value indicator - uk main market 20130411

7/28/2019 value indicator - uk main market 20130411

http://slidepdf.com/reader/full/value-indicator-uk-main-market-20130411 1/17

11 April 2013

Powered by



©

Intellisys Intelligent Analysis Limited 11 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 Under 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 Under 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



©



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

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



©



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.



©



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)



©



Aerospace & Defence Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 393.00 270.90 396.00 Neutral Buy 573 0.66

CHEMRING GROUP 261.50 217.00 414.70 Neutral Buy 321 0.66

COBHAM 239.10 190.10 248.10 Neutral Buy 284 0.83

MEGGITT 479.90 364.30 494.20 Neutral Sell 404 1.32

ROLLS-ROYCE HOLDINGS 1100.00 786.05 1135.00 Neutral Neutral 1079 1.08

SMITHS GROUP 1252.00 979.50 1328.00 Neutral Sell 1037 0.71

ULTRA ELECTRONICS HDG. 16 38.00 1424.00 1745.00 Neutral Sell 1525 0.50

Automobiles & Parts Under Valued

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

GKN 264.40 173.60 285.00 Neutral Neutral 254 2.00

INCHCAPE 510.50 305.20 530.00 Neutral Neutral 497 1.48

LOOKERS 95.00 56.50 100.50 Neutral Neutral 104 1.24

PENDRAGON 22.50 13.25 25.00 Neutral Buy 33 1.12

Banks Over Valued


BARCLAYS 298.25 150.55 327.35 Neutral Sell 54 1.93

HSBC HDG. (ORD $0.50) 691.00 503.20 740.00 Neutral Strong Buy 1217 1.17

LLOYDS BANKING GROUP 48.36 25.29 55.68 Sell Strong Buy 75 1.87

ROYAL BANK OF SCTL.GP. 285.40 196.60 367.80 Neutral Sell 39 1.34

STANDARD CHARTERED 1668.00 1228.50 1837.50 Neutral Sell 1064 1.70

Beverages Under Valued


BARR (AG) 540.00 348.00 572.00 Neutral Neutral 581 0.55

DIAGEO 1987.50 1477.00 2085.00 Neutral Sell 1754 0.55

SABMILLER 3402.00 2348.50 3552.50 Neutral Buy 3905 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 273.60 240.00 406.40 Neutral Strong Buy 644 #NA

CARCLO 386.00 345.75 503.00 N eu tra l Neu tral 390 0.74

CRODA INTERNATIONAL 2697.00 2069.00 2841.00 Neutral Sell 2123 1.04

ELEMENTIS 248.20 179.00 275.00 Neutral Buy 346 1.00

JOHNSON MATTHE Y 2330.00 2080.27 2573.00 Neutral Strong Buy 11699 1.44

VICTREX 1567.00 1185.00 1736.00 Neutral Sell 1449 1.13

SYNTHOMER 195.30 127.40 239.50 N eu tra l Neu tral 208 1.16

ZOTEFOAMS 222.50 157.00 225.00 Neutral Strong Buy 371 0.99



©



Construction & Building Materials Under Valued


ALUMASC GROUP 88.00 61.50 104.00 Neutral Strong Buy 243 0.52

BALFOUR BEATTY 242.80 225.70 320.80 Neutral Strong Buy 1014 0.79

BARRATT DEVELOPMENTS 280.80 114.00 280.80 Sell Strong Buy 465 1.50

BELLWAY 1286.00 660.00 1301.00 Neutral Strong Buy 1996 1.10

BERKELEY GROUP HDG.(THE) 2016.00 1177 .00 2093.00 Neutral Strong Buy 3420 0.63

BOOT (HENRY) 175.00 115.50 175.00 Neutral Strong Buy 355 0.83

BOVIS HOMES GROUP 709.00 399.30 751.00 Neutral Sell 578 1.14

CARILLION 288.50 235.50 331.80 Neutral Strong Buy 833 1.10

CLARKE (T) 54.75 40.00 61.50 Neutral Strong Buy 279 0.82

COSTAIN GROUP 283.00 188.00 306.00 Neutral Strong Buy 574 0.56

CRH 1430.00 1052.00 1540.00 Neutral Sell 822 1.14

GALLIFORD TRY 925.00 579.00 965.00 Neutral Strong Buy 1773 0.99

KELLER 844.00 348.25 844.00 Neutral Strong Buy 2096 1.25

KIER GROUP 1198.00 1106.00 1408.00 Neutral Strong Buy 3485 0.94

LOW & BONAR 72.00 49.00 76.75 Neutral Strong Buy 210 1.07MARSHALLS 122.75 76.00 127.25 Neutral Strong Buy 296 1.37

MORGAN SINDALL GROUP 551.50 508.00 695.00 Neutral Strong Buy 3429 0.86

NORCROS 17.75 9.25 18.25 Neutral Strong Buy 36 1.11

PERSIMMON 1063.00 532.00 1073.00 Neutral Buy 1172 1.15

REDROW 190.00 107.30 195.80 Neutral Strong Buy 303 1.05

SIG 152.60 82.30 162.50 Neutral Strong Buy 483 1.74

SUPERGLASS HOLDINGS 4.63 3.88 19.50 Sell Strong Buy 49 0.89

TAYLOR WIMPEY 88.55 40.28 93.50 Neutral Buy 98 1.58

TRAVIS PERKINS 1440.00 906.50 1465.00 Neutral Strong Buy 2709 1.97

WOLSELEY 3163.00 2121.32 3337.00 Neutral Strong Buy 5346 1.43

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1275.00 935.00 1364.00 Neutral Sell 764 0.78

DOMINO PRINTING SCIENCES 646.00 509.00 717.00 Neutral Buy 839 1.18

E2V TECHNOLOGIES 116.00 105.50 149.50 Neutral Strong Buy 244 1.31

INVENSYS 352.60 186.10 366.80 Neutral Neutral 341 1.42

LAIRD 216.80 177.00 249.30 Neutral Sell 85 2.12

OXFORD INSTRUMENTS 1653.00 1096.00 1 752.00 Neutral Sell 1168 1.01

RENISHAW 1732.00 1260.00 2081.00 Neutral Buy 2363 1.26

SPECTRIS 2253.00 1427.00 2470.00 Neutral Neutral 2187 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.21 Neutral Strong Buy 0 0.83

TT ELECTRONICS 166.00 114.00 190.00 Neutral Strong Buy 399 1.59

XAAR 420.00 185.00 425.00 Neutral Sell 230 1.11



©



Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 83.00 54.25 91.75 Neutral Buy 98 1.26

BODYCOTE 509.50 310.30 556.50 Neutral Neutral 500 1.61

CASTINGS 332.50 277.75 358.50 Neutral Strong Buy 692 0.99

VESUVIUS 347.60 263.19 402.10 Neutral Buy 494 2.19

FENNER 375.50 329.30 456.50 Neutral Buy 543 1.42

HALMA 499.70 373.10 531.50 Neutral Sell 391 0.76

HILL & SMITH 432.50 297.00 480.00 Neutral Sell 320 1.37

IMI 1231.00 776.00 1347.00 Neutral Buy 1382 1.40

MORGAN ADVANCED MATERIAL 280.00 220.30 333.90 Neutral Strong Buy 536 1.82

ROTORK 2732.00 1859.00 3037.00 Neutral Sell 2498 0.99

SENIOR 248.30 177.00 251.80 Neutral Sell 208 1.65

SEVERFIELD-ROWEN 42.50 35.40 104.11 Neutral Buy 48 0.73

SPIRAX-SARCO 2627.00 1900.00 2734.00 Neutral Sell 2276 0.84

VITEC GROUP 632.00 586.50 740.00 Neutral Sell 580 1.40

WEIR GROUP 2283.00 1397.00 2474.00 Neutral Sell 2006 1.39

Food & Drug Stores Over Valued


GREGGS 470.00 449.00 523.50 Neutral Buy 698 0.47

MORRISON(WM)SPMKTS. 279.80 248.60 298.30 Neutral Sell 205 0.39

SAINSBURY (J) 382.10 283.50 385.50 Neutral Sell 229 0.58

TESCO 380.45 297.05 385.95 Neutral Sell 289 0.69

THORNTONS 68.50 18.88 78.75 Neutral Sell 49 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1870.00 1167.00 1 931.00 Neutral Buy 2098 0.61

CRANSWICK 1023.00 732.50 1023.00 Neutral Strong Buy 2077 0.49

DAIRY CREST 429.10 290.40 444.00 Neutral Buy 489 0.92

DEVRO 348.80 278.00 380.00 Neutral Buy 519 0.31

PREMIER FOODS 74.50 54.50 170.00 Neutral Sell -183 1.25

TATE & LYLE 845.00 633.50 870.50 Neutral Strong Buy 1558 0.70

UNILEVER (UK) 2778.00 2005.00 2831.00 Neutral Neutral 2781 0.57



©



General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.50 20.50 29.50 Neutral Buy 35 0.68

BROWN (N) GROUP 414.00 222.40 429.30 Neutral Sell 361 0.53

BURBERRY GROUP 1280.00 1000.00 1586.00 Neutral Sell 969 1.27

CARPETRIGHT 620.50 585.00 728.50 Neutral Sell 306 0.94

DIXONS RETAIL 32.00 12.67 35.00 Neutral Strong Buy 81 1.50

FINDEL 136.50 55.20 186.00 Neutral Sell -23 1.08

FRENCH CONNECTN.GROUP 30.00 19.50 44.63 Sell Strong Buy 130 0.99

HALFORDS GROUP 333.30 189.00 356.80 Neutral Strong Buy 524 0.67

JD SPORTS FASHION 728 .00 606 .50 841 .00 Neutral Strong Buy 1668 0.52

DARTY 45.25 38.00 65.15 Neutral Strong Buy 270 1.24

KINGFISHER 292.90 254.10 305.70 Neutral Strong Buy 440 0.92

MARKS & SPENCER GROUP 383.80 312.20 398.80 Neutral Strong Buy 579 0.64

MOSS BROTHERS GROUP 59.00 42.00 71.00 Buy Buy 84 1.04

MOTHERCARE 292.00 160.00 362.00 Neutral Strong Buy 1339 0.47

NEXT 4273.00 2896.00 4408.00 Neutral Neutral 4116 0.66TED BAKER 1315.00 830.00 1354.00 Neutral Sell 652 0.55

TOPPS TILES 66.00 32.13 68.00 Neutral Sell 51 1.48

Heath Over Valued


BIOQUELL 147.00 124.00 160.00 Neutral Sell 118 0.45

CONSORT MEDICAL 783.00 584.00 831.50 Neutral Sell 579 0.40

OPTOS 146.25 145.75 264.00 Neutral Buy 165 1.20

SMITH & NEPHEW 754.50 580.00 768.50 Neutral Sell 678 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 651.50 557.00 720.50 Neutral Neutral 637 0.43

HEADLAM GROUP 340.00 263.00 355.00 Neutral Sell 300 0.92

HORNBY 81.00 55.25 97.00 Neutral Buy 105 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 886.50 469.00 971.50 Neutral Sell 535 0.74

CSR 493.30 194.60 493.30 Neutral Strong Buy 1249 1.16FILTRONIC 60.63 23.50 83.25 Neutral Sell 48 0.90

IMAGINATION TECHN OLOGIES 458.80 383.50 705.00 N eutral Neutral 494 1.09

SPIRENT COMMUNICATIONS 129.40 1 29.40 174.00 Buy Strong Buy 631 0.94

WOLFSON MICROELECTR ON ICS 170.00 165.75 230.00 Neutral Sell -485 0.91



©



Insurance Under Valued


ADMIRAL GROUP 1343.00 1019.00 1374.00 Neutral Sell -722 0.54

AMLIN 415.80 312.90 431.50 Neutral Sell -3076 0.46

BEAZLEY 214.60 132.50 219.10 Neutral Strong Buy 2591 0.59

CATLIN GROUP 518.50 399.00 540.00 Neutral Buy 757 0.29

HISCOX 549.50 379.26 574.05 Neutral Strong Buy 2094 0.48

JARDINE LLOYD THOMPSON 838 .50 659 .00 864 .50 Neutral Strong Buy 2914 0.31

RSA INSURANCE GROUP 110.90 97.65 136.30 Neutral Strong Buy 1684 0.40

NOVAE GROUP 455.00 345.00 475.75 Neutral Strong Buy 1906 0.47

Leisure & Hotels Over Valued


CARNIVAL 2272.00 1925.00 2628.00 Neutral Strong Buy 3713 1.00

ENTERPRISE INNS 100.00 55.50 114.70 Neutral Sell 74 1.59

TUI TRAVEL 309.10 158.00 330.00 Neutral Strong Buy 756 0.99

FULLER SMITH 'A' 819.50 700.00 820.00 Neutral Sell 628 0.38

GREENE KING 671.00 474.30 723.50 Neutral Sell 591 0.91

LADBROKES 206.70 152.70 243.10 Neutral Sell 175 0.93

ICTL.HTLS.GP. 1923.00 1396.63 2039.00 Neutral Sell 1579 1.17

MILLENNIUM & CPTH.HTLS. 569.00 455.40 582.50 N eutral Neutral 592 1.38

MITCHELLS & BUTLERS 323.50 217.40 350.10 Neutral Sell 286 1.09

BWIN PARTY DIGITAL ENTM. 133.40 91.90 160.10 Neutral Sell 98 1.25

PUNCH TAVERNS 10.50 5 .61 13.12 Neutral Strong Buy 45 1.25

RANK GROUP 157.40 111.00 177.50 Neutral Strong Buy 488 1.00

RESTAURANT GROUP 466.10 269.20 468.00 Neutral Sell 307 0.74

WETHERSPOON (JD) 544.00 371.30 548.50 Neutral Buy 710 0.69

WHITBREAD 2451.00 1786.00 2692.00 Neutral Sell 1866 0.99WILLIAM HILL 387.00 239.02 411.17 Neutral Sell 268 0.86

MARSTON'S 135.10 94.40 143.00 Neutral Sell 26 1.20

Life Assurance Over Valued


AVIVA 311.00 255.30 388.40 Neutral Strong Buy 1151 1.24

CHESNARA 237.50 155.25 250.00 Neutral Buy 350 0.70

LEGAL & GENERAL 170.60 106.00 175.70 Neutral Strong Buy 289 1.70

OLD MUTUAL 200.80 138.70 211.40 Neutral Sell 173 1.57

PRUDENTIAL 1066.00 660.00 1155.00 Neutral Sell 940 1.70

ST.JAMES'S PLACE 490.70 303.40 537.00 Neutral Sell 421 0.85



©



Media & Entertainment Under Valued


BLOOMSBURY PBL. 115.13 102.00 146.50 Neutral Sell -531 0.36

BRITISH SKY BCAST.GROUP 864.00 647.00 899.50 Neutral Strong Buy 1514 0.54

CENTAUR MEDIA 45.25 28.50 60.00 Neutral Strong Buy 135 1.01

DAILY MAIL 'A' 700.00 363.50 722.00 Neutral Strong Buy 2944 1.12

EUROMONEY INSTL.INVESTOR 982.00 672.50 982.00 Neutral Strong Buy 6487 0.98

INFORMA 502.50 340.00 537.00 Neutral Sell -62 1.53

ITE GROUP 275.00 180.00 289.40 Neutral Strong Buy 216 1.44

ITV 123.60 69.45 132.30 Neutral Strong Buy 1163 1.54

JOHNSTON PRESS 16.00 4.88 16.00 Neutral Strong Buy 1535 1.26

PEARSON 1151.00 1111.00 1294.00 Neutral Buy 282 0.62

PHOTO-ME INTL. 75.00 36.25 82.50 Neutral Strong Buy 2307 0.79

PINEWOOD SHEPPERTON 274.00 265.00 377.50 Neutral Strong Buy 780 0.15

THOMSON REUTERS 33.21 26.85 33.32 Neutral Sell -532 0.52

STV GROUP 133.50 81.50 146.88 Neutral Sell 245 0.78

ST.IVES 136.00 67.50 139.25 Neutral Strong Buy 667 1.49TRINITY MIRROR 94.00 25.50 121.25 Neutral Sell -243 1.57

UBM 700.00 511.00 788.00 Neutral Strong Buy 1606 1.31

WILMINGTON GROUP 153.00 82.00 164.00 Neutral Strong Buy 1179 0.85

WPP 1051.00 743.00 1092.00 Neutral Sell -447 1.34

HIBU 0.38 0.26 3.91 Neutral Strong Buy 718 1.07

Mining Under Valued


ANGLO AMERICAN 1695.00 1639.50 2412.00 Neutral Strong Buy 2906 1.75

ANGLO PACIFIC GROUP 231.50 221.25 320.00 Neutral Buy 276 0.99ANTOFAGASTA 1032.00 952.50 1381.00 Neutral Sell 947 1.43

BHP BILLITON 1951.00 1681.00 2236.00 Neutral Strong Buy 3449 1.45

LONMIN 297.90 240.84 564.35 Neutral Sell 31 2.03

RANDGOLD RESOURCES 5340.00 4596.00 7775.00 Neutral Sell 2922 0.34

RIO TINTO 3139.00 2715.50 3757.00 Neutral Buy 3470 1.51

COALFIELD RESOURCES 4.50 3.75 22.50 Neutral Strong Buy 166 0.89

VEDANTA RESOURCES 832.50 1298.00 Neutral Strong Buy 2420 2.21

XSTRATA 1074.50 785.80 1205.00 Neutral Neutral 1023 1.88

Oil & Gas Under Valued


BG GROUP 1122.50 1000.50 1451.00 Neutral Neutral 1227 0.81

BP 452.00 391.95 475.90 Neutral Strong Buy 1561 1.05

CAIRN ENERGY 293.30 248.20 349.00 Neutral Sell -38 1.32

FORTUNE OIL 8.00 7.66 12.50 Neutral Strong Buy 14 0.90

HUNTING 894.00 688.00 954.00 Neutral Sell 462 1.32

JKX OIL & GAS 72.00 55.00 150 .00 Neutral Strong Buy 302 1.36

PREMIER OIL 392.60 321.30 401.20 Neutral Sell 293 1.45

ROYAL DUTCH SHELL B 2163.50 2039.00 2366.50 Neutral Strong Buy 11512 0.86

SOCO INTERNATIONAL 383.60 254.90 404.30 Neutral Sell 251 0.52

TULLOW OIL 1167.00 1138.00 1557.00 Neutral Sell 908 1.05

WOOD GROUP (JOHN) 868.50 651.50 879.50 Neutral Sell 822 1.36



©



Personal Care & Household Products Over Valued


MCBRIDE 115.00 102.70 146.75 Neutral Strong Buy 251 0.83

PZ CUSSONS 386.90 297.20 415.60 Neutral Sell 318 0.69

RECKITT BENCKISER GROUP 4652.00 3 300.00 4812.00 Neutral Neutral 4692 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.45 0.37 3.88 Buy Sell -0 1.01

ASTRAZENECA 3326.00 2591.00 3340.00 Neutral Strong Buy 7384 0.47

BTG 356.70 300.30 423.00 Neutral Sell 163 0.62

DECHRA PHARMACEUTICALS 773.00 444.50 780.00 Neutral Sell 726 0.26

GLAXOSMITHKLINE 1549.50 1317.50 1550.00 Neutral Neutral 1604 0.49

OXFORD BIOMEDICA 1.63 1.55 5.80 Buy Sell 0 0.65

PHYTOPHARM 1.30 1.30 12.75 Buy Neutral 1 0.94

SHIRE 1948.00 1727.00 2153.00 Neutral Sell 1336 0.65

SKYEPHARMA 45.50 36.88 101.50 Neutral Sell -94 0.71

VERNALIS 22.50 21.63 27.38 Neutral Strong Buy 35 0.90

Real Estate Under Valued


BIG YELLOW GROUP 361.00 274.50 387.50 Neutral Sell -531 1.15

BRITISH LAND 572.50 470.10 585.50 Neutral Strong Buy 1514 1.03

CAPITAL & REGIONAL 34.00 22.75 34.25 Sell Strong Buy 135 0.82

CLS HOLDINGS 870.00 595.00 870.00 Neutral Strong Buy 2944 0.69

DERWENT LONDON 2199.00 1689.00 2239.00 Neutral Strong Buy 6487 1.20DEVELOPMENT SECS. 153.00 121.75 175.00 Neutral Sell -62 0.97

GRAINGER 132.70 83.10 140.60 Neutral Strong Buy 216 1.54

GREAT PORTLAND ESTATES 504.50 345.60 514.00 Sell Strong Buy 1163 1.06

HAMMERSON 501.50 404.50 525.00 Neutral Strong Buy 1535 1.16

HELICAL BAR 245.50 164.00 249.75 Neutral Buy 282 0.75

LAND SECURITIES GROUP 850.00 704.00 850.00 Neutral Strong Buy 2307 1.15

INTU PROPERTIES 338.50 305.00 366.00 Neutral Strong Buy 780 1.08

MCKAY SECURITIES 144.00 125.50 145.00 Neutral Sell -532 0.72

MUCKLOW (A & J) GROUP 365.50 315.00 390.00 Neutral Sell 245 0.41

PRIMARY HEALTH PROPS. 335.50 312.00 364.50 Neutral Strong Buy 667 0.35

QUINTAIN ESTATES & DEV. 64.00 32.50 70.00 Sell Sell -243 1.17

SAVILLS 510.00 300.80 599.00 Neutral Strong Buy 1606 0.74

SHAFTESBURY 593.00 482.20 597.50 Neutral Strong Buy 1179 1.03

SEGRO 256.50 209.40 271.00 Neutral Sell -447 1.70

ST MODWEN PROPS. 264.40 145.50 280.20 Neutral Strong Buy 718 1.55

TOWN CENTRE SECURITIES 201.00 147.00 215.00 Neutral Sell -9 1.05

UNITE GROUP 321.00 180.25 330.00 Neutral Sell 33 1.75

WARNER ESTATE 1.38 1.00 2.75 Sell Sell -981 1.01

WORKSPACE GROUP 360.70 213.25 363.20 Neutral Sell 0 1.02



©



Software & Computer Services Under Valued


ANITE 118.00 111.00 162.00 Neutral Neutral 118 0.76

AVEVA GROUP 2068.00 1469.00 2322.00 Neutral Sell 1272 1.40

COMPUTACENTER 553.50 292.40 553.50 Neutral Strong Buy 1306 1.01

KOFAX 301.50 240.00 325.75 Neutral Neutral 312 1.12

INNOVATION GROUP 25.00 18.25 25.50 Neutral Sell 24 0.83

MICRO FOCUS INTL. 672.50 426.17 706.00 Neutral Buy 939 0.79

PHOENIX IT GROUP 137.25 135.00 231.75 Buy Strong Buy 302 0.74

RM 79.00 70.25 89.00 Neutral Sell -87 0.53

FIDESSA GROUP 1897.00 1275.00 1970.00 Neutral Neutral 2013 0.77

SAGE GROUP 336.20 247.70 352.10 Neutral Buy 402 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 415.10 237.30 441.90 Neutral Sell 171 1.08

BREWIN DOLPHIN 214.60 136.30 222.00 Neutral Sell 124 0.72

CAMELLIA 10700.00 9250.00 11105.00 Neutral Neutral 10323 0.83

CHARLES STANLEY GROUP 375.00 247.50 377.50 Neutral Sell 176 0.97

CHARLES TAYLOR 164.13 132.00 190.00 Neutral Sell 105 0.69

CLOSE BROTHERS GROUP 1042.00 673.50 1107.00 Neutral Sell 194 0.87

F&C ASSET MANAGEMENT 96.30 65.45 110.40 Neutral Neutral 100 0.89

HELPHIRE GROUP 3.03 0.55 3.70 Sell Strong Buy 26 0.68

HENDERSON GROUP 160.10 90.55 171.00 Neutral Sell 50 1.44

ICAP 299.70 281.40 384.00 Neutral Sell 203 1.07

INTERMEDIATE CAPITAL GP. 409.90 227.30 427.60 Neutral Sell 214 1.68

INVESTEC 456.50 310.40 513.50 Neutral Sell 91 1.55

LONDON STOCK EX.GROUP 1298.00 930.00 1411.00 Neutral Strong Buy 3797 1.12MAN GROUP 97.70 63.25 115.70 Neutral Neutral 96 1.32

RATHBONE BROTHERS 1482.00 1151.00 1532.00 Neutral Sell 1132 0.73

SCHRODERS 2153.00 1166.00 2165.00 Neutral Sell 1284 1.31

SCHRODERS NV 1735.00 966.00 1745.00 Sell Strong Buy 4192 1.27



©



Support Services Over Valued


ACAL 219.00 157.75 242.50 Neutral Buy 294 0.93

AGGREKO 1767.00 1557.00 2400.00 Neutral Sell 1264 1.03

AMEC 1067.00 923.00 1172.00 Neutral Neutral 1123 1.04

ASHTEAD GROUP 596.50 212.20 635.00 Neutral Sell 309 1.62

BABCOCK INTL. 1076.00 793.50 1106.00 Neutral Sell 656 0.48

BRITISH POLYTHENE INDS. 534.00 317.00 534.00 Sell Buy 792 0.78

BUNZL 1290.00 990.00 1320.00 Neutral Sell 815 0.55

UK MAIL GROUP 435.00 214.00 435.00 Neutral Neutral 440 0.38

CAPITA 874.00 602.00 913.50 Neutral Sell 510 0.50

COMMUNISIS 50.25 25.34 53.50 Neutral Buy 67 0.78

COMPASS GROUP 817.00 616.00 852.50 Neutral Sell 599 0.74

BERENDSEN 747.50 462.00 812.00 Neutral Buy 962 1.04

DE LA RUE 938.00 891.50 1075.00 Neutral Sell 596 #NA

DIGNITY 1322.00 803.50 1435.00 Neutral Sell 762 0.21

DIPLOMA 550.00 417.00 627.50 Neutral Sell 476 0.95ELECTROCOMP. 242.30 195.20 265.00 Neutral Buy 315 1.02

FILTRONA 693.50 428.00 744.00 Neutral Sell 340 1.10

G4S 296.50 240.00 307.50 Neutral Neutral 288 0.58

HAYS 93.40 66.40 100.00 Neutral Buy 119 1.09

HOMESERVE 199.10 137.50 252.50 Neutral Strong Buy 476 0.93

INTERSERVE 470.30 271.40 510.50 Neutral Buy 684 1.27

INTERTEK GROUP 3387.00 2406.00 3451.00 Neutral Sell 1422 0.77

JOHNSON SERVICE GROUP 43.25 26.50 45.50 Neutral Strong Buy 93 1.18

MANAGEMENT CNSL.GP. 31.50 21.25 39.38 Neutral Strong Buy 54 0.72

MENZIES (JOHN) 728.50 542.00 789.00 Neutral Strong Buy 1290 1.43

MICHAEL PAGE INTL. 400.20 341.40 453.00 Neutral Sell 314 1.41

MITIE GROUP 273.30 253.90 300.80 Neutral Buy 339 0.55

OFFICE2OFFICE 92.25 91.50 160.50 Neutral Strong Buy 237 0.34

PAYPOINT 896.00 605.00 912.50 Neutral Sell 677 0.70

PREMIER FARNELL 210.60 153.20 236.30 Neutral Buy 276 1.32

REGUS 168.60 82.65 168.60 Neutral Sell 106 1.44

RENTOKIL INITIAL 98.60 69.40 100.70 Neutral Sell 55 1.24

REXAM 532.50 394.28 547.50 Neutral Buy 625 0.91

RICARDO 422.00 304.50 431.00 Neutral Neutral 464 0.85

ROBERT WALTERS 228.25 176.25 264.63 Neutral Buy 307 1.23

RPC GROUP 384.70 348.30 477.00 Neutral Buy 528 0.77

RPS GROUP 266.60 197.00 274.20 Neutral Sell 244 1.50

SERCO GROUP 619.50 509.50 635.50 Neutral Sell 572 0.59

SHANKS GROUP 76.50 74.50 98.00 Neutral Strong Buy 166 1.46

SPEEDY HIRE 48.00 22.25 50.00 Neutral Neutral 52 1.25TRIBAL GROUP 145.50 70.88 149.00 Neutral Sell 51 0.56

TRIFAST 55.75 39.50 59.00 Neutral Neutral 61 0.92

VP 337.00 234.75 354.88 Neutral Strong Buy 611 0.86

WYG 74.50 42.00 75.00 Sell Strong Buy 178 0.79



©



Telecommunication Services Over Valued


BT GROUP 277.00 200.70 281.70 Neutral Buy 316 0.90

CABLE & WIRELESS COMMS. 42.81 27.28 42.81 Neutral Strong Buy 80 0.69

INMARSAT 683.50 390.80 710.50 Neutral Sell 583 0.53

KCOM GROUP 82.00 67.00 85.20 Neutral Strong Buy 124 1.24

TELECOM PLUS 1090.00 677.00 1090.00 Neutral Sell 694 0.11

VODAFONE GROUP 189.20 154.45 192.00 Neutral Sell 160 0.54

Transport Under Valued


BBA AVIATION 255.90 178.00 269.00 Neutral Sell 195 1.30

BRAEMAR SHIPPING SVS. 390.00 309.50 425.00 Neutral Buy 449 0.99

CLARKSON 1580.00 1150.00 1585.00 Sell Sell 1459 0.81

EASYJET 1090.00 471.00 1128.00 Neutral Sell 657 0.74

FIRST GROUP 215.80 175.70 260.50 Neutral Strong Buy 543 0.90

FISHER(JAMES)& SONS 1055.00 535.00 1055.00 Neutral Sell 385 0.77

GO-AHEAD GROUP 1516.00 1086.00 1516.00 Neutral Buy 1808 0.89

NATIONAL EXPRESS 199.90 164.50 230.70 Neutral Buy 245 1.34

NORTHGATE 312.00 159.60 350.00 Neutral Strong Buy 600 1.41

STAGECOACH GROUP 298.80 230.40 319.60 Neutral Buy 349 0.90

WINCANTON 56.50 31.00 78.50 Sell Sell -40 0.90

Utilities Under Valued


CENTRICA 378.10 306.30 378.10 Neutral Buy 501 0.46

NATIONAL GRID 787.00 640.50 787.00 Neutral Neutral 857 0.49

PENNON GROUP 662.50 598.00 796.00 Neutral Buy 798 0.58

SSE 1535.00 1294.00 1535.00 Neutral Buy 1799 0.42

SEVERN TRENT 1703.00 1513.00 1796.00 Neutral Sell 1546 0.34

UNITED UTILITIES GROUP 717.50 594.00 747.50 Neutral Neutral 685 0.50



©



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 any jurisdiction where (by reason of that person’s 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



©



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 20130411

Documents

Transcript of value indicator - uk main market 20130411