value indicator - uk main market 20130612

7/28/2019 value indicator - uk main market 20130612

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12 June 2013

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Intellisys Intelligent Analysis Limited 12 June 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 Va lued ......................................................................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 Under 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 Under Valued .......................................................... 13Support Services Under Valued ..................................................................... 14Telecommunication Services Under 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 392.60 276.40 427.00 Neutral Buy 561 0.67

CHEMRING GROUP 264.20 217.00 414.70 Neutral Buy 317 0.66

COBHAM 260.40 190.10 293.40 Neu tral Neutra l 277 0.82

MEGGITT 516.50 364.30 534.50 Neu tral Neutra l 492 1.32

ROLLS-ROYCE HOLDINGS 1187.00 7 99.39 1 225.00 Neu tral Neutra l 1136 1.07

SMITHS GROUP 1303.00 979.50 1390.00 Neutral Sell 1083 0.71

ULTRA ELECTRONICS HDG. 1679.00 1 424.00 1843.00 Neu tral Neutra l 1596 0.51

Automobiles & Parts Under Valued

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

GKN 304.40 173.60 313.40 Neu tral Neutra l 301 2.02

INCHCAPE 524.00 316.60 577.50 Neu tral Neutra l 549 1.48

LOOKERS 100.00 56.50 110.00 Neu tral Neutra l 97 1.23

PENDRAGON 24.75 13.50 26.50 Neutral Buy 33 1.11

Banks Over Valued


BARCLAYS 304.55 150.55 333.85 Neutral Sell -829 1.94

HSBC HDG. (ORD $0.50) 693.40 510.60 769.90 Neutral Buy 834 1.17

LLOYDS BANKING GROUP 61.19 28.76 62.96 Sell Sell 4 1.89

ROYAL BANK OF SCTL.GP. 327.50 196.60 367.80 Neutral Sell -135 1.35

STANDARD CHARTERED 1447.50 1228.50 1 837.50 Neutral Strong Buy 3307 1.70

Beverages Under Valued


BARR (AG) 503.00 350.00 588.50 Neutral Neutra l 546 0.55

DIAGEO 1906.00 1587.00 2085.00 Neutral Sell 1663 0.55

SABMILLER 3170.00 2439.00 3657.00 Neutral Buy 3669 0.95

Chemicals Under Valued


ALENT 360.60 305.00 397.50 Neutral Strong Buy 3359 #NA

AZ ELECTRONIC MATS.(DI) 305.90 240.00 406.40 Neutral Strong Buy 479 1.23

CARCLO 361.00 358.00 503.00 Neutral Sell 119 0.73

CRODA INTERNATIONAL 2424.00 2125.00 2841.00 Neutral Buy 3233 1.04

ELEMENTIS 229.80 179.00 275.00 Neutral Buy 289 0.99

JOHNSON MATTHEY 2623.00 2080.27 2750.00 Neutral Strong Buy 4391 1.45

VICTREX 1622.00 1185.00 1765.00 Neutral Sell 1316 1.14

SYNTHOMER 192.30 127.40 225.80 Neutral Strong Buy 332 1.16

ZOTEFOAMS 202.50 157.00 225.00 Neutral Buy 246 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 93.00 61.50 104.00 Neutral Strong Buy 252 0.51

BALFOUR BEATTY 221.30 207.60 320.80 Neutral Strong Buy 1285 0.80

BARRATT DEVELOPMENTS 310.30 125.30 346.30 Neutral Strong Buy 595 1.58

BELLWAY 1305.00 765.00 1377.00 Neutral Strong Buy 2854 1.15

BERKELEY GROUP HDG.(THE) 2097.00 1239.00 2207.00 Neutral Strong Buy 3288 0.66

BOOT (HENRY) 175.00 115.50 201.00 Neutral Strong Buy 407 0.83

BOVIS HOMES GROUP 776.50 428.00 778.50 Neutral Buy 1057 1.20

CARILLION 247.60 235.50 331.80 Neutral Strong Buy 1506 1.12

CLARKE (T) 53.00 40.00 61.50 Neutral Strong Buy 450 0.82

COSTAIN GROUP 262.00 188.25 306.00 Neutral Strong Buy 1116 0.57

CRH 1317.00 1078.00 1540.00 Neutral Sell 842 1.14

GALLIFORD TRY 935.00 584.00 999.00 Neutral Strong Buy 2883 1.01

KELLER 925.00 348.25 978.50 Neutral Strong Buy 2345 1.26

KIER GROUP 1176.00 1106.00 1408.00 Neutral Strong Buy 5371 0.97

LOW & BONAR 64.25 50.00 76.75 Neutral Strong Buy 217 1.07MARSHALLS 131.00 76.00 142.00 Neutral Strong Buy 401 1.39

MORGAN SINDALL GROUP 576.00 508.00 695.00 Neutral Strong Buy 4322 0.87

NORCROS 16.50 10.63 18.25 Neutral Strong Buy 60 1.15

PERSIMMON 1214.00 529.83 1280.00 Sell Strong Buy 1998 1.20

REDROW 215.90 107.30 238.10 Neutral Strong Buy 452 1.09

SIG 164.20 84.75 179.20 Neutral Strong Buy 499 1.79

SUPERGLASS HOLDINGS 48.00 46.88 362.50 Neutral Buy 68 0.88

TAYLOR WIMPEY 94.60 42.72 103.00 Neutral Strong Buy 228 1.67

TRAVIS PERKINS 1526.00 916.00 1611.00 Neutral Strong Buy 4099 2.01

WOLSELEY 3055.00 2154.34 3483.00 Neutral Strong Buy 5756 1.46

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1157.00 994.50 1365.00 Neutral Sell 800 0.75

DOMINO PRINTING SCIENCES 620.50 509.00 717.00 Neutral Buy 873 1.18

E2V TECHNOLOGIES 116.00 105.50 144.00 Neutral Strong Buy 256 1.29

INVENSYS 393.20 198.90 402.70 Neutral Sell 341 1.41

LAIRD 186.10 177.00 249.30 Neutral Strong Buy 320 2.13

OXFORD INSTRUMENTS 1455.00 1149.00 1752.00 Neutral Sell 1237 1.00

RENISHAW 1700.00 1260.00 2081.00 Neutral Strong Buy 2615 1.26

SPECTRIS 2026.00 1427.00 2470.00 Neutral Buy 2752 1.52

BIOME TECHNOLOGIES 0.08 0.07 0.13 Neutral Sell 0 0.84

TT ELECTRONICS 157.50 114.00 178.50 Neutral Strong Buy 312 1.58

XAAR 800.00 185.00 807.00 Sell Sell 232 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 83.00 54.25 91.75 Neutral Buy 124 1.28

BODYCOTE 531.50 310.30 563.00 Neutral Buy 626 1.60

CASTINGS 341.13 277.75 358.50 Neutral Strong Buy 624 0.99

VESUVIUS 377.30 263.19 402.10 Neutral Strong Buy 974 2.20

FENNER 337.80 329.30 435.20 Neutral Strong Buy 511 1.42

HALMA 501.50 375.00 538.50 Neutral Sell 354 0.75

HILL & SMITH 415.00 297.00 480.00 Neutral Sell 342 1.37

IMI 1277.00 776.00 1359.00 Neutral Strong Buy 5149 1.41

MORGAN ADVANCED MATERIAL 272.40 220 .30 305.00 Neutral Strong Buy 890 1.82

ROTORK 2705.00 1859.00 3037.00 Neutral Sell 1314 1.00

SENIOR 255.10 177.00 280.80 Neutral Sell 228 1.64

SEVERFIELD-ROWEN 48.50 35.40 83.55 Neutral Sell 39 0.79

SPIRAX-SARCO 2711.00 1903.48 2928.35 Neutral Sell 1982 0.84

VITEC GROUP 608.50 586.50 740.00 Neutral Sell 418 1.39

WEIR GROUP 2192.00 1397.00 2474.00 Neutral Sell 2031 1.38

Food & Drug Stores Over Valued


GREGGS 399.30 398.00 523.50 Neutral Strong Buy 667 0.47

MORRISON(WM)SPMKTS. 261.20 248.60 296.40 Buy Sell 158 0.39

SAINSBURY (J) 362.70 283.50 396.50 Neutral Sell 191 0.57

TESCO 343.95 301.10 387.75 Neutral Sell 252 0.68

THORNTONS 84.00 19.25 100.50 Neutral Sell 60 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1782.00 1205.00 2031.00 Neutral Buy 2040 0.62

CRANSWICK 1121.00 732.50 1127.00 Neutral Strong Buy 2016 0.43

DAIRY CREST 464.00 316.00 503.50 Neutral Neutral 489 0.94

DEVRO 320.00 278.00 380.00 Neutral Strong Buy 497 0.32

PREMIER FOODS 65.50 54.50 125.75 Neutral Sell -181 1.25

TATE & LYLE 799.50 634.50 875.50 Neutral Strong Buy 1500 0.71

UNILEVER (UK) 2650.00 2055.00 2885.00 Neutral Neutral 2684 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.50 20.50 29.50 Neutral Buy 33 0.69

BROWN (N) GROUP 451.60 227.50 465.60 Neutral Sell 337 0.54

BURBERRY GROUP 1358.00 1000.00 1541.00 Neutral Sell 919 1.27

CARPETRIGHT 613.50 585.00 728.50 Neutral Sell 277 0.95

DIXONS RETAIL 41.19 12.97 42.90 Neu tral Neu tral 45 1.51

FINDEL 179.50 55.20 186.00 Neutral Sell 59 1.13

FRENCH CONNECTN.GROUP 29.00 19.50 34.00 Neutral Strong Buy 104 0.99

HALFORDS GROUP 315.40 189.00 405.20 Neutral Strong Buy 478 0.68

JD SPORTS FASHION 907 .00 606.50 920 .00 Neutral Strong Buy 1475 0.53

DARTY 66.75 38.00 72.50 Neutral Strong Buy 102 1.25

KINGFISHER 345.10 254.10 352.90 Neu tral Neu tral 357 0.94

MARKS & SPENCER GROUP 445.70 312.20 485.00 Neutral Buy 500 0.65

MOSS BROTHERS GROUP 57.50 43.00 71.00 Neu tral Neu tral 62 1.04

MOTHERCARE 382.00 189.25 385.00 Neutral Buy 468 0.47

NEXT 4590.00 3051.00 4749.00 Neu tral Neu tral 4404 0.67

TED BAKER 1410.00 875.00 1490.00 Neutral Sell 622 0.55

TOPPS TILES 69.00 38.00 70.00 Neutral Sell 52 1.50

Heath Over Valued


BIOQUELL 136.00 126.50 160.00 Neutral Sell 111 0.46

CONSORT MEDICAL 736.00 585.00 831.50 Neutral Sell 542 0.39

OPTOS 119.25 119.25 222.75 Neutral Buy 149 1.18

SMITH & NEPHEW 737.50 603.50 794.50 Neutral Sell 666 0.43

Household Goods & Textiles Over Valued


GAMES WORKSHOP 725.00 565.00 742.00 Neutral Neutral 706 0.44

HEADLAM GROUP 370.00 263.00 378.75 Neutral Sell 322 0.92

HORNBY 82.50 55.25 88.50 Sell Buy 110 0.77

Information Technology & Hardware Over Valued


ARM HOLDINGS 866.00 469.00 1097.00 Neutral Sell 452 0.74

CSR 523.00 200.40 570.00 Neutral Strong Buy 1490 1.18FILTRONIC 63.00 27.25 83.25 Neutral Sell 25 0.90

IMAGIN AT ION TECHNOLOGIES 317.90 296 .00 624.00 Neutral Buy 354 1.08

SPIRENT COMMUNICATIONS 130.30 122.00 170.90 Neutral Strong Buy 441 0.94

WOLFSON MICROELECTRONICS 172.00 170 .00 230.00 Neutral Sell -681 0.90


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Insurance Under Valued


ADMIRAL GROUP 1304.00 1019.00 1374.00 Neutral Sell -383 0.53

AMLIN 385.70 323.60 435.10 Neutral Strong Buy 1474 0.46

BEAZLEY 223.30 132.50 241.30 Neutral Strong Buy 917 0.60

CATLIN GROUP 465.80 409.40 552.50 Neu tral Neu tral 451 0.30

HISCOX 531.50 414.09 600.00 Neutral Strong Buy 1836 0.48

JARDINE LLOYD THOMPSON 898 .00 679.50 914 .50 Neutral Buy 1197 0.31

RSA INSURANCE GROUP 115.50 100.70 136.30 Neutral Strong Buy 695 0.41

NOVAE GROUP 489.00 345.00 507.50 Neutral Strong Buy 3288 0.48

Leisure & Hotels Over Valued


CARNIVAL 2125.00 2083.00 2628.00 Neutral Strong Buy 4020 1.01

ENTERPRISE INNS 112.60 55.50 123.80 Neutral Sell 106 1.61

TUI TRAVEL 340.30 158.00 373.20 Neutral Strong Buy 785 1.01

FULLER SMITH 'A' 893.25 700.00 925.00 Neutral Sell 678 0.39

GREENE KING 750.00 479.20 789.50 Neutral Sell 651 0.93

LADBROKES 195.80 152.70 243.10 Neutral Buy 250 0.93

ICTL.HTLS.GP. 1816.00 1493.74 2039.00 Neutral Sell 1481 1.18

MILLENNIUM & CPTH.HTLS. 549.00 455.40 582.50 Neutral Buy 620 1.40

MITCHELLS & BUTLERS 364.10 219.70 408.50 Neutral Sell 318 1.12

BWIN PARTY DIGITAL ENTM. 124.20 91.90 156.00 Neutral Sell 45 1.25

PUNCH TAVERNS 13.00 5 .61 13.75 Neutral Strong Buy 50 1.27

RANK GROUP 159.10 115.00 177.50 Neutral Strong Buy 506 1.00

RESTAURANT GROUP 500.00 290.00 531.00 Neutral Sell 395 0.76

WETHERSPOON (JD) 614.50 387.60 661.50 Neutral Buy 745 0.69

WHITBREAD 2919.00 1824.00 2925.00 Sell Sell 2005 0.99WILLIAM HILL 436.50 247.83 452.80 Neutral Sell 258 0.87

MARSTON'S 141.50 94.70 154.70 Neutral Sell 17 1.21

Life Assurance Under Valued


AVIVA 329.60 260.50 388.40 Neu tral Neu tral 320 1.25

CHESNARA 247.00 161.25 270.00 Neutral Strong Buy 459 0.70

LEGAL & GENERAL 172.50 115.80 187.80 Neutral Strong Buy 435 1.71

OLD MUTUAL 184.50 148.70 221.60 Neutral Strong Buy 369 1.57

PRUDENTIAL 1055.00 701.50 1203.00 Neu tral Neu tral 1063 1.71

ST.JAMES'S PLACE 543.50 318.20 640.00 Neutral Strong Buy 6137 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 127.00 102.00 146.50 Neutral Sell -619 0.37

BRITISH SKY BCAST.GROUP 778.00 656.00 899.50 Neutral Strong Buy 1687 0.54

CENTAUR MEDIA 34.75 29.00 60.00 Neutral Sell -18 1.03

DAILY MAIL 'A' 768.00 363.50 770.00 Sell Strong Buy 4075 1.14

EUROMONEY INSTL.INVESTOR 951.00 708 .00 1030.00 Neutral Strong Buy 7479 1.00

INFORMA 485.10 350.40 537.00 Neutral Sell -54 1.53

ITE GROUP 281.80 180.00 299.00 Neutral Strong Buy 273 1.45

ITV 134.00 70.40 134.70 Neutral Strong Buy 1252 1.54

JOHNSTON PRESS 17.75 4.88 19.00 Neutral Strong Buy 776 1.27

PEARSON 1181.00 1119.00 1294.00 Neutral Buy 337 0.63

PHOTO-ME INTL. 83.00 36.25 84.50 Neutral Strong Buy 2615 0.79

PINEWOOD SHEPPERTON 277.50 265.00 350.00 Neutral Strong Buy 898 0.16

THOMSON REUTERS 34.20 26.85 36.45 Neutral Sell -606 0.50

STV GROUP 135.50 81.50 146.88 Neutral Sell 262 0.79

ST.IVES 158.00 67.50 166.50 Neutral Sell 245 1.50TRINITY MIRROR 111.75 25.50 122.25 Neutral Sell -287 1.59

UBM 677.50 532.50 788.00 Neutral Strong Buy 1902 1.31

WILMINGTON GROUP 163.50 82.00 164.50 Neutral Strong Buy 1343 0.84

WPP 1102.00 743.00 1190.00 Neutral Sell -503 1.35

HIBU 0.38 0.26 2.18 Neutral Strong Buy 804 1.07

Mining Under Valued


ANGLO AMERICAN 1371.50 1371.50 2215.00 Buy Sell 1110 1.74

ANGLO PACIFIC GROUP 226.00 215.00 290.00 Neu tral Neu tral 222 0.96

ANTOFAGASTA 884.50 884.00 1381.00 Neutral Sell 810 1.41

BHP BILLITON 1778.50 1724.00 2236.00 Neutral Strong Buy 2777 1.43

GLENCORE XSTRATA 302.50 293.55 397.85 Buy Strong Buy 927 #NA

LONMIN 280.80 240.84 420.20 Neutral Buy 323 2.03

RANDGOLD RESOURCES 4926.00 4545.00 7 775.00 Neutral Sell 2868 0.34

RIO TINTO 2702.50 2702.50 3757.00 Neutral Sell 2152 1.50

COALFIELD RESOURCES 3.38 10.00 Neutral Strong Buy 157 0.89

VEDANTA RESOURCES 1189.00 832.50 1335.00 Neutral Strong Buy 1979 2.20

Oil & Gas Under Valued


BG GROUP 1173.00 1000.50 1350.50 Neutral Sell 849 0.80

BP 460.30 401.60 483.30 Neutral Strong Buy 957 1.03

CAIRN ENERGY 261.30 248.20 309.40 Neutral Sell -13 1.32

FORTUNE OIL 7.65 7.60 12.50 Neutral Buy 10 0.82

HUNTING 801.00 688.00 941.00 Neutral Sell 540 1.31

JKX OIL & GAS 55.25 55.00 120 .00 Neutral Sell -59 1.36

PREMIER OIL 343.70 321.30 401.20 Neutral Buy 388 1.43

ROYAL DUTCH SHELL B 2210.00 2098.00 2366.50 Neutral Strong Buy 7988 0.84

SOCO INTERNATIONAL 370.80 276.50 404.30 Buy Buy 488 0.53

TULLOW OIL 1017.00 977.00 1531.00 Neutral Sell 675 1.04

WOOD GROUP (JOHN) 800.00 651.50 879.50 Neutral Sell 702 1.35


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Personal Care & Household Products Over Valued


MCBRIDE 111.00 101.00 144.60 Neutral Strong Buy 236 0.84

PZ CUSSONS 365.80 297.20 415.60 Neutral Sell 303 0.69

RECKITT BENCKISER GROUP 4567.00 3300 .00 4926.00 Neutral Neutral 4606 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.44 0.36 3.58 Buy Sell -2 1.01

ASTRAZENECA 3276.50 2656.50 3521.50 Neutral Strong Buy 6413 0.47

BTG 363.10 300.30 423.00 Neutral Sell 166 0.58

DECHRA PHARMACEUTICALS 699.00 4 69.50 780.00 Neu tral Neu tral 730 0.25

GLAXOSMITHKLINE 1667.50 1317.50 1782.00 Neu tral Neu tral 1674 0.49

OXFORD BIOMEDICA 1.73 1.55 2.80 Buy Sell 1 0.64

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Buy Strong Buy 2 0.95

SHIRE 2091.00 1727.00 2213.00 Neutral Sell 1432 0.66

SKYEPHARMA 51.25 43.50 101.50 Neutral Sell 31 0.73

VERNALIS 22.00 21.75 27.38 Neutral Sell 10 0.91

Real Estate Under Valued


BIG YELLOW GROUP 370.00 276.30 426.70 Neutral Sell -619 1.18

BRITISH LAND 583.50 478.30 658.00 Neutral Strong Buy 1687 1.06

CAPITAL & REGIONAL 33.25 22.75 37.00 Neutral Sell -18 0.85

CLS HOLDINGS 971.00 600.00 1004.00 Neutral Strong Buy 4075 0.70

DERWENT LONDON 2246.00 1740.00 2542.00 Neutral Strong Buy 7479 1.24DEVELOPMENT SECS. 195.00 121.75 203.00 Neutral Sell -54 0.99

GRAINGER 146.30 83.10 157.00 Neutral Strong Buy 273 1.58

GREAT PORTLAND ESTATES 519.00 367.80 598.00 Neutral Strong Buy 1252 1.10

HAMMERSON 485.00 409.20 554.00 Neutral Strong Buy 776 1.19

HELICAL BAR 264.00 175.00 297.50 Neutral Buy 337 0.77

LAND SECURITIES GROUP 906.50 715.00 994.00 Neutral Strong Buy 2615 1.16

INTU PROPERTIES 322.70 309.80 366.00 Neutral Strong Buy 898 1.09

MCKAY SECURITIES 145.50 127.00 155.00 Neutral Sell -606 0.73

MUCKLOW (A & J) GROUP 350.25 325.00 437.50 Neutral Sell 262 0.42

PRIMARY HEALTH PROPS. 315.00 312.17 363.53 Neutral Sell 245 0.35

QUINTAIN ESTATES & DEV. 75.50 32.50 79.50 Sell Sell -287 1.19

SAVILLS 600.00 319.50 601.50 Neutral Strong Buy 1902 0.77

SHAFTESBURY 603.00 492.00 668.00 Neutral Strong Buy 1343 1.05

SEGRO 270.20 209.80 302.80 Neutral Sell -503 1.73

ST MODWEN PROPS. 280.10 145.50 329.10 Neutral Strong Buy 804 1.59

TOWN CENTRE SECURITIES 208.50 150.00 223.00 Neutral Sell 9 1.01

UNITE GROUP 350.10 180.75 387.50 Neutral Strong Buy 2175 1.79

WARNER ESTATE 1.41 1.00 2.75 Neutral Sell -1087 1.03

WORKSPACE GROUP 394.50 222.75 418.20 Neutral Strong Buy 1286 1.05


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Software & Computer Services Under Valued


ANITE 132.20 113.00 162.00 Neutral Sell 123 0.73

AVEVA GROUP 2290.00 1550.00 2420.00 Neutral Sell 1319 1.40

COMPUTACENTER 465.60 292.40 567.00 Neutral Strong Buy 1318 1.00

KOFAX 332.00 242.00 335.00 Neu tral Neu tral 327 1.11

INNOVATION GROUP 27.50 18.25 28.00 Neutral Sell 25 0.85

MICRO FOCUS INTL. 643.50 431.48 710.00 Neutral Strong Buy 974 0.76

PHOENIX IT GROUP 158.50 130.00 222.00 Neutral Strong Buy 318 0.74

RM 69.75 68.00 85.50 Neutral Sell -93 0.52

FIDESSA GROUP 1884.00 1275.00 2047.00 Neutral Buy 2124 0.76

SAGE GROUP 341.70 247.75 368.18 Neutral Buy 427 0.72

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 395.80 244.80 492.10 Neutral Strong Buy 1274 1.09

BREWIN DOLPHIN 237.00 136.30 244.70 Neutral Strong Buy 663 0.73

CAMELLIA 9530.00 9250.00 11105.00 Neutral Strong Buy 97137 0.84

CHARLES STANLEY GROUP 397.63 247.50 406.25 Neutral Strong Buy 1307 0.97

CHARLES TAYLOR 195.00 147.00 195.00 Neutral Strong Buy 1160 0.69

CLOSE BROTHERS GROUP 940.50 699.50 1107.00 Neutral Strong Buy 5131 0.86

F&C ASSET MANAGEMENT 96.10 73.00 110.40 Neutral Sell 69 0.89

HELPHIRE GROUP 3.40 0.55 3.70 Sell Sell -125 0.69

HENDERSON GROUP 147.90 90.55 180.40 Neutral Strong Buy 803 1.44

ICAP 359.90 280.80 377.30 Neutral Strong Buy 1797 1.07

INTERMEDIATE CAPITAL GP. 430.20 249.10 501.50 Neutral Strong Buy 3166 1.70

INVESTEC 428.40 345.40 513.50 Neutral Strong Buy 1858 1.56

LONDON STOCK EX.GROUP 1351.00 930.00 1434.00 Neutral Strong Buy 4348 1.15MAN GROUP 86.25 63.25 134.40 Neutral Sell -4468 1.32

RATHBONE BROTHERS 1563.00 1186.00 1577.00 Neutral Strong Buy 5620 0.75

SCHRODERS 2159.00 1237.00 2560.00 Neutral Strong Buy 8508 1.30

SCHRODERS NV 1665.00 966.00 2000.00 Neutral Strong Buy 11208 1.27


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Support Services Under Valued


ACAL 235.00 157.75 242.50 Neutral Strong Buy 1232 0.92

AGGREKO 1642.00 1557.00 2400.00 Neutral Strong Buy 3372 1.05

AMEC 998.00 933.00 1172.00 Neutral Strong Buy 3287 1.04

ASHTEAD GROUP 613.50 228.30 671.00 Neutral Buy 883 1.63

BABCOCK INTL. 1103.00 842.50 1205.00 Neutral Strong Buy 2213 0.48

BRITISH POLYTHENE INDS. 518.00 331.50 580.25 Neutral Strong Buy 1985 0.76

BUNZL 1257.00 1009.00 1342.00 Neutral Strong Buy 2786 0.55

UK MAIL GROUP 495.00 214.00 525.00 Neutral Strong Buy 1428 0.39

CAPITA 938.00 641.50 1018.00 Neutral Sell 232 0.51

COMMUNISIS 54.00 25.34 56.50 Neutral Strong Buy 470 0.78

COMPASS GROUP 838.00 624.50 910.50 Neutral Strong Buy 1964 0.74

BERENDSEN 748.50 470.00 812.00 Neutral Strong Buy 2834 1.05

DE LA RUE 952.50 891.50 1075.00 Neutral Strong Buy 1748 #NA

DIGNITY 1359.00 803.50 1462.00 Neutral Strong Buy 2058 0.22

DIPLOMA 546.00 417.10 627.50 Neutral Strong Buy 1371 0.96ELECTROCOMP. 253.20 196.60 278.40 Neutral Strong Buy 1036 1.04

FILTRONA 684.00 439.60 750.00 Neutral Strong Buy 1281 1.13

G4S 235.30 235.30 313.50 Neutral Strong Buy 894 0.58

HAYS 83.90 66.40 101.20 Neutral Strong Buy 420 1.10

HOMESERVE 281.90 137.50 281.90 Neutral Strong Buy 1235 0.94

INTERSERVE 471.60 297.20 513.50 Neutral Strong Buy 3321 1.28

INTERTEK GROUP 3095.00 2558.00 3453.00 Neutral Buy 4431 0.78

JOHNSON SERVICE GROUP 45.38 26.50 47.25 Neutral Strong Buy 346 1.17

MANAGEMENT CNSL.GP. 29.50 21.25 32.00 Neutral Strong Buy 210 0.72

MENZIES (JOHN) 713.00 542.00 801.00 Neutral Strong Buy 2171 1.43

MICHAEL PAGE INTL. 373.10 341.40 451.80 Neutral Strong Buy 802 1.42

MITIE GROUP 248.00 248.00 300.80 Neutral Strong Buy 1260 0.55

OFFICE2OFFICE 82.00 82.00 156.00 Neutral Strong Buy 699 0.33

PAYPOINT 955.00 670.50 989.50 Neutral Strong Buy 1709 0.71

PREMIER FARNELL 200.40 153.20 236.30 Neutral Strong Buy 756 1.33

REGUS 155.60 82.65 177.50 Neutral Sell 66 1.46

RENTOKIL INITIAL 87.00 69.40 100.70 Neutral Strong Buy 309 1.25

REXAM 501.00 403.43 547.50 Neutral Strong Buy 1728 0.90

RICARDO 406.00 304.50 431.00 Neutral Strong Buy 1604 0.86

ROBERT WALTERS 218.75 176.25 234.00 Neutral Strong Buy 1134 1.24

RPC GROUP 412.60 365.40 477.00 Neutral Strong Buy 1818 0.78

RPS GROUP 206.50 200.20 274.20 Neutral Strong Buy 1022 1.51

SERCO GROUP 591.00 526.00 647.50 Neutral Strong Buy 2313 0.60

SHANKS GROUP 80.50 73.00 98.00 Neutral Strong Buy 684 1.46

SPEEDY HIRE 54.00 22.25 61.50 Neutral Strong Buy 251 1.26TRIBAL GROUP 172.75 82.00 174.00 Neutral Strong Buy 536 0.63

TRIFAST 59.00 40.50 59.25 Neutral Strong Buy 324 0.93

VP 352.50 245.75 356.50 Neutral Strong Buy 2001 0.86

WYG 89.50 42.00 89.50 Sell Strong Buy 519 0.79


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Telecommunication Services Under Valued


BT GROUP 305.00 200.70 322.30 Neutral Buy 355 0.91

CABLE & WIRELESS COMMS. 40.73 27.55 46.29 Neutral Strong Buy 85 0.70

INMARSAT 638.00 463.50 749.00 Neutral Sell 489 0.53

KCOM GROUP 82.00 68.25 88.30 Neutral Strong Buy 134 1.24

TELECOM PLUS 1229.00 775.00 1325.00 Neutral Sell 742 0.09

VODAFONE GROUP 192.00 154.45 199.90 Neu tral Neutra l 189 0.54

Transport Under Valued


BBA AVIATION 278.70 178.00 288.40 Sell Sell 176 1.30

BRAEMAR SHIPPING SVS. 421.25 317.00 429.75 Neutral Neutra l 449 0.98

CLARKSON 1600.00 1150.00 1716.00 Neutral Sell 1158 0.80

EASYJET 1229.00 489.00 1300.00 Neutral Sell 685 0.77

FIRST GROUP 99.60 96.21 212.39 Neutral Strong Buy 478 0.91

FISHER(JAMES)& SONS 955.00 578.00 1110.00 Neutral Sell 408 0.77

GO-AHEAD GROUP 1438.00 1113.00 1588.00 Neutral Buy 1834 0.90

NATIONAL EXPRESS 206.20 164.50 230.50 Neutral Buy 256 1.35

NORTHGATE 344.00 159.60 350.00 Neutral Strong Buy 689 1.41

STAGECOACH GROUP 292.60 230.40 319.60 Neutral Buy 377 0.89

WINCANTON 67.25 31.00 78.50 Sell Sell -43 0.90

Utilities Under Valued


CENTRICA 366.40 307.10 394.90 Neutral Strong Buy 575 0.47

NATIONAL GRID 741.00 641.00 847.50 Neutral Buy 864 0.50

PENNON GROUP 662.00 598.00 796.00 Neutral Buy 790 0.59

SSE 1511.00 1294.00 1676.00 Neutral Buy 2136 0.42

SEVERN TRENT 1937.00 1513.00 2090.00 Neutral Sell 1541 0.35

UNITED UTILITIES GROUP 732.00 646.00 787.50 Neu tral Neutra l 700 0.50


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value indicator - uk main market 20130612

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