value indicator - uk main market 20130906

7/30/2019 value indicator - uk main market 20130906

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06 September 2013

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Intellisys Intelligent Analysis Limited 06 September 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 445.10 300.80 455.40 Neutral Buy 610 0.70

CHEMRING GROUP 311.00 217.00 360.60 Neutral Buy 368 0.67

COBHAM 296.10 190.10 307.70 N eu tra l Neu tral 301 0.82

MEGGITT 533.00 366.20 562.00 N eu tra l Neu tral 527 1.25

ROLLS-ROYCE HOLDINGS 1147.00 8 11.65 1 240.00 N eu tra l Neu tral 1150 0.98

SMITHS GROUP 1328.00 1011.00 1397.00 Neutral Sell 1161 0.76

ULTRA ELECTRONICS HDG. 1892.00 1 505.00 1981.00 Neutral Sell 1717 0.51

Automobiles & Parts Under Valued

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

GKN 346.60 201.00 354.00 N eu tra l Neu tral 341 1.96

INCHCAPE 611.00 353.30 645.00 N eu tra l Neu tral 641 1.41

LOOKERS 122.00 68.75 128.50 Neutral Sell 113 1.22

PENDRAGON 33.25 13.50 33.50 Neutral Buy 44 1.04

Banks Over Valued


BARCLAYS 296.00 193.05 333.85 Neutral Sell -837 1.96

HSBC HDG. (ORD $0.50) 707.60 555.10 769.90 Neutral Buy 865 1.19

LLOYDS BANKING GROUP 74.77 36.20 77.14 Neutral Sell 1 1.88

ROYAL BANK OF SCTL.GP. 335.80 233.50 367.80 Neutral Sell -118 1.39

STANDARD CHARTERED 1472.50 1380.00 1 837.50 Neutral Strong Buy 3425 1.67

Beverages Under Valued


BARR (AG) 543.50 432.20 588.50 Neutral Sell 480 0.58

DIAGEO 1977.50 1672.50 2136.50 Sell Neutral 2147 0.51

SABMILLER 3060.50 2599.00 3657.00 Neutral Buy 4164 0.89

Chemicals Under Valued


ALENT 365.00 305.00 397.50 Neutral Buy 467 #NA

AZ ELECTRONIC MATS.(DI) 313.30 240.00 406.40 Neutral Strong Buy 573 1.11

CARCLO 366.50 342.75 501.00 Neutral Sell 146 0.74

CRODA INTERNATIONAL 2607.00 2164.00 2841.00 Neutral Buy 3350 1.05

ELEMENTIS 252.10 204.20 275.00 Neutral Buy 322 1.07

JOHNSON MATTHEY 2974.00 2190.00 2974.00 Neutral Buy 4402 1.44

VICTREX 1625.00 1322.00 1765.00 Neutral Sell 1389 1.16

SYNTHOMER 229.30 146.00 231.10 Neutral Strong Buy 408 1.05

ZOTEFOAMS 197.50 184.50 225.00 Neutral Strong Buy 307 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 129.00 76.00 129.00 Neutral Strong Buy 283 0.55

BALFOUR BEATTY 264.00 207.60 320.80 Neutral Strong Buy 1127 0.82

BARRATT DEVELOPMENTS 307.40 158.80 355.20 Neutral Strong Buy 622 1.67

BELLWAY 1356.00 913.00 1502.00 Neutral Strong Buy 2915 0.96

BERKELEY GROUP HDG.(THE) 2130.00 1387.00 2340.00 Neutral Strong Buy 3523 0.55

BOOT (HENRY) 190.00 123.50 201.00 Neutral Strong Buy 371 0.74

BOVIS HOMES GROUP 770.00 487.00 851.50 Neutral Strong Buy 1463 1.07

CARILLION 293.20 244.80 331.80 Neutral Strong Buy 1575 1.06

CLARKE (T) 61.50 40.00 62.50 Neutral Strong Buy 394 0.76

COSTAIN GROUP 277.50 226.25 306.00 Neutral Strong Buy 1155 0.50

CRH 1427.00 1090.00 1540.00 Neutral Sell 911 1.03

GALLIFORD TRY 1015.00 653.50 1020.00 Neutral Strong Buy 3015 0.93

KELLER 1134.00 507.00 1161.00 Neutral Strong Buy 2435 1.28

KIER GROUP 1588.00 1106.00 1588.00 Neutral Strong Buy 5455 0.99

LOW & BONAR 70.75 50.00 76.75 Neutral Strong Buy 230 1.08MARSHALLS 165.00 85.00 165.00 Neutral Buy 209 1.33

MORGAN SINDALL GROUP 684.00 508.00 695.00 Neutral Strong Buy 4629 0.70

NORCROS 18.75 11.25 19.00 Neutral Strong Buy 62 1.02

PERSIMMON 1152.00 685.75 1305.00 Neutral Strong Buy 2033 0.99

REDROW 235.00 149.70 255.10 Neutral Strong Buy 464 0.84

SIG 184.20 99.00 188.00 Neutral Strong Buy 539 1.68

SUPERGLASS HOLDINGS 43.50 43.00 287.50 Neutral Strong Buy 4303 0.89

TAYLOR WIMPEY 101.40 54.30 113.80 Neutral Strong Buy 231 1.58

TRAVIS PERKINS 1605.00 1030.00 1713.00 Neutral Strong Buy 4500 1.94

WOLSELEY 3383.00 2635.64 3483.00 Neutral Strong Buy 6136 1.30

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1390.00 999.50 1399.00 Neutral Sell 1096 0.67

DOMINO PRINTING SCIENCES 685.00 522.00 717.00 Neutral Buy 920 1.12

E2V TECHNOLOGIES 135.25 105.50 138.50 Neutral Strong Buy 285 1.25

INVENSYS 494.00 217.33 509.50 Neutral Sell 284 1.42

LAIRD 220.60 171.10 249.30 Neutral Strong Buy 460 2.06

OXFORD INSTRUMENTS 1527.00 1209.00 1752.00 Neutral Sell 1347 1.11

RENISHAW 1768.00 1494.00 2081.00 Neutral Buy 2166 1.28

SPECTRIS 2330.00 1549.00 2470.00 Neutral Buy 2933 1.51

BIOME TECHNOLOGIES 115.00 65.00 303.67 Neutral Sell -445 0.76

TT ELECTRONICS 186.00 114.00 191.50 Neutral Strong Buy 445 1.61

XAAR 797.00 227.00 898.00 Neutral Sell 435 1.08


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Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 119.50 54.25 119.50 Sell Buy 147 1.14

BODYCOTE 653.50 345.10 653.50 Sell Neutral 641 1.59

CASTINGS 437.50 291.00 443.50 Neutral Strong Buy 677 0.93

VESUVIUS 472.70 263.19 480.00 Neutral Strong Buy 1198 2.23

FENNER 364.20 305.90 435.20 Neutral Strong Buy 561 1.47

HALMA 570.50 410.40 578.00 Neutral Sell 415 0.79

HILL & SMITH 443.00 354.75 480.00 Neutral Buy 548 1.31

IMI 1474.00 869.50 1504.00 Neutral Strong Buy 4476 1.39

MORGAN ADVANCED MATERIAL 307 .00 220 .30 318 .00 Neutral Strong Buy 510 1.89

ROTORK 2784.00 2229.00 3037.00 Neutral Sell -2733 1.01

SENIOR 282.30 185.90 288.40 Neutral Sell 250 1.66

SEVERFIELD-ROWEN 56.25 35.40 76.91 Neutral Sell 47 0.79

SPIRAX-SARCO 3060.00 1932.53 3060.00 Neutral Sell 2143 0.81

VITEC GROUP 649.00 559.00 740.00 Neutral Sell 486 1.34

WEIR GROUP 2239.00 1631.00 2474.00 Neutral Neutral 2212 1.45

Food & Drug Stores Over Valued


GREGGS 421.20 392.10 523.50 Neutral Strong Buy 776 0.45

MORRISON(WM)SPMKTS. 294.00 248.60 296.90 Neutral Buy 392 0.37

SAINSBURY (J) 388.40 321.90 398.70 Neutral Buy 480 0.55

TESCO 367.20 307.90 387.75 Neutral Sell 197 0.67

THORNTONS 77.25 26.50 100.50 Neutral Sell 49 0.79

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1829.00 1267.00 2 031.00 Neutral Sell 1644 0.59

CRANSWICK 1140.00 732.50 1178.00 Neutral Strong Buy 1763 0.31

DAIRY CREST 490.60 332.90 528.50 Neutral Sell 387 0.88

DEVRO 331.50 289.90 380.00 Neutral Strong Buy 505 0.36

PREMIER FOODS 142.00 59.75 142.00 Neutral Strong Buy 252 1.23

TATE & LYLE 799.50 634.50 883.00 Neutral Strong Buy 1333 0.65

UNILEVER (UK) 2439.00 2235.00 2885.00 Neutral Sell 2181 0.50


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 27.00 22.75 29.50 Neutral Buy 39 0.67

BROWN (N) GROUP 550.50 266.40 577.00 Neutral Sell 470 0.50

BURBERRY GROUP 1570.00 1000.00 1593.00 Neutral Sell 1262 1.29

CARPETRIGHT 662.00 585.00 701.50 Neutral Sell 360 0.87

DIXONS RETAIL 46.88 18.70 46.88 Neu tral Neu tral 49 1.46

FINDEL 247.50 108.00 247.50 Neutral Sell 66 1.04

FRENCH CONNECTN.GROUP 31.00 22.75 34.00 Sell Strong Buy 114 1.03

HALFORDS GROUP 381.00 245.10 405.20 Neutral Buy 526 0.71

JD SPORTS FASHION 957.00 660.00 963.50 Neutral Strong Buy 1803 0.51

DARTY 80.00 39.00 88.25 Neutral Buy 118 1.22

KINGFISHER 405.80 262.20 405.80 Neutral Buy 460 0.90

MARKS & SPENCER GROUP 494.90 356.80 494.90 Sell Buy 659 0.61

MOSS BROTHERS GROUP 69.00 45.00 71.00 Neutral Buy 76 0.95

MOTHERCARE 441.50 202.00 492.75 Neutral Sell 168 0.36

NEXT 5075.00 3320.00 5075.00 Sell Neutral 5485 0.59

TED BAKER 1920.00 899.00 1973.00 Neutral Sell 993 0.57

TOPPS TILES 81.50 46.00 89.75 Neutral Sell 77 1.50

Health Over Valued


BIOQUELL 146.00 130.00 160.00 Neutral Sell 125 0.38

CONSORT MEDICAL 853.00 660.50 857.00 Neutral Sell 604 0.35

OPTOS 157.75 106.75 222.75 Neutral Buy 176 1.18

SMITH & NEPHEW 767.00 638.00 800.00 Neutral Sell 647 0.40

Household Goods & Textiles Over Valued


GAMES WORKSHOP 771.50 601.00 794.50 Neutral Neutral 756 0.31

HEADLAM GROUP 392.25 295.00 415.00 Neutral Sell 331 0.89

HORNBY 81.25 55.25 88.50 Neutral Buy 113 0.69

Information Technology & Hardware Over Valued


ARM HOLDINGS 894.00 547.00 1097.00 Neutral Sell 292 0.69

CSR 494.90 308.10 607.00 Neutral Strong Buy 1567 1.13FILTRONIC 63.50 30.75 83.25 Neutral Sell 56 0.93

IMAGIN AT ION TECHNOLOGIES 279 .30 235 .10 624 .00 Neutral Buy 329 1.04

SPIRENT COMMUNICATIONS 131.50 118.00 170.00 Neutral Strong Buy 253 0.90

WOLFSON M ICR OELECTR ONICS 164 .75 140 .00 226 .25 Neutral Sell -193 0.93


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Insurance Under Valued


ADMIRAL GROUP 1260.00 1019.00 1416.00 Neutral Sell -430 0.52

AMLIN 378.90 364.10 435.10 Neutral Strong Buy 1493 0.38

BEAZLEY 201.30 162.20 242.70 Neutral Strong Buy 928 0.52

CATLIN GROUP 469.90 455.30 552.50 Neu tral Neu tral 465 0.23

HISCOX 637.50 463.32 660.00 Neutral Strong Buy 1859 0.42

JARDINE LLOYD THOMPSON 904.50 723.00 949.50 Neutral Buy 1202 0.30

RSA INSURANCE GROUP 119.00 107.70 136.30 Neutral Strong Buy 707 0.35

NOVAE GROUP 518.00 345.00 518.00 Neutral Strong Buy 3341 0.35

Leisure & Hotels Over Valued


CARNIVAL 2340.00 2125.00 2628.00 Neutral Buy 3469 0.95

ENTERPRISE INNS 143.40 59.00 152.20 Neutral Sell 110 1.65

TUI TRAVEL 335.40 219.60 401.50 Neutral Strong Buy 716 0.96

FULLER SMITH 'A' 937.50 700.50 969.00 Neutral Sell 602 0.27

GREENE KING 846.00 586.00 897.50 Neutral Sell 618 0.89

LADBROKES 191.50 171.00 243.10 Neutral Buy 259 0.90

ICTL.HTLS.GP. 1875.00 1524.00 2039.00 Neutral Sell 1654 1.09

MILLENNIUM & CPTH.HTLS. 558.00 456.00 582.50 Neu tral Neu tral 580 1.36

MITCHELLS & BUTLERS 450.10 276.60 450.10 Sell Sell 272 0.98

BWIN PARTY DIGITAL ENTM. 111.90 93.90 156.00 Neutral Sell 60 1.28

PUNCH TAVERNS 12.25 6 .15 13.75 Neutral Strong Buy 74 1.15

RANK GROUP 153.10 129.10 177.50 Neutral Strong Buy 567 0.97

RESTAURANT GROUP 555.50 343.00 570.00 Neutral Sell 385 0.66

WETHERSPOON (JD) 724.00 454.50 767.00 Neutral Sell 683 0.54

WHITBREAD 3185.00 2210.00 3303.00 Neutral Sell 2162 0.98WILLIAM HILL 414.50 282.89 494.50 Neutral Sell 254 0.84

MARSTON'S 160.60 113.00 164.50 Neutral Sell 12 1.15

Life Assurance Under Valued


AVIVA 394.10 294.10 404.90 Neutral Sell 362 1.18

CHESNARA 262.00 176.50 270.00 Neutral Strong Buy 514 0.61

LEGAL & GENERAL 192.10 131.40 201.90 Neutral Strong Buy 484 1.70

OLD MUTUAL 184.70 166.10 221.60 Neutral Strong Buy 389 1.55

PRUDENTIAL 1124.00 801.50 1232.00 Neu tral Neu tral 1165 1.69

ST.JAMES'S PLACE 610.00 357.70 641.50 Neutral Strong Buy 6544 0.83


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 142.75 102.00 144.25 Neutral Strong Buy 922 0.40

BRITISH SKY BCAST.GROUP 851.50 709.00 899.50 Neutral Strong Buy 1056 0.46

CENTAUR MEDIA 41.25 31.00 60.00 Neutral Sell -42 1.06

DAILY MAIL 'A' 806.00 451.25 835.00 Neutral Strong Buy 3556 1.06

EUROMONEY INSTL.INVESTOR 1197.00 747 .50 1209.00 Neutral Strong Buy 5566 0.93

INFORMA 526.00 380.50 541.50 Neutral Strong Buy 327 1.64

ITE GROUP 285.10 183.50 307.40 Neutral Buy 201 1.46

ITV 174.60 85.65 174.60 Neutral Strong Buy 1369 1.46

JOHNSTON PRESS 15.00 5.20 19.00 Neutral Buy 720 1.21

PEARSON 1285.00 1119.00 1350.00 Neutral Neutral 309 0.65

PHOTO-ME INTL. 99.50 43.25 99.50 Neutral Strong Buy 2283 0.85

PINEWOOD SHEPPERTON 289.00 269.00 289.00 Neutral Strong Buy 732 0.14

THOMSON REUTERS 35.50 26.85 36.45 Neutral Strong Buy 346 0.52

STV GROUP 215.00 81.50 215.00 Neutral Sell 240 0.82

ST.IVES 164.25 76.25 170.00 Neutral Sell 159 1.49TRINITY MIRROR 124.50 40.00 124.50 Neutral Sell -289 1.58

UBM 719.50 636.00 788.00 Neutral Strong Buy 1421 1.34

WILMINGTON GROUP 185.00 104.25 196.00 Neutral Strong Buy 1390 0.83

WPP 1244.00 788.00 1244.00 Neutral Sell -827 1.25

Mining Under Valued


ANGLO AMERICAN 1571.00 1207.00 2084.00 Neutral Sell 1300 1.85

ANGLO PACIFIC GROUP 200.25 161.00 290.00 Neu tral Neu tral 214 1.09

ANTOFAGASTA 881.00 784.50 1381.00 Neu tral Neu tral 864 1.42

BHP BILLITON 1912.50 1666.50 2236.00 Neutral Strong Buy 3018 1.49

GLENCORE XSTRATA 316.05 256.85 397.85 Neutral Strong Buy 1051 #NA

LONMIN 341.80 240.84 380.10 Sell Buy 461 2.05

RANDGOLD RESOURCES 5055.00 3972.00 7 775.00 Neutral Sell 2940 0.48

RIO TINTO 3098.50 2582.00 3757.00 Neutral Sell 2560 1.55

VEDANTA RESOURCES 928.00 1335.00 Neutral Strong Buy 2859 2.29

Oil & Gas Under Valued


BG GROUP 1280.00 1000.50 1350.50 Neutral Sell 912 0.84

BP 445.75 416.60 483.30 Neutral Strong Buy 1015 1.03

CAIRN ENERGY 275.00 251.80 297.00 Neutral Sell -33 1.33

FORTUNE OIL 9.00 7.15 12.50 Neutral Strong Buy 115 0.81

HUNTING 837.50 716.00 941.00 Neutral Sell 583 1.35

JKX OIL & GAS 69.50 48.50 83.50 Neutral Sell -61 1.33

PREMIER OIL 368.00 321.30 400.20 Neutral Buy 415 1.49

ROYAL DUTCH SHELL B 2162.50 2098.00 2365.00 Neutral Strong Buy 8422 0.83

SOCO INTERNATIONAL 410.10 319.90 410.10 Neutral Buy 471 0.52

TULLOW OIL 1033.00 977.00 1468.00 Neutral Sell 711 1.07

WOOD GROUP (JOHN) 792.00 720.50 915.50 Neutral Sell 738 1.44


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Personal Care & Household Products Over Valued


MCBRIDE 126.00 101.00 144.60 Neutral Strong Buy 275 0.83

PZ CUSSONS 421.30 297.20 425.80 Neutral Sell 344 0.71

RECKITT BENCKISE R GROUP 4373.00 3565.00 4950.00 Neutral Neutral 4438 0.31

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.52 0.36 3.58 Buy Strong Buy 231 0.91

ASTRAZENECA 3143.50 2792.50 3521.50 Neutral Strong Buy 180070 0.49

BTG 384.80 307.30 397.90 Neutral Strong Buy 6259 0.70

DECHRA PHARMACEUTICALS 706.00 5 36.50 780.00 Neutral Strong Buy 48274 0.18

GLAXOSMITHKLINE 1652.50 1317.50 1782.00 Neutral Strong Buy 36262 0.50

OXFORD BIOMEDICA 1.61 1.33 2.80 Buy Strong Buy 74 0.53

PHYTOPHARM SUSP - 21/05/13 66.25 52.50 637.50 Neutral Sell -188 0.90

SHIRE 2432.00 1727.00 2442.00 Neutral Strong Buy 42810 0.69

SKYEPHARMA 78.25 43.50 100.50 Neutral Strong Buy 14479 0.55

VERNALIS 25.13 19.38 27.38 Neutral Strong Buy 361 0.84

Real Estate - REIT Under Valued


BIG YELLOW GROUP 414.80 311.60 445.00 Neutral Strong Buy 666 1.18

BRITISH LAND 549.00 506.00 658.00 Neutral Buy 785 1.05

DERWENT LONDON 2290.00 1907.00 2542.00 Neutral Strong Buy 4534 1.24

GREAT PORTLAND ESTATES 528.50 43 9.90 598.00 Neutral Strong Buy 1051 1.06

HAMMERSON 488.00 448.60 554.00 Neutral Neutral 521 1.27

INTU PROPERTIES 304.90 300.60 366.00 Neutral Strong Buy 509 1.14

LAND SECURITIES GROUP 881.00 761.50 994.00 Neutral Strong Buy 1648 1.16

LOCAL SHOP.REIT (THE) 27.38 24.25 40.00 Neutral Sell -157 0.81

LONDONMETRIC PROPERTY 108.60 1 03.20 120.30 Neutral Sell -6 0.34

MCKAY SECURITIES 159.00 131.50 159.00 Neutral Strong Buy 248 0.65

MUCKLOW (A & J) GROUP 442.00 325.00 454.50 Neutral Sell 230 0.37

PRIMARY HEALTH PROPS. 337.00 312.50 363.53 Neutral Sell 93 0.26

REDEFINE INTL.REIT 43.75 30.69 45.00 Neutral Sell -382 0.62

SEGRO 290.30 221.60 313.60 Neutral Sell -279 1.82

SHAFTESBURY 580.00 520.00 668.00 Neutral Buy 801 1.04

TOWN CENTRE SECURITIES 194.00 177.00 223.00 Neutral Sell 3 1.04

WARNER ESTATE DEAD - 29/08/13 0.80 0.70 2.05 Neutral Sell -999 0.93

WORKSPACE GROUP 442.90 250.75 475.00 Neutral Strong Buy 1169 1.02


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 317.90 210.90 365.60 Neutral Strong Buy 725 0.73

CAPITAL & REGIONAL 40.25 22.75 42.00 Neutral Sell -49 0.56

CLS HOLDINGS 1170.00 656.50 1260.00 Neutral Strong Buy 2876 0.73

DAEJAN HOLDINGS 3860.00 2706.00 4179.00 Neutral Strong Buy 6996 0.47

DEVELOPMENT SECS. 191.75 143.00 209.00 Neutral Neutral 190 0.98

GRAINGER 172.30 100.00 187.50 Neutral Sell 109 1.57

HELICAL BAR 266.25 178.00 302.50 Neutral Sell 197 0.83

LONDON & ASSOCS.PROPS. 33.00 21.00 33.00 Neutral Strong Buy 225 0.63

MOUNTVIEW ESTATES 6075.00 4350.00 6512.50 Neutral Strong Buy 14286 0.68

QUINTAIN ESTATES & DEV. 84.75 51.00 92.00 Sell Sell -194 1.02

RAVEN RUSSIA 73.00 61.50 79.75 Neutral Strong Buy 207 1.52

SAVILLS 620.00 391.20 664.50 Neutral Strong Buy 2134 0.69

SMART (J) 90.00 71.50 90.50 Neutral Strong Buy 379 0.32

ST MODWEN PROPS. 302.10 193.10 333.00 Neutral Strong Buy 608 1.63

UNITE GROUP 357.90 246.00 403.00 Neutral Strong Buy 1625 1.78

Software & Computer Services Under Valued


ANITE 120.60 109.60 162.00 Neutral Neutral 126 0.66

AVEVA GROUP 2405.00 1884.39 2588.15 Neutral Sell 1491 1.52

COMPUTACENTER 538.00 333.29 564.10 Neutral Strong Buy 1177 0.90

KOFAX 367.25 260.75 367.25 Neutral Sell 308 1.04

INNOVATION GROUP 29.00 20.00 30.25 Neutral Sell 22 0.81

MICRO FOCUS INTL. 763.00 541.11 812.50 Neutral Buy 887 0.81

PHOENIX IT GROUP 151.75 130.00 184.00 Neutral Strong Buy 250 0.73

RM 81.50 64.00 85.50 Neutral Strong Buy 239 0.54

FIDESSA GROUP 2140.00 1275.00 2190.00 Neutral Neutral 2181 0.77

SAGE GROUP 352.10 289.36 368.18 Neutral Buy 438 0.69

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 364.90 285.20 492.10 Neutral Strong Buy 1205 1.12

BREWIN DOLPHIN 263.60 153.20 283.00 Neutral Strong Buy 639 0.69

CAMELLIA 8650.00 8000.00 11105.00 Neutral Strong Buy 92970 0.85

CHARLES STANLEY GROUP 466.50 260.00 474.00 Neutral Strong Buy 1395 0.93

CHARLES TAYLOR 183.00 155.00 195.00 Neutral Strong Buy 1599 0.65

CLOSE BROTHERS GROUP 1082.00 808.00 1107.00 Neutral Strong Buy 4705 0.85

F&C ASSET MANAGEMENT 97.85 88.90 110.40 Neutral Sell 68 0.86

HELPHIRE GROUP 5.44 0.55 5.44 Sell Sell -127 0.61

HENDERSON GROUP 175.50 104.90 180.40 Neutral Strong Buy 791 1.44

ICAP 400.00 280.80 406.80 Neutral Strong Buy 797 1.07

INTERMEDIATE CAPITAL GP. 448.60 28 7.20 501.50 Neutral Strong Buy 2179 1.70

INVESTEC 418.90 358.40 513.50 Neutral Strong Buy 1622 1.56

LONDON STOCK EX.GROUP 1 60 1.00 93 0.00 1 622 .0 0 Neutral Strong Buy 6047 1.13

MAN GROUP 85.45 71.80 134.40 Neutral Sell -4809 1.39

RATHBONE BROTHERS 1594.00 1208.00 1691.00 Neutral Strong Buy 5383 0.71

SCHRODERS 2419.00 1464.00 2560.00 Neutral Strong Buy 8013 1.30

SCHRODERS NV 1934.00 1176.00 2000.00 Neutral Strong Buy 10673 1.28


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Support Services Under Valued


ACAL 265.50 157.75 270.00 Neutral Strong Buy 865 0.83

AGGREKO 1599.00 1557.00 2400.00 Neutral Strong Buy 4240 1.14

AMEC 1057.00 965.50 1172.00 Neutral Strong Buy 3347 1.11

ASHTEAD GROUP 655.00 322.90 730.00 Neutral Strong Buy 1002 1.64

BABCOCK INTL. 1156.00 910.00 1209.00 Neutral Strong Buy 2642 0.49

BRITISH POLYTHENE INDS. 563.00 371.50 604.00 Neutral Strong Buy 2379 0.80

BUNZL 1365.00 1009.00 1409.00 Neutral Strong Buy 2814 0.50

UK MAIL GROUP 620.00 233.50 645.00 Neutral Strong Buy 1678 0.42

CAPITA 981.50 713.00 1057.00 Neutral Sell 211 0.54

COMMUNISIS 57.25 34.54 68.00 Neutral Strong Buy 485 0.83

COMPASS GROUP 853.00 671.50 910.50 Neutral Strong Buy 2001 0.75

BERENDSEN 897.50 540.00 897.50 Neutral Strong Buy 3390 1.08

DE LA RUE 1042.00 891.50 1075.00 Neutral Buy 1449 #NA

DIGNITY 1470.00 902.82 1567.68 Neutral Strong Buy 3149 0.25

DIPLOMA 651.50 435.00 651.50 Sell Strong Buy 1536 0.96

ELECTROCOMP. 271.90 200.00 278.40 Neutral Strong Buy 936 0.98ESSENTRA PLC 792.00 500.50 830.00 Neutral Strong Buy 1397 1.14

G4S 254.40 207.50 313.50 Neutral Strong Buy 887 0.47

HAYS 106.70 73.05 107.60 Neutral Strong Buy 462 1.03

HOMESERVE 247.80 185.60 293.60 Neutral Strong Buy 982 0.89

INTERSERVE 565.00 349.10 574.00 Neutral Strong Buy 3719 1.25

INTERTEK GROUP 3319.00 2697.00 3453.00 Neutral Buy 4828 0.80

JOHNSON SERVICE GROUP 49.25 30 .50 50.00 Neutral Strong Buy 117 1.10

MANAGEMENT CNSL.GP. 26.63 21.25 32.00 Neutral Strong Buy 219 0.57

MENZIES (JOHN) 775.00 573.00 801.00 Neutral Strong Buy 1812 1.41

MICHAEL PAGE INTL. 478.20 346.40 478.20 Neutral Strong Buy 849 1.36

MITIE GROUP 289.80 248.00 300.80 Neutral Strong Buy 1069 0.52

OFFICE2OFFICE 37.50 33.75 139.00 Neutral Strong Buy 716 0.31

PAYPOINT 1089.00 702.00 1185.00 Neutral Strong Buy 2220 0.75PREMIER FARNELL 224.80 165.50 236.30 Neutral Strong Buy 726 1.41

REGUS 183.70 96.00 193.40 Neutral Sell 57 1.38

RENTOKIL INITIAL 107.50 79.40 107.50 Neutral Strong Buy 272 1.26

REXAM 498.50 425.22 547.50 Neutral Strong Buy 1788 0.84

RICARDO 480.75 349.63 485.00 Neutral Strong Buy 1685 0.90

ROBERT WALTERS 277.25 176.25 285.00 Neutral Strong Buy 1039 1.15

RPC GROUP 471.80 378.00 477.00 Neutral Strong Buy 1538 0.81

RPS GROUP 257.80 195.50 274.20 Neutral Strong Buy 1009 1.51

SERCO GROUP 555.50 535.00 683.50 Neutral Strong Buy 2393 0.60

SHANKS GROUP 98.00 73.00 98.00 Neutral Strong Buy 270 1.49

SPEEDY HIRE 58.25 24.25 64.75 Neutral Strong Buy 311 1.18

TRIBAL GROUP 183.00 90.00 202.25 Neutral Strong Buy 567 0.65

TRIFAST 69.00 40.50 69.00 Sell Strong Buy 335 0.90

VP 447.50 295.25 447.50 Neutral Strong Buy 2320 0.79

WYG 103.00 48.50 103.00 Sell Strong Buy 625 0.82

Telecommunication Services Over Valued


BT GROUP 342.50 212.50 344.00 Neutral Buy 431 0.89

CABLE & WIRELESS COMMS. 40.94 34.22 46.29 Neutral Strong Buy 82 0.67

INMARSAT 745.50 542.50 749.00 Neutral Sell 275 0.53

KCOM GROUP 88.95 68.25 89.35 Neutral Buy 122 1.20

TELECOM PLUS 1365.00 821.00 1399.00 Neutral Sell 825 0.05

VODAFONE GROUP 210.55 154.45 213.20 Neutral Sell 111 0.51


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Transport Over Valued


BBA AVIATION 318.80 195.70 318.80 Sell Sell 238 1.22

BRAEMAR SHIPPING SVS. 455.00 350.00 460.00 Neutral Buy 606 1.06

CLARKSON 2000.00 1150.00 2000.00 Sell Sell 1364 0.86

EASYJET 1236.00 556.50 1448.00 Neutral Sell 884 0.77

FIRST GROUP 117.10 92.00 212.39 Neutral Strong Buy 288 0.88

FISHER(JAMES)& SONS 1129.00 724.00 1130.00 Neutral Sell 808 0.72

GO-AHEAD GROUP 1509.00 1220.00 1595.00 Neutral Strong Buy 2791 0.97

NATIONAL EXPRESS 273.70 164.50 2 73.70 Neutral Sell 255 1.39

NORTHGATE 393.25 220.00 395.75 Neutral Strong Buy 660 1.34

STAGECOACH GROUP 324.80 265.90 337.60 Neutral Buy 455 0.97

WINCANTON 95.00 43.75 95.00 Neutral Strong Buy 243 0.95

Utilities Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaCENTRICA 393.80 310.80 394.90 Neutral Buy 577 0.50

NATIONAL GRID 738.50 678.00 847.50 Neutral Buy 972 0.45

PENNON GROUP 717.00 598.00 749.50 Neutral Sell 638 0.63

SSE 1574.00 1358.00 1676.00 Neutral Buy 2297 0.40

SEVERN TRENT 1698.00 1513.00 2090.00 Neutral Sell 1483 0.37

UNITED UTILITIES GROUP 681.50 647.00 787.50 Neutral Neutral 747 0.49


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value indicator - uk main market 20130906

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