value indicator - uk main market 20130225

7/29/2019 value indicator - uk main market 20130225

1/17

25 February 2013

Powered by


2/17

Intellisys Intelligent Analysis Limited 25 February 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 Over Valued .....................................................................6Automobiles & Parts Under Valued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Over Valued ..................................................7Engineering & Machinery Over Valued ................................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Under Valued ........................................................8General Retail Under Valued ..............................................................................9Heath Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Over Valued .................................................................... 10Media & Entertainment Over Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Over Valued ................................................ 12Real Estate Under Valued ............................................................................... 12Software & Computer Services Under Valued ..................................................... 13Speciality & Other Finance Over Valued .......................................................... 13Support Services Over Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 15Transport Under 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 provided solely toenable you to make your own investment decisions. If you are unsure about dealing in shares and otherequity 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 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 upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

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


6/17



Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 349.80 270.90 363.60 Neutral Strong Buy 557 0.65

CHEMRING GROUP 289.30 217.00 442.00 Neutral Strong Buy 587 0.65

COBHAM 231.40 186.30 239.50 Neutral Buy 272 0.83

MEGGITT 457.80 364.30 458.70 Neutral Sell 386 1.32

ROLLS-ROYCE HOLDINGS 1038.00 781.16 1062.00 Neutral Sell 657 1.08

SMITHS GROUP 1256.00 979.50 1265.00 Neutral Sell 970 0.70

ULTRA ELECTRONICS HDG. 16 46.00 1424.00 1780.00 Neutral Sell 1452 0.50

Automobiles & Parts Under Valued

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

GKN 252.10 173.60 263.20 Neutral Neutral 241 1.99

INCHCAPE 507.50 305.20 517.50 Neutral Sell 475 1.46

LOOKERS 83.25 56.50 85.25 Neutral Buy 99 1.23

PENDRAGON 22.75 13.00 23.00 Neutral Buy 32 1.11

Banks Over Valued


BARCLAYS 307.00 150.55 327.35 Neutral Sell 226 1.92

HSBC HDG. (ORD $0.50) 721.40 503.20 732.90 Neutral Strong Buy 1104 1.16

LLOYDS BANKING GROUP 54.86 25.29 55.68 Sell Buy 63 1.86

ROYAL BANK OF SCTL.GP. 345.00 196.60 367.80 Sell Sell -103 1.34

STANDARD CHARTERED 1744.00 1228.50 1771.00 Neutral Sell 1463 1.70

Beverages Under Valued


BARR (AG) 515.00 348.00 557.00 Neutral Neutral 561 0.54

DIAGEO 1973.50 1477.00 1973.50 Neutral Sell 1714 0.55

SABMILLER 3238.00 2348.50 3277.50 Neutral Buy 3766 0.96

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 381.40 267.60 390.00 Neutral Strong Buy 708 #NA

CARCLO 470.75 330.00 503.00 Neutral Sell 433 0.73

CRODA INTERNATIONAL 2590.00 2050.00 2590.00 Neutral Sell 2025 1.01

ELEMENTIS 236.20 158.30 240.30 Neutral Strong Buy 360 0.97

JOHNSON MATTHE Y 2307.00 2080.27 2573.00 Neutral Strong Buy 12715 1.44

VICTREX 1587.00 1185.00 1649.00 Neutral Sell 1452 1.12

SYNTHOMER 213.00 127.40 251.00 Neutral Buy 239 1.14

ZOTEFOAMS 201.50 136.50 225.00 Neutral Strong Buy 406 0.96


7/17



Construction & Building Materials Under Valued


ALUMASC GROUP 98.00 61.50 104.00 Neutral Strong Buy 234 0.49

BALFOUR BEATTY 282.80 237.90 320.80 Neutral Strong Buy 976 0.79

BARRATT DEVELOPMENTS 239.40 114.00 239.40 Neutral Strong Buy 448 1.49

BELLWAY 1169.00 660.00 1175.00 Neutral Strong Buy 1899 1.10

BERKELEY GROUP HDG.(THE) 1888.00 1177 .00 1888.00 Neutral Strong Buy 3180 0.64

BOOT (HENRY) 163.00 115.50 166.00 Neutral Strong Buy 332 0.83

BOVIS HOMES GROUP 672.00 399.30 672.00 Neutral Sell 555 1.15

CARILLION 317.70 235.50 344.00 Neutral Strong Buy 799 1.08

CLARKE (T) 57.00 39.50 61.50 Neutral Strong Buy 268 0.82

COSTAIN GROUP 283.00 188.00 283.00 Neutral Strong Buy 564 0.58

CRH 1394.00 1052.00 1420.00 Neutral Sell 758 1.14

GALLIFORD TRY 894.50 560.00 905.00 Neutral Strong Buy 1700 1.00

KELLER 764.00 348.25 767.50 Neutral Strong Buy 2034 1.23

KIER GROUP 1370.00 1095.00 1408.00 Neutral Strong Buy 3353 0.93

LOW & BONAR 70.50 49.00 72.50 Neutral Strong Buy 203 1.04MARSHALLS 105.75 76.00 110.00 Neutral Strong Buy 283 1.36

MORGAN SINDALL GROUP 535.00 508.00 695.00 Neutral Strong Buy 3312 0.84

NORCROS 15.25 9.25 16.75 Neutral Strong Buy 34 1.13

PERSIMMON 909.50 532.00 909.50 Neutral Buy 1119 1.15

REDROW 191.60 107.30 195.10 Neutral Strong Buy 289 1.05

SIG 142.70 82.30 142.70 Neutral Strong Buy 471 1.74

SUPERGLASS HOLDINGS 11.25 4.50 22.50 Sell Strong Buy 46 0.86

TAYLOR WIMPEY 79.40 40.28 79.40 Neutral Buy 94 1.58

TRAVIS PERKINS 1260.00 906.50 1308.00 Neutral Strong Buy 2576 1.97

WOLSELEY 3030.00 2121.32 3100.00 Neutral Strong Buy 5231 1.44

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1165.00 857.50 1244.00 Neutral Sell 743 0.74

DOMINO PRINTING SCIENCES 682.50 509.00 699.00 Neutral Buy 822 1.17

E2V TECHNOLOGIES 116.00 105.50 149.50 Neutral Strong Buy 237 1.29

INVENSYS 360.00 186.10 360.80 Neutral Sell 329 1.41

LAIRD 247.10 169.10 247.30 Neutral Sell 94 2.11

OXFORD INSTRUMENTS 1718.00 1096.00 1 752.00 Neutral Sell 1137 1.00

RENISHAW 1841.00 1260.00 2081.00 Neutral Buy 2367 1.25

SPECTRIS 2459.00 1427.00 2459.00 Sell Sell 2119 1.50

BIOME TECHNOLOGIES 0.10 0.08 0.22 Neutral Buy 0 0.84

TT ELECTRONICS 173.00 114.00 203.50 Neutral Strong Buy 376 1.58

XAAR 304.50 185.00 312.00 Neutral Sell 218 1.09


8/17



Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 79.50 54.25 92.00 Neutral Buy 110 1.26

BODYCOTE 522.00 310.30 522.00 Neutral Neutral 508 1.60

CASTINGS 330.00 277.75 358.50 Neutral Strong Buy 692 0.98

VESUVIUS 383.20 263.19 391.50 Neutral Buy 493 2.17

FENNER 419.40 329.30 483.70 Neutral Buy 551 1.40

HALMA 497.80 373.10 497.80 Sell Sell 388 0.76

HILL & SMITH 479.50 297.00 480.00 Neutral Sell 335 1.35

IMI 1213.00 776.00 1213.00 Sell Buy 1345 1.40

METALRAX GROUP 3.13 2.93 9.00 Neutral Neutral 3 0.83

MORGAN CRUCIBLE 285.40 220.30 360.00 Neutral Strong Buy 535 1.80

ROTORK 2883.00 1859.00 2914.00 Neutral Sell 2070 0.97

SENIOR 221.30 177.00 221.30 Neutral Neutral 221 1.64

SEVERFIELD-ROWEN 72.00 72.00 212.00 Neutral Neutral 75 0.71

SPIRAX-SARCO 2440.00 1900.00 2440.00 Neutral Sell 2248 0.83

VITEC GROUP 625.00 570.00 740.00 Neutral Neutral 603 1.37WEIR GROUP 2156.00 1397.00 2236.00 Neutral Sell 2012 1.38

Food & Drug Stores Over Valued


GREGGS 497.80 449.00 558.00 Neutral Buy 660 0.47

MORRISON(WM)SPMKTS. 262.10 248.60 305.70 Neutral Sell 213 0.39

SAINSBURY (J) 345.00 283.50 361.10 Neutral Sell 239 0.60

TESCO 372.25 297.05 374.40 Neutral Sell 294 0.69

THORNTONS 42.38 18.88 45.75 Sell Sell 29 0.81

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1830.00 1167.00 1 864.00 Neutral Sell 1443 0.62

CRANSWICK 1000.00 732.50 1001.00 Neutral Buy 1412 0.51

DAIRY CREST 433.50 290.40 436.60 Neutral Sell 393 0.92

DEVRO 355.00 278.00 380.00 Neutral Sell 329 0.32

PREMIER FOODS 88.00 54.50 180.00 Neutral Sell -160 1.27

TATE & LYLE 807.50 633.50 834.00 Neutral Buy 1018 0.69

UNILEVER (UK) 2629.00 2005.00 2652.00 Neutral Buy 3455 0.58


9/17



General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.75 20.50 29.50 Neutral Buy 33 0.69

BROWN (N) GROUP 402.40 222.40 405.90 Neutral Sell 354 0.53

BURBERRY GROUP 1382.00 1000.00 1586.00 Neutral Sell 963 1.28

CARPETRIGHT 674.50 585.00 728.50 Neutral Sell 273 0.96

DIXONS RETAIL 26.55 12.67 29.80 Neutral Buy 35 1.51

FINDEL 6.80 2.76 9.30 Neutral Sell 3 1.08

FRENCH CONNECTN.GROUP 26.50 19.50 55.75 Neutral Strong Buy 108 0.98

HALFORDS GROUP 315.30 189.00 356.80 Neutral Strong Buy 489 0.68

JD SPORTS FASHION 800 .00 606 .50 844 .00 Neutral Strong Buy 1485 0.51

DARTY 47.50 38.00 77.25 Neutral Strong Buy 80 1.26

KINGFISHER 282.20 254.10 313.80 Neutral Buy 381 0.95

MARKS & SPENCER GROUP 377.60 312.20 398.80 Neutral Buy 504 0.65

MOSS BROTHERS GROUP 64.25 42.00 71.00 Neutral Sell 58 1.03

MOTHERCARE 282.50 152.00 362.00 Neutral Buy 320 0.46

NEXT 4246.00 2708.00 4246.00 Sell Sell 3659 0.69TED BAKER 1179.00 775.00 1210.00 Neutral Sell 643 0.56

TOPPS TILES 61.00 32.13 68.00 Neutral Sell 49 1.48

Heath Over Valued


BIOQUELL 138.50 119.00 160.00 Neutral Sell 104 0.44

CONSORT MEDICAL 714.00 580.00 831.50 Neutral Sell 573 0.39

OPTOS 200.50 160.00 279.25 Neutral Sell 175 1.19

SMITH & NEPHEW 706.50 580.00 734.00 Neutral Sell 646 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 652.50 525.00 720.50 Neutral Neutral 638 0.43

HEADLAM GROUP 351.00 263.00 355.00 Neutral Sell 309 0.93

HORNBY 83.00 55.25 110.25 Neutral Buy 108 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 924.00 469.00 951.50 Neutral Sell 586 0.78

CSR 431.60 194.60 432.70 Neutral Strong Buy 1307 1.20FILTRONIC 65.50 23.50 68.00 Neutral Sell 49 0.88

IMAGINATION TECHN OLOGIES 515.50 383.50 717.00 N eutral Neutral 534 1.08

SPIRENT COMMUNICATIONS 166.90 1 37.50 174.00 Neutral Strong Buy 690 0.94

WOLFSON MICROELECTR ON ICS 200.00 165.75 230.00 Neutral Sell -524 0.93


10/17



Insurance Under Valued


ADMIRAL GROUP 1261.00 1019.00 1291.00 Neutral Sell -727 0.54

AMLIN 424.80 312.90 424.80 Neutral Sell -2975 0.45

BEAZLEY 215.00 132.50 215.00 Neutral Strong Buy 2506 0.59

CATLIN GROUP 501.00 399.00 540.00 Neutral Buy 751 0.30

HISCOX 498.50 371.30 498.50 Neutral Strong Buy 2012 0.48

JARDINE LLOYD THOMPSON 796 .00 659 .00 816 .00 Neutral Strong Buy 2817 0.30

RSA INSURANCE GROUP 117.60 97.65 136.30 Neutral Strong Buy 1632 0.42

NOVAE GROUP 450.00 340.00 450.00 Neutral Strong Buy 1860 0.46

Leisure & Hotels Over Valued


CARNIVAL 2408.00 1841.00 2628.00 Neutral Strong Buy 3791 1.02

ENTERPRISE INNS 103.40 50.00 105.20 Neutral Sell 77 1.59

TUI TRAVEL 322.00 158.00 330.00 Neutral Strong Buy 767 0.98

FULLER SMITH 'A' 780.00 680.00 807.00 Neutral Sell 642 0.38

GREENE KING 704.00 474.30 710.00 Neutral Sell 605 0.92

LADBROKES 225.90 149.20 231.00 Neutral Sell 179 0.93

ICTL.HTLS.GP. 1940.00 1384.61 1989.00 Neutral Sell 1600 1.17

MILLENNIUM & CPTH.HTLS. 531.00 455.40 568.50 Neutral Buy 603 1.36

MITCHELLS & BUTLERS 339.70 217.40 349.70 Neutral Sell 293 1.08

BWIN PARTY DIGITAL ENTM. 138.80 91.90 164.50 Neutral Sell 80 1.24

PUNCH TAVERNS 11.00 5 .61 13.12 Neutral Strong Buy 47 1.25

RANK GROUP 164.30 111.00 167.40 Neutral Strong Buy 493 0.99

RESTAURANT GROUP 397.40 269.20 401.30 Neutral Sell 313 0.76

WETHERSPOON (JD) 519.00 371.30 548.50 Neutral Buy 723 0.70

WHITBREAD 2632.00 1637.00 2692.00 Neutral Sell 1901 0.99WILLIAM HILL 402.60 222.40 407.60 Neutral Sell 272 0.87

MARSTON'S 138.40 94.25 143.00 Neutral Sell 22 1.20

Life Assurance Over Valued


AVIVA 360.00 255.30 388.40 Neutral Strong Buy 1142 1.25

CHESNARA 224.00 155.25 233.50 Neutral Strong Buy 341 0.70

LEGAL & GENERAL 158.30 106.00 158.30 Neutral Strong Buy 283 1.70

OLD MUTUAL 199.80 138.70 201.50 Neutral Sell 167 1.57

PRUDENTIAL 965.00 660.00 977.00 Neutral Sell 896 1.70

ST.JAMES'S PLACE 485.90 303.40 485.90 Neutral Sell 418 0.85


11/17



Media & Entertainment Over Valued


AEGIS GROUP 238.60 153.20 238.70 Neutral Sell -579 1.28

BLOOMSBURY PBL. 107.00 104.00 146.50 Buy Strong Buy 1626 0.35

BRITISH SKY BCAST.GROUP 827.00 635.50 838.00 Neutral Strong Buy 142 0.54

CENTAUR MEDIA 51.00 28.50 60.00 Neutral Strong Buy 3122 0.98

DAILY MAIL 'A' 695.00 363.50 695.00 Sell Strong Buy 6614 1.12

EUROMONEY INSTL.INVESTOR 925.00 672.50 951.50 Neutral Sell -66 1.00

INFORMA 497.70 340.00 497.70 Neutral Strong Buy 240 1.54

ITE GROUP 266.00 180.00 273.40 Neutral Strong Buy 1250 1.42

ITV 121.10 69.45 123.00 Neutral Strong Buy 1605 1.54

JOHNSTON PRESS 12.75 4.88 15.00 Neutral Buy 302 1.25

PEARSON 1216.00 1111.00 1294.00 Neutral Strong Buy 2429 0.64

PHOTO-ME INTL. 71.50 36.25 77.75 Neutral Buy 470 0.76

PINEWOOD SHEPPERTON 274.00 237.62 377.50 Neutral Sell -578 0.15

THOMSON REUTERS 30.51 26.85 31.36 Neutral Sell 262 0.51

STV GROUP 137.00 81.50 142.12 Neutral Strong Buy 713 0.78ST.IVES 122.75 67.50 125.00 Neutral Sell -272 1.49

TRINITY MIRROR 118.00 25.50 118.25 Neutral Strong Buy 1643 1.58

UBM 788.00 511.00 788.00 Neutral Strong Buy 1236 1.31

WILMINGTON GROUP 160.00 82.00 164.00 Neutral Sell 173 0.84

WPP 1035.00 743.00 1067.00 Neutral Strong Buy 810 1.34

HIBU 0.40 0.26 4.58 Neutral Sell 2 1.08

Mining Under Valued


ANGLO AMERICAN 1942.00 1664.00 2709.00 Neutral Strong Buy 3140 1.72

ANGLO PACIFIC GROUP 275.00 221.25 340.00 Neutral Neutral 300 0.99ANTOFAGASTA 1084.00 991.00 1381.00 Neutral Sell 1014 1.39

BHP BILLITON 2094.00 1681.00 2236.00 Neutral Strong Buy 3726 1.44

LONMIN 349.90 240.84 599.98 Neutral Sell 52 2.01

RANDGOLD RESOURCES 5390.00 4596.00 7775.00 Neutral Sell 3143 0.33

RIO TINTO 3476.00 2715.50 3757.00 Neutral Neutral 3757 1.51

COALFIELD RESOURCES 6.36 3.75 31.50 Neutral Strong Buy 177 0.89

VEDANTA RESOURCES 832.50 1502.00 Neutral Strong Buy 2698 2.18

XSTRATA 1119.00 785.80 1221.50 Neutral Neutral 1111 1.86

Oil & Gas Under Valued


BG GROUP 1170.50 1000.50 1547.00 Neutral Neutral 1227 0.80

BP 444.05 391.95 504.60 Neutral Strong Buy 1541 1.05

CAIRN ENERGY 274.90 248.20 360.00 Neutral Sell -28 1.32

FORTUNE OIL 10.00 7.86 12.50 Neutral Buy 15 0.90

HUNTING 860.00 688.00 968.00 Neutral Sell 520 1.29

JKX OIL & GAS 62.00 55.00 187 .75 Neutral Strong Buy 297 1.34

PREMIER OIL 375.40 321.30 449.70 Neutral Sell 293 1.44

ROYAL DUTCH SHELL B 2200.00 2039.00 2366.50 Neutral Strong Buy 10932 0.86

SOCO INTERNATIONAL 372.80 254.90 400.00 Neutral Sell 253 0.52

TULLOW OIL 1241.00 1138.00 1570.00 Neutral Sell 799 1.05

WOOD GROUP (JOHN) 796.50 651.50 875.50 Neutral Neutral 834 1.35


12/17



Personal Care & Household Products Over Valued


MCBRIDE 143.00 102.70 146.00 Neutral Strong Buy 275 0.84

PZ CUSSONS 405.50 296.10 415.60 Neutral Sell 342 0.70

RECKITT BENCKISER GROUP 4516.00 3 300.00 4599.00 Neutral Neutral 4557 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.76 0.60 3.98 Buy Strong Buy 10 1.01

ASTRAZENECA 2952.50 2591.00 3168.00 Neutral Buy 3607 0.49

BTG 334.60 300.30 423.00 Neutral Sell 202 0.62

DECHRA PHARMACEUTICALS 682.00 418.33 685.00 Neutral Buy 1017 0.25

GLAXOSMITHKLINE 1479.00 1317.50 1507.50 Neutral Sell 382 0.50

OXFORD BIOMEDICA 2.28 2.05 5.80 Buy Strong Buy 5 0.62

PHYTOPHARM 1.85 1.80 12.75 Buy Buy 2 0.88

SHIRE 2096.00 1727.00 2247.00 Neutral Sell 914 0.64

SKYEPHARMA 66.13 32.38 101.50 Neutral Sell -135 0.71

VERNALIS 23.88 21.63 27.38 Neutral Strong Buy 66 0.83

Real Estate Under Valued


BIG YELLOW GROUP 373.60 274.50 387.50 Neutral Sell -579 1.14

BRITISH LAND 579.00 466.10 585.50 Neutral Strong Buy 1626 1.04

CAPITAL & REGIONAL 30.00 22.75 34.25 Sell Strong Buy 142 0.81

CLS HOLDINGS 794.00 595.00 806.00 Neutral Strong Buy 3122 0.71

DERWENT LONDON 2152.00 1684.00 2205.00 Neutral Strong Buy 6614 1.20DEVELOPMENT SECS. 155.25 121.75 176.00 Neutral Sell -66 0.98

GRAINGER 135.20 83.10 139.40 Neutral Strong Buy 240 1.53

GREAT PORTLAND ESTATES 490.10 345.60 502.00 Sell Strong Buy 1250 1.06

HAMMERSON 503.00 385.70 507.00 Neutral Strong Buy 1605 1.16

HELICAL BAR 232.25 164.00 247.00 Neutral Buy 302 0.76

LAND SECURITIES GROUP 841.00 675.00 845.50 Neutral Strong Buy 2429 1.15

INTU PROPERTIES 355.30 305.00 366.00 Neutral Buy 470 1.10

MCKAY SECURITIES 143.25 123.75 144.00 Neutral Sell -578 0.71

MUCKLOW (A & J) GROUP 370.50 310.00 390.00 Neutral Sell 262 0.41

PRIMARY HEALTH PROPS. 364.00 311.00 364.50 Neutral Strong Buy 713 0.37

QUINTAIN ESTATES & DEV. 68.75 32.50 69.50 Sell Sell -272 1.17

SAVILLS 525.00 300.80 568.50 Neutral Strong Buy 1643 0.73

SHAFTESBURY 574.00 482.20 583.00 Neutral Strong Buy 1236 1.02

SEGRO 256.50 209.40 259.20 Neutral Sell 173 1.69

ST MODWEN PROPS. 277.50 145.50 280.20 Neutral Strong Buy 810 1.55

TOWN CENTRE SECURITIES 210.00 147.00 210.00 Neutral Sell 2 1.04

UNITE GROUP 297.90 180.25 305.30 Neutral Sell 29 1.75

WARNER ESTATE 1.88 1.00 3.90 Sell Sell -962 1.00

WORKSPACE GROUP 344.60 213.25 347.10 Neutral Sell 0 1.02


13/17



Software & Computer Services Under Valued


ANITE 157.90 108.50 162.00 Neutral Sell 126 0.75

AVEVA GROUP 2302.00 1469.00 2307.00 Neutral Sell 1349 1.40

COMPUTACENTER 497.00 292.40 514.50 Neutral Strong Buy 1400 0.99

KOFAX 277.00 240.00 325.75 Neutral Buy 332 1.09

INNOVATION GROUP 24.75 18.25 25.50 Neutral Sell 23 0.83

MICRO FOCUS INTL. 666.00 426.17 675.50 Neutral Buy 996 0.80

PHOENIX IT GROUP 157.00 135.00 231.75 Neutral Strong Buy 325 0.74

RM 78.50 70.25 92.25 Neutral Sell -90 0.51

FIDESSA GROUP 1910.00 1275.00 1970.00 Neutral Buy 2145 0.73

SAGE GROUP 343.00 247.70 343.20 Neutral Buy 427 0.73

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 435.10 237.30 441.90 Neutral Sell 165 1.09

BREWIN DOLPHIN 200.60 136.30 222.00 Neutral Sell 123 0.70

CAMELLIA 10300.00 9250.00 11105.00 Neutral Neutral 10142 0.83

CHARLES STANLEY GROUP 349.00 247.50 356.25 Neutral Sell 176 0.97

CHARLES TAYLOR 170.00 128.50 189.75 Neutral Sell 105 0.68

CLOSE BROTHERS GROUP 1047.00 673.50 1047.00 Neutral Sell 199 0.91

F&C ASSET MANAGEMENT 103.00 64.75 110.00 Neutral Neutral 102 0.89

HELPHIRE GROUP 3.50 0.77 3.70 Sell Strong Buy 43 0.70

HENDERSON GROUP 164.40 90.55 169.00 Neutral Sell 49 1.45

ICAP 347.20 281.40 431.50 Neutral Sell 207 1.08

INTERMEDIATE CAPITAL GP. 391.10 227.30 391.10 Neutral Sell 202 1.68

INVESTEC 490.60 310.40 497.10 Neutral Sell 93 1.56

LONDON STOCK EX.GROUP 1326.00 880.00 1341.00 Neutral Strong Buy 3528 1.15MAN GROUP 107.10 63.25 152.50 Neutral Sell 94 1.32

RATHBONE BROTHERS 1393.00 1151.00 1472.00 Neutral Sell 1123 0.74

SCHRODERS 2016.00 1166.00 2016.00 Neutral Sell 1270 1.32

SCHRODERS NV 1589.00 966.00 1594.00 Neutral Strong Buy 4269 1.28


14/17



Support Services Over Valued


ACAL 214.50 157.75 219.50 Neutral Buy 295 0.91

AGGREKO 1719.00 1557.00 2400.00 Neutral Sell 1210 1.02

AMEC 1047.00 923.00 1172.00 Neutral Neutral 1028 1.03

ASHTEAD GROUP 497.20 212.20 504.50 Neutral Sell 294 1.61

BABCOCK INTL. 1067.00 734.50 1067.00 Neutral Sell 629 0.47

BRITISH POLYTHENE INDS. 444.00 317.00 451.00 Neutral Strong Buy 763 0.76

BUNZL 1221.00 926.00 1233.00 Neutral Sell 784 0.53

UK MAIL GROUP 370.00 214.00 378.50 Neutral Buy 426 0.37

CAPITA 850.00 602.00 852.00 Neutral Sell 489 0.50

COMMUNISIS 48.75 25.34 50.19 Neutral Buy 68 0.77

COMPASS GROUP 799.00 616.00 809.50 Neutral Sell 577 0.73

BERENDSEN 666.50 462.00 666.50 Sell Buy 915 1.04

DE LA RUE 950.50 885.50 1075.00 Neutral Sell 572 #NA

DIGNITY 1220.00 803.50 1250.00 Neutral Sell 735 0.21

DIPLOMA 577.00 385.00 597.00 Neutral Sell 459 0.95ELECTROCOMP. 259.70 195.20 263.00 Neutral Buy 303 1.04

FILTRONA 618.00 428.00 618.00 Neutral Sell 335 1.09

G4S 287.10 240.00 294.40 Neutral Neutral 275 0.58

HAYS 96.85 66.40 97.70 Neutral Buy 115 1.09

HOMESERVE 244.80 137.50 255.70 Neutral Strong Buy 458 0.91

INTERSERVE 470.00 270.10 476.90 Neutral Buy 664 1.26

INTERTEK GROUP 3396.00 2262.00 3396.00 Sell Sell 1364 0.77

JOHNSON SERVICE GROUP 41.50 26.50 42.00 Neutral Strong Buy 88 1.16

MANAGEMENT CNSL.GP. 26.25 21.25 39.50 Neutral Strong Buy 52 0.69

MENZIES (JOHN) 723.50 542.00 755.00 Neutral Strong Buy 1254 1.42

MICHAEL PAGE INTL. 430.20 341.40 497.00 Neutral Sell 305 1.40

MITIE GROUP 286.90 253.90 300.80 Neutral Buy 326 0.54

OFFICE2OFFICE 99.50 91.50 163.75 Neutral Strong Buy 228 0.33

PAYPOINT 870.00 573.50 901.00 Neutral Sell 656 0.69

PREMIER FARNELL 223.80 153.20 228.80 Neutral Buy 267 1.31

REGUS 134.00 82.65 135.00 Neutral Sell 102 1.42

RENTOKIL INITIAL 90.90 69.40 97.95 Neutral Sell 52 1.27

REXAM 503.00 394.28 505.50 Neutral Buy 580 0.90

RICARDO 393.00 304.50 412.00 Neutral Buy 446 0.84

ROBERT WALTERS 205.75 176.25 264.63 Neutral Buy 297 1.19

RPC GROUP 441.70 348.30 447.00 Neutral Buy 506 0.76

RPS GROUP 239.30 197.00 256.60 Neutral Neutral 234 1.48

SERCO GROUP 588.00 509.50 602.00 Neutral Sell 549 0.59

SHANKS GROUP 82.00 75.80 107.00 Neutral Strong Buy 158 1.44

SPEEDY HIRE 42.50 22.25 44.75 Neutral Buy 49 1.24TRIBAL GROUP 122.00 70.00 129.00 Neutral Sell 48 0.53

TRIFAST 58.88 39.50 58.88 Neutral Neutral 58 0.92

VP 336.50 234.75 354.88 Neutral Strong Buy 583 0.85

WYG 72.00 42.00 75.00 Sell Strong Buy 173 0.78


15/17



Telecommunication Services Over Valued


BT GROUP 277.10 200.70 281.00 Neutral Neutral 296 0.92

CABLE & WIRELESS COMMS. 42.14 27.28 42.63 Neutral Strong Buy 75 0.68

INMARSAT 657.50 390.80 667.00 Neutral Sell 553 0.52

KCOM GROUP 81.50 67.00 85.20 Neutral Buy 117 1.24

TELECOM PLUS 997.00 612.00 1010.00 Neutral Sell 657 0.10

VODAFONE GROUP 163.05 154.45 191.25 Neutral Sell 147 0.55

Transport Under Valued


BBA AVIATION 242.30 178.00 243.50 Neutral Sell 178 1.29

BRAEMAR SHIPPING SVS. 378.00 309.50 425.00 Neutral Neutral 413 0.97

CLARKSON 1445.00 1150.00 1455.00 Neutral Neutral 1374 0.80

EASYJET 999.50 431.70 1015.00 Neutral Sell 604 0.75

FIRST GROUP 186.00 175.70 297.00 Neutral Strong Buy 486 0.92

FISHER(JAMES)& SONS 887.50 535.00 933.00 Neutral Sell 348 0.75

GO-AHEAD GROUP 1391.00 1086.00 1393.00 Neutral Buy 1636 0.91

NATIONAL EXPRESS 207.90 164.50 252.00 Neutral Neutral 220 1.33

NORTHGATE 332.25 159.60 336.00 Neutral Strong Buy 557 1.40

STAGECOACH GROUP 297.20 230.40 319.60 Neutral Buy 331 0.90

WINCANTON 58.50 31.00 85.50 Neutral Sell -36 0.90

Utilities Under Valued


CENTRICA 350.10 296.20 354.00 Neutral Buy 475 0.47

NATIONAL GRID 715.50 626.00 717.50 Neutral Buy 826 0.50

PENNON GROUP 663.00 598.00 796.00 Neutral Buy 769 0.59

SSE 1442.00 1277.00 1466.00 Neutral Buy 1730 0.43

SEVERN TRENT 1620.00 1507.00 1796.00 Neutral Sell 1489 0.35

UNITED UTILITIES GROUP 740.00 594.00 747.50 Neutral Sell 662 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 havepositions in or options or other financial instruments on any of the securities mentioned within a report, and


17/17



may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed byinternal rules.

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 provided solely toenable you to make your own investment decisions.

If you are unsure about dealing in shares and other equity investments, you should 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 20130225

Documents

Transcript of value indicator - uk main market 20130225