value indicator - uk main market 20130806

8/22/2019 value indicator - uk main market 20130806

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06 August 2013

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Intellisys Intelligent Analysis Limited 06 August 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 Under Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Over Valued ........................................................8General Retail Under Valued ..............................................................................9Health 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 - REIT Under Valued ..................................................................... 12Real Estate REIS Under Valued ..................................................................... 13Software & Computer Services Under Valued .................................................... 13Speciality & Other Finance Under Valued .......................................................... 13Support Services Under Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 14Transport Over 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 providedsolely to enable you to make your own investment decisions. If you are unsure about dealing in sharesand other equity investments, you must contact your financial adviser as these types of investments maynot be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well asrise and 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 455.40 300.80 455.40 Neutral Buy 618 0.71

CHEMRING GROUP 313.00 217.00 414.70 Neutral Buy 374 0.66

COBHAM 307.70 190.10 307.70 N eu tra l Neu tral 306 0.85

MEGGITT 554.50 366.20 562.00 N eu tra l Neu tral 540 1.28

ROLLS-ROYCE HOLDINGS 1185.00 7 99.39 1 240.00 N eu tra l Neu tral 1174 1.00

SMITHS GROUP 1314.00 1011.00 1397.00 Neutral Sell 1180 0.77

ULTRA ELECTRONICS HDG. 1886.00 1 470.00 1886.00 Neutral Sell 1745 0.52

Automobiles & Parts Under Valued

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

GKN 354.00 201.00 354.00 Sell Neutral 348 1.97

INCHCAPE 633.00 353.30 645.00 N eu tra l Neu tral 641 1.42

LOOKERS 123.25 64.50 123.25 Neutral Sell 112 1.22

PENDRAGON 29.00 13.50 29.00 Neutral Strong Buy 44 1.09

Banks Over Valued


BARCLAYS 285.50 177.20 333.85 Neutral Sell -839 1.95

HSBC HDG. (ORD $0.50) 721.70 541.00 769.90 Neutral Buy 878 1.18

LLOYDS BANKING GROUP 75.69 31.36 75.69 Sell Sell 2 1.86

ROYAL BANK OF SCTL.GP. 317.40 220.70 367.80 Neutral Sell -133 1.39

STANDARD CHARTERED 1524.00 1228.50 1 837.50 Neutral Strong Buy 3458 1.64

Beverages Under Valued


BARR (AG) 566.00 415.00 588.50 Neutral Sell 503 0.58

DIAGEO 2105.50 1672.50 2105.50 Neutra l Neutral 2271 0.54

SABMILLER 3257.50 2599.00 3657.00 Neutral Buy 4410 0.91

Chemicals Under Valued


ALENT 368.90 305.00 397.50 Neutral Buy 462 #NA

AZ ELECTRONIC MATS.(DI) 326.20 240.00 406.40 Neutral Strong Buy 565 1.12

CARCLO 364.00 342.75 503.00 Neutral Sell 150 0.74

CRODA INTERNATIONAL 2532.00 2164.00 2841.00 Neutral Buy 3198 1.05

ELEMENTIS 259.90 204.20 275.00 Neutral Buy 314 1.07

JOHNSON MATTHEY 2887.00 2190.00 2887.00 Neutral Strong Buy 4416 1.43

VICTREX 1523.00 1295.00 1765.00 Neutral Sell 1351 1.16

SYNTHOMER 203.80 141.80 225.80 Neutral Strong Buy 406 1.10

ZOTEFOAMS 212.50 171.50 225.00 Neutral Buy 304 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 114.50 63.00 118.50 Neutral Strong Buy 285 0.56

BALFOUR BEATTY 251.40 207.60 320.80 Neutral Strong Buy 1170 0.83

BARRATT DEVELOPMENTS 352.20 140.10 352.20 Neutral Strong Buy 625 1.70

BELLWAY 1480.00 825.00 1480.00 Neutral Strong Buy 2935 1.02

BERKELEY GROUP HDG.(THE) 2340.00 1387.00 2340.00 Neutral Strong Buy 3584 0.58

BOOT (HENRY) 186.50 117.00 201.00 Neutral Strong Buy 374 0.75

BOVIS HOMES GROUP 811.00 461.10 851.50 Neutral Strong Buy 1474 1.11

CARILLION 302.30 244.80 331.80 Neutral Strong Buy 1581 1.09

CLARKE (T) 56.75 40.00 61.50 Neutral Strong Buy 396 0.80

COSTAIN GROUP 286.50 211.00 306.00 Neutral Strong Buy 1162 0.52

CRH 1432.00 1090.00 1540.00 Neutral Sell 931 1.04

GALLIFORD TRY 1004.00 610.00 1019.00 Neutral Strong Buy 3026 0.97

KELLER 1089.00 443.75 1161.00 Neutral Strong Buy 2450 1.29

KIER GROUP 1497.00 1106.00 1500.00 Neutral Strong Buy 5474 1.01

LOW & BONAR 66.75 50.00 76.75 Neutral Strong Buy 231 1.06MARSHALLS 150.00 78.00 152.75 Neutral Buy 208 1.33

MORGAN SINDALL GROUP 670.00 508.00 695.00 Neutral Strong Buy 4653 0.71

NORCROS 17.50 11.25 18.25 Neutral Strong Buy 62 1.05

PERSIMMON 1273.00 597.99 1305.00 Neutral Strong Buy 2053 1.02

REDROW 250.90 132.50 253.30 Neutral Strong Buy 467 0.90

SIG 185.60 94.15 185.60 Neutral Strong Buy 542 1.70

SUPERGLASS HOLDINGS 46.50 43.00 287.50 Sell Strong Buy 4371 0.89

TAYLOR WIMPEY 113.80 48.24 113.80 Neutral Strong Buy 233 1.61

TRAVIS PERKINS 1700.00 1013.00 1713.00 Neutral Strong Buy 4528 1.95

WOLSELEY 3237.00 2431.51 3483.00 Neutral Strong Buy 6159 1.35

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1182.00 999.50 1365.00 Neutral Sell 1052 0.69

DOMINO PRINTING SCIENCES 655.00 522.00 717.00 Neutral Buy 885 1.14

E2V TECHNOLOGIES 133.75 105.50 137.75 Neutral Strong Buy 275 1.27

INVENSYS 503.50 217.33 509.50 Neutral Sell 276 1.40

LAIRD 208.20 171.10 249.30 Neutral Strong Buy 446 2.10

OXFORD INSTRUMENTS 1420.00 1209.00 1752.00 Neutral Sell 1296 1.11

RENISHAW 1581.00 1494.00 2081.00 Neutral Buy 2067 1.29

SPECTRIS 2211.00 1549.00 2470.00 Neutral Buy 2821 1.53

BIOME TECHNOLOGIES 74.00 74.00 303.67 Neutral Sell -520 0.77

TT ELECTRONICS 185.25 114.00 185.25 Neutral Strong Buy 431 1.61

XAAR 855.00 227.00 898.00 Neutral Sell 420 1.06


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Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 96.50 54.25 96.50 Neutral Buy 142 1.19

BODYCOTE 640.00 337.60 640.00 Sell Neutral 621 1.60

CASTINGS 419.88 291.00 425.00 Neutral Strong Buy 660 0.95

VESUVIUS 475.00 263.19 480.00 Neutral Strong Buy 1159 2.23

FENNER 342.70 305.90 435.20 Neutral Strong Buy 547 1.45

HALMA 564.00 399.90 564.00 Sell Sell 401 0.78

HILL & SMITH 445.50 302.00 480.00 Neutral Buy 534 1.32

IMI 1424.00 837.50 1424.00 Sell Strong Buy 4208 1.41

MORGAN ADVANCED MATERIAL 318 .00 220 .30 318 .00 Neutral Strong Buy 488 1.90

ROTORK 2704.00 2157.00 3037.00 Neutral Neutral 2644 1.00

SENIOR 279.40 185.90 281.80 Neutral Sell 243 1.66

SEVERFIELD-ROWEN 57.63 35.40 80.16 Neutral Sell 46 0.79

SPIRAX-SARCO 2914.00 1932.53 2928.35 Neutral Sell 2085 0.84

VITEC GROUP 588.00 559.00 740.00 Neutral Sell 476 1.37

WEIR GROUP 2218.00 1566.00 2474.00 Neutral Neutral 2154 1.44

Food & Drug Stores Over Valued


GREGGS 441.60 398.00 523.50 Neutral Strong Buy 792 0.44

MORRISON(WM)SPMKTS. 287.50 248.60 296.40 Neutral Buy 396 0.39

SAINSBURY (J) 393.20 321.90 398.50 Neutral Buy 483 0.56

TESCO 368.15 307.90 387.75 Neutral Sell 198 0.68

THORNTONS 81.00 23.50 100.50 Neutral Sell 51 0.79

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1962.00 1267.00 2 031.00 Neutral Sell 1665 0.61

CRANSWICK 1149.00 732.50 1178.00 Neutral Strong Buy 1812 0.33

DAIRY CREST 501.00 332.90 510.00 Neutral Sell 367 0.91

DEVRO 324.50 289.90 380.00 Neutral Strong Buy 535 0.37

PREMIER FOODS 93.00 54.50 125.75 Neutral Strong Buy 248 1.26

TATE & LYLE 830.50 634.50 883.00 Neutral Strong Buy 1402 0.67

UNILEVER (UK) 2697.00 2235.00 2885.00 Neutral Sell 2283 0.50


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 25.88 22.13 29.50 Neutral Strong Buy 39 0.66

BROWN (N) GROUP 533.00 266.40 533.00 Sell Sell 466 0.51

BURBERRY GROUP 1555.00 1000.00 1563.00 Neutral Sell 1252 1.29

CARPETRIGHT 684.00 585.00 701.50 Neutral Sell 357 0.90

DIXONS RETAIL 46.33 16.00 46.33 Neu tral Neu tral 47 1.46

FINDEL 211.75 60.20 211.75 Sell Sell 61 1.06

FRENCH CONNECTN.GROUP 32.75 19.50 34.00 Sell Strong Buy 112 1.01

HALFORDS GROUP 376.00 216.10 405.20 Neutral Buy 521 0.71

JD SPORTS FASHION 881.00 651.00 925.00 Neutral Strong Buy 1786 0.49

DARTY 78.00 39.00 80.00 Neutral Buy 113 1.23

KINGFISHER 403.30 262.20 404.90 Neutral Buy 454 0.91

MARKS & SPENCER GROUP 483.40 347.70 488.80 Neutral Buy 652 0.60

MOSS BROTHERS GROUP 60.75 44.75 71.00 Neutral Buy 75 0.97

MOTHERCARE 435.00 202.00 492.75 Neutral Sell 158 0.38

NEXT 5020.00 3320.00 5030.00 Neu tral Neu tral 5425 0.61

TED BAKER 1973.00 899.00 1973.00 Sell Sell 986 0.56

TOPPS TILES 89.38 43.50 89.38 Neutral Sell 77 1.51

Health Over Valued


BIOQUELL 134.00 129.50 160.00 Neutral Sell 114 0.39

CONSORT MEDICAL 833.00 660.50 839.00 Neutral Sell 580 0.35

OPTOS 151.00 106.75 222.75 Neutral Buy 171 1.17

SMITH & NEPHEW 796.50 638.00 800.00 Neutral Sell 682 0.45

Household Goods & Textiles Over Valued


GAMES WORKSHOP 793.00 601.00 794.50 Neutral Neutral 777 0.42

HEADLAM GROUP 395.00 278.00 395.00 Neutral Sell 335 0.88

HORNBY 83.00 55.25 88.50 Neutral Buy 114 0.70

Information Technology & Hardware Over Valued


ARM HOLDINGS 872.00 528.00 1097.00 Neutral Sell 288 0.73

CSR 524.50 308.10 607.00 Neutral Strong Buy 1548 1.13FILTRONIC 62.50 29.00 83.25 Neutral Sell 53 0.94

IMAGIN AT ION TECHNOLOGIES 240 .20 235 .10 624 .00 Buy Buy 318 1.04

SPIRENT COMMUNICATIONS 154.70 118.00 170.00 Neutral Strong Buy 248 0.94

WOLFSON M ICR OELECTR ONICS 156 .00 140 .00 230 .00 Neutral Sell -193 0.94


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Insurance Under Valued


ADMIRAL GROUP 1330.00 1019.00 1416.00 Neutral Sell -525 0.52

AMLIN 412.30 364.10 435.10 Neutral Strong Buy 1609 0.40

BEAZLEY 222.10 162.20 242.70 Neutral Strong Buy 1000 0.50

CATLIN GROUP 511.50 441.00 552.50 Neutral Sell 478 0.22

HISCOX 657.50 456.58 660.00 Sell Strong Buy 1998 0.46

JARDINE LLOYD THOMPSON 908.00 723.00 917.00 Neutral Buy 1274 0.32

RSA INSURANCE GROUP 122.90 107.70 136.30 Neutral Strong Buy 764 0.39

NOVAE GROUP 497.00 345.00 507.50 Neutral Strong Buy 3606 0.38

Leisure & Hotels Over Valued


CARNIVAL 2573.00 2092.00 2628.00 Neutral Buy 3698 0.95

ENTERPRISE INNS 147.00 55.50 147.00 Sell Sell 119 1.64

TUI TRAVEL 392.00 190.10 392.00 Neutral Strong Buy 748 0.96

FULLER SMITH 'A' 965.00 700.50 965.00 Neutral Sell 634 0.26

GREENE KING 890.00 556.50 890.00 Sell Sell 653 0.88

LADBROKES 209.10 161.60 243.10 Neutral Buy 269 0.87

ICTL.HTLS.GP. 1908.00 1524.00 2039.00 Neutral Sell 1691 1.10

MILLENNIUM & CPTH.HTLS. 552.00 456.00 582.50 Neu tral Neu tral 604 1.34

MITCHELLS & BUTLERS 414.00 262.70 426.80 Neutral Sell 290 1.00

BWIN PARTY DIGITAL ENTM. 139.00 91.90 156.00 Neutral Sell 65 1.24

PUNCH TAVERNS 13.50 6 .10 13.75 Neutral Strong Buy 77 1.16

RANK GROUP 161.00 119.10 177.50 Neutral Strong Buy 580 0.96

RESTAURANT GROUP 544.00 317.50 557.50 Neutral Sell 401 0.70

WETHERSPOON (JD) 710.50 447.90 767.00 Neu tral Neu tral 717 0.57

WHITBREAD 3279.00 2096.00 3279.00 Neutral Sell 2248 0.97WILLIAM HILL 459.90 271.02 494.50 Neutral Sell 264 0.80

MARSTON'S 155.40 109.70 164.50 Neutral Sell 18 1.16

Life Assurance Under Valued


AVIVA 373.40 294.10 388.40 Neutral Sell 351 1.18

CHESNARA 258.50 163.50 270.00 Neutral Strong Buy 511 0.64

LEGAL & GENERAL 197.40 128.00 197.40 Sell Strong Buy 490 1.69

OLD MUTUAL 194.70 165.10 221.60 Neutral Strong Buy 411 1.52

PRUDENTIAL 1190.00 770.00 1203.00 Neu tral Neu tral 1209 1.66

ST.JAMES'S PLACE 634.00 336.20 640.00 Neutral Strong Buy 6907 0.84


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 141.00 102.00 146.50 Neutral Strong Buy 922 0.42

BRITISH SKY BCAST.GROUP 829.50 709.00 899.50 Neutral Strong Buy 1056 0.47

CENTAUR MEDIA 42.25 31.00 60.00 Neutral Sell -42 1.06

DAILY MAIL 'A' 828.00 451.25 828.00 Neutral Strong Buy 3556 1.07

EUROMONEY INSTL.INVESTOR 1101.00 735 .50 1105.00 Neutral Strong Buy 5566 0.96

INFORMA 536.00 380.50 541.50 Neutral Strong Buy 327 1.63

ITE GROUP 285.30 183.50 307.40 Neutral Buy 201 1.44

ITV 166.00 79.65 168.60 Neutral Strong Buy 1369 1.46

JOHNSTON PRESS 16.00 5.20 19.00 Neutral Buy 720 1.20

PEARSON 1334.00 1119.00 1350.00 Neutral Neutral 309 0.65

PHOTO-ME INTL. 96.50 38.88 96.50 Neutral Strong Buy 2283 0.86

PINEWOOD SHEPPERTON 286.50 265.00 288.50 Neutral Strong Buy 732 0.13

THOMSON REUTERS 35.75 26.85 36.45 Neutral Strong Buy 346 0.52

STV GROUP 157.50 81.50 157.50 Neutral Sell 240 0.82

ST.IVES 169.50 71.00 169.75 Neutral Sell 159 1.48TRINITY MIRROR 114.50 36.75 122.25 Neutral Sell -289 1.59

UBM 725.00 636.00 788.00 Neutral Strong Buy 1421 1.33

WILMINGTON GROUP 166.50 100.00 166.50 Neutral Strong Buy 1390 0.85

WPP 1193.00 788.00 1210.00 Neutral Sell -827 1.27

Mining Under Valued


ANGLO AMERICAN 1475.50 1207.00 2084.00 Neutral Sell 1246 1.84

ANGLO PACIFIC GROUP 197.75 161.00 290.00 Neu tral Neu tral 211 1.07

ANTOFAGASTA 893.50 784.50 1381.00 Neutral Sell 848 1.42

BHP BILLITON 1901.50 1666.50 2236.00 Neutral Strong Buy 2948 1.48

GLENCORE XSTRATA 289.60 256.85 397.85 Neutral Strong Buy 1014 #NA

LONMIN 322.00 240.84 411.96 Sell Buy 436 2.08

RANDGOLD RESOURCES 4688.00 3972.00 7 775.00 Neutral Sell 2888 0.47

RIO TINTO 3045.50 2582.00 3757.00 Neutral Sell 2442 1.53

VEDANTA RESOURCES 861.00 1335.00 Neutral Strong Buy 2774 2.24

Oil & Gas Under Valued


BG GROUP 1195.50 1000.50 1350.50 Neutral Sell 887 0.84

BP 455.75 416.60 483.30 Neutral Strong Buy 1000 1.02

CAIRN ENERGY 270.60 251.80 309.40 Neutral Sell -25 1.33

FORTUNE OIL 7.61 7.15 12.50 Buy Strong Buy 110 0.84

HUNTING 840.00 716.00 941.00 Neutral Sell 569 1.35

JKX OIL & GAS 64.50 48.50 96.00 Neutral Sell -58 1.35

PREMIER OIL 362.60 321.30 401.20 Neutral Buy 404 1.45

ROYAL DUTCH SHELL B 2179.50 2098.00 2366.50 Neutral Strong Buy 8202 0.83

SOCO INTERNATIONAL 367.10 319.90 404.30 Buy Buy 466 0.53

TULLOW OIL 1052.00 977.00 1468.00 Neutral Sell 694 1.05

WOOD GROUP (JOHN) 883.50 720.50 908.50 Neutral Sell 722 1.44


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Personal Care & Household Products Over Valued


MCBRIDE 132.00 101.00 144.60 Neutral Strong Buy 262 0.84

PZ CUSSONS 395.00 297.20 415.60 Neutral Sell 331 0.70

RECKITT BENCKISE R GROUP 4666.00 3536.00 4950.00 Neutral Neutral 4709 0.30

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.53 0.36 3.58 Buy Sell -3 0.91

ASTRAZENECA 3298.50 2792.50 3521.50 Neutral Strong Buy 9080 0.51

BTG 381.60 300.30 397.90 Neutral Sell 215 0.73

DECHRA PHARMACEUTICALS 688.00 4 73.00 780.00 Neutral Buy 927 0.18

GLAXOSMITHKLINE 1705.00 1317.50 1782.00 Neutral Buy 1936 0.52

OXFORD BIOMEDICA 1.48 1.33 2.80 Buy Sell -3 0.57

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Buy Sell -6 0.93

SHIRE 2405.00 1727.00 2442.00 Neutral Sell 1542 0.70

SKYEPHARMA 77.50 43.50 100.50 Neutral Buy 102 0.66

VERNALIS 22.63 19.38 27.38 Neutral Sell 11 0.86

Real Estate - REIT Under Valued


BIG YELLOW GROUP 428.50 300.00 445.00 Neutral Strong Buy 645 1.18

BRITISH LAND 596.00 506.00 658.00 Neutral Buy 756 1.05

DERWENT LONDON 2390.00 1890.00 2542.00 Neutral Strong Buy 4461 1.23

GREAT PORTLAND ESTATES 552.50 42 5.00 598.00 Neutral Strong Buy 1028 1.06

HAMMERSON 531.50 448.60 554.00 Neutral Sell 501 1.24

INTU PROPERTIES 330.90 300.60 366.00 Neutral Buy 495 1.13

LAND SECURITIES GROUP 951.50 761.50 994.00 Neutral Strong Buy 1589 1.15

LOCAL SHOP.REIT (THE) 26.13 24.25 40.75 Neutral Sell -137 0.81

LONDONMETRIC PROPERTY 115.70 1 03.20 121.40 Neutral Sell -1 0.33

MCKAY SECURITIES 147.00 131.50 155.00 Neutral Strong Buy 249 0.66

MUCKLOW (A & J) GROUP 390.50 325.00 454.50 Neutral Sell 235 0.39

PRIMARY HEALTH PROPS. 328.00 312.50 363.53 Neutral Sell 96 0.30

REDEFINE INTL.REIT 43.50 26.11 43.50 Neutral Sell -333 0.64

SEGRO 311.60 221.60 313.60 Neutral Sell -228 1.81

SHAFTESBURY 635.00 516.00 668.00 Neutral Buy 772 1.03

TOWN CENTRE SECURITIES 202.50 171.63 223.00 Neutral Sell 20 1.04

WARNER ESTATE 0.98 0.70 2.52 Neutral Sell -897 0.93

WORKSPACE GROUP 457.00 245.00 475.00 Neutral Strong Buy 1140 1.01


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 363.00 210.50 365.60 Neutral Strong Buy 788 0.70

CAPITAL & REGIONAL 34.25 22.75 37.50 Sell Sell -52 0.64

CLS HOLDINGS 1101.00 645.00 1120.00 Neutral Strong Buy 3020 0.75

DAEJAN HOLDINGS 3922.00 2706.00 4179.00 Neutral Strong Buy 7218 0.48

DEVELOPMENT SECS. 198.00 137.75 209.00 Neutral Neutral 191 0.96

GRAINGER 179.80 92.80 187.50 Neutral Sell 113 1.57

HELICAL BAR 286.75 178.00 302.50 Neutral Sell 201 0.82

LONDON & ASSOCS.PROPS. 25.00 20.25 29.75 Neutral Strong Buy 236 0.64

MOUNTVIEW ESTATES 6100.00 4150.00 6100.00 Neutral Strong Buy 14859 0.69

QUINTAIN ESTATES & DEV. 87.00 49.25 90.50 Sell Sell -202 1.04

RAVEN RUSSIA 69.50 61.50 79.75 Neutral Strong Buy 217 1.48

SAVILLS 642.00 374.40 644.00 Neutral Strong Buy 2285 0.74

SMART (J) 86.00 71.50 88.00 Neutral Strong Buy 382 0.33

ST MODWEN PROPS. 320.00 187.50 333.00 Neutral Strong Buy 629 1.60

UNITE GROUP 380.00 214.75 403.00 Neutral Strong Buy 1697 1.77

Software & Computer Services Under Valued


ANITE 131.00 113.00 162.00 Neutral Neutral 129 0.67

AVEVA GROUP 2485.00 1776.97 2588.15 Neutral Sell 1532 1.49

COMPUTACENTER 517.00 333.29 564.10 Neutral Strong Buy 1178 0.89

KOFAX 343.00 260.75 347.25 Neutral Sell 311 1.06

INNOVATION GROUP 29.75 18.63 29.75 Sell Sell 22 0.78

MICRO FOCUS INTL. 812.50 531.08 812.50 Neutral Buy 934 0.82

PHOENIX IT GROUP 160.50 130.00 222.00 Neutral Strong Buy 248 0.69

RM 83.88 64.00 85.50 Neutral Strong Buy 242 0.54

FIDESSA GROUP 2090.00 1275.00 2137.00 Neutral Neutral 2236 0.79

SAGE GROUP 353.70 289.36 368.18 Neutral Buy 450 0.69

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 379.80 266.60 492.10 Neutral Strong Buy 1247 1.11

BREWIN DOLPHIN 275.00 144.60 275.00 Sell Strong Buy 665 0.70

CAMELLIA 9051.00 8000.00 11105.00 Neutral Strong Buy 97214 0.84

CHARLES STANLEY GROUP 433.50 260.00 433.50 Neutral Strong Buy 1461 0.96

CHARLES TAYLOR 194.00 155.00 195.00 Neutral Strong Buy 1657 0.67

CLOSE BROTHERS GROUP 1086.00 767.00 1107.00 Neutral Strong Buy 4923 0.86

F&C ASSET MANAGEMENT 102.50 88.10 110.40 Neutral Sell 71 0.84

HELPHIRE GROUP 4.35 0.55 4.57 Sell Sell -133 0.63

HENDERSON GROUP 174.60 100.40 180.40 Neutral Strong Buy 821 1.46

ICAP 401.80 280.80 406.80 Neutral Strong Buy 836 1.04

INTERMEDIATE CAPITAL GP. 494.00 27 0.00 501.50 Neutral Strong Buy 1889 1.69

INVESTEC 438.00 358.40 513.50 Neutral Strong Buy 1554 1.57

LONDON STOCK EX.GROUP 1 62 0.00 93 0.00 1 620 .0 0 Sell Strong Buy 7557 1.11

MAN GROUP 94.85 71.30 134.40 Neutral Sell -5026 1.36

RATHBONE BROTHERS 1635.00 1208.00 1691.00 Neutral Strong Buy 5604 0.73

SCHRODERS 2530.00 1364.00 2560.00 Neutral Strong Buy 8352 1.30

SCHRODERS NV 1985.00 1087.00 2000.00 Neutral Strong Buy 11089 1.28


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Support Services Under Valued


ACAL 250.00 157.75 255.00 Neutral Strong Buy 887 0.88

AGGREKO 1642.00 1557.00 2400.00 Neutral Strong Buy 4320 1.13

AMEC 1095.00 965.50 1172.00 Neutral Strong Buy 3437 1.09

ASHTEAD GROUP 716.50 265.90 730.00 Neutral Buy 1030 1.65

BABCOCK INTL. 1192.00 887.50 1209.00 Neutral Strong Buy 2719 0.49

BRITISH POLYTHENE INDS. 595.00 358.00 604.00 Neutral Strong Buy 2446 0.80

BUNZL 1360.00 1009.00 1409.00 Neutral Strong Buy 2890 0.53

UK MAIL GROUP 593.00 229.88 593.00 Neutral Strong Buy 1723 0.42

CAPITA 1034.00 713.00 1057.00 Neutral Sell 216 0.54

COMMUNISIS 62.00 31.80 68.00 Neutral Strong Buy 501 0.81

COMPASS GROUP 899.00 671.50 910.50 Neutral Strong Buy 2057 0.74

BERENDSEN 836.50 514.00 836.50 Sell Strong Buy 3490 1.03

DE LA RUE 997.00 891.50 1075.00 Neutral Buy 1482 #NA

DIGNITY 1505.00 900.00 1568.00 Neutral Strong Buy 3162 0.24

DIPLOMA 594.50 420.10 627.50 Neutral Strong Buy 1579 0.96

ELECTROCOMP. 251.60 200.00 278.40 Neutral Strong Buy 963 1.01ESSENTRA PLC 830.00 500.50 830.00 Sell Strong Buy 1438 1.16

G4S 228.60 207.50 313.50 Neutral Strong Buy 922 0.53

HAYS 105.40 68.20 106.00 Neutral Strong Buy 476 1.06

HOMESERVE 265.50 185.60 293.60 Neutral Strong Buy 1011 0.88

INTERSERVE 516.00 319.00 519.00 Neutral Strong Buy 3816 1.26

INTERTEK GROUP 3085.00 2697.00 3453.00 Neutral Strong Buy 4964 0.80

JOHNSON SERVICE GROUP 49.00 27 .50 50.00 Neutral Strong Buy 121 1.11

MANAGEMENT CNSL.GP. 24.50 21.25 32.00 Neutral Strong Buy 226 0.63

MENZIES (JOHN) 762.50 573.00 801.00 Neutral Strong Buy 1846 1.38

MICHAEL PAGE INTL. 460.10 346.40 460.10 Neutral Strong Buy 873 1.41

MITIE GROUP 273.60 248.00 300.80 Neutral Strong Buy 1100 0.52

OFFICE2OFFICE 41.50 40.50 156.00 Buy Strong Buy 735 0.28

PAYPOINT 1120.00 684.00 1120.00 Neutral Strong Buy 2276 0.73PREMIER FARNELL 236.00 165.50 236.30 Neutral Strong Buy 749 1.42

REGUS 188.70 96.00 189.20 Neutral Sell 58 1.40

RENTOKIL INITIAL 97.90 76.10 100.70 Neutral Strong Buy 280 1.26

REXAM 515.00 420.70 547.50 Neutral Strong Buy 1844 0.85

RICARDO 451.25 340.00 451.25 Neutral Strong Buy 1736 0.89

ROBERT WALTERS 268.00 176.25 268.00 Neutral Strong Buy 1055 1.19

RPC GROUP 465.90 378.00 477.00 Neutral Strong Buy 1586 0.80

RPS GROUP 248.90 195.50 274.20 Neutral Strong Buy 1041 1.51

SERCO GROUP 638.00 535.00 683.50 Neutral Strong Buy 2463 0.59

SHANKS GROUP 88.00 73.00 98.00 Neutral Strong Buy 281 1.49

SPEEDY HIRE 59.50 23.50 64.75 Neutral Strong Buy 322 1.20

TRIBAL GROUP 195.75 82.00 197.00 Neutral Strong Buy 585 0.65

TRIFAST 57.13 40.50 59.25 Neutral Strong Buy 346 0.91

VP 407.50 295.25 412.50 Neutral Strong Buy 2392 0.81

WYG 92.00 42.00 92.00 Neutral Strong Buy 641 0.80

Telecommunication Services Over Valued


BT GROUP 338.90 212.50 344.00 Neutral Buy 423 0.88

CABLE & WIRELESS COMMS. 40.54 31.44 46.29 Neutral Strong Buy 80 0.68

INMARSAT 722.00 542.50 749.00 Neutral Sell 262 0.55

KCOM GROUP 86.15 68.25 88.50 Neutral Buy 119 1.21

TELECOM PLUS 1352.00 814.00 1390.00 Neutral Sell 806 0.05

VODAFONE GROUP 198.00 154.45 200.20 Neutral Sell 105 0.51


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Transport Over Valued


BBA AVIATION 300.50 178.00 300.50 Neutral Sell 235 1.24

BRAEMAR SHIPPING SVS. 455.00 350.00 455.00 Neutral Buy 600 1.05

CLARKSON 1896.00 1150.00 1896.00 Sell Sell 1344 0.85

EASYJET 1441.00 530.00 1448.00 Neutral Sell 872 0.76

FIRST GROUP 103.20 92.00 212.39 Neutral Strong Buy 286 0.91

FISHER(JAMES)& SONS 1048.00 618.00 1110.00 Neutral Sell 791 0.74

GO-AHEAD GROUP 1550.00 1220.00 1595.00 Neutral Strong Buy 2753 0.99

NATIONAL EXPRESS 255.50 164.50 2 56.10 Neutral Neutral 251 1.40

NORTHGATE 384.00 202.00 390.00 Neutral Strong Buy 642 1.34

STAGECOACH GROUP 331.90 265.90 337.60 Neutral Buy 449 0.98

WINCANTON 77.75 43.75 79.50 Neutral Strong Buy 237 0.96

Utilities Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaCENTRICA 389.30 310.80 394.90 Neutral Strong Buy 587 0.52

NATIONAL GRID 780.00 678.00 847.50 Neutral Buy 1006 0.46

PENNON GROUP 705.00 598.00 766.50 Neutral Sell 642 0.62

SSE 1572.00 1315.00 1676.00 Neutral Buy 2309 0.41

SEVERN TRENT 1791.00 1513.00 2090.00 Neutral Sell 1543 0.36

UNITED UTILITIES GROUP 726.50 647.00 787.50 Neutral Neutral 771 0.48


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value indicator - uk main market 20130806

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