uk trading & value indicator 20120326

8/2/2019 uk trading & value indicator 20120326

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Intellisys www.intellisys.uk.com 26 March 2012

Page 2 of 25 Intellisys 26 March 2012

Contents

Market Pictures - Indices ......................................................................... 5FTSE 100 ................................................................................................ 5FTSE 250 ................................................................................................ 6FTSE All Share Index ................................................................................ 7FTSE AIM All Share .................................................................................. 8

Market Pictures Interest Rates ............................................................ 10UK Bank Lending Rates ........................................................................... 10Eurozone Lending Rates .......................................................................... 11US Federal Funds Rate ........................................................................... 12

Market Pictures Exchange Rates ......................................................... 13Market Pictures - Oil............................................................................... 15Aerospace & Defence ............................................. Over Valued 16Automobiles & Parts .............................................. Over Valued 16Banks ............................................................. Under Valued 16Beverages ........................................................ Over Valued 16Chemicals ........................................................ Under Valued 16Construction & Building Materials .............................. Over Valued 17Electronics & Electrical Equipment ............................. Over Valued 17Engineering & Machinery ........................................ Over Valued 17Food & Drug Stores ............................................... Under Valued 18Food Producers & Processors ................................... Over Valued 18General Retail ..................................................... Over Valued 18Health .............................................................. Under Valued 18Household Goods & Textiles .................................... Under Valued 18Information Technology & Hardware .......................... Over Valued 19Insurance ........................................................ Over Valued 19Leisure & Hotels .................................................. Under Valued 19Life Assurance .................................................. Over Valued 19Media & Entertainment .......................................... Over Valued 20Mining .............................................................. Under Valued 20Oil & Gas ........................................................... Under Valued 20Personal Care & Household Products .......................... Over Valued 20Pharmaceuticals & Biotechnology .............................. Under Valued 21Software & Computer Services ................................. Under Valued 21Speciality & Other Finance

......................................

Over Valued

21

Support Services .................................................. Under Valued 22Telecommunication Services .................................... Under Valued 22Transport ........................................................ Under Valued 23Utilities ............................................................. Under Valued 23DISCLAIMER ............................................................................................. 24


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Value

A similar discipline has been applied to the process of establishing Target Prices.On a daily basis, Intellisys analyses as broad an array of historic data from notonly the Profit & Loss Account but also 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 for the 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 as possible.

Nevertheless, Intellisys recognises that Target Price delivery is not only a

function of market levels but a management teams ability to establish andmaintain a value generating operating environment set against a constantlychanging global background.

The typical investment analysts approach to determining target prices is to startwith a modest range of some 6 10 valuation measures and remove those that

are not providing the intuitive result. Intellysis approach is the opposite we useas many valuation methodologies as possible.

Further, Intellisys recognises that some target prices may appear strange orextreme. However, subscribers should not dismiss these outcomes but use them

as starting points to challenge their established or perceived valuation opinion ofa stock.

In short, this disciplined approach provides an investment reality check to assist

investors from falling in love with a stock or becoming mesmerised bymanagement cults.

ConclusionNo investment methodology is 100% successful and like all trading andinvestment systems active position monitoring is critical for maximisedinvestment performance.

Therefore, Intellisys recommends that its products should be used in conjunctionwith, and not separate from subscribers existing investment systems as well asdiscussing investment options with their financial advisers.

Philip Morrish ([email protected])

RISK WARNING Recommendations and Target Prices

Intellisys does not make personal recommendations. The information in thispublication is provided solely to enable you to make your own investmentdecisions.If you are unsure about dealing in shares and other equity investments, you

should contact your financial adviser as these types of investments may not besuitable for everyone.The value of stocks and shares, and the income from them, can fall as well as riseand 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 valueof stocks and shares and the income from them. Past performance is notnecessarily a guide to future performance.


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Market Pictures - Indices

FTSE 100

Index PE

3,512.1

3,762.9

4,944.4

5,854.9

6,082.9

6,091.3

6,732.4

2000 4000 6000 8000

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 100

7.0

7.9

7.9

9.9

14.1

18.2

18.2

5 10 15 20

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 100 PE

% change % change

1M -1.4; 3M 6.2; 12M 1.0 1M -2.5; 3M -0.5; 12M -26.4

Yield RSI

2.9

2.9

3.0

3.5

3.9

5.5

6.2

1.0 3.0 5.0 7.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 100 DY

25.5

42.7

74.8

0 20 40 60 80

Lo

Last Close

Hi

FTSE 100 RSI

% change

1M 5.4; 3M -3.0; 12M 13.2


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FTSE 250

Index PE

5,491.5

6,224.3

9,425.9

11,566.7

12,167.8

12,167.8

12,220.2

500 5500 10500 15500

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 250

7.1

7.1

7.1

19.2

19.3

27.8

27.8

5 10 15 20 25 30

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 250 PE

% change % change

1M 0.5; 3M 15.9; 12M 1.0 1M 11.8; 3M 27.1; 12M 10.8

Yield RSI

1.9

2.2

2.3

2.7

3.3

4.3

5.7

1.0 2.0 3.0 4.0 5.0 6.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 250 DY

25.6

50.8

83.4

0 20 40 60 80 100

Lo

Last Close

Hi

FTSE 250 RSI

% change

1M 1.9; 3M -13.3; 12M 12.8


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FTSE All Share Index

Index PE

1,781.6

1,906.8

2,557.8

3,041.6

3,160.9

3,160.9

3,479.0

500 1500 2500 3500 4500

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE ALL SHARE

7.4

8.5

8.5

10.8

14.6

19.5

19.5

5 10 15 20 25

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE ALL SHARE PE

% change % change

1M -1.1; 3M 7.6; 12M 1.0 1M -0.7; 3M 2.7; 12M -23.0

Yield RSI

2.7

2.8

2.9

3.4

3.8

5.3

6.1

1.0 3.0 5.0 7.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE ALL SHARE DY

25.4

44.3

74.8

0 20 40 60 80

Lo

Last Close

Hi

FTSE ALL SHARE RSI

% change

1M 4.9; 3M -4.5; 12M 13.0


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FTSE AIM All Share

Index PE

373.8

403.2

657.8

793.6

921.6

968.3

1,236.6

200 700 1200 1700

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE AIM ALL-SHARE

-203,906.0

-203,906.0

-203,906.0

140.2

304.6

1,240.8

1,439.5

-250000 -200000 -150000 -100000 -50000 0 50000

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE AIM ALL-SHARE PE

% change % change

1M -3.4; 3M 15.7; 12M -11.5 1M 39.4; 3M 50.3; 12M -161.6

Yield RSI

0.4

0.5

0.6

0.7

0.8

2.0

2.1

0.2 0.7 1.2 1.7 2.2

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE AIM ALL-SHARE DY

16.5

40.5

91.9

0 50 100

Lo

Last Close

Hi

FTSE AIM ALL-SHARE RSI

% change

1M 11.9; 3M -9.6; 12M 11.9


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S&P 500

Index PE

676.5

787.5

1,099.2

1,397.1

1,409.8

1,409.8

1,565.2

400 900 1400 1900

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

S&P 500 COMPOSITE

13.4

13.4

13.4

16.2

17.5

146.3

146.3

10 60 110 160

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

S&P 500 COMPOSITE PE

% change % change

1M 2.5; 3M 10.4; 12M 7.7 1M 3.7; 3M 13.3; 12M -3.9

Yield RSI

1.8

1.8

1.9

2.1

2.4

2.8

3.4

0.5 1.5 2.5 3.5 4.5

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

S&P 500 COMPOSITE DY

30.0

60.8

81.6

0 20 40 60 80 100

Lo

Last Close

Hi

S&P 500 COMPOSITE RSI

% change

1M -1.4; 3M -8.0; 12M 6.2


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Market Pictures Interest Rates

UK Bank Lending Rates

UK

0.50

0.50

0.50

0.50

0.50

0.50

5.75

0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

UK CLEARING BANKS BASE RATE

% change

1M 0.0; 3M 0.0; 12M 0.0

UK Lending PE

200.0

200.0

200.0

200.0

200.0

200.0

17.4

10 60 110 160 210

5Y Hi

3Y Hi

1Y Hi

Last Close

1Y Lo

3Y Lo

5Y Lo

UK CLEARING BANKS BASE RATE PE


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Market Pictures Interest Rates

US Federal Funds Rate

US

0.04

0.04

0.04

0.14

0.17

0.25

5.41

0.00 1.00 2.00 3.00 4.00 5.00 6.00

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

US FEDERAL FUNDS RATE

% change

1M 75.0; 3M 75.0; 12M 0.0

US Lending PE

2,500.0

2,500.0

2,500.0

714.3

588.2

400.0

18.5

10 510 1010 1510 2010 2510 3010

5Y Hi

3Y Hi

1Y Hi

Last Close

1Y Lo

3Y Lo

5Y Lo

US FEDERAL FUNDS RATE - PE


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Market Pictures Exchange Rates

US$/

1.19

1.19

1.27

1.33

1.48

1.51

1.60

0.80 1.00 1.20 1.40 1.60 1.80

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

US$/EURO

% change

1M -0.7; 3M 1.8; 12M -5.8

/

117.1

117.1

117.1

130.6

139.4

162.5

250.1

100.0 150.0 200.0 250.0 300.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

YEN/

% change

1M 3.7; 3M 6.9; 12M -0.6


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Market Pictures - Oil

Brent Monthly FOB US$/bbl

34.6

46.3

104.0

122.9

126.6

126.6

145.6

0 50 100 150 200

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

Oil (Brent) Monthly FOB U$/bbl

% change

1M -0.92; 3M 12.98; 12M 6.01


Intellisys does not make personal recommendations. The information in thispublication is provided solely to enable you to make your own investmentdecisions.

If you are unsure about dealing in shares and other equity investments, you

should contact your financial adviser as these types of investments may not besuitable for everyone.

The value of stocks and shares, and the income from them, can fall as well as riseand you may not get back the full amount you originally invested. If denominatedin a foreign currency, fluctuations in the exchange rate will also affect the valueof stocks and shares and the income from them. Past performance is notnecessarily a guide to future performance.


16/25



Aerospace & Defence Over Valued

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

BAE SYSTEMS 305.20 248.10 340.80 Neutral Strong Buy 609 0.65

CHEMRING GROUP 414.30 368.80 736.50 Neutral Buy 589 0.53

COBHAM 221.90 165.90 236.50 Neutral Neutral 242 0.92

MEGGITT 390.90 305.00 408.30 Neutral Sell 347 1.34

ROLLS-ROYCE HOLDINGS 825.50 552.19 842.50 Neutral Sell 677 1.10

SMITHS GROUP 1020.00 869.50 1340.00 Neutral Neutral 1056 0.72

ULTRA ELECTRONICS HDG. 1731.00 1305.00 1779.00 Neutral Sell 1293 0.60

UMECO 383.00 243.50 499.88 Neutral Sell 343 0.79

Automobiles & Parts Over Valued


GKN 210.30 157.00 245.00 Neutral Sell 166 1.98

INCHCAPE 378.20 268.60 425.40 Neutral Sell 313 1.42

LOOKERS 63.50 47.00 72.75 Neutral Neutral 65 1.36

PENDRAGON 13.50 6.80 19.71 Neutral Strong Buy 22 1.14

Banks Under Valued


BARCLAYS 244.50 138.85 308.85 Neutral Strong Buy 427 1.85

HSBC HDG. (ORD $0.50) 558.30 463.50 667.20 Neutral Strong Buy 1087 1.13

LLOYDS BANKING GROUP 35.98 21.84 62.36 Sell Strong Buy 88 1.76

ROYAL BANK OF SCTL.GP. 28.03 17.34 44.43 Sell Sell 11 1.28

STANDARD CHARTERED 1599.00 1169.50 1690.00 Neutral Sell 804 1.70

Beverages Over Valued


BARR (AG) 1220.00 1031.00 1395.00 Neutral Neutral 1262 0.41

DIAGEO 1510.00 1112.00 1553.00 Neutral Sell 1349 0.55SABMILLER 2541.50 1979.00 2660.00 Neutral Buy 2935 0.98

Chemicals Under Valued


CRODA INTERNATIONAL 2097.00 1597.00 2238.00 Neutral Sell 1679 1.08

ELEMENTIS 185.20 107.50 196.10 Neutral Sell 175 1.08

JOHNSON MATTHEY 2285.00 1523.00 2403.00 Neutral Neutral 2424 1.47

VICTREX 1315.00 1025.00 1590.00 Neutral Neutral 1366 1.23

YULE CATTO 246.90 148.00 253.00 Sell Buy 344 1.28

ZOTEFOAMS 173.00 109.00 173.00 Neutral Buy 232 1.04


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Construction & Building Materials Over Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

BALFOUR BEATTY 293.90 214.60 348.60 Neutral Neutral 312 0.85

BARRATT DEVELOPMENTS 146.10 67.50 149.30 Neutral Sell 70 1.43

BELLWAY 810.00 540.50 851.00 Neutral Sell 703 1.02

BERKELEY GROUP HDG.(THE) 1335.00 1019.00 1414.00 Neutral Neutral 1368 0.69

BOVIS HOMES GROUP 500.00 326.50 518.50 Neutral Sell 214 1.08

CARILLION 301.80 281.00 403.20 Neutral Buy 377 1.10

CLARKE (T) 48.75 35.50 105.00 Neutral Strong Buy 207 0.83COSTAIN GROUP 230.25 180.00 262.00 Neutral Strong Buy 816 0.59

GALLIFORD TRY 612.00 362.00 623.00 Neutral Sell 578 1.05

KELLER 427.00 239.25 671.50 Neutral Neutral 428 1.33

KIER GROUP 1179.00 1097.00 1489.00 Neutral Strong Buy 3306 1.04

LOW & BONAR 62.25 38.00 76.75 Neutral Strong Buy 152 1.10

MARSHALLS 102.00 83.25 124.50 Neutral Sell 70 1.35

MORGAN SINDALL GROUP 680.00 510.00 725.00 Neutral Strong Buy 1500 0.89

PERSIMMON 641.50 374.00 706.50 Neutral Neutral 653 1.10

REDROW 129.00 103.50 136.20 Neutral Sell 90 0.97

SIG 118.60 76.95 153.50 Neutral Sell 15 1.60

TAYLOR WIMPEY 50.60 28.71 52.75 Neutral Sell 13 1.51

TRAVIS PERKINS 1076.00 715.00 1112.00 Neutral Neutral 1126 1.89

WOLSELEY 2464.00 1404.00 2558.00 Neutral Sell 1827 1.42

Electronics & Electrical Equipment Over Valued


DIALIGHT 900.00 643.50 921.00 Neutral Sell 440 0.75

DOMINO PRINTING SCIENCES 552.00 434.30 701.50 Neutral Buy 682 1.18

E2V TECHNOLOGIES 125.50 86.75 146.50 Neutral Buy 153 1.34

INVENSYS 196.50 180.90 354.90 Neutral Strong Buy 375 1.47

LAIRD 204.30 127.90 213.60 Neutral Sell 188 2.21

OXFORD INSTRUMENTS 1186.00 662.50 1262.00 Neutral Sell 796 0.98

RENISHAW 1344.00 800.00 1886.00 Neutral Buy 1887 1.28

SPECTRIS 1759.00 1039.00 1823.00 Neutral Sell 1180 1.43

BIOME TECHNOLOGIES 0.21 0.14 0.28 Neutral Strong Buy 0 0.63

TT ELECTRONICS 173.50 120.50 208.00 Neutral Buy 237 1.60XAAR 250.00 212.00 295.00 Neutral Sell 123 1.12

Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 92.00 62.50 128.38 Neutral Strong Buy 270 1.33

BODYCOTE 391.10 225.60 426.50 Neutral Sell 322 1.60

CASTINGS 305.00 252.50 358.00 Neutral Strong Buy 468 0.98

COOKSON GROUP 695.00 395.80 724.50 Neutral Neutral 700 2.29

FENNER 435.50 280.00 483.70 Neutral Neutral 418 1.41

HALMA 390.20 306.30 429.60 Neutral Sell 331 0.76

HILL & SMITH 344.00 235.00 393.50 Neutral Strong Buy 533 1.42

IMI 955.50 636.50 1119.00 Neutral Buy 1228 1.42METALRAX GROUP 8.55 7.25 12.00 Neutral Sell 6 0.86

MORGAN C RUCIBLE 322.40 224.00 360.00 Neutral Neutral 310 1.76

ROTORK 1974.00 1501.00 2099.00 Neutral Sell 1590 1.00

SENIOR 195.70 135.60 201.00 Neutral Buy 216 1.77

SEVERFIELD-ROWEN 182.50 150.00 272.00 Neutral Sell 158 1.06

SPIRAX-SARCO 2101.00 1649.00 2184.00 Neutral Neutral 2024 0.86

VITEC GROUP 645.00 488.00 661.75 Neutral Neutral 676 1.52

WEIR GROUP 1814.00 1375.00 2236.00 Neutral Sell 1435 1.39


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Food & Drug Stores Under Valued


GREGGS 519.00 445.00 558.00 Neutral Sell 328 0.53

MORRISON(WM)SPMKTS. 305.70 268.50 328.00 Neutral Buy 367 0.46

SAINSBURY (J) 316.40 263.50 362.80 Neutral Strong Buy 561 0.65

TESCO 337.70 310.45 420.05 Neutral Buy 425 0.74

THORNTONS 25.75 9.50 86.25 Sell Neutral 26 0.78

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1210.00 977.00 1228.00 Neutral Sell 1033 0.60

CRANSWICK 802.50 588.50 842.50 Neutral Strong Buy 1530 0.59

DAIRY CREST 343.50 311.00 409.70 Neutral Strong Buy 740 0.94

DEVRO 320.00 232.00 332.20 Neutral Strong Buy 664 0.32

PREMIER FOODS 13.25 3.29 35.12 Neutral Sell -31 1.42

TATE & LYLE 702.00 544.50 720.50 Neutral Buy 829 0.63

UNILEVER (UK) 2051.00 1869.00 2189.00 Neutral Sell 1001 0.61

General Retail Over Valued


ASHLEY(LAURA) HOLDINGS 22.25 16.00 25.25 Neutral Buy 29 0.72

BROWN (N) GROUP 244.80 227.00 304.50 Neutral Neutral 257 0.49

BURBERRY GROUP 1513.00 1092.00 1600.00 Neutral Sell 537 1.36

CARPETRIGHT 663.50 375.00 748.00 Neutral Sell 206 1.03

CLINTON CARDS 10.38 7.50 22.75 Sell Sell 10 0.65

DIXONS RETAIL 19.55 9.36 19.91 Neutral Buy 27 1.46

FINDEL 3.60 2.20 8.70 Neutral Sell 3 0.97

FRENCH CONNECTN.GROUP 46.25 36.00 117.00 Neutral Strong Buy 101 0.93

HALFORDS GROUP 304.50 269.50 405.90 Neutral Buy 417 0.64

JJB SPORTS 9.75 5.20 31.00 Sell Strong Buy 1179 0.87

JD SPORTS FASHION 775.50 570.00 1030.00 Neutral Strong Buy 1205 0.49

KESA ELECTRICALS 72.10 60.20 151.40 Neutral Strong Buy 289 1.27KINGFISHER 312.10 217.00 312.10 Sell Sell 289 0.99

MARKS & SPENCER GROUP 383.70 301.80 402.20 Neutral Neutral 394 0.74

MOSS BROTHERS GROUP 47.13 25.50 47.75 Neutral Sell 21 1.05

MOTHERCARE 190.00 127.30 477.20 Neutral Strong Buy 367 0.55

NEXT 2987.00 1980.00 2987.00 Neutral Sell 2156 0.80

TED BAKER 781.00 633.00 830.00 Neutral Sell 475 0.55

TOPPS TILES 39.75 21.50 77.00 Neutral Sell 23 1.34

Health Under Valued


CONSORT MEDICAL 630.00 498.00 630.00 Neutral Sell 424 0.40CORIN GROUP 41.00 36.50 59.00 Neutral Buy 49 0.75

SMITH & NEPHEW 634.00 521.00 715.00 Neutral Buy 778 0.37

Household Goods & Textiles Under Valued


HARVARD INTL. 38.75 21.75 40.00 Neutral Sell 31 0.47

GAMES WORKSHOP 537.50 370.00 547.50 Neutral Sell 464 0.38

HEADLAM GROUP 305.00 233.25 310.00 Neutral Buy 344 0.93

HORNBY 100.00 97.00 145.00 Neutral Buy 142 0.65


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Information Technology & Hardware Over Valued


ARM HOLDINGS 593.50 464.00 645.00 Neutral Sell 417 0.76

CSR 243.60 154.10 391.40 Neutral Strong Buy 626 1.18

FILTRONIC 33.00 14.50 35.00 Sell Strong Buy 60 0.65

IMAGINATION TEC HNOLOGIES 712.50 296.90 712.50 Neutral Sell 268 0.97

PSION 65.00 41.00 102.75 Neutral Strong Buy 354 1.20

SPIRENT COMMUNICATIONS 152.10 105.80 160.30 Neutral Strong Buy 390 1.02

WOLFSON MIC ROELECTRONIC S 187.00 96.00 260.00 Neutral Sell 83 1.06

Insurance Over Valued


ADMIRAL GROUP 1164.00 787.00 1754.00 Neutral Sell -8494 0.54

AMLIN 340.70 270.60 427.00 Neutral Strong Buy 7199 0.47

BEAZLEY 143.70 109.60 151.80 Neutral Strong Buy 2346 0.52

CATLIN GROUP 419.70 336.00 449.00 Neutral Sell 85 0.31

HISCOX 406.50 340.50 424.70 Neutral Strong Buy 6495 0.50

JARDINE LLOYD THOMPSON 696.00 576.00 764.50 Neutral Strong Buy 4487 0.33

RSA INSURANCE GROUP 114.80 99.60 139.80 Neutral Strong Buy 2772 0.44

NOVAE GROUP 355.00 285.00 385.25 Neutral Strong Buy 6237 0.51

Leisure & Hotels Under Valued


ARENA LEISURE 44.25 27.00 44.25 Neutral Sell 17 0.79

CARNIVAL 2013.00 1742.00 2642.00 Neutral Strong Buy 3829 1.07

ENTERPRISE INNS 53.00 26.50 96.15 Neutral Strong Buy 92 1.74

TUI TRAVEL 194.40 136.70 250.00 Neutral Strong Buy 591 0.97

FULLER SMITH 'A' 710.00 596.00 752.00 Neutral Neutral 689 0.45

GREENE KING 517.00 410.00 521.50 Neutral Buy 722 0.87

LADBROKES 157.00 114.00 161.80 Neutral Buy 192 0.99

ICTL.HTLS.GP. 1442.00 955.00 1497.00 Neutral Sell 974 1.31

MILLENNIUM & CPTH.HTLS. 487.30 371.20 540.00 Neutral Neutral 508 1.41

MITCHELLS & BUTLERS 276.40 215.60 336.80 Neutral Strong Buy 442 1.04BWIN PARTY DIGITAL ENTM. 152.10 100.60 204.00 Neutral Sell 139 1.30

PUNCH TAVERNS 11.00 9.14 15.70 Neutral Sell -137 1.30

RANK GROUP 130.00 109.50 153.70 Neutral Strong Buy 208 0.98

RESTAURANT GROUP 296.00 254.90 335.00 Neutral Buy 364 0.87

WETHERSPOON (JD) 420.00 380.50 468.30 Neutral Strong Buy 703 0.73

WHITBREAD 1761.00 1409.00 1761.00 Neutral Neutral 1894 1.05

WILLIAM HILL 252.00 178.90 253.20 Neutral Buy 323 0.95

MARSTON'S 100.00 84.60 112.00 Neutral Strong Buy 200 1.25

Life Assurance Over Valued


AVIVA 346.70 275.30 452.70 Neutral Strong Buy 435 1.24CHESNARA 189.25 161.75 264.00 Neutral Neutral 177 0.59

LEGAL & GENERAL 132.60 89.80 135.00 Neutral Buy 83 1.67

OLD MUTUAL 158.00 98.05 164.60 Neutral Sell 160 1.64

PRUDENTIAL 783.00 509.00 792.00 Sell Sell 316 1.73

ST.JAMES'S PLACE 364.70 294.00 376.00 Neutral Strong Buy 121 0.81


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Media & Entertainment Over Valued


AEGIS GROUP 181.60 116.17 185.90 Neutral Sell 101 1.32

BLOOMSBURY PBL. 113.00 91.25 138.00 Neutral Buy 143 0.50

BRITISH SKY BCAST.GROUP 692.50 618.50 850.00 Neutral Neutral 677 0.61

CENTAUR MEDIA 37.25 32.50 56.50 Neutral Sell -79 1.03

DAILY MAIL 'A' 447.30 343.40 515.00 Neutral Buy 515 1.09

EUROMONEY INSTL.INVESTOR 801.50 522.50 809.50 Sell Sell 627 1.06

INFORMA 442.60 313.90 446.00 Neutral Sell 360 1.52ITE GROUP 232.70 157.70 258.00 Neutral Sell 189 1.40

ITV 87.95 51.65 89.90 Neutral Neutral 84 1.52

JOHNSTON PRESS 7.45 4.11 9.03 Neutral Strong Buy 72 1.47

PEARSON 1219.00 1038.00 1255.00 Neutral Neutral 1198 0.68

PHOTO-ME INTL. 45.00 39.50 67.00 Neutral Strong Buy 92 0.84

PINEWOOD SHEPPERTON 278.50 158.00 292.00 Sell Sell 174 0.35

THOMSON REUTERS 29.57 26.21 39.25 Neutral Sell 9 0.51

STV GROUP 115.63 76.25 168.00 Neutral Sell 30 0.80

ST.IVES 84.50 68.50 104.50 Neutral Strong Buy 240 1.45

TRINITY MIRROR 38.75 35.25 54.25 Neutral Strong Buy 524 1.57

UBM 618.00 416.00 626.00 Neutral Strong Buy 1811 1.31

WILMINGTON GROUP 100.00 78.50 157.00 Neutral Buy 124 0.87

WPP 861.50 578.00 865.00 Neutral Neutral 920 1.29

YELL GROUP 4.00 3.35 11.00 Neutral Strong Buy 56 1.31

Mining Under Valued


ANGLO AMERICAN 2459.50 2138.50 3344.00 Neutral Strong Buy 5987 1.76

ANGLO PACIFIC GROUP 325.00 237.90 340.00 Neutral Neutral 335 0.95

ANTOFAGASTA 1172.00 900.50 1491.00 Neutral Sell 1062 1.39

BHP BILLITON 1917.50 1667.00 2631.50 Neutral Strong Buy 4447 1.41

LONMIN 1083.00 941.00 1760.00 Neutral Sell 919 1.92

RANDGOLD RESOURCES 5650.00 4567.00 7565.00 Buy Sell 1669 0.31

RIO TINTO 3382.50 2712.50 4595.00 Neutral Buy 4984 1.43

UK COAL 19.00 18.75 47.00 Neutral Sell -60 0.96

VEDANTA RESOURCES 1315.00 928.00 2518.00 Neutral Strong Buy 4979 2.10XSTRATA 1105.50 764.00 1550.00 Neutral Neutral 1084 1.79

Oil & Gas Under Valued


BG GROUP 1492.00 1144.00 1564.50 Neutral Buy 1993 0.71

BP 477.55 363.20 504.60 Neutral Strong Buy 1376 1.06

CAIRN ENERGY 342.10 291.86 531.75 Neutral Buy 419 1.35

FORTUNE OIL 10.75 9.00 14.75 Neutral Strong Buy 25 0.85

HUNTING 922.50 530.00 968.00 Neutral Sell 823 1.33

JKX OIL & GAS 181.00 120.50 335.10 Neutral Strong Buy 384 1.36

MELROSE RESOURC ES 128.00 95.25 297.00 Neutral Strong Buy 672 1.13

PREMIER OIL 412.60 310.00 520.50 Neutral Buy 551 1.36ROYAL DUTCH SHELL A(LON) 2220.00 1883.50 2402.00 Neutral Strong Buy 6786 0.91

ROYAL DUTCH SHELL B 2236.50 1890.50 2489.00 Neutral Strong Buy 6849 0.92

SOCO INTERNATIONAL 304.40 278.00 400.00 Neutral Sell 206 0.51

TULLOW OIL 1473.00 945.50 1601.00 Neutral Sell 487 1.06

WOOD GROUP (JOHN) 720.50 469.90 763.50 Neutral Buy 819 1.34

Personal Care & Household Products Over Valued


MCBRIDE 123.00 108.75 151.06 Neutral Sell 103 0.88

PZ CUSSONS 324.70 285.00 387.90 Neutral Buy 370 0.75

RECKITT BENCKISER GROUP 3571.00 3064.00 3597.00 Neutral Sell 3320 0.34


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Transport Under Valued


BBA AVIATION 213.60 156.00 223.40 Neutral Sell 176 1.40

BRAEMAR SHIPPING SVS. 406.50 282.00 505.00 Neutral Strong Buy 685 0.95

CLARKSON 1285.00 1015.00 1355.00 Neutral Buy 1662 0.82

EASYJET 461.40 302.54 478.53 Neutral Buy 573 0.78

FIRST GROUP 291.30 282.50 370.20 Neutral Strong Buy 449 1.08

FISHER(JAMES)& SONS 603.00 440.50 605.00 Neutral Sell 360 0.82

GO-AHEAD GROUP 1295.00 1190.00 1598.00 Neutral Buy 1868 0.95NATIONAL EXPRESS 248.20 201.60 270.20 Neutral Sell 193 1.30

NORTHGATE 220.00 190.90 346.70 Neutral Strong Buy 405 1.38

STAGECOACH GROUP 261.10 211.03 287.40 Neutral Sell 219 0.90

WINCANTON 80.25 56.00 123.25 Neutral Strong Buy 178 0.84

Utilities Under Valued


CENTRICA 314.70 278.80 333.00 Neutral Neutral 329 0.50

NATIONAL GRID 637.00 569.00 659.00 Neutral Buy 807 0.56

PENNON GROUP 711.00 620.00 737.50 Neutral Sell 608 0.61

SEVERN TRENT 1564.00 1375.00 1610.00 Neutral Sell 1391 0.47

UNITED UTILITIES GROUP 611.00 560.00 637.00 Neutral Neutral 621 0.58


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uk trading & value indicator 20120326

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