value indicator - uk main market 20130314

7/29/2019 value indicator - uk main market 20130314

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14 March 2013

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Intellisys Intelligent Analysis Limited 14 March 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


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Introduction

The overriding purpose of this daily report is to provide users with a quick guide that will identify thoseshares that merit their investment attention in an increasingly time critical and information noisy tradingenvironment.

The report is published daily and delivered to the subscribers personal email box, typically, before theofficial open of the London Stock Markets.

Putting aside luck, Intellisys recognises that the timing and value of an investment are the two primarydrivers behind a successful portfolio performance.

Timing

Intellisys has invested considerably in identifying what it believes are the key factors that influenceinvestment timing. Having identified the key parameters, these have been established as rules that reflectmarket dynamics and cut through the daily investment noise.

Through this discipline, Intellisys has removed the emotional and sentimental factors as well as the dailypressures exerted upon primary stock promoters (analysts and traders) to find stories for their investmentmeetings.

From an analysis of a years data for 40 stocks within Intellisys stock coverage, the trading indicatorsappear to be, on average, about 77% accurate in identifying good trading points as well as some 74%accurate for overall trend correlation.

The following chart provides an indication the accuracy scores for each of the 40 stocks analysed.

Individual Stock Rating & Trend Accuracy Scores

Source: Intellisys

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

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Best Buy/Sell Trend


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Value

A similar discipline has been applied to the process of establishing Target Indications. On a daily basis,Intellisys analyses as broad an array of historic data from not only the Consolidated Income Statement butalso the Balance Sheet and Cash Flow Statement and then utilises this data within its proprietary valuation

models.

Intellisys architect, Philip Morrish, has successfully applied these disciplines to his investment research forthe last 15+ years. Additionally, these investment valuation techniques lend themselves to accurate cross-border analysis.

The resultant Target is also discounted to a Net Present Value to make the Target as realistically valid aspossible.

Nevertheless, Intellisys recognises that Target Indication delivery is not only a function of market levels buta management teams ability to establish and maintain a value generating operating environment setagainst a constantly changing global background.

The typical investment analysts approach to determining target prices is to start with a modest range ofsome 6 8 valuation measures and remove those that are not providing the intuitive result. Intellysisapproach is the opposite we use as many valuation methodologies as possible.

Further, Intellisys recognises that some target Indications may appear strange or extreme. However,subscribers should not dismiss these outcomes but use them as starting points to challenge theirestablished or perceived valuation opinion of a stock.

In short, this disciplined approach provides an investment reality check to assist investors from falling inlove with a stock or becoming mesmerised by management cults.

Conclusion

No investment methodology is 100% successful and like all trading and investment systems active positionmonitoring is critical for maximised investment performance.

Therefore, Intellisys recommends that its products should be used in conjunction with, and not separatefrom subscribers existing investment systems as well as discussing investment options with their financialadvisers.

Philip Morrish ([email protected])

RISK WARNING Ratings and Targets

Intellisys does not make personal recommendations. The information in this publication is 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.


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How to use the report

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

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

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

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

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

BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

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

HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

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

JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

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

the market. This can be summarised as:

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

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

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


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Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 379.10 270.90 379.10 Neutral Strong Buy 581 0.66

CHEMRING GROUP 263.00 217.00 442.00 Neutral Strong Buy 604 0.66

COBHAM 235.60 190.10 239.50 Neutral Buy 281 0.83

MEGGITT 484.40 364.30 490.10 Neutral Sell 394 1.32

ROLLS-ROYCE HOLDINGS 1063.00 781.16 1063.00 Neutral Sell 678 1.07

SMITHS GROUP 1311.00 979.50 1314.00 Neutral Sell 1008 0.71

ULTRA ELECTRONICS HDG. 17 44.00 1424.00 1780.00 Neutral Sell 1508 0.51

Automobiles & Parts Under Valued

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

GKN 277.80 173.60 285.00 Neutral Neutral 265 2.00

INCHCAPE 521.00 305.20 530.00 Neutral Neutral 504 1.48

LOOKERS 93.00 56.50 93.00 Neutral Buy 106 1.24

PENDRAGON 23.75 13.25 23.75 Neutral Buy 34 1.12

Banks Over Valued


BARCLAYS 314.70 150.55 327.35 Neutral Sell 222 1.93

HSBC HDG. (ORD $0.50) 726.60 503.20 737.00 Neutral Strong Buy 1102 1.17

LLOYDS BANKING GROUP 51.37 25.29 55.68 Sell Buy 60 1.87

ROYAL BANK OF SCTL.GP. 300.10 196.60 367.80 Neutral Sell -128 1.34

STANDARD CHARTERED 1721.00 1228.50 1837.50 Neutral Sell 1468 1.70

Beverages Under Valued


BARR (AG) 507.00 348.00 557.00 Neutral Buy 558 0.55

DIAGEO 1988.00 1477.00 2009.00 Neutral Sell 1740 0.55

SABMILLER 3481.50 2348.50 3481.50 Sell Buy 3951 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 388.50 267.60 390.00 Neutral Strong Buy 720 #NA

CARCLO 449.00 330.00 503.00 N eu tra l Neu tral 438 0.74

CRODA INTERNATIONAL 2680.00 2050.00 2686.00 Neutral Sell 2165 1.04

ELEMENTIS 265.50 179.00 265.50 Neutral Buy 372 1.00

JOHNSON MATTHE Y 2313.00 2080.27 2573.00 Neutral Strong Buy 12961 1.44

VICTREX 1709.00 1185.00 1717.00 Neutral Sell 1539 1.13

SYNTHOMER 218.70 127.40 251.00 N eu tra l Neu tral 237 1.16

ZOTEFOAMS 202.00 157.00 225.00 Neutral Strong Buy 412 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 99.00 61.50 104.00 Neutral Strong Buy 248 0.51

BALFOUR BEATTY 269.70 237.90 320.80 Neutral Strong Buy 1015 0.79

BARRATT DEVELOPMENTS 237.20 114.00 244.90 Neutral Strong Buy 470 1.50

BELLWAY 1141.00 660.00 1175.00 Neutral Strong Buy 1955 1.11

BERKELEY GROUP HDG.(THE) 1940.00 1177 .00 1966.00 Neutral Strong Buy 3286 0.64

BOOT (HENRY) 160.00 115.50 167.50 Neutral Strong Buy 342 0.83

BOVIS HOMES GROUP 652.50 399.30 681.50 Neutral Sell 577 1.14

CARILLION 288.60 235.50 331.80 Buy Strong Buy 832 1.10

CLARKE (T) 53.00 40.00 61.50 Neutral Strong Buy 276 0.82

COSTAIN GROUP 289.00 188.00 295.00 Neutral Strong Buy 550 0.57

CRH 1488.00 1052.00 1514.00 Neutral Sell 768 1.14

GALLIFORD TRY 959.00 579.00 965.00 Neutral Strong Buy 1758 0.99

KELLER 787.50 348.25 830.00 Neutral Strong Buy 2124 1.25

KIER GROUP 1223.00 1095.00 1408.00 Neutral Strong Buy 3419 0.94

LOW & BONAR 73.50 49.00 73.50 Neutral Strong Buy 209 1.07MARSHALLS 111.50 76.00 111.50 Neutral Strong Buy 295 1.37

MORGAN SINDALL GROUP 541.00 508.00 695.00 Neutral Strong Buy 3445 0.86

NORCROS 14.75 9.25 16.75 Neutral Strong Buy 35 1.11

PERSIMMON 957.00 532.00 957.00 Neutral Buy 1154 1.15

REDROW 175.00 107.30 195.80 Neutral Strong Buy 300 1.05

SIG 149.50 82.30 151.00 Neutral Strong Buy 497 1.74

SUPERGLASS HOLDINGS 5.25 4.50 21.50 Neutral Strong Buy 45 0.89

TAYLOR WIMPEY 85.00 40.28 85.20 Neutral Buy 98 1.58

TRAVIS PERKINS 1328.00 906.50 1339.00 Neutral Strong Buy 2672 1.97

WOLSELEY 3230.00 2121.32 3281.00 Neutral Strong Buy 5470 1.43

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1310.00 900.00 1345.00 Neutral Sell 770 0.78

DOMINO PRINTING SCIENCES 678.00 509.00 717.00 Neutral Buy 848 1.18

E2V TECHNOLOGIES 119.00 105.50 149.50 Neutral Strong Buy 246 1.30

INVENSYS 363.90 186.10 366.80 Neutral Sell 342 1.42

LAIRD 231.00 177.00 249.30 Neutral Sell 87 2.12

OXFORD INSTRUMENTS 1700.00 1096.00 1 752.00 Neutral Sell 1178 1.01

RENISHAW 1890.00 1260.00 2081.00 Neutral Buy 2410 1.26

SPECTRIS 2408.00 1427.00 2459.00 Neutral Sell 2202 1.52

BIOME TECHNOLOGIES 0.08 0.08 0.22 Buy Strong Buy 0 0.84

TT ELECTRONICS 164.50 114.00 203.50 Neutral Strong Buy 396 1.59

XAAR 332.00 185.00 348.00 Neutral Sell 229 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 87.50 54.25 92.00 Neutral Buy 110 1.26

BODYCOTE 550.50 310.30 556.50 Neutral Neutral 530 1.61

CASTINGS 345.00 277.75 358.50 Neutral Strong Buy 726 0.99

VESUVIUS 383.90 263.19 395.30 Neutral Buy 513 2.19

FENNER 415.60 329.30 477.30 Neutral Buy 578 1.42

HALMA 516.50 373.10 518.00 Sell Sell 409 0.75

HILL & SMITH 448.00 297.00 480.00 Neutral Sell 349 1.37

IMI 1332.00 776.00 1332.00 Sell Neutral 1422 1.40

METALRAX GROUP 3.13 2.93 8.95 Neutral Neutral 3 0.85

MORGAN CRUCIBLE 296.90 220.30 347.70 Neutral Strong Buy 565 1.82

ROTORK 2935.00 1859.00 2954.00 Neutral Sell 2205 1.00

SENIOR 245.70 177.00 248.90 Neutral Sell 231 1.65

SEVERFIELD-ROWEN 70.25 68.00 203.50 Neutral Neutral 76 0.73

SPIRAX-SARCO 2693.00 1900.00 2693.00 Sell Sell 2369 0.84

VITEC GROUP 632.00 586.50 740.00 Neutral Neutral 627 1.39WEIR GROUP 2470.00 1397.00 2474.00 Neutral Sell 2121 1.39

Food & Drug Stores Over Valued


GREGGS 500.00 449.00 549.50 Neutral Buy 698 0.47

MORRISON(WM)SPMKTS. 271.60 248.60 305.70 Neutral Sell 208 0.39

SAINSBURY (J) 358.00 283.50 361.10 Neutral Sell 230 0.58

TESCO 375.60 297.05 380.45 Neutral Sell 292 0.69

THORNTONS 62.00 18.88 62.25 Neutral Sell 43 0.83

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1889.00 1167.00 1 889.00 Neutral Sell 1445 0.62

CRANSWICK 975.00 732.50 1011.00 Neutral Buy 1415 0.49

DAIRY CREST 417.20 290.40 438.00 Neutral Sell 389 0.92

DEVRO 344.00 278.00 380.00 Neutral Neutral 331 0.31

PREMIER FOODS 83.50 54.50 180.00 Neutral Sell -166 1.25

TATE & LYLE 829.00 633.50 840.00 Neutral Buy 1023 0.70

UNILEVER (UK) 2741.00 2005.00 2750.00 Neutral Buy 3467 0.57


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General Retail Under Valued


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

BROWN (N) GROUP 387.30 222.40 405.90 Neutral Sell 355 0.53

BURBERRY GROUP 1432.00 1000.00 1586.00 Neutral Sell 964 1.27

CARPETRIGHT 645.00 585.00 728.50 Neutral Sell 277 0.94

DIXONS RETAIL 33.84 12.67 34.55 Neutral Neutral 36 1.50

FINDEL 7.00 2.76 9.30 Neutral Sell 3 1.08

FRENCH CONNECTN.GROUP 27.00 19.50 52.25 Sell Strong Buy 109 0.98

HALFORDS GROUP 314.00 189.00 356.80 Neutral Strong Buy 491 0.67

JD SPORTS FASHION 808 .50 606 .50 841 .00 Neutral Strong Buy 1496 0.52

DARTY 40.50 38.00 77.25 Neutral Strong Buy 80 1.24

KINGFISHER 290.00 254.10 313.80 Neutral Buy 384 0.92

MARKS & SPENCER GROUP 359.00 312.20 398.80 Neutral Buy 507 0.64

MOSS BROTHERS GROUP 67.00 42.00 71.00 Neutral Sell 59 1.04

MOTHERCARE 289.25 152.00 362.00 Neutral Buy 328 0.46

NEXT 4110.00 2827.00 4247.00 Neutral Sell 3654 0.66TED BAKER 1243.00 775.00 1263.00 Neutral Sell 645 0.55

TOPPS TILES 62.00 32.13 68.00 Neutral Sell 50 1.48

Heath Over Valued


BIOQUELL 136.50 119.00 160.00 Neutral Sell 106 0.45

CONSORT MEDICAL 753.00 584.00 831.50 Neutral Sell 591 0.40

OPTOS 198.00 160.00 279.25 Neutral Sell 176 1.21

SMITH & NEPHEW 740.50 580.00 740.50 Neutral Sell 678 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 617.50 530.00 720.50 Neutral Neutral 603 0.43

HEADLAM GROUP 320.00 263.00 355.00 Neutral Sell 280 0.92

HORNBY 73.75 55.25 103.00 Neutral Buy 98 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 920.00 469.00 971.50 Neutral Sell 591 0.74

CSR 489.00 194.60 492.80 Neutral Strong Buy 1385 1.17FILTRONIC 70.25 23.50 83.25 Neutral Sell 52 0.90

IMAGINATION TECHN OLOGIES 536.50 383.50 717.00 N eutral Neutral 545 1.08

SPIRENT COMMUNICATIONS 151.30 1 39.20 174.00 Neutral Strong Buy 692 0.95

WOLFSON MICROELECTR ON ICS 194.75 165.75 230.00 Neutral Sell -567 0.91


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Insurance Under Valued


ADMIRAL GROUP 1343.00 1019.00 1359.00 Neutral Sell -770 0.54

AMLIN 431.50 312.90 431.50 Neutral Sell -3132 0.46

BEAZLEY 212.30 132.50 215.40 Neutral Strong Buy 2631 0.59

CATLIN GROUP 524.00 399.00 540.00 Neutral Strong Buy 786 0.30

HISCOX 561.00 371.30 561.00 Neutral Strong Buy 2105 0.48

JARDINE LLOYD THOMPSON 826 .00 659 .00 826 .00 Neutral Strong Buy 2956 0.31

RSA INSURANCE GROUP 118.30 97.65 136.30 Neutral Strong Buy 1715 0.41

NOVAE GROUP 464.25 340.00 475.75 Neutral Strong Buy 1938 0.47

Leisure & Hotels Over Valued


CARNIVAL 2485.00 1900.00 2628.00 Neutral Strong Buy 3906 1.00

ENTERPRISE INNS 112.00 50.25 114.70 Neutral Sell 83 1.59

TUI TRAVEL 315.40 158.00 330.00 Neutral Strong Buy 790 0.99

FULLER SMITH 'A' 802.00 680.00 810.00 Neutral Sell 661 0.38

GREENE KING 711.00 474.30 711.50 Neutral Sell 626 0.90

LADBROKES 240.00 152.50 243.10 Neutral Sell 183 0.94

ICTL.HTLS.GP. 2001.00 1396.63 2011.00 Neutral Sell 1634 1.17

MILLENNIUM & CPTH.HTLS. 550.00 455.40 568.50 Neutral Buy 619 1.38

MITCHELLS & BUTLERS 344.20 217.40 349.70 Neutral Sell 304 1.08

BWIN PARTY DIGITAL ENTM. 150.10 91.90 162.60 Neutral Sell 87 1.25

PUNCH TAVERNS 10.50 5 .61 13.12 Neutral Strong Buy 50 1.25

RANK GROUP 164.00 111.00 167.40 Neutral Strong Buy 503 1.00

RESTAURANT GROUP 438.00 269.20 444.10 Neutral Sell 320 0.74

WETHERSPOON (JD) 503.50 371.30 548.50 Neutral Buy 744 0.68

WHITBREAD 2597.00 1710.00 2692.00 Neutral Sell 1947 0.99WILLIAM HILL 406.00 243.10 443.30 Neutral Sell 279 0.86

MARSTON'S 141.60 94.40 143.00 Neutral Sell 27 1.19

Life Assurance Over Valued


AVIVA 324.70 255.30 388.40 Neutral Strong Buy 1195 1.25

CHESNARA 231.75 155.25 233.50 Neutral Strong Buy 359 0.70

LEGAL & GENERAL 169.00 106.00 169.00 Sell Strong Buy 300 1.70

OLD MUTUAL 208.70 138.70 211.40 Neutral Sell 176 1.57

PRUDENTIAL 1125.00 660.00 1125.00 Sell Sell 972 1.70

ST.JAMES'S PLACE 520.00 303.40 537.00 Neutral Sell 436 0.85


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Media & Entertainment Over Valued


AEGIS GROUP 239.30 153.20 239.30 Neutral Sell -563 1.28

BLOOMSBURY PBL. 106.00 102.00 146.50 Neutral Strong Buy 1587 0.35

BRITISH SKY BCAST.GROUP 864.50 635.50 888.50 Neutral Strong Buy 138 0.54

CENTAUR MEDIA 45.00 28.50 60.00 Neutral Strong Buy 3056 1.01

DAILY MAIL 'A' 711.00 363.50 722.00 Neutral Strong Buy 6475 1.12

EUROMONEY INSTL.INVESTOR 911.00 672.50 951.50 Neutral Sell -62 0.98

INFORMA 519.50 340.00 525.50 Neutral Strong Buy 236 1.53

ITE GROUP 281.50 180.00 283.00 Neutral Strong Buy 1223 1.44

ITV 129.90 69.45 129.90 Neutral Strong Buy 1571 1.54

JOHNSTON PRESS 13.00 4.88 15.00 Neutral Buy 296 1.25

PEARSON 1199.00 1111.00 1294.00 Neutral Strong Buy 2377 0.63

PHOTO-ME INTL. 78.75 36.25 80.00 Neutral Buy 439 0.79

PINEWOOD SHEPPERTON 274.00 257.50 377.50 Neutral Sell -562 0.16

THOMSON REUTERS 32.06 26.85 32.06 Neutral Sell 258 0.52

STV GROUP 145.00 81.50 146.88 Neutral Strong Buy 696 0.78ST.IVES 131.50 67.50 137.25 Neutral Sell -266 1.49

TRINITY MIRROR 120.25 25.50 121.25 Neutral Strong Buy 1615 1.57

UBM 712.50 511.00 788.00 Neutral Strong Buy 1209 1.31

WILMINGTON GROUP 155.00 82.00 164.00 Neutral Sell 171 0.85

WPP 1086.00 743.00 1092.00 Neutral Strong Buy 762 1.34

HIBU 0.37 0.26 4.15 Neutral Sell 3 1.06

Mining Under Valued


ANGLO AMERICAN 1860.00 1664.00 2618.00 Neutral Strong Buy 3092 1.75

ANGLO PACIFIC GROUP 260.00 221.25 340.00 Neutral Buy 295 0.99ANTOFAGASTA 1095.00 991.00 1381.00 Neutral Sell 1004 1.42

BHP BILLITON 2107.00 1681.00 2236.00 Neutral Strong Buy 3682 1.45

LONMIN 330.20 240.84 599.98 Neutral Sell 46 2.04

RANDGOLD RESOURCES 5510.00 4596.00 7775.00 Neutral Sell 3099 0.34

RIO TINTO 3377.00 2715.50 3757.00 Neutral Neutral 3698 1.51

COALFIELD RESOURCES 3.76 3.75 22.50 Buy Strong Buy 176 0.89

VEDANTA RESOURCES 832.50 1418.00 Neutral Strong Buy 2645 2.21

XSTRATA 1161.00 785.80 1205.00 Neutral Sell 1094 1.87

Oil & Gas Under Valued


BG GROUP 1182.00 1000.50 1547.00 Neutral Neutral 1280 0.81

BP 449.30 391.95 499.05 Neutral Strong Buy 1609 1.05

CAIRN ENERGY 289.90 248.20 349.00 Neutral Sell -38 1.32

FORTUNE OIL 10.25 7.86 12.50 Neutral Strong Buy 15 0.91

HUNTING 923.00 688.00 968.00 Neutral Sell 547 1.32

JKX OIL & GAS 72.00 55.00 187 .75 Neutral Strong Buy 310 1.36

PREMIER OIL 395.00 321.30 429.00 Neutral Sell 308 1.44

ROYAL DUTCH SHELL B 2262.00 2039.00 2366.50 Neutral Strong Buy 11418 0.86

SOCO INTERNATIONAL 395.00 254.90 400.00 Neutral Sell 262 0.52

TULLOW OIL 1256.00 1138.00 1570.00 Neutral Sell 829 1.06

WOOD GROUP (JOHN) 868.50 651.50 875.50 Neutral Neutral 881 1.36


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Personal Care & Household Products Over Valued


MCBRIDE 142.75 102.70 146.75 Neutral Strong Buy 273 0.83

PZ CUSSONS 403.40 296.10 415.60 Neutral Sell 341 0.69

RECKITT BENCKISER GROUP 4661.00 3 300.00 4683.00 Neutral Neutral 4699 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.94 0.60 3.98 Buy Strong Buy 7 1.01

ASTRAZENECA 3066.00 2591.00 3168.00 Neutral Buy 4580 0.48

BTG 342.60 300.30 423.00 Neutral Sell 189 0.62

DECHRA PHARMACEUTICALS 726.50 418.33 743.00 Neutral Buy 929 0.26

GLAXOSMITHKLINE 1491.50 1317.50 1507.50 Neutral Sell 760 0.49

OXFORD BIOMEDICA 1.85 1.85 5.80 Buy Strong Buy 4 0.64

PHYTOPHARM 1.70 1.70 12.75 Buy Buy 2 0.94

SHIRE 2047.00 1727.00 2228.00 Neutral Sell 1023 0.65

SKYEPHARMA 58.50 33.50 101.50 Neutral Sell -121 0.72

VERNALIS 23.50 21.63 27.38 Neutral Strong Buy 58 0.89

Real Estate Under Valued


BIG YELLOW GROUP 378.80 274.50 387.50 Neutral Sell -563 1.15

BRITISH LAND 559.00 467.10 585.50 Neutral Strong Buy 1587 1.03

CAPITAL & REGIONAL 29.00 22.75 34.25 Sell Strong Buy 138 0.82

CLS HOLDINGS 832.00 595.00 859.00 Neutral Strong Buy 3056 0.69

DERWENT LONDON 2185.00 1689.00 2239.00 Neutral Strong Buy 6475 1.21DEVELOPMENT SECS. 152.50 121.75 176.00 Neutral Sell -62 0.97

GRAINGER 132.00 83.10 139.40 Neutral Strong Buy 236 1.54

GREAT PORTLAND ESTATES 500.00 345.60 514.00 Sell Strong Buy 1223 1.06

HAMMERSON 507.00 404.50 525.00 Neutral Strong Buy 1571 1.16

HELICAL BAR 243.50 164.00 249.75 Neutral Buy 296 0.75

LAND SECURITIES GROUP 818.00 704.00 849.00 Neutral Strong Buy 2377 1.15

INTU PROPERTIES 331.80 305.00 366.00 Neutral Buy 439 1.08

MCKAY SECURITIES 144.00 125.00 145.00 Neutral Sell -562 0.72

MUCKLOW (A & J) GROUP 350.25 310.00 390.00 Neutral Sell 258 0.42

PRIMARY HEALTH PROPS. 333.75 311.00 364.50 Neutral Strong Buy 696 0.35

QUINTAIN ESTATES & DEV. 66.00 32.50 70.00 Neutral Sell -266 1.17

SAVILLS 555.50 300.80 568.50 Neutral Strong Buy 1615 0.74

SHAFTESBURY 589.50 482.20 590.50 Neutral Strong Buy 1209 1.03

SEGRO 268.30 209.40 268.50 Neutral Sell 171 1.70

ST MODWEN PROPS. 251.30 145.50 280.20 Neutral Strong Buy 762 1.55

TOWN CENTRE SECURITIES 204.00 147.00 215.00 Neutral Sell 3 1.04

UNITE GROUP 314.50 180.25 314.50 Neutral Sell 26 1.75

WARNER ESTATE 1.68 1.00 3.35 Sell Sell -944 1.02

WORKSPACE GROUP 347.50 213.25 363.20 Neutral Sell 0 1.02


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Software & Computer Services Under Valued


ANITE 129.50 111.00 162.00 Neutral Neutral 124 0.76

AVEVA GROUP 2287.00 1469.00 2322.00 Neutral Sell 1336 1.40

COMPUTACENTER 479.20 292.40 514.50 Neutral Strong Buy 1369 1.00

KOFAX 299.75 240.00 325.75 Neutral Neutral 327 1.12

INNOVATION GROUP 24.75 18.25 25.50 Neutral Sell 22 0.83

MICRO FOCUS INTL. 687.00 426.17 702.00 Neutral Buy 999 0.79

PHOENIX IT GROUP 157.00 135.00 231.75 Neutral Strong Buy 315 0.74

RM 73.00 70.25 92.25 Neutral Sell -97 0.52

FIDESSA GROUP 1940.00 1275.00 1970.00 Neutral Neutral 2115 0.77

SAGE GROUP 342.20 247.70 352.10 Neutral Buy 423 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 421.20 237.30 441.90 Neutral Sell 165 1.09

BREWIN DOLPHIN 197.50 136.30 222.00 Neutral Sell 122 0.71

CAMELLIA 10650.00 9250.00 11105.00 Neutral Sell 9652 0.83

CHARLES STANLEY GROUP 361.00 247.50 371.50 Neutral Sell 168 0.97

CHARLES TAYLOR 173.00 132.00 189.75 Neutral Sell 99 0.68

CLOSE BROTHERS GROUP 1070.00 673.50 1089.00 Neutral Sell 163 0.87

F&C ASSET MANAGEMENT 109.40 64.75 110.40 Neutral Sell 102 0.89

HELPHIRE GROUP 3.10 0.55 3.30 Sell Strong Buy 40 0.68

HENDERSON GROUP 170.90 90.55 171.00 Neutral Sell 47 1.44

ICAP 328.10 281.40 431.50 Neutral Sell 196 1.07

INTERMEDIATE CAPITAL GP. 403.40 227.30 403.50 Neutral Sell 195 1.68

INVESTEC 503.50 310.40 513.50 Neutral Sell 88 1.55

LONDON STOCK EX.GROUP 1400.00 930.00 1411.00 Neutral Strong Buy 3851 1.12MAN GROUP 102.20 63.25 145.00 Neutral Sell 91 1.32

RATHBONE BROTHERS 1470.00 1151.00 1472.00 Neutral Sell 1107 0.74

SCHRODERS 2134.00 1166.00 2160.00 Neutral Sell 1241 1.31

SCHRODERS NV 1719.00 966.00 1729.00 Neutral Strong Buy 4215 1.27


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Support Services Over Valued


ACAL 235.50 157.75 242.50 Neutral Buy 305 0.93

AGGREKO 1839.00 1557.00 2400.00 Neutral Sell 1294 1.04

AMEC 1061.00 923.00 1172.00 Neutral Neutral 1080 1.04

ASHTEAD GROUP 584.50 212.20 591.50 Neutral Sell 317 1.61

BABCOCK INTL. 1105.00 743.50 1106.00 Neutral Sell 667 0.48

BRITISH POLYTHENE INDS. 500.00 317.00 508.00 Neutral Strong Buy 808 0.77

BUNZL 1303.00 990.00 1320.00 Neutral Sell 825 0.55

UK MAIL GROUP 380.00 214.00 380.00 Neutral Buy 445 0.38

CAPITA 885.00 602.00 904.50 Neutral Sell 525 0.50

COMMUNISIS 51.50 25.34 53.50 Neutral Buy 68 0.78

COMPASS GROUP 837.00 616.00 844.50 Neutral Sell 608 0.74

BERENDSEN 750.00 462.00 750.00 Sell Buy 979 1.04

DE LA RUE 903.50 885.50 1075.00 Neutral Sell 589 #NA

DIGNITY 1418.00 803.50 1430.00 Neutral Sell 817 0.21

DIPLOMA 601.00 407.00 627.50 Neutral Sell 487 0.95ELECTROCOMP. 258.00 195.20 265.00 Neutral Buy 322 1.03

FILTRONA 663.00 428.00 663.00 Neutral Sell 357 1.10

G4S 299.90 240.00 307.50 Neutral Neutral 292 0.58

HAYS 96.65 66.40 100.00 Neutral Buy 122 1.10

HOMESERVE 233.30 137.50 255.70 Neutral Strong Buy 488 0.93

INTERSERVE 492.90 270.10 501.00 Neutral Buy 693 1.27

INTERTEK GROUP 3423.00 2406.00 3440.00 Neutral Sell 1456 0.78

JOHNSON SERVICE GROUP 44.25 26.50 44.63 Neutral Strong Buy 94 1.17

MANAGEMENT CNSL.GP. 28.50 21.25 39.50 Neutral Strong Buy 55 0.71

MENZIES (JOHN) 768.00 542.00 785.00 Neutral Strong Buy 1316 1.43

MICHAEL PAGE INTL. 443.40 341.40 497.00 Neutral Sell 322 1.41

MITIE GROUP 293.00 253.90 300.80 Neutral Buy 343 0.55

OFFICE2OFFICE 100.50 91.50 163.75 Neutral Strong Buy 239 0.35

PAYPOINT 862.00 596.50 901.00 Neutral Sell 694 0.70

PREMIER FARNELL 224.40 153.20 236.30 Neutral Buy 290 1.32

REGUS 158.00 82.65 158.00 Neutral Sell 107 1.45

RENTOKIL INITIAL 89.55 69.40 97.95 Neutral Sell 54 1.25

REXAM 519.50 394.28 525.50 Neutral Buy 638 0.91

RICARDO 405.00 304.50 412.00 Neutral Buy 472 0.85

ROBERT WALTERS 213.00 176.25 264.63 Neutral Buy 310 1.23

RPC GROUP 467.00 348.30 471.90 Neutral Buy 536 0.78

RPS GROUP 252.00 197.00 258.00 Neutral Neutral 248 1.50

SERCO GROUP 620.00 509.50 633.00 Neutral Sell 581 0.59

SHANKS GROUP 81.50 75.80 102.20 Neutral Strong Buy 168 1.46

SPEEDY HIRE 45.25 22.25 45.75 Neutral Buy 52 1.25TRIBAL GROUP 130.00 70.00 133.75 Neutral Sell 51 0.55

TRIFAST 55.63 39.50 59.00 Neutral Buy 61 0.92

VP 332.00 234.75 354.88 Neutral Strong Buy 622 0.86

WYG 71.00 42.00 75.00 Neutral Strong Buy 185 0.78


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Telecommunication Services Over Valued


BT GROUP 265.80 200.70 281.00 Neutral Buy 300 0.90

CABLE & WIRELESS COMMS. 41.26 27.28 42.63 Neutral Strong Buy 76 0.69

INMARSAT 683.00 390.80 683.00 Neutral Sell 570 0.53

KCOM GROUP 80.65 67.00 85.20 Neutral Buy 117 1.24

TELECOM PLUS 980.00 655.50 1010.00 Neutral Sell 650 0.11

VODAFONE GROUP 182.25 154.45 191.25 Neutral Sell 153 0.54

Transport Under Valued


BBA AVIATION 254.80 178.00 262.00 Neutral Sell 188 1.29

BRAEMAR SHIPPING SVS. 380.00 309.50 425.00 Neutral Buy 434 0.98

CLARKSON 1510.00 1150.00 1515.00 Neutral Sell 1426 0.81

EASYJET 1071.00 443.80 1071.00 Neutral Sell 635 0.74

FIRST GROUP 200.10 175.70 297.00 Neutral Strong Buy 520 0.90

FISHER(JAMES)& SONS 950.00 535.00 952.00 Neutral Sell 370 0.77

GO-AHEAD GROUP 1455.00 1086.00 1460.00 Neutral Buy 1738 0.89

NATIONAL EXPRESS 209.30 164.50 252.00 Neutral Buy 235 1.33

NORTHGATE 350.00 159.60 350.00 Neutral Strong Buy 584 1.40

STAGECOACH GROUP 302.00 230.40 319.60 Neutral Buy 344 0.89

WINCANTON 54.75 31.00 81.50 Sell Sell -39 0.90

Utilities Under Valued


CENTRICA 355.50 306.30 361.40 Neutral Buy 479 0.46

NATIONAL GRID 743.50 626.00 743.50 Neutral Buy 827 0.49

PENNON GROUP 640.00 598.00 796.00 Neutral Buy 769 0.58

SSE 1456.00 1294.00 1469.00 Neutral Buy 1726 0.42

SEVERN TRENT 1646.00 1507.00 1796.00 Neutral Sell 1489 0.34

UNITED UTILITIES GROUP 714.50 594.00 747.50 Neutral Sell 660 0.50


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value indicator - uk main market 20130314

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