value indicator - uk main market 20130822

7/27/2019 value indicator - uk main market 20130822

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22 August 2013

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Intellisys Intelligent Analysis Limited 22 August 2013

www.intellisys.uk.com +44 20 3239 8994 Page 2 of 17

Contents

Introduction .................................................................................................................................3 Value ...........................................................................................................................................4 Conclusion ..................................................................................................................................4 RISK WARNING Ratings and Targets ....................................................................................4 How to use the report .................................................................................................................5

Aerospace & Defence Under Valued .....................................................................6 Automobiles & Parts Under Valued ......................................................................6

Banks Over Va lued .........................................................................................6

Beverages Under Valued ..................................................................................6

Chemicals Under Valued ..................................................................................6

Construction & Building Materials Under Valued ....................................................7

Electronics & Electrical Equipment Under Valued ..................................................7

Engineering & Machinery Under Va lued ...............................................................8

Food & Drug Stores Over Valued .......................................................................8

Food Producers & Processors Over Valued ........................................................8

General Retail Under Valued ..............................................................................9

Health Over Va lued .........................................................................................9

Household Goods & Textiles Over Valued ..........................................................9

Information Technology & Hardware Over Valued ...............................................9

Insurance Under Va lued

................................................................................... 10 Leisure & Hotels Over Va lued ..................................................................... 10

Life Assurance Under Va lued .................................................................... 10

Media & Entertainment Under Valued ................................................................ 11

Mining Under Va lued ...................................................................................... 11

Oil & Gas Under Va lued ................................................................................... 11

Personal Care & Household Products Over Va lued .......................................... 12

Pharmaceuticals & Biotechnology Under Va lued ................................................ 12

Real Estate - REIT Under Va lued ..................................................................... 12

Real Estate REIS Under Valued ..................................................................... 13

Software & Computer Services Under Valued .................................................... 13 Speciality & Other Finance Under Va lued .......................................................... 13

Support Services Under Va lued ..................................................................... 14

Telecommunication Services Over Va lued ....................................................... 14

Transport Over Va lued ................................................................................... 15

Utilities Under Valued ....................................................................................... 15 DISCLAIMER ........................................................................................................................... 16 RISK 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

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

1 2 3 4 5 6 7 8 9 10 1 1 12 1 3 14 1 5 16 1 7 18 19 2 0 21 2 2 23 2 4 25 2 6 27 28 2 9 30 3 1 32 33 3 4 35 3 6 37 38 3 9 4020.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

Best Buy/Sell Trend


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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 Retail Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaASHLEY(LAURA) HOLDINGS 29.00 18.50 29.50 Neutral Neutral 30 0.72BROWN (N) GROUP 266.70 222.40 282.70 Neutral Buy 298 0.52BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94FRENCH CONNECTN.GROUP 23.50 19.50 82.00 Neutral Strong Buy 112 1.05HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67JJB SPORTS SUSP - 24/09/12 0.40 0.24 17.00 Neutral Sell -62 0.88JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56TOPPS 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 m onth 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 440.90 300.80 455.40 Neutral Buy 608 0.71

CHEMRING GROUP 313.30 217.00 377.60 Neutral Buy 370 0.66

COBHAM 289.20 190.10 307.70 N eu tra l Neu tral 300 0.85

MEGGITT 534.50 366.20 562.00 N eu tra l Neu tral 526 1.28

ROLLS-ROYCE HOLDINGS 1124.00 7 99.39 1 240.00 N eu tra l Neu tral 1138 1.00

SMITHS GROUP 1312.00 1011.00 1397.00 Neutral Sell 1154 0.77

ULTRA ELECTRONICS HDG. 1939.00 1 505.00 1981.00 Neutral Sell 1711 0.52

Automobiles & Parts Under Valued

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

GKN 336.80 201.00 354.00 N eu tra l Neu tral 332 1.97INCHCAPE 615.00 353.30 645.00 N eu tra l Neu tral 637 1.42

LOOKERS 123.00 68.75 128.50 Neutral Sell 112 1.22

PENDRAGON 31.25 13.50 32.00 Neutral Buy 44 1.09

Banks Over Valued


BARCLAYS 283.00 181.25 333.85 Neutral Sell -844 1.95

HSBC HDG. (ORD $0.50) 682.00 541.00 769.90 Neutral Buy 854 1.18

LLOYDS BANKING GROUP 73.86 32.89 77.14 Neutral Sell 0 1.86

ROYAL BANK OF SCTL.GP. 334.10 220.70 367.80 Neutral Sell -124 1.39

STANDARD CHARTERED 1464.50 1364.00 1 837.50 Neutral Strong Buy 3397 1.64

Beverages Under Valued


BARR (AG) 569.50 415.00 588.50 Neutral Sell 497 0.58

DIAGEO 1998.00 1672.50 2136.50 Sell Neutral 2190 0.54

SABMILLER 3039.50 2599.00 3657.00 Neutral Buy 4206 0.91

Chemicals Under Valued


ALENT 338.60 305.00 397.50 Neutral Buy 461 #NA

AZ ELECTRONIC MATS.(DI) 322.30 240.00 406.40 Neutral Strong Buy 567 1.12

CARCLO 367.00 342.75 501.00 Neutral Sell 145 0.74

CRODA INTERNATIONAL 2576.00 2164.00 2841.00 Neutral Buy 3299 1.05

ELEMENTIS 256.80 204.20 275.00 Neutral Buy 318 1.07

JOHNSON MATTHE Y 27 75 .00 2190 .00 2887 .00 Neutral Strong Buy 4352 1.43

VICTREX 1600.00 1309.00 1765.00 Neutral Sell 1378 1.16

SYNTHOMER 227.80 141.80 230.00 Neutral Strong Buy 403 1.10

ZOTEFOAMS 199.00 178.50 225.00 Neutral Strong Buy 304 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 116.00 76.00 118.50 Neutral Strong Buy 276 0.56

BALFOUR BEATTY 251.70 207.60 320.80 Neutral Strong Buy 1115 0.83

BARRATT DEVELOPMENTS 304.50 149.30 355.20 Neutral Strong Buy 606 1.70

BELLWAY 1396.00 869.00 1502.00 Neutral Strong Buy 2848 1.02

BE RKE LE Y GROUP HDG.( THE ) 2 16 4.0 0 1 38 7.0 0 2 34 0.0 0 Neutral Strong Buy 3458 0.58

BOOT (HENRY) 185.50 123.50 201.00 Neutral Strong Buy 363 0.75

BOVIS HOMES GROUP 776.50 473.20 851.50 Neutral Strong Buy 1431 1.11

CARILLION 297.30 244.80 331.80 Neutral Strong Buy 1537 1.09

CLARKE (T) 59.00 40.00 62.50 Neutral Strong Buy 385 0.80

COSTAIN GROUP 280.75 220.00 306.00 Neutral Strong Buy 1130 0.52

CRH 1395.00 1090.00 1540.00 Neutral Sell 888 1.04

GALLIFORD TRY 975.00 621.00 1020.00 Neutral Strong Buy 2942 0.97

KELLER 1074.00 491.00 1161.00 Neutral Strong Buy 2376 1.29

KIER GROUP 1491.00 1106.00 1528.00 Neutral Strong Buy 5324 1.01

LOW & BONAR 71.75 50.00 76.75 Neutral Strong Buy 224 1.06MARSHALLS 155.75 81.00 155.75 Neutral Buy 203 1.33

MORGAN SINDALL GROUP 671.50 508.00 695.00 Neutral Strong Buy 4518 0.71

NORCROS 17.00 11.25 18.25 Neutral Strong Buy 60 1.05

PERSIMMON 1142.00 644.20 1305.00 Neutral Strong Buy 1989 1.02

REDROW 225.30 140.00 255.10 Neutral Strong Buy 453 0.90

SIG 177.30 94.15 188.00 Neutral Strong Buy 526 1.70

SUPERGLASS HOLDINGS 46.00 43.00 287.50 Neutral Strong Buy 4229 0.89

TAYLOR WIMPEY 104.00 50.25 113.80 Neutral Strong Buy 226 1.61

TRAVIS PERKINS 1575.00 1013.00 1713.00 Neutral Strong Buy 4393 1.95

WOLSELEY 3194.00 2504.56 3483.00 Neutral Strong Buy 5984 1.35

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1340.00 999.50 1365.00 Neutral Sell 1083 0.69

DOMINO PRINTING SCIENCES 680.00 522.00 717.00 Neutral Buy 908 1.14

E2V TECHNOLOGIES 131.75 105.50 137.75 Neutral Strong Buy 281 1.27

INVENSYS 494.10 217.33 509.50 Neutral Sell 281 1.40

LAIRD 214.90 171.10 249.30 Neutral Strong Buy 455 2.10

OXFORD INSTRUMENTS 1508.00 1209.00 1752.00 Neutral Sell 1330 1.11

RENISHAW 1674.00 1494.00 2081.00 Neutral Buy 2135 1.29

SPECTRIS 2246.00 1549.00 2470.00 Neutral Buy 2896 1.53

BIOME TECHNOLOGIES 104.50 65.00 303.67 Neutral Sell -455 0.77

TT ELECTRONICS 181.75 114.00 191.50 Neutral Strong Buy 440 1.61

XAAR 832.00 227.00 898.00 Neutral Sell 431 1.06


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Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 114.25 54.25 114.25 Sell Buy 144 1.19

BODYCOTE 633.50 337.60 644.00 Neutral Neutral 624 1.60

CASTINGS 421.00 291.00 443.50 Neutral Strong Buy 662 0.95

VESUVIUS 469.90 263.19 480.00 Neutral Strong Buy 1167 2.23

FENNER 353.00 305.90 435.20 Neutral Strong Buy 549 1.45

HALMA 556.00 405.80 578.00 Neutral Sell 402 0.78

HILL & SMITH 435.00 338.00 480.00 Neutral Buy 536 1.32

IMI 1409.00 837.50 1445.00 Neutral Strong Buy 4221 1.41

MOR GAN ADVANCE D MATE RIAL 3 05 .2 0 2 20 .3 0 3 18 .0 0 Neutral Strong Buy 488 1.90

ROTORK 2730.00 2157.00 3037.00 Neutral Buy 3090 1.00

SENIOR 282.00 185.90 284.90 Neutral Sell 244 1.66

SEVERFIELD-ROWEN 56.50 35.40 76.91 Neutral Sell 46 0.79

SPIRAX-SARCO 3000.00 1932.53 3016.00 Sell Sell 2091 0.84

VITEC GROUP 615.50 559.00 740.00 Neutral Sell 477 1.37

WEIR GROUP 2192.00 1566.00 2474.00 Neutral Neutral 2159 1.44

Food & Drug Stores Over Value d


GREGGS 401.20 392.10 523.50 Neutral Strong Buy 767 0.44

MORRISON(WM)SPMKTS. 284.60 248.60 296.40 Neutral Buy 381 0.39

SAINSBURY (J) 386.00 321.90 398.50 Neutral Buy 465 0.56

TESCO 363.20 307.90 387.75 Neutral Sell 192 0.68

THORNTONS 84.50 23.88 100.50 Neutral Sell 54 0.79

Food Producers & Processors Over Value d


ASSOCIATED BRIT.FOODS 1869.00 1267.00 2 031.00 Neutral Sell 1644 0.61

CRANSWICK 1108.00 732.50 1178.00 Neutral Strong Buy 1770 0.33

DAIRY CREST 510.50 332.90 528.50 Neutral Sell 384 0.91

DEVRO 320.00 289.90 380.00 Neutral Strong Buy 508 0.37

PREMIER FOODS 117.50 54.50 125.75 Neutral Strong Buy 250 1.26

TATE & LYLE 814.00 634.50 883.00 Neutral Strong Buy 1344 0.67

UNILEVER (UK) 2507.00 2235.00 2885.00 Neutral Sell 2173 0.50


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 26.00 22.13 29.50 Neutral Buy 39 0.66

BROWN (N) GROUP 563.50 266.40 563.50 Sell Sell 459 0.51

BURBERRY GROUP 1586.00 1000.00 1593.00 Neutral Sell 1235 1.29

CARPETRIGHT 660.00 585.00 701.50 Neutral Sell 351 0.90

DIXONS RETAIL 42.77 17.00 4 6.33 Neutral Buy 48 1.46

FINDEL 234.50 102.00 234.50 Sell Sell 63 1.06

FRENCH CONNECTN.GROUP 31.00 21.25 34.00 Sell Strong Buy 111 1.01

HALFORDS GROUP 367.80 234.50 405.20 Neutral Buy 513 0.71

JD SPORTS FASHION 928.50 651.00 963.50 Neutral Strong Buy 1759 0.49

DARTY 81.00 39.00 81.75 Neutral Buy 115 1.23

KINGFISHER 385.10 262.20 404.90 Neutral Buy 448 0.91

MARKS & SPENCER GROUP 457.00 352.70 488.80 Neutral Buy 642 0.60

MOSS BROTHERS GROUP 63.25 44.75 71.00 Neutral Buy 75 0.97

MOTHERCARE 437.25 202.00 492.75 Neutral Sell 165 0.38

NEXT 4800.00 3320.00 5030.00 Neutral Buy 5355 0.61

TED BAKER 1929.00 899.00 1973.00 Sell Sell 970 0.56

TOPPS TILES 82.00 46.00 89.75 Neutral Sell 76 1.51

Health Over Value d


BIOQUELL 134.00 129.50 160.00 Neutral Sell 115 0.39

CONSORT MEDICAL 839.00 660.50 839.00 Neutral Sell 579 0.35

OPTOS 154.50 106.75 222.75 Neutral Buy 171 1.17

SMITH & NEPHEW 775.00 638.00 800.00 Neutral Sell 663 0.45

Household Goods & Textiles Over Value d


GAMES WORKSHOP 771.00 601.00 794.50 Neu tral Neu tral 756 0.42

HEADLAM GROUP 380.50 295.00 415.00 Neutral Sell 326 0.88

HORNBY 82.00 55.25 88.50 Neutral Buy 111 0.70

Information Technology & Hardware Over Value d


ARM HOLDINGS 871.50 528.00 1097.00 Neutral Sell 280 0.73

CSR 516.00 308.10 607.00 Neutral Strong Buy 1555 1.13FILTRONIC 64.75 30.75 83.25 Neutral Sell 55 0.94

IMAGIN AT ION TE CHNOLOGIE S 2 68 .4 0 2 35 .1 0 6 24 .0 0 Neutral Buy 322 1.04

SPIRENT COMMUNICATIONS 129.80 118.00 170.00 Neutral Strong Buy 241 0.94

WOLFSON M ICR OE LE CTR ONICS 1 58 .0 0 1 40 .0 0 2 26 .2 5 Neutral Sell -200 0.94


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Insurance Under Valued


ADMIRAL GROUP 1294.00 1019.00 1416.00 Neutral Sell -360 0.52

AMLIN 392.90 364.10 435.10 Neutral Strong Buy 1476 0.40

BEAZLEY 208.60 162.20 242.70 Neutral Strong Buy 917 0.50CATLIN GROUP 460.90 450.10 552.50 Neu tral Neu tral 464 0.22

HISCOX 634.00 459.54 660.00 Neutral Strong Buy 1838 0.46

JARDINE LLOYD THOM PSON 919.00 723.00 923.00 Neutral Buy 1204 0.32

RSA INSURANCE GROUP 120.00 107.70 136.30 Neutral Strong Buy 695 0.39

NOVAE GROUP 505.00 345.00 515.00 Neutral Strong Buy 3284 0.38

Leisure & Hotels Over Value d


CARNIVAL 2427.00 2092.00 2628.00 Neutral Buy 3510 0.95

ENTERPRISE INNS 138.50 55.75 152.20 Neutral Sell 108 1.64

TUI TRAVEL 354.60 208.20 401.50 Neutral Strong Buy 722 0.96

FULLER SMITH 'A' 969.00 700.50 969.00 Neutral Sell 605 0.26

GREENE KING 815.50 556.50 897.50 Neutral Sell 619 0.88

LADBROKES 195.00 169.70 243.10 Neutral Buy 258 0.87

ICTL.HTLS.GP. 1845.00 1524.00 2039.00 Neutral Sell 1637 1.10

MILLENNIUM & CPTH.HTLS. 551.00 456.00 582.50 Neu tral Neu tral 582 1.34

MITCHELLS & BUTLERS 414.00 262.70 430.40 Sell Sell 273 1.00

BWIN PARTY DIGITAL ENTM. 130.90 91.90 156.00 Neutral Sell 63 1.24

PUNCH TAVERNS 12.63 6 .15 13.75 Neutral Strong Buy 72 1.16

RANK GROUP 157.50 128.60 177.50 Neutral Strong Buy 562 0.96

RESTAURANT GROUP 528.00 321.10 570.00 Neutral Sell 385 0.70

WETHERSPOON (JD) 739.50 447.90 767.00 Neutral Sell 686 0.57

WHITBREAD 3064.00 2096.00 3303.00 Neutral Sell 2161 0.97WILLIAM HILL 432.00 271.02 494.50 Neutral Sell 254 0.80

MARSTON'S 155.20 109.90 164.50 Neutral Sell 15 1.16

Life Assurance Under Valued


AVIVA 395.00 294.10 404.90 Neutral Sell 362 1.18

CHESNARA 260.00 170.00 270.00 Neutral Strong Buy 515 0.64

LEGAL & GENERAL 196.00 128.00 201.90 Neutral Strong Buy 485 1.69

OLD MUTUAL 187.70 165.10 221.60 Neutral Strong Buy 390 1.52

PRUDENTIAL 1125.00 770.00 1232.00 Neu tral Neu tral 1168 1.66

ST.JAMES'S PLACE 606.00 336.20 641.50 Neutral Strong Buy 6554 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 825.00 709.00 899.50 Neutral Strong Buy 1056 0.47

CENTAUR MEDIA 39.00 31.00 60.00 Neutral Sell -42 1.06

DAILY MAIL 'A' 793.50 451.25 835.00 Neutral Strong Buy 3556 1.07

E UR OM ON EY IN ST L.I NVE STOR 114 0.0 0 7 47 .5 0 114 0.0 0 Sell Strong Buy 5566 0.96

INFORMA 505.00 380.50 541.50 Neutral Strong Buy 327 1.63

ITE GROUP 288.00 183.50 307.40 Neutral Buy 201 1.44

ITV 163.70 82.00 168.60 Neutral Strong Buy 1369 1.46

JOHNSTON PRESS 16.88 5.20 19.00 Neutral Buy 720 1.20

PEARSON 1308.00 1119.00 1350.00 Neu tral Neu tral 309 0.65

PHOTO-ME INTL. 98.00 42.75 99.00 Neutral Strong Buy 2283 0.86

PINEWOOD SHEPPERTON 289.00 269.00 289.00 Neutral Strong Buy 732 0.13

THOMSON REUTERS 35.15 26.85 36.45 Neutral Strong Buy 346 0.52

STV GROUP 184.50 81.50 184.50 Neutral Sell 240 0.82

ST.IVES 158.75 73.25 170.00 Neutral Sell 159 1.48TRINITY MIRROR 107.50 36.75 122.25 Neutral Sell -289 1.59

UBM 696.00 636.00 788.00 Neutral Strong Buy 1421 1.33

WILMINGTON GROUP 189.75 103.00 196.00 Neutral Strong Buy 1390 0.85

WPP 1191.00 788.00 1210.00 Neutral Sell -827 1.27

Mining Under Valued


ANGLO AMERICAN 1474.00 1207.00 2084.00 Neutral Sell 1260 1.84

ANGLO PACIFIC GROUP 194.50 161.00 290.00 Neu tral Neu tral 212 1.07ANTOFAGASTA 895.00 784.50 1381.00 Neu tral Neu tral 857 1.42

BHP BILLITON 1873.00 1666.50 2236.00 Neutral Strong Buy 2993 1.48

GLENCORE XSTRATA 304.75 256.85 397.85 Neutral Strong Buy 1027 #NA

LONMIN 338.00 240.84 380.10 Sell Buy 437 2.08

RANDGOLD RESOURCES 4998.00 3972.00 7 775.00 Neutral Sell 2911 0.47

RIO TINTO 2987.00 2582.00 3757.00 Neutral Sell 2464 1.53

VEDANTA RESOURCES 861.00 1335.00 Neutral Strong Buy 2817 2.24

Oil & Gas Under Valued


BG GROUP 1147.00 1000.50 1350.50 Neutral Sell 882 0.84

BP 432.55 416.60 483.30 Buy Strong Buy 991 1.02

CAIRN ENERGY 272.80 251.80 298.80 Neutral Sell -33 1.33

FORTUNE OIL 8.79 7.15 12.50 Neutral Strong Buy 115 0.84

HUNTING 862.00 716.00 941.00 Neutral Sell 572 1.35

JKX OIL & GAS 69 .50 48 .50 87 .00 Neutral Sell -59 1.35

PREMIER OIL 357.00 321.30 400.20 Neutral Buy 399 1.45

ROYAL DUTCH SHELL B 2108.50 2098.00 2365.00 Neutral Strong Buy 8123 0.83

SOCO INTERNATIONAL 368.50 319.90 404.30 Neutral Buy 437 0.53

TULLOW OIL 1006.00 977.00 1468.00 Neutral Sell 682 1.05

WOOD GROUP (JOHN) 810.50 720.50 915.50 Neutral Sell 717 1.44


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Personal Care & Household Products Over Value d


MCBRIDE 127.50 101.00 144.60 Neutral Strong Buy 265 0.84

PZ CUSSONS 403.20 297.20 415.60 Neutral Sell 333 0.70

RECKITT BENCKISE R GROUP 4495.00 3536.00 4950.00 Neu tral Neu tral 4548 0.30

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.48 0.36 3.58 Buy Sell -3 0.91

ASTRAZENECA 3183.50 2792.50 3521.50 Neutral Strong Buy 9001 0.51

BTG 392.10 300.30 397.90 Neutral Sell 214 0.73

DECHRA PHARMACEUTICALS 685.50 4 85.50 780.00 Neutral Buy 929 0.18

GLAXOSMITHKLINE 1655.50 1317.50 1782.00 Neutral Buy 1924 0.52

OXFORD BIOMEDICA 1.41 1.33 2.80 Buy Sell -2 0.57

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

SHIRE 2405.00 1727.00 2442.00 Neutral Sell 1537 0.70

SKYEPHARMA 85.00 43.50 100.50 Neutral Buy 103 0.66

VERNALIS 24.75 19.38 27.38 Neutral Sell 10 0.86

Real Estate - REIT Under Va lued


BIG YELLOW GROUP 405.30 300.00 445.00 Neutral Strong Buy 651 1.18

BRITISH LAND 565.00 506.00 658.00 Neutral Buy 765 1.05

DERWENT LONDON 2305.00 1890.00 2542.00 Neutral Strong Buy 4456 1.23

GREAT PORTLAND ESTATES 520.00 43 4.40 598.00 Neutral Strong Buy 1030 1.06

HAMMERSON 488.10 448.60 554.00 N eu tral N eu tral 508 1.24

INTU PROPERTIES 308.50 300.60 366.00 Neutral Strong Buy 497 1.13

LAND SECURITIES GROUP 886.50 761.50 994.00 Neutral Strong Buy 1607 1.15

LOCAL SHOP.REIT (THE) 25.50 24.25 40.75 Neutral Sell -148 0.81

LONDONMETRIC PROPERTY 112.80 1 03.20 121.40 Neutral Sell -4 0.33

MCKAY SECURITIES 149.75 131.50 155.00 Neutral Strong Buy 245 0.66

MUCKLOW (A & J) GROUP 418.25 325.00 454.50 Neutral Sell 230 0.39

PRIMARY HEALTH PROPS. 335.00 312.50 363.53 Neutral Sell 92 0.30

REDEFINE INTL.REIT 44.25 29.02 45.00 Neutral Sell -360 0.64

SEGRO 298.90 221.60 313.60 Neutral Sell -257 1.81

SHAFTESBURY 606.00 516.00 668.00 Neutral Buy 781 1.03

TOWN CENTRE SECURITIES 195.00 177.00 223.00 Neutral Sell 8 1.04

WARNER ESTATE 0.80 0.70 2.25 Neutral Sell -951 0.93

WORKSPACE GROUP 450.20 250.75 475.00 Neutral Strong Buy 1145 1.01


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Real Estate REIS Under Va lued


CAPITAL & CNTS.PROPS. 328.20 210.50 365.60 Neutral Strong Buy 752 0.70

CAPITAL & REGIONAL 40.00 22.75 41.25 Neutral Sell -50 0.64

CLS HOLDINGS 1173.00 656.50 1260.00 Neutral Strong Buy 2927 0.75DAEJAN HOLDINGS 4027.00 2706.00 4179.00 Neutral Strong Buy 7090 0.48

DEVELOPMENT SECS. 185.25 143.00 209.00 Neutral Neutral 193 0.96

GRAINGER 176.50 97.45 187.50 Neutral Sell 110 1.57

HELICAL BAR 277.00 178.00 302.50 Neutral Sell 200 0.82

LONDON & ASSOCS.PROPS. 27.00 20.75 29.75 Neutral Strong Buy 229 0.64

MOUNTVIEW ESTATES 6262.50 4350.00 6512.50 Neutral Strong Buy 14497 0.69

QUINTAIN ESTATES & DEV. 88.00 51.00 92.00 Sell Sell -196 1.04

RAVEN RUSSIA 69.00 61.50 79.75 Neutral Strong Buy 210 1.48

SAVILLS 602.50 386.70 664.50 Neutral Strong Buy 2157 0.74

SMART (J) 90.50 71.50 90.50 Neutral Strong Buy 383 0.33

ST MODWEN PROPS. 305.70 193.10 333.00 Neutral Strong Buy 617 1.60

UNITE GROUP 371.00 216.00 403.00 Neutral Strong Buy 1651 1.77

Software & Computer Services Under Valued


ANITE 110.00 110.00 162.00 Neutral Buy 125 0.67

AVEVA GROUP 2372.00 1776.97 2588.15 Neutral Sell 1480 1.49

COMPUTACENTER 520.50 333.29 564.10 Neutral Strong Buy 1135 0.89

KOFAX 346.50 260.75 358.75 Neutral Sell 301 1.06

INNOVATION GROUP 29.25 19.50 30.25 Neutral Sell 21 0.78

MICRO FOCUS INTL. 791.00 541.11 812.50 Neutral Buy 899 0.82

PHOENIX IT GROUP 152.75 130.00 222.00 Neutral Strong Buy 237 0.69

RM 81.75 64.00 85.50 Neutral Strong Buy 234 0.54

FIDESSA GROUP 2100.00 1275.00 2156.00 N eu tral N eu tral 2158 0.79

SAGE GROUP 352.10 289.36 368.18 Neutral Buy 434 0.69

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 356.30 274.60 492.10 Neutral Strong Buy 1253 1.11

BREWIN DOLPHIN 271.60 144.60 283.00 Neutral Strong Buy 662 0.70

CAMELLIA 9000.00 8000.00 11105.00 Neutral Strong Buy 96954 0.84

CHARLES STANLEY GROUP 472.50 260.00 472.50 Sell Strong Buy 1448 0.96

CHARLES TAYLOR 192.50 155.00 195.00 Neutral Strong Buy 1648 0.67

CLOSE BROTHERS GROUP 1042.00 771.00 1107.00 Neutral Strong Buy 4897 0.86

F&C ASSET MANAGEMENT 102.80 88.90 110.40 Neutral Sell 67 0.84

HELPHIRE GROUP 4.76 0.55 5.18 Sell Sell -134 0.63

HENDERSON GROUP 174.90 101.70 180.40 Neutral Strong Buy 829 1.46

ICAP 368.20 280.80 406.80 Neutral Strong Buy 821 1.04

INTERMEDIATE CAPITAL GP. 447.00 28 0.00 501.50 Neutral Strong Buy 2334 1.69

INVESTEC 420.50 358.40 513.50 Neutral Strong Buy 1716 1.57

LONDON STOCK EX.GROUP 1 56 6.00 93 0.00 1 622 .0 0 Neutral Strong Buy 6870 1.11

MAN GROUP 81.50 71.30 134.40 Neutral Sell -5049 1.36

RATHBONE BROTHERS 1610.00 1208.00 1691.00 Neutral Strong Buy 5576 0.73

SCHRODERS 2334.00 1407.00 2560.00 Neutral Strong Buy 8309 1.30

SCHRODERS NV 1853.00 1131.00 2000.00 Neutral Strong Buy 10969 1.28


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Support Services Under Valued


ACAL 264.88 157.75 266.75 Neutral Strong Buy 855 0.88

AGGREKO 1654.00 1557.00 2400.00 Neutral Strong Buy 4183 1.13

AMEC 1070.00 965.50 1172.00 Neutral Strong Buy 3311 1.09ASHTEAD GROUP 648.50 270.20 730.00 Neutral Strong Buy 992 1.65

BABCOCK INTL. 1149.00 893.50 1209.00 Neutral Strong Buy 2613 0.49

BRITISH POLYTHENE INDS. 545.75 361.50 604.00 Neutral Strong Buy 2355 0.80

BUNZL 1345.00 1009.00 1409.00 Neutral Strong Buy 2783 0.53

UK MAIL GROUP 645.00 233.50 645.00 Sell Strong Buy 1660 0.42

CAPITA 988.50 713.00 1057.00 Neutral Sell 208 0.54

COMMUNISIS 56.50 34.16 68.00 Neutral Strong Buy 480 0.81

COMPASS GROUP 863.50 671.50 910.50 Neutral Strong Buy 1978 0.74

BERENDSEN 870.00 514.00 870.00 Sell Strong Buy 3353 1.03

DE LA RUE 1000.00 891.50 1075.00 Neutral Buy 1419 #NA

DIGNITY 1461.00 899.82 1567.68 Neutral Strong Buy 3107 0.24

DIPLOMA 600.00 420.10 635.00 Neutral Strong Buy 1521 0.96

ELECTROCOMP. 260.80 200.00 278.40 Neutral Strong Buy 926 1.01ESSENTRA PLC 789.00 500.50 830.00 Neutral Strong Buy 1383 1.16

G4S 244.60 207.50 313.50 Neutral Strong Buy 883 0.53

HAYS 103.90 68.20 107.60 Neutral Strong Buy 457 1.06

HOMESERVE 245.00 185.60 293.60 Neutral Strong Buy 972 0.88

INTERSERVE 570.00 347.10 570.00 Sell Strong Buy 3687 1.26

INTERTEK GROUP 3237.00 2697.00 3453.00 Neutral Buy 4782 0.80

JOHNSON SER VICE GROUP 49.25 28 .00 50.00 Neutral Strong Buy 115 1.11

MANAGEMENT CNSL.GP. 27.00 21.25 32.00 Neutral Strong Buy 217 0.63

MENZIES (JOHN) 745.50 573.00 801.00 Neutral Strong Buy 1793 1.38

MICHAEL PAGE INTL. 466.80 346.40 474.40 Neutral Strong Buy 840 1.41

MITIE GROUP 277.00 248.00 300.80 Neutral Strong Buy 1056 0.52

OFFICE2OFFICE 39.00 38.00 150.00 Neutral Strong Buy 707 0.28

PAYPOINT 1090.00 700.50 1185.00 Neutral Strong Buy 2199 0.73PREMIER FARNELL 225.40 165.50 236.30 Neutral Strong Buy 722 1.42

REGUS 179.50 96.00 193.40 Neutral Sell 56 1.40

RENTOKIL INITIAL 101.40 76.10 103.50 Neutral Strong Buy 267 1.26

REXAM 496.30 420.70 547.50 Neutral Strong Buy 1770 0.85

RICARDO 483.00 340.00 485.00 Neutral Strong Buy 1667 0.89

ROBERT WALTERS 278.00 176.25 285.00 Neutral Strong Buy 1015 1.19

RPC GROUP 467.80 378.00 477.00 Neutral Strong Buy 1520 0.80

RPS GROUP 258.20 195.50 274.20 Neutral Strong Buy 999 1.51

SERCO GROUP 608.00 535.00 683.50 Neutral Strong Buy 2367 0.59

SHANKS GROUP 92.00 73.00 9 8.00 Neutral Strong Buy 266 1.49

SPEEDY HIRE 57.25 23.50 64.75 Neutral Strong Buy 307 1.20

TRIBAL GROUP 188.50 88.50 202.25 Neutral Strong Buy 561 0.65

TRIFAST 58.88 40.50 59.25 Neutral Strong Buy 331 0.91

VP 432.50 295.25 432.50 Sell Strong Buy 2295 0.81

WYG 101.00 48.50 101.00 Sell Strong Buy 619 0.80

Telecommunication Services Over Value d


BT GROUP 327.40 212.50 344.00 Neutral Buy 412 0.88

CABLE & WIRELESS COMMS. 39.59 33.55 46.29 Neutral Strong Buy 77 0.68

INMARSAT 698.00 542.50 749.00 Neutral Sell 257 0.55

KCOM GROUP 84.55 68.25 88.50 Neutral Buy 117 1.21

TELECOM PLUS 1340.00 814.00 1399.00 Neutral Sell 793 0.05

VODAFONE GROUP 190.00 154.45 2 00.20 Neutral Sell 103 0.51


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Transport Over Valued


BBA AVIATION 299.40 187.20 307.50 Neutral Sell 233 1.24

BRAEMAR SHIPPING SVS. 452.00 350.00 460.00 Neutral Buy 594 1.05

CLARKSON 1925.00 1150.00 1925.00 Sell Sell 1337 0.85EASYJET 1271.00 530.00 1448.00 Neutral Sell 865 0.76

FIRST GROUP 114.10 92.00 212.39 Neutral Strong Buy 281 0.91

FISHER(JAMES)& SONS 1080.00 690.00 1110.00 Neutral Sell 786 0.74

GO-AHEAD GROUP 1506.00 1220.00 1595.00 Neutral Strong Buy 2726 0.99

NATIONAL EXPRESS 261.20 164.50 2 61.20 Neutral Sell 248 1.40

NORTHGATE 387.75 218.75 395.75 Neutral Strong Buy 640 1.34

STAGECOACH GROUP 316.60 265.90 337.60 Neutral Buy 442 0.98

WINCANTON 85.00 43.75 85.00 Neutral Strong Buy 234 0.96

Utilities Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaCENTRICA 386.20 310.80 394.90 Neutral Buy 573 0.52

NATIONAL GRID 740.00 678.00 847.50 Neutral Buy 960 0.46

PENNON GROUP 671.50 598.00 749.50 Neutral Sell 615 0.62

SSE 1547.00 1345.00 1676.00 Neutral Buy 2238 0.41

SEVERN TRENT 1696.00 1513.00 2090.00 Neutral Sell 1471 0.36

UNITED UTILITIES GROUP 684.00 647.00 787.50 Neu tral N eu tral 732 0.48


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value indicator - uk main market 20130822

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Transcript of value indicator - uk main market 20130822