value indicator - uk main market 20130321

7/29/2019 value indicator - uk main market 20130321

1/17

21 March 2013

Powered by


2/17

Intellisys Intelligent Analysis Limited 21 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 Under 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 Under 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 Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 393.40 270.90 393.40 Neutral Buy 589 0.66

CHEMRING GROUP 260.00 217.00 421.50 Neutral Buy 325 0.66

COBHAM 248.10 190.10 248.10 Neutral Buy 292 0.83

MEGGITT 484.90 364.30 490.10 Neutral Sell 414 1.32

ROLLS-ROYCE HOLDINGS 1131.00 781.16 1131.00 Sell Neutral 1128 1.07

SMITHS GROUP 1320.00 979.50 1328.00 Neutral Sell 1073 0.71

ULTRA ELECTRONICS HDG. 17 43.00 1424.00 1780.00 Neutral Sell 1578 0.51

Automobiles & Parts Under Valued

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

GKN 274.50 173.60 285.00 Neutral Neutral 263 2.00

INCHCAPE 507.50 305.20 530.00 Neutral Neutral 503 1.48

LOOKERS 98.50 56.50 100.50 Neutral Neutral 106 1.24

PENDRAGON 22.50 13.25 25.00 Neutral Buy 34 1.12

Banks Over Valued


BARCLAYS 295.20 150.55 327.35 Neutral Sell 59 1.93

HSBC HDG. (ORD $0.50) 712.00 503.20 740.00 Neutral Strong Buy 1245 1.17

LLOYDS BANKING GROUP 49.56 25.29 55.68 Neutral Strong Buy 76 1.87

ROYAL BANK OF SCTL.GP. 300.20 196.60 367.80 Neutral Sell 43 1.34

STANDARD CHARTERED 1731.00 1228.50 1837.50 Neutral Sell 1116 1.70

Beverages Under Valued


BARR (AG) 520.50 348.00 557.00 Neutral Neutral 571 0.55

DIAGEO 2032.50 1477.00 2042.50 Neutral Sell 1769 0.55

SABMILLER 3437.50 2348.50 3509.50 Neutral Buy 3951 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 403.00 267.60 406.40 Neutral Strong Buy 730 #NA

CARCLO 440.00 345.00 503.00 N eu tra l Neu tral 447 0.74

CRODA INTERNATIONAL 2686.00 2050.00 2690.00 Neutral Sell 2177 1.04

ELEMENTIS 275.00 179.00 275.00 Sell Buy 376 1.00

JOHNSON MATTHE Y 2310.00 2080.27 2573.00 Neutral Strong Buy 13234 1.44

VICTREX 1714.00 1185.00 1736.00 Neutral Sell 1553 1.13

SYNTHOMER 225.80 127.40 250.80 N eu tra l Neu tral 238 1.16

ZOTEFOAMS 202.00 157.00 225.00 Neutral Strong Buy 418 0.99


7/17



Construction & Building Materials Under Valued


ALUMASC GROUP 98.00 61.50 104.00 Neutral Strong Buy 252 0.51

BALFOUR BEATTY 258.90 237.90 320.80 Neutral Strong Buy 1056 0.79

BARRATT DEVELOPMENTS 255.60 114.00 255.60 Neutral Strong Buy 486 1.50

BELLWAY 1230.00 660.00 1230.00 Neutral Strong Buy 2077 1.11

BERKELEY GROUP HDG.(THE) 2065.00 1177 .00 2093.00 Neutral Strong Buy 3538 0.64

BOOT (HENRY) 162.00 115.50 167.50 Neutral Strong Buy 365 0.83

BOVIS HOMES GROUP 693.50 399.30 693.50 Neutral Sell 602 1.14

CARILLION 284.50 235.50 331.80 Buy Strong Buy 870 1.10

CLARKE (T) 54.50 40.00 61.50 Neutral Strong Buy 290 0.82

COSTAIN GROUP 301.00 188.00 301.00 Neutral Strong Buy 596 0.57

CRH 1528.00 1052.00 1540.00 Neutral Sell 819 1.14

GALLIFORD TRY 940.50 579.00 965.00 Neutral Strong Buy 1846 0.99

KELLER 800.00 348.25 830.00 Neutral Strong Buy 2180 1.25

KIER GROUP 1214.00 1095.00 1408.00 Neutral Strong Buy 3624 0.94

LOW & BONAR 72.50 49.00 73.50 Neutral Strong Buy 218 1.07MARSHALLS 124.00 76.00 124.00 Neutral Strong Buy 308 1.37

MORGAN SINDALL GROUP 543.00 508.00 695.00 Neutral Strong Buy 3565 0.86

NORCROS 16.13 9.25 16.75 Neutral Strong Buy 38 1.11

PERSIMMON 1010.00 532.00 1010.00 Neutral Buy 1220 1.15

REDROW 191.40 107.30 195.80 Neutral Strong Buy 317 1.05

SIG 157.60 82.30 157.60 Neutral Strong Buy 502 1.74

SUPERGLASS HOLDINGS 5.13 4.13 21.50 Sell Strong Buy 49 0.89

TAYLOR WIMPEY 90.85 40.28 90.85 Neutral Buy 103 1.58

TRAVIS PERKINS 1409.00 906.50 1409.00 Neutral Strong Buy 2825 1.97

WOLSELEY 3337.00 2121.32 3337.00 Neutral Strong Buy 5549 1.43

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1338.00 900.00 1364.00 Neutral Sell 789 0.78

DOMINO PRINTING SCIENCES 649.50 509.00 717.00 Neutral Buy 868 1.18

E2V TECHNOLOGIES 122.50 105.50 149.50 Neutral Strong Buy 252 1.30

INVENSYS 359.70 186.10 366.80 Neutral Neutral 351 1.42

LAIRD 227.70 177.00 249.30 Neutral Sell 87 2.12

OXFORD INSTRUMENTS 1700.00 1096.00 1 752.00 Neutral Sell 1207 1.01

RENISHAW 1861.00 1260.00 2081.00 Neutral Buy 2463 1.26

SPECTRIS 2441.00 1427.00 2470.00 Neutral Sell 2264 1.52

BIOME TECHNOLOGIES 0.08 0.08 0.22 Neutral Strong Buy 0 0.84

TT ELECTRONICS 170.00 114.00 190.00 Neutral Strong Buy 409 1.59

XAAR 409.00 185.00 409.00 Neutral Sell 236 1.11


8/17



Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 87.00 54.25 92.00 Neutral Buy 106 1.26

BODYCOTE 549.00 310.30 556.50 Neutral Sell 518 1.61

CASTINGS 338.50 277.75 358.50 Neutral Strong Buy 717 0.99

VESUVIUS 386.90 263.19 402.10 Neutral Buy 506 2.19

FENNER 410.90 329.30 456.50 Neutral Buy 567 1.42

HALMA 519.00 373.10 531.50 Neutral Sell 404 0.75

HILL & SMITH 440.75 297.00 480.00 Neutral Sell 334 1.37

IMI 1320.00 776.00 1347.00 Neutral Neutral 1428 1.40

METALRAX GROUP 3.00 2.93 8.87 Neutral Buy 3 0.85

MORGAN CRUCIBLE 295.00 220.30 333.90 Neutral Strong Buy 560 1.82

ROTORK 2920.00 1859.00 3037.00 Neutral Sell 2384 1.00

SENIOR 245.30 177.00 251.80 Neutral Sell 227 1.65

SEVERFIELD-ROWEN 37.75 35.40 104.11 Neutral Buy 56 0.73

SPIRAX-SARCO 2680.00 1900.00 2728.00 Neutral Sell 2356 0.84

VITEC GROUP 645.25 586.50 740.00 Neutral Sell 605 1.39WEIR GROUP 2288.00 1397.00 2474.00 Neutral Sell 2091 1.39

Food & Drug Stores Over Valued


GREGGS 480.00 449.00 549.50 Neutral Buy 709 0.47

MORRISON(WM)SPMKTS. 269.40 248.60 305.70 Neutral Sell 200 0.39

SAINSBURY (J) 374.60 283.50 374.60 Neutral Sell 221 0.58

TESCO 381.45 297.05 385.95 Neutral Sell 285 0.69

THORNTONS 74.25 18.88 76.75 Neutral Sell 52 0.83

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1881.00 1167.00 1 902.00 Neutral Buy 2102 0.62

CRANSWICK 991.00 732.50 1012.00 Neutral Strong Buy 2080 0.49

DAIRY CREST 438.60 290.40 438.60 Neutral Buy 494 0.92

DEVRO 356.80 278.00 380.00 Neutral Buy 519 0.31

PREMIER FOODS 84.50 54.50 180.00 Neutral Sell -176 1.25

TATE & LYLE 839.00 633.50 840.00 Neutral Strong Buy 1558 0.70

UNILEVER (UK) 2764.00 2005.00 2764.00 Neutral Neutral 2779 0.57


9/17



General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 29.00 20.50 29.50 Neutral Buy 34 0.69

BROWN (N) GROUP 416.10 222.40 429.30 Neutral Sell 366 0.53

BURBERRY GROUP 1425.00 1000.00 1586.00 Neutral Sell 988 1.27

CARPETRIGHT 677.50 585.00 728.50 Neutral Sell 286 0.94

DIXONS RETAIL 34.24 12.67 35.00 Neutral Neutral 37 1.50

FINDEL 7.01 2.76 9.30 Neutral Sell 3 1.08

FRENCH CONNECTN.GROUP 29.00 19.50 48.25 Sell Strong Buy 112 0.98

HALFORDS GROUP 318.20 189.00 356.80 Neutral Strong Buy 505 0.67

JD SPORTS FASHION 752 .00 606 .50 841 .00 Neutral Strong Buy 1538 0.52

DARTY 42.75 38.00 75.10 Neutral Strong Buy 83 1.24

KINGFISHER 286.70 254.10 313.80 Neutral Buy 395 0.92

MARKS & SPENCER GROUP 392.40 312.20 398.80 Neutral Buy 523 0.64

MOSS BROTHERS GROUP 66.50 42.00 71.00 Neutral Sell 61 1.04

MOTHERCARE 300.00 152.00 362.00 Neutral Buy 333 0.46

NEXT 4147.00 2896.00 4247.00 Neutral Sell 3742 0.66TED BAKER 1354.00 775.00 1354.00 Sell Sell 663 0.55

TOPPS TILES 62.00 32.13 68.00 Neutral Sell 51 1.48

Heath Over Valued


BIOQUELL 140.00 119.75 160.00 Neutral Sell 112 0.45

CONSORT MEDICAL 775.00 584.00 831.50 Neutral Sell 560 0.40

OPTOS 166.00 160.00 279.25 Buy Neutral 167 1.21

SMITH & NEPHEW 743.50 580.00 751.50 Neutral Sell 666 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 635.00 530.00 720.50 Neutral Neutral 620 0.43

HEADLAM GROUP 324.25 263.00 355.00 Neutral Sell 285 0.92

HORNBY 75.50 55.25 103.00 Neutral Buy 100 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 906.50 469.00 971.50 Neutral Sell 593 0.74

CSR 479.90 194.60 492.80 Neutral Strong Buy 1413 1.17FILTRONIC 74.00 23.50 83.25 Neutral Sell 52 0.90

IMAGINATION TECHN OLOGIES 536.00 383.50 717.00 N eutral Neutral 549 1.08

SPIRENT COMMUNICATIONS 149.30 1 39.20 174.00 Neutral Strong Buy 688 0.95

WOLFSON MICROELECTR ON ICS 187.00 165.75 230.00 Neutral Sell -606 0.91


10/17



Insurance Under Valued


ADMIRAL GROUP 1332.00 1019.00 1359.00 Neutral Sell -764 0.54

AMLIN 427.40 312.90 431.50 Neutral Sell -3132 0.46

BEAZLEY 210.90 132.50 215.40 Neutral Strong Buy 2631 0.59

CATLIN GROUP 524.00 399.00 540.00 Neutral Buy 786 0.30

HISCOX 558.50 371.30 561.00 Neutral Strong Buy 2105 0.48

JARDINE LLOYD THOMPSON 850 .50 659 .00 864 .50 Neutral Strong Buy 2956 0.31

RSA INSURANCE GROUP 117.30 97.65 136.30 Neutral Strong Buy 1714 0.41

NOVAE GROUP 464.00 345.00 475.75 Neutral Strong Buy 1938 0.47

Leisure & Hotels Over Valued


CARNIVAL 2280.00 1900.00 2628.00 Neutral Strong Buy 3865 1.00

ENTERPRISE INNS 111.00 51.75 114.70 Neutral Sell 82 1.59

TUI TRAVEL 309.90 158.00 330.00 Neutral Strong Buy 782 0.99

FULLER SMITH 'A' 815.00 685.00 815.00 Neutral Sell 653 0.38

GREENE KING 718.50 474.30 719.50 Neutral Sell 617 0.90

LADBROKES 224.80 152.50 243.10 Neutral Sell 182 0.94

ICTL.HTLS.GP. 1970.00 1396.63 2022.00 Neutral Sell 1631 1.17

MILLENNIUM & CPTH.HTLS. 556.00 455.40 568.50 N eutral Neutral 610 1.38

MITCHELLS & BUTLERS 334.00 217.40 350.10 Neutral Sell 301 1.08

BWIN PARTY DIGITAL ENTM. 144.80 91.90 162.60 Neutral Sell 105 1.25

PUNCH TAVERNS 11.00 5 .61 13.12 Neutral Strong Buy 50 1.25

RANK GROUP 177.50 111.00 177.50 Neutral Strong Buy 504 1.00

RESTAURANT GROUP 457.20 269.20 457.20 Neutral Sell 318 0.74

WETHERSPOON (JD) 537.50 371.30 548.50 Neutral Buy 737 0.68

WHITBREAD 2576.00 1747.00 2692.00 Neutral Sell 1927 0.99WILLIAM HILL 386.00 225.48 411.17 Neutral Sell 260 0.86

MARSTON'S 141.80 94.40 143.00 Neutral Sell 30 1.19

Life Assurance Over Valued


AVIVA 315.00 255.30 388.40 Neutral Strong Buy 1173 1.25

CHESNARA 218.00 155.25 233.50 Neutral Strong Buy 351 0.70

LEGAL & GENERAL 171.20 106.00 173.60 Neutral Strong Buy 295 1.70

OLD MUTUAL 207.20 138.70 211.40 Neutral Sell 173 1.57

PRUDENTIAL 1109.00 660.00 1155.00 Neutral Sell 954 1.70

ST.JAMES'S PLACE 510.00 303.40 537.00 Neutral Sell 427 0.85


11/17



Media & Entertainment Under Valued


AEGIS GROUP 238.60 153.20 239.60 Neutral Sell -542 1.28

BLOOMSBURY PBL. 108.50 102.00 146.50 Neutral Strong Buy 1532 0.35

BRITISH SKY BCAST.GROUP 889.00 635.50 899.50 Neutral Strong Buy 137 0.54

CENTAUR MEDIA 46.50 28.50 60.00 Neutral Strong Buy 2970 1.01

DAILY MAIL 'A' 689.50 363.50 722.00 Neutral Strong Buy 6561 1.12

EUROMONEY INSTL.INVESTOR 901.50 672.50 951.50 Neutral Sell -65 0.98

INFORMA 509.50 340.00 525.50 Neutral Strong Buy 216 1.53

ITE GROUP 281.50 180.00 289.40 Neutral Strong Buy 1180 1.44

ITV 130.10 69.45 132.30 Neutral Strong Buy 1551 1.54

JOHNSTON PRESS 15.00 4.88 15.00 Neutral Buy 284 1.25

PEARSON 1170.00 1111.00 1294.00 Neutral Strong Buy 2330 0.63

PHOTO-ME INTL. 81.00 36.25 82.50 Neutral Strong Buy 785 0.79

PINEWOOD SHEPPERTON 274.00 265.00 377.50 Neutral Sell -542 0.16

THOMSON REUTERS 33.32 26.85 33.32 Neutral Sell 244 0.52

STV GROUP 139.50 81.50 146.88 Neutral Strong Buy 673 0.78ST.IVES 137.25 67.50 139.25 Neutral Sell -245 1.49

TRINITY MIRROR 94.50 25.50 121.25 Neutral Strong Buy 1605 1.57

UBM 719.00 511.00 788.00 Neutral Strong Buy 1191 1.31

WILMINGTON GROUP 158.00 82.00 164.00 Neutral Sell -458 0.85

WPP 1076.00 743.00 1092.00 Neutral Strong Buy 725 1.34

HIBU 0.40 0.26 4.15 Neutral Sell -12 1.06

Mining Under Valued


ANGLO AMERICAN 1773.00 1664.00 2503.00 Neutral Strong Buy 2964 1.75

ANGLO PACIFIC GROUP 251.00 221.25 335.20 Neutral Buy 283 0.99ANTOFAGASTA 1048.00 991.00 1381.00 Neutral Sell 970 1.42

BHP BILLITON 1961.50 1681.00 2236.00 Neutral Strong Buy 3532 1.45

LONMIN 300.00 240.84 592.54 Neutral Sell 36 2.04

RANDGOLD RESOURCES 5495.00 4596.00 7775.00 Neutral Sell 2977 0.34

RIO TINTO 3135.00 2715.50 3757.00 Neutral Buy 3544 1.51

COALFIELD RESOURCES 5.63 3.75 22.50 Neutral Strong Buy 170 0.89

VEDANTA RESOURCES 832.50 1352.00 Neutral Strong Buy 2499 2.21

XSTRATA 1095.00 785.80 1205.00 Neutral Neutral 1045 1.87

Oil & Gas Under Valued


BG GROUP 1169.50 1000.50 1519.00 Neutral Neutral 1278 0.81

BP 448.00 391.95 481.90 Neutral Strong Buy 1614 1.05

CAIRN ENERGY 280.30 248.20 349.00 Neutral Sell -44 1.32

FORTUNE OIL 10.13 7.86 12.50 Neutral Buy 15 0.91

HUNTING 901.00 688.00 954.00 Neutral Sell 479 1.32

JKX OIL & GAS 77.75 55.00 186 .00 Neutral Strong Buy 314 1.36

PREMIER OIL 388.00 321.30 426.20 Neutral Sell 304 1.44

ROYAL DUTCH SHELL B 2224.00 2039.00 2366.50 Neutral Strong Buy 11918 0.86

SOCO INTERNATIONAL 401.00 254.90 404.30 Neutral Sell 262 0.52

TULLOW OIL 1238.00 1138.00 1570.00 Neutral Sell 965 1.06

WOOD GROUP (JOHN) 855.50 651.50 875.50 Neutral Neutral 846 1.36


12/17



Personal Care & Household Products Over Valued


MCBRIDE 138.00 102.70 146.75 Neutral Strong Buy 274 0.83

PZ CUSSONS 407.60 296.10 415.60 Neutral Sell 342 0.69

RECKITT BENCKISER GROUP 4701.00 3 300.00 4714.00 Neutral Neutral 4742 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.48 0.37 3.88 Buy Strong Buy 6 1.01

ASTRAZENECA 3040.00 2591.00 3168.00 Neutral Strong Buy 5597 0.48

BTG 346.80 300.30 423.00 Neutral Sell 196 0.62

DECHRA PHARMACEUTICALS 760.50 418.33 769.50 Neutral Buy 963 0.26

GLAXOSMITHKLINE 1518.50 1317.50 1518.50 Neutral Sell 736 0.49

OXFORD BIOMEDICA 1.80 1.80 5.80 Buy Strong Buy 3 0.64

PHYTOPHARM 1.65 1.63 12.75 Buy Neutral 2 0.94

SHIRE 2034.00 1727.00 2165.00 Neutral Sell 1158 0.65

SKYEPHARMA 56.75 33.50 101.50 Neutral Sell -123 0.72

VERNALIS 23.38 21.63 27.38 Neutral Strong Buy 54 0.89

Real Estate Under Valued


BIG YELLOW GROUP 370.50 274.50 387.50 Neutral Sell -542 1.15

BRITISH LAND 552.50 467.10 585.50 Neutral Strong Buy 1532 1.03

CAPITAL & REGIONAL 33.75 22.75 34.25 Sell Strong Buy 137 0.82

CLS HOLDINGS 836.50 595.00 859.00 Neutral Strong Buy 2970 0.69

DERWENT LONDON 2149.00 1689.00 2239.00 Neutral Strong Buy 6561 1.21DEVELOPMENT SECS. 153.00 121.75 176.00 Neutral Sell -65 0.97

GRAINGER 135.00 83.10 139.40 Neutral Strong Buy 216 1.54

GREAT PORTLAND ESTATES 496.40 345.60 514.00 Sell Strong Buy 1180 1.06

HAMMERSON 503.50 404.50 525.00 Neutral Strong Buy 1551 1.16

HELICAL BAR 235.00 164.00 249.75 Neutral Buy 284 0.75

LAND SECURITIES GROUP 822.00 704.00 849.00 Neutral Strong Buy 2330 1.15

INTU PROPERTIES 332.30 305.00 366.00 Neutral Strong Buy 785 1.08

MCKAY SECURITIES 144.75 125.00 145.00 Neutral Sell -542 0.72

MUCKLOW (A & J) GROUP 379.75 311.25 390.00 Neutral Sell 244 0.42

PRIMARY HEALTH PROPS. 331.25 311.00 364.50 Neutral Strong Buy 673 0.35

QUINTAIN ESTATES & DEV. 65.75 32.50 70.00 Sell Sell -245 1.17

SAVILLS 588.00 300.80 599.00 Neutral Strong Buy 1605 0.74

SHAFTESBURY 589.50 482.20 597.50 Neutral Strong Buy 1191 1.03

SEGRO 251.70 209.40 271.00 Neutral Sell -458 1.70

ST MODWEN PROPS. 251.00 145.50 280.20 Neutral Strong Buy 725 1.55

TOWN CENTRE SECURITIES 204.50 147.00 215.00 Neutral Sell -12 1.04

UNITE GROUP 314.10 180.25 330.00 Neutral Sell 33 1.75

WARNER ESTATE 1.68 1.00 3.35 Sell Sell -997 1.02

WORKSPACE GROUP 337.90 213.25 363.20 Neutral Sell 0 1.02


13/17



Software & Computer Services Under Valued


ANITE 129.50 111.00 162.00 Neutral Neutral 124 0.76

AVEVA GROUP 2257.00 1469.00 2322.00 Neutral Sell 1328 1.40

COMPUTACENTER 525.00 292.40 543.50 Neutral Strong Buy 1363 1.00

KOFAX 308.25 240.00 325.75 Neutral Neutral 325 1.12

INNOVATION GROUP 25.25 18.25 25.50 Neutral Neutral 24 0.83

MICRO FOCUS INTL. 692.50 426.17 702.00 Neutral Buy 987 0.79

PHOENIX IT GROUP 155.00 135.00 231.75 Neutral Strong Buy 315 0.74

RM 77.38 70.25 89.00 Neutral Sell -93 0.52

FIDESSA GROUP 1896.00 1275.00 1970.00 Neutral Buy 2104 0.77

SAGE GROUP 341.50 247.70 352.10 Neutral Buy 420 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 422.50 237.30 441.90 Neutral Sell 165 1.09

BREWIN DOLPHIN 195.10 136.30 222.00 Neutral Sell 122 0.71

CAMELLIA 10420.00 9250.00 11105.00 Neutral Sell 9749 0.83

CHARLES STANLEY GROUP 370.00 247.50 371.50 Neutral Sell 169 0.97

CHARLES TAYLOR 180.00 132.00 189.75 Neutral Sell 99 0.68

CLOSE BROTHERS GROUP 1071.00 673.50 1107.00 Neutral Sell 165 0.87

F&C ASSET MANAGEMENT 106.80 64.75 110.40 Neutral Neutral 102 0.89

HELPHIRE GROUP 3.35 0.55 3.70 Sell Strong Buy 29 0.68

HENDERSON GROUP 166.10 90.55 171.00 Neutral Sell 48 1.44

ICAP 329.00 281.40 422.00 Neutral Sell 196 1.07

INTERMEDIATE CAPITAL GP. 424.40 227.30 424.40 Neutral Sell 197 1.68

INVESTEC 478.90 310.40 513.50 Neutral Sell 87 1.55

LONDON STOCK EX.GROUP 1346.00 930.00 1411.00 Neutral Strong Buy 3853 1.12MAN GROUP 96.55 63.25 138.50 Neutral Neutral 92 1.32

RATHBONE BROTHERS 1464.00 1151.00 1532.00 Neutral Sell 1109 0.74

SCHRODERS 2136.00 1166.00 2160.00 Neutral Sell 1243 1.31

SCHRODERS NV 1707.00 966.00 1729.00 Neutral Strong Buy 4189 1.27


14/17



Support Services Over Valued


ACAL 233.00 157.75 242.50 Neutral Buy 305 0.93

AGGREKO 1961.00 1557.00 2400.00 Neutral Sell 1303 1.04

AMEC 1054.00 923.00 1172.00 Neutral Neutral 1138 1.04

ASHTEAD GROUP 587.50 212.20 594.00 Neutral Sell 319 1.61

BABCOCK INTL. 1100.00 767.50 1106.00 Neutral Sell 667 0.48

BRITISH POLYTHENE INDS. 495.00 317.00 508.00 Neutral Strong Buy 805 0.77

BUNZL 1306.00 990.00 1320.00 Neutral Sell 824 0.55

UK MAIL GROUP 375.50 214.00 380.00 Neutral Buy 445 0.38

CAPITA 912.00 602.00 912.00 Neutral Sell 524 0.50

COMMUNISIS 51.50 25.34 53.50 Neutral Buy 67 0.78

COMPASS GROUP 843.50 616.00 846.00 Sell Sell 607 0.74

BERENDSEN 753.00 462.00 762.50 Neutral Buy 986 1.04

DE LA RUE 961.50 885.50 1075.00 Neutral Sell 599 #NA

DIGNITY 1416.00 803.50 1435.00 Neutral Sell 813 0.21

DIPLOMA 606.50 407.00 627.50 Neutral Sell 488 0.95ELECTROCOMP. 254.90 195.20 265.00 Neutral Buy 322 1.03

FILTRONA 692.00 428.00 692.00 Sell Sell 358 1.10

G4S 291.80 240.00 307.50 Neutral Neutral 292 0.58

HAYS 97.90 66.40 100.00 Neutral Buy 121 1.10

HOMESERVE 227.00 137.50 252.50 Neutral Strong Buy 491 0.93

INTERSERVE 488.60 270.10 501.00 Neutral Buy 692 1.27

INTERTEK GROUP 3434.00 2406.00 3440.00 Neutral Sell 1457 0.78

JOHNSON SERVICE GROUP 44.50 26.50 44.63 Neutral Strong Buy 95 1.17

MANAGEMENT CNSL.GP. 30.50 21.25 39.50 Neutral Strong Buy 55 0.71

MENZIES (JOHN) 775.50 542.00 789.00 Neutral Strong Buy 1309 1.43

MICHAEL PAGE INTL. 444.30 341.40 488.70 Neutral Sell 321 1.41

MITIE GROUP 284.90 253.90 300.80 Neutral Buy 343 0.55

OFFICE2OFFICE 99.50 91.50 163.00 Neutral Strong Buy 240 0.35

PAYPOINT 859.00 596.50 901.00 Neutral Sell 695 0.70

PREMIER FARNELL 218.70 153.20 236.30 Neutral Buy 287 1.32

REGUS 159.50 82.65 163.30 Neutral Sell 107 1.45

RENTOKIL INITIAL 99.25 69.40 99.25 Neutral Sell 56 1.25

REXAM 526.50 394.28 526.50 Neutral Buy 638 0.91

RICARDO 430.00 304.50 430.00 Neutral Neutral 472 0.85

ROBERT WALTERS 215.00 176.25 264.63 Neutral Buy 310 1.23

RPC GROUP 467.80 348.30 477.00 Neutral Buy 536 0.78

RPS GROUP 261.00 197.00 264.80 Neutral Sell 248 1.50

SERCO GROUP 628.50 509.50 633.00 Neutral Sell 580 0.59

SHANKS GROUP 80.00 75.80 101.50 Neutral Strong Buy 169 1.46

SPEEDY HIRE 45.25 22.25 46.00 Neutral Buy 52 1.25TRIBAL GROUP 142.25 70.00 142.25 Neutral Sell 51 0.55

TRIFAST 55.88 39.50 59.00 Neutral Neutral 61 0.92

VP 338.50 234.75 354.88 Neutral Strong Buy 625 0.86

WYG 74.50 42.00 75.00 Sell Strong Buy 183 0.78


15/17



Telecommunication Services Over Valued


BT GROUP 272.70 200.70 281.00 Neutral Buy 305 0.90

CABLE & WIRELESS COMMS. 41.58 27.28 42.63 Neutral Strong Buy 77 0.69

INMARSAT 689.00 390.80 700.00 Neutral Sell 578 0.53

KCOM GROUP 82.00 67.00 85.20 Neutral Buy 118 1.24

TELECOM PLUS 976.50 668.00 1010.00 Neutral Sell 654 0.11

VODAFONE GROUP 185.80 154.45 191.25 Neutral Sell 156 0.54

Transport Under Valued


BBA AVIATION 264.30 178.00 267.40 Neutral Sell 191 1.29

BRAEMAR SHIPPING SVS. 379.50 309.50 425.00 Neutral Buy 439 0.98

CLARKSON 1500.00 1150.00 1515.00 Neutral Neutral 1432 0.81

EASYJET 1050.00 443.80 1072.00 Neutral Sell 644 0.74

FIRST GROUP 201.20 175.70 296.70 Neutral Strong Buy 532 0.90

FISHER(JAMES)& SONS 1045.00 535.00 1045.00 Sell Sell 376 0.77

GO-AHEAD GROUP 1459.00 1086.00 1513.00 Neutral Buy 1772 0.89

NATIONAL EXPRESS 213.80 164.50 252.00 Neutral Buy 239 1.33

NORTHGATE 309.00 159.60 350.00 Neutral Strong Buy 588 1.40

STAGECOACH GROUP 312.50 230.40 319.60 Neutral Buy 352 0.89

WINCANTON 54.25 31.00 80.25 Sell Sell -38 0.90

Utilities Under Valued


CENTRICA 352.60 306.30 361.40 Neutral Buy 481 0.46

NATIONAL GRID 746.50 626.00 746.50 Neutral Buy 824 0.49

PENNON GROUP 640.00 598.00 796.00 Neutral Buy 769 0.58

SSE 1484.00 1294.00 1484.00 Neutral Buy 1736 0.42

SEVERN TRENT 1671.00 1507.00 1796.00 Neutral Sell 1487 0.34

UNITED UTILITIES GROUP 695.50 594.00 747.50 Neutral Sell 659 0.50


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 20130321

Documents

Transcript of value indicator - uk main market 20130321