value indicator - uk main market 20130925

7/29/2019 value indicator - uk main market 20130925

1/17

25 September 2013

Powered by


2/17

Intellisys Intelligent Analysis Limited 25 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 Over Valued ....................................................................6Automobiles & Parts Over Va lued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................7Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Under Valued ..................................................8Engineering & Machinery Under Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Over Valued ........................................................8General Retail Under Valued ..............................................................................9Health Over Valued .........................................................................................9Household Goods & Textiles Under 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 ....................................................... 15Transport Over Valued ................................................................................... 15Utilities Under Valued ....................................................................................... 15DISCLAIMER ........................................................................................................................... 16RISK WARNING ...................................................................................................................... 17


3/17



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 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

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

Best Buy/Sell Trend


4/17



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.


5/17



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 upon 49valuation metrics

Company Latest 12 month Hi/Lo forthe share price

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


6/17



Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaAVON RUBBER 527.50 297.50 527.50 N eu tra l Neu tral 504 0.93

BAE SYSTEMS 450.90 300.80 455.40 Neutral Buy 620 0.70

CHEMRING GROUP 313.70 217.00 353.30 N eu tra l Neu tral 337 0.67

COBHAM 293.40 190.10 307.70 N eu tra l Neu tral 296 0.82

MEGGITT 557.00 366.20 564.00 Neutral Sell 519 1.25

QINETIQ GROUP 193.00 179.00 211.10 Neutral Sell 116 0.65

ROLLS-ROYCE HOLDINGS 1132.00 8 22.44 1 240.00 Neutral Buy 1512 0.98

SENIOR 272.80 185.90 288.40 N eu tra l Neu tral 273 1.66

SMITHS GROUP 1395.00 1018.00 1412.00 Neutral Sell 1217 0.76

ULTRA ELECTRONICS HDG. 19 09.00 1 505.00 1981.00 Neutral Sell 1719 0.51

Automobiles & PartsOver Valued

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

GKN 347.60 201.00 360.70 Neutral Sell -1828 1.96

INCHCAPE 610.50 353.30 645.00 Neutral Strong Buy 2948 1.41

LOOKERS 126.00 71.50 128.50 Neutral Strong Buy 665 1.22

PENDRAGON 34.25 13.50 35.25 Neutral Strong Buy 262 1.04

TOROTRAK 27.50 23.50 36.50 Neutral Sell 13 0.73

Banks Over Valued


BARCLAYS 271.45 197.36 308.39 Neutral Sell -645 1.96

HSBC HDG. (ORD $0.50) 685.70 573.30 769.90 Neutral Buy 843 1.19

LLOYDS BANKING GROUP 74.21 37.01 78.00 Neutral Sell 8 1.88

ROYAL BANK OF SCTL.GP. 367.90 255.10 369.00 Neutral Sell -101 1.39

STANDARD CHARTERED 1536.50 1380.00 1837.50 Neutral Strong Buy 3346 1.67

Beverages Under Valued


BARR (AG) 541.50 432.20 588.50 Neutral Sell 429 0.58

BRITVIC 581.00 349.10 592.00 Neutral Buy 828 0.73

DIAGEO 2019.50 1739.50 2136.50 Sell Buy 2357 0.51

SABMILLER 3231.00 2599.00 3657.00 Neutral Strong Buy 5157 0.89


7/17



Chemicals Under Valued


ALENT 368.80 305.00 397.50 Neutral Strong Buy 3776 #NA

AZ ELECTRONIC MATS.(DI) 304.00 240.00 406.40 Neutral Strong Buy 549 1.11

CARCLO 407.75 342.75 501.00 Neutral Sell 128 0.74

CRODA INTERNATIONAL 2738.00 2164.00 2841.00 Neutral Buy 3269 1.05

ELEMENTIS 246.60 204.20 275.00 Neutral Buy 300 1.07

JOHNSON MATTHEY 2867.00 2190.00 2985.00 Neutral Buy 4086 1.44

VICTREX 1630.00 1322.00 1765.00 Neutral Sell 1350 1.16

SYNTHOMER 240.50 146.00 249.20 Neutral Strong Buy 382 1.05

ZOTEFOAMS 196.50 186.50 225.00 Neutral Buy 291 1.00

Construction & Building Materials Under Valued


ALUMASC GROUP 137.00 77.50 137.00 Neutral Strong Buy 293 0.55

BALFOUR BEATTY 284.00 207.60 320.80 Neutral Strong Buy 1095 0.82

BARRATT DEVELOPMENTS 321.40 168.00 355.20 Neutral Strong Buy 643 1.67

BELLWAY 1323.00 913.00 1502.00 Neutral Strong Buy 2993 0.96

BERKELEY GROUP HDG.(THE) 2059.00 1387 .00 2340.00 Neutral Strong Buy 5240 0.55

BOOT (HENRY) 190.00 123.50 201.00 Neutral Strong Buy 375 0.74

BOVIS HOMES GROUP 752.50 487.00 851.50 Neutral Strong Buy 1502 1.07

CARILLION 317.20 244.80 331.80 Neutral Strong Buy 1621 1.06

CLARKE (T) 63.50 40.00 64.63 Neutral Strong Buy 407 0.76

COSTAIN GROUP 260.50 226.25 306.00 Neutral Strong Buy 1173 0.50

CRH 1499.00 1090.00 1540.00 Neutral Sell 921 1.03

GALLIFORD TRY 1029.00 678.00 1070.00 Neutral Strong Buy 3106 0.93

KELLER 1059.00 543.00 1161.00 Neutral Strong Buy 2504 1.28

KIER GROUP 1679.00 1106.00 1683.00 Neutral Strong Buy 5601 0.99

LOW & BONAR 79.50 50.00 80.00 Neutral Strong Buy 234 1.08

MARSHALLS 177.50 85.00 184.00 Neutral Buy 216 1.33

MORGAN SINDALL GROUP 746.00 508.00 746.00 Neutral Strong Buy 4820 0.70

NORCROS 21.75 11.25 21.75 Neutral Strong Buy 72 1.02

PERSIMMON 1123.00 685.75 1305.00 Neutral Strong Buy 2092 0.99

REDROW 236.60 152.90 255.10 Neutral Strong Buy 479 0.84

SIG 187.80 99.00 193.70 Neutral Strong Buy 557 1.68

SUPERGLASS HOLDINGS 43.00 43.00 287.50 Neutral Strong Buy 4468 0.89

TAYLOR WIMPEY 102.00 54.30 113.80 Neutral Strong Buy 238 1.58

TRAVIS PERKINS 1623.00 1030.00 1713.00 Neutral Strong Buy 4632 1.94

WOLSELEY 3343.00 2635.64 3483.00 Neutral Strong Buy 6328 1.30


8/17



Electronics & Electrical Equipment Under Valued


DIALIGHT 1161.00 999.50 1399.00 Neutral Sell 1054 0.67

DOMINO PRINTING SCIENCES 639.00 522.00 717.00 Neutral Buy 885 1.12

E2V TECHNOLOGIES 140.00 105.50 140.00 Neutral Strong Buy 287 1.25

INVENSYS 504.50 217.33 509.50 Neutral Sell 292 1.42

LAIRD 224.40 171.10 249.30 Neutral Strong Buy 448 2.06

OXFORD INSTRUMENTS 1320.00 1209.00 1752.00 Neutral Sell 1154 1.11

RENISHAW 1800.00 1494.00 2081.00 Neutral Buy 2071 1.28

SPECTRIS 2225.00 1549.00 2470.00 Neutral Buy 2827 1.51

BIOME TECHNOLOGIES 195.00 65.00 303.67 Neutral Sell -431 0.76

TT ELECTRONICS 198.50 114.00 200.00 Neutral Strong Buy 437 1.61

XAAR 777.50 244.13 898.00 Neutral Sell 419 1.08

Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 125.75 54.25 128.00 Neutral Buy 150 1.14

BODYCOTE 665.50 345.10 685.00 Neutral Neutral 658 1.59

CASTINGS 420.00 291.00 450.00 Neutral Buy 583 0.93

VESUVIUS 453.60 263.19 487.60 Neutral Strong Buy 1241 2.23

FENNER 407.00 305.90 435.20 Neutral Buy 580 1.47

HALMA 560.50 410.40 578.00 Neutral Sell 425 0.79

HILL & SMITH 474.00 364.00 480.00 Neutral Buy 565 1.31

IMI 1457.00 900.00 1513.00 Neutral Strong Buy 4382 1.39

MORGAN ADVANCE D MATE RIAL 3 09 .9 0 2 20 .3 0 3 18 .0 0 Neutral Strong Buy 509 1.89

ROTORK 2769.00 2229.00 3037.00 Neutral Strong Buy 4392 1.01

SEVERFIELD-ROWEN 62.25 35.40 76.91 Neutral Sell 52 0.79

SPIRAX-SARCO 2986.00 1932.53 3090.00 Neutral Sell 1845 0.81VITEC GROUP 690.00 559.00 740.00 Neutral Sell 497 1.34

WEIR GROUP 2381.00 1688.00 2474.00 Neutral Neutral 2293 1.45

Food & Drug Stores Over Valued


GREGGS 437.40 392.10 523.50 Neutral Strong Buy 810 0.45

MORRISON(WM)SPMKTS. 287.60 248.60 302.50 Neutral Buy 396 0.37

SAINSBURY (J) 398.00 321.90 400.80 Neutral Buy 479 0.55

TESCO 374.00 307.90 387.75 Neutral Sell 200 0.67

THORNTONS 95.50 28.63 100.50 Neutral Sell 60 0.79

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1856.00 1289.00 2 031.00 Neutral Sell 1642 0.59

CRANSWICK 1179.00 732.50 1189.00 Neutral Buy 1768 0.31

DAIRY CREST 471.80 332.90 528.50 Neutral Sell 377 0.88

DEVRO 325.50 289.90 380.00 Neutral Strong Buy 512 0.36

PREMIER FOODS 143.25 59.75 166.50 Neutral Strong Buy 248 1.23

TATE & LYLE 768.00 654.50 883.00 Neutral Strong Buy 1346 0.65

UNILEVER (UK) 2524.00 2252.00 2885.00 Neutral Sell 2193 0.50


9/17



General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 26.25 25.00 29.50 Neutral Strong Buy 46 0.67

BROWN (N) GROUP 529.00 266.40 577.00 N eu tral Neu tral 532 0.50

BURBERRY GROUP 1632.00 1000.00 1667.00 Neutral Sell 1281 1.29

CARPETRIGHT 667.00 585.00 701.50 Neutral Sell 257 0.87

DIXONS RETAIL 47.34 19.21 47.34 N eu tral Neu tral 45 1.46

FINDEL 233.75 108.00 253.75 Neutral Sell 154 1.04

FRENCH CONNECTN.GROUP 32.00 22.75 34.00 Sell Sell 12 1.03

HALFORDS GROUP 397.00 259.30 406.00 Neutral Strong Buy 606 0.71

JD SPORTS FASHION 1053.00 670.00 1053.00 Neutral Strong Buy 2118 0.51

DARTY 70.50 39.00 88.25 Neutral Strong Buy 125 1.22

KINGFISHER 395.50 262.20 420.00 Neutral Buy 563 0.90

MARKS & SPENCER GROUP 503.50 356.80 513.50 Neutral Strong Buy 763 0.61

MOSS BROTHERS GROUP 72.25 48.50 74.88 Neutral Buy 87 0.95

MOTHERCARE 383.75 205.75 492.75 Neutral Sell 137 0.36

NEXT 5150.00 3444.00 5205.00 N eu tral Neu tral 5467 0.59

TED BAKER 1866.00 899.00 2017.00 Neutral Sell 1077 0.57

TOPPS TILES 86.00 46.00 89.75 N eu tral Neu tral 82 1.50

Health Over Valued


BIOQUELL 146.50 130.00 160.00 Neutral Sell 115 0.38

CONSORT MEDICAL 851.50 660.50 863.00 Neutral Sell 664 0.35

OPTOS 158.00 106.75 222.75 N eu tral Neu tral 172 1.18

SMITH & NEPHEW 771.00 638.00 800.00 Neutral Sell 660 0.40

Household Goods & Textiles Under Valued


GAMES WORKSHOP 788.00 601.00 794.50 Neutral Neu tral 768 0.31

HEADLAM GROUP 398.00 295.00 415.00 Neutral Buy 456 0.89

HORNBY 80.50 55.25 87.50 Neutral Sell 49 0.69

Information Technology & Hardware Over Valued


ARM HOLDINGS 993.00 566.00 1097.00 Neutral Sell 444 0.69

CSR 512.00 312.60 607.00 Neutral Strong Buy 1560 1.13FILTRONIC 64.25 30.75 83.25 Neutral Buy 84 0.93

IMAGINATION TECHNOLOGIES 350.60 235.10 552.00 Neutral Sell 241 1.04

SPIRENT COMMUNICATIONS 127.20 118.00 169.20 Neutral Strong Buy 402 0.90

WOLFSON MICROELECTRONICS 175 .50 140 .00 226 .25 Neutral Sell -17 0.93


10/17



Insurance Under Valued


ADMIRAL GROUP 1213.00 1019.00 1416.00 Neutral Sell -515 0.52

AMLIN 401.00 364.10 435.10 Neutral Strong Buy 1551 0.38

BEAZLEY 216.00 167.00 242.70 Neutral Strong Buy 961 0.52

CATLIN GROUP 489.00 455.30 552.50 N eu tral Neu tral 480 0.23

HISCOX 634.50 463.32 660.00 Neutral Strong Buy 1924 0.42

JARDINE LLOYD THOMPSON 945.00 723.00 949.50 Neutral Buy 1217 0.30

RSA INSURANCE GROUP 125.00 107.70 136.30 Neutral Strong Buy 740 0.35

NOVAE GROUP 520.50 345.00 520.50 Neutral Strong Buy 3485 0.35

Leisure & Hotels Over Valued


CARNIVAL 2258.00 2125.00 2628.00 Neutral Buy 3289 0.95

ENTERPRISE INNS 148.00 62.25 153.80 Neutral Sell 97 1.65

TUI TRAVEL 356.50 230.10 401.50 Neutral Strong Buy 691 0.96

FULLER SMITH 'A' 907.00 716.00 969.00 Neutral Sell 570 0.27

GREENE KING 793.50 587.00 897.50 Neutral Sell 584 0.89

LADBROKES 188.50 171.00 243.10 Neutral Buy 250 0.90

ICTL.HTLS.GP. 1838.00 1524.00 2039.00 Neutral Sell 1612 1.09

MILLENNIUM & CPTH.HTLS. 559.00 456.00 582.50 N eu tral Neu tral 557 1.36

MITCHELLS & BUTLERS 430.50 286.40 460.00 Sell Sell 254 0.98

BWIN PARTY DIGITAL ENTM. 120.70 101.30 156.00 Neutral Sell 59 1.28

PUNCH TAVERNS 15.00 6.15 15.50 Neutral Strong Buy 66 1.15

RANK GROUP 161.00 137.30 177.50 Neutral Strong Buy 549 0.97

RESTAURANT GROUP 543.50 354.40 575.00 Neutral Sell 372 0.66

WETHERSPOON (JD) 739.50 475.50 767.00 Neutral Sell 655 0.54

WHITBREAD 2992.00 2263.00 3303.00 Neutral Sell 2078 0.98WILLIAM HILL 411.00 293.10 494.50 Neutral Sell 347 0.84

MARSTON'S 152.40 114.20 165.50 Neutral Sell 10 1.15

Life Assurance Under Valued


AVIVA 403.70 294.10 419.80 Neutral Sell 373 1.18

CHESNARA 275.00 176.50 276.50 Neutral Strong Buy 533 0.61

LEGAL & GENERAL 202.20 131.40 203.20 Neutral Strong Buy 504 1.70

OLD MUTUAL 193.80 166.10 221.60 Neutral Strong Buy 406 1.55

PRUDENTIAL 1179.00 801.50 1232.00 N eu tral Neu tral 1213 1.69

ST.JAMES'S PLACE 620.50 367.10 641.50 Neutral Strong Buy 6859 0.83


11/17



Media & Entertainment Under Valued


BLOOMSBURY PBL. 145.75 102.00 149.00 Neutral Strong Buy 922 0.40

BRITISH SKY BCAST.GROUP 885.50 709.00 899.50 Neutral Strong Buy 1056 0.46

CENTAUR MEDIA 57.50 31.00 60.00 Neutral Sell -42 1.06

DAILY MAIL 'A' 788.00 451.25 835.00 Neutral Strong Buy 3556 1.06

EUROMONEY INSTL.INVESTOR 1149.00 747 .50 1209.00 Neutral Strong Buy 5566 0.93

INFORMA 537.50 380.50 545.00 Neutral Strong Buy 327 1.64

ITE GROUP 275.80 183.50 307.40 Neutral Buy 201 1.46

ITV 177.30 85.65 183.40 Neutral Strong Buy 1369 1.46

JOHNSTON PRESS 14.50 7.70 19.00 Neutral Buy 720 1.21

PEARSON 1280.00 1119.00 1350.00 Neutral Neu tral 309 0.65

PHOTO-ME INTL. 112.50 46.75 112.50 Neutral Strong Buy 2283 0.85

PINEWOOD SHEPPERTON 294.50 269.00 294.50 Neutral Strong Buy 732 0.14

THOMSON REUTERS 36.52 26.85 36.52 Neutral Strong Buy 346 0.52

STV GROUP 244.00 91.00 262.50 Neutral Sell 240 0.82

ST.IVES 171.00 76.25 172.00 Neutral Sell 159 1.49TRINITY MIRROR 124.25 50.50 128.25 Neutral Sell -289 1.58

UBM 725.50 636.00 788.00 Neutral Strong Buy 1421 1.34

WILMINGTON GROUP 208.00 121.00 208.00 Neutral Strong Buy 1390 0.83

WPP 1292.00 788.00 1296.00 Neutral Sell -827 1.25

Mining Under Valued


ANGLO AMERICAN 1545.50 1207.00 2072.00 Neutral Sell 1272 1.85

ANGLO PACIFIC GROUP 198.50 161.00 290.00 Neutral Neu tral 206 1.09

ANTOFAGASTA 850.00 784.50 1381.00 Neutral Neu tral 833 1.42

BHP BILLITON 1860.00 1666.50 2236.00 Neutral Strong Buy 2897 1.49

GLENCORE XSTRATA 338.10 256.85 397.85 Neutral Strong Buy 1015 #NA

LONMIN 328.90 240.84 380.10 Sell Buy 444 2.05

RANDGOLD RESOURCES 4493.00 3972.00 7775.00 Neutral Sell 2837 0.48

RIO TINTO 3106.50 2582.00 3757.00 Neutral Sell 2508 1.55

VEDANTA RESOURCES 992.00 1335.00 Neutral Strong Buy 2768 2.29

Oil & Gas Under Valued


BG GROUP 1208.00 1000.50 1350.50 Neutral Sell 902 0.84

BP 442.30 416.60 483.30 Neutral Strong Buy 1006 1.03

CAIRN ENERGY 259.40 251.80 296.10 Buy Sell -24 1.33

FORTUNE OIL 10.00 7.15 12.50 Neutral Strong Buy 108 0.81

HUNTING 823.50 716.00 941.00 Neutral Sell 568 1.35

JKX OIL & GAS 62.50 48.50 81.00 Neutral Sell -55 1.33

PREMIER OIL 331.70 321.30 400.20 Buy Buy 413 1.49

ROYAL DUTCH SHELL B 2150.00 2098.00 2365.00 Neutral Strong Buy 8381 0.83

SOCO INTERNATIONAL 428.90 319.90 428.90 Neutral Buy 491 0.52

TULLOW OIL 1065.00 977.00 1468.00 Neutral Sell 705 1.07

WOOD GROUP (JOHN) 819.50 720.50 915.50 Neutral Sell 726 1.44


12/17



Personal Care & Household Products Over Valued


MCBRIDE 122.25 101.00 144.60 Neutral Buy 166 0.83

PZ CUSSONS 420.90 300.00 432.50 Neutral Sell 375 0.71

RECKITT BENCKISER GROUP 4546.00 3565.00 4950.00 Neutral Neu tral 4680 0.31

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.41 0.36 3.58 Buy Sell -5 0.91

ASTRAZENECA 3218.00 2792.50 3521.50 Neutral Strong Buy 7615 0.49

BTG 387.20 317.50 397.90 Neutral Sell 159 0.70

DECHRA PHARMACEUTICALS 722.50 569.00 780.00 Neutral Sell 517 0.18

GLAXOSMITHKLINE 1603.00 1317.50 1782.00 Neutral Neu tral 1602 0.50

OXFORD BIOMEDICA 2.20 1.33 2.83 Buy Sell -3 0.53

PHYTOPHARM 51.50 51.50 612.50 Strong Buy Sell -271 0.90

SHIRE 2489.00 1727.00 2593.00 Neutral Sell 1143 0.69

SKYEPHARMA 97.25 43.50 97.25 Neutral Sell -14 0.55

VERNALIS 28.75 19.38 31.00 Neutral Sell 8 0.84

Real Estate - REIT Under Valued


BIG YELLOW GROUP 435.00 311.60 445.00 Neutral Strong Buy 741 1.18

BRITISH LAND 585.00 506.00 658.00 Neutral Buy 849 1.05

DERWENT LONDON 2387.00 1946.00 2542.00 Neutral Strong Buy 5130 1.24

GREAT PORTLAND ESTATES 541.00 442.20 598.00 Neutral Strong Buy 1155 1.06

HAMMERSON 504.50 451.00 554.00 Neutral Buy 572 1.27INTU PROPERTIES 324.00 300.60 366.00 Neutral Strong Buy 589 1.14

LAND SECURITIES GROUP 927.00 761.50 994.00 Neutral Strong Buy 1829 1.16

LOCAL SHOP.REIT (THE) 30.38 24.25 39.25 Neutral Sell -174 0.81

LONDONMETRIC PROPERTY 119.70 1 03.20 119.70 Neutral Sell -8 0.34

MCKAY SECURITIES 162.00 131.50 162.00 Neutral Strong Buy 293 0.65

MUCKLOW (A & J) GROUP 450.00 325.00 500.00 Neutral Sell 246 0.37

PRIMARY HEALTH PROPS. 328.75 312.50 363.53 Neutral Sell 113 0.26

REDEFINE INTL.REIT 47.00 30.69 47.00 Neutral Sell -399 0.62

SEGRO 307.00 221.60 313.60 Neutral Sell -321 1.82

SHAFTESBURY 590.50 522.50 668.00 Neutral Buy 881 1.04

TOWN CENTRE SECURITIES 225.00 178.75 225.00 Neutral Sell 2 1.04

WORKSPACE GROUP 414.70 264.00 475.00 Neutral Strong Buy 1409 1.02


13/17



Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 335.50 213.30 365.60 Neutral Strong Buy 658 0.73

CAPITAL & REGIONAL 41.50 22.75 42.00 Neutral Sell -51 0.56

CLS HOLDINGS 1172.00 656.50 1260.00 Neutral Strong Buy 2844 0.73

DAEJAN HOLDINGS 3711.00 2706.00 4179.00 Neutral Strong Buy 14383 0.47

DEVELOPMENT SECS. 193.00 143.00 209.00 Neutral Neutral 190 0.98

GRAINGER 173.70 105.10 187.50 Neutral Sell 107 1.57

HELICAL BAR 292.00 178.00 302.50 Neutral Sell 199 0.83

LONDON & ASSOCS.PROPS. 33.25 21.50 33.25 Neutral Strong Buy 221 0.63

MOUNTVIEW ESTATES 6412.50 4350.00 6512.50 Neutral Strong Buy 14191 0.68

QUINTAIN ESTATES & DEV. 83.25 51.00 92.00 Sell Sell -206 1.02

RAVEN RUSSIA 78.25 61.50 79.75 Neutral Strong Buy 204 1.52

SAVILLS 606.00 391.20 664.50 Neutral Strong Buy 1586 0.69

SMART (J) 86.50 72.50 90.50 Neutral Strong Buy 366 0.32

ST MODWEN PROPS. 303.00 194.00 333.00 Neutral Strong Buy 614 1.63

UNITE GROUP 382.00 250.60 403.00 Neutral Strong Buy 1597 1.78

Software & Computer Services Under Valued


ANITE 114.25 109.60 162.00 Neutral Buy 145 0.66

AVEVA GROUP 2633.00 1939.60 2650.00 Neutral Sell 1526 1.52

COMPUTACENTER 538.00 333.29 564.10 Neutral Strong Buy 1508 0.90

KOFAX 383.00 260.75 383.00 Neutral Sell 352 1.04

INNOVATION GROUP 29.75 20.25 30.25 Neutral Sell 27 0.81

MICRO FOCUS INTL. 777.50 543.00 812.50 Neutral Buy 1065 0.81

PHOENIX IT GROUP 164.75 130.00 184.00 Neutral Sell -222 0.73

RM 109.50 64.00 114.25 Neutral Strong Buy 274 0.54FIDESSA GROUP 2009.00 1275.00 2190.00 Neutral Neu tral 2208 0.77

SAGE GROUP 347.10 289.36 368.18 Neutral Buy 447 0.69

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 393.20 3 06.80 492.10 Neutral Strong Buy 1243 1.12

BREWIN DOLPHIN 270.00 168.00 283.00 Neutral Strong Buy 653 0.69

CAMELLIA 8700.00 8000.00 11105.00 Neutral Strong Buy 81901 0.85

CHARLES STANLEY GROUP 459.00 260.00 474.00 Neutral Strong Buy 1432 0.93

CHARLES TAYLOR 220.00 155.00 228.00 Neutral Strong Buy 1641 0.65

CLOSE BROTHERS GROUP 1189.00 830.00 1189.00 Sell Strong Buy 4843 0.85

F&C ASSET MANAGEMENT 98.00 90.00 110.40 Neutral Sell 78 0.86

HELPHIRE GROUP 5.45 0.66 5.70 Sell Sell -126 0.61

HENDERSON GROUP 191.60 107.20 192.30 Neutral Strong Buy 796 1.44

ICAP 395.70 280.80 422.20 Neutral Strong Buy 833 1.07

INTERMEDIATE CAPITAL GP. 454.90 287.20 501.50 Neutral Strong Buy 2225 1.70

INVESTEC 407.20 358.40 513.50 Neutral Strong Buy 2645 1.56

LONDON STOCK EX.GROUP 1576.00 930.00 1652.00 Neutral Strong Buy 6680 1.13

MAN GROUP 85.20 71.80 134.40 Neutral Sell -4857 1.39

RATHBONE BROTHERS 1580.00 1208.00 1691.00 Neutral Strong Buy 5468 0.71

SCHRODERS 2549.00 1518.00 2631.00 Neutral Strong Buy 8165 1.30

SCHRODERS NV 2127.00 1176.00 2174.00 Sell Strong Buy 11329 1.28


14/17



Support Services Under Valued


ACAL 271.50 157.75 284.00 Neutral Strong Buy 584 0.83

AGGREKO 1620.00 1557.00 2370.00 Neutral Strong Buy 3125 1.14

AMEC 1091.00 965.50 1172.00 Neutral Strong Buy 3148 1.11

ASHTEAD GROUP 651.50 322.90 730.00 Neutral Buy 925 1.64

BABCOCK INTL. 1197.00 914.00 1209.00 Neutral Strong Buy 2465 0.49

BRITISH POLYTHENE INDS. 615.00 372.50 615.00 Sell Strong Buy 2230 0.80

BUNZL 1358.00 1009.00 1409.00 Neutral Strong Buy 2638 0.50

UK MAIL GROUP 570.00 247.00 645.00 Neutral Strong Buy 1547 0.42

CAPITA 1007.00 713.00 1057.00 Neutral Strong Buy 1798 0.54

COMMUNISIS 62.00 34.54 68.00 Neutral Strong Buy 412 0.83

COMPASS GROUP 837.50 671.50 910.50 Neutral Strong Buy 1884 0.75

BERENDSEN 904.50 543.00 939.00 Neutral Strong Buy 3224 1.08

DE LA RUE 987.00 891.50 1075.00 Neutral Strong Buy 2273 #NA

DIGNITY 1413.00 902.82 1567.68 Neutral Buy 1623 0.25

DIPLOMA 636.00 435.00 661.00 Neutral Strong Buy 1265 0.96ELECTROCOMP. 272.90 200.00 280.90 Neutral Strong Buy 841 0.98

ESSENTRA PLC 760.00 500.50 830.00 Neutral Strong Buy 1212 1.14

G4S 250.20 207.50 313.50 Neutral Strong Buy 873 0.47

HAYS 112.80 75.20 113.90 Neutral Strong Buy 378 1.03

HOMESERVE 259.40 185.60 293.60 Neutral Strong Buy 887 0.89

INTERSERVE 568.00 349.10 591.50 Neutral Strong Buy 2960 1.25

INTERTEK GROUP 3374.00 2697.00 3453.00 Neutral Buy 4258 0.80

JOHNSON SERVICE GROUP 51.50 31.50 51.75 Neutral Strong Buy 226 1.10

MANAGEMENT CNSL.GP. 26.50 21.25 32.00 Neutral Strong Buy 176 0.57

MENZIES (JOHN) 795.00 573.00 805.00 Neutral Strong Buy 1975 1.41

MICHAEL PAGE INTL. 488.20 346.40 502.50 Neutral Strong Buy 764 1.36

MITIE GROUP 290.40 248.00 300.80 Neutral Strong Buy 976 0.52

OFFICE2OFFICE 46.00 33.75 139.00 Neutral Strong Buy 617 0.31

PAYPOINT 1082.00 716.00 1185.00 Neutral Strong Buy 1760 0.75

PREMIER FARNELL 214.10 165.50 238.40 Neutral Strong Buy 526 1.41

REGUS 181.90 96.00 193.40 Neutral Sell 71 1.38

RENTOKIL INITIAL 109.30 81.30 110.90 Neutral Strong Buy 437 1.26

REXAM 489.10 432.56 547.50 Neutral Strong Buy 1718 0.84

RICARDO 545.00 349.63 556.50 Neutral Strong Buy 1543 0.90

ROBERT WALTERS 329.00 187.00 329.00 Neutral Strong Buy 897 1.15

RPC GROUP 473.40 378.00 477.80 Neutral Strong Buy 1555 0.81

RPS GROUP 258.30 195.50 274.20 Neutral Strong Buy 862 1.51

SERCO GROUP 558.00 535.00 683.50 Neutral Strong Buy 2131 0.60

SHANKS GROUP 95.25 73.00 98.00 Neutral Strong Buy 347 1.49

SPEEDY HIRE 65.25 28.75 65.50 Neutral Strong Buy 320 1.18TRIBAL GROUP 206.50 92.25 206.50 Sell Strong Buy 504 0.65

TRIFAST 68.50 40.50 70.75 Neutral Strong Buy 305 0.90

VP 497.25 313.00 499.00 Neutral Strong Buy 2168 0.79

WYG 108.00 49.50 108.00 Sell Strong Buy 179 0.82


15/17



Telecommunication Services Over Valued


BT GROUP 342.50 212.50 348.90 Neutral Buy 426 0.89

CABLE & WIRELESS COMMS. 39.49 34.31 46.29 Neutral Strong Buy 79 0.67

INMARSAT 716.50 542.50 749.00 Neutral Sell 257 0.53

KCOM GROUP 91.50 68.25 91.50 Neutral Buy 119 1.20

TELECOM PLUS 1305.00 821.00 1399.00 Neutral Sell 805 0.05

VODAFONE GROUP 213.10 154.45 213.90 Neutral Sell 123 0.51

Transport Over Valued


BBA AVIATION 305.10 195.70 326.00 Neutral Sell 220 1.22

BRAEMAR SHIPPING SVS. 495.00 350.00 495.00 Neutral Buy 556 1.06

CLARKSON 2225.00 1150.00 2225.00 Strong Sell Sell 1251 0.86

EASYJET 1298.00 580.00 1448.00 Neutral Sell 839 0.77

FIRST GROUP 120.40 92.00 206.76 Neutral Strong Buy 264 0.88

FISHER(JAMES)& SONS 1090.00 748.00 1148.00 Neutral Sell 782 0.72

GO-AHEAD GROUP 1670.00 1220.00 1670.00 Neutral Strong Buy 2843 0.97

NATIONAL EXPRESS 257.30 164.50 274.90 Neutral Sell 240 1.39

NORTHGATE 425.50 239.50 435.00 Neutral Sell 343 1.34

STAGECOACH GROUP 326.00 265.90 337.60 Neutral Buy 452 0.97

WINCANTON 100.25 43.75 105.00 Neutral Strong Buy 269 0.95

Utilities Under Valued


CENTRICA 396.70 310.80 402.20 Neutral Buy 588 0.50NATIONAL GRID 746.50 682.00 847.50 Neutral Buy 992 0.45

PENNON GROUP 701.00 598.00 749.50 Neutral Sell 636 0.63

SSE 1580.00 1364.00 1676.00 Neutral Buy 2301 0.40

SEVERN TRENT 1811.00 1513.00 2090.00 Neutral Sell 1529 0.37

UNITED UTILITIES GROUP 703.00 647.00 787.50 Neutra l Neu tral 761 0.49


16/17



DISCLAIMER

Intellisys Intelligent Analysis Limited has prepared this report. Intellisys is the trading name of IntellisysIntelligent Analysis Limited.

Intellisys is a provider of financial research reports that indicate the possible value of quoted companyshares. The information contained within any and all of Intellisys reports are designed to present anobjective assessment of the possible value or relative value of a company and/or an actuarial sector orstock market index. Intellisys utilises as extensive as possible range of valuation tools and proprietarysystems to derive its outputs. The base data for the models are derived from sources believed to beaccurate but Intellisys Intelligent Analysis Limited does not warrant or guarantee the accuracy or reliability ofthe source data or its models and proprietary systems. Subscribers, and casual readers, should not relyupon the Intellisys research outputs when forming specific investment decisions but should seek advicespecific to their situation and investment requirements from a person authorized under the FinancialServices and Markets Act 2000, before entering into any investment agreement.

Intellisys Intelligent Analysis Limited has used reasonable care and skill in compiling the content of thisreport. No representation or warranty, expressed or implied, is given by any person as to the accuracy or

completeness or accuracy of the information and no responsibility or liability is accepted to the accuracy orsufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. Inno event will Intellisys Intelligent Analysis Limited, Intellisys or any of its officers, employees or agents beliable to any other party for any direct, indirect, special or other consequential damages arising from the useof this report.

The Intellisys Intelligent Analysis Limited and/or Intellisys reports are not directed to any person in anyjurisdiction where (by reason of that persons nationality, residence or otherwise) the publication oravailability of the Intellisys Intelligent Analysis Limited and/or Intellisys information may be prohibited.Persons in respect of whom such prohibitions apply must not access the Intellisys Intelligent AnalysisLimited and/or Intellisys reports. Neither this document, nor any copy in whatever form of media, may betaken or transmitted into the United States, Canada, Australia, Ireland, South Africa or Japan or into any

jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may constitute aviolation of relevant local securities laws. Recipients of Intellisys Intelligent Analysis Limited and/or Intellisysreports outside the UK are not covered by the rules and regulations made for the protection of investors inthe UK.

Any user distributing information taken from any Intellisys reports and/or the Intellisys website, in whateverform, to any other person, agrees to attach a copy of this Disclaimer and the Terms and Conditions of Usepages and obtain the agreement of such other person to comply with the terms set forth.

Intellisys' published reports are published for information purposes and only available to marketcounterparties, high net-worth and sophisticated individual investors.

No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other

financial instruments in any company or any interest therein, nor shall it form the basis of any contractentered into for the sale of shares or any other financial instrument in any company.

Intellisys believes that the information within each and any of its reports to be correct, but its accuracy orcompleteness cannot be guaranteed. No representation or warranty, expressed or implied, is given by anyperson as to the accuracy or completeness of the information and no responsibility or liability is accepted forthe accuracy or sufficiency of any of the information, for any errors, omissions or mis-statements, negligentor otherwise.

Intellisys (including its Directors, employees and representatives) or a connected person may have positionsin or options or other financial instruments on any of the securities mentioned within a report, and may buy,sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internal

rules.


17/17


Subscribers, and casual reader, are reminded that the value of shares in any company may go up or downand that past performance is not necessarily a guide to future performance.

Intellisys Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authorityand does not offer, provide or purport to provide or offer investment advice.

RISK WARNING

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 shares and other equity investments, you must contact your financialadviser as these types of investments may not be suitable for everyone.

The value of stocks and shares, and the income from them, can fall as well as rise and you may not getback the full amount you originally invested. If denominated in a foreign currency, fluctuations in theexchange rate will also affect the value of stocks and shares and the income from them. Past performanceis not necessarily a guide to future performance.

value indicator - uk main market 20130925

Documents

Transcript of value indicator - uk main market 20130925