value indicator - uk main market 20130802

8/22/2019 value indicator - uk main market 20130802

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02 August 2013

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Intellisys Intelligent Analysis Limited 02 August 2013

www.intellisys.uk.com +44 20 3239 8994 Page 2 of 17

Contents

Introduction .................................................................................................................................3Value ...........................................................................................................................................4Conclusion ..................................................................................................................................4RISK WARNING Ratings and Targets ....................................................................................4How to use the report .................................................................................................................5Aerospace & Defence Under Valued .....................................................................6Automobiles & Parts Under Valued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Under Valued ..................................................7Engineering & Machinery Under Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Over Valued ........................................................8General Retail Under Valued ..............................................................................9Health Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Under Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Under Valued ................................................ 12Real Estate - REIT Under Valued ..................................................................... 12Real Estate REIS Under Valued ..................................................................... 13Software & Computer Services Under Valued .................................................... 13Speciality & Other Finance Under Valued .......................................................... 13Support Services Under Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 14Transport Over 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 448.70 300.80 448.70 Neutral Buy 616 0.68

CHEMRING GROUP 310.00 217.00 414.70 Neutral Buy 367 0.66

COBHAM 291.90 190.10 293.40 N eu tra l Neu tral 304 0.83

MEGGITT 555.00 366.20 562.00 N eu tra l Neu tral 536 1.30

ROLLS-ROYCE HOLDINGS 1192.00 7 99.39 1 240.00 N eu tra l Neu tral 1181 1.01

SMITHS GROUP 1397.00 1011.00 1397.00 Neutral Sell 1179 0.77

ULTRA ELECTRONICS HDG. 1823.00 1 435.00 1843.00 N eu tra l Neu tral 1737 0.51

Automobiles & Parts Under Valued

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

GKN 352.60 201.00 352.60 N eu tra l Neu tral 345 1.96

INCHCAPE 587.00 353.30 587.00 N eu tra l Neu tral 616 1.42

LOOKERS 121.75 64.50 122.00 Neutral Sell 108 1.23

PENDRAGON 28.00 13.50 28.75 Neutral Strong Buy 42 1.11

Banks Over Valued


BARCLAYS 291.10 162.30 333.85 Neutral Sell -830 1.94

HSBC HDG. (ORD $0.50) 754.20 538.70 769.90 Neutral Buy 895 1.16

LLOYDS BANKING GROUP 74.00 29.39 74.00 Sell Sell 2 1.86

ROYAL BANK OF SCTL.GP. 333.50 204.50 367.80 Neutral Sell -124 1.37

STANDARD CHARTERED 1551.00 1228.50 1 837.50 Neutral Strong Buy 3508 1.65

Beverages Under Valued


BARR (AG) 554.00 415.00 588.50 Neutral Sell 494 0.58

DIAGEO 2077.00 1672.50 2085.00 Neutra l Neutral 2241 0.53

SABMILLER 3284.00 2599.00 3657.00 Neutral Buy 4395 0.93

Chemicals Under Valued


ALENT 371.00 305.00 397.50 Neutral Buy 461 #NA

AZ ELECTRONIC MATS.(DI) 310.00 240.00 406.40 Neutral Strong Buy 563 1.21

CARCLO 374.50 342.75 503.00 Neutral Sell 150 0.76

CRODA INTERNATIONAL 2533.00 2164.00 2841.00 Neutral Buy 3172 1.06

ELEMENTIS 252.70 201.70 275.00 Neutral Buy 312 1.04

JOHNSON MATTHEY 2883.00 2102.27 2883.00 Neutral Strong Buy 4410 1.44

VICTREX 1520.00 1239.00 1765.00 Neutral Sell 1337 1.19

SYNTHOMER 199.10 139.10 225.80 Neutral Strong Buy 406 1.11

ZOTEFOAMS 212.50 171.50 225.00 Neutral Buy 304 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 115.50 63.00 118.50 Neutral Strong Buy 280 0.52

BALFOUR BEATTY 249.00 207.60 320.80 Neutral Strong Buy 1144 0.83

BARRATT DEVELOPMENTS 334.00 134.10 352.00 Neutral Strong Buy 614 1.61

BELLWAY 1400.00 802.00 1455.00 Neutral Strong Buy 2886 1.00

BERKELEY GROUP HDG.(THE) 2276.00 1387.00 2325.00 Neutral Strong Buy 3516 0.57

BOOT (HENRY) 187.50 117.00 201.00 Neutral Strong Buy 368 0.76

BOVIS HOMES GROUP 800.50 452.00 851.50 Neutral Strong Buy 1449 1.11

CARILLION 300.00 244.80 331.80 Neutral Strong Buy 1556 1.10

CLARKE (T) 54.38 40.00 61.50 Neutral Strong Buy 390 0.80

COSTAIN GROUP 282.25 210.00 306.00 Neutral Strong Buy 1143 0.51

CRH 1405.00 1090.00 1540.00 Neutral Sell 913 1.05

GALLIFORD TRY 1002.00 610.00 1019.00 Neutral Strong Buy 2977 0.95

KELLER 1103.00 443.75 1161.00 Neutral Strong Buy 2408 1.26

KIER GROUP 1487.00 1106.00 1487.00 Neutral Strong Buy 5385 0.94

LOW & BONAR 70.25 50.00 76.75 Neutral Strong Buy 227 1.05MARSHALLS 150.00 77.00 152.75 Neutral Buy 205 1.32

MORGAN SINDALL GROUP 662.00 508.00 695.00 Neutral Strong Buy 4576 0.69

NORCROS 16.75 11.00 18.25 Neutral Strong Buy 61 1.07

PERSIMMON 1242.00 580.72 1305.00 Neutral Strong Buy 2018 1.04

REDROW 241.20 127.80 253.30 Neutral Strong Buy 459 0.89

SIG 182.70 93.70 183.00 Neutral Strong Buy 532 1.72

SUPERGLASS HOLDINGS 45.50 43.00 287.50 Neutral Strong Buy 4284 0.88

TAYLOR WIMPEY 107.10 46.15 108.00 Neutral Strong Buy 229 1.62

TRAVIS PERKINS 1713.00 1005.00 1713.00 Neutral Strong Buy 4452 1.92

WOLSELEY 3237.00 2287.42 3483.00 Neutral Strong Buy 6054 1.37

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1170.00 999.50 1365.00 Neutral Sell 1038 0.69

DOMINO PRINTING SCIENCES 641.00 522.00 717.00 Neutral Buy 871 1.16

E2V TECHNOLOGIES 130.00 105.50 137.75 Neutral Strong Buy 271 1.27

INVENSYS 506.00 217.33 509.50 Neutral Sell 271 1.36

LAIRD 194.00 171.10 249.30 Neutral Strong Buy 439 2.12

OXFORD INSTRUMENTS 1400.00 1209.00 1752.00 Neutral Sell 1279 1.11

RENISHAW 1585.00 1494.00 2081.00 Neutral Buy 2037 1.30

SPECTRIS 2191.00 1506.00 2470.00 Neutral Buy 2780 1.52

BIOME TECHNOLOGIES 74.00 74.00 303.67 Neutral Sell -516 0.75

TT ELECTRONICS 174.00 114.00 178.50 Neutral Strong Buy 425 1.61

XAAR 844.00 227.00 898.00 Neutral Sell 415 1.09


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Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 94.50 54.25 94.50 Neutral Buy 138 1.18

BODYCOTE 631.00 323.70 631.00 Sell Neutral 620 1.58

CASTINGS 425.00 291.00 425.00 Neutral Strong Buy 655 0.94

VESUVIUS 440.00 263.19 440.00 Neutral Strong Buy 1124 2.23

FENNER 348.40 305.90 435.20 Neutral Strong Buy 540 1.46

HALMA 558.00 398.50 558.00 Neutral Sell 404 0.77

HILL & SMITH 432.50 302.00 480.00 Neutral Buy 525 1.36

IMI 1422.00 802.50 1422.00 Sell Strong Buy 4663 1.40

MORGAN ADVANCED MATERIAL 314 .50 220 .30 314 .50 Neutral Strong Buy 526 1.87

ROTORK 2672.00 2157.00 3037.00 Neutral Sell 878 1.03

SENIOR 272.80 185.90 281.80 Neutral Sell 240 1.66

SEVERFIELD-ROWEN 57.50 35.40 80.16 Neutral Sell 45 0.75

SPIRAX-SARCO 2910.00 1932.53 2928.35 Neutral Sell 2077 0.84

VITEC GROUP 575.50 559.00 740.00 Neutral Sell 465 1.41

WEIR GROUP 2203.00 1566.00 2474.00 Neutral Neutral 2133 1.47

Food & Drug Stores Over Valued


GREGGS 440.00 398.00 523.50 Neutral Strong Buy 795 0.43

MORRISON(WM)SPMKTS. 290.40 248.60 296.40 Neutral Buy 398 0.36

SAINSBURY (J) 395.30 320.10 398.50 Neutral Buy 484 0.54

TESCO 370.25 307.90 387.75 Neutral Sell 200 0.66

THORNTONS 82.50 23.25 100.50 Neutral Sell 52 0.82

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1954.00 1267.00 2 031.00 Neutral Sell 1668 0.59

CRANSWICK 1153.00 732.50 1178.00 Neutral Strong Buy 1817 0.35

DAIRY CREST 500.50 332.90 510.00 Neutral Sell 365 0.89

DEVRO 327.00 289.90 380.00 Neutral Strong Buy 539 0.34

PREMIER FOODS 91.00 54.50 125.75 Neutral Strong Buy 247 1.22

TATE & LYLE 846.50 634.50 883.00 Neutral Strong Buy 1410 0.68

UNILEVER (UK) 2708.00 2235.00 2885.00 Neutral Sell 2304 0.52


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 25.50 22.13 29.50 Neutral Strong Buy 39 0.67

BROWN (N) GROUP 528.00 264.20 528.00 Sell Sell 463 0.47

BURBERRY GROUP 1563.00 1000.00 1563.00 Neutral Sell 1248 1.27

CARPETRIGHT 672.50 585.00 701.50 Neutral Sell 353 0.89

DIXONS RETAIL 45.01 15.32 46.16 Neu tral Neu tral 46 1.46

FINDEL 202.88 58.50 205.00 Neutral Sell 58 1.05

FRENCH CONNECTN.GROUP 32.75 19.50 34.00 Sell Strong Buy 111 1.00

HALFORDS GROUP 369.90 205.50 405.20 Neutral Buy 517 0.68

JD SPORTS FASHION 879.00 651.00 925.00 Neutral Strong Buy 1771 0.51

DARTY 76.50 39.00 80.00 Neutral Buy 110 1.19

KINGFISHER 404.90 262.20 404.90 Neutral Buy 450 0.87

MARKS & SPENCER GROUP 485.10 334.00 485.40 Neutral Buy 646 0.61

MOSS BROTHERS GROUP 60.75 44.75 71.00 Neutral Buy 74 0.98

MOTHERCARE 424.00 194.75 492.75 Neutral Sell 153 0.38

NEXT 5030.00 3320.00 5030.00 Neu tral Neu tral 5420 0.59

TED BAKER 1948.00 891.00 1948.00 Sell Sell 981 0.54

TOPPS TILES 88.00 43.50 89.00 Neutral Sell 77 1.50

Health Over Valued


BIOQUELL 134.00 129.50 160.00 Neutral Sell 112 0.39

CONSORT MEDICAL 796.00 660.50 839.00 Neutral Sell 566 0.38

OPTOS 159.50 106.75 222.75 Neu tral Neu tral 170 1.23

SMITH & NEPHEW 787.50 638.00 795.00 Neutral Sell 667 0.44

Household Goods & Textiles Over Valued


GAMES WORKSHOP 792.50 587.50 792.50 Neutral Neutral 776 0.38

HEADLAM GROUP 387.00 272.50 387.00 Neutral Sell 327 0.89

HORNBY 80.50 55.25 88.50 Neutral Buy 112 0.71

Information Technology & Hardware Over Valued


ARM HOLDINGS 889.00 528.00 1097.00 Neutral Sell 292 0.70

CSR 568.00 308.10 607.00 Neutral Strong Buy 1555 1.12FILTRONIC 61.50 28.38 83.25 Neutral Sell 52 0.94

IMAGIN AT ION TECHNOLOGIES 246 .60 235 .10 624 .00 Neutral Buy 317 1.09

SPIRENT COMMUNICATIONS 146.90 118.00 170.00 Neutral Strong Buy 251 0.94

WOLFSON M ICR OELECTR ONICS 154 .00 140 .00 230 .00 Neutral Sell -190 0.96


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Insurance Under Valued


ADMIRAL GROUP 1381.00 1019.00 1416.00 Neutral Sell -484 0.50

AMLIN 407.10 364.10 435.10 Neutral Strong Buy 1604 0.39

BEAZLEY 220.70 156.70 242.70 Neutral Strong Buy 998 0.52

CATLIN GROUP 510.00 424.00 552.50 Neutral Sell 473 0.22

HISCOX 660.00 452.39 660.00 Sell Strong Buy 1995 0.41

JARDINE LLOYD THOMPSON 895.00 723.00 917.00 Neutral Buy 1281 0.33

RSA INSURANCE GROUP 122.90 107.70 136.30 Neutral Strong Buy 759 0.39

NOVAE GROUP 491.50 345.00 507.50 Neutral Strong Buy 3589 0.41

Leisure & Hotels Over Valued


CARNIVAL 2584.00 2092.00 2628.00 Neutral Buy 3721 0.92

ENTERPRISE INNS 142.20 55.50 142.20 Neutral Sell 120 1.62

TUI TRAVEL 386.10 182.00 386.10 Neutral Strong Buy 753 0.96

FULLER SMITH 'A' 955.00 700.50 958.00 Neutral Sell 637 0.25

GREENE KING 879.00 556.50 886.00 Neutral Sell 656 0.85

LADBROKES 217.50 156.80 243.10 Neutral Buy 270 0.87

ICTL.HTLS.GP. 1907.00 1524.00 2039.00 Neutral Sell 1698 1.12

MILLENNIUM & CPTH.HTLS. 554.50 456.00 582.50 Neu tral Neu tral 607 1.37

MITCHELLS & BUTLERS 416.80 262.00 426.80 Neutral Sell 293 0.96

BWIN PARTY DIGITAL ENTM. 141.20 91.90 156.00 Neutral Sell 66 1.23

PUNCH TAVERNS 12.75 6 .10 13.75 Neutral Strong Buy 78 1.18

RANK GROUP 160.00 116.00 177.50 Neutral Strong Buy 583 0.97

RESTAURANT GROUP 531.00 315.50 557.50 Neutral Sell 402 0.70

WETHERSPOON (JD) 707.50 447.90 767.00 Neu tral Neu tral 721 0.56

WHITBREAD 3247.00 2067.00 3247.00 Neutral Sell 2257 0.99WILLIAM HILL 494.50 271.02 494.50 Neutral Sell 266 0.79

MARSTON'S 155.80 109.70 164.50 Neutral Sell 19 1.15

Life Assurance Under Valued


AVIVA 377.30 285.20 388.40 Neutral Sell 351 1.17

CHESNARA 254.00 163.00 270.00 Neutral Strong Buy 511 0.67

LEGAL & GENERAL 194.90 126.60 194.90 Sell Strong Buy 489 1.70

OLD MUTUAL 198.10 159.20 221.60 Neutral Strong Buy 409 1.52

PRUDENTIAL 1187.00 746.00 1203.00 Neu tral Neu tral 1202 1.66

ST.JAMES'S PLACE 624.50 336.20 640.00 Neutral Strong Buy 6890 0.82


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 139.50 102.00 146.50 Neutral Strong Buy 922 0.38

BRITISH SKY BCAST.GROUP 833.00 709.00 899.50 Buy Strong Buy 1056 0.47

CENTAUR MEDIA 41.25 30.50 60.00 Neutral Sell -42 1.02

DAILY MAIL 'A' 817.00 451.25 818.00 Neutral Strong Buy 3556 1.07

EUROMONEY INSTL.INVESTOR 1061.00 717 .50 1105.00 Neutral Strong Buy 5566 0.98

INFORMA 536.00 369.90 537.00 Neutral Strong Buy 327 1.61

ITE GROUP 284.10 183.50 307.40 Neutral Buy 201 1.49

ITV 167.70 76.10 168.60 Neutral Strong Buy 1369 1.44

JOHNSTON PRESS 16.50 5.20 19.00 Neutral Buy 720 1.22

PEARSON 1344.00 1119.00 1350.00 Neutral Neutral 309 0.60

PHOTO-ME INTL. 94.50 38.75 95.00 Neutral Strong Buy 2283 0.87

PINEWOOD SHEPPERTON 286.50 265.00 288.50 Neutral Strong Buy 732 0.12

THOMSON REUTERS 35.76 26.85 36.45 Neutral Strong Buy 346 0.51

STV GROUP 157.50 81.50 157.50 Neutral Sell 240 0.82

ST.IVES 166.75 71.00 166.75 Neutral Sell 159 1.48TRINITY MIRROR 115.25 36.75 122.25 Neutral Sell -289 1.60

UBM 752.50 636.00 788.00 Neutral Strong Buy 1421 1.31

WILMINGTON GROUP 165.50 99.50 166.50 Neutral Strong Buy 1390 0.86

WPP 1202.00 788.00 1210.00 Neutral Sell -827 1.28

Mining Under Valued


ANGLO AMERICAN 1483.00 1207.00 2084.00 Neutral Sell 1244 1.84

ANGLO PACIFIC GROUP 188.00 161.00 290.00 Neutral Buy 210 1.07

ANTOFAGASTA 913.50 784.50 1381.00 Neutral Sell 851 1.43

BHP BILLITON 1920.00 1666.50 2236.00 Neutral Strong Buy 2960 1.49

GLENCORE XSTRATA 289.55 256.85 397.85 Neutral Strong Buy 1013 #NA

LONMIN 318.10 240.84 411.96 Sell Buy 437 2.08

RANDGOLD RESOURCES 4914.00 3972.00 7 775.00 Neutral Sell 2891 0.42

RIO TINTO 3038.00 2582.00 3757.00 Neutral Sell 2439 1.54

VEDANTA RESOURCES 861.00 1335.00 Neutral Strong Buy 2774 2.25

Oil & Gas Under Valued


BG GROUP 1198.00 1000.50 1350.50 Neutral Sell 889 0.86

BP 458.50 416.60 483.30 Neutral Strong Buy 1003 1.05

CAIRN ENERGY 271.70 251.80 309.40 Neutral Sell -22 1.35

FORTUNE OIL 7.59 7.15 12.50 Buy Strong Buy 109 0.87

HUNTING 835.00 716.00 941.00 Neutral Sell 568 1.37

JKX OIL & GAS 62.75 48.50 96.00 Neutral Sell -59 1.43

PREMIER OIL 365.20 321.30 401.20 Neutral Buy 406 1.47

ROYAL DUTCH SHELL B 2218.00 2098.00 2366.50 Neutral Strong Buy 8232 0.86

SOCO INTERNATIONAL 369.00 319.90 404.30 Buy Buy 478 0.57

TULLOW OIL 1066.00 977.00 1468.00 Neutral Sell 698 1.08

WOOD GROUP (JOHN) 908.50 720.50 908.50 Neutral Sell 724 1.45


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Personal Care & Household Products Over Valued


MCBRIDE 134.00 101.00 144.60 Neutral Strong Buy 260 0.79

PZ CUSSONS 390.10 297.20 415.60 Neutral Sell 329 0.68

RECKITT BENCKISE R GROUP 4717.00 3536.00 4950.00 Neutral Neutral 4756 0.30

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.49 0.36 3.58 Buy Sell -3 0.89

ASTRAZENECA 3334.00 2792.50 3521.50 Neutral Strong Buy 9078 0.49

BTG 380.00 300.30 397.90 Neutral Sell 215 0.73

DECHRA PHARMACEUTICALS 677.00 4 73.00 780.00 Neutral Buy 927 0.20

GLAXOSMITHKLINE 1712.50 1317.50 1782.00 Neutral Buy 1933 0.51

OXFORD BIOMEDICA 1.48 1.33 2.80 Buy Sell -2 0.60

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Buy Sell -6 0.96

SHIRE 2440.00 1727.00 2440.00 Neutral Sell 1539 0.66

SKYEPHARMA 72.00 43.50 100.50 Neutral Buy 102 0.68

VERNALIS 22.63 19.38 27.38 Neutral Sell 11 0.88

Real Estate - REIT Under Valued


BIG YELLOW GROUP 445.00 300.00 445.00 Neutral Strong Buy 699 1.15

BRITISH LAND 608.00 506.00 658.00 Neutral Buy 821 1.05

DERWENT LONDON 2463.00 1890.00 2542.00 Neutral Strong Buy 4782 1.21

GREAT PORTLAND ESTATES 575.00 42 5.00 598.00 Neutral Strong Buy 1112 1.05

HAMMERSON 536.00 448.60 554.00 Neutral Neutral 546 1.24

INTU PROPERTIES 333.00 300.60 366.00 Neutral Strong Buy 538 1.12

LAND SECURITIES GROUP 963.50 761.50 994.00 Neutral Strong Buy 1726 1.14

LOCAL SHOP.REIT (THE) 25.88 24.25 40.75 Buy Sell -159 0.87

LONDONMETRIC PROPERTY 116.50 1 03.20 121.40 Neutral Sell -6 0.30

MCKAY SECURITIES 148.00 131.50 155.00 Neutral Strong Buy 264 0.66

MUCKLOW (A & J) GROUP 454.50 325.00 454.50 Neutral Sell 242 0.36

PRIMARY HEALTH PROPS. 345.00 312.50 363.53 Neutral Sell 105 0.30

REDEFINE INTL.REIT 41.50 26.11 43.25 Neutral Sell -392 0.64

SEGRO 313.60 221.60 313.60 Sell Sell -283 1.80

SHAFTESBURY 647.50 516.00 668.00 Neutral Buy 839 1.02

TOWN CENTRE SECURITIES 200.50 171.12 223.00 Neutral Sell 10 1.03

WARNER ESTATE 0.98 0.70 2.52 Neutral Sell -1019 0.96

WORKSPACE GROUP 475.00 245.00 475.00 Neutral Strong Buy 1225 0.98


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 365.60 210.50 365.60 Neutral Strong Buy 811 0.65

CAPITAL & REGIONAL 35.00 22.75 37.50 Sell Sell -55 0.68

CLS HOLDINGS 1101.00 645.00 1120.00 Neutral Strong Buy 3126 0.72

DAEJAN HOLDINGS 4179.00 2706.00 4179.00 Neutral Strong Buy 7455 0.42

DEVELOPMENT SECS. 205.00 137.75 209.00 Neutral Neutral 198 0.92

GRAINGER 187.50 91.00 187.50 Sell Sell 118 1.54

HELICAL BAR 300.00 178.00 302.50 Neutral Sell 209 0.77

LONDON & ASSOCS.PROPS. 25.00 20.25 29.75 Neutral Strong Buy 244 0.65

MOUNTVIEW ESTATES 5987.50 4150.00 5987.50 Neutral Strong Buy 15313 0.72

QUINTAIN ESTATES & DEV. 90.00 49.25 90.50 Sell Sell -209 1.04

RAVEN RUSSIA 71.00 61.50 79.75 Neutral Strong Buy 224 1.51

SAVILLS 644.00 370.00 644.00 Neutral Strong Buy 2325 0.73

SMART (J) 86.50 71.50 88.00 Neutral Strong Buy 391 0.35

ST MODWEN PROPS. 333.00 181.75 333.00 Neutral Strong Buy 651 1.57

UNITE GROUP 403.00 214.75 403.00 Neutral Strong Buy 1751 1.78

Software & Computer Services Under Valued


ANITE 127.10 113.00 162.00 Neutral Neutral 127 0.73

AVEVA GROUP 2446.00 1776.97 2588.15 Neutral Sell 1502 1.49

COMPUTACENTER 498.00 333.29 564.10 Neutral Strong Buy 1156 0.88

KOFAX 341.25 260.75 347.25 Neutral Sell 305 1.07

INNOVATION GROUP 29.25 18.50 29.50 Sell Sell 21 0.78

MICRO FOCUS INTL. 792.00 531.08 796.00 Neutral Buy 915 0.80

PHOENIX IT GROUP 155.00 130.00 222.00 Neutral Strong Buy 242 0.71

RM 83.00 64.00 85.50 Neutral Strong Buy 237 0.49

FIDESSA GROUP 2003.00 1275.00 2137.00 Neutral Neutral 2191 0.79

SAGE GROUP 355.00 289.36 368.18 Neutral Buy 440 0.71

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 385.00 257.80 492.10 Neutral Strong Buy 1236 1.12

BREWIN DOLPHIN 260.00 144.60 260.00 Neutral Strong Buy 654 0.69

CAMELLIA 9180.00 8000.00 11105.00 Neutral Strong Buy 95300 0.85

CHARLES STANLEY GROUP 425.00 260.00 426.00 Neutral Strong Buy 1426 0.96

CHARLES TAYLOR 187.50 155.00 195.00 Neutral Strong Buy 1628 0.68

CLOSE BROTHERS GROUP 1056.00 743.00 1107.00 Neutral Strong Buy 4819 0.85

F&C ASSET MANAGEMENT 99.95 87.25 110.40 Neutral Sell 69 0.88

HELPHIRE GROUP 4.30 0.55 4.57 Sell Sell -130 0.65

HENDERSON GROUP 174.00 9 7.60 180.40 Neutral Strong Buy 814 1.44

ICAP 403.20 280.80 406.80 Neutral Strong Buy 813 1.04

INTERMEDIATE CAPITAL GP. 488.50 25 2.70 501.50 Neutral Strong Buy 2293 1.69

INVESTEC 449.70 358.40 513.50 Neutral Strong Buy 1692 1.56

LONDON STOCK EX.GROUP 1 58 2.00 93 0.00 1 590 .0 0 Neutral Strong Buy 6820 1.08

MAN GROUP 83.55 71.30 134.40 Neutral Sell -4909 1.39

RATHBONE BROTHERS 1645.00 1208.00 1691.00 Neutral Strong Buy 5491 0.75

SCHRODERS 2510.00 1302.00 2560.00 Neutral Strong Buy 8177 1.27

SCHRODERS NV 1955.00 1040.00 2000.00 Neutral Strong Buy 10891 1.25


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Support Services Under Valued


ACAL 247.00 157.75 255.00 Neutral Strong Buy 880 0.90

AGGREKO 1643.00 1557.00 2400.00 Neutral Strong Buy 4292 1.16

AMEC 1079.00 965.50 1172.00 Neutral Strong Buy 3411 1.10

ASHTEAD GROUP 713.00 250.30 730.00 Neutral Buy 1024 1.65

BABCOCK INTL. 1177.00 868.50 1209.00 Neutral Strong Buy 2699 0.48

BRITISH POLYTHENE INDS. 596.00 358.00 604.00 Neutral Strong Buy 2427 0.80

BUNZL 1398.00 1009.00 1409.00 Neutral Strong Buy 2867 0.52

UK MAIL GROUP 589.00 227.50 593.00 Neutral Strong Buy 1710 0.41

CAPITA 1041.00 713.00 1057.00 Neutral Sell 213 0.53

COMMUNISIS 63.50 29.57 68.00 Neutral Strong Buy 497 0.78

COMPASS GROUP 903.50 671.50 910.50 Neutral Strong Buy 2042 0.74

BERENDSEN 818.00 510.00 823.50 Neutral Strong Buy 3466 1.04

DE LA RUE 985.50 891.50 1075.00 Neutral Buy 1468 #NA

DIGNITY 1509.00 895.50 1568.00 Neutral Strong Buy 3142 0.22

DIPLOMA 582.00 418.00 627.50 Neutral Strong Buy 1569 0.97

ELECTROCOMP. 250.10 200.00 278.40 Neutral Strong Buy 956 1.02ESSENTRA PLC 786.00 500.50 786.00 Neutral Strong Buy 1428 1.14

G4S 228.00 207.50 313.50 Buy Strong Buy 914 0.54

HAYS 103.90 68.20 106.00 Neutral Strong Buy 472 1.05

HOMESERVE 270.90 185.60 293.60 Neutral Strong Buy 1005 0.91

INTERSERVE 510.00 319.00 519.00 Neutral Strong Buy 3789 1.30

INTERTEK GROUP 3051.00 2697.00 3453.00 Neutral Strong Buy 4929 0.81

JOHNSON SERVICE GROUP 49.13 27 .50 50.00 Neutral Strong Buy 121 1.10

MANAGEMENT CNSL.GP. 25.25 21.25 32.00 Neutral Strong Buy 224 0.68

MENZIES (JOHN) 733.50 573.00 801.00 Neutral Strong Buy 1829 1.40

MICHAEL PAGE INTL. 453.40 346.40 453.40 Neutral Strong Buy 866 1.37

MITIE GROUP 272.90 248.00 300.80 Neutral Strong Buy 1091 0.50

OFFICE2OFFICE 41.50 40.50 156.00 Buy Strong Buy 729 0.28

PAYPOINT 1102.00 670.50 1110.00 Neutral Strong Buy 2262 0.72PREMIER FARNELL 236.00 165.50 236.30 Neutral Strong Buy 744 1.40

REGUS 186.00 94.75 186.70 Neutral Sell 57 1.40

RENTOKIL INITIAL 98.10 71.65 100.70 Neutral Strong Buy 277 1.29

REXAM 506.00 420.70 547.50 Neutral Strong Buy 1831 0.86

RICARDO 439.75 340.00 439.75 Neutral Strong Buy 1724 0.87

ROBERT WALTERS 246.25 176.25 246.25 Neutral Strong Buy 1047 1.19

RPC GROUP 463.00 378.00 477.00 Neutral Strong Buy 1574 0.79

RPS GROUP 230.00 195.50 274.20 Neutral Strong Buy 1034 1.51

SERCO GROUP 633.00 535.00 683.50 Neutral Strong Buy 2444 0.60

SHANKS GROUP 87.00 73.00 98.00 Neutral Strong Buy 279 1.50

SPEEDY HIRE 60.00 23.50 64.75 Neutral Strong Buy 319 1.23

TRIBAL GROUP 194.00 82.00 194.50 Neutral Strong Buy 581 0.64

TRIFAST 55.13 40.50 59.25 Neutral Strong Buy 343 0.94

VP 407.50 295.25 412.50 Neutral Strong Buy 2376 0.80

WYG 91.00 42.00 91.00 Neutral Strong Buy 637 0.82

Telecommunication Services Over Valued


BT GROUP 342.70 212.50 344.00 Neutral Buy 418 0.89

CABLE & WIRELESS COMMS. 40.34 29.64 46.29 Neutral Strong Buy 78 0.69

INMARSAT 676.00 484.30 749.00 Neutral Sell 241 0.57

KCOM GROUP 83.95 68.25 88.50 Neutral Buy 116 1.23

TELECOM PLUS 1331.00 810.00 1390.00 Neutral Sell 790 0.03

VODAFONE GROUP 200.20 154.45 200.20 Neutral Sell 101 0.51


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Transport Over Valued


BBA AVIATION 300.00 178.00 300.00 Neutral Sell 233 1.25

BRAEMAR SHIPPING SVS. 430.00 350.00 452.00 Neutral Buy 596 1.06

CLARKSON 1885.00 1150.00 1888.00 Neutral Sell 1336 0.84

EASYJET 1431.00 530.00 1431.00 Neutral Sell 867 0.74

FIRST GROUP 103.20 92.00 212.39 Neutral Strong Buy 284 0.91

FISHER(JAMES)& SONS 1046.00 615.00 1110.00 Neutral Sell 786 0.75

GO-AHEAD GROUP 1569.00 1220.00 1595.00 Neutral Strong Buy 2732 1.00

NATIONAL EXPRESS 255.70 164.50 2 55.70 Neutral Neutral 249 1.40

NORTHGATE 385.00 199.75 390.00 Neutral Strong Buy 638 1.33

STAGECOACH GROUP 337.60 265.90 337.60 Neutral Buy 448 0.97

WINCANTON 78.25 43.75 78.50 Neutral Strong Buy 235 0.94

Utilities Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaCENTRICA 394.20 310.80 394.90 Neutral Buy 590 0.50

NATIONAL GRID 790.50 669.50 847.50 Neutral Buy 1005 0.45

PENNON GROUP 690.50 598.00 768.00 Neutral Sell 635 0.61

SSE 1575.00 1312.00 1676.00 Neutral Buy 2297 0.41

SEVERN TRENT 1777.00 1513.00 2090.00 Neutral Sell 1542 0.34

UNITED UTILITIES GROUP 722.50 647.00 787.50 Neutral Neutral 767 0.48


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value indicator - uk main market 20130802

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