value indicator - uk main market 20131007

7/27/2019 value indicator - uk main market 20131007

1/17

07 October 2013

Powered by


2/17

Intellisys Intelligent Analysis Limited 07 October 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 Over Va lued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................7Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Under Valued ..................................................8Engineering & Machinery Under Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Over Valued ........................................................8General Retail Under Valued ..............................................................................9Health Over Valued .........................................................................................9Household Goods & Textiles Under Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Under Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Under Valued ................................................ 12Real Estate - REIT Under Valued ..................................................................... 12Real Estate REIS Under Valued ..................................................................... 13Software & Computer Services Under Valued .................................................... 13Speciality & Other Finance Under Valued .......................................................... 13Support Services Under Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 15Transport Over Valued ................................................................................... 15Utilities Under Valued ....................................................................................... 15DISCLAIMER ........................................................................................................................... 16RISK WARNING ...................................................................................................................... 17


3/17



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

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

Best Buy/Sell Trend


4/17



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.


5/17



How to use the report

This daily report is typically available for download as a PDF from 7am - well in advance of the marketsopen - and is based upon previous days closing prices.

We have kept the report deliberately simple for quick reading and identification of the shares most likely tobe active as can be seen from the following:

General RetailStock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

ASHLEY(LAURA) HOLDINGS 29.00 18.50 29.50 Neutral Neutral 30 0.72

BROWN (N) GROUP 266.70 222.40 282.70 Neutral Buy 298 0.52

BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

FRENCH CONNECTN.GROUP 23.50 19.50 82.00 Neutral Strong Buy 112 1.05

HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

JJB SPORTS SUSP - 24/09/12 0.40 0.24 17.00 Neutral Sell -62 0.88

JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

Betais a measure of a stock's volatility or risk relative to its market. The market has a betaof 1.0 and individual shares are attributed a beta according to how much they deviate from

the market. This can be summarised as:

eta 1.0 Share should move by more than market (i.e., higher risk/higher reward)

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target price

based upon 49valuation metrics

Company Latest 12 month Hi/Lo forthe share price

eta measures a sharesvolatility/risk relative tomarket (see below)


6/17



Aerospace & Defence Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaAVON RUBBER 550.00 297.50 550.50 Neutral Sell 497 0.86

BAE SYSTEMS 453.80 300.80 468.00 Neutral Buy 609 0.66

CHEMRING GROUP 285.50 217.00 353.30 Neutral Buy 327 0.65

COBHAM 284.70 190.10 307.70 N eu tra l Neu tral 290 0.76

MEGGITT 539.00 366.20 564.00 Neutral Sell 506 1.24

QINETIQ GROUP 185.00 179.00 211.10 Neutral Sell 111 0.63

ROLLS-ROYCE HOLDINGS 1115.00 8 35.76 1 240.00 Neutral Buy 1490 0.95

SENIOR 268.00 185.90 288.40 N eu tra l Neu tral 268 1.63

SMITHS GROUP 1354.00 1018.00 1419.00 Neutral Sell 1194 0.70

ULTRA ELECTRONICS HDG. 18 50.00 1 505.00 1981.00 Neutral Sell 1685 0.49

Automobiles & PartsOver Valued

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

GKN 352.90 201.00 360.70 Neutral Sell -1862 1.98

INCHCAPE 612.50 353.30 645.00 Neutral Strong Buy 2986 1.35

LOOKERS 123.00 71.50 128.50 Neutral Strong Buy 673 1.17

PENDRAGON 33.75 13.50 35.25 Neutral Strong Buy 266 0.96

TOROTRAK 27.88 23.50 36.50 Neutral Sell 13 0.68

Banks Over Valued


BARCLAYS 271.35 204.66 308.39 Neutral Sell -649 2.12

HSBC HDG. (ORD $0.50) 677.30 589.60 769.90 Neutral Buy 824 1.35

LLOYDS BANKING GROUP 74.91 37.01 78.00 Neutral Sell 7 1.90

ROYAL BANK OF SCTL.GP. 373.20 257.30 373.20 Neutral Sell -95 1.35

STANDARD CHARTERED 1445.00 1380.00 1837.50 Neutral Strong Buy 3291 1.79

Beverages Under Valued


BARR (AG) 519.50 432.20 588.50 Neutral Sell 414 0.52

BRITVIC 577.00 349.10 592.00 Neutral Buy 804 0.67

DIAGEO 1948.50 1746.50 2136.50 Sell Buy 2260 0.52

SABMILLER 3013.00 2599.00 3657.00 Neutral Strong Buy 4940 0.92


7/17



Chemicals Under Valued


ALENT 325.00 305.00 397.50 Buy Strong Buy 3655 #NA

AZ ELECTRONIC MATS.(DI) 286.60 240.00 406.40 Neutral Strong Buy 529 1.11

CARCLO 397.00 342.75 501.00 Neutral Sell 124 0.73

CRODA INTERNATIONAL 2677.00 2164.00 2841.00 Neutral Buy 3156 1.06

ELEMENTIS 237.80 204.20 275.00 Neutral Buy 290 1.01

JOHNSON MATTHEY 2819.00 2190.00 2985.00 Neutral Buy 3954 1.41

VICTREX 1570.00 1380.00 1765.00 Neutral Sell 1304 1.17

SYNTHOMER 239.50 146.00 249.20 Neutral Strong Buy 369 1.05

ZOTEFOAMS 194.50 186.50 225.00 Neutral Buy 281 1.01

Construction & Building Materials Under Valued


ALUMASC GROUP 133.50 79.50 137.00 Neutral Strong Buy 287 0.54

BALFOUR BEATTY 275.00 207.60 320.80 Neutral Strong Buy 1077 0.68

BARRATT DEVELOPMENTS 311.40 174.50 355.20 Neutral Strong Buy 632 1.60

BELLWAY 1278.00 913.00 1502.00 Neutral Strong Buy 2939 0.93

BERKELEY GROUP HDG.(THE) 2100.00 1387 .00 2340.00 Neutral Strong Buy 5144 0.47

BOOT (HENRY) 180.00 123.50 201.00 Neutral Strong Buy 368 0.71

BOVIS HOMES GROUP 721.50 487.00 851.50 Neutral Strong Buy 1475 1.05

CARILLION 306.60 244.80 331.80 Neutral Strong Buy 1592 0.98

CLARKE (T) 65.50 40.00 68.50 Neutral Strong Buy 400 0.68

COSTAIN GROUP 261.25 226.25 306.00 Neutral Strong Buy 1155 0.50

CRH 1483.00 1090.00 1540.00 Neutral Sell 893 0.97

GALLIFORD TRY 1054.00 678.00 1070.00 Neutral Strong Buy 3050 0.76

KELLER 978.50 553.00 1161.00 Neutral Strong Buy 2458 1.25

KIER GROUP 1707.00 1106.00 1707.00 Neutral Strong Buy 5509 0.82

LOW & BONAR 71.25 50.00 80.00 Neutral Strong Buy 230 1.11

MARSHALLS 171.00 85.00 184.00 Neutral Buy 213 1.37

MORGAN SINDALL GROUP 780.50 508.00 780.50 Neutral Strong Buy 4734 0.60

NORCROS 20.50 11.75 21.75 Neutral Strong Buy 71 1.02

PERSIMMON 1077.00 685.75 1305.00 Neutral Strong Buy 2054 1.06

REDROW 234.90 152.90 255.10 Neutral Strong Buy 470 0.84

SIG 184.40 102.00 193.70 Neutral Strong Buy 547 1.61

SUPERGLASS HOLDINGS 36.50 36.50 287.50 Neutral Strong Buy 4406 0.76

TAYLOR WIMPEY 100.10 56.40 113.80 Neutral Strong Buy 234 1.45

TRAVIS PERKINS 1685.00 1060.00 1713.00 Sell Strong Buy 4547 1.93

WOLSELEY 3164.00 2636.64 3483.00 Neutral Strong Buy 6220 1.32


8/17



Electronics & Electrical Equipment Under Valued


DIALIGHT 1145.00 999.50 1399.00 Neutral Sell 1056 0.63

DOMINO PRINTING SCIENCES 652.50 522.00 717.00 Neutral Buy 886 0.99

E2V TECHNOLOGIES 142.00 105.50 148.25 Neutral Strong Buy 288 1.29

INVENSYS 496.90 217.33 509.50 Neutral Sell 292 1.33

LAIRD 222.40 171.10 249.30 Neutral Strong Buy 448 1.99

OXFORD INSTRUMENTS 1358.00 1209.00 1752.00 Neutral Sell 1155 1.22

RENISHAW 1761.00 1494.00 2081.00 Neutral Buy 2077 1.31

SPECTRIS 2218.00 1549.00 2470.00 Neutral Buy 2832 1.48

BIOME TECHNOLOGIES 187.50 65.00 303.67 Neutral Sell -425 0.70

TT ELECTRONICS 192.25 114.00 200.00 Neutral Strong Buy 437 1.64

XAAR 797.50 247.50 898.00 Neutral Sell 420 1.00

Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 126.00 54.25 128.75 Neutral Buy 148 1.06

BODYCOTE 645.50 345.10 685.00 Neutral Neutral 649 1.51

CASTINGS 418.50 291.00 450.00 Neutral Buy 575 0.93

VESUVIUS 449.40 263.19 487.60 Neutral Strong Buy 1223 2.20

FENNER 403.80 305.90 435.20 Neutral Buy 572 1.44

HALMA 554.00 410.40 578.00 Neutral Sell 420 0.84

HILL & SMITH 469.50 364.00 480.00 Neutral Buy 557 1.25

IMI 1470.00 902.00 1513.00 Neutral Strong Buy 4379 1.31

MORGAN ADVANCE D MATE RIAL 3 11 .0 0 2 20 .3 0 3 18 .0 0 Neutral Strong Buy 505 1.82

ROTORK 2720.00 2229.00 3037.00 Neutral Strong Buy 6363 0.97

SEVERFIELD-ROWEN 59.25 35.40 76.91 Neutral Sell 52 0.76

SPIRAX-SARCO 2955.00 1932.53 3090.00 Neutral Sell 1817 0.69VITEC GROUP 689.50 559.00 740.00 Neutral Sell 489 1.33

WEIR GROUP 2274.00 1688.00 2474.00 Neutral Neutral 2260 1.31

Food & Drug Stores Over Valued


GREGGS 428.00 392.10 523.50 Neutral Strong Buy 795 0.40

MORRISON(WM)SPMKTS. 278.50 248.60 302.50 Neutral Buy 383 0.35

SAINSBURY (J) 389.80 321.90 400.80 Neutral Buy 462 0.58

TESCO 361.50 307.90 387.75 Neutral Sell 193 0.74

THORNTONS 97.00 28.63 100.50 Neutral Sell 61 0.83

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1883.00 1315.00 2 031.00 Neutral Sell 1617 0.57

CRANSWICK 1146.00 732.50 1189.00 Neutral Strong Buy 1727 0.35

DAIRY CREST 460.60 339.90 528.50 Neutral Sell 388 0.83

DEVRO 314.80 289.90 380.00 Neutral Strong Buy 488 0.37

PREMIER FOODS 156.25 59.75 166.50 Neutral Strong Buy 249 1.22

TATE & LYLE 745.00 683.00 883.00 Neutral Strong Buy 1292 0.62

UNILEVER (UK) 2366.00 2262.00 2885.00 Neutral Sell 2094 0.57


9/17



General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 25.25 24.00 29.50 Neutral Strong Buy 45 0.65

BROWN (N) GROUP 521.50 266.40 577.00 N eu tral Neu tral 525 0.56

BURBERRY GROUP 1628.00 1003.00 1667.00 Neutral Sell 1263 1.28

CARPETRIGHT 616.50 585.00 701.50 Neutral Sell 249 0.85

DIXONS RETAIL 46.39 20.36 47.67 Neutral Sell 43 1.53

FINDEL 241.75 108.00 253.75 Neutral Sell 150 0.90

FRENCH CONNECTN.GROUP 31.25 23.00 34.00 Sell Sell 10 1.09

HALFORDS GROUP 389.60 299.00 406.00 Neutral Strong Buy 596 0.68

JD SPORTS FASHION 1060.00 670.00 1073.00 Neutral Strong Buy 2087 0.59

DARTY 70.50 39.00 88.25 Neutral Strong Buy 121 1.10

KINGFISHER 369.00 267.20 420.00 Neutral Strong Buy 555 0.98

MARKS & SPENCER GROUP 494.00 359.00 513.50 Neutral Strong Buy 751 0.50

MOSS BROTHERS GROUP 70.00 52.50 74.88 Neutral Buy 86 0.78

MOTHERCARE 377.00 212.00 492.75 Neutral Sell 129 0.28

NEXT 5090.00 3541.00 5205.00 N eu tral Neu tral 5391 0.63

TED BAKER 1836.00 910.00 2017.00 Neutral Sell 1062 0.60

TOPPS TILES 85.50 47.00 94.00 Neutral Sell 81 1.55

Health Over Valued


BIOQUELL 146.50 130.00 160.00 Neutral Sell 116 0.45

CONSORT MEDICAL 875.50 660.50 880.00 Neutral Sell 671 0.37

OPTOS 160.00 106.75 215.25 N eu tral Neu tral 174 1.09

SMITH & NEPHEW 761.00 638.00 800.00 Neutral Sell 657 0.33

Household Goods & Textiles Under Valued


GAMES WORKSHOP 795.00 601.00 823.50 Neutral Neu tral 765 0.29

HEADLAM GROUP 375.75 295.00 415.00 Neutral Buy 449 0.75

HORNBY 80.50 55.25 87.50 Neutral Sell 48 0.70

Information Technology & Hardware Over Valued


ARM HOLDINGS 983.00 577.50 1097.00 Neutral Sell 437 0.63

CSR 525.00 330.90 607.00 Neutral Strong Buy 1514 1.06FILTRONIC 66.75 30.75 83.25 Neutral Buy 74 1.00

IMAGINATION TECHNOLOGIES 299.40 235.10 552.00 Neutral Sell 224 1.09

SPIRENT COMMUNICATIONS 126.20 118.00 169.20 Neutral Strong Buy 395 0.88

WOLFSON MICROELECTRONICS 152 .75 140 .00 226 .25 Neutral Sell -32 0.95


10/17



Insurance Under Valued


ADMIRAL GROUP 1222.00 1019.00 1416.00 Neutral Sell -477 0.58

AMLIN 405.80 364.10 435.10 Neutral Strong Buy 1532 0.47

BEAZLEY 206.70 167.30 242.70 Neutral Strong Buy 950 0.61

CATLIN GROUP 482.20 455.30 552.50 N eu tral Neu tral 477 0.29

HISCOX 670.00 463.32 670.00 Sell Strong Buy 1902 0.43

JARDINE LLOYD THOMPSON 939.50 723.00 949.50 Neutral Buy 1211 0.28

RSA INSURANCE GROUP 119.30 107.70 136.30 Neutral Strong Buy 729 0.36

NOVAE GROUP 510.00 345.00 520.50 Neutral Strong Buy 3437 0.39

Leisure & Hotels Over Valued


CARNIVAL 2057.00 2044.00 2628.00 Neutral Strong Buy 3228 0.96

ENTERPRISE INNS 151.40 62.25 153.80 Neutral Sell 92 1.51

TUI TRAVEL 368.30 243.50 401.50 Neutral Strong Buy 681 1.06

FULLER SMITH 'A' 890.00 726.00 969.00 Neutral Sell 558 0.24

GREENE KING 781.00 587.00 897.50 Neutral Sell 569 0.87

LADBROKES 171.00 167.40 243.10 Neutral Buy 244 0.85

ICTL.HTLS.GP. 1801.00 1524.00 2039.00 Neutral Sell 1571 1.10

MILLENNIUM & CPTH.HTLS. 565.50 456.00 582.50 N eu tral Neu tral 547 1.33

MITCHELLS & BUTLERS 394.40 296.00 460.00 Neutral Sell 248 0.89

BWIN PARTY DIGITAL ENTM. 122.40 101.30 156.00 Neutral Sell 59 1.28

PUNCH TAVERNS 14.62 6.15 15.50 Neutral Strong Buy 63 0.98

RANK GROUP 152.00 137.30 177.50 Neutral Strong Buy 536 1.01

RESTAURANT GROUP 539.50 362.20 575.00 Neutral Sell 364 0.66

WETHERSPOON (JD) 727.00 486.40 767.00 Neutral Sell 641 0.55

WHITBREAD 2962.00 2300.00 3303.00 Neutral Sell 2034 1.05WILLIAM HILL 407.80 302.37 494.50 Neutral Sell 339 0.79

MARSTON'S 145.40 117.70 165.50 Neutral Sell 9 1.08

Life Assurance Under Valued


AVIVA 414.80 294.10 419.80 Sell Sell 378 1.23

CHESNARA 273.00 176.50 276.50 Neutral Strong Buy 536 0.62

LEGAL & GENERAL 195.50 131.40 203.60 Neutral Strong Buy 506 1.82

OLD MUTUAL 187.70 166.10 221.60 Neutral Strong Buy 402 1.54

PRUDENTIAL 1181.00 828.00 1232.00 N eu tral Neu tral 1203 1.82

ST.JAMES'S PLACE 620.00 374.80 641.50 Neutral Strong Buy 6857 0.88


11/17



Media & Entertainment Under Valued


BLOOMSBURY PBL. 156.00 102.00 156.25 Neutral Strong Buy 922 0.39

BRITISH SKY BCAST.GROUP 878.00 709.00 899.50 Neutral Strong Buy 1056 0.42

CENTAUR MEDIA 51.00 31.00 60.00 Neutral Sell -42 1.00

DAILY MAIL 'A' 759.50 451.25 835.00 Neutral Strong Buy 3556 1.04

EUROMONEY INSTL.INVESTOR 1110.00 747 .50 1209.00 Neutral Strong Buy 5566 0.87

INFORMA 523.50 380.50 545.00 Neutral Strong Buy 327 1.51

ITE GROUP 291.00 183.50 307.40 Neutral Buy 201 1.38

ITV 178.50 85.65 183.40 Neutral Strong Buy 1369 1.54

JOHNSTON PRESS 14.00 8.25 19.00 Neutral Buy 720 1.11

PEARSON 1239.00 1119.00 1350.00 Neutral Neu tral 309 0.60

PHOTO-ME INTL. 111.00 46.75 113.00 Neutral Strong Buy 2283 0.81

PINEWOOD SHEPPERTON 297.50 269.00 299.50 Neutral Strong Buy 732 0.06

THOMSON REUTERS 35.45 26.85 36.59 Neutral Strong Buy 346 0.39

STV GROUP 256.00 92.50 262.50 Neutral Sell 240 0.86

ST.IVES 175.50 96.00 180.50 Neutral Sell 159 1.34TRINITY MIRROR 125.00 51.25 128.25 Neutral Sell -289 1.53

UBM 715.00 636.00 788.00 Neutral Strong Buy 1421 1.33

WILMINGTON GROUP 215.00 127.75 215.50 Neutral Strong Buy 1390 0.83

WPP 1254.00 788.00 1296.00 Neutral Sell -827 1.25

Mining Under Valued


ANGLO AMERICAN 1491.00 1207.00 2072.00 Neutral Sell 1224 1.74

ANGLO PACIFIC GROUP 189.25 161.00 289.00 Neutral Neu tral 199 1.03

ANTOFAGASTA 821.50 784.50 1381.00 Neutral Neu tral 807 1.27

BHP BILLITON 1804.50 1666.50 2236.00 Neutral Strong Buy 2792 1.41

GLENCORE XSTRATA 331.00 256.85 397.85 Neutral Strong Buy 976 #NA

LONMIN 312.50 240.84 380.10 Sell Buy 426 1.86

RANDGOLD RESOURCES 4355.00 3972.00 7775.00 Neutral Sell 2742 0.51

RIO TINTO 3010.00 2582.00 3757.00 Neutral Sell 2411 1.44

VEDANTA RESOURCES 992.00 1335.00 Neutral Strong Buy 2652 2.17

Oil & Gas Under Valued


BG GROUP 1170.00 1000.50 1350.50 Neutral Sell 874 0.81

BP 438.25 416.60 483.30 Neutral Strong Buy 980 1.04

CAIRN ENERGY 260.30 251.80 296.10 Neutral Sell -23 1.25

FORTUNE OIL 10.02 7.15 12.50 Neutral Strong Buy 81 0.76

HUNTING 804.00 716.00 941.00 Neutral Sell 556 1.25

JKX OIL & GAS 62.00 48.50 80.38 Neutral Sell -56 1.21

PREMIER OIL 331.70 321.30 400.20 Neutral Buy 399 1.45

ROYAL DUTCH SHELL B 2122.50 2098.00 2365.00 Neutral Strong Buy 8170 0.78

SOCO INTERNATIONAL 406.00 290.14 417.00 Neutral Buy 470 0.53

TULLOW OIL 1001.00 977.00 1468.00 Neutral Sell 681 1.08

WOOD GROUP (JOHN) 790.00 720.50 915.50 Neutral Sell 708 1.40


12/17



Personal Care & Household Products Over Valued


MCBRIDE 122.75 101.00 144.60 Neutral Buy 161 0.85

PZ CUSSONS 401.00 308.60 432.50 Neutral Sell 362 0.75

RECKITT BENCKISER GROUP 4353.00 3568.00 4950.00 Neutral Neu tral 4463 0.33

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.34 0.33 3.58 Buy Sell -3 0.89

ASTRAZENECA 3182.00 2792.50 3521.50 Neutral Strong Buy 8442 0.47

BTG 380.60 317.50 397.90 Neutral Sell 195 0.38

DECHRA PHARMACEUTICALS 721.00 569.00 780.00 Neutral Buy 812 0.18

GLAXOSMITHKLINE 1556.00 1317.50 1782.00 Neutral Buy 1810 0.49

OXFORD BIOMEDICA 2.29 1.33 2.83 Buy Sell -2 0.38

PHYTOPHARM 63.50 51.50 568.75 Neutral Sell -259 0.79

SHIRE 2454.00 1727.00 2593.00 Neutral Sell 1405 0.69

SKYEPHARMA 96.75 43.50 101.75 Neutral Sell 66 0.51

VERNALIS 29.50 19.38 31.00 Neutral Sell 10 0.76

Real Estate - REIT Under Valued


BIG YELLOW GROUP 435.90 321.50 460.00 Neutral Strong Buy 746 1.24

BRITISH LAND 578.00 506.00 658.00 Neutral Buy 854 1.14

DERWENT LONDON 2401.00 1946.00 2542.00 Neutral Strong Buy 5241 1.32

GREAT PORTLAND ESTATES 550.00 442.20 598.00 Neutral Strong Buy 1198 1.07

HAMMERSON 500.50 458.70 554.00 Neutral Buy 575 1.41INTU PROPERTIES 321.90 300.60 366.00 Neutral Strong Buy 593 1.22

LAND SECURITIES GROUP 920.50 762.50 994.00 Neutral Strong Buy 1841 1.22

LOCAL SHOP.REIT (THE) 29.50 24.25 38.50 Neutral Sell -176 0.78

LONDONMETRIC PROPERTY 120.80 1 03.20 120.80 Neutral Sell -8 0.33

MCKAY SECURITIES 169.00 131.50 171.00 Neutral Strong Buy 295 0.50

MUCKLOW (A & J) GROUP 456.00 341.50 500.00 Neutral Sell 247 0.57

PRIMARY HEALTH PROPS. 313.75 312.50 363.53 Buy Sell 114 0.22

REDEFINE INTL.REIT 46.50 30.75 47.25 Neutral Sell -403 0.43

SEGRO 312.60 221.60 313.80 Neutral Sell -325 1.96

SHAFTESBURY 591.00 522.50 668.00 Neutral Buy 886 1.13

TOWN CENTRE SECURITIES 223.00 178.75 230.00 Neutral Sell 2 0.95

WORKSPACE GROUP 467.00 280.70 481.00 Neutral Strong Buy 1460 1.10


13/17



Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 337.20 221.00 365.60 Neutral Strong Buy 663 0.72

CAPITAL & REGIONAL 40.38 22.75 42.00 Neutral Sell -52 0.55

CLS HOLDINGS 1161.00 656.50 1260.00 Neutral Strong Buy 2865 0.80

DAEJAN HOLDINGS 3896.00 2706.00 4200.00 Neutral Strong Buy 14457 0.56

DEVELOPMENT SECS. 199.00 143.00 209.00 Neutral Neutral 191 1.14

GRAINGER 174.50 105.10 187.50 Neutral Sell 108 1.64

HELICAL BAR 290.00 178.00 302.50 Neutral Sell 201 0.83

LONDON & ASSOCS.PROPS. 35.25 21.50 35.25 Neutral Strong Buy 222 0.60

MOUNTVIEW ESTATES 6412.50 4350.00 6512.50 Neutral Strong Buy 14268 0.69

QUINTAIN ESTATES & DEV. 83.75 51.75 92.00 Sell Sell -208 1.10

RAVEN RUSSIA 76.50 61.50 79.75 Neutral Strong Buy 206 1.56

SAVILLS 611.00 391.20 664.50 Neutral Strong Buy 1675 0.68

SMART (J) 86.50 72.50 90.50 Neutral Strong Buy 367 0.42

ST MODWEN PROPS. 308.50 194.00 333.00 Neutral Strong Buy 617 1.68

UNITE GROUP 375.00 260.70 403.00 Neutral Strong Buy 1605 1.93

Software & Computer Services Under Valued


ANITE 112.50 109.60 162.00 Neutral Buy 141 0.66

AVEVA GROUP 2551.00 1975.75 2650.00 Neutral Sell 1486 1.49

COMPUTACENTER 520.50 333.29 564.10 Neutral Strong Buy 1462 0.85

KOFAX 360.00 260.75 388.00 Neutral Neu tral 342 1.11

INNOVATION GROUP 30.50 20.75 30.50 Sell Sell 26 0.78

MICRO FOCUS INTL. 763.00 543.00 812.50 Neutral Buy 1037 0.84

PHOENIX IT GROUP 157.88 130.00 184.00 Neutral Sell -222 0.59

RM 108.50 64.00 114.25 Neutral Strong Buy 266 0.58FIDESSA GROUP 1912.00 1275.00 2190.00 Neutral Buy 2148 0.62

SAGE GROUP 329.00 289.36 368.18 Neutral Buy 434 0.70

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 377.40 3 18.20 492.10 Neutral Strong Buy 1228 1.12

BREWIN DOLPHIN 268.80 169.80 283.00 Neutral Strong Buy 639 0.85

CAMELLIA 8602.50 8000.00 11105.00 Neutral Strong Buy 80139 0.85

CHARLES STANLEY GROUP 457.38 260.00 474.00 Neutral Strong Buy 1397 0.89

CHARLES TAYLOR 215.00 155.00 228.00 Neutral Strong Buy 1610 0.64

CLOSE BROTHERS GROUP 1222.00 830.00 1225.00 Neutral Strong Buy 4728 0.78

F&C ASSET MANAGEMENT 95.70 90.00 110.40 Neutral Sell 76 0.77

HELPHIRE GROUP 5.66 0.75 5.70 Neutral Sell -123 0.77

HENDERSON GROUP 192.20 109.10 192.50 Sell Strong Buy 779 1.44

ICAP 360.00 280.80 422.20 Neutral Strong Buy 812 0.94

INTERMEDIATE CAPITAL GP. 443.30 287.20 501.50 Neutral Strong Buy 2194 1.77

INVESTEC 401.70 358.40 513.50 Neutral Strong Buy 2573 1.54

LONDON STOCK EX.GROUP 1549.00 930.00 1652.00 Neutral Strong Buy 6685 1.32

MAN GROUP 81.35 71.80 134.40 Neutral Sell -4745 1.23

RATHBONE BROTHERS 1511.00 1208.00 1691.00 Neutral Strong Buy 5354 0.83

SCHRODERS 2559.00 1518.00 2631.00 Neutral Strong Buy 7989 1.42

SCHRODERS NV 2135.00 1192.00 2193.00 Neutral Strong Buy 11101 1.38


14/17



Support Services Under Valued


ACAL 273.50 157.75 284.00 Neutral Strong Buy 613 0.79

AGGREKO 1442.00 1442.00 2370.00 Neutral Strong Buy 3150 1.04

AMEC 1072.00 965.50 1142.00 Neutral Strong Buy 3235 0.98

ASHTEAD GROUP 606.00 342.60 730.00 Neutral Strong Buy 949 1.69

BABCOCK INTL. 1205.00 940.00 1218.00 Neutral Strong Buy 2532 0.40

BRITISH POLYTHENE INDS. 637.00 372.50 637.00 Sell Strong Buy 2286 0.84

BUNZL 1325.00 1009.00 1409.00 Neutral Strong Buy 2707 0.49

UK MAIL GROUP 585.00 262.88 645.00 Neutral Strong Buy 1596 0.47

CAPITA 1006.00 713.00 1057.00 Neutral Strong Buy 1844 0.57

COMMUNISIS 60.25 34.54 68.00 Neutral Strong Buy 429 0.79

COMPASS GROUP 846.50 671.50 910.50 Neutral Strong Buy 1941 0.78

BERENDSEN 900.00 563.00 939.00 Neutral Strong Buy 3275 1.02

DE LA RUE 956.00 891.50 1075.00 Neutral Strong Buy 2316 #NA

DIGNITY 1414.00 922.31 1567.68 Neutral Buy 1623 0.21

DIPLOMA 622.50 435.00 661.00 Neutral Strong Buy 1295 1.00ELECTROCOMP. 276.90 203.90 282.50 Neutral Strong Buy 866 1.03

ESSENTRA PLC 743.00 508.50 830.00 Neutral Strong Buy 1242 1.13

G4S 252.70 207.50 313.50 Neutral Strong Buy 902 0.42

HAYS 117.80 75.20 118.40 Neutral Strong Buy 391 0.99

HOMESERVE 256.10 185.60 293.60 Neutral Strong Buy 910 0.93

INTERSERVE 571.00 349.10 591.50 Neutral Strong Buy 3036 1.15

INTERTEK GROUP 3219.00 2697.00 3453.00 Neutral Buy 4331 0.74

JOHNSON SERVICE GROUP 49.50 32.75 51.75 Neutral Strong Buy 234 1.03

MANAGEMENT CNSL.GP. 26.50 21.25 32.00 Neutral Strong Buy 183 0.61

MENZIES (JOHN) 809.00 573.00 809.00 Neutral Strong Buy 2006 1.37

MICHAEL PAGE INTL. 497.50 346.40 502.50 Neutral Strong Buy 787 1.19

MITIE GROUP 293.50 248.00 300.80 Neutral Strong Buy 1012 0.50

OFFICE2OFFICE 37.50 33.75 134.00 Neutral Strong Buy 642 0.28

PAYPOINT 1048.00 750.00 1185.00 Neutral Strong Buy 1796 0.72

PREMIER FARNELL 215.10 165.50 238.40 Neutral Strong Buy 539 1.40

REGUS 195.70 96.00 195.70 Sell Sell 71 1.46

RENTOKIL INITIAL 108.60 85.00 111.30 Neutral Strong Buy 449 1.31

REXAM 484.50 432.56 547.50 Neutral Strong Buy 1763 0.90

RICARDO 585.00 349.63 585.00 Neutral Strong Buy 1588 1.04

ROBERT WALTERS 313.00 191.00 335.00 Neutral Strong Buy 933 1.11

RPC GROUP 460.80 378.00 477.80 Neutral Strong Buy 1603 0.72

RPS GROUP 266.20 195.50 274.60 Neutral Strong Buy 891 1.49

SERCO GROUP 528.50 528.50 683.50 Buy Strong Buy 2197 0.52

SHANKS GROUP 94.25 73.00 98.00 Neutral Strong Buy 361 1.55

SPEEDY HIRE 65.25 29.50 65.50 Neutral Strong Buy 329 1.17TRIBAL GROUP 195.00 92.25 206.50 Neutral Strong Buy 521 0.64

TRIFAST 67.88 40.50 70.75 Neutral Strong Buy 317 0.81

VP 492.25 313.00 499.00 Neutral Strong Buy 2219 0.65

WYG 110.00 50.25 110.00 Sell Strong Buy 190 0.78


15/17



Telecommunication Services Over Valued


BT GROUP 350.90 212.50 350.90 Sell Buy 424 0.92

CABLE & WIRELESS COMMS. 39.36 34.31 46.29 Neutral Strong Buy 79 0.66

INMARSAT 703.50 542.50 749.00 Neutral Sell 244 0.52

KCOM GROUP 91.85 68.25 91.85 Neutral Buy 116 0.97

TELECOM PLUS 1242.00 830.00 1399.00 Neutral Sell 786 0.05

VODAFONE GROUP 221.50 154.45 222.00 Neutral Sell 120 0.46

Transport Over Valued


BBA AVIATION 305.10 195.70 326.00 Neutral Sell 221 1.17

BRAEMAR SHIPPING SVS. 503.50 350.00 520.00 Neutral Buy 559 0.91

CLARKSON 2266.00 1150.00 2275.00 Sell Sell 1254 0.77

EASYJET 1297.00 597.50 1448.00 Neutral Sell 843 0.78

FIRST GROUP 124.70 92.00 182.47 Neutral Strong Buy 267 0.85

FISHER(JAMES)& SONS 1075.00 748.00 1148.00 Neutral Sell 785 0.69

GO-AHEAD GROUP 1672.00 1220.00 1697.00 Neutral Strong Buy 2864 0.94

NATIONAL EXPRESS 256.40 164.50 274.90 Neutral Sell 242 1.33

NORTHGATE 441.25 243.25 441.25 Neutral Sell 348 1.22

STAGECOACH GROUP 329.50 265.90 337.60 Neutral Buy 455 0.87

WINCANTON 105.37 43.75 106.75 Neutral Strong Buy 273 0.83

Utilities Under Valued


CENTRICA 366.00 310.80 402.20 Neutral Strong Buy 564 0.51NATIONAL GRID 743.50 682.00 847.50 Neutral Buy 963 0.49

PENNON GROUP 690.00 598.00 734.50 Neutral Sell 614 0.66

SSE 1462.00 1364.00 1676.00 Neutral Strong Buy 2236 0.44

SEVERN TRENT 1767.00 1513.00 2090.00 Neutral Sell 1480 0.39

UNITED UTILITIES GROUP 696.00 647.00 787.50 Neutra l Neu tral 744 0.51


16/17



DISCLAIMER

Intellisys Intelligent Analysis Limited has prepared this report. Intellisys is the trading name of IntellisysIntelligent Analysis Limited.

Intellisys is a provider of financial research reports that indicate the possible value of quoted companyshares. The information contained within any and all of Intellisys reports are designed to present anobjective assessment of the possible value or relative value of a company and/or an actuarial sector orstock market index. Intellisys utilises as extensive as possible range of valuation tools and proprietarysystems to derive its outputs. The base data for the models are derived from sources believed to beaccurate but Intellisys Intelligent Analysis Limited does not warrant or guarantee the accuracy or reliability ofthe source data or its models and proprietary systems. Subscribers, and casual readers, should not relyupon the Intellisys research outputs when forming specific investment decisions but should seek advicespecific to their situation and investment requirements from a person authorized under the FinancialServices and Markets Act 2000, before entering into any investment agreement.

Intellisys Intelligent Analysis Limited has used reasonable care and skill in compiling the content of thisreport. No representation or warranty, expressed or implied, is given by any person as to the accuracy or

completeness or accuracy of the information and no responsibility or liability is accepted to the accuracy orsufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. Inno event will Intellisys Intelligent Analysis Limited, Intellisys or any of its officers, employees or agents beliable to any other party for any direct, indirect, special or other consequential damages arising from the useof this report.

The Intellisys Intelligent Analysis Limited and/or Intellisys reports are not directed to any person in anyjurisdiction where (by reason of that persons nationality, residence or otherwise) the publication oravailability of the Intellisys Intelligent Analysis Limited and/or Intellisys information may be prohibited.Persons in respect of whom such prohibitions apply must not access the Intellisys Intelligent AnalysisLimited and/or Intellisys reports. Neither this document, nor any copy in whatever form of media, may betaken or transmitted into the United States, Canada, Australia, Ireland, South Africa or Japan or into any

jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may constitute aviolation of relevant local securities laws. Recipients of Intellisys Intelligent Analysis Limited and/or Intellisysreports outside the UK are not covered by the rules and regulations made for the protection of investors inthe UK.

Any user distributing information taken from any Intellisys reports and/or the Intellisys website, in whateverform, to any other person, agrees to attach a copy of this Disclaimer and the Terms and Conditions of Usepages and obtain the agreement of such other person to comply with the terms set forth.

Intellisys' published reports are published for information purposes and only available to marketcounterparties, high net-worth and sophisticated individual investors.

No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other

financial instruments in any company or any interest therein, nor shall it form the basis of any contractentered into for the sale of shares or any other financial instrument in any company.

Intellisys believes that the information within each and any of its reports to be correct, but its accuracy orcompleteness cannot be guaranteed. No representation or warranty, expressed or implied, is given by anyperson as to the accuracy or completeness of the information and no responsibility or liability is accepted forthe accuracy or sufficiency of any of the information, for any errors, omissions or mis-statements, negligentor otherwise.

Intellisys (including its Directors, employees and representatives) or a connected person may have positionsin or options or other financial instruments on any of the securities mentioned within a report, and may buy,sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internal

rules.


17/17


Subscribers, and casual reader, are reminded that the value of shares in any company may go up or downand that past performance is not necessarily a guide to future performance.

Intellisys Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authorityand does not offer, provide or purport to provide or offer investment advice.

RISK WARNING

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 shares and other equity investments, you must contact your financialadviser as these types of investments may not be suitable for everyone.

The value of stocks and shares, and the income from them, can fall as well as rise and you may not getback the full amount you originally invested. If denominated in a foreign currency, fluctuations in theexchange rate will also affect the value of stocks and shares and the income from them. Past performanceis not necessarily a guide to future performance.

value indicator - uk main market 20131007

Documents