value indicator - uk main market 20131003

7/27/2019 value indicator - uk main market 20131003

1/17

03 October 2013

Powered by


2/17

Intellisys Intelligent Analysis Limited 03 October 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 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 Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaAVON RUBBER 550.00 297.50 550.50 Neutral Sell 502 0.93

BAE SYSTEMS 448.30 300.80 468.00 Neutral Buy 615 0.70

CHEMRING GROUP 295.50 217.00 353.30 Neutral Buy 331 0.67

COBHAM 288.60 190.10 307.70 N eu tra l Neu tral 293 0.82

MEGGITT 540.00 366.20 564.00 Neutral Sell 512 1.25

QINETIQ GROUP 188.10 179.00 211.10 Neutral Sell 113 0.65

ROLLS-ROYCE HOLDINGS 1120.00 8 35.76 1 240.00 Neutral Buy 1503 0.98

SENIOR 272.80 185.90 288.40 N eu tra l Neu tral 271 1.66

SMITHS GROUP 1382.00 1018.00 1419.00 Neutral Sell 1206 0.76

ULTRA ELECTRONICS HDG. 18 80.00 1 505.00 1981.00 Neutral Sell 1702 0.51

Automobiles & PartsOver Valued

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

GKN 343.90 201.00 360.70 Neutral Sell -1748 1.96

INCHCAPE 607.00 353.30 645.00 Neutral Strong Buy 2849 1.41

LOOKERS 120.00 71.50 128.50 Neutral Strong Buy 641 1.22

PENDRAGON 34.00 13.50 35.25 Neutral Strong Buy 252 1.04

TOROTRAK 26.50 23.50 36.50 Neutral Sell 12 0.73

Banks Over Valued


BARCLAYS 272.55 203.45 308.39 Neutral Sell -649 1.96

HSBC HDG. (ORD $0.50) 667.40 587.70 769.90 Neutral Buy 824 1.19

LLOYDS BANKING GROUP 74.46 37.01 78.00 Neutral Sell 7 1.88

ROYAL BANK OF SCTL.GP. 366.90 257.30 372.70 Neutral Sell -99 1.39

STANDARD CHARTERED 1466.00 1380.00 1837.50 Neutral Strong Buy 3293 1.67

Beverages Under Valued


BARR (AG) 526.00 432.20 588.50 Neutral Sell 416 0.58

BRITVIC 578.00 349.10 592.00 Neutral Buy 809 0.73

DIAGEO 1938.50 1746.50 2136.50 Neutral Buy 2269 0.51

SABMILLER 3035.50 2599.00 3657.00 Neutral Strong Buy 4962 0.89


7/17



Chemicals Under Valued


ALENT 353.50 305.00 397.50 Neutral Strong Buy 3637 #NA

AZ ELECTRONIC MATS.(DI) 286.00 240.00 406.40 Neutral Strong Buy 528 1.11

CARCLO 381.25 342.75 501.00 Neutral Sell 121 0.74

CRODA INTERNATIONAL 2668.00 2164.00 2841.00 Neutral Buy 3202 1.05

ELEMENTIS 238.00 204.20 275.00 Neutral Buy 291 1.07

JOHNSON MATTHEY 2791.00 2190.00 2985.00 Neutral Buy 3915 1.44

VICTREX 1591.00 1331.00 1765.00 Neutral Sell 1317 1.16

SYNTHOMER 238.70 146.00 249.20 Neutral Strong Buy 366 1.05

ZOTEFOAMS 194.50 186.50 225.00 Neutral Buy 279 1.00

Construction & Building Materials Under Valued


ALUMASC GROUP 133.00 79.00 137.00 Neutral Strong Buy 289 0.55

BALFOUR BEATTY 282.90 207.60 320.80 Neutral Strong Buy 1088 0.82

BARRATT DEVELOPMENTS 311.70 174.50 355.20 Neutral Strong Buy 637 1.67

BELLWAY 1296.00 913.00 1502.00 Neutral Strong Buy 2966 0.96

BERKELEY GROUP HDG.(THE) 2114.00 1387 .00 2340.00 Neutral Strong Buy 5201 0.55

BOOT (HENRY) 181.00 123.50 201.00 Neutral Strong Buy 371 0.74

BOVIS HOMES GROUP 735.50 487.00 851.50 Neutral Strong Buy 1488 1.07

CARILLION 315.70 244.80 331.80 Neutral Strong Buy 1605 1.06

CLARKE (T) 63.75 40.00 68.50 Neutral Strong Buy 403 0.76

COSTAIN GROUP 261.50 226.25 306.00 Neutral Strong Buy 1164 0.50

CRH 1496.00 1090.00 1540.00 Neutral Sell 901 1.03

GALLIFORD TRY 1058.00 678.00 1070.00 Neutral Strong Buy 3076 0.93

KELLER 1006.00 549.00 1161.00 Neutral Strong Buy 2478 1.28

KIER GROUP 1665.00 1106.00 1692.00 Neutral Strong Buy 5554 0.99

LOW & BONAR 72.75 50.00 80.00 Neutral Strong Buy 232 1.08

MARSHALLS 165.00 85.00 184.00 Neutral Buy 213 1.33

MORGAN SINDALL GROUP 756.50 508.00 756.50 Neutral Strong Buy 4772 0.70

NORCROS 21.00 11.50 21.75 Neutral Strong Buy 71 1.02

PERSIMMON 1102.00 685.75 1305.00 Neutral Strong Buy 2073 0.99

REDROW 239.50 152.90 255.10 Neutral Strong Buy 475 0.84

SIG 186.60 102.00 193.70 Neutral Strong Buy 551 1.68

SUPERGLASS HOLDINGS 36.50 36.50 287.50 Neutral Strong Buy 4447 0.89

TAYLOR WIMPEY 100.60 54.70 113.80 Neutral Strong Buy 236 1.58

TRAVIS PERKINS 1665.00 1060.00 1713.00 Neutral Strong Buy 4587 1.94

WOLSELEY 3250.00 2636.64 3483.00 Neutral Strong Buy 6264 1.30


8/17



Electronics & Electrical Equipment Under Valued


DIALIGHT 1149.00 999.50 1399.00 Neutral Sell 1059 0.67

DOMINO PRINTING SCIENCES 642.00 522.00 717.00 Neutral Buy 888 1.12

E2V TECHNOLOGIES 143.25 105.50 148.25 Neutral Strong Buy 289 1.25

INVENSYS 497.00 217.33 509.50 Neutral Sell 291 1.42

LAIRD 222.50 171.10 249.30 Neutral Strong Buy 449 2.06

OXFORD INSTRUMENTS 1345.00 1209.00 1752.00 Neutral Sell 1157 1.11

RENISHAW 1820.00 1494.00 2081.00 Neutral Buy 2083 1.28

SPECTRIS 2219.00 1549.00 2470.00 Neutral Buy 2839 1.51

BIOME TECHNOLOGIES 175.00 65.00 303.67 Neutral Sell -432 0.76

TT ELECTRONICS 193.75 114.00 200.00 Neutral Strong Buy 437 1.61

XAAR 795.00 247.50 898.00 Neutral Sell 421 1.08

Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 128.50 54.25 128.75 Sell Buy 148 1.14

BODYCOTE 647.00 345.10 685.00 Neutral Neutral 654 1.59

CASTINGS 425.00 291.00 450.00 Neutral Buy 578 0.93

VESUVIUS 444.80 263.19 487.60 Neutral Strong Buy 1214 2.23

FENNER 390.50 305.90 435.20 Neutral Buy 575 1.47

HALMA 563.50 410.40 578.00 Neutral Sell 424 0.79

HILL & SMITH 470.00 364.00 480.00 Neutral Buy 559 1.31

IMI 1475.00 902.00 1513.00 Neutral Strong Buy 4466 1.39

MORGAN ADVANCE D MATE RIAL 3 12 .3 0 2 20 .3 0 3 18 .0 0 Neutral Strong Buy 511 1.89

ROTORK 2745.00 2229.00 3037.00 Neutral Sell -1564 1.01

SEVERFIELD-ROWEN 60.25 35.40 76.91 Neutral Sell 51 0.79

SPIRAX-SARCO 2994.00 1932.53 3090.00 Neutral Sell 1835 0.81VITEC GROUP 681.00 559.00 740.00 Neutral Sell 489 1.34

WEIR GROUP 2306.00 1688.00 2474.00 Neutral Neutral 2277 1.45

Food & Drug Stores Over Valued


GREGGS 416.40 392.10 523.50 Neutral Strong Buy 782 0.45

MORRISON(WM)SPMKTS. 274.80 248.60 302.50 Buy Buy 377 0.37

SAINSBURY (J) 385.30 321.90 400.80 Neutral Buy 456 0.55

TESCO 358.00 307.90 387.75 Neutral Sell 190 0.67

THORNTONS 94.75 28.63 100.50 Neutral Sell 60 0.79

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1866.00 1315.00 2 031.00 Neutral Sell 1612 0.59

CRANSWICK 1173.00 732.50 1189.00 Neutral Buy 1719 0.31

DAIRY CREST 460.00 339.90 528.50 Neutral Sell 388 0.88

DEVRO 322.00 289.90 380.00 Neutral Strong Buy 485 0.36

PREMIER FOODS 150.00 59.75 166.50 Neutral Strong Buy 249 1.23

TATE & LYLE 739.50 674.50 883.00 Neutral Strong Buy 1284 0.65

UNILEVER (UK) 2319.00 2262.00 2885.00 Neutral Sell 2096 0.50


9/17



General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 25.75 24.00 29.50 Neutral Strong Buy 45 0.67

BROWN (N) GROUP 520.00 266.40 577.00 N eu tral Neu tral 531 0.50

BURBERRY GROUP 1639.00 1000.00 1667.00 Neutral Sell 1280 1.29

CARPETRIGHT 671.50 585.00 701.50 Neutral Sell 255 0.87

DIXONS RETAIL 46.07 20.00 47.67 N eu tral Neu tral 45 1.46

FINDEL 244.50 108.00 253.75 Neutral Sell 153 1.04

FRENCH CONNECTN.GROUP 31.00 23.00 34.00 Sell Sell 12 1.03

HALFORDS GROUP 395.30 266.00 406.00 Neutral Strong Buy 603 0.71

JD SPORTS FASHION 1060.00 670.00 1073.00 Neutral Strong Buy 2109 0.51

DARTY 70.75 39.00 88.25 Neutral Strong Buy 125 1.22

KINGFISHER 376.90 264.50 420.00 Neutral Buy 560 0.90

MARKS & SPENCER GROUP 499.20 359.00 513.50 Neutral Strong Buy 760 0.61

MOSS BROTHERS GROUP 69.00 52.50 74.88 Neutral Buy 87 0.95

MOTHERCARE 377.75 212.00 492.75 Neutral Sell 136 0.36

NEXT 5140.00 3499.00 5205.00 N eu tral Neu tral 5487 0.59

TED BAKER 1920.00 910.00 2017.00 Neutral Sell 1075 0.57

TOPPS TILES 87.75 47.00 94.00 Neutral Sell 82 1.50

Health Over Valued


BIOQUELL 146.00 130.00 160.00 Neutral Sell 116 0.38

CONSORT MEDICAL 873.00 660.50 880.00 Neutral Sell 670 0.35

OPTOS 155.00 106.75 222.75 Neutral Buy 172 1.18

SMITH & NEPHEW 759.50 638.00 800.00 Neutral Sell 657 0.40

Household Goods & Textiles Under Valued


GAMES WORKSHOP 807.50 601.00 823.50 Neutral Neu tral 779 0.31

HEADLAM GROUP 385.75 295.00 415.00 Neutral Buy 457 0.89

HORNBY 80.38 55.25 87.50 Neutral Sell 48 0.69

Information Technology & Hardware Over Valued


ARM HOLDINGS 996.50 577.50 1097.00 Neutral Sell 448 0.69

CSR 524.00 330.90 607.00 Neutral Strong Buy 1534 1.13FILTRONIC 66.00 30.75 83.25 Neutral Buy 74 0.93

IMAGINATION TECHNOLOGIES 325.00 235.10 552.00 Neutral Sell 226 1.04

SPIRENT COMMUNICATIONS 126.60 118.00 169.20 Neutral Strong Buy 405 0.90

WOLFSON MICROELECTRONICS 147 .00 140 .00 226 .25 Neutral Sell -33 0.93


10/17



Insurance Under Valued


ADMIRAL GROUP 1223.00 1019.00 1416.00 Neutral Sell -440 0.52

AMLIN 404.30 364.10 435.10 Neutral Strong Buy 1514 0.38

BEAZLEY 210.50 167.30 242.70 Neutral Strong Buy 938 0.52

CATLIN GROUP 474.20 455.30 552.50 N eu tral Neu tral 476 0.23

HISCOX 668.00 463.32 668.00 Sell Strong Buy 1879 0.42

JARDINE LLOYD THOMPSON 947.00 723.00 949.50 Neutral Buy 1203 0.30

RSA INSURANCE GROUP 118.20 107.70 136.30 Neutral Strong Buy 719 0.35

NOVAE GROUP 511.50 345.00 520.50 Neutral Strong Buy 3387 0.35

Leisure & Hotels Over Valued


CARNIVAL 2044.00 2044.00 2628.00 Neutral Strong Buy 3219 0.95

ENTERPRISE INNS 152.00 62.25 153.80 Sell Sell 92 1.65

TUI TRAVEL 364.80 241.00 401.50 Neutral Strong Buy 679 0.96

FULLER SMITH 'A' 901.50 721.00 969.00 Neutral Sell 558 0.27

GREENE KING 788.00 587.00 897.50 Neutral Sell 568 0.89

LADBROKES 167.40 167.40 243.10 Neutral Buy 244 0.90

ICTL.HTLS.GP. 1807.00 1524.00 2039.00 Neutral Sell 1572 1.09

MILLENNIUM & CPTH.HTLS. 558.00 456.00 582.50 N eu tral Neu tral 546 1.36

MITCHELLS & BUTLERS 389.30 292.40 460.00 Neutral Sell 247 0.98

BWIN PARTY DIGITAL ENTM. 120.50 101.30 156.00 Neutral Sell 58 1.28

PUNCH TAVERNS 14.50 6.15 15.50 Neutral Strong Buy 63 1.15

RANK GROUP 152.50 137.30 177.50 Neutral Strong Buy 537 0.97

RESTAURANT GROUP 540.00 362.20 575.00 Neutral Sell 363 0.66

WETHERSPOON (JD) 730.50 486.40 767.00 Neutral Sell 640 0.54

WHITBREAD 2957.00 2300.00 3303.00 Neutral Sell 2032 0.98WILLIAM HILL 411.30 302.37 494.50 Neutral Sell 339 0.84

MARSTON'S 145.60 116.00 165.50 Neutral Sell 9 1.15

Life Assurance Under Valued


AVIVA 407.50 294.10 419.80 Neutral Sell 374 1.18

CHESNARA 273.00 176.50 276.50 Neutral Strong Buy 532 0.61

LEGAL & GENERAL 195.80 131.40 203.60 Neutral Strong Buy 503 1.70

OLD MUTUAL 186.00 166.10 221.60 Neutral Strong Buy 402 1.55

PRUDENTIAL 1183.00 824.00 1232.00 N eu tral Neu tral 1199 1.69

ST.JAMES'S PLACE 617.50 373.40 641.50 Neutral Strong Buy 6864 0.83


11/17



Media & Entertainment Under Valued


BLOOMSBURY PBL. 156.25 102.00 156.25 Neutral Strong Buy 922 0.40

BRITISH SKY BCAST.GROUP 873.50 709.00 899.50 Neutral Strong Buy 1056 0.46

CENTAUR MEDIA 51.00 31.00 60.00 Neutral Sell -42 1.06

DAILY MAIL 'A' 752.00 451.25 835.00 Neutral Strong Buy 3556 1.06

EUROMONEY INSTL.INVESTOR 1146.00 747 .50 1209.00 Neutral Strong Buy 5566 0.93

INFORMA 518.50 380.50 545.00 Neutral Strong Buy 327 1.64

ITE GROUP 284.10 183.50 307.40 Neutral Buy 201 1.46

ITV 174.70 85.65 183.40 Neutral Strong Buy 1369 1.46

JOHNSTON PRESS 14.50 8.25 19.00 Neutral Buy 720 1.21

PEARSON 1225.00 1119.00 1350.00 Neutral Neu tral 309 0.65

PHOTO-ME INTL. 110.25 46.75 113.00 Neutral Strong Buy 2283 0.85

PINEWOOD SHEPPERTON 299.50 269.00 299.50 Neutral Strong Buy 732 0.14

THOMSON REUTERS 35.64 26.85 36.59 Neutral Strong Buy 346 0.52

STV GROUP 256.00 91.00 262.50 Neutral Sell 240 0.82

ST.IVES 176.75 87.00 176.75 Neutral Sell 159 1.49TRINITY MIRROR 127.00 51.25 128.25 Neutral Sell -289 1.58

UBM 717.00 636.00 788.00 Neutral Strong Buy 1421 1.34

WILMINGTON GROUP 208.75 127.75 212.50 Neutral Strong Buy 1390 0.83

WPP 1258.00 788.00 1296.00 Neutral Sell -827 1.25

Mining Under Valued


ANGLO AMERICAN 1502.50 1207.00 2072.00 Neutral Sell 1236 1.85

ANGLO PACIFIC GROUP 195.25 161.00 290.00 Neutral Neu tral 202 1.09

ANTOFAGASTA 824.00 784.50 1381.00 Neutral Neu tral 819 1.42

BHP BILLITON 1826.00 1666.50 2236.00 Neutral Strong Buy 2842 1.49

GLENCORE XSTRATA 334.15 256.85 397.85 Neutral Strong Buy 988 #NA

LONMIN 313.90 240.84 380.10 Sell Buy 428 2.05

RANDGOLD RESOURCES 4396.00 3972.00 7775.00 Neutral Sell 2787 0.48

RIO TINTO 3028.00 2582.00 3757.00 Neutral Sell 2433 1.55

VEDANTA RESOURCES 992.00 1335.00 Neutral Strong Buy 2700 2.29

Oil & Gas Under Valued


BG GROUP 1183.00 1000.50 1350.50 Neutral Sell 872 0.84

BP 432.30 416.60 483.30 Neutral Strong Buy 970 1.03

CAIRN ENERGY 264.10 251.80 296.10 Neutral Sell -23 1.33

FORTUNE OIL 9.26 7.15 12.50 Neutral Strong Buy 107 0.81

HUNTING 808.50 716.00 941.00 Neutral Sell 551 1.35

JKX OIL & GAS 62.50 48.50 80.38 Neutral Sell -59 1.33

PREMIER OIL 332.10 321.30 400.20 Neutral Buy 399 1.49

ROYAL DUTCH SHELL B 2105.00 2098.00 2365.00 Neutral Strong Buy 8155 0.83

SOCO INTERNATIONAL 415.60 290.14 415.60 Neutral Buy 476 0.52

TULLOW OIL 1011.00 977.00 1468.00 Neutral Sell 684 1.07

WOOD GROUP (JOHN) 793.50 720.50 915.50 Neutral Sell 705 1.44


12/17



Personal Care & Household Products Over Valued


MCBRIDE 122.00 101.00 144.60 Neutral Buy 164 0.83

PZ CUSSONS 411.90 306.20 432.50 Neutral Sell 367 0.71

RECKITT BENCKISER GROUP 4404.00 3568.00 4950.00 Neutral Neu tral 4533 0.31

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.34 0.33 3.58 Buy Sell -3 0.91

ASTRAZENECA 3190.50 2792.50 3521.50 Neutral Strong Buy 8438 0.49

BTG 380.50 317.50 397.90 Neutral Sell 195 0.70

DECHRA PHARMACEUTICALS 720.00 569.00 780.00 Neutral Buy 810 0.18

GLAXOSMITHKLINE 1546.50 1317.50 1782.00 Neutral Buy 1809 0.50

OXFORD BIOMEDICA 2.28 1.33 2.83 Buy Sell -2 0.53

PHYTOPHARM 63.50 51.50 612.50 Neutral Sell -260 0.90

SHIRE 2446.00 1727.00 2593.00 Neutral Sell 1403 0.69

SKYEPHARMA 96.50 43.50 101.75 Neutral Sell 66 0.55

VERNALIS 29.00 19.38 31.00 Neutral Sell 10 0.84

Real Estate - REIT Under Valued


BIG YELLOW GROUP 450.10 312.00 460.00 Neutral Strong Buy 755 1.18

BRITISH LAND 577.00 506.00 658.00 Neutral Buy 865 1.05

DERWENT LONDON 2386.00 1946.00 2542.00 Neutral Strong Buy 5305 1.24

GREAT PORTLAND ESTATES 555.00 442.20 598.00 Neutral Strong Buy 1218 1.06

HAMMERSON 499.50 458.70 554.00 Neutral Buy 583 1.27INTU PROPERTIES 319.70 300.60 366.00 Neutral Strong Buy 601 1.14

LAND SECURITIES GROUP 921.00 762.50 994.00 Neutral Strong Buy 1864 1.16

LOCAL SHOP.REIT (THE) 29.50 24.25 38.75 Neutral Sell -178 0.81

LONDONMETRIC PROPERTY 120.50 1 03.20 120.50 Neutral Sell -9 0.34

MCKAY SECURITIES 168.25 131.50 171.00 Neutral Strong Buy 298 0.65

MUCKLOW (A & J) GROUP 461.00 335.00 500.00 Neutral Sell 249 0.37

PRIMARY HEALTH PROPS. 329.50 312.50 363.53 Neutral Sell 116 0.26

REDEFINE INTL.REIT 46.50 30.69 47.25 Neutral Sell -410 0.62

SEGRO 313.70 221.60 313.80 Neutral Sell -332 1.82

SHAFTESBURY 598.00 522.50 668.00 Neutral Strong Buy 898 1.04

TOWN CENTRE SECURITIES 227.50 178.75 230.00 Neutral Sell 1 1.04

WORKSPACE GROUP 470.00 272.70 481.00 Neutral Strong Buy 1482 1.02


13/17



Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 335.10 220.00 365.60 Neutral Strong Buy 674 0.73

CAPITAL & REGIONAL 41.00 22.75 42.00 Neutral Sell -53 0.56

CLS HOLDINGS 1168.00 656.50 1260.00 Neutral Strong Buy 2907 0.73

DAEJAN HOLDINGS 4075.00 2706.00 4200.00 Neutral Strong Buy 14659 0.47

DEVELOPMENT SECS. 200.25 143.00 209.00 Neutral Neutral 193 0.98

GRAINGER 178.50 105.10 187.50 Neutral Sell 109 1.57

HELICAL BAR 291.50 178.00 302.50 Neutral Sell 204 0.83

LONDON & ASSOCS.PROPS. 34.75 21.50 34.75 Neutral Strong Buy 226 0.63

MOUNTVIEW ESTATES 6387.50 4350.00 6512.50 Neutral Strong Buy 14455 0.68

QUINTAIN ESTATES & DEV. 84.00 51.25 92.00 Sell Sell -211 1.02

RAVEN RUSSIA 75.50 61.50 79.75 Neutral Strong Buy 208 1.52

SAVILLS 620.00 391.20 664.50 Neutral Strong Buy 1734 0.69

SMART (J) 87.50 72.50 90.50 Neutral Strong Buy 369 0.32

ST MODWEN PROPS. 307.40 194.00 333.00 Neutral Strong Buy 626 1.63

UNITE GROUP 388.20 260.70 403.00 Neutral Strong Buy 1630 1.78

Software & Computer Services Under Valued


ANITE 112.25 109.60 162.00 Neutral Buy 142 0.66

AVEVA GROUP 2597.00 1975.75 2650.00 Neutral Sell 1500 1.52

COMPUTACENTER 535.00 333.29 564.10 Neutral Strong Buy 1477 0.90

KOFAX 359.00 260.75 388.00 Neutral Neu tral 345 1.04

INNOVATION GROUP 30.50 20.75 30.50 Sell Sell 27 0.81

MICRO FOCUS INTL. 767.00 543.00 812.50 Neutral Buy 1046 0.81

PHOENIX IT GROUP 159.75 130.00 184.00 Neutral Sell -223 0.73

RM 109.50 64.00 114.25 Neutral Strong Buy 269 0.54FIDESSA GROUP 1950.00 1275.00 2190.00 Neutral Buy 2170 0.77

SAGE GROUP 333.20 289.36 368.18 Neutral Buy 439 0.69

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 374.00 3 16.50 492.10 Neutral Strong Buy 1232 1.12

BREWIN DOLPHIN 271.20 169.80 283.00 Neutral Strong Buy 640 0.69

CAMELLIA 8682.50 8000.00 11105.00 Neutral Strong Buy 80361 0.85

CHARLES STANLEY GROUP 457.38 260.00 474.00 Neutral Strong Buy 1402 0.93

CHARLES TAYLOR 210.00 155.00 228.00 Neutral Strong Buy 1613 0.65

CLOSE BROTHERS GROUP 1196.00 830.00 1196.00 Sell Strong Buy 4741 0.85

F&C ASSET MANAGEMENT 95.95 90.00 110.40 Neutral Sell 76 0.86

HELPHIRE GROUP 5.36 0.75 5.70 Neutral Sell -123 0.61

HENDERSON GROUP 190.70 109.10 192.50 Sell Strong Buy 782 1.44

ICAP 363.00 280.80 422.20 Neutral Strong Buy 814 1.07

INTERMEDIATE CAPITAL GP. 444.00 287.20 501.50 Neutral Strong Buy 2204 1.70

INVESTEC 399.30 358.40 513.50 Neutral Strong Buy 2581 1.56

LONDON STOCK EX.GROUP 1557.00 930.00 1652.00 Neutral Strong Buy 6712 1.13

MAN GROUP 81.10 71.80 134.40 Neutral Sell -4757 1.39

RATHBONE BROTHERS 1555.00 1208.00 1691.00 Neutral Strong Buy 5367 0.71

SCHRODERS 2579.00 1518.00 2631.00 Neutral Strong Buy 8010 1.30

SCHRODERS NV 2155.00 1190.00 2193.00 Neutral Strong Buy 11135 1.28


14/17



Support Services Under Valued


ACAL 273.50 157.75 284.00 Neutral Strong Buy 600 0.83

AGGREKO 1508.00 1508.00 2370.00 Neutral Strong Buy 3129 1.14

AMEC 1070.00 965.50 1150.00 Neutral Strong Buy 3205 1.11

ASHTEAD GROUP 617.00 337.70 730.00 Neutral Strong Buy 940 1.64

BABCOCK INTL. 1216.00 940.00 1218.00 Neutral Strong Buy 2508 0.49

BRITISH POLYTHENE INDS. 625.50 372.50 637.00 Neutral Strong Buy 2267 0.80

BUNZL 1335.00 1009.00 1409.00 Neutral Strong Buy 2684 0.50

UK MAIL GROUP 585.00 261.88 645.00 Neutral Strong Buy 1578 0.42

CAPITA 1017.00 713.00 1057.00 Neutral Strong Buy 1827 0.54

COMMUNISIS 60.50 34.54 68.00 Neutral Strong Buy 422 0.83

COMPASS GROUP 844.50 671.50 910.50 Neutral Strong Buy 1921 0.75

BERENDSEN 906.00 563.00 939.00 Neutral Strong Buy 3251 1.08

DE LA RUE 963.00 891.50 1075.00 Neutral Strong Buy 2304 #NA

DIGNITY 1419.00 922.31 1567.68 Neutral Buy 1614 0.25

DIPLOMA 657.50 435.00 661.00 Sell Strong Buy 1282 0.96ELECTROCOMP. 282.50 200.00 282.50 Sell Strong Buy 856 0.98

ESSENTRA PLC 740.00 508.50 830.00 Neutral Strong Buy 1230 1.14

G4S 254.60 207.50 313.50 Neutral Strong Buy 892 0.47

HAYS 117.80 75.20 118.40 Neutral Strong Buy 386 1.03

HOMESERVE 258.40 185.60 293.60 Neutral Strong Buy 901 0.89

INTERSERVE 575.00 349.10 591.50 Neutral Strong Buy 3009 1.25

INTERTEK GROUP 3266.00 2697.00 3453.00 Neutral Buy 4304 0.80

JOHNSON SERVICE GROUP 50.00 32.75 51.75 Neutral Strong Buy 231 1.10

MANAGEMENT CNSL.GP. 26.25 21.25 32.00 Neutral Strong Buy 180 0.57

MENZIES (JOHN) 803.00 573.00 809.00 Neutral Strong Buy 2002 1.41

MICHAEL PAGE INTL. 498.30 346.40 502.50 Neutral Strong Buy 779 1.36

MITIE GROUP 295.80 248.00 300.80 Neutral Strong Buy 998 0.52

OFFICE2OFFICE 42.50 33.75 136.00 Neutral Strong Buy 632 0.31

PAYPOINT 1090.00 741.00 1185.00 Neutral Strong Buy 1781 0.75

PREMIER FARNELL 217.80 165.50 238.40 Neutral Strong Buy 534 1.41

REGUS 189.20 96.00 193.40 Neutral Sell 72 1.38

RENTOKIL INITIAL 108.70 83.00 111.30 Neutral Strong Buy 445 1.26

REXAM 478.10 432.56 547.50 Neutral Strong Buy 1747 0.84

RICARDO 583.00 349.63 583.00 Neutral Strong Buy 1571 0.90

ROBERT WALTERS 328.00 191.00 335.00 Neutral Strong Buy 919 1.15

RPC GROUP 459.30 378.00 477.80 Neutral Strong Buy 1586 0.81

RPS GROUP 273.90 195.50 274.60 Neutral Strong Buy 880 1.51

SERCO GROUP 538.00 535.00 683.50 Buy Strong Buy 2172 0.60

SHANKS GROUP 93.50 73.00 98.00 Neutral Strong Buy 356 1.49

SPEEDY HIRE 65.00 29.50 65.50 Neutral Strong Buy 326 1.18TRIBAL GROUP 195.00 92.25 206.50 Neutral Strong Buy 514 0.65

TRIFAST 67.75 40.50 70.75 Neutral Strong Buy 312 0.90

VP 493.25 313.00 499.00 Sell Strong Buy 2198 0.79

WYG 110.00 50.25 110.00 Sell Strong Buy 185 0.82


15/17



Telecommunication Services Over Valued


BT GROUP 347.00 212.50 348.90 Neutral Buy 425 0.89

CABLE & WIRELESS COMMS. 40.42 34.31 46.29 Neutral Strong Buy 79 0.67

INMARSAT 705.00 542.50 749.00 Neutral Sell 250 0.53

KCOM GROUP 91.00 68.25 91.50 Neutral Buy 118 1.20

TELECOM PLUS 1268.00 830.00 1399.00 Neutral Sell 794 0.05

VODAFONE GROUP 218.95 154.45 218.95 Neutral Sell 121 0.51

Transport Over Valued


BBA AVIATION 299.80 195.70 326.00 Neutral Sell 222 1.22

BRAEMAR SHIPPING SVS. 505.00 350.00 520.00 Neutral Buy 560 1.06

CLARKSON 2275.00 1150.00 2275.00 Sell Sell 1258 0.86

EASYJET 1314.00 597.50 1448.00 Neutral Sell 845 0.77

FIRST GROUP 120.70 92.00 182.47 Neutral Strong Buy 267 0.88

FISHER(JAMES)& SONS 1080.00 748.00 1148.00 Neutral Sell 788 0.72

GO-AHEAD GROUP 1686.00 1220.00 1689.00 Neutral Strong Buy 2866 0.97

NATIONAL EXPRESS 257.40 164.50 274.90 Neutral Sell 243 1.39

NORTHGATE 435.00 243.25 439.00 Neutral Sell 348 1.34

STAGECOACH GROUP 329.40 265.90 337.60 Neutral Buy 456 0.97

WINCANTON 106.75 43.75 106.75 Neutral Strong Buy 272 0.95

Utilities Under Valued


CENTRICA 370.00 310.80 402.20 Neutral Strong Buy 568 0.50NATIONAL GRID 743.00 682.00 847.50 Neutral Buy 971 0.45

PENNON GROUP 695.00 598.00 734.50 Neutral Sell 621 0.63

SSE 1483.00 1364.00 1676.00 Neutral Strong Buy 2249 0.40

SEVERN TRENT 1784.00 1513.00 2090.00 Neutral Sell 1494 0.37

UNITED UTILITIES GROUP 705.00 647.00 787.50 Neutra l Neu tral 750 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 20131003

Documents

Transcript of value indicator - uk main market 20131003