

The valuation of 15.7 times the last 10 year’s earnings average is above the market’s 13.7, but this is not amajor problem as the valuation can easily be described as reasonable for a growing, high yield company.

Overall the initial quantitative analysis shows that Greggs does appear to be a high quality, high growth, highyield and reasonably valued company.

Investment analysis by checklistSuccessful investing is about the systematic application of a methodical approach to achieving specificobjectives, and a checklist is a great aid towards that end. This checklist should help ensure that the companybeing looked at really is an above average company trading at a below average price.

Would this company be the first or second holding from this particular industry? YES Greggs is both a food producer and a food retailer. In both cases it is the second company in theportfolio, with Cranswick being the other producer and Tesco the other retailer.

Does the business generate earnings across multiple geographic regions? No Greggs is UK based and effectively only generates revenues locally. Currently about 50% of the modelportfolio’s sales and profits are generated in the UK. For a diversified portfolio that’s plenty of exposure to asingle economy (even though the UK based holdings are very defensive, i.e. SSE, Go-Ahead, Centrica etc).Future new holdings may be more international in order to keep UK exposure below 50%.

Does the business have diverse operations, including customers, suppliers and key staff? YES Greggs serves many millions of customers and isn’t reliant on a small number of key staff for its success.In terms of suppliers it doesn’t appear to be critically dependent on any single one.

Is the company in the leading group within its industry? YES Greggs is the leading bakery retailing specialist.

Has the company been highly successful in the past? YES As the chart above shows, Greggs has been consistently growing sales, profits and dividends for a verylong time. Dividends have been raised for 27 consecutive years.

Does the company have any low-cost and durable competitive advantages? No Greggs doesn’t have a low-cost and durable competitive advantage, but then almost no companies do.What it does have is a well-regarded brand and a well-run operation with lots of expertise built up over a longperiod of time. One competitive point of note is that it is both a baker and a retailer, creating its ownproducts for sale in its own outlets. This is different to most of its competitors and perhaps give it a degreeof control that others lack.

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Earnings (left axis) Dividends (left axis) Turnover (right axis)

GREGGS LONG-TERM RESULTS

Does the company have a consistent operating history within the same industry? YES Greggs has been a shop-front baker since the 1950s. There has been very little deviation from that baseover the years.

Has the company been free of any major crises during the last decade? If there were any,were they resolved successfully?YES Greggs has been crisis free for a long time. The closest they have come to a crisis in recent years was notso much a crisis, but perhaps a minor period of stagnation which led to a major review of the business. In2006 the business slowed somewhat, perhaps as the boom years of the previous decade were coming to anend. Management performed a comprehensive review of the business and saw the opportunity torestructure for a renewed period of growth.

From 2007 until now this new growth strategy has been rolled out and has so far matched expectations.

Is the company free of obvious current problems or threats (including excessive debt) whichcould materially impact its future prosperity?YES There don’t appear to be any obvious major problems, either today or in the near future. The companyhas zero borrowings and a pension fund which should be easily manageable.

Is it unlikely that the company’s main economic engine will become obsolete in the nextdecade?YES Greggs is a baker and bakery retailer, producing and selling sandwiches, cakes, pasties, coffee and othereveryday foods. It is unlikely that sandwiches or pasties will be disrupted by a new technology or change inconsumer behaviour. This does not mean that the future is risk free. There could be changes in consumertastes, or a sandwich-based food scare, or something similar. But the odds of pasties becoming obsolete isprobably very small indeed.

SummaryGreggs appears to be another high quality, relatively defensive company which is available at a below averageprice with above average yields. It will be added to the model portfolio in the days after this newsletter ispublished, with the usual allocation of 1/30th of the portfolio’s total value.

Higher ranked companies that were rejected

First Group 3Yr interest cover is only 2.9 which is too low and implies that there is too much debt.

Vedanta Resources 3Yr interest cover is only 6.6, which is low for a company in a cyclical industry such as mining.

Carillion This company operates in the design, engineering, construction and support services industries. The portfolio alreadyowns several similar companies (MITIE, Interserve, and Balfour Beatty).

Amlin An insurance company, and the portfolio already holds Aviva and RSA.

Pennon Group A utility company, and the portfolio already holds SSE and Centrica.

Atkins (WS) A civil engineering, design and infrastructure company, and the portfolio already holds Balfour Beatty and Interserve.

Imperial Tobacco Carries around £10 billion in debt, which is more than 5 times the average pre-tax profit of the last few years.

"Investors repeatedly jump ship on a good strategy just because ithasn't worked so well lately, and, almost invariably, abandon it atprecisely the wrong time."

- David Dreman

FTSE 350 sorted by Growth/Yield/Value/Quality RankThe UKVI ranking system is designed so that the highest ranked shares have the best combination of growthrate, consistency, valuation and yield.

Rank Name Epic Index Sector Price10yrGrowthRate

DividendYield

Value(PE10) Quality

1 FirstGroup PLC FGP FTSE Mid 250 Travel & Leisure £1.87 10.2% 12.7% 5.2 93%

2 Chemring Group PLC CHG FTSE Mid 250 Aerospace & Defense £2.46 33.9% 6.0% 10.2 98%

3 Tullett Prebon PLC TLPR FTSE Mid 250 Financial Services £2.27 16.0% 7.3% 6.5 88%

4 ICAP PLC IAP FTSE Mid 250 Financial Services £2.92 12.3% 7.5% 11.2 93%

5 AstraZeneca PLC AZN FTSE 100 Pharmaceuticals & Biotechnology £29.67 17.3% 5.9% 11.1 90%

6 RSA Insurance Group PLC RSA FTSE 100 Nonlife Insurance £1.18 18.9% 7.8% 11.2 82%

7 Braemar Shipping Services PLC BMS FTSE Small Cap Industrial Transportation £3.63 10.8% 7.2% 9.2 86%

8 JD Sports Fashion PLC JD. FTSE Mid 250 General Retailers £7.10 22.8% 3.6% 11 95%

9 SSE PLC SSE FTSE 100 Electricity £14.25 16.5% 5.6% 16.3 90%

10 Balfour Beatty PLC BBY FTSE Mid 250 Construction & Materials £2.58 12.6% 5.3% 10.7 88%

11 Vedanta Resources PLC VED FTSE 100 Mining £10.71 27.7% 3.2% 11 90%

12 BHP Billiton PLC BLT FTSE 100 Mining £19.62 23.1% 3.6% 14.4 95%

13 BAE Systems PLC BA. FTSE 100 Aerospace & Defense £3.27 12.3% 5.7% 11.2 86%

14 Carillion PLC CLLN FTSE Mid 250 Support Services £2.91 13.5% 5.8% 11.7 86%

15 Tesco PLC TSCO FTSE 100 Food & Drug Retailers £3.25 9.7% 4.5% 13.9 98%

16 Vodafone Group PLC VOD FTSE 100 Mobile Telecommunications £1.61 11.1% 5.9% 11.5 88%

17 MITIE Group PLC MTO FTSE Mid 250 Support Services £2.68 15.3% 3.6% 18.7 98%

18 Amlin PLC AML FTSE Mid 250 Nonlife Insurance £3.86 9.1% 6.0% 10.5 85%

19 Pennon Group PLC PNN FTSE 100 Gas; Water & Multiutilities £6.19 11.8% 4.3% 20.7 95%

20 Cranswick PLC CWK FTSE Mid 250 Food Producers £8.00 11.5% 3.6% 14.8 95%

21 Atkins (W S) PLC ATK FTSE Mid 250 Support Services £7.68 11.5% 4.0% 11.8 88%

22 Go-Ahead Group (The) PLC GOG FTSE Mid 250 Travel & Leisure £12.32 7.4% 6.6% 8.8 79%

23 Imperial Tobacco Group PLC IMT FTSE 100 Tobacco £24.97 20.5% 4.2% 22.5 90%

24 Interserve PLC IRV FTSE Mid 250 Support Services £3.64 8.3% 5.2% 13.9 83%

25 Rio Tinto PLC RIO FTSE 100 Mining £30.94 21.1% 2.9% 11.6 83%

26 Greggs PLC GRG FTSE Mid 250 Food & Drug Retailers £4.81 7.5% 4.0% 15.7 93%

27 ITE Group PLC ITE FTSE Mid 250 Media £1.95 14.7% 3.1% 23.1 95%

28 Greene King PLC GNK FTSE Mid 250 Travel & Leisure £6.12 6.8% 4.1% 13 88%

29 Reckitt Benckiser Group PLC RB. FTSE 100 Household Goods & Home Construction £39.25 18.3% 3.2% 27.5 100%

30 Royal Dutch Shell PLC RDSB FTSE 100 Oil & Gas Producers £21.55 9.6% 4.9% 11.1 76%

31 Mears Group PLC MER FTSE Small Cap Support Services £3.25 19.7% 2.3% 21.8 98%

32 Morrison (Wm) Supermarkets PLC MRW FTSE 100 Food & Drug Retailers £2.69 16.0% 4.0% 17.9 86%

33 Cable & Wireless Communications PLC CWC FTSE Mid 250 Fixed Line Telecommunications £0.35 7.6% 14.7% 11.3 67%

34 Cobham PLC COB FTSE Mid 250 Aerospace & Defense £2.12 13.3% 3.8% 17.1 88%

35 Kier Group PLC KIE FTSE Mid 250 Construction & Materials £11.80 9.1% 5.6% 11.6 74%

36 Restaurant Group (The) PLC RTN FTSE Mid 250 Travel & Leisure £3.83 15.0% 2.7% 26.2 95%

37 London Stock Exchange Group PLC LSE FTSE Mid 250 Financial Services £9.78 17.4% 2.9% 19.3 86%

38 Brown (N) Group PLC BWNG FTSE Mid 250 General Retailers £3.59 12.3% 3.6% 19.1 88%

39 Sage Group (The) PLC SGE FTSE 100 Software & Computer Services £3.12 15.7% 3.1% 24.1 93%

40 WPP Group PLC WPP FTSE 100 Media £8.56 12.7% 2.9% 20.8 95%

41 Homeserve PLC HSV FTSE Mid 250 Support Services £2.40 13.1% 4.7% 14.5 79%

42 Fidessa Group PLC FDSA FTSE Mid 250 Software & Computer Services £14.18 23.0% 2.6% 32.4 98%

43 British American Tobacco PLC BATS FTSE 100 Tobacco £32.74 12.5% 3.9% 26.6 93%

44 Centrica PLC CNA FTSE 100 Gas; Water & Multiutilities £3.26 10.5% 4.7% 16.4 81%

45 CRH PLC CRH FTSE 100 Construction & Materials £11.42 7.3% 4.7% 11.1 76%

46 GlaxoSmithKline PLC GSK FTSE 100 Pharmaceuticals & Biotechnology £13.35 5.0% 5.2% 14.8 83%

47 National Grid PLC NG. FTSE 100 Gas; Water & Multiutilities £7.05 9.3% 5.6% 14.3 76%

48 Capita Group (The) PLC CPI FTSE 100 Support Services £7.63 17.2% 2.8% 28.1 95%

49 Domino Printing Sciences PLC DNO FTSE Mid 250 Electronic & Electrical Equipment £5.94 12.8% 3.2% 26 95%

50 Intermediate Capital Group PLC ICP FTSE Mid 250 Financial Services £2.91 -0.1% 6.5% 6.7 74%


DividendYield

Value(PE10) Quality

51 Investec PLC INVP FTSE Mid 250 Financial Services £3.82 2.1% 4.5% 9.9 76%

52 BP PLC BP. FTSE 100 Oil & Gas Producers £4.32 2.9% 4.2% 9.1 71%

53 RPC Group PLC RPC FTSE Mid 250 General Industrials £3.91 10.8% 3.7% 17.5 88%

54 Hays PLC HAS FTSE Mid 250 Support Services £0.78 2.5% 3.2% 10.5 71%

55 RPS Group PLC RPS FTSE Mid 250 Support Services £2.12 14.1% 2.6% 17.1 86%

56 Synergy Health PLC SYR FTSE Mid 250 Health Care Equipment & Services £9.82 20.8% 1.8% 31.9 98%

57 Marks & Spencer Group PLC MKS FTSE 100 General Retailers £3.91 4.9% 4.4% 11.8 74%

58 Serco Group PLC SRP FTSE 100 Support Services £5.47 18.6% 1.5% 28.2 100%

59 Aberdeen Asset Management PLC ADN FTSE 100 Financial Services £3.38 20.8% 3.4% 34.9 90%

60 Spirax-Sarco Engineering PLC SPX FTSE Mid 250 Industrial Engineering £21.83 12.7% 2.2% 30.1 100%

61 Bunzl PLC BNZL FTSE 100 Support Services £10.29 9.4% 2.6% 24.8 95%

62 Aviva PLC AV. FTSE 100 Life Insurance £3.51 0.2% 7.4% 8.8 68%

63 British Sky Broadcasting Group PLC BSY FTSE 100 Media £7.59 10.9% 3.3% 24.5 90%

64 Stagecoach Group PLC SGC FTSE Mid 250 Travel & Leisure £2.93 13.7% 2.7% 18.8 83%

65 Diploma PLC DPLM FTSE Mid 250 Support Services £4.82 15.2% 3.0% 32.7 95%

66 Barclays PLC BARC FTSE 100 Banks £2.46 -10.4% 2.4% 6.8 74%

67 Domino's Pizza UK & IRL PLC DOM FTSE Mid 250 Travel & Leisure £5.07 26.6% 2.4% 54.3 100%

68 Standard Chartered PLC STAN FTSE 100 Banks £14.55 6.4% 3.3% 16.2 85%

69 Ultra Electronics Holdings PLC ULE FTSE Mid 250 Aerospace & Defense £16.31 15.5% 2.4% 26.7 90%

70 BG Group PLC BG. FTSE 100 Oil & Gas Producers £10.70 18.9% 1.4% 18 86%

71 Meggitt PLC MGGT FTSE 100 Aerospace & Defense £3.89 11.4% 2.7% 21.8 86%

72 Brewin Dolphin Holdings PLC BRW FTSE Mid 250 Financial Services £1.85 11.4% 3.8% 21.4 76%

73 Fenner PLC FENR FTSE Mid 250 Industrial Engineering £3.87 12.7% 2.7% 24.4 88%

74 Close Brothers Group PLC CBG FTSE Mid 250 Financial Services £8.64 0.6% 4.8% 13.8 79%

75 FTSE 100 5900 4.7% 3.5% 13.7 79%

76 Weir Group PLC WEIR FTSE 100 Industrial Engineering 18.9 18.8% 1.7% 36 95%

77 Premier Farnell PLC PFL FTSE Mid 250 Support Services £1.75 3.9% 5.9% 13.7 69%

78 Dairy Crest Group PLC DCG FTSE Mid 250 Food Producers £3.73 1.3% 5.5% 9 64%

79 Babcock International Group PLC BAB FTSE 100 Support Services £9.97 23.0% 2.3% 35.8 90%

80 Barr (A G) PLC BAG FTSE Mid 250 Beverages £4.75 10.9% 2.0% 32 100%

81 Associated British Foods PLC ABF FTSE 100 Food Producers £14.78 8.6% 1.9% 25.9 98%

82 Halma PLC HLMA FTSE Mid 250 Electronic & Electrical Equipment £4.37 10.0% 2.2% 31.6 93%

83 Rotork PLC ROR FTSE Mid 250 Industrial Engineering £24.80 17.5% 1.5% 48.1 100%

84 Prudential PLC PRU FTSE 100 Life Insurance £9.05 6.8% 2.8% 26.7 91%

85 Johnson Matthey PLC JMAT FTSE 100 Chemicals £23.99 10.7% 2.4% 25.7 90%

86 Ted Baker PLC TED FTSE Mid 250 General Retailers £9.96 10.1% 3.1% 29.8 93%

87 IMI PLC IMI FTSE 100 Industrial Engineering £10.54 9.6% 2.8% 24 88%

88 Schroders PLC SDR FTSE 100 Financial Services £15.96 10.9% 2.4% 23.7 88%

89 Pearson PLC PSON FTSE 100 Media £11.78 8.4% 3.6% 25.4 83%

90 Victrex PLC VCT FTSE Mid 250 Chemicals £15.38 15.0% 2.1% 37 95%

91 HSBC Holdings PLC HSBA FTSE 100 Banks £6.38 -3.2% 4.1% 12.1 74%

92 Sainsbury (J) PLC SBRY FTSE 100 Food & Drug Retailers £3.41 14.7% 4.7% 20.8 60%

93 Rathbone Brothers PLC RAT FTSE Mid 250 Financial Services £12.45 3.7% 3.7% 21.2 85%

94 Next PLC NXT FTSE 100 General Retailers £36.61 8.9% 2.5% 22.3 90%

95 Croda International PLC CRDA FTSE 100 Chemicals £23.81 22.4% 2.3% 47.9 93%

96 PZ Cussons PLC PZC FTSE Mid 250 Personal Goods £3.59 10.6% 1.9% 31.2 95%

97 Millennium & Copthorne Hotels PLC MLC FTSE Mid 250 Travel & Leisure £4.87 12.4% 2.6% 18.5 79%

98 Aggreko PLC AGK FTSE 100 Support Services £22.32 26.7% 0.9% 54.8 98%

99 Smith & Nephew PLC SN. FTSE 100 Health Care Equipment & Services £6.58 12.0% 1.7% 21 88%

100 Electrocomponents PLC ECM FTSE Mid 250 Support Services £2.11 0.1% 5.6% 14 67%

101 Dechra Pharmaceuticals PLC DPH FTSE Mid 250 Pharmaceuticals & Biotechnology £5.84 11.7% 2.1% 36.4 95%

102 Marston's PLC MARS FTSE Mid 250 Travel & Leisure £1.25 -13.4% 4.9% 11.6 71%

103 Burberry Group PLC BRBY FTSE 100 Personal Goods £12.87 16.2% 1.9% 37.8 93%

104 Intertek Group PLC ITRK FTSE 100 Support Services £30.90 18.1% 1.1% 54.2 100%

105 Rolls-Royce Group PLC RR. FTSE 100 Aerospace & Defense £8.91 16.0% 2.0% 31.8 86%

106 Ladbrokes PLC LAD FTSE Mid 250 Travel & Leisure £1.95 -6.3% 4.0% 8.6 64%

107 BT Group PLC BT.A FTSE 100 Fixed Line Telecommunications £2.34 -1.6% 3.6% 13.6 71%

108 Spectris PLC SXS FTSE Mid 250 Electronic & Electrical Equipment £19.23 12.4% 1.7% 34.5 93%

109 Rexam PLC REX FTSE 100 General Industrials £4.38 0.4% 3.3% 14.4 76%

110 Computacenter PLC CCC FTSE Mid 250 Software & Computer Services £3.88 6.8% 3.9% 16.4 74%


DividendYield

Value(PE10) Quality

111 Legal & General Group PLC LGEN FTSE 100 Life Insurance £1.46 2.5% 4.4% 15.3 74%

112 Michael Page International PLC MPI FTSE Mid 250 Support Services £3.56 9.7% 2.8% 23.4 81%

113 Smiths Group PLC SMIN FTSE 100 General Industrials £10.95 5.1% 3.5% 16.5 71%

114 SABMiller PLC SAB FTSE 100 Beverages £28.28 14.1% 2.1% 37.1 90%

115 De La Rue PLC DLAR FTSE Mid 250 Support Services £9.63 8.8% 4.4% 22.6 71%

116 Euromoney Institutional Investor PLC ERM FTSE Mid 250 Media £7.83 6.7% 2.8% 21 79%

117 Compass Group PLC CPG FTSE 100 Travel & Leisure £7.21 11.7% 3.0% 30.5 81%

118 Shanks Group PLC SKS FTSE Mid 250 Support Services £0.81 -0.6% 4.3% 11.8 60%

119 AVEVA Group PLC AVV FTSE Mid 250 Software & Computer Services £20.47 32.3% 1.0% 55 90%

120 Savills PLC SVS FTSE Mid 250 Real Estate Investment & Services £4.47 3.8% 3.0% 16.4 76%

121 Reed Elsevier PLC REL FTSE 100 Media £6.43 6.5% 3.4% 22.5 74%

122 Antofagasta PLC ANTO FTSE 100 Mining £12.88 20.3% 1.0% 25.3 81%

123 Galliford Try PLC GFRD FTSE Mid 250 Construction & Materials £7.31 2.1% 4.1% 12.8 71%

124 Devro PLC DVO FTSE Mid 250 Food Producers £3.07 9.4% 2.6% 28.4 83%

125 Senior PLC SNR FTSE Mid 250 Aerospace & Defense £1.98 13.3% 1.9% 28 81%

126 Old Mutual PLC OML FTSE 100 Life Insurance £1.71 -8.1% 3.3% 11.9 71%

127 Provident Financial PLC PFG FTSE Mid 250 Financial Services £12.87 0.7% 5.4% 19.5 67%

128 Genus PLC GNS FTSE Mid 250 Pharmaceuticals & Biotechnology £13.75 11.0% 1.1% 46.1 93%

129 United Utilities Group PLC UU. FTSE 100 Gas; Water & Multiutilities £6.82 -3.7% 4.7% 15.4 60%

130 Berendsen PLC BRSN FTSE Mid 250 Support Services £5.80 3.9% 4.0% 18.4 64%

131 ARM Holdings PLC ARM FTSE 100 Technology Hardware & Equipment £7.74 20.5% 0.4% 204.5 93%

132 John Wood Group PLC WG. FTSE 100 Oil Equipment; Services & Distribution £7.77 17.9% 1.1% 37.7 83%

133 Tate & Lyle PLC TATE FTSE 100 Food Producers £7.73 2.1% 3.2% 18.6 71%

134 St James's Place PLC STJ FTSE Mid 250 Life Insurance £3.99 8.1% 2.0% 33.4 88%

135 Severn Trent PLC SVT FTSE 100 Gas; Water & Multiutilities £16.15 4.0% 4.4% 20.9 62%

136 BBA Aviation PLC BBA FTSE Mid 250 Industrial Transportation £2.14 -1.8% 4.1% 13.2 55%

137 Jardine Lloyd Thompson Group PLC JLT FTSE Mid 250 Nonlife Insurance £7.69 5.3% 3.1% 23.6 69%

138 Bodycote PLC BOY FTSE Mid 250 Industrial Engineering £4.13 4.9% 2.6% 21.5 76%

139 Diageo PLC DGE FTSE 100 Beverages £18.57 6.2% 2.3% 30.8 81%

140 Laird PLC LRD FTSE Mid 250 Electronic & Electrical Equipment £2.23 -6.7% 3.6% 14.4 62%

141 Tullow Oil PLC TLW FTSE 100 Oil & Gas Producers £13.77 21.8% 0.9% 66.1 83%

142 William Hill PLC WMH FTSE Mid 250 Travel & Leisure £3.37 -10.2% 2.8% 13.4 64%

143 Renishaw PLC RSW FTSE Mid 250 Electronic & Electrical Equipment £18.10 10.3% 2.1% 41.2 83%

144 AMEC PLC AMEC FTSE 100 Oil Equipment; Services & Distribution £10.44 9.5% 2.9% 29.2 74%

145 Unilever PLC ULVR FTSE 100 Food Producers £24.03 3.8% 3.2% 19.7 69%

146 Kingfisher PLC KGF FTSE 100 General Retailers £2.78 0.5% 3.2% 15.7 60%

147 Daejan Holdings PLC DJAN FTSE Mid 250 Real Estate Investment & Services £28.50 0.3% 2.7% 20.8 71%

148 Smith (DS) PLC SMDS FTSE Mid 250 General Industrials £2.16 -0.3% 3.1% 24 74%

149 Whitbread PLC WTB FTSE 100 Travel & Leisure £23.99 9.0% 2.1% 30.5 74%

150 Bellway PLC BWY FTSE Mid 250 Household Goods & Home Construction £9.98 -10.9% 2.0% 13.4 62%

151 InterContinental Hotels Group PLC IHG FTSE 100 Travel & Leisure £16.68 6.5% 2.2% 26.2 67%

152 Hunting PLC HTG FTSE Mid 250 Oil Equipment; Services & Distribution £8.14 4.0% 1.8% 35.8 74%

153 Oxford Instruments PLC OXIG FTSE Mid 250 Electronic & Electrical Equipment £13.61 13.2% 0.7% 78.8 60%

154 Aegis Group PLC AGS FTSE Mid 250 Media £2.35 0.4% 1.3% 34.3 71%

155 Dialight PLC DIA FTSE Mid 250 Electronic & Electrical Equipment £10.83 4.8% 0.9% 76.7 52%

FTSE 350 sorted by company nameUse the table below to find the rank and growth, yield, value and quality numbers for a particular company.


DividendYield

Value(PE10) Quality

59 Aberdeen Asset Management PLC ADN FTSE 100 Financial Services £3.38 20.8% 3.4% 34.9 90%

154 Aegis Group PLC AGS FTSE Mid 250 Media £2.35 0.4% 1.3% 34.3 71%

98 Aggreko PLC AGK FTSE 100 Support Services £22.32 26.7% 0.9% 54.8 98%

144 AMEC PLC AMEC FTSE 100 Oil Equipment; Services & Distribution £10.44 9.5% 2.9% 29.2 74%

18 Amlin PLC AML FTSE Mid 250 Nonlife Insurance £3.86 9.1% 6.0% 10.5 85%

122 Antofagasta PLC ANTO FTSE 100 Mining £12.88 20.3% 1.0% 25.3 81%

131 ARM Holdings PLC ARM FTSE 100 Technology Hardware & Equipment £7.74 20.5% 0.4% 204.5 93%

81 Associated British Foods PLC ABF FTSE 100 Food Producers £14.78 8.6% 1.9% 25.9 98%

5 AstraZeneca PLC AZN FTSE 100 Pharmaceuticals & Biotechnology £29.67 17.3% 5.9% 11.1 90%

21 Atkins (W S) PLC ATK FTSE Mid 250 Support Services £7.68 11.5% 4.0% 11.8 88%

119 AVEVA Group PLC AVV FTSE Mid 250 Software & Computer Services £20.47 32.3% 1.0% 55 90%

62 Aviva PLC AV. FTSE 100 Life Insurance £3.51 0.2% 7.4% 8.8 68%

79 Babcock International Group PLC BAB FTSE 100 Support Services £9.97 23.0% 2.3% 35.8 90%

13 BAE Systems PLC BA. FTSE 100 Aerospace & Defense £3.27 12.3% 5.7% 11.2 86%

10 Balfour Beatty PLC BBY FTSE Mid 250 Construction & Materials £2.58 12.6% 5.3% 10.7 88%

66 Barclays PLC BARC FTSE 100 Banks £2.46 -10.4% 2.4% 6.8 74%

80 Barr (A G) PLC BAG FTSE Mid 250 Beverages £4.75 10.9% 2.0% 32 100%

136 BBA Aviation PLC BBA FTSE Mid 250 Industrial Transportation £2.14 -1.8% 4.1% 13.2 55%

150 Bellway PLC BWY FTSE Mid 250 Household Goods & Home Construction £9.98 -10.9% 2.0% 13.4 62%

130 Berendsen PLC BRSN FTSE Mid 250 Support Services £5.80 3.9% 4.0% 18.4 64%

70 BG Group PLC BG. FTSE 100 Oil & Gas Producers £10.70 18.9% 1.4% 18 86%

12 BHP Billiton PLC BLT FTSE 100 Mining £19.62 23.1% 3.6% 14.4 95%

138 Bodycote PLC BOY FTSE Mid 250 Industrial Engineering £4.13 4.9% 2.6% 21.5 76%

52 BP PLC BP. FTSE 100 Oil & Gas Producers £4.32 2.9% 4.2% 9.1 71%

7 Braemar Shipping Services PLC BMS FTSE Small Cap Industrial Transportation £3.63 10.8% 7.2% 9.2 86%

72 Brewin Dolphin Holdings PLC BRW FTSE Mid 250 Financial Services £1.85 11.4% 3.8% 21.4 76%

43 British American Tobacco PLC BATS FTSE 100 Tobacco £32.74 12.5% 3.9% 26.6 93%

63 British Sky Broadcasting Group PLC BSY FTSE 100 Media £7.59 10.9% 3.3% 24.5 90%

38 Brown (N) Group PLC BWNG FTSE Mid 250 General Retailers £3.59 12.3% 3.6% 19.1 88%

107 BT Group PLC BT.A FTSE 100 Fixed Line Telecommunications £2.34 -1.6% 3.6% 13.6 71%

61 Bunzl PLC BNZL FTSE 100 Support Services £10.29 9.4% 2.6% 24.8 95%

103 Burberry Group PLC BRBY FTSE 100 Personal Goods £12.87 16.2% 1.9% 37.8 93%

33 Cable & Wireless Communications PLC CWC FTSE Mid 250 Fixed Line Telecommunications £0.35 7.6% 14.7% 11.3 67%

48 Capita Group (The) PLC CPI FTSE 100 Support Services £7.63 17.2% 2.8% 28.1 95%

14 Carillion PLC CLLN FTSE Mid 250 Support Services £2.91 13.5% 5.8% 11.7 86%

44 Centrica PLC CNA FTSE 100 Gas; Water & Multiutilities £3.26 10.5% 4.7% 16.4 81%

2 Chemring Group PLC CHG FTSE Mid 250 Aerospace & Defense £2.46 33.9% 6.0% 10.2 98%

74 Close Brothers Group PLC CBG FTSE Mid 250 Financial Services £8.64 0.6% 4.8% 13.8 79%

34 Cobham PLC COB FTSE Mid 250 Aerospace & Defense £2.12 13.3% 3.8% 17.1 88%

117 Compass Group PLC CPG FTSE 100 Travel & Leisure £7.21 11.7% 3.0% 30.5 81%

110 Computacenter PLC CCC FTSE Mid 250 Software & Computer Services £3.88 6.8% 3.9% 16.4 74%

20 Cranswick PLC CWK FTSE Mid 250 Food Producers £8.00 11.5% 3.6% 14.8 95%

45 CRH PLC CRH FTSE 100 Construction & Materials £11.42 7.3% 4.7% 11.1 76%

95 Croda International PLC CRDA FTSE 100 Chemicals £23.81 22.4% 2.3% 47.9 93%

147 Daejan Holdings PLC DJAN FTSE Mid 250 Real Estate Investment & Services £28.50 0.3% 2.7% 20.8 71%

78 Dairy Crest Group PLC DCG FTSE Mid 250 Food Producers £3.73 1.3% 5.5% 9 64%

115 De La Rue PLC DLAR FTSE Mid 250 Support Services £9.63 8.8% 4.4% 22.6 71%

101 Dechra Pharmaceuticals PLC DPH FTSE Mid 250 Pharmaceuticals & Biotechnology £5.84 11.7% 2.1% 36.4 95%

124 Devro PLC DVO FTSE Mid 250 Food Producers £3.07 9.4% 2.6% 28.4 83%

139 Diageo PLC DGE FTSE 100 Beverages £18.57 6.2% 2.3% 30.8 81%


DividendYield

Value(PE10) Quality

155 Dialight PLC DIA FTSE Mid 250 Electronic & Electrical Equipment £10.83 4.8% 0.9% 76.7 52%

65 Diploma PLC DPLM FTSE Mid 250 Support Services £4.82 15.2% 3.0% 32.7 95%

49 Domino Printing Sciences PLC DNO FTSE Mid 250 Electronic & Electrical Equipment £5.94 12.8% 3.2% 26 95%

67 Domino's Pizza UK & IRL PLC DOM FTSE Mid 250 Travel & Leisure £5.07 26.6% 2.4% 54.3 100%

100 Electrocomponents PLC ECM FTSE Mid 250 Support Services £2.11 0.1% 5.6% 14 67%

116 Euromoney Institutional Investor PLC ERM FTSE Mid 250 Media £7.83 6.7% 2.8% 21 79%

73 Fenner PLC FENR FTSE Mid 250 Industrial Engineering £3.87 12.7% 2.7% 24.4 88%

42 Fidessa Group PLC FDSA FTSE Mid 250 Software & Computer Services £14.18 23.0% 2.6% 32.4 98%

1 FirstGroup PLC FGP FTSE Mid 250 Travel & Leisure £1.87 10.2% 12.7% 5.2 93%

75 FTSE 100 5900 4.7% 3.5% 13.7 79%

123 Galliford Try PLC GFRD FTSE Mid 250 Construction & Materials £7.31 2.1% 4.1% 12.8 71%

128 Genus PLC GNS FTSE Mid 250 Pharmaceuticals & Biotechnology £13.75 11.0% 1.1% 46.1 93%

46 GlaxoSmithKline PLC GSK FTSE 100 Pharmaceuticals & Biotechnology £13.35 5.0% 5.2% 14.8 83%

22 Go-Ahead Group (The) PLC GOG FTSE Mid 250 Travel & Leisure £12.32 7.4% 6.6% 8.8 79%

28 Greene King PLC GNK FTSE Mid 250 Travel & Leisure £6.12 6.8% 4.1% 13 88%

26 Greggs PLC GRG FTSE Mid 250 Food & Drug Retailers £4.81 7.5% 4.0% 15.7 93%

82 Halma PLC HLMA FTSE Mid 250 Electronic & Electrical Equipment £4.37 10.0% 2.2% 31.6 93%

54 Hays PLC HAS FTSE Mid 250 Support Services £0.78 2.5% 3.2% 10.5 71%

41 Homeserve PLC HSV FTSE Mid 250 Support Services £2.40 13.1% 4.7% 14.5 79%

91 HSBC Holdings PLC HSBA FTSE 100 Banks £6.38 -3.2% 4.1% 12.1 74%

152 Hunting PLC HTG FTSE Mid 250 Oil Equipment; Services & Distribution £8.14 4.0% 1.8% 35.8 74%

4 ICAP PLC IAP FTSE Mid 250 Financial Services £2.92 12.3% 7.5% 11.2 93%

87 IMI PLC IMI FTSE 100 Industrial Engineering £10.54 9.6% 2.8% 24 88%

23 Imperial Tobacco Group PLC IMT FTSE 100 Tobacco £24.97 20.5% 4.2% 22.5 90%

151 InterContinental Hotels Group PLC IHG FTSE 100 Travel & Leisure £16.68 6.5% 2.2% 26.2 67%

50 Intermediate Capital Group PLC ICP FTSE Mid 250 Financial Services £2.91 -0.1% 6.5% 6.7 74%

24 Interserve PLC IRV FTSE Mid 250 Support Services £3.64 8.3% 5.2% 13.9 83%

104 Intertek Group PLC ITRK FTSE 100 Support Services £30.90 18.1% 1.1% 54.2 100%

51 Investec PLC INVP FTSE Mid 250 Financial Services £3.82 2.1% 4.5% 9.9 76%

27 ITE Group PLC ITE FTSE Mid 250 Media £1.95 14.7% 3.1% 23.1 95%

137 Jardine Lloyd Thompson Group PLC JLT FTSE Mid 250 Nonlife Insurance £7.69 5.3% 3.1% 23.6 69%

8 JD Sports Fashion PLC JD. FTSE Mid 250 General Retailers £7.10 22.8% 3.6% 11 95%

132 John Wood Group PLC WG. FTSE 100 Oil Equipment; Services & Distribution £7.77 17.9% 1.1% 37.7 83%

85 Johnson Matthey PLC JMAT FTSE 100 Chemicals £23.99 10.7% 2.4% 25.7 90%

35 Kier Group PLC KIE FTSE Mid 250 Construction & Materials £11.80 9.1% 5.6% 11.6 74%

146 Kingfisher PLC KGF FTSE 100 General Retailers £2.78 0.5% 3.2% 15.7 60%

106 Ladbrokes PLC LAD FTSE Mid 250 Travel & Leisure £1.95 -6.3% 4.0% 8.6 64%

140 Laird PLC LRD FTSE Mid 250 Electronic & Electrical Equipment £2.23 -6.7% 3.6% 14.4 62%

111 Legal & General Group PLC LGEN FTSE 100 Life Insurance £1.46 2.5% 4.4% 15.3 74%

37 London Stock Exchange Group PLC LSE FTSE Mid 250 Financial Services £9.78 17.4% 2.9% 19.3 86%

57 Marks & Spencer Group PLC MKS FTSE 100 General Retailers £3.91 4.9% 4.4% 11.8 74%

102 Marston's PLC MARS FTSE Mid 250 Travel & Leisure £1.25 -13.4% 4.9% 11.6 71%

31 Mears Group PLC MER FTSE Small Cap Support Services £3.25 19.7% 2.3% 21.8 98%

71 Meggitt PLC MGGT FTSE 100 Aerospace & Defense £3.89 11.4% 2.7% 21.8 86%

112 Michael Page International PLC MPI FTSE Mid 250 Support Services £3.56 9.7% 2.8% 23.4 81%

97 Millennium & Copthorne Hotels PLC MLC FTSE Mid 250 Travel & Leisure £4.87 12.4% 2.6% 18.5 79%

17 MITIE Group PLC MTO FTSE Mid 250 Support Services £2.68 15.3% 3.6% 18.7 98%

32 Morrison (Wm) Supermarkets PLC MRW FTSE 100 Food & Drug Retailers £2.69 16.0% 4.0% 17.9 86%

47 National Grid PLC NG. FTSE 100 Gas; Water & Multiutilities £7.05 9.3% 5.6% 14.3 76%

94 Next PLC NXT FTSE 100 General Retailers £36.61 8.9% 2.5% 22.3 90%

126 Old Mutual PLC OML FTSE 100 Life Insurance £1.71 -8.1% 3.3% 11.9 71%

153 Oxford Instruments PLC OXIG FTSE Mid 250 Electronic & Electrical Equipment £13.61 13.2% 0.7% 78.8 60%

89 Pearson PLC PSON FTSE 100 Media £11.78 8.4% 3.6% 25.4 83%

19 Pennon Group PLC PNN FTSE 100 Gas; Water & Multiutilities £6.19 11.8% 4.3% 20.7 95%

77 Premier Farnell PLC PFL FTSE Mid 250 Support Services £1.75 3.9% 5.9% 13.7 69%

127 Provident Financial PLC PFG FTSE Mid 250 Financial Services £12.87 0.7% 5.4% 19.5 67%

84 Prudential PLC PRU FTSE 100 Life Insurance £9.05 6.8% 2.8% 26.7 91%

96 PZ Cussons PLC PZC FTSE Mid 250 Personal Goods £3.59 10.6% 1.9% 31.2 95%

93 Rathbone Brothers PLC RAT FTSE Mid 250 Financial Services £12.45 3.7% 3.7% 21.2 85%

29 Reckitt Benckiser Group PLC RB. FTSE 100 Household Goods & Home Construction £39.25 18.3% 3.2% 27.5 100%


DividendYield

Value(PE10) Quality

121 Reed Elsevier PLC REL FTSE 100 Media £6.43 6.5% 3.4% 22.5 74%

143 Renishaw PLC RSW FTSE Mid 250 Electronic & Electrical Equipment £18.10 10.3% 2.1% 41.2 83%

36 Restaurant Group (The) PLC RTN FTSE Mid 250 Travel & Leisure £3.83 15.0% 2.7% 26.2 95%

109 Rexam PLC REX FTSE 100 General Industrials £4.38 0.4% 3.3% 14.4 76%

25 Rio Tinto PLC RIO FTSE 100 Mining £30.94 21.1% 2.9% 11.6 83%

105 Rolls-Royce Group PLC RR. FTSE 100 Aerospace & Defense £8.91 16.0% 2.0% 31.8 86%

83 Rotork PLC ROR FTSE Mid 250 Industrial Engineering £24.80 17.5% 1.5% 48.1 100%

30 Royal Dutch Shell PLC RDSB FTSE 100 Oil & Gas Producers £21.55 9.6% 4.9% 11.1 76%

53 RPC Group PLC RPC FTSE Mid 250 General Industrials £3.91 10.8% 3.7% 17.5 88%

55 RPS Group PLC RPS FTSE Mid 250 Support Services £2.12 14.1% 2.6% 17.1 86%

6 RSA Insurance Group PLC RSA FTSE 100 Nonlife Insurance £1.18 18.9% 7.8% 11.2 82%

114 SABMiller PLC SAB FTSE 100 Beverages £28.28 14.1% 2.1% 37.1 90%

39 Sage Group (The) PLC SGE FTSE 100 Software & Computer Services £3.12 15.7% 3.1% 24.1 93%

92 Sainsbury (J) PLC SBRY FTSE 100 Food & Drug Retailers £3.41 14.7% 4.7% 20.8 60%

120 Savills PLC SVS FTSE Mid 250 Real Estate Investment & Services £4.47 3.8% 3.0% 16.4 76%

88 Schroders PLC SDR FTSE 100 Financial Services £15.96 10.9% 2.4% 23.7 88%

125 Senior PLC SNR FTSE Mid 250 Aerospace & Defense £1.98 13.3% 1.9% 28 81%

58 Serco Group PLC SRP FTSE 100 Support Services £5.47 18.6% 1.5% 28.2 100%

135 Severn Trent PLC SVT FTSE 100 Gas; Water & Multiutilities £16.15 4.0% 4.4% 20.9 62%

118 Shanks Group PLC SKS FTSE Mid 250 Support Services £0.81 -0.6% 4.3% 11.8 60%

99 Smith & Nephew PLC SN. FTSE 100 Health Care Equipment & Services £6.58 12.0% 1.7% 21 88%

148 Smith (DS) PLC SMDS FTSE Mid 250 General Industrials £2.16 -0.3% 3.1% 24 74%

113 Smiths Group PLC SMIN FTSE 100 General Industrials £10.95 5.1% 3.5% 16.5 71%

108 Spectris PLC SXS FTSE Mid 250 Electronic & Electrical Equipment £19.23 12.4% 1.7% 34.5 93%

60 Spirax-Sarco Engineering PLC SPX FTSE Mid 250 Industrial Engineering £21.83 12.7% 2.2% 30.1 100%

9 SSE PLC SSE FTSE 100 Electricity £14.25 16.5% 5.6% 16.3 90%

134 St James's Place PLC STJ FTSE Mid 250 Life Insurance £3.99 8.1% 2.0% 33.4 88%

64 Stagecoach Group PLC SGC FTSE Mid 250 Travel & Leisure £2.93 13.7% 2.7% 18.8 83%

68 Standard Chartered PLC STAN FTSE 100 Banks £14.55 6.4% 3.3% 16.2 85%

56 Synergy Health PLC SYR FTSE Mid 250 Health Care Equipment & Services £9.82 20.8% 1.8% 31.9 98%

133 Tate & Lyle PLC TATE FTSE 100 Food Producers £7.73 2.1% 3.2% 18.6 71%

86 Ted Baker PLC TED FTSE Mid 250 General Retailers £9.96 10.1% 3.1% 29.8 93%

15 Tesco PLC TSCO FTSE 100 Food & Drug Retailers £3.25 9.7% 4.5% 13.9 98%

3 Tullett Prebon PLC TLPR FTSE Mid 250 Financial Services £2.27 16.0% 7.3% 6.5 88%

141 Tullow Oil PLC TLW FTSE 100 Oil & Gas Producers £13.77 21.8% 0.9% 66.1 83%

69 Ultra Electronics Holdings PLC ULE FTSE Mid 250 Aerospace & Defense £16.31 15.5% 2.4% 26.7 90%

145 Unilever PLC ULVR FTSE 100 Food Producers £24.03 3.8% 3.2% 19.7 69%

129 United Utilities Group PLC UU. FTSE 100 Gas; Water & Multiutilities £6.82 -3.7% 4.7% 15.4 60%

11 Vedanta Resources PLC VED FTSE 100 Mining £10.71 27.7% 3.2% 11 90%

90 Victrex PLC VCT FTSE Mid 250 Chemicals £15.38 15.0% 2.1% 37 95%

16 Vodafone Group PLC VOD FTSE 100 Mobile Telecommunications £1.61 11.1% 5.9% 11.5 88%

76 Weir Group PLC WEIR FTSE 100 Industrial Engineering £18.90 18.8% 1.7% 36 95%

149 Whitbread PLC WTB FTSE 100 Travel & Leisure £23.99 9.0% 2.1% 30.5 74%

142 William Hill PLC WMH FTSE Mid 250 Travel & Leisure £3.37 -10.2% 2.8% 13.4 64%

40 WPP Group PLC WPP FTSE 100 Media £8.56 12.7% 2.9% 20.8 95%

IMPORTANT DISCLAIMER: The author is not registered as an investment advisor or as an independent financialadvisor and does not provide individual investment advice. Neither the author nor this document are regulated by theFinancial Services Authority. No information provided in this document should ever be construed as investment advice.It is prepared for education and information only. The specific needs, investment objectives and financial situation of anyparticular reader have not been taken into consideration and the investments mentioned may not be suitable for anyindividual. The information contained in this document is not intended to be an offer to buy or sell or a solicitation of anoffer to buy or sell any securities. Readers must not base any investment decision solely on the basis of this document;instead they should seek independent financial advice. The information in this document and any expression of opinionby the author have been obtained from or are based on sources believed to be reliable but the accuracy or completenessof any such sources or the author’s interpretation of them cannot be guaranteed although the author believes thedocument to be clear, fair and not misleading. The author receives no compensation from and is not affiliated with anycompany mentioned in this document other than possibly receiving advertising revenue via a third party. The viewsreflected in this document may be wrong and may change without notice. To the maximum extent possible at law, theauthor does not accept any liability whatsoever arising from the use of the material or information contained herein.

INVESTMENT RISK: The value of shares can fall as well as rise. Dividend payments can fall as well as rise. Anyinformation relating to past performance of an investment or investment service is not necessarily a guide to futureperformance. There is an additional risk of making a loss when you buy shares in certain smaller companies. There is abig difference between the buying price and the selling price of some shares and if you have to sell quickly you may getback much less than you paid. Share prices may go down as well as up and you may not get back the original amountinvested. It may be difficult to sell or realize an investment. You should not buy shares with money you cannot afford tolose.

DISCLOSURE RULES: When content is published about a company and the author has a position or beneficial interestin it, that fact will be disclosed.

In addition to the above disclosure requirement, the author follows additional trading restrictions and guidelines. Theserestrictions require that the author:

· Hold any stocks owned for at least 10 full market business days.

· Cannot write about a stock for 2 business days before and after purchasing or selling the stock.

DISCLOSURE: The author owns shares in all of the companies in the model portfolio and intends to buy shares in anynew model portfolio investments, and sell the shares of any model portfolio holdings which are sold.

CONFIDENTIALITY: This document is for paid subscribers only. Please retain it for your own exclusive use and treat itas confidential.

© John Kingham, 2012. Offices at Unit 5, Pluto House, 19-33 Station Road, Ashford, Kent, TN23 1PP.

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uk value investor december 2012

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