value indicator - uk main market 20130719

7/28/2019 value indicator - uk main market 20130719

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19 July 2013

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Intellisys Intelligent Analysis Limited 19 July 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 Over Valued ..................................................7Engineering & Machinery Under Valued ................................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Over Valued ........................................................8General Retail Under Valued ..............................................................................9Heath Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Under Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Under Valued ................................................ 12Real Estate Under Valued ............................................................................... 12Software & Computer Services Under Valued ..................................................... 13Speciality & Other Finance Under Valued .......................................................... 13Support Services Under Valued ..................................................................... 14Telecommunication Services 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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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 433.70 300.80 433.70 Neutral Buy 612 0.68

CHEMRING GROUP 321.10 217.00 414.70 Neutral Buy 366 0.66

COBHAM 279.90 190.10 293.40 N eu tra l Neu tral 302 0.83

MEGGITT 549.00 366.20 562.00 N eu tra l Neu tral 531 1.30

ROLLS-ROYCE HOLDINGS 1200.00 7 99.39 1 225.00 N eu tra l Neu tral 1164 1.01

SMITHS GROUP 1396.00 1011.00 1396.00 Neutral Sell 1167 0.77

ULTRA ELECTRONICS HDG. 1819.00 1 424.00 1843.00 Neutral Sell 1725 0.51

Automobiles & Parts Under Valued

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

GKN 339.20 200.70 339.20 N eu tra l Neu tral 332 1.96

INCHCAPE 560.50 353.30 577.50 N eu tra l Neu tral 582 1.42

LOOKERS 110.00 64.50 110.50 Neutral Sell 101 1.23

PENDRAGON 27.75 13.50 28.25 Neutral Buy 39 1.11

Banks Over Valued


BARCLAYS 317.05 150.55 333.85 Neutral Sell -823 1.94

HSBC HDG. (ORD $0.50) 741.00 510.60 769.90 Neutral Buy 862 1.16

LLOYDS BANKING GROUP 70.03 28.76 70.03 Sell Sell 8 1.86

ROYAL BANK OF SCTL.GP. 334.40 196.60 367.80 Neutral Sell -123 1.37

STANDARD CHARTERED 1534.00 1228.50 1 837.50 Neutral Strong Buy 3382 1.65

Beverages Under Valued


BARR (AG) 554.00 415.00 588.50 Neutral Sell 491 0.58

DIAGEO 2024.50 1656.00 2085.00 Neutra l Neutral 2206 0.53

SABMILLER 3260.50 2599.00 3657.00 Neutral Buy 4354 0.93

Chemicals Under Valued


ALENT 373.60 305.00 397.50 Neutral Buy 445 #NA

AZ ELECTRONIC MATS.(DI) 340.00 240.00 406.40 Neutral Strong Buy 552 1.21

CARCLO 365.75 342.75 503.00 Neutral Sell 147 0.76

CRODA INTERNATIONAL 2600.00 2164.00 2841.00 Neutral Buy 3370 1.06

ELEMENTIS 232.40 191.50 275.00 Neutral Buy 314 1.04

JOHNSON MATTHEY 2748.00 2080.27 2836.00 Neutral Strong Buy 4511 1.44

VICTREX 1595.00 1204.00 1765.00 Neutral Sell 1395 1.19

SYNTHOMER 195.00 137.00 225.80 Neutral Strong Buy 385 1.11

ZOTEFOAMS 206.00 166.00 225.00 Neutral Buy 294 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 105.00 61.50 105.00 Neutral Strong Buy 275 0.52

BALFOUR BEATTY 232.20 207.60 320.80 Neutral Strong Buy 1140 0.83

BARRATT DEVELOPMENTS 348.40 132.20 352.00 Neutral Strong Buy 603 1.61

BELLWAY 1441.00 801.50 1455.00 Neutral Strong Buy 2834 1.00

BERKELEY GROUP HDG.(THE) 2293.00 1343.00 2325.00 Neutral Strong Buy 3470 0.57

BOOT (HENRY) 184.50 115.50 201.00 Neutral Strong Buy 362 0.76

BOVIS HOMES GROUP 834.00 451.00 851.50 Neutral Buy 1037 1.11

CARILLION 281.20 235.50 331.80 Neutral Strong Buy 1526 1.10

CLARKE (T) 54.50 40.00 61.50 Neutral Strong Buy 383 0.80

COSTAIN GROUP 286.75 202.00 306.00 Neutral Strong Buy 1123 0.51

CRH 1351.00 1090.00 1540.00 Neutral Sell 912 1.05

GALLIFORD TRY 1019.00 606.00 1019.00 Neutral Strong Buy 2922 0.95

KELLER 1140.00 397.00 1140.00 Sell Strong Buy 2368 1.26

KIER GROUP 1395.00 1106.00 1486.00 Neutral Strong Buy 5277 0.94

LOW & BONAR 65.00 50.00 76.75 Neutral Strong Buy 223 1.05MARSHALLS 142.00 76.00 142.00 Neutral Buy 201 1.32

MORGAN SINDALL GROUP 633.00 508.00 695.00 Neutral Strong Buy 4497 0.69

NORCROS 16.13 10.63 18.25 Neutral Strong Buy 60 1.07

PERSIMMON 1268.00 565.78 1305.00 Neutral Strong Buy 1984 1.04

REDROW 248.90 125.00 253.30 Neutral Strong Buy 451 0.89

SIG 182.20 88.85 182.20 Neutral Strong Buy 523 1.72

SUPERGLASS HOLDINGS 45.50 43.00 287.50 Neutral Strong Buy 4208 0.88

TAYLOR WIMPEY 108.00 42.72 108.00 Neutral Strong Buy 225 1.62

TRAVIS PERKINS 1696.00 970.50 1696.00 Sell Strong Buy 4370 1.92

WOLSELEY 3287.00 2237.39 3483.00 Neutral Strong Buy 5947 1.37

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1064.00 997.00 1365.00 Neutral Strong Buy 52522 0.69

DOMINO PRINTING SCIENCES 651.50 522.00 717.00 Neutral Strong Buy 2554 1.16

E2V TECHNOLOGIES 126.50 105.50 137.75 Neutral Sell -7105 1.27

INVENSYS 507.00 217.33 509.50 Neutral Sell -24632 1.36

LAIRD 190.70 171.10 249.30 Neutral Sell -67518 2.12

OXFORD INSTRUMENTS 1340.00 1209.00 1752.00 Neutral Sell -17413 1.11

RENISHAW 1580.00 1265.00 2081.00 Neutral Strong Buy 341867 1.30

SPECTRIS 2035.00 1479.00 2470.00 Neutral Sell -1481 1.52

BIOME TECHNOLOGIES 99.50 99.50 303.67 Neutral Sell -8 0.75

TT ELECTRONICS 158.00 114.00 178.50 Neutral Sell -53941 1.61

XAAR 860.00 227.00 898.00 Neutral Sell -274 1.09


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Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 88.00 54.25 91.75 Neutral Buy 126 1.18

BODYCOTE 575.00 322.60 575.50 Neutral Neutral 618 1.58

CASTINGS 407.50 291.00 412.50 Neutral Strong Buy 646 0.94

VESUVIUS 408.00 263.19 408.00 Neutral Strong Buy 986 2.23

FENNER 335.10 305.90 435.20 Neutral Strong Buy 527 1.46

HALMA 525.00 395.50 538.50 Neutral Sell 368 0.77

HILL & SMITH 439.25 297.00 480.00 Neutral Buy 505 1.36

IMI 1372.00 776.00 1372.00 Neutral Strong Buy 5376 1.40

MORGAN ADVANCED MATERIAL 292 .00 220 .30 305 .00 Neutral Strong Buy 754 1.87

ROTORK 2750.00 2132.00 3037.00 Neutral Sell 1373 1.03

SENIOR 261.90 178.10 281.80 Neutral Sell 235 1.66

SEVERFIELD-ROWEN 55.25 35.40 80.16 Neutral Sell 40 0.75

SPIRAX-SARCO 2842.00 1903.48 2928.35 Neutral Sell 2062 0.84

VITEC GROUP 567.00 559.00 740.00 Neutral Sell 437 1.41

WEIR GROUP 2193.00 1525.00 2474.00 Neutral Neutral 2096 1.47

Food & Drug Stores Over Valued


GREGGS 440.60 398.00 523.50 Neutral Strong Buy 791 0.43

MORRISON(WM)SPMKTS. 287.00 248.60 296.40 Neutral Buy 395 0.36

SAINSBURY (J) 391.10 312.50 396.50 Neutral Buy 481 0.54

TESCO 368.20 307.90 387.75 Neutral Sell 198 0.66

THORNTONS 81.50 22.50 100.50 Neutral Sell 51 0.82

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1884.00 1243.00 2 031.00 Neutral Neutral 1867 0.59

CRANSWICK 1175.00 732.50 1178.00 Neutral Strong Buy 2007 0.35

DAIRY CREST 492.70 327.30 503.50 Neutral Sell 119 0.89

DEVRO 299.50 278.00 380.00 Neutral Strong Buy 520 0.34

PREMIER FOODS 83.00 54.50 125.75 Neutral Strong Buy 388 1.22

TATE & LYLE 851.50 634.50 883.00 Neutral Strong Buy 1392 0.68

UNILEVER (UK) 2766.00 2140.00 2885.00 Neutral Sell 1718 0.52


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 25.00 20.50 29.50 Neutral Buy 35 0.67

BROWN (N) GROUP 507.00 261.70 507.00 Sell Sell 402 0.47

BURBERRY GROUP 1532.00 1000.00 1541.00 Neutral Sell 1093 1.27

CARPETRIGHT 693.00 585.00 701.50 Sell Sell 319 0.89

DIXONS RETAIL 44.18 14.97 44.18 Neutral Buy 49 1.46

FINDEL 168.25 55.20 186.00 Neutral Sell 74 1.05

FRENCH CONNECTN.GROUP 28.50 19.50 34.00 Sell Strong Buy 116 1.00

HALFORDS GROUP 374.00 189.00 405.20 Neutral Buy 559 0.68

JD SPORTS FASHION 877.50 651.00 925.00 Neutral Strong Buy 1711 0.51

DARTY 74.75 38.00 75.00 Neutral Buy 105 1.19

KINGFISHER 392.90 254.10 392.90 Neu tral Neu tral 418 0.87

MARKS & SPENCER GROUP 482.40 317.10 485.00 Sell Buy 566 0.61

MOSS BROTHERS GROUP 61.50 44.50 71.00 Neutral Buy 70 0.98

MOTHERCARE 463.00 194.75 492.75 Neu tral Neu tral 454 0.38

NEXT 4872.00 3185.00 4872.00 Sell Neutral 4912 0.59

TED BAKER 1846.00 880.00 1865.00 Sell Sell 858 0.54

TOPPS TILES 88.00 41.75 89.00 Neutral Sell 61 1.50

Health Over Valued


BIOQUELL 134.00 129.50 160.00 Neutral Sell 111 0.39

CONSORT MEDICAL 785.00 660.50 839.00 Neutral Sell 565 0.38

OPTOS 147.25 106.75 222.75 Neutral Buy 167 1.23

SMITH & NEPHEW 795.00 638.00 795.00 Neutral Sell 675 0.44

Household Goods & Textiles Over Valued


GAMES WORKSHOP 791.50 571.50 791.50 Neutral Neutral 769 0.38

HEADLAM GROUP 357.00 265.00 378.75 Neutral Sell 315 0.89

HORNBY 82.50 55.25 88.50 Neutral Buy 109 0.71

Information Technology & Hardware Over Valued


ARM HOLDINGS 921.00 481.30 1097.00 Neutral Sell 453 0.70

CSR 607.00 292.30 607.00 Neutral Strong Buy 1533 1.12FILTRONIC 65.50 28.38 83.25 Neutral Sell 24 0.94

IMAGIN AT ION TECHNOLOGIES 284 .00 273 .10 624 .00 Neutral Buy 358 1.09

SPIRENT COMMUNICATIONS 123.00 118.00 170.00 Neutral Strong Buy 442 0.94

WOLFSON M ICR OELECTR ONICS 153 .75 140 .00 230 .00 Neutral Sell -722 0.96


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Insurance Under Valued


ADMIRAL GROUP 1384.00 1019.00 1391.00 Neutral Sell -576 0.50

AMLIN 417.50 362.80 435.10 Neutral Strong Buy 1659 0.39

BEAZLEY 242.50 152.60 242.50 Neutral Strong Buy 1032 0.52

CATLIN GROUP 531.50 424.00 552.50 Neutral Sell 479 0.22

HISCOX 606.00 428.39 606.00 Neutral Strong Buy 2060 0.41

JARDINE LLOYD THOMPSON 878.00 710.50 917.00 Neutral Buy 1305 0.33

RSA INSURANCE GROUP 129.60 107.30 136.30 Neutral Strong Buy 789 0.39

NOVAE GROUP 490.00 345.00 507.50 Neutral Strong Buy 3725 0.41

Leisure & Hotels Over Valued


CARNIVAL 2520.00 2083.00 2628.00 Neutral Buy 3605 0.92

ENTERPRISE INNS 123.10 55.50 125.30 Neu tral Neu tral 117 1.62

TUI TRAVEL 373.70 171.20 376.60 Neutral Strong Buy 730 0.96

FULLER SMITH 'A' 921.50 700.50 925.00 Neutral Sell 623 0.25

GREENE KING 871.00 556.50 871.00 Sell Sell 641 0.85

LADBROKES 201.90 153.80 243.10 Neutral Buy 268 0.87

ICTL.HTLS.GP. 1996.00 1524.00 2039.00 Neutral Sell 1713 1.12

MILLENNIUM & CPTH.HTLS. 555.00 456.00 582.50 Neu tral Neu tral 594 1.37

MITCHELLS & BUTLERS 410.00 253.20 410.00 Sell Sell 283 0.96

BWIN PARTY DIGITAL ENTM. 127.80 91.90 156.00 Neutral Sell 62 1.23

PUNCH TAVERNS 13.50 5 .61 13.75 Neutral Strong Buy 77 1.18

RANK GROUP 162.40 115.00 177.50 Neutral Strong Buy 585 0.97

RESTAURANT GROUP 557.50 315.50 557.50 Neutral Sell 398 0.70

WETHERSPOON (JD) 667.50 445.00 670.00 Neu tral Neu tral 708 0.56

WHITBREAD 3186.00 2047.00 3225.00 Neutral Sell 2227 0.99WILLIAM HILL 471.30 268.33 471.30 Neutral Sell 262 0.79

MARSTON'S 151.30 107.20 154.70 Neutral Sell 10 1.15

Life Assurance Under Valued


AVIVA 372.00 268.30 388.40 Neutral Sell 350 1.17

CHESNARA 262.75 163.00 270.00 Neutral Strong Buy 505 0.67

LEGAL & GENERAL 190.80 123.30 190.80 Sell Strong Buy 480 1.70

OLD MUTUAL 199.00 151.90 221.60 Neutral Strong Buy 400 1.52

PRUDENTIAL 1151.00 732.50 1203.00 Neu tral Neu tral 1172 1.66

ST.JAMES'S PLACE 597.00 318.20 640.00 Neutral Strong Buy 6695 0.82


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 137.50 102.00 146.50 Neutral Strong Buy 1143 0.38

BRITISH SKY BCAST.GROUP 845.00 677.50 899.50 Neutral Strong Buy 1317 0.47

CENTAUR MEDIA 41.00 29.00 60.00 Neutral Sell -17 1.02

DAILY MAIL 'A' 798.00 432.25 818.00 Neutral Strong Buy 4221 1.07

EUROMONEY INSTL.INVESTOR 1105.00 714 .00 1105.00 Neutral Strong Buy 5991 0.98

INFORMA 504.50 350.40 537.00 Neutral Sell -42 1.61

ITE GROUP 295.00 183.50 307.40 Neutral Strong Buy 327 1.49

ITV 159.00 70.40 161.30 Neutral Strong Buy 1482 1.44

JOHNSTON PRESS 16.63 5.09 19.00 Neutral Strong Buy 914 1.22

PEARSON 1264.00 1119.00 1294.00 Neutral Strong Buy 438 0.60

PHOTO-ME INTL. 92.50 37.00 94.00 Neutral Strong Buy 2836 0.87

PINEWOOD SHEPPERTON 280.00 265.00 350.00 Neutral Strong Buy 1017 0.12

THOMSON REUTERS 35.88 26.85 36.45 Neutral Strong Buy 497 0.51

STV GROUP 151.75 81.50 152.50 Neutral Sell 305 0.82

ST.IVES 157.00 67.50 166.50 Neutral Sell 296 1.48TRINITY MIRROR 120.00 26.50 122.25 Neutral Sell -414 1.60

UBM 706.00 588.50 788.00 Neutral Strong Buy 2595 1.31

WILMINGTON GROUP 164.00 88.00 166.50 Neutral Strong Buy 1340 0.86

WPP 1210.00 788.00 1210.00 Neutral Sell -670 1.28

HIBU 0.26 0.26 1.92 Neutral Strong Buy 1008 0.98

Mining Under Valued


ANGLO AMERICAN 1377.50 1207.00 2084.00 Neutral Sell 1151 1.84

ANGLO PACIFIC GROUP 188.75 161.00 290.00 Neu tral Neu tral 186 1.07ANTOFAGASTA 848.50 784.50 1381.00 Neutral Sell 698 1.43

BHP BILLITON 1881.00 1666.50 2236.00 Neutral Buy 2336 1.49

GLENCORE XSTRATA 273.30 256.85 397.85 Neutral Strong Buy 895 #NA

LONMIN 303.70 240.84 411.96 Sell Buy 385 2.08

RANDGOLD RESOURCES 4457.00 3972.00 7 775.00 Neutral Sell 2385 0.42

RIO TINTO 2948.50 2582.00 3757.00 Neutral Sell 2256 1.54

COALFIELD RESOURCES 2.90 8.85 Neutral Strong Buy 131 0.94

VEDANTA RESOURCES 1135.00 832.50 1335.00 Neutral Strong Buy 2279 2.25

Oil & Gas Under Valued


BG GROUP 1197.50 1000.50 1350.50 Neutral Sell 873 0.86

BP 470.40 416.60 483.30 Neutral Strong Buy 992 1.05

CAIRN ENERGY 270.60 251.80 309.40 Neutral Sell -5 1.35

FORTUNE OIL 7.64 7.15 12.50 Buy Strong Buy 99 0.87

HUNTING 836.00 716.00 941.00 Neutral Sell 547 1.37

JKX OIL & GAS 53.00 48.50 97.00 Neutral Sell -59 1.43

PREMIER OIL 361.40 321.30 401.20 Neutral Buy 402 1.47

ROYAL DUTCH SHELL B 2330.00 2098.00 2366.50 Neutral Strong Buy 8124 0.86

SOCO INTERNATIONAL 357.80 310.60 404.30 Buy Buy 515 0.57

TULLOW OIL 1112.00 977.00 1468.00 Neutral Sell 697 1.08

WOOD GROUP (JOHN) 906.50 720.50 906.50 Neutral Sell 711 1.45


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Personal Care & Household Products Over Valued


MCBRIDE 125.00 101.00 144.60 Neutral Strong Buy 253 0.79

PZ CUSSONS 384.00 297.20 415.60 Neutral Sell 321 0.68

RECKITT BENCKISER GROUP 4693.00 3417.00 4950.00 Neutral Neutral 4733 0.30

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.44 0.36 3.58 Buy Sell -2 0.89

ASTRAZENECA 3305.00 2792.50 3521.50 Neutral Strong Buy 6485 0.49

BTG 392.40 300.30 414.30 Neutral Sell 198 0.73

DECHRA PHARMACEUTICALS 690.50 4 73.00 780.00 Neu tral Neu tral 722 0.20

GLAXOSMITHKLINE 1727.00 1317.50 1782.00 Neu tral Neu tral 1700 0.51

OXFORD BIOMEDICA 1.43 1.43 2.80 Strong Buy Sell 0 0.60

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Buy Strong Buy 2 0.96

SHIRE 2256.00 1727.00 2256.00 Neutral Sell 1439 0.66

SKYEPHARMA 64.50 43.50 101.50 Neutral Sell 27 0.68

VERNALIS 19.50 19.50 27.38 Neutral Sell 10 0.88

Real Estate Under Valued


BIG YELLOW GROUP 420.40 294.90 440.00 Neutral Strong Buy 1143 1.15

BRITISH LAND 614.00 506.00 658.00 Neutral Strong Buy 1317 1.05

CAPITAL & REGIONAL 34.00 22.75 37.00 Sell Sell -17 0.68

CLS HOLDINGS 1000.00 645.00 1010.00 Neutral Strong Buy 4221 0.72

DERWENT LONDON 2477.00 1886.00 2542.00 Neutral Strong Buy 5991 1.21DEVELOPMENT SECS. 198.25 135.75 209.00 Neutral Sell -42 0.92

GRAINGER 171.00 85.50 171.00 Sell Strong Buy 327 1.54

GREAT PORTLAND ESTATES 586.00 418.80 598.00 Neutral Strong Buy 1482 1.05

HAMMERSON 536.50 448.60 554.00 Neutral Strong Buy 914 1.24

HELICAL BAR 284.50 178.00 297.50 Neutral Strong Buy 438 0.77

LAND SECURITIES GROUP 964.50 761.50 994.00 Neutral Strong Buy 2836 1.14

INTU PROPERTIES 328.60 300.60 366.00 Neutral Strong Buy 1017 1.12

MCKAY SECURITIES 147.00 130.50 155.00 Neutral Strong Buy 497 0.66

MUCKLOW (A & J) GROUP 382.00 325.00 437.50 Neutral Sell 305 0.36

PRIMARY HEALTH PROPS. 324.50 312.50 363.53 Neutral Sell 296 0.30

QUINTAIN ESTATES & DEV. 84.50 48.50 87.50 Sell Sell -414 1.04

SAVILLS 614.50 365.00 614.50 Neutral Strong Buy 2595 0.73

SHAFTESBURY 637.00 516.00 668.00 Neutral Strong Buy 1340 1.02

SEGRO 303.50 221.60 303.50 Neutral Sell -670 1.80

ST MODWEN PROPS. 298.00 174.00 329.10 Neutral Strong Buy 1008 1.57

TOWN CENTRE SECURITIES 193.50 162.00 223.00 Neutral Sell 25 1.03

UNITE GROUP 382.00 207.50 389.00 Neutral Strong Buy 2251 1.78

WARNER ESTATE 1.00 1.00 2.52 Buy Sell -1276 0.96

WORKSPACE GROUP 442.00 242.25 446.90 Neutral Strong Buy 1580 0.98


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Software & Computer Services Under Valued


ANITE 135.00 113.00 162.00 Neu tral Neu tral 133 0.73

AVEVA GROUP 2500.00 1774.96 2588.15 Neutral Sell 1552 1.49

COMPUTACENTER 512.00 332.19 564.10 Neutral Strong Buy 1435 0.88

KOFAX 335.50 255.00 345.75 Neu tral Neu tral 346 1.07

INNOVATION GROUP 29.25 18.25 29.50 Sell Sell 26 0.78

MICRO FOCUS INTL. 767.00 529.08 767.00 Neutral Buy 1071 0.80

PHOENIX IT GROUP 165.50 130.00 222.00 Neutral Strong Buy 336 0.71

RM 80.00 64.00 85.50 Neutral Sell -107 0.49

FIDESSA GROUP 2080.00 1275.00 2137.00 Neutral Buy 2290 0.79

SAGE GROUP 357.10 280.06 368.18 Neutral Buy 460 0.71

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 414.70 244.80 492.10 Neutral Strong Buy 1243 1.12

BREWIN DOLPHIN 246.70 144.60 249.50 Neutral Strong Buy 660 0.69

CAMELLIA 9100.00 8000.00 11105.00 Neutral Strong Buy 95593 0.85

CHARLES STANLEY GROUP 420.00 256.00 420.00 Neutral Strong Buy 1434 0.96

CHARLES TAYLOR 185.00 155.00 195.00 Neutral Strong Buy 1105 0.68

CLOSE BROTHERS GROUP 1065.00 729.00 1107.00 Neutral Strong Buy 4865 0.85

F&C ASSET MANAGEMENT 98.80 80.10 110.40 Neutral Sell 74 0.88

HELPHIRE GROUP 4.57 0.55 4.57 Sell Sell -127 0.65

HENDERSON GROUP 172.30 90.55 180.40 Neutral Strong Buy 808 1.44

ICAP 387.90 280.80 401.10 Neutral Strong Buy 826 1.04

INTERMEDIATE CAPITAL GP. 490.30 252.30 501.50 Neutral Strong Buy 2232 1.69

INVESTEC 445.60 358.40 513.50 Neutral Strong Buy 1715 1.56

LONDON STOCK EX.GROUP 1590.00 930.00 1590.00 Sell Strong Buy 6457 1.08MAN GROUP 87.70 69.15 134.40 Neutral Sell -4816 1.39

RATHBONE BROTHERS 1679.00 1208.00 1691.00 Neutral Strong Buy 5514 0.75

SCHRODERS 2486.00 1266.00 2560.00 Neutral Strong Buy 8234 1.27

SCHRODERS NV 1919.00 1016.00 2000.00 Sell Strong Buy 11261 1.25


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Support Services Under Valued


ACAL 223.50 157.75 247.50 Neutral Strong Buy 868 0.90

AGGREKO 1800.00 1557.00 2400.00 Neutral Strong Buy 4294 1.16

AMEC 1056.00 965.50 1172.00 Neutral Strong Buy 3426 1.10

ASHTEAD GROUP 730.00 240.50 730.00 Neutral Buy 1020 1.65

BABCOCK INTL. 1209.00 844.50 1209.00 Neutral Strong Buy 2704 0.48

BRITISH POLYTHENE INDS. 589.00 352.00 589.00 Sell Strong Buy 2146 0.80

BUNZL 1396.00 1009.00 1396.00 Neutral Strong Buy 2885 0.52

UK MAIL GROUP 587.50 215.00 590.00 Neutral Strong Buy 1479 0.41

CAPITA 1045.00 677.50 1055.00 Neutral Sell 215 0.53

COMMUNISIS 68.00 27.33 68.00 Neutral Strong Buy 495 0.78

COMPASS GROUP 895.50 647.50 910.50 Neutral Strong Buy 2044 0.74

BERENDSEN 823.50 496.30 823.50 Neutral Strong Buy 3467 1.04

DE LA RUE 977.00 891.50 1075.00 Neutral Buy 1460 #NA

DIGNITY 1564.00 813.50 1568.00 Neutral Strong Buy 3174 0.22

DIPLOMA 606.00 417.10 627.50 Neutral Strong Buy 1567 0.97ELECTROCOMP. 253.70 200.00 278.40 Neutral Strong Buy 955 1.02

ESSENTRA PLC 759.50 460.50 762.00 Neutral Strong Buy 1427 1.14

G4S 217.00 207.50 313.50 Neutral Strong Buy 914 0.54

HAYS 103.90 68.20 103.90 Neutral Strong Buy 472 1.05

HOMESERVE 291.30 185.60 293.60 Neutral Strong Buy 1003 0.91

INTERSERVE 509.50 319.00 519.00 Neutral Strong Buy 3804 1.30

INTERTEK GROUP 3076.00 2691.00 3453.00 Neutral Strong Buy 4956 0.81

JOHNSON SERVICE GROUP 50.00 27.13 50.00 Neutral Strong Buy 120 1.10

MANAGEMENT CNSL.GP. 25.88 21.25 32.00 Neutral Strong Buy 223 0.68

MENZIES (JOHN) 729.00 573.00 801.00 Neutral Strong Buy 1876 1.40

MICHAEL PAGE INTL. 422.00 346.20 451.80 Neutral Strong Buy 866 1.37

MITIE GROUP 267.80 248.00 300.80 Neutral Strong Buy 1088 0.50

OFFICE2OFFICE 42.00 42.00 156.00 Buy Strong Buy 724 0.28

PAYPOINT 1093.00 670.50 1102.00 Neutral Strong Buy 2261 0.72

PREMIER FARNELL 223.50 165.50 236.30 Neutral Strong Buy 744 1.40

REGUS 183.20 87.50 186.70 Neutral Sell 58 1.40

RENTOKIL INITIAL 95.95 70.35 100.70 Neutral Strong Buy 277 1.29

REXAM 488.60 420.70 547.50 Neutral Strong Buy 1833 0.86

RICARDO 405.00 336.00 431.00 Neutral Strong Buy 1723 0.87

ROBERT WALTERS 219.25 176.25 234.00 Neutral Strong Buy 1042 1.19

RPC GROUP 438.40 378.00 477.00 Neutral Strong Buy 1575 0.79

RPS GROUP 218.50 195.50 274.20 Neutral Strong Buy 1031 1.51

SERCO GROUP 629.50 535.00 683.50 Neutral Strong Buy 2449 0.60

SHANKS GROUP 82.75 73.00 98.00 Neutral Strong Buy 289 1.50

SPEEDY HIRE 59.00 22.25 64.75 Neutral Strong Buy 319 1.23TRIBAL GROUP 181.00 82.00 181.00 Neutral Strong Buy 580 0.64

TRIFAST 57.25 40.50 59.25 Neutral Strong Buy 342 0.94

VP 385.00 287.00 397.00 Neutral Strong Buy 2183 0.80

WYG 89.50 42.00 89.50 Neutral Strong Buy 631 0.82


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Telecommunication Services Over Valued


BT GROUP 332.10 210.20 344.00 Neutral Buy 399 0.89

CABLE & WIRELESS COMMS. 40.65 29.64 46.29 Neutral Strong Buy 78 0.69

INMARSAT 706.00 468.90 749.00 Neutral Sell 180 0.57

KCOM GROUP 83.20 68.25 88.50 Neutral Buy 110 1.23

TELECOM PLUS 1309.00 790.00 1390.00 Neutral Sell 618 0.03

VODAFONE GROUP 191.35 154.45 199.90 Neutral Sell 39 0.51

Transport Under Valued


BBA AVIATION 285.00 178.00 291.00 Neutral Sell 208 1.25

BRAEMAR SHIPPING SVS. 419.88 350.00 430.00 Neutral Buy 543 1.06

CLARKSON 1870.00 1150.00 1870.00 Sell Sell 1307 0.84

EASYJET 1406.00 530.00 1406.00 Neutral Sell 773 0.74

FIRST GROUP 93.25 92.00 212.39 Neutral Strong Buy 230 0.91

FISHER(JAMES)& SONS 1060.00 590.00 1110.00 Neutral Sell 792 0.75

GO-AHEAD GROUP 1595.00 1220.00 1595.00 Neutral Buy 2186 1.00

NATIONAL EXPRESS 248.10 164.50 248.10 Neutral Buy 294 1.40

NORTHGATE 362.75 195.50 369.50 Neutral Strong Buy 714 1.33

STAGECOACH GROUP 331.50 265.90 334.40 Neutral Buy 423 0.97

WINCANTON 69.50 36.25 78.50 Neutral Sell -53 0.94

Utilities Under Valued


CENTRICA 381.40 310.80 394.90 Neutral Buy 534 0.50

NATIONAL GRID 764.50 641.00 847.50 Neutral Buy 890 0.45

PENNON GROUP 692.00 598.00 796.00 N eu tra l Neu tral 747 0.61

SSE 1621.00 1294.00 1676.00 Neutral Buy 2156 0.41

SEVERN TRENT 1761.00 1513.00 2090.00 Neutral Sell 1484 0.34

UNITED UTILITIES GROUP 720.00 647.00 787.50 N eu tra l Neu tral 707 0.48


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value indicator - uk main market 20130719

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