value indicator - uk main market 20130402

7/28/2019 value indicator - uk main market 20130402

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02 April 2013

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Intellisys Intelligent Analysis Limited 02 April 2013

www.intellisys.uk.com +44 20 3239 8994 of 17

Contents

Introduction .................................................................................................................................3 Value ...........................................................................................................................................4 Conclusion ..................................................................................................................................4 RISK WARNING – Ratings and Targets ....................................................................................4 How to use the report .................................................................................................................5 Aerospace & Defence Under Valued .....................................................................6 Automobiles & Parts Under Valued ......................................................................6 Banks Over Valued .........................................................................................6 Beverages Under Valued ..................................................................................6 Chemicals Under Valued ..................................................................................6 Construction & Building Materials Under Valued ....................................................7 Electronics & Electrical Equipment Over Valued ..................................................7 Engineering & Machinery Over Valued ................................................................8 Food & Drug Stores Over Valued .......................................................................8 Food Producers & Processors Under Valued ........................................................8 General Retail Under Valued ..............................................................................9 Heath Over Valued .........................................................................................9 Household Goods & Textiles Over Valued ..........................................................9 Information Technology & Hardware Over Valued ...............................................9 Insurance Under Valued ................................................................................... 10 Leisure & Hotels Over Valued ..................................................................... 10 Life Assurance Over Valued .................................................................... 10 Media & Entertainment Under Valued ................................................................ 11 Mining Under Valued ...................................................................................... 11 Oil & Gas Under Valued ................................................................................... 11 Personal Care & Household Products Over Valued .......................................... 12 Pharmaceuticals & Biotechnology Over Valued ................................................ 12 Real Estate Under Valued ............................................................................... 12 Software & Computer Services Under Valued ..................................................... 13 Speciality & Other Finance Over Valued .......................................................... 13 Support Services Over Valued ..................................................................... 14 Telecommunication Services Over Valued ....................................................... 15 Transport Under Valued ................................................................................... 15 Utilities Under Valued ....................................................................................... 15 DISCLAIMER ........................................................................................................................... 16 RISK 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 subscriber’s 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 year’s 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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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 team’s ability to establish and maintain a value generating operating environment setagainst a constantly changing global background.

The typical investment analyst’s 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. Intellysis’approach 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 subscriber’s 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 market’sopen - and is based upon previous day’s 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 Retail Stock 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:

ßeta <1.0 Share should move by less than market (i.e., less risk/lower reward)

ßeta =1.0 Share should move in line with the market (i.e., market neutral)

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

Sector

Closing price

Today’s action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

ßeta measures a share’svolatility/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 394.30 270.90 394.30 Neutral Buy 581 0.66

CHEMRING GROUP 260.10 217.00 414.70 Neutral Buy 324 0.66

COBHAM 243.00 190.10 248.10 Neutral Buy 289 0.83

MEGGITT 491.00 364.30 491.00 Sell Sell 411 1.32

ROLLS-ROYCE HOLDINGS 1130.00 781.16 1131.00 Neutral Neutral 1109 1.07

SMITHS GROUP 1257.00 979.50 1328.00 Neutral Sell 1057 0.71

ULTRA ELECTRONICS HDG. 17 20.00 1424.00 1780.00 Neutral Sell 1556 0.51

Automobiles & Parts Under Valued

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

GKN 264.50 173.60 285.00 Neutral Neutral 255 2.00

INCHCAPE 502.50 305.20 530.00 Neutral Neutral 500 1.48

LOOKERS 99.00 56.50 100.50 Neutral Neutral 105 1.24

PENDRAGON 22.75 13.25 25.00 Neutral Buy 34 1.12

Banks Over Valued


BARCLAYS 291.15 150.55 327.35 Neutral Sell 51 1.93

HSBC HDG. (ORD $0.50) 702.50 503.20 740.00 Neutral Strong Buy 1230 1.17

LLOYDS BANKING GROUP 48.69 25.29 55.68 Sell Strong Buy 75 1.87

ROYAL BANK OF SCTL.GP. 275.50 196.60 367.80 Neutral Sell 33 1.34

STANDARD CHARTERED 1703.50 1228.50 1837.50 Neutral Sell 1094 1.70

Beverages Under Valued


BARR (AG) 545.00 348.00 572.00 Neutral Neutral 592 0.55

DIAGEO 2075.00 1477.00 2075.00 Neutral Sell 1812 0.55

SABMILLER 3464.00 2348.50 3509.50 Neutral Buy 4005 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 380.20 267.60 406.40 Neutral Strong Buy 700 #NA

CARCLO 398.00 345.75 503.00 N eu tra l Neu tral 426 0.74

CRODA INTERNATIONAL 2743.00 2050.00 2743.00 Neutral Sell 2187 1.04

ELEMENTIS 260.70 179.00 275.00 Neutral Buy 367 1.00

JOHNSON MATTHE Y 2300.00 2080.27 2573.00 Neutral Strong Buy 12683 1.44

VICTREX 1660.00 1185.00 1736.00 Neutral Sell 1536 1.13

SYNTHOMER 214.80 127.40 248.00 N eu tra l Neu tral 227 1.16

ZOTEFOAMS 224.00 157.00 225.00 Neutral Strong Buy 401 0.99



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Construction & Building Materials Under Valued


ALUMASC GROUP 90.00 61.50 104.00 Neutral Strong Buy 246 0.51

BALFOUR BEATTY 234.80 234.00 320.80 Neutral Strong Buy 1013 0.79

BARRATT DEVELOPMENTS 274.10 114.00 274.10 Neutral Strong Buy 468 1.50

BELLWAY 1297.00 660.00 1297.00 Neutral Strong Buy 1998 1.11

BERKELEY GROUP HDG.(THE) 2041.00 1177 .00 2093.00 Neutral Strong Buy 3461 0.64

BOOT (HENRY) 174.00 115.50 174.00 Neutral Strong Buy 357 0.83

BOVIS HOMES GROUP 741.50 399.30 751.00 Neutral Sell 580 1.14

CARILLION 272.30 235.50 331.80 Buy Strong Buy 828 1.10

CLARKE (T) 55.25 40.00 61.50 Neutral Strong Buy 278 0.82

COSTAIN GROUP 273.75 188.00 306.00 Neutral Strong Buy 572 0.57

CRH 1452.00 1052.00 1540.00 Neutral Sell 831 1.14

GALLIFORD TRY 918.00 579.00 965.00 Neutral Strong Buy 1766 0.99

KELLER 815.00 348.25 830.00 Neutral Strong Buy 2110 1.25

KIER GROUP 1172.00 1095.00 1408.00 Neutral Strong Buy 3469 0.94

LOW & BONAR 76.25 49.00 76.25 Neutral Strong Buy 212 1.07MARSHALLS 125.00 76.00 125.50 Neutral Strong Buy 297 1.37

MORGAN SINDALL GROUP 555.00 508.00 695.00 Neutral Strong Buy 3431 0.86

NORCROS 16.50 9.25 16.75 Neutral Strong Buy 36 1.11

PERSIMMON 1069.00 532.00 1069.00 Sell Neutral 1172 1.15

REDROW 187.80 107.30 195.80 Neutral Strong Buy 303 1.05

SIG 158.40 82.30 162.50 Neutral Strong Buy 490 1.74

SUPERGLASS HOLDINGS 3.88 3.88 20.50 Neutral Strong Buy 49 0.89

TAYLOR WIMPEY 90.90 40.28 91.15 Neutral Neutral 98 1.58

TRAVIS PERKINS 1454.00 906.50 1454.00 Sell Strong Buy 2708 1.97

WOLSELEY 3273.00 2121.32 3337.00 Neutral Strong Buy 5401 1.43

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1295.00 920.00 1364.00 Neutral Sell 784 0.78

DOMINO PRINTING SCIENCES 639.00 509.00 717.00 Neutral Buy 862 1.18

E2V TECHNOLOGIES 120.00 105.50 149.50 Neutral Strong Buy 251 1.30

INVENSYS 350.80 186.10 366.80 Neutral Neutral 349 1.42

LAIRD 217.30 177.00 249.30 Neutral Sell 83 2.12

OXFORD INSTRUMENTS 1655.00 1096.00 1 752.00 Neutral Sell 1199 1.01

RENISHAW 1838.00 1260.00 2081.00 Neutral Buy 2427 1.26

SPECTRIS 2456.00 1427.00 2470.00 Neutral Sell 2251 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.21 Buy Strong Buy 0 0.84

TT ELECTRONICS 176.00 114.00 190.00 Neutral Strong Buy 409 1.59

XAAR 425.00 185.00 425.00 Sell Sell 236 1.11



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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 84.25 54.25 91.75 Neutral Buy 104 1.26

BODYCOTE 536.00 310.30 556.50 Neutral Neutral 512 1.61

CASTINGS 342.00 277.75 358.50 Neutral Strong Buy 710 0.99

VESUVIUS 352.60 263.19 402.10 Neutral Buy 499 2.19

FENNER 389.00 329.30 456.50 Neutral Buy 560 1.42

HALMA 518.00 373.10 531.50 Neutral Sell 400 0.75

HILL & SMITH 446.00 297.00 480.00 Neutral Sell 329 1.37

IMI 1295.00 776.00 1347.00 Neutral Neutral 1410 1.40

METALRAX GROUP 3.13 2.93 8.87 Neutral Neutral 3 0.85

MORGAN CRUCIBLE 282.40 220.30 333.90 Neutral Strong Buy 552 1.82

ROTORK 2904.00 1859.00 3037.00 Neutral Sell 2349 1.00

SENIOR 238.40 177.00 251.80 Neutral Sell 224 1.65

SEVERFIELD-ROWEN 38.00 35.40 104.11 Neutral Buy 54 0.73

SPIRAX-SARCO 2687.00 1900.00 2728.00 Neutral Sell 2331 0.84

VITEC GROUP 654.50 586.50 740.00 Neutral Sell 597 1.39WEIR GROUP 2263.00 1397.00 2474.00 Neutral Sell 2065 1.39

Food & Drug Stores Over Valued


GREGGS 476.80 449.00 526.00 Neutral Buy 697 0.47

MORRISON(WM)SPMKTS. 276.20 248.60 302.40 Neutral Sell 206 0.39

SAINSBURY (J) 378.50 283.50 378.50 Neutral Sell 231 0.58

TESCO 381.55 297.05 385.95 Neutral Sell 290 0.69

THORNTONS 66.00 18.88 78.75 Neutral Sell 47 0.83

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1901.00 1167.00 1 902.00 Sell Buy 2102 0.62

CRANSWICK 986.00 732.50 1023.00 Neutral Strong Buy 2081 0.49

DAIRY CREST 428.60 290.40 444.00 Neutral Buy 491 0.92

DEVRO 351.00 278.00 380.00 Neutral Buy 521 0.31

PREMIER FOODS 80.25 54.50 170.00 Neutral Sell -180 1.25

TATE & LYLE 850.00 633.50 850.00 Neutral Strong Buy 1560 0.70

UNILEVER (UK) 2784.00 2005.00 2784.00 Neutral Neutral 2774 0.57



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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 29.00 20.50 29.50 Neutral Buy 33 0.69

BROWN (N) GROUP 408.00 222.40 429.30 Neutral Sell 360 0.53

BURBERRY GROUP 1329.00 1000.00 1586.00 Neutral Sell 972 1.27

CARPETRIGHT 628.00 585.00 728.50 Neutral Sell 280 0.94

DIXONS RETAIL 33.79 12.67 35.00 Neutral Neutral 36 1.50

FINDEL 6.50 2.76 9.30 Neutral Sell 3 1.08

FRENCH CONNECTN.GROUP 29.50 19.50 48.25 Sell Strong Buy 110 0.98

HALFORDS GROUP 322.70 189.00 356.80 Neutral Strong Buy 497 0.67

JD SPORTS FASHION 694 .00 606 .50 841 .00 Neutral Strong Buy 1511 0.52

DARTY 43.00 38.00 70.00 Neutral Strong Buy 82 1.24

KINGFISHER 287.80 254.10 313.80 Neutral Buy 389 0.92

MARKS & SPENCER GROUP 390.00 312.20 398.80 Neutral Buy 513 0.64

MOSS BROTHERS GROUP 64.25 42.00 71.00 Neutral Sell 60 1.04

MOTHERCARE 315.00 152.00 362.00 Neutral Neutral 330 0.46

NEXT 4366.00 2896.00 4366.00 Neutral Sell 3691 0.66TED BAKER 1300.00 810.50 1354.00 Neutral Sell 652 0.55

TOPPS TILES 63.50 32.13 68.00 Neutral Sell 50 1.48

Heath Over Valued


BIOQUELL 146.00 122.50 160.00 Neutral Sell 116 0.45

CONSORT MEDICAL 778.00 584.00 831.50 Neutral Sell 575 0.40

OPTOS 151.00 151.00 279.25 Buy Neutral 166 1.21

SMITH & NEPHEW 760.00 580.00 760.00 Neutral Sell 682 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 642.50 557.00 720.50 Neutral Neutral 629 0.43

HEADLAM GROUP 348.25 263.00 355.00 Neutral Sell 304 0.92

HORNBY 80.75 55.25 97.00 Neutral Buy 107 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 921.00 469.00 971.50 Neutral Sell 569 0.74

CSR 482.30 194.60 492.80 Neutral Strong Buy 1308 1.17FILTRONIC 65.00 23.50 83.25 Neutral Sell 50 0.90

IMAGINATION TECHN OLOGIES 493.20 383.50 716.00 N eutral Neutral 523 1.08

SPIRENT COMMUNICATIONS 147.30 1 39.20 174.00 Neutral Strong Buy 669 0.95

WOLFSON MICROELECTR ON ICS 177.00 165.75 230.00 Neutral Sell -524 0.91



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Insurance Under Valued


ADMIRAL GROUP 1332.00 1019.00 1359.00 Neutral Sell -736 0.54

AMLIN 423.50 312.90 431.50 Neutral Sell -3097 0.46

BEAZLEY 208.70 132.50 215.40 Neutral Strong Buy 2609 0.59

CATLIN GROUP 521.00 399.00 540.00 Neutral Buy 772 0.30

HISCOX 550.00 371.30 562.00 Neutral Strong Buy 2089 0.48

JARDINE LLOYD THOMPSON 851 .00 659 .00 864 .50 Neutral Strong Buy 2934 0.31

RSA INSURANCE GROUP 116.40 97.65 136.30 Neutral Strong Buy 1698 0.41

NOVAE GROUP 455.00 345.00 475.75 Neutral Strong Buy 1924 0.47

Leisure & Hotels Over Valued


CARNIVAL 2304.00 1900.00 2628.00 Neutral Strong Buy 3864 1.00

ENTERPRISE INNS 106.10 55.50 114.70 Neutral Sell 82 1.59

TUI TRAVEL 325.60 158.00 330.00 Neutral Strong Buy 781 0.99

FULLER SMITH 'A' 820.00 700.00 820.00 Neutral Sell 653 0.38

GREENE KING 702.00 474.30 723.50 Neutral Sell 616 0.90

LADBROKES 225.80 152.70 243.10 Neutral Sell 181 0.94

ICTL.HTLS.GP. 2007.00 1396.63 2022.00 Neutral Sell 1627 1.17

MILLENNIUM & CPTH.HTLS. 569.00 455.40 569.00 N eutral Neutral 610 1.38

MITCHELLS & BUTLERS 326.00 217.40 350.10 Neutral Sell 300 1.08

BWIN PARTY DIGITAL ENTM. 143.60 91.90 162.60 Neutral Sell 104 1.25

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

RANK GROUP 165.00 111.00 177.50 Neutral Strong Buy 503 1.00

RESTAURANT GROUP 467.90 269.20 467.90 Neutral Sell 317 0.74

WETHERSPOON (JD) 537.50 371.30 548.50 Neutral Buy 737 0.68

WHITBREAD 2568.00 1786.00 2692.00 Neutral Sell 1925 0.99WILLIAM HILL 369.90 239.02 411.17 Neutral Sell 260 0.86

MARSTON'S 141.50 94.40 143.00 Neutral Sell 30 1.19

Life Assurance Over Valued


AVIVA 296.20 255.30 388.40 Neutral Strong Buy 1165 1.25

CHESNARA 235.00 155.25 235.00 Neutral Buy 351 0.70

LEGAL & GENERAL 172.70 106.00 173.60 Neutral Strong Buy 293 1.70

OLD MUTUAL 202.70 138.70 211.40 Neutral Sell 172 1.57

PRUDENTIAL 1065.00 660.00 1155.00 Neutral Sell 944 1.70

ST.JAMES'S PLACE 508.00 303.40 537.00 Neutral Sell 425 0.85



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Media & Entertainment Under Valued


BLOOMSBURY PBL. 115.00 102.00 146.50 Neutral Sell -537 0.35

BRITISH SKY BCAST.GROUP 883.00 635.50 899.50 Neutral Strong Buy 1521 0.54

CENTAUR MEDIA 45.50 28.50 60.00 Neutral Strong Buy 137 1.01

DAILY MAIL 'A' 709.50 363.50 722.00 Sell Strong Buy 2947 1.12

EUROMONEY INSTL.INVESTOR 966.50 672.50 966.50 Sell Strong Buy 6523 0.98

INFORMA 526.50 340.00 528.00 Neutral Sell -65 1.53

ITE GROUP 272.90 180.00 289.40 Neutral Strong Buy 213 1.44

ITV 129.40 69.45 132.30 Neutral Strong Buy 1170 1.54

JOHNSTON PRESS 15.00 4.88 15.75 Neutral Strong Buy 1540 1.25

PEARSON 1184.00 1111.00 1294.00 Neutral Buy 282 0.63

PHOTO-ME INTL. 75.00 36.25 82.50 Neutral Strong Buy 2312 0.79

PINEWOOD SHEPPERTON 269.00 265.00 377.50 Neutral Strong Buy 778 0.16

THOMSON REUTERS 32.96 26.85 33.32 Neutral Sell -537 0.52

STV GROUP 126.75 81.50 146.88 Buy Sell 242 0.78

ST.IVES 135.00 67.50 139.25 Neutral Strong Buy 667 1.49TRINITY MIRROR 94.00 25.50 121.25 Neutral Sell -243 1.57

UBM 704.50 511.00 788.00 Neutral Strong Buy 1596 1.31

WILMINGTON GROUP 161.75 82.00 164.00 Neutral Strong Buy 1183 0.85

WPP 1049.00 743.00 1092.00 Neutral Sell -454 1.34

HIBU 0.38 0.26 4.15 Neutral Strong Buy 719 1.06

Mining Under Valued


ANGLO AMERICAN 1692.00 1664.00 2412.00 Neutral Strong Buy 2869 1.75

ANGLO PACIFIC GROUP 238.00 221.25 320.00 Neutral Buy 274 0.99ANTOFAGASTA 984.00 984.00 1381.00 Neutral Neutral 942 1.42

BHP BILLITON 1915.00 1681.00 2236.00 Neutral Strong Buy 3423 1.45

LONMIN 290.90 240.84 564.35 Neutral Sell 41 2.04

RANDGOLD RESOURCES 5680.00 4596.00 7775.00 Neutral Sell 2880 0.34

RIO TINTO 3085.00 2715.50 3757.00 Neutral Buy 3437 1.51

COALFIELD RESOURCES 4.88 3.75 22.50 Neutral Strong Buy 165 0.89

VEDANTA RESOURCES 832.50 1298.00 Neutral Strong Buy 2414 2.21

XSTRATA 1068.00 785.80 1205.00 Neutral Sell 1012 1.87

Oil & Gas Under Valued


BG GROUP 1129.00 1000.50 1481.00 Neutral Neutral 1238 0.81

BP 459.90 391.95 475.90 Neutral Strong Buy 1570 1.05

CAIRN ENERGY 273.50 248.20 349.00 Neutral Sell -42 1.32

FORTUNE OIL 7.95 7.74 12.50 Neutral Strong Buy 14 0.91

HUNTING 888.50 688.00 954.00 Neutral Sell 465 1.32

JKX OIL & GAS 75.75 55.00 162 .00 Neutral Strong Buy 304 1.36

PREMIER OIL 388.70 321.30 403.90 Buy Sell 294 1.44

ROYAL DUTCH SHELL B 2185.00 2039.00 2366.50 Neutral Strong Buy 11595 0.86

SOCO INTERNATIONAL 375.50 254.90 404.30 Buy Sell 253 0.52

TULLOW OIL 1231.00 1138.00 1557.00 Neutral Sell 925 1.06

WOOD GROUP (JOHN) 866.50 651.50 875.50 Neutral Neutral 828 1.36



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Personal Care & Household Products Over Valued


MCBRIDE 118.75 102.70 146.75 Neutral Strong Buy 262 0.83

PZ CUSSONS 403.40 297.20 415.60 Neutral Sell 331 0.69

RECKITT BENCKISER GROUP 4718.00 3 300.00 4812.00 Neutral Neutral 4763 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.44 0.37 3.88 Buy Strong Buy 4 1.01

ASTRAZENECA 3299.50 2591.00 3299.50 Neutral Strong Buy 6196 0.48

BTG 356.80 300.30 423.00 Neutral Sell 187 0.62

DECHRA PHARMACEUTICALS 749.50 418.33 770.00 Neutral Buy 898 0.26

GLAXOSMITHKLINE 1538.50 1317.50 1538.50 Neutral Sell 1003 0.49

OXFORD BIOMEDICA 1.55 1.55 5.80 Strong Buy Buy 2 0.64

PHYTOPHARM 1.55 1.50 12.75 Buy Sell 1 0.94

SHIRE 2004.00 1727.00 2153.00 Neutral Sell 1217 0.65

SKYEPHARMA 46.50 33.50 101.50 Neutral Sell -116 0.72

VERNALIS 22.75 21.63 27.38 Neutral Strong Buy 48 0.89

Real Estate Under Valued


BIG YELLOW GROUP 355.00 274.50 387.50 Neutral Sell -537 1.15

BRITISH LAND 543.50 467.10 585.50 Neutral Strong Buy 1521 1.03

CAPITAL & REGIONAL 33.00 22.75 34.25 Sell Strong Buy 137 0.82

CLS HOLDINGS 865.00 595.00 865.00 Neutral Strong Buy 2947 0.69

DERWENT LONDON 2152.00 1689.00 2239.00 Neutral Strong Buy 6523 1.21DEVELOPMENT SECS. 150.50 121.75 176.00 Neutral Sell -65 0.97

GRAINGER 135.80 83.10 140.60 Neutral Strong Buy 213 1.54

GREAT PORTLAND ESTATES 495.90 345.60 514.00 Sell Strong Buy 1170 1.06

HAMMERSON 491.90 404.50 525.00 Neutral Strong Buy 1540 1.16

HELICAL BAR 236.75 164.00 249.75 Neutral Buy 282 0.75

LAND SECURITIES GROUP 829.00 704.00 849.00 Neutral Strong Buy 2312 1.15

INTU PROPERTIES 334.30 305.00 366.00 Neutral Strong Buy 778 1.08

MCKAY SECURITIES 145.00 125.00 145.00 Neutral Sell -537 0.72

MUCKLOW (A & J) GROUP 372.00 311.25 390.00 Neutral Sell 242 0.42

PRIMARY HEALTH PROPS. 331.00 312.00 364.50 Neutral Strong Buy 667 0.35

QUINTAIN ESTATES & DEV. 67.00 32.50 70.00 Sell Sell -243 1.17

SAVILLS 543.00 300.80 599.00 Neutral Strong Buy 1596 0.74

SHAFTESBURY 581.50 482.20 597.50 Neutral Strong Buy 1183 1.03

SEGRO 254.30 209.40 271.00 Neutral Sell -454 1.70

ST MODWEN PROPS. 257.50 145.50 280.20 Neutral Strong Buy 719 1.55

TOWN CENTRE SECURITIES 200.00 147.00 215.00 Neutral Sell -13 1.04

UNITE GROUP 321.00 180.25 330.00 Neutral Sell 33 1.75

WARNER ESTATE 1.38 1.00 3.00 Sell Sell -995 1.02

WORKSPACE GROUP 343.20 213.25 363.20 Neutral Sell 0 1.02



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Software & Computer Services Under Valued


ANITE 125.70 111.00 162.00 Neutral Neutral 123 0.76

AVEVA GROUP 2264.00 1469.00 2322.00 Neutral Sell 1324 1.40

COMPUTACENTER 540.00 292.40 543.50 Neutral Strong Buy 1363 1.00

KOFAX 317.25 240.00 325.75 Neutral Neutral 325 1.12

INNOVATION GROUP 25.50 18.25 25.50 Neutral Neutral 25 0.83

MICRO FOCUS INTL. 685.50 426.17 702.00 Neutral Buy 983 0.79

PHOENIX IT GROUP 144.50 135.00 231.75 Buy Strong Buy 316 0.74

RM 79.00 70.25 89.00 Neutral Sell -90 0.52

FIDESSA GROUP 1945.00 1275.00 1970.00 Neutral Neutral 2099 0.77

SAGE GROUP 342.70 247.70 352.10 Neutral Buy 419 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 429.20 237.30 441.90 Neutral Sell 164 1.09

BREWIN DOLPHIN 206.50 136.30 222.00 Neutral Sell 121 0.71

CAMELLIA 10700.00 9250.00 11105.00 Neutral Sell 9726 0.83

CHARLES STANLEY GROUP 375.00 247.50 377.50 Neutral Sell 167 0.97

CHARLES TAYLOR 182.50 132.00 190.00 Neutral Sell 96 0.68

CLOSE BROTHERS GROUP 1052.00 673.50 1107.00 Neutral Sell 155 0.87

F&C ASSET MANAGEMENT 104.40 64.75 110.40 Neutral Neutral 100 0.89

HELPHIRE GROUP 3.17 0.55 3.70 Sell Strong Buy 28 0.68

HENDERSON GROUP 159.30 90.55 171.00 Neutral Sell 47 1.44

ICAP 290.40 281.40 396.50 Buy Sell 190 1.07

INTERMEDIATE CAPITAL GP. 423.10 227.30 426.60 Neutral Sell 197 1.68

INVESTEC 459.00 310.40 513.50 Neutral Sell 79 1.55

LONDON STOCK EX.GROUP 1306.00 930.00 1411.00 Neutral Strong Buy 3855 1.12MAN GROUP 89.15 63.25 134.80 Neutral Neutral 91 1.32

RATHBONE BROTHERS 1459.00 1151.00 1532.00 Neutral Sell 1102 0.74

SCHRODERS 2108.00 1166.00 2160.00 Neutral Sell 1235 1.31

SCHRODERS NV 1726.00 966.00 1729.00 Neutral Strong Buy 4143 1.27



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Support Services Over Valued


ACAL 235.50 157.75 242.50 Neutral Buy 293 0.93

AGGREKO 1782.00 1557.00 2400.00 Neutral Sell 1290 1.04

AMEC 1056.00 923.00 1172.00 Neutral Neutral 1132 1.04

ASHTEAD GROUP 586.50 212.20 594.00 Neutral Sell 316 1.61

BABCOCK INTL. 1088.00 793.50 1106.00 Neutral Sell 662 0.48

BRITISH POLYTHENE INDS. 530.00 317.00 530.00 Sell Strong Buy 801 0.77

BUNZL 1295.00 990.00 1320.00 Neutral Sell 820 0.55

UK MAIL GROUP 379.00 214.00 380.00 Neutral Buy 443 0.38

CAPITA 899.00 602.00 912.00 Neutral Sell 520 0.50

COMMUNISIS 51.00 25.34 53.50 Neutral Buy 67 0.78

COMPASS GROUP 840.50 616.00 846.00 Neutral Sell 604 0.74

BERENDSEN 785.00 462.00 785.00 Sell Buy 977 1.04

DE LA RUE 976.00 885.50 1075.00 Neutral Sell 601 #NA

DIGNITY 1420.00 803.50 1435.00 Neutral Sell 796 0.21

DIPLOMA 560.50 417.00 627.50 Neutral Sell 484 0.95ELECTROCOMP. 251.00 195.20 265.00 Neutral Buy 319 1.03

FILTRONA 728.00 428.00 728.00 Sell Sell 345 1.10

G4S 291.40 240.00 307.50 Neutral Neutral 291 0.58

HAYS 96.45 66.40 100.00 Neutral Buy 121 1.10

HOMESERVE 200.50 137.50 252.50 Buy Strong Buy 486 0.93

INTERSERVE 499.30 270.10 502.50 Neutral Buy 690 1.27

INTERTEK GROUP 3393.00 2406.00 3440.00 Neutral Sell 1445 0.78

JOHNSON SERVICE GROUP 43.38 26.50 44.63 Neutral Strong Buy 94 1.17

MANAGEMENT CNSL.GP. 31.25 21.25 39.38 Neutral Strong Buy 55 0.71

MENZIES (JOHN) 714.50 542.00 789.00 Neutral Strong Buy 1304 1.43

MICHAEL PAGE INTL. 421.80 341.40 485.00 Neutral Sell 319 1.41

MITIE GROUP 280.80 253.90 300.80 Neutral Buy 341 0.55

OFFICE2OFFICE 91.50 91.50 160.50 Neutral Strong Buy 239 0.35

PAYPOINT 887.50 605.00 901.00 Neutral Sell 688 0.70

PREMIER FARNELL 223.10 153.20 236.30 Neutral Buy 284 1.32

REGUS 158.70 82.65 163.30 Neutral Sell 107 1.45

RENTOKIL INITIAL 100.20 69.40 100.20 Neutral Sell 56 1.25

REXAM 527.50 394.28 527.50 Neutral Buy 633 0.91

RICARDO 420.00 304.50 431.00 Neutral Buy 469 0.85

ROBERT WALTERS 223.00 176.25 264.63 Neutral Buy 309 1.23

RPC GROUP 397.50 348.30 477.00 Neutral Buy 533 0.78

RPS GROUP 267.30 197.00 272.40 Neutral Sell 246 1.50

SERCO GROUP 627.00 509.50 634.00 Neutral Sell 577 0.59

SHANKS GROUP 78.50 75.80 98.95 Neutral Strong Buy 168 1.46

SPEEDY HIRE 48.75 22.25 48.75 Sell Neutral 52 1.25TRIBAL GROUP 147.00 70.00 149.00 Neutral Sell 51 0.55

TRIFAST 57.00 39.50 59.00 Neutral Neutral 61 0.92

VP 343.00 234.75 354.88 Neutral Strong Buy 620 0.86

WYG 74.50 42.00 75.00 Sell Strong Buy 182 0.78



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Telecommunication Services Over Valued


BT GROUP 278.00 200.70 281.00 Neutral Buy 310 0.90

CABLE & WIRELESS COMMS. 41.94 27.28 42.63 Neutral Strong Buy 78 0.69

INMARSAT 702.50 390.80 702.50 Neutral Sell 586 0.53

KCOM GROUP 81.20 67.00 85.20 Neutral Buy 119 1.24

TELECOM PLUS 1001.00 677.00 1017.00 Neutral Sell 663 0.11

VODAFONE GROUP 186.60 154.45 191.25 Neutral Sell 158 0.54

Transport Under Valued


BBA AVIATION 257.50 178.00 267.40 Neutral Sell 193 1.29

BRAEMAR SHIPPING SVS. 395.00 309.50 425.00 Neutral Buy 444 0.98

CLARKSON 1555.00 1150.00 1555.00 Sell Sell 1441 0.81

EASYJET 1080.00 471.00 1080.00 Neutral Sell 652 0.74

FIRST GROUP 201.10 175.70 260.50 Neutral Strong Buy 542 0.90

FISHER(JAMES)& SONS 1035.00 535.00 1045.00 Neutral Sell 382 0.77

GO-AHEAD GROUP 1471.00 1086.00 1513.00 Neutral Buy 1807 0.89

NATIONAL EXPRESS 204.90 164.50 240.90 Neutral Buy 243 1.33

NORTHGATE 312.75 159.60 350.00 Neutral Strong Buy 589 1.40

STAGECOACH GROUP 310.60 230.40 319.60 Neutral Buy 355 0.89

WINCANTON 43.75 31.00 78.50 Neutral Sell -43 0.90

Utilities Under Valued


CENTRICA 367.70 306.30 367.70 Neutral Buy 489 0.46

NATIONAL GRID 765.00 630.50 765.00 Neutral Neutral 839 0.49

PENNON GROUP 623.00 598.00 796.00 Neutral Buy 779 0.58

SSE 1484.00 1294.00 1488.00 Neutral Buy 1746 0.42

SEVERN TRENT 1712.00 1507.00 1796.00 Neutral Sell 1511 0.34

UNITED UTILITIES GROUP 708.50 594.00 747.50 Neutral Sell 668 0.50



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value indicator - uk main market 20130402

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