value indicator - uk main market 20130327

7/29/2019 value indicator - uk main market 20130327

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27 March 2013

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Intellisys Intelligent Analysis Limited 27 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


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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 Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 387.90 270.90 393.40 Neutral Buy 579 0.66

CHEMRING GROUP 259.30 217.00 414.70 Neutral Buy 323 0.66

COBHAM 242.40 190.10 248.10 Neutral Buy 287 0.83

MEGGITT 485.20 364.30 490.10 Neutral Sell 409 1.32

ROLLS-ROYCE HOLDINGS 1103.00 781.16 1131.00 Neutral Neutral 1100 1.07

SMITHS GROUP 1268.00 979.50 1328.00 Neutral Sell 1051 0.71

ULTRA ELECTRONICS HDG. 17 27.00 1424.00 1780.00 Neutral Sell 1548 0.51

Automobiles & Parts Under Valued

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

GKN 266.10 173.60 285.00 Neutral Neutral 256 2.00

INCHCAPE 512.50 305.20 530.00 Neutral Neutral 503 1.48

LOOKERS 98.00 56.50 100.50 Neutral Neutral 106 1.24

PENDRAGON 22.75 13.25 25.00 Neutral Buy 34 1.12

Banks Over Valued


BARCLAYS 287.20 150.55 327.35 Neutral Sell 50 1.93

HSBC HDG. (ORD $0.50) 698.50 503.20 740.00 Neutral Strong Buy 1232 1.17

LLOYDS BANKING GROUP 47.65 25.29 55.68 Neutral Strong Buy 74 1.87

ROYAL BANK OF SCTL.GP. 286.00 196.60 367.80 Neutral Sell 32 1.34

STANDARD CHARTERED 1710.00 1228.50 1837.50 Neutral Sell 1094 1.70

Beverages Under Valued


BARR (AG) 567.00 348.00 572.00 Neutral Neutral 603 0.55

DIAGEO 2025.00 1477.00 2042.50 Neutral Sell 1796 0.55

SABMILLER 3443.00 2348.50 3509.50 Neutral Buy 3970 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 396.60 267.60 406.40 Neutral Strong Buy 706 #NA

CARCLO 382.00 345.75 503.00 Neutral Buy 432 0.74

CRODA INTERNATIONAL 2721.00 2050.00 2721.00 Neutral Sell 2180 1.04

ELEMENTIS 261.40 179.00 275.00 Neutral Buy 368 1.00

JOHNSON MATTHE Y 2229.00 2080.27 2573.00 Neutral Strong Buy 12891 1.44

VICTREX 1683.00 1185.00 1736.00 Neutral Sell 1544 1.13

SYNTHOMER 222.00 127.40 249.10 N eu tra l Neu tral 225 1.16

ZOTEFOAMS 221.50 157.00 225.00 Neutral Strong Buy 404 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 91.00 61.50 104.00 Neutral Strong Buy 245 0.51

BALFOUR BEATTY 235.10 235.10 320.80 Buy Strong Buy 1014 0.79

BARRATT DEVELOPMENTS 268.80 114.00 268.80 Neutral Strong Buy 466 1.50

BELLWAY 1227.00 660.00 1230.00 Neutral Strong Buy 1992 1.11

BERKELEY GROUP HDG.(THE) 2020.00 1177 .00 2093.00 Neutral Strong Buy 3442 0.64

BOOT (HENRY) 160.00 115.50 167.50 Neutral Strong Buy 354 0.83

BOVIS HOMES GROUP 751.00 399.30 751.00 Neutral Sell 578 1.14

CARILLION 285.40 235.50 331.80 Neutral Strong Buy 829 1.10

CLARKE (T) 55.88 40.00 61.50 Neutral Strong Buy 278 0.82

COSTAIN GROUP 303.00 188.00 306.00 Neutral Strong Buy 581 0.57

CRH 1455.00 1052.00 1540.00 Neutral Sell 816 1.14

GALLIFORD TRY 916.00 579.00 965.00 Neutral Strong Buy 1767 0.99

KELLER 802.00 348.25 830.00 Neutral Strong Buy 2104 1.25

KIER GROUP 1179.00 1095.00 1408.00 Neutral Strong Buy 3492 0.94

LOW & BONAR 73.50 49.00 73.50 Neutral Strong Buy 211 1.07MARSHALLS 122.00 76.00 125.50 Neutral Strong Buy 296 1.37

MORGAN SINDALL GROUP 547.00 508.00 695.00 Neutral Strong Buy 3432 0.86

NORCROS 16.75 9.25 16.75 Neutral Strong Buy 36 1.11

PERSIMMON 1032.00 532.00 1033.00 Neutral Buy 1170 1.15

REDROW 188.10 107.30 195.80 Neutral Strong Buy 303 1.05

SIG 156.80 82.30 162.50 Neutral Strong Buy 488 1.74

SUPERGLASS HOLDINGS 4.13 4.13 20.50 Neutral Strong Buy 49 0.89

TAYLOR WIMPEY 88.90 40.28 91.15 Neutral Buy 98 1.58

TRAVIS PERKINS 1437.00 906.50 1443.00 Neutral Strong Buy 2706 1.97

WOLSELEY 3173.00 2121.32 3337.00 Neutral Strong Buy 5382 1.43

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1307.00 900.00 1364.00 Neutral Sell 784 0.78

DOMINO PRINTING SCIENCES 635.00 509.00 717.00 Neutral Buy 863 1.18

E2V TECHNOLOGIES 122.00 105.50 149.50 Neutral Strong Buy 251 1.30

INVENSYS 349.50 186.10 366.80 Neutral Neutral 349 1.42

LAIRD 224.50 177.00 249.30 Neutral Sell 84 2.12

OXFORD INSTRUMENTS 1696.00 1096.00 1 752.00 Neutral Sell 1200 1.01

RENISHAW 1848.00 1260.00 2081.00 Neutral Buy 2447 1.26

SPECTRIS 2420.00 1427.00 2470.00 Neutral Sell 2251 1.52

BIOME TECHNOLOGIES 0.08 0.08 0.22 Neutral Strong Buy 0 0.84

TT ELECTRONICS 178.50 114.00 190.00 Neutral Strong Buy 407 1.59

XAAR 420.00 185.00 420.00 Sell Sell 235 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 84.88 54.25 91.75 Neutral Buy 104 1.26

BODYCOTE 532.50 310.30 556.50 Neutral Neutral 514 1.61

CASTINGS 342.00 277.75 358.50 Neutral Strong Buy 712 0.99

VESUVIUS 364.60 263.19 402.10 Neutral Buy 500 2.19

FENNER 385.60 329.30 456.50 Neutral Buy 562 1.42

HALMA 519.50 373.10 531.50 Neutral Sell 401 0.75

HILL & SMITH 450.00 297.00 480.00 Neutral Sell 330 1.37

IMI 1301.00 776.00 1347.00 Neutral Neutral 1415 1.40

METALRAX GROUP 3.13 2.93 8.87 Neutral Neutral 3 0.85

MORGAN CRUCIBLE 287.00 220.30 333.90 Neutral Strong Buy 554 1.82

ROTORK 2938.00 1859.00 3037.00 Neutral Sell 2349 1.00

SENIOR 241.90 177.00 251.80 Neutral Sell 225 1.65

SEVERFIELD-ROWEN 38.50 35.40 104.11 Neutral Buy 54 0.73

SPIRAX-SARCO 2694.00 1900.00 2728.00 Sell Sell 2338 0.84

VITEC GROUP 650.50 586.50 740.00 Neutral Sell 598 1.39WEIR GROUP 2187.00 1397.00 2474.00 Neutral Sell 2073 1.39

Food & Drug Stores Over Valued


GREGGS 478.00 449.00 526.00 Neutral Buy 704 0.47

MORRISON(WM)SPMKTS. 276.00 248.60 303.90 Neutral Sell 202 0.39

SAINSBURY (J) 376.60 283.50 376.60 Neutral Sell 224 0.58

TESCO 373.25 297.05 385.95 Neutral Sell 286 0.69

THORNTONS 71.75 18.88 78.75 Neutral Sell 50 0.83

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1863.00 1167.00 1 902.00 Neutral Buy 2100 0.62

CRANSWICK 1017.00 732.50 1023.00 Neutral Strong Buy 2079 0.49

DAIRY CREST 435.70 290.40 444.00 Neutral Buy 492 0.92

DEVRO 357.60 278.00 380.00 Neutral Buy 519 0.31

PREMIER FOODS 82.25 54.50 180.00 Neutral Sell -178 1.25

TATE & LYLE 832.00 633.50 844.50 Neutral Strong Buy 1557 0.70

UNILEVER (UK) 2761.00 2005.00 2764.00 Neutral Neutral 2778 0.57


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.25 20.50 29.50 Neutral Buy 33 0.69

BROWN (N) GROUP 411.00 222.40 429.30 Neutral Sell 363 0.53

BURBERRY GROUP 1338.00 1000.00 1586.00 Neutral Sell 980 1.27

CARPETRIGHT 648.00 585.00 728.50 Neutral Sell 282 0.94

DIXONS RETAIL 33.00 12.67 35.00 Neutral Buy 37 1.50

FINDEL 6.69 2.76 9.30 Neutral Sell 3 1.08

FRENCH CONNECTN.GROUP 30.25 19.50 48.25 Sell Strong Buy 111 0.98

HALFORDS GROUP 322.30 189.00 356.80 Neutral Strong Buy 501 0.67

JD SPORTS FASHION 695 .50 606 .50 841 .00 Neutral Strong Buy 1524 0.52

DARTY 44.00 38.00 74.35 Neutral Strong Buy 83 1.24

KINGFISHER 283.00 254.10 313.80 Neutral Buy 392 0.92

MARKS & SPENCER GROUP 394.40 312.20 398.80 Neutral Buy 518 0.64

MOSS BROTHERS GROUP 65.00 42.00 71.00 Neutral Sell 60 1.04

MOTHERCARE 316.00 152.00 362.00 Neutral Neutral 332 0.46

NEXT 4365.00 2896.00 4365.00 Neutral Sell 3722 0.66TED BAKER 1350.00 805.00 1354.00 Neutral Sell 658 0.55

TOPPS TILES 63.25 32.13 68.00 Neutral Sell 50 1.48

Heath Over Valued


BIOQUELL 140.00 121.50 160.00 Neutral Sell 113 0.45

CONSORT MEDICAL 779.00 584.00 831.50 Neutral Sell 563 0.40

OPTOS 159.00 158.25 279.25 Buy Neutral 166 1.21

SMITH & NEPHEW 757.50 580.00 757.50 Neutral Sell 680 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 642.50 557.00 720.50 Neutral Neutral 628 0.43

HEADLAM GROUP 340.00 263.00 355.00 Neutral Sell 293 0.92

HORNBY 75.50 55.25 98.25 Neutral Buy 102 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 918.00 469.00 971.50 Neutral Sell 575 0.74

CSR 486.30 194.60 492.80 Neutral Strong Buy 1320 1.17FILTRONIC 65.50 23.50 83.25 Neutral Sell 50 0.90

IMAGINATION TECHN OLOGIES 512.00 383.50 716.00 N eutral Neutral 528 1.08

SPIRENT COMMUNICATIONS 149.50 1 39.20 174.00 Neutral Strong Buy 677 0.95

WOLFSON MICROELECTR ON ICS 180.00 165.75 230.00 Neutral Sell -528 0.91


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Insurance Under Valued


ADMIRAL GROUP 1325.00 1019.00 1359.00 Neutral Sell -777 0.54

AMLIN 425.00 312.90 431.50 Neutral Sell -3139 0.46

BEAZLEY 209.80 132.50 215.40 Neutral Strong Buy 2637 0.59

CATLIN GROUP 526.50 399.00 540.00 Neutral Buy 783 0.30

HISCOX 558.00 371.30 562.00 Neutral Strong Buy 2111 0.48

JARDINE LLOYD THOMPSON 844 .00 659 .00 864 .50 Neutral Strong Buy 2960 0.31

RSA INSURANCE GROUP 116.10 97.65 136.30 Neutral Strong Buy 1718 0.41

NOVAE GROUP 461.75 345.00 475.75 Neutral Strong Buy 1943 0.47

Leisure & Hotels Over Valued


CARNIVAL 2250.00 1900.00 2628.00 Neutral Strong Buy 3845 1.00

ENTERPRISE INNS 109.00 55.50 114.70 Neutral Sell 80 1.59

TUI TRAVEL 310.40 158.00 330.00 Neutral Strong Buy 779 0.99

FULLER SMITH 'A' 810.00 700.00 820.00 Neutral Sell 649 0.38

GREENE KING 718.50 474.30 723.50 Neutral Sell 612 0.90

LADBROKES 228.00 152.70 243.10 Neutral Sell 180 0.94

ICTL.HTLS.GP. 1946.00 1396.63 2022.00 Neutral Sell 1616 1.17

MILLENNIUM & CPTH.HTLS. 560.00 455.40 568.50 N eutral Neutral 607 1.38

MITCHELLS & BUTLERS 327.50 217.40 350.10 Neutral Sell 299 1.08

BWIN PARTY DIGITAL ENTM. 147.30 91.90 162.60 Neutral Sell 106 1.25

PUNCH TAVERNS 10.75 5 .61 13.12 Neutral Strong Buy 49 1.25

RANK GROUP 172.00 111.00 177.50 Neutral Strong Buy 500 1.00

RESTAURANT GROUP 459.90 269.20 464.70 Neutral Sell 316 0.74

WETHERSPOON (JD) 541.00 371.30 548.50 Neutral Buy 732 0.68

WHITBREAD 2524.00 1786.00 2692.00 Neutral Sell 1914 0.99WILLIAM HILL 375.40 238.47 411.17 Neutral Sell 259 0.86

MARSTON'S 139.80 94.40 143.00 Neutral Sell 30 1.19

Life Assurance Over Valued


AVIVA 303.70 255.30 388.40 Neutral Strong Buy 1170 1.25

CHESNARA 224.00 155.25 233.50 Neutral Strong Buy 351 0.70

LEGAL & GENERAL 170.50 106.00 173.60 Neutral Strong Buy 294 1.70

OLD MUTUAL 204.30 138.70 211.40 Neutral Sell 172 1.57

PRUDENTIAL 1098.00 660.00 1155.00 Neutral Sell 949 1.70

ST.JAMES'S PLACE 511.50 303.40 537.00 Neutral Sell 426 0.85


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Media & Entertainment Under Valued


AEGIS GROUP SUSP - 26/03/13 239.80 153.20 239.80 Neutral Sell -534 1.28

BLOOMSBURY PBL. 113.00 102.00 146.50 Neutral Strong Buy 1519 0.35

BRITISH SKY BCAST.GROUP 889.50 635.50 899.50 Neutral Strong Buy 136 0.54

CENTAUR MEDIA 45.75 28.50 60.00 Neutral Strong Buy 2949 1.01

DAILY MAIL 'A' 701.50 363.50 722.00 Neutral Strong Buy 6532 1.12

EUROMONEY INSTL.INVESTOR 928.00 672.50 951.50 Neutral Sell -64 0.98

INFORMA 528.00 340.00 528.00 Neutral Strong Buy 214 1.53

ITE GROUP 277.30 180.00 289.40 Neutral Strong Buy 1165 1.44

ITV 130.00 69.45 132.30 Neutral Strong Buy 1541 1.54

JOHNSTON PRESS 15.63 4.88 15.75 Neutral Buy 281 1.25

PEARSON 1176.00 1111.00 1294.00 Neutral Strong Buy 2311 0.63

PHOTO-ME INTL. 80.88 36.25 82.50 Neutral Strong Buy 779 0.79

PINEWOOD SHEPPERTON 274.00 265.00 377.50 Neutral Sell -534 0.16

THOMSON REUTERS 32.88 26.85 33.32 Neutral Sell 242 0.52

STV GROUP 134.50 81.50 146.88 Neutral Strong Buy 666 0.78ST.IVES 134.00 67.50 139.25 Neutral Sell -242 1.49

TRINITY MIRROR 92.25 25.50 121.25 Neutral Strong Buy 1596 1.57

UBM 694.00 511.00 788.00 Neutral Strong Buy 1182 1.31

WILMINGTON GROUP 160.00 82.00 164.00 Neutral Sell -451 0.85

WPP 1044.00 743.00 1092.00 Neutral Strong Buy 719 1.34

HIBU 0.38 0.26 4.15 Neutral Sell -12 1.06

Mining Under Valued


ANGLO AMERICAN 1736.00 1664.00 2442.00 Neutral Strong Buy 2902 1.75

ANGLO PACIFIC GROUP 239.75 221.25 331.10 Neutral Buy 277 0.99ANTOFAGASTA 1021.00 991.00 1381.00 Neutral Sell 950 1.42

BHP BILLITON 1938.50 1681.00 2236.00 Neutral Strong Buy 3457 1.45

LONMIN 304.00 240.84 580.83 Neutral Sell 44 2.04

RANDGOLD RESOURCES 5565.00 4596.00 7775.00 Neutral Sell 2914 0.34

RIO TINTO 3085.50 2715.50 3757.00 Neutral Buy 3478 1.51

COALFIELD RESOURCES 4.75 3.75 22.50 Neutral Strong Buy 166 0.89

VEDANTA RESOURCES 832.50 1304.00 Neutral Strong Buy 2447 2.21

XSTRATA 1075.50 785.80 1205.00 Neutral Neutral 1024 1.87

Oil & Gas Under Valued


BG GROUP 1140.00 1000.50 1481.00 Neutral Neutral 1248 0.81

BP 462.95 391.95 475.90 Neutral Strong Buy 1580 1.05

CAIRN ENERGY 279.90 248.20 349.00 Neutral Sell -40 1.32

FORTUNE OIL 8.00 7.74 12.50 Neutral Strong Buy 14 0.91

HUNTING 890.00 688.00 954.00 Neutral Sell 467 1.32

JKX OIL & GAS 77.00 55.00 183 .75 Neutral Strong Buy 306 1.36

PREMIER OIL 393.90 321.30 404.50 Buy Sell 296 1.44

ROYAL DUTCH SHELL B 2220.00 2039.00 2366.50 Neutral Strong Buy 11679 0.86

SOCO INTERNATIONAL 377.30 254.90 404.30 Neutral Sell 256 0.52

TULLOW OIL 1251.00 1138.00 1562.00 Neutral Sell 937 1.06

WOOD GROUP (JOHN) 856.50 651.50 875.50 Neutral Neutral 828 1.36


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Personal Care & Household Products Over Valued


MCBRIDE 117.50 102.70 146.75 Neutral Strong Buy 265 0.83

PZ CUSSONS 409.60 296.10 415.60 Neutral Sell 334 0.69

RECKITT BENCKISER GROUP 4812.00 3 300.00 4812.00 Neutral Neutral 4859 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.43 0.37 3.88 Buy Strong Buy 4 1.01

ASTRAZENECA 3256.50 2591.00 3256.50 Neutral Strong Buy 6138 0.48

BTG 352.00 300.30 423.00 Neutral Sell 187 0.62

DECHRA PHARMACEUTICALS 770.00 418.33 770.00 Neutral Buy 895 0.26

GLAXOSMITHKLINE 1508.00 1317.50 1524.00 Neutral Sell 990 0.49

OXFORD BIOMEDICA 1.65 1.65 5.80 Strong Buy Buy 2 0.64

PHYTOPHARM 1.55 1.50 12.75 Buy Sell 1 0.94

SHIRE 1979.00 1727.00 2153.00 Neutral Sell 1210 0.65

SKYEPHARMA 53.50 33.50 101.50 Neutral Sell -114 0.72

VERNALIS 22.63 21.63 27.38 Neutral Strong Buy 48 0.89

Real Estate Under Valued


BIG YELLOW GROUP 365.00 274.50 387.50 Neutral Sell -534 1.15

BRITISH LAND 549.50 467.10 585.50 Neutral Strong Buy 1519 1.03

CAPITAL & REGIONAL 32.75 22.75 34.25 Sell Strong Buy 136 0.82

CLS HOLDINGS 836.00 595.00 859.00 Neutral Strong Buy 2949 0.69

DERWENT LONDON 2141.00 1689.00 2239.00 Neutral Strong Buy 6532 1.21DEVELOPMENT SECS. 153.00 121.75 176.00 Neutral Sell -64 0.97

GRAINGER 138.30 83.10 140.60 Neutral Strong Buy 214 1.54

GREAT PORTLAND ESTATES 490.50 345.60 514.00 Sell Strong Buy 1165 1.06

HAMMERSON 485.20 404.50 525.00 Neutral Strong Buy 1541 1.16

HELICAL BAR 237.25 164.00 249.75 Neutral Buy 281 0.75

LAND SECURITIES GROUP 819.50 704.00 849.00 Neutral Strong Buy 2311 1.15

INTU PROPERTIES 327.70 305.00 366.00 Neutral Strong Buy 779 1.08

MCKAY SECURITIES 144.00 125.00 145.00 Neutral Sell -534 0.72

MUCKLOW (A & J) GROUP 362.25 311.25 390.00 Neutral Sell 242 0.42

PRIMARY HEALTH PROPS. 333.00 311.00 364.50 Neutral Strong Buy 666 0.35

QUINTAIN ESTATES & DEV. 66.25 32.50 70.00 Sell Sell -242 1.17

SAVILLS 534.50 300.80 599.00 Neutral Strong Buy 1596 0.74

SHAFTESBURY 584.00 482.20 597.50 Neutral Strong Buy 1182 1.03

SEGRO 250.50 209.40 271.00 Neutral Sell -451 1.70

ST MODWEN PROPS. 252.00 145.50 280.20 Neutral Strong Buy 719 1.55

TOWN CENTRE SECURITIES 202.00 147.00 215.00 Neutral Sell -12 1.04

UNITE GROUP 320.00 180.25 330.00 Neutral Sell 32 1.75

WARNER ESTATE 1.50 1.00 3.00 Sell Sell -999 1.02

WORKSPACE GROUP 343.00 213.25 363.20 Neutral Sell 0 1.02


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Software & Computer Services Under Valued


ANITE 126.40 111.00 162.00 Neutral Neutral 123 0.76

AVEVA GROUP 2279.00 1469.00 2322.00 Neutral Sell 1327 1.40

COMPUTACENTER 539.50 292.40 543.50 Neutral Strong Buy 1363 1.00

KOFAX 316.50 240.00 325.75 Neutral Neutral 325 1.12

INNOVATION GROUP 25.25 18.25 25.50 Neutral Neutral 25 0.83

MICRO FOCUS INTL. 687.50 426.17 702.00 Neutral Buy 990 0.79

PHOENIX IT GROUP 152.75 135.00 231.75 Neutral Strong Buy 315 0.74

RM 74.25 70.25 89.00 Neutral Sell -94 0.52

FIDESSA GROUP 1920.00 1275.00 1970.00 Neutral Neutral 2103 0.77

SAGE GROUP 337.20 247.70 352.10 Neutral Buy 420 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 428.40 237.30 441.90 Neutral Sell 167 1.09

BREWIN DOLPHIN 208.60 136.30 222.00 Neutral Sell 123 0.71

CAMELLIA 10500.00 9250.00 11105.00 Neutral Sell 9880 0.83

CHARLES STANLEY GROUP 377.50 247.50 377.50 Neutral Sell 171 0.97

CHARLES TAYLOR 190.00 132.00 190.00 Neutral Sell 100 0.68

CLOSE BROTHERS GROUP 1062.00 673.50 1107.00 Neutral Sell 169 0.87

F&C ASSET MANAGEMENT 106.60 64.75 110.40 Neutral Neutral 102 0.89

HELPHIRE GROUP 3.02 0.55 3.70 Sell Strong Buy 29 0.68

HENDERSON GROUP 162.90 90.55 171.00 Neutral Sell 49 1.44

ICAP 322.60 281.40 409.10 Neutral Sell 197 1.07

INTERMEDIATE CAPITAL GP. 426.60 227.30 426.60 Neutral Sell 201 1.68

INVESTEC 470.20 310.40 513.50 Neutral Sell 91 1.55

LONDON STOCK EX.GROUP 1320.00 930.00 1411.00 Neutral Strong Buy 3868 1.12MAN GROUP 93.65 63.25 135.20 Neutral Neutral 93 1.32

RATHBONE BROTHERS 1489.00 1151.00 1532.00 Neutral Sell 1114 0.74

SCHRODERS 2130.00 1166.00 2160.00 Neutral Sell 1252 1.31

SCHRODERS NV 1726.00 966.00 1729.00 Neutral Strong Buy 4204 1.27


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Support Services Over Valued


ACAL 236.00 157.75 242.50 Neutral Buy 305 0.93

AGGREKO 1813.00 1557.00 2400.00 Neutral Sell 1287 1.04

AMEC 1060.00 923.00 1172.00 Neutral Neutral 1131 1.04

ASHTEAD GROUP 580.50 212.20 594.00 Neutral Sell 315 1.61

BABCOCK INTL. 1082.00 785.00 1106.00 Neutral Sell 661 0.48

BRITISH POLYTHENE INDS. 514.00 317.00 514.00 Sell Strong Buy 800 0.77

BUNZL 1289.00 990.00 1320.00 Neutral Sell 820 0.55

UK MAIL GROUP 373.00 214.00 380.00 Neutral Buy 443 0.38

CAPITA 902.00 602.00 912.00 Neutral Sell 519 0.50

COMMUNISIS 52.63 25.34 53.50 Neutral Buy 67 0.78

COMPASS GROUP 824.00 616.00 846.00 Neutral Sell 603 0.74

BERENDSEN 772.00 462.00 773.00 Neutral Buy 975 1.04

DE LA RUE 967.50 885.50 1075.00 Neutral Sell 597 #NA

DIGNITY 1407.00 803.50 1435.00 Neutral Sell 799 0.21

DIPLOMA 567.00 417.00 627.50 Neutral Sell 483 0.95ELECTROCOMP. 251.40 195.20 265.00 Neutral Buy 319 1.03

FILTRONA 718.00 428.00 718.00 Sell Sell 345 1.10

G4S 293.20 240.00 307.50 Neutral Neutral 290 0.58

HAYS 96.45 66.40 100.00 Neutral Buy 121 1.10

HOMESERVE 205.50 137.50 252.50 Neutral Strong Buy 485 0.93

INTERSERVE 502.50 270.10 502.50 Neutral Buy 689 1.27

INTERTEK GROUP 3401.00 2406.00 3440.00 Neutral Sell 1443 0.78

JOHNSON SERVICE GROUP 43.38 26.50 44.63 Neutral Strong Buy 94 1.17

MANAGEMENT CNSL.GP. 30.75 21.25 39.50 Neutral Strong Buy 55 0.71

MENZIES (JOHN) 732.50 542.00 789.00 Neutral Strong Buy 1304 1.43

MICHAEL PAGE INTL. 427.50 341.40 488.70 Neutral Sell 318 1.41

MITIE GROUP 282.50 253.90 300.80 Neutral Buy 341 0.55

OFFICE2OFFICE 95.50 91.50 161.50 Neutral Strong Buy 238 0.35

PAYPOINT 893.00 605.00 901.00 Neutral Sell 688 0.70

PREMIER FARNELL 223.70 153.20 236.30 Neutral Buy 284 1.32

REGUS 158.60 82.65 163.30 Neutral Sell 107 1.45

RENTOKIL INITIAL 99.10 69.40 99.40 Neutral Sell 56 1.25

REXAM 520.00 394.28 526.50 Neutral Buy 632 0.91

RICARDO 419.50 304.50 431.00 Neutral Buy 468 0.85

ROBERT WALTERS 215.00 176.25 264.63 Neutral Buy 308 1.23

RPC GROUP 463.00 348.30 477.00 Neutral Buy 532 0.78

RPS GROUP 268.30 197.00 272.40 Neutral Sell 246 1.50

SERCO GROUP 634.00 509.50 634.00 Neutral Sell 576 0.59

SHANKS GROUP 78.25 75.80 101.50 Neutral Strong Buy 167 1.46

SPEEDY HIRE 44.50 22.25 46.00 Neutral Buy 52 1.25TRIBAL GROUP 147.00 70.00 149.00 Neutral Sell 51 0.55

TRIFAST 54.00 39.50 59.00 Neutral Buy 61 0.92

VP 340.75 234.75 354.88 Neutral Strong Buy 618 0.86

WYG 74.50 42.00 75.00 Sell Strong Buy 181 0.78


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Telecommunication Services Over Valued


BT GROUP 277.60 200.70 281.00 Neutral Buy 310 0.90

CABLE & WIRELESS COMMS. 41.92 27.28 42.63 Neutral Strong Buy 78 0.69

INMARSAT 687.00 390.80 700.00 Neutral Sell 581 0.53

KCOM GROUP 81.50 67.00 85.20 Neutral Buy 120 1.24

TELECOM PLUS 1017.00 677.00 1017.00 Neutral Sell 669 0.11

VODAFONE GROUP 187.75 154.45 191.25 Neutral Sell 158 0.54

Transport Under Valued


BBA AVIATION 262.50 178.00 267.40 Neutral Sell 192 1.29

BRAEMAR SHIPPING SVS. 395.00 309.50 425.00 Neutral Buy 442 0.98

CLARKSON 1535.00 1150.00 1535.00 Neutral Sell 1436 0.81

EASYJET 1059.00 471.00 1072.00 Neutral Sell 649 0.74

FIRST GROUP 197.70 175.70 291.70 Neutral Strong Buy 539 0.90

FISHER(JAMES)& SONS 1040.00 535.00 1045.00 Neutral Sell 379 0.77

GO-AHEAD GROUP 1444.00 1086.00 1513.00 Neutral Buy 1797 0.89

NATIONAL EXPRESS 207.70 164.50 252.00 Neutral Buy 241 1.33

NORTHGATE 313.50 159.60 350.00 Neutral Strong Buy 588 1.40

STAGECOACH GROUP 310.00 230.40 319.60 Neutral Buy 355 0.89

WINCANTON 45.00 31.00 78.50 Neutral Sell -41 0.90

Utilities Under Valued


CENTRICA 366.80 306.30 366.80 Neutral Buy 487 0.46

NATIONAL GRID 751.00 626.00 755.00 Neutral Buy 832 0.49

PENNON GROUP 630.00 598.00 796.00 Neutral Buy 775 0.58

SSE 1485.00 1294.00 1488.00 Neutral Buy 1748 0.42

SEVERN TRENT 1689.00 1507.00 1796.00 Neutral Sell 1500 0.34

UNITED UTILITIES GROUP 705.50 594.00 747.50 Neutral Sell 664 0.50


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value indicator - uk main market 20130327

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