value indicator - uk main market 20130417

7/28/2019 value indicator - uk main market 20130417

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17 April 2013

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Intellisys Intelligent Analysis Limited 17 April 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 Under 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 Under 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 390.10 270.90 397.30 Neutral Buy 568 0.66

CHEMRING GROUP 263.70 217.00 414.70 Neutral Buy 318 0.66

COBHAM 234.70 190.10 248.10 Neutral Buy 281 0.83

MEGGITT 473.60 364.30 494.20 Neutral Sell 400 1.32

ROLLS-ROYCE HOLDINGS 1115.00 788.92 1135.00 Neutral Neutral 1068 1.08

SMITHS GROUP 1236.00 979.50 1328.00 Neutral Sell 1027 0.71

ULTRA ELECTRONICS HDG. 15 93.00 1424.00 1745.00 Neutral Sell 1510 0.50

Automobiles & Parts Under Valued

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

GKN 250.80 173.60 285.00 Neutral Neutral 243 2.00

INCHCAPE 502.00 305.20 530.00 Neutral Neutral 489 1.48

LOOKERS 94.75 56.50 100.50 Neutral Neutral 103 1.24

PENDRAGON 22.75 13.25 25.00 Neutral Buy 33 1.12

Banks Over Valued


BARCLAYS 294.80 150.55 327.35 Neutral Sell 51 1.93

HSBC HDG. (ORD $0.50) 677.60 503.20 740.00 Neutral Strong Buy 1195 1.17

LLOYDS BANKING GROUP 48.35 25.29 55.68 Sell Strong Buy 75 1.87

ROYAL BANK OF SCTL.GP. 283.80 196.60 367.80 Neutral Sell 38 1.34

STANDARD CHARTERED 1604.00 1228.50 1837.50 Neutral Sell 1014 1.70

Beverages Under Valued


BARR (AG) 537.50 348.00 572.00 Neutral Neutral 577 0.55

DIAGEO 1960.50 1477.00 2085.00 Neutral Sell 1733 0.55

SABMILLER 3346.50 2348.50 3552.50 Neutral Buy 3847 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 274.80 240.00 406.40 Neutral Strong Buy 618 #NA

CARCLO 370.00 345.75 503.00 N eu tra l Neu tral 367 0.74

CRODA INTERNATIONAL 2591.00 2094.00 2841.00 Neutral Sell 2097 1.04

ELEMENTIS 246.00 179.00 275.00 Neutral Buy 337 1.00

JOHNSON MATTHE Y 2377.00 2080.27 2573.00 Neutral Strong Buy 11001 1.44

VICTREX 1561.00 1185.00 1736.00 Neutral Sell 1430 1.13

SYNTHOMER 178.70 127.40 239.50 Neutral Buy 201 1.16

ZOTEFOAMS 220.50 157.00 225.00 Neutral Strong Buy 356 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 82.00 61.50 104.00 Neutral Strong Buy 235 0.52

BALFOUR BEATTY 244.90 225.70 320.80 Neutral Strong Buy 976 0.79

BARRATT DEVELOPMENTS 284.00 114.00 288.60 Neutral Strong Buy 446 1.50

BELLWAY 1316.00 660.00 1327.00 Neutral Buy 1921 1.10

BERKELEY GROUP HDG.(THE) 2019.00 1177 .00 2093.00 Neutral Strong Buy 3327 0.63

BOOT (HENRY) 167.00 115.50 175.00 Neutral Strong Buy 343 0.83

BOVIS HOMES GROUP 730.50 399.30 751.00 Neutral Sell 557 1.14

CARILLION 278.40 235.50 331.80 Neutral Strong Buy 796 1.10

CLARKE (T) 55.38 40.00 61.50 Neutral Strong Buy 269 0.82

COSTAIN GROUP 295.00 188.00 306.00 Neutral Strong Buy 570 0.56

CRH 1356.00 1052.00 1540.00 Neutral Sell 821 1.14

GALLIFORD TRY 914.00 579.00 965.00 Neutral Strong Buy 1705 0.99

KELLER 815.00 348.25 848.00 Neutral Strong Buy 2022 1.25

KIER GROUP 1221.00 1106.00 1408.00 Neutral Strong Buy 3386 0.94

LOW & BONAR 69.63 49.00 76.75 Neutral Strong Buy 203 1.07MARSHALLS 128.50 76.00 130.00 Neutral Strong Buy 284 1.37

MORGAN SINDALL GROUP 555.00 508.00 695.00 Neutral Strong Buy 3308 0.86

NORCROS 16.00 9.25 18.25 Neutral Strong Buy 35 1.11

PERSIMMON 1108.00 532.00 1132.00 Neutral Neutral 1127 1.15

REDROW 199.80 107.30 206.00 Neutral Buy 290 1.05

SIG 150.70 82.30 162.50 Neutral Strong Buy 467 1.74

SUPERGLASS HOLDINGS 4.88 3.88 18.00 Sell Strong Buy 49 0.89

TAYLOR WIMPEY 89.30 40.28 93.50 Neutral Neutral 94 1.58

TRAVIS PERKINS 1421.00 906.50 1465.00 Neutral Strong Buy 2603 1.97

WOLSELEY 3175.00 2121.32 3337.00 Neutral Strong Buy 5173 1.43

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1238.00 935.00 1364.00 Neutral Sell 768 0.78

DOMINO PRINTING SCIENCES 647.50 509.00 717.00 Neutral Buy 844 1.18

E2V TECHNOLOGIES 118.50 105.50 149.50 Neutral Strong Buy 246 1.31

INVENSYS 343.60 186.10 366.80 Neutral Neutral 343 1.42

LAIRD 207.50 177.00 249.30 Neutral Sell 80 2.12

OXFORD INSTRUMENTS 1572.00 1096.00 1 752.00 Neutral Sell 1174 1.01

RENISHAW 1681.00 1260.00 2081.00 Neutral Buy 2375 1.26

SPECTRIS 2263.00 1427.00 2470.00 Neutral Neutral 2203 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.21 Neutral Strong Buy 0 0.83

TT ELECTRONICS 164.75 114.00 190.00 Neutral Strong Buy 403 1.59

XAAR 487.00 185.00 490.00 Sell Sell 232 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 79.50 54.25 91.75 Neutral Buy 96 1.26

BODYCOTE 493.40 310.30 556.50 Neutral Neutral 490 1.61

CASTINGS 332.50 277.75 358.50 Neutral Strong Buy 680 0.99

VESUVIUS 330.30 263.19 402.10 Neutral Buy 483 2.19

FENNER 384.10 329.30 456.50 Neutral Buy 531 1.42

HALMA 486.50 373.10 531.50 Neutral Sell 384 0.76

HILL & SMITH 429.00 297.00 480.00 Neutral Sell 312 1.37

IMI 1214.00 776.00 1347.00 Neutral Buy 1360 1.40

MORGAN ADVANCED MATERIAL 263.50 220.30 332.80 Neutral Strong Buy 525 1.82

ROTORK 2679.00 1859.00 3037.00 Neutral Neutral 2560 0.99

SENIOR 244.30 177.00 253.10 Neutral Sell 203 1.65

SEVERFIELD-ROWEN 40.00 35.40 104.11 Neutral Buy 47 0.73

SPIRAX-SARCO 2599.00 1900.00 2734.00 Neutral Sell 2237 0.84

VITEC GROUP 639.25 586.50 740.00 Neutral Sell 566 1.40

WEIR GROUP 2214.00 1397.00 2474.00 Neutral Sell 1965 1.39

Food & Drug Stores Over Valued


GREGGS 467.30 449.00 523.50 Neutral Strong Buy 707 0.47

MORRISON(WM)SPMKTS. 279.60 248.60 298.30 Neutral Sell 202 0.39

SAINSBURY (J) 382.30 283.50 387.20 Neutral Sell 225 0.58

TESCO 384.85 297.05 387.75 Neutral Sell 287 0.69

THORNTONS 74.00 18.88 78.75 Neutral Sell 53 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1830.00 1167.00 1 931.00 Neutral Buy 2087 0.61

CRANSWICK 1053.00 732.50 1057.00 Neutral Strong Buy 2066 0.49

DAIRY CREST 433.20 290.40 444.00 Neutral Buy 489 0.92

DEVRO 337.80 278.00 380.00 Neutral Strong Buy 516 0.31

PREMIER FOODS 74.50 54.50 170.00 Neutral Sell -181 1.25

TATE & LYLE 838.00 633.50 870.50 Neutral Strong Buy 1547 0.70

UNILEVER (UK) 2777.00 2007.00 2831.00 Neutral Neutral 2756 0.57


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.25 20.50 29.50 Neutral Buy 35 0.68

BROWN (N) GROUP 413.00 224.40 429.30 Neutral Sell 361 0.53

BURBERRY GROUP 1266.00 1000.00 1536.00 Neutral Sell 965 1.27

CARPETRIGHT 626.50 585.00 728.50 Neutral Sell 306 0.94

DIXONS RETAIL 35.45 12.67 35.45 Neutral Strong Buy 81 1.50

FINDEL 136.00 55.20 186.00 Neutral Sell -23 1.08

FRENCH CONNECTN.GROUP 28.25 19.50 44.50 Sell Strong Buy 130 0.99

HALFORDS GROUP 334.70 189.00 356.80 Neutral Strong Buy 523 0.67

JD SPORTS FASHION 742 .00 606 .50 841 .00 Neutral Strong Buy 1666 0.52

DARTY 45.75 38.00 65.00 Neutral Strong Buy 270 1.24

KINGFISHER 291.90 254.10 305.70 Neutral Strong Buy 440 0.92

MARKS & SPENCER GROUP 391.50 312.20 400.40 Neutral Buy 579 0.64

MOSS BROTHERS GROUP 58.50 42.00 71.00 Buy Buy 84 1.04

MOTHERCARE 308.50 160.00 362.00 Neutral Strong Buy 1344 0.47

NEXT 4348.00 2896.00 4408.00 Neutral Sell 4100 0.66TED BAKER 1265.00 830.00 1354.00 Neutral Sell 651 0.55

TOPPS TILES 68.00 32.13 68.00 Neutral Sell 51 1.48

Heath Over Valued


BIOQUELL 146.50 124.00 160.00 Neutral Sell 119 0.45

CONSORT MEDICAL 795.00 584.00 831.50 Neutral Sell 582 0.40

OPTOS 147.50 145.75 264.00 Neutral Buy 165 1.20

SMITH & NEPHEW 741.50 580.00 768.50 Neutral Sell 666 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 662.50 557.00 720.50 Neutral Neutral 648 0.43

HEADLAM GROUP 344.75 263.00 355.00 Neutral Sell 302 0.92

HORNBY 80.50 55.25 97.00 Neutral Buy 106 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 868.00 469.00 971.50 Neutral Sell 512 0.74

CSR 489.50 194.60 502.50 Neutral Strong Buy 1185 1.16FILTRONIC 54.50 23.50 83.25 Neutral Sell 46 0.90

IMAGINATION TECHN OLOGIES 441.20 383.50 705.00 N eutral Neutral 471 1.09

SPIRENT COMMUNICATIONS 122.80 1 22.80 174.00 Buy Strong Buy 611 0.94

WOLFSON MICROELECTR ON ICS 194.00 165.75 230.00 Neutral Sell -417 0.91


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Insurance Under Valued


ADMIRAL GROUP 1304.00 1019.00 1374.00 Neutral Sell -699 0.54

AMLIN 407.40 312.90 431.50 Neutral Sell -3003 0.46

BEAZLEY 212.60 132.50 219.10 Neutral Strong Buy 2523 0.59

CATLIN GROUP 501.50 399.00 540.00 Neutral Strong Buy 758 0.29

HISCOX 539.00 379.26 574.05 Neutral Strong Buy 2036 0.48

JARDINE LLOYD THOMPSON 843 .00 659 .00 864 .50 Neutral Strong Buy 2843 0.31

RSA INSURANCE GROUP 109.50 97.65 136.30 Neutral Strong Buy 1643 0.40

NOVAE GROUP 458.50 345.00 475.75 Neutral Strong Buy 1856 0.47

Leisure & Hotels Over Valued


CARNIVAL 2252.00 1944.00 2628.00 Neutral Strong Buy 3717 1.00

ENTERPRISE INNS 102.80 55.50 114.70 Neutral Sell 73 1.59

TUI TRAVEL 305.30 158.00 330.00 Neutral Strong Buy 756 0.99

FULLER SMITH 'A' 787.00 700.00 820.00 Neutral Sell 628 0.38

GREENE KING 668.50 474.30 723.50 Neutral Sell 587 0.91

LADBROKES 191.90 152.70 243.10 Neutral Sell 174 0.93

ICTL.HTLS.GP. 1903.00 1396.63 2039.00 Neutral Sell 1560 1.17

MILLENNIUM & CPTH.HTLS. 552.00 455.40 582.50 N eutral Neutral 588 1.38

MITCHELLS & BUTLERS 322.50 217.40 350.10 Neutral Sell 286 1.09

BWIN PARTY DIGITAL ENTM. 138.50 91.90 158.80 Neutral Sell 100 1.25

PUNCH TAVERNS 10.75 5 .61 13.12 Neutral Strong Buy 45 1.25

RANK GROUP 155.00 111.00 177.50 Neutral Strong Buy 484 1.00

RESTAURANT GROUP 471.20 269.20 474.80 Neutral Sell 306 0.74

WETHERSPOON (JD) 543.50 371.30 548.50 Neutral Buy 707 0.69

WHITBREAD 2425.00 1786.00 2692.00 Neutral Sell 1854 0.99WILLIAM HILL 385.80 239.86 411.17 Neutral Sell 250 0.86

MARSTON'S 132.40 94.40 143.00 Neutral Sell 26 1.20

Life Assurance Over Valued


AVIVA 298.20 255.30 388.40 Neutral Strong Buy 1134 1.24

CHESNARA 230.25 155.25 250.00 Neutral Buy 344 0.70

LEGAL & GENERAL 168.20 106.00 175.70 Neutral Strong Buy 285 1.70

OLD MUTUAL 199.50 138.70 211.40 Neutral Sell 170 1.57

PRUDENTIAL 1053.00 660.00 1155.00 Neutral Sell 924 1.70

ST.JAMES'S PLACE 485.70 303.40 537.00 Neutral Sell 413 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 112.25 102.00 146.50 Neutral Sell -541 0.36

BRITISH SKY BCAST.GROUP 833.50 656.00 899.50 Neutral Strong Buy 1541 0.54

CENTAUR MEDIA 44.50 28.50 60.00 Neutral Strong Buy 138 1.01

DAILY MAIL 'A' 697.50 363.50 722.00 Neutral Strong Buy 2995 1.12

EUROMONEY INSTL.INVESTOR 962.00 672.50 1001.00 Neutral Strong Buy 6598 0.98

INFORMA 495.20 340.00 537.00 Neutral Sell -64 1.53

ITE GROUP 268.20 180.00 289.40 Neutral Strong Buy 219 1.44

ITV 123.80 69.45 132.30 Neutral Strong Buy 1184 1.54

JOHNSTON PRESS 15.50 4.88 16.00 Neutral Strong Buy 1561 1.26

PEARSON 1135.00 1111.00 1294.00 Neutral Buy 287 0.62

PHOTO-ME INTL. 76.50 36.25 82.50 Neutral Strong Buy 2346 0.79

PINEWOOD SHEPPERTON 274.00 265.00 377.50 Neutral Strong Buy 792 0.15

THOMSON REUTERS 33.35 26.85 33.35 Neutral Sell -542 0.52

STV GROUP 133.50 81.50 146.88 Neutral Sell 248 0.78

ST.IVES 135.00 67.50 139.25 Neutral Strong Buy 679 1.49TRINITY MIRROR 92.00 25.50 121.25 Neutral Sell -246 1.57

UBM 686.50 511.00 788.00 Neutral Strong Buy 1623 1.31

WILMINGTON GROUP 150.00 82.00 164.00 Neutral Strong Buy 1199 0.85

WPP 1048.00 743.00 1092.00 Neutral Sell -456 1.34

HIBU 0.41 0.26 3.91 Neutral Strong Buy 730 1.07

Mining Under Valued


ANGLO AMERICAN 1587.00 1575.00 2412.00 Neutral Strong Buy 2689 1.75

ANGLO PACIFIC GROUP 217.00 215.25 320.00 Neutral Buy 256 0.99ANTOFAGASTA 944.00 937.00 1381.00 Neutral Sell 876 1.43

BHP BILLITON 1841.50 1681.00 2236.00 Neutral Strong Buy 3168 1.45

LONMIN 274.70 240.84 564.35 Neutral Sell 24 2.03

RANDGOLD RESOURCES 4672.00 4545.00 7775.00 Neutral Sell 2713 0.34

RIO TINTO 2961.50 2715.50 3757.00 Neutral Neutral 3194 1.51

COALFIELD RESOURCES 5.63 3.75 22.50 Neutral Strong Buy 152 0.89

VEDANTA RESOURCES 832.50 1298.00 Neutral Strong Buy 2171 2.21

XSTRATA 986.00 785.80 1205.00 Neutral Neutral 941 1.88

Oil & Gas Under Valued


BG GROUP 1079.00 1000.50 1451.00 Neutral Neutral 1170 0.81

BP 445.60 391.95 475.90 Neutral Strong Buy 1490 1.05

CAIRN ENERGY 288.00 248.20 349.00 Neutral Sell -27 1.32

FORTUNE OIL 7.98 7.66 12.50 Neutral Strong Buy 14 0.90

HUNTING 827.50 688.00 954.00 Neutral Sell 439 1.32

JKX OIL & GAS 69.25 55.00 147 .75 Neutral Strong Buy 288 1.36

PREMIER OIL 369.20 321.30 401.20 Neutral Sell 277 1.45

ROYAL DUTCH SHELL B 2167.50 2039.00 2366.50 Neutral Strong Buy 10996 0.86

SOCO INTERNATIONAL 376.20 254.90 404.30 Neutral Sell 240 0.52

TULLOW OIL 1080.00 1080.00 1557.00 Buy Sell 858 1.05

WOOD GROUP (JOHN) 812.00 651.50 879.50 Neutral Neutral 775 1.36


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Personal Care & Household Products Over Valued


MCBRIDE 111.25 102.70 146.75 Neutral Strong Buy 250 0.83

PZ CUSSONS 388.00 297.20 415.60 Neutral Sell 317 0.69

RECKITT BENCKISER GROUP 4649.00 3 300.00 4812.00 Neutral Neutral 4691 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.40 0.37 3.88 Buy Sell -2 1.01

ASTRAZENECA 3315.50 2591.00 3340.00 Neutral Strong Buy 7726 0.47

BTG 354.10 300.30 423.00 Neutral Sell 156 0.62

DECHRA PHARMACEUTICALS 755.00 444.50 780.00 Neutral Sell 677 0.26

GLAXOSMITHKLINE 1600.00 1317.50 1630.50 Neutral Buy 1778 0.49

OXFORD BIOMEDICA 1.63 1.55 5.05 Buy Sell -0 0.65

PHYTOPHARM 1.23 1.23 12.75 Buy Neutral 1 0.94

SHIRE 1946.00 1727.00 2153.00 Neutral Sell 1370 0.65

SKYEPHARMA 45.25 41.00 101.50 Neutral Sell -90 0.71

VERNALIS 22.88 21.63 27.38 Neutral Buy 32 0.90

Real Estate Under Valued


BIG YELLOW GROUP 383.20 274.50 387.50 Neutral Sell -541 1.15

BRITISH LAND 582.00 475.40 586.00 Neutral Strong Buy 1541 1.03

CAPITAL & REGIONAL 33.75 22.75 34.25 Sell Strong Buy 138 0.82

CLS HOLDINGS 852.50 595.00 880.00 Neutral Strong Buy 2995 0.69

DERWENT LONDON 2258.00 1708.00 2273.00 Neutral Strong Buy 6598 1.20DEVELOPMENT SECS. 155.00 121.75 175.00 Neutral Sell -64 0.97

GRAINGER 135.00 83.10 140.60 Neutral Strong Buy 219 1.54

GREAT PORTLAND ESTATES 518.00 345.60 521.00 Sell Strong Buy 1184 1.06

HAMMERSON 513.00 408.00 525.00 Neutral Strong Buy 1561 1.16

HELICAL BAR 248.25 164.00 251.00 Neutral Buy 287 0.75

LAND SECURITIES GROUP 859.00 704.00 859.00 Neutral Strong Buy 2346 1.15

INTU PROPERTIES 342.60 305.00 366.00 Neutral Strong Buy 792 1.08

MCKAY SECURITIES 141.00 126.50 145.00 Neutral Sell -542 0.72

MUCKLOW (A & J) GROUP 378.00 316.00 390.00 Neutral Sell 248 0.41

PRIMARY HEALTH PROPS. 340.75 312.00 364.50 Neutral Strong Buy 679 0.35

QUINTAIN ESTATES & DEV. 65.25 32.50 70.00 Sell Sell -246 1.17

SAVILLS 512.00 300.80 599.00 Neutral Strong Buy 1623 0.74

SHAFTESBURY 605.00 492.00 608.50 Neutral Strong Buy 1199 1.03

SEGRO 256.00 209.40 271.00 Neutral Sell -456 1.70

ST MODWEN PROPS. 265.10 145.50 280.20 Neutral Strong Buy 730 1.55

TOWN CENTRE SECURITIES 197.50 147.00 215.00 Neutral Sell -10 1.05

UNITE GROUP 316.10 180.25 330.00 Neutral Sell 34 1.75

WARNER ESTATE 1.38 1.00 2.75 Sell Sell -997 1.01

WORKSPACE GROUP 374.10 213.25 374.10 Neutral Sell 0 1.02


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Software & Computer Services Under Valued


ANITE 114.90 111.00 162.00 Neutral Neutral 118 0.76

AVEVA GROUP 2095.00 1469.00 2322.00 Neutral Sell 1271 1.40

COMPUTACENTER 549.50 292.40 567.00 Neutral Strong Buy 1313 1.01

KOFAX 334.00 240.00 334.00 Neutral Sell 313 1.12

INNOVATION GROUP 25.25 18.25 25.50 Neutral Sell 24 0.83

MICRO FOCUS INTL. 662.00 426.17 706.00 Neutral Buy 933 0.79

PHOENIX IT GROUP 140.00 131.00 231.75 Neutral Strong Buy 303 0.74

RM 77.00 70.25 89.00 Neutral Sell -87 0.53

FIDESSA GROUP 1781.00 1275.00 1970.00 Neutral Buy 2015 0.77

SAGE GROUP 341.60 247.70 352.10 Neutral Buy 402 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 418.20 237.30 441.90 Neutral Sell 174 1.08

BREWIN DOLPHIN 221.10 136.30 222.00 Neutral Sell 126 0.72

CAMELLIA 10475.50 9250.00 11105.00 Neutral Neutral 10460 0.83

CHARLES STANLEY GROUP 403.00 247.50 403.00 Sell Sell 178 0.97

CHARLES TAYLOR 173.00 132.00 190.00 Neutral Sell 107 0.69

CLOSE BROTHERS GROUP 1040.00 673.50 1107.00 Neutral Sell 199 0.87

F&C ASSET MANAGEMENT 96.25 65.85 110.40 Neutral Neutral 101 0.89

HELPHIRE GROUP 3.10 0.55 3.70 Sell Strong Buy 27 0.68

HENDERSON GROUP 156.30 90.55 171.00 Neutral Sell 52 1.44

ICAP 291.80 281.40 384.00 Neutral Sell 205 1.07

INTERMEDIATE CAPITAL GP. 409.60 227.30 427.60 Neutral Sell 221 1.68

INVESTEC 441.90 310.40 513.50 Neutral Sell 95 1.55

LONDON STOCK EX.GROUP 1281.00 930.00 1411.00 Neutral Strong Buy 3875 1.12MAN GROUP 106.50 63.25 111.10 Neutral Sell 98 1.32

RATHBONE BROTHERS 1496.00 1151.00 1551.00 Neutral Sell 1139 0.73

SCHRODERS 2186.00 1166.00 2212.00 Neutral Sell 1295 1.31

SCHRODERS NV 1762.00 966.00 1785.00 Sell Strong Buy 4200 1.27


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Support Services Over Valued


ACAL 219.50 157.75 242.50 Neutral Buy 289 0.93

AGGREKO 1791.00 1557.00 2400.00 Neutral Sell 1254 1.03

AMEC 1000.00 923.00 1172.00 Neutral Buy 1109 1.04

ASHTEAD GROUP 598.50 212.20 635.00 Neutral Sell 306 1.62

BABCOCK INTL. 1034.00 793.50 1106.00 Neutral Sell 648 0.48

BRITISH POLYTHENE INDS. 535.00 317.00 535.00 Sell Buy 781 0.78

BUNZL 1271.00 990.00 1320.00 Neutral Sell 803 0.55

UK MAIL GROUP 435.50 214.00 445.00 Neutral Neutral 435 0.38

CAPITA 871.00 602.00 913.50 Neutral Sell 505 0.50

COMMUNISIS 51.75 25.34 53.50 Neutral Buy 66 0.78

COMPASS GROUP 824.00 616.00 852.50 Neutral Sell 592 0.74

BERENDSEN 733.50 462.00 812.00 Neutral Buy 953 1.04

DE LA RUE 928.00 891.50 1075.00 Neutral Sell 590 #NA

DIGNITY 1315.00 803.50 1435.00 Neutral Sell 754 0.21

DIPLOMA 545.50 417.00 627.50 Neutral Sell 472 0.95ELECTROCOMP. 233.00 195.20 265.00 Neutral Buy 312 1.02

FILTRONA 703.50 428.00 744.00 Neutral Sell 337 1.10

G4S 295.50 240.00 307.50 Neutral Neutral 285 0.58

HAYS 97.30 66.40 101.20 Neutral Buy 118 1.09

HOMESERVE 196.00 137.50 252.50 Neutral Strong Buy 472 0.93

INTERSERVE 471.10 271.40 510.50 Neutral Buy 672 1.27

INTERTEK GROUP 3365.00 2406.00 3451.00 Neutral Sell 1406 0.77

JOHNSON SERVICE GROUP 44.00 26.50 45.75 Neutral Strong Buy 92 1.18

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

MENZIES (JOHN) 685.00 542.00 789.00 Neutral Strong Buy 1269 1.43

MICHAEL PAGE INTL. 377.40 341.40 451.80 Neutral Sell 311 1.41

MITIE GROUP 269.60 253.90 300.80 Neutral Buy 335 0.55

OFFICE2OFFICE 92.00 91.00 156.50 Neutral Strong Buy 234 0.34

PAYPOINT 885.00 605.00 912.50 Neutral Sell 670 0.70

PREMIER FARNELL 202.00 153.20 236.30 Neutral Buy 273 1.32

REGUS 159.00 82.65 169.00 Neutral Sell 105 1.44

RENTOKIL INITIAL 96.85 69.40 100.70 Neutral Sell 54 1.24

REXAM 516.50 394.28 547.50 Neutral Buy 618 0.91

RICARDO 411.00 304.50 431.00 Neutral Buy 459 0.85

ROBERT WALTERS 227.25 176.25 264.63 Neutral Buy 303 1.23

RPC GROUP 382.00 348.30 477.00 Neutral Buy 522 0.77

RPS GROUP 252.40 197.00 274.20 Neutral Neutral 242 1.50

SERCO GROUP 611.00 509.50 635.50 Neutral Sell 565 0.59

SHANKS GROUP 75.75 74.50 98.00 Neutral Strong Buy 164 1.46

SPEEDY HIRE 48.25 22.25 50.00 Neutral Neutral 51 1.25TRIBAL GROUP 143.37 73.25 149.00 Neutral Sell 50 0.56

TRIFAST 55.88 39.50 59.00 Neutral Neutral 60 0.92

VP 335.75 234.75 354.88 Neutral Strong Buy 605 0.86

WYG 74.50 42.00 75.00 Sell Strong Buy 176 0.79


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Telecommunication Services Over Valued


BT GROUP 274.40 200.70 281.70 Neutral Buy 325 0.90

CABLE & WIRELESS COMMS. 41.74 27.28 42.81 Neutral Strong Buy 80 0.69

INMARSAT 680.00 390.80 710.50 Neutral Sell 583 0.53

KCOM GROUP 82.00 67.00 85.20 Neutral Strong Buy 127 1.24

TELECOM PLUS 1150.00 680.00 1152.00 Sell Sell 714 0.11

VODAFONE GROUP 189.90 154.45 192.00 Neutral Sell 163 0.54

Transport Under Valued


BBA AVIATION 246.70 178.00 269.00 Neutral Sell 198 1.30

BRAEMAR SHIPPING SVS. 382.88 309.50 425.00 Neutral Buy 454 0.99

CLARKSON 1645.00 1150.00 1645.00 Sell Sell 1477 0.81

EASYJET 1149.00 481.20 1149.00 Neutral Sell 665 0.74

FIRST GROUP 217.80 175.70 260.50 Neutral Strong Buy 551 0.90

FISHER(JAMES)& SONS 1080.00 535.00 1080.00 Sell Sell 391 0.77

GO-AHEAD GROUP 1528.00 1086.00 1540.00 Neutral Buy 1833 0.89

NATIONAL EXPRESS 195.30 164.50 230.70 Neutral Buy 249 1.34

NORTHGATE 315.00 159.60 350.00 Neutral Strong Buy 611 1.41

STAGECOACH GROUP 295.10 230.40 319.60 Neutral Buy 351 0.90

WINCANTON 57.50 31.00 78.50 Sell Sell -41 0.90

Utilities Under Valued


CENTRICA 376.30 306.30 381.70 Neutral Buy 501 0.46

NATIONAL GRID 789.00 641.00 803.00 Neutral Neutral 865 0.49

PENNON GROUP 663.00 598.00 796.00 Neutral Buy 803 0.58

SSE 1521.00 1294.00 1535.00 Neutral Buy 1794 0.42

SEVERN TRENT 1738.00 1513.00 1796.00 Neutral Sell 1561 0.34

UNITED UTILITIES GROUP 731.50 601.50 747.50 Neutral Sell 692 0.50


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value indicator - uk main market 20130417

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