value indicator - uk main market 20130513

7/30/2019 value indicator - uk main market 20130513

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13 May 2013

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Intellisys Intelligent Analysis Limited 13 May 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 Over Valued .....................................................................6Automobiles & Parts Under Va lued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Over Valued ..................................................7Engineering & Machinery Over Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Under Valued ........................................................8General Retail Under Valued ..............................................................................9Heath Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Over Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Over Valued ................................................ 12Real Estate Under Valued ............................................................................... 12Software & Computer Services Under Valued .................................................... 13Speciality & Other Finance Over Valued .......................................................... 13Support Services Over Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 15Transport Under Valued ................................................................................... 15Utilities Under Valued ....................................................................................... 15DISCLAIMER ........................................................................................................................... 16RISK WARNING ...................................................................................................................... 17


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Introduction

The overriding purpose of this daily report is to provide users with a quick guide that will identify thoseshares that merit their investment attention in an increasingly time critical and information noisy tradingenvironment.

The report is published daily and delivered to the subscribers personal email box, typically, before theofficial open of the London Stock Markets.

Putting aside luck, Intellisys recognises that the timing and value of an investment are the two primarydrivers behind a successful portfolio performance.

Timing

Intellisys has invested considerably in identifying what it believes are the key factors that influenceinvestment timing. Having identified the key parameters, these have been established as rules that reflectmarket dynamics and cut through the daily investment noise.

Through this discipline, Intellisys has removed the emotional and sentimental factors as well as the dailypressures exerted upon primary stock promoters (analysts and traders) to find stories for their investmentmeetings.

From an analysis of a years data for 40 stocks within Intellisys stock coverage, the trading indicatorsappear to be, on average, about 77% accurate in identifying good trading points as well as some 74%accurate for overall trend correlation.

The following chart provides an indication the accuracy scores for each of the 40 stocks analysed.

Individual Stock Rating & Trend Accuracy Scores

Source: Intellisys

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

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Best Buy/Sell Trend


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Value

A similar discipline has been applied to the process of establishing Target Indications. On a daily basis,Intellisys analyses as broad an array of historic data from not only the Consolidated Income Statement butalso the Balance Sheet and Cash Flow Statement and then utilises this data within its proprietary valuation

models.

Intellisys architect, Philip Morrish, has successfully applied these disciplines to his investment research forthe last 15+ years. Additionally, these investment valuation techniques lend themselves to accurate cross-border analysis.

The resultant Target is also discounted to a Net Present Value to make the Target as realistically valid aspossible.

Nevertheless, Intellisys recognises that Target Indication delivery is not only a function of market levels buta management teams ability to establish and maintain a value generating operating environment setagainst a constantly changing global background.

The typical investment analysts approach to determining target prices is to start with a modest range ofsome 6 8 valuation measures and remove those that are not providing the intuitive result. Intellysisapproach is the opposite we use as many valuation methodologies as possible.

Further, Intellisys recognises that some target Indications may appear strange or extreme. However,subscribers should not dismiss these outcomes but use them as starting points to challenge theirestablished or perceived valuation opinion of a stock.

In short, this disciplined approach provides an investment reality check to assist investors from falling inlove with a stock or becoming mesmerised by management cults.

Conclusion

No investment methodology is 100% successful and like all trading and investment systems active positionmonitoring is critical for maximised investment performance.

Therefore, Intellisys recommends that its products should be used in conjunction with, and not separatefrom subscribers existing investment systems as well as discussing investment options with their financialadvisers.

Philip Morrish ([email protected])

RISK WARNING Ratings and Targets

Intellisys does not make personal recommendations. The information in this publication is provided solely toenable you to make your own investment decisions. If you are unsure about dealing in shares and otherequity investments, you should contact your financial adviser as these types of investments may not besuitable for everyone. The value of stocks and shares, and the income from them, can fall as well as riseand you may not get back the full amount you originally invested. If denominated in a foreign currency,fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them.Past performance is not necessarily a guide to future performance.


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How to use the report

This daily report is typically available for download as a PDF from 7am - well in advance of the marketsopen - and is based upon previous days closing prices.

We have kept the report deliberately simple for quick reading and identification of the shares most likely tobe active as can be seen from the following:

General RetailStock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

ASHLEY(LAURA) HOLDINGS 29.00 18.50 29.50 Neutral Neutral 30 0.72

BROWN (N) GROUP 266.70 222.40 282.70 Neutral Buy 298 0.52

BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

FRENCH CONNECTN.GROUP 23.50 19.50 82.00 Neutral Strong Buy 112 1.05

HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

JJB SPORTS SUSP - 24/09/12 0.40 0.24 17.00 Neutral Sell -62 0.88

JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

Betais a measure of a stock's volatility or risk relative to its market. The market has a betaof 1.0 and individual shares are attributed a beta according to how much they deviate from

the market. This can be summarised as:

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

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

eta measures a sharesvolatility/risk relative tomarket (see below)


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Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 379.70 270.90 397.30 Neutral Strong Buy 574 0.67

CHEMRING GROUP 288.90 217.00 414.70 Neutral Buy 353 0.66

COBHAM 273.70 190.10 273.70 Neutral Buy 304 0.82

MEGGITT 515.50 364.30 515.50 Sell Sell 440 1.32

ROLLS-ROYCE HOLDINGS 1168.00 7 80.75 1 172.00 Neu tral Neutra l 1138 1.07

SMITHS GROUP 1303.00 979.50 1328.00 Neutral Sell 1101 0.71

ULTRA ELECTRONICS HDG. 1718.00 1 424.00 1745.00 Neutral Sell 1622 0.51

Automobiles & Parts Under Valued

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

GKN 290.80 173.60 290.80 Neu tral Neutra l 277 2.02

INCHCAPE 525.50 305.20 530.00 Neu tral Neutra l 520 1.48

LOOKERS 101.00 56.50 102.00 Neu tral Neutra l 110 1.23

PENDRAGON 23.25 13.50 25.00 Neutral Strong Buy 35 1.11

Banks Over Valued


BARCLAYS 314.40 150.55 327.35 Neutral Sell -805 1.94

HSBC HDG. (ORD $0.50) 744.80 503.20 744.80 Neutral Buy 941 1.17

LLOYDS BANKING GROUP 58.94 25.29 58.94 Sell Sell 8 1.89

ROYAL BANK OF SCTL.GP. 299.50 196.60 367.80 Neutral Sell -162 1.35

STANDARD CHARTERED 1583.00 1228.50 1 837.50 Neutral Strong Buy 3214 1.70

Beverages Under Valued


BARR (AG) 557.50 348.00 572.00 Neutral Neutra l 597 0.55

DIAGEO 2020.00 1477.00 2085.00 Neutral Sell 1799 0.55

SABMILLER 3559.00 2348.50 3655.50 Neutral Buy 4047 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 300.00 240.00 406.40 Neutral Strong Buy 668 1.23

CARCLO 385.00 345.75 503.00 Neu tral Neutra l 412 0.73

CRODA INTERNATIONAL 2485.00 2094.00 2841.00 Neutral Sell 2036 1.04

ELEMENTIS 254.30 179.00 275.00 Neutral Buy 348 0.99

JOHNSON MATTHEY 2571.00 2080.27 2593.00 Neutral Strong Buy 12242 1.45

VICTREX 1593.00 1185.00 1736.00 Neutral Sell 1433 1.14

SYNTHOMER 209.20 127.40 225.80 Neu tral Neutra l 217 1.16

ZOTEFOAMS 216.50 157.00 225.00 Neutral Strong Buy 385 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 82.50 61.50 104.00 Neutral Strong Buy 240 0.51

BALFOUR BEATTY 214.90 207.60 320.80 Neutral Strong Buy 930 0.80

BARRATT DEVELOPMENTS 323.30 114.00 323.30 Neutral Buy 440 1.58

BELLWAY 1308.00 660.00 1377.00 Neutral Buy 1804 1.15

BERKELEY GROUP HDG.(THE) 2110.00 1180.00 2140.00 Neutral Strong Buy 3225 0.66

BOOT (HENRY) 186.00 115.50 186.00 Neutral Strong Buy 335 0.83

BOVIS HOMES GROUP 761.50 399.30 778.50 Neutral Sell 537 1.20

CARILLION 277.00 235.50 331.80 Neutral Strong Buy 743 1.12

CLARKE (T) 56.00 40.00 61.50 Neutral Strong Buy 251 0.82

COSTAIN GROUP 275.00 188.00 306.00 Neutral Strong Buy 540 0.57

CRH 1375.00 1052.00 1540.00 Neutral Sell 815 1.14

GALLIFORD TRY 939.00 579.00 995.50 Neutral Strong Buy 1590 1.01

KELLER 886.50 348.25 890.00 Neutral Strong Buy 2008 1.26

KIER GROUP 1196.00 1106.00 1408.00 Neutral Strong Buy 3178 0.97

LOW & BONAR 70.00 49.00 76.75 Neutral Strong Buy 207 1.07MARSHALLS 126.00 76.00 130.00 Neutral Strong Buy 275 1.39

MORGAN SINDALL GROUP 540.00 508.00 695.00 Neutral Strong Buy 3195 0.87

NORCROS 16.25 9.25 18.25 Neutral Strong Buy 32 1.15

PERSIMMON 1102.00 496.69 1109.00 Neutral Buy 1368 1.20

REDROW 212.00 107.30 215.90 Neutral Buy 273 1.09

SIG 167.00 82.30 170.20 Neutral Strong Buy 486 1.79

SUPERGLASS HOLDINGS 2.00 2.00 15.25 Neutral Strong Buy 49 0.88

TAYLOR WIMPEY 94.50 40.28 96.55 Neutral Buy 122 1.67

TRAVIS PERKINS 1440.00 906.50 1511.00 Neutral Strong Buy 2446 2.01

WOLSELEY 3320.00 2121.32 3337.00 Neutral Strong Buy 5278 1.46

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1291.00 935.00 1364.00 Neutral Sell 805 0.75

DOMINO PRINTING SCIENCES 677.00 509.00 717.00 Neutral Buy 884 1.18

E2V TECHNOLOGIES 119.00 105.50 144.00 Neutral Strong Buy 258 1.29

INVENSYS 399.70 198.90 399.70 Neutral Sell 360 1.41

LAIRD 208.30 177.00 249.30 Neutral Sell 78 2.13

OXFORD INSTRUMENTS 1529.00 1096.00 1752.00 Neutral Sell 1232 1.00

RENISHAW 1720.00 1260.00 2081.00 Neutral Buy 2475 1.26

SPECTRIS 2163.00 1427.00 2470.00 Neu tral Neu tral 2316 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.16 Neutral Strong Buy 0 0.84

TT ELECTRONICS 175.50 114.00 178.50 Neutral Strong Buy 426 1.58

XAAR 560.00 185.00 560.00 Sell Sell 244 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 86.00 54.25 91.75 Neutral Buy 98 1.28

BODYCOTE 536.50 310.30 556.50 Neutral Neutral 529 1.60

CASTINGS 345.00 277.75 358.50 Neutral Strong Buy 729 0.99

VESUVIUS 371.30 263.19 402.10 Neutral Buy 518 2.20

FENNER 375.00 329.30 435.20 Neutral Strong Buy 575 1.42

HALMA 521.50 373.10 531.50 Neutral Sell 412 0.75

HILL & SMITH 440.00 297.00 480.00 Neutral Sell 342 1.37

IMI 1322.00 776.00 1347.00 Neutral Neutral 1434 1.41

MORGAN ADVANCED MATERIAL 287.70 220 .30 305.00 Neutral Strong Buy 563 1.82

ROTORK 2962.00 1859.00 3037.00 Neutral Sell 2300 1.00

SENIOR 262.70 177.00 263.30 Neutral Sell 220 1.64

SEVERFIELD-ROWEN 40.00 35.40 104.11 Neutral Sell 30 0.79

SPIRAX-SARCO 2775.00 1900.00 2775.00 Sell Sell 2387 0.84

VITEC GROUP 614.00 586.50 740.00 Neutral Neutral 617 1.39

WEIR GROUP 2348.00 1397.00 2474.00 Neutral Sell 2124 1.38

Food & Drug Stores Over Valued


GREGGS 402.00 398.50 523.50 Buy Strong Buy 682 0.47

MORRISON(WM)SPMKTS. 288.80 248.60 296.40 Neutral Sell 186 0.39

SAINSBURY (J) 382.20 283.50 396.50 Neutral Sell 209 0.57

TESCO 375.55 297.05 387.75 Neutral Sell 266 0.68

THORNTONS 82.00 18.88 82.25 Neutral Sell 61 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1988.00 1167.00 1999.00 Neutral Neutral 2126 0.62

CRANSWICK 1057.00 732.50 1080.00 Neutral Strong Buy 2100 0.43

DAIRY CREST 467.50 307.00 468.30 Neutral Neutral 510 0.94

DEVRO 331.20 278.00 380.00 Neutral Strong Buy 519 0.32

PREMIER FOODS 73.75 54.50 134.25 Neutral Sell -182 1.25

TATE & LYLE 862.50 633.50 870.50 Neutral Strong Buy 1565 0.71

UNILEVER (UK) 2774.00 2007.00 2845.00 Neutral Neutral 2805 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.00 20.50 29.50 Neutral Buy 35 0.69

BROWN (N) GROUP 451.00 224.40 451.00 Neutral Sell 383 0.54

BURBERRY GROUP 1407.00 1000.00 1467.00 Neutral Sell 1035 1.27

CARPETRIGHT 665.00 585.00 728.50 Sell Sell 296 0.95

DIXONS RETAIL 36.95 12.67 37.50 Neutral Buy 41 1.51

FINDEL 138.50 55.20 186.00 Neutral Sell 53 1.13

FRENCH CONNECTN.GROUP 28.00 19.50 42.50 Sell Strong Buy 107 0.99

HALFORDS GROUP 395.20 189.00 395.20 Neutral Buy 530 0.68

JD SPORTS FASHION 830 .00 606.50 855 .00 Neutral Strong Buy 1597 0.53

DARTY 52.50 38.00 65.00 Neutral Strong Buy 91 1.25

KINGFISHER 329.50 254.10 329.70 Neutral Buy 412 0.94

MARKS & SPENCER GROUP 420.20 312.20 421.60 Neutral Buy 546 0.65

MOSS BROTHERS GROUP 57.00 42.00 71.00 Neu tral Neu tral 63 1.04

MOTHERCARE 324.75 160.00 362.00 Neutral Buy 361 0.47

NEXT 4567.00 2899.00 4601.00 Neutral Sell 3945 0.67

TED BAKER 1385.00 830.00 1397.00 Sell Sell 693 0.55

TOPPS TILES 68.00 32.13 70.00 Neutral Sell 53 1.50

Heath Over Valued


BIOQUELL 141.50 126.00 160.00 Neutral Sell 115 0.46

CONSORT MEDICAL 790.00 584.00 831.50 Neutral Sell 571 0.39

OPTOS 158.00 145.75 257.75 Neu tral Neu tral 167 1.18

SMITH & NEPHEW 766.00 580.00 768.50 Neutral Sell 688 0.43

Household Goods & Textiles Over Valued


GAMES WORKSHOP 740.00 557.00 742.00 Neutral Neutral 721 0.44

HEADLAM GROUP 329.00 263.00 355.00 Neutral Sell 299 0.92

HORNBY 84.25 55.25 95.00 Neutral Buy 106 0.77

Information Technology & Hardware Over Valued


ARM HOLDINGS 1072.00 469.00 1072.00 Neutral Sell 558 0.74

CSR 544.00 200.30 544.00 Neutral Strong Buy 1299 1.18FILTRONIC 64.00 23.50 83.25 Neutral Sell 48 0.90

IMAGIN AT ION TECHNOLOGIES 306.00 296 .00 624.00 Neutral Strong Buy 524 1.08

SPIRENT COMMUNICATIONS 138.80 122.00 170.90 Neutral Strong Buy 694 0.94

WOLFSON MICROELECTRONICS 203.25 170 .00 230.00 Neutral Sell -514 0.90


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Insurance Under Valued


ADMIRAL GROUP 1262.00 1019.00 1374.00 Neu tral Neu tral 1237 0.53

AMLIN 426.30 312.90 431.50 Neutral Sell 90 0.46

BEAZLEY 231.20 132.50 231.20 Neutral Strong Buy 1292 0.60

CATLIN GROUP 538.00 399.00 540.00 Neutral Strong Buy 2006 0.30

HISCOX 565.50 385.08 574.05 Neutral Strong Buy 2576 0.48

JARDINE LLOYD THOMPSON 883 .50 659.00 883 .50 Neutral Strong Buy 1719 0.31

RSA INSURANCE GROUP 112.50 97.65 136.30 Neutral Strong Buy 931 0.41

NOVAE GROUP 488.00 345.00 488.00 Neutral Strong Buy 2927 0.48

Leisure & Hotels Over Valued


CARNIVAL 2397.00 1967.00 2628.00 Neutral Strong Buy 4070 1.01

ENTERPRISE INNS 98.00 55.50 114.70 Neutral Buy 109 1.61

TUI TRAVEL 346.90 158.00 346.90 Neutral Strong Buy 795 1.01

FULLER SMITH 'A' 800.00 700.00 820.00 Neutral Sell 687 0.39

GREENE KING 744.50 474.30 744.50 Neutral Sell 664 0.93

LADBROKES 205.10 152.70 243.10 Neutral Buy 258 0.93

ICTL.HTLS.GP. 1946.00 1396.63 2039.00 Neutral Sell 1516 1.18

MILLENNIUM & CPTH.HTLS. 559.50 455.40 582.50 Neutral Buy 659 1.40

MITCHELLS & BUTLERS 355.60 217.40 355.60 Neutral Sell 322 1.12

BWIN PARTY DIGITAL ENTM. 139.60 91.90 156.00 Neutral Sell 50 1.25

PUNCH TAVERNS 10.00 5 .61 13.12 Neutral Strong Buy 52 1.27

RANK GROUP 166.00 115.00 177.50 Neutral Strong Buy 516 1.00

RESTAURANT GROUP 481.90 272.70 488.10 Neutral Sell 330 0.76

WETHERSPOON (JD) 605.00 371.30 607.50 Neutral Buy 757 0.69

WHITBREAD 2700.00 1786.00 2700.00 Neutral Sell 2035 0.99WILLIAM HILL 426.50 245.70 430.70 Neutral Sell 262 0.87

MARSTON'S 149.20 94.40 149.20 Neutral Sell 20 1.21

Life Assurance Over Valued


AVIVA 323.40 255.30 388.40 Neutral Strong Buy 712 1.25

CHESNARA 246.25 155.25 250.00 Neutral Strong Buy 397 0.70

LEGAL & GENERAL 181.90 106.00 181.90 Neutral Strong Buy 360 1.71

OLD MUTUAL 215.80 138.70 220.40 Neu tral Neu tral 206 1.57

PRUDENTIAL 1170.00 660.00 1177.00 Neutral Sell 1026 1.71

ST.JAMES'S PLACE 585.50 303.40 585.50 Neutral Strong Buy 1508 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 115.00 102.00 146.50 Neutral Sell -612 0.37

BRITISH SKY BCAST.GROUP 806.50 656.00 899.50 Buy Strong Buy 1810 0.54

CENTAUR MEDIA 46.50 28.50 60.00 Neutral Strong Buy 163 1.03

DAILY MAIL 'A' 744.50 363.50 744.50 Sell Strong Buy 4242 1.14

EUROMONEY INSTL.INVESTOR 1007.00 672 .50 1007.00 Neutral Strong Buy 7937 1.00

INFORMA 507.00 340.00 537.00 Neutral Sell -83 1.53

ITE GROUP 291.20 180.00 291.20 Neutral Strong Buy 245 1.45

ITV 130.60 69.45 132.30 Neutral Strong Buy 1324 1.54

JOHNSTON PRESS 19.00 4.88 19.00 Sell Buy 808 1.27

PEARSON 1206.00 1115.00 1294.00 Neutral Buy 328 0.63

PHOTO-ME INTL. 80.00 36.25 82.50 Neutral Strong Buy 2722 0.79

PINEWOOD SHEPPERTON 277.50 265.00 377.50 Neutral Strong Buy 902 0.16

THOMSON REUTERS 34.76 26.85 34.76 Neutral Sell -610 0.50

STV GROUP 132.50 81.50 146.88 Neutral Sell 274 0.79

ST.IVES 153.00 67.50 153.00 Neutral Sell 235 1.50TRINITY MIRROR 91.00 25.50 121.25 Neutral Sell -266 1.59

UBM 729.00 511.00 788.00 Neutral Strong Buy 1778 1.31

WILMINGTON GROUP 154.00 82.00 164.00 Neutral Strong Buy 1404 0.84

WPP 1124.00 743.00 1124.00 Neutral Sell -529 1.35

HIBU 0.40 0.26 3.50 Neutral Strong Buy 840 1.07

Mining Under Valued


ANGLO AMERICAN 1591.00 1553.00 2215.00 Buy Sell 1203 1.74

ANGLO PACIFIC GROUP 225.75 215.00 290.30 Neu tral Neu tral 228 0.96

ANTOFAGASTA 913.00 884.00 1381.00 Neutral Sell 845 1.41

BHP BILLITON 1917.50 1681.00 2236.00 Neutral Buy 2857 1.43

GLENCORE XSTRATA 343.90 293.55 397.85 Buy Strong Buy 984 #NA

LONMIN 278.80 240.84 478.98 Neutral Buy 355 2.03

RANDGOLD RESOURCES 5010.00 4545.00 7 775.00 Neutral Sell 2967 0.34

RIO TINTO 3037.00 2715.50 3757.00 Neutral Sell 2360 1.50

COALFIELD RESOURCES 3.38 14.75 Neutral Strong Buy 164 0.89

VEDANTA RESOURCES 1299.00 832.50 1299.00 Neutral Strong Buy 2102 2.20

Oil & Gas Under Valued


BG GROUP 1185.50 1000.50 1350.50 Neu tral Neu tral 1240 0.80

BP 465.70 391.95 475.90 Neutral Strong Buy 1561 1.03

CAIRN ENERGY 280.60 248.20 310.20 Neutral Sell -17 1.32

FORTUNE OIL 8.05 7.66 12.50 Neutral Strong Buy 14 0.82

HUNTING 831.00 688.00 941.00 Neutral Sell 447 1.31

JKX OIL & GAS 71.00 55.00 120 .00 Neutral Strong Buy 302 1.36

PREMIER OIL 392.10 321.30 401.20 Neutral Sell 286 1.43

ROYAL DUTCH SHELL B 2319.50 2039.00 2366.50 Neutral Strong Buy 9426 0.84

SOCO INTERNATIONAL 387.90 254.90 404.30 Neutral Sell 248 0.53

TULLOW OIL 1012.00 977.00 1531.00 Neutral Sell 904 1.04

WOOD GROUP (JOHN) 810.00 651.50 879.50 Neu tral Neu tral 799 1.35


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Personal Care & Household Products Over Valued


MCBRIDE 115.50 101.20 144.60 Neutral Strong Buy 254 0.84

PZ CUSSONS 391.70 297.20 415.60 Neutral Sell 322 0.69

RECKITT BENCKISER GROUP 4659.00 3300 .00 4812.00 Neutral Neutral 4701 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.44 0.36 3.68 Buy Sell 0 1.01

ASTRAZENECA 3342.50 2591.00 3390.00 Neutral Strong Buy 6527 0.47

BTG 351.90 300.30 423.00 Neutral Sell 168 0.58

DECHRA PHARMACEUTICALS 698.50 4 49.25 780.00 Neu tral Neu tral 726 0.25

GLAXOSMITHKLINE 1670.00 1317.50 1687.50 Neutral Sell 1574 0.49

OXFORD BIOMEDICA 2.10 1.55 4.08 Neutral Sell 1 0.64

PHYTOPHARM 1.33 1.05 12.75 Buy Strong Buy 2 0.95

SHIRE 2019.00 1727.00 2153.00 Neutral Sell 1371 0.66

SKYEPHARMA 43.50 43.50 101.50 Neutral Sell -134 0.73

VERNALIS 22.75 21.63 27.38 Neutral Strong Buy 36 0.91

Real Estate Under Valued


BIG YELLOW GROUP 423.00 274.50 423.00 Neutral Sell -612 1.18

BRITISH LAND 625.50 475.40 625.50 Neutral Strong Buy 1810 1.06

CAPITAL & REGIONAL 35.50 22.75 35.50 Sell Strong Buy 163 0.85

CLS HOLDINGS 959.50 595.00 959.50 Neutral Strong Buy 4242 0.70

DERWENT LONDON 2425.00 1708.00 2425.00 Sell Strong Buy 7937 1.24DEVELOPMENT SECS. 161.75 121.75 175.00 Neutral Sell -83 0.99

GRAINGER 149.50 83.10 149.50 Neutral Strong Buy 245 1.58

GREAT PORTLAND ESTATES 572.00 367.80 572.00 Strong Sell Strong Buy 1324 1.10

HAMMERSON 547.50 409.20 547.50 Neutral Buy 808 1.19

HELICAL BAR 266.00 164.00 266.00 Neutral Buy 328 0.77

LAND SECURITIES GROUP 920.00 704.00 920.00 Neutral Strong Buy 2722 1.16

INTU PROPERTIES 343.80 305.00 366.00 Neutral Strong Buy 902 1.09

MCKAY SECURITIES 145.00 127.00 145.00 Neutral Sell -610 0.73

MUCKLOW (A & J) GROUP 420.00 325.00 420.00 Sell Sell 274 0.42

PRIMARY HEALTH PROPS. 333.00 312.00 364.50 Neutral Sell 235 0.35

QUINTAIN ESTATES & DEV. 70.00 32.50 70.00 Sell Sell -266 1.19

SAVILLS 590.00 300.80 601.50 Neutral Strong Buy 1778 0.77

SHAFTESBURY 639.50 492.00 639.50 Sell Strong Buy 1404 1.05

SEGRO 283.20 209.40 283.20 Neutral Sell -529 1.73

ST MODWEN PROPS. 296.90 145.50 296.90 Neutral Strong Buy 840 1.59

TOWN CENTRE SECURITIES 208.00 147.00 215.00 Neutral Sell -17 1.01

UNITE GROUP 364.00 180.25 364.00 Neutral Sell 52 1.79

WARNER ESTATE 1.41 1.00 2.75 Sell Sell -1197 1.03

WORKSPACE GROUP 388.60 213.25 390.00 Neutral Strong Buy 1362 1.05


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Software & Computer Services Under Valued


ANITE 129.00 111.00 162.00 Neu tral Neu tral 123 0.73

AVEVA GROUP 2253.00 1469.00 2322.00 Neutral Sell 1322 1.40

COMPUTACENTER 448.00 292.40 567.00 Neutral Strong Buy 1355 1.00

KOFAX 320.00 242.00 335.00 Neu tral Neu tral 323 1.11

INNOVATION GROUP 26.75 18.25 26.75 Sell Sell 24 0.85

MICRO FOCUS INTL. 685.00 431.48 706.00 Neutral Buy 993 0.76

PHOENIX IT GROUP 142.00 131.00 222.00 Neutral Strong Buy 310 0.74

RM 72.50 70.25 85.50 Neutral Sell -92 0.52

FIDESSA GROUP 1889.00 1275.00 1970.00 Neutral Buy 2087 0.76

SAGE GROUP 350.60 247.70 352.10 Neutral Buy 419 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 464.80 237.30 468.00 Neutral Sell 143 1.09

BREWIN DOLPHIN 204.00 136.30 222.00 Neutral Sell 118 0.73

CAMELLIA 10100.00 9250.00 11105.00 Neutral Sell 8896 0.84

CHARLES STANLEY GROUP 403.50 247.50 406.25 Neutral Sell 199 0.97

CHARLES TAYLOR 180.00 135.87 190.00 Neutral Sell 128 0.69

CLOSE BROTHERS GROUP 1054.00 673.50 1107.00 Neutral Sell 208 0.86

F&C ASSET MANAGEMENT 97.45 65.90 110.40 Neu tral Neu tral 101 0.89

HELPHIRE GROUP 3.25 0.55 3.70 Sell Strong Buy 26 0.69

HENDERSON GROUP 174.30 90.55 179.60 Neutral Sell 62 1.44

ICAP 301.00 280.80 376.60 Neutral Sell 228 1.07

INTERMEDIATE CAPITAL GP. 433.10 227.30 433.10 Neutral Sell 150 1.70

INVESTEC 491.00 310.40 513.50 Neutral Sell 113 1.56

LONDON STOCK EX.GROUP 1349.00 930.00 1411.00 Neutral Strong Buy 5935 1.15MAN GROUP 125.70 63.25 125.70 Neutral Strong Buy 497 1.32

RATHBONE BROTHERS 1499.00 1151.00 1551.00 Neutral Sell 1096 0.75

SCHRODERS 2441.00 1166.00 2441.00 Neutral Sell 1173 1.30

SCHRODERS NV 1916.00 966.00 1916.00 Sell Strong Buy 3788 1.27


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Support Services Over Valued


ACAL 210.00 157.75 242.50 Neutral Buy 292 0.92

AGGREKO 1765.00 1557.00 2400.00 Neutral Sell 1308 1.05

AMEC 1068.00 923.00 1172.00 Neutral Neutral 1137 1.04

ASHTEAD GROUP 591.50 212.20 635.00 Neutral Sell 321 1.63

BABCOCK INTL. 1074.00 793.50 1106.00 Neutral Sell 666 0.48

BRITISH POLYTHENE INDS. 554.00 324.00 557.00 Neutral Buy 805 0.76

BUNZL 1288.00 990.00 1320.00 Neutral Sell 988 0.55

UK MAIL GROUP 425.00 214.00 445.00 Neutral Neutral 443 0.39

CAPITA 921.50 602.00 921.50 Neutral Sell 527 0.51

COMMUNISIS 55.88 25.34 56.50 Neutral Buy 67 0.78

COMPASS GROUP 851.50 616.00 856.50 Neutral Sell 607 0.74

BERENDSEN 752.50 462.00 812.00 Neutral Buy 985 1.05

DE LA RUE 946.00 891.50 1075.00 Neutral Sell 597 #NA

DIGNITY 1446.00 803.50 1446.00 Neutral Sell 825 0.22

DIPLOMA 599.50 417.00 627.50 Neutral Sell 490 0.96ELECTROCOMP. 258.60 195.20 265.00 Neutral Buy 323 1.04

FILTRONA 748.00 428.00 750.00 Neutral Sell 349 1.13

G4S 247.70 240.00 313.50 Buy Buy 293 0.58

HAYS 95.05 66.40 101.20 Neutral Buy 122 1.10

HOMESERVE 214.70 137.50 249.00 Neutral Strong Buy 494 0.94

INTERSERVE 492.30 271.40 510.50 Neutral Buy 687 1.28

INTERTEK GROUP 3359.00 2456.00 3451.00 Neutral Sell 1458 0.78

JOHNSON SERVICE GROUP 43.50 26.50 45.75 Neutral Strong Buy 95 1.17

MANAGEMENT CNSL.GP. 31.00 21.25 36.00 Neutral Strong Buy 55 0.72

MENZIES (JOHN) 790.50 542.00 790.50 Neutral Strong Buy 1298 1.43

MICHAEL PAGE INTL. 384.10 341.40 451.80 Neutral Sell 321 1.42

MITIE GROUP 272.10 253.90 300.80 Neutral Buy 343 0.55

OFFICE2OFFICE 93.50 87.50 156.00 Neutral Strong Buy 239 0.33

PAYPOINT 848.00 605.00 912.50 Neutral Sell 696 0.71

PREMIER FARNELL 224.50 153.20 236.30 Neutral Buy 291 1.33

REGUS 170.00 82.65 170.20 Neutral Sell 107 1.46

RENTOKIL INITIAL 92.05 69.40 100.70 Neutral Sell 55 1.25

REXAM 526.00 394.28 547.50 Neutral Neutral 534 0.90

RICARDO 385.00 304.50 431.00 Neutral Buy 473 0.86

ROBERT WALTERS 215.00 176.25 232.00 Neutral Buy 309 1.24

RPC GROUP 398.30 351.00 477.00 Neutral Buy 536 0.78

RPS GROUP 233.90 197.00 274.20 Neutral Neutral 248 1.51

SERCO GROUP 624.50 509.50 635.50 Neutral Sell 581 0.60

SHANKS GROUP 84.75 73.00 98.00 Neutral Strong Buy 169 1.46

SPEEDY HIRE 48.00 22.25 50.00 Neutral Neutral 52 1.26TRIBAL GROUP 152.00 73.50 153.00 Neutral Sell 51 0.63

TRIFAST 52.00 39.50 59.00 Neutral Buy 61 0.93

VP 340.00 235.00 354.88 Neutral Strong Buy 626 0.86

WYG 78.88 42.00 78.88 Sell Strong Buy 185 0.79


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Telecommunication Services Over Valued


BT GROUP 309.50 200.70 309.50 Sell Buy 354 0.91

CABLE & WIRELESS COMMS. 42.80 27.28 43.08 Neutral Strong Buy 85 0.70

INMARSAT 714.00 390.80 749.00 Neutral Sell 620 0.53

KCOM GROUP 86.25 67.00 86.50 Neutral Strong Buy 135 1.24

TELECOM PLUS 1237.00 695.00 1239.00 Sell Sell 765 0.09

VODAFONE GROUP 194.35 154.45 197.20 Neutral Sell 175 0.54

Transport Under Valued


BBA AVIATION 273.00 178.00 273.00 Sell Sell 180 1.30

BRAEMAR SHIPPING SVS. 415.00 309.50 425.00 Neutral Buy 463 0.98

CLARKSON 1650.00 1150.00 1673.00 Sell Sell 1496 0.80

EASYJET 1153.00 481.20 1153.00 Neutral Sell 682 0.77

FIRST GROUP 216.60 175.70 260.50 Neutral Strong Buy 573 0.91

FISHER(JAMES)& SONS 960.00 535.00 1110.00 Neutral Sell 403 0.77

GO-AHEAD GROUP 1527.00 1086.00 1558.00 Neutral Buy 1890 0.90

NATIONAL EXPRESS 215.00 164.50 230.50 Neutral Buy 256 1.35

NORTHGATE 337.00 159.60 350.00 Neutral Strong Buy 621 1.41

STAGECOACH GROUP 311.90 230.40 319.60 Neutral Buy 368 0.89

WINCANTON 54.00 31.00 78.50 Sell Sell -44 0.90

Utilities Under Valued


CENTRICA 377.50 306.30 393.10 Neutral Buy 511 0.47

NATIONAL GRID 823.00 641.00 825.50 Neu tral Neutra l 886 0.50

PENNON GROUP 666.00 598.00 796.00 Neutral Buy 824 0.59

SSE 1577.00 1294.00 1577.00 Neutral Buy 1833 0.42

SEVERN TRENT 1827.00 1513.00 1828.00 Neutral Sell 1604 0.35

UNITED UTILITIES GROUP 738.50 617.50 747.50 Neu tral Neutra l 713 0.50


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value indicator - uk main market 20130513

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