value indicator - uk main market 20131004

7/27/2019 value indicator - uk main market 20131004

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04 October 2013

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Intellisys Intelligent Analysis Limited 04 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


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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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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

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120.0%

Best Buy/Sell Trend


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Value

A similar discipline has been applied to the process of establishing Target Indications. On a daily basis,Intellisys analyses as broad an array of historic data from not only the Consolidated Income Statement butalso the Balance Sheet and Cash Flow Statement and then utilises this data within its proprietary valuation

models.

Intellisys architect, Philip Morrish, has successfully applied these disciplines to his investment research forthe last 15+ years. Additionally, these investment valuation techniques lend themselves to accurate cross-border analysis.

The resultant Target is also discounted to a Net Present Value to make the Target as realistically valid aspossible.

Nevertheless, Intellisys recognises that Target Indication delivery is not only a function of market levels buta management teams ability to establish and maintain a value generating operating environment setagainst a constantly changing global background.

The typical investment analysts approach to determining target prices is to start with a modest range ofsome 6 8 valuation measures and remove those that are not providing the intuitive result. Intellysisapproach is the opposite we use as many valuation methodologies as possible.

Further, Intellisys recognises that some target Indications may appear strange or extreme. However,subscribers should not dismiss these outcomes but use them as starting points to challenge theirestablished or perceived valuation opinion of a stock.

In short, this disciplined approach provides an investment reality check to assist investors from falling inlove with a stock or becoming mesmerised by management cults.

Conclusion

No investment methodology is 100% successful and like all trading and investment systems active positionmonitoring is critical for maximised investment performance.

Therefore, Intellisys recommends that its products should be used in conjunction with, and not separatefrom subscribers existing investment systems as well as discussing investment options with their financialadvisers.

Philip Morrish ([email protected])

RISK WARNING Ratings and Targets

Intellisys does not make personal recommendations. The information in this publication is providedsolely to enable you to make your own investment decisions. If you are unsure about dealing in sharesand other equity investments, you must contact your financial adviser as these types of investments maynot be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well asrise and you may not get back the full amount you originally invested. If denominated in a foreign currency,fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them.Past performance is not necessarily a guide to future performance.


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How to use the report

This daily report is typically available for download as a PDF from 7am - well in advance of the marketsopen - and is based upon previous days closing prices.

We have kept the report deliberately simple for quick reading and identification of the shares most likely tobe active as can be seen from the following:

General 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)


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Aerospace & Defence Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaAVON RUBBER 548.00 297.50 550.50 Neutral Sell 497 0.93

BAE SYSTEMS 451.40 300.80 468.00 Neutral Buy 608 0.70

CHEMRING GROUP 284.80 217.00 353.30 Neutral Buy 326 0.67

COBHAM 286.70 190.10 307.70 N eu tra l Neu tral 289 0.82

MEGGITT 539.00 366.20 564.00 Neutral Sell 506 1.25

QINETIQ GROUP 183.50 179.00 211.10 Neutral Sell 110 0.65

ROLLS-ROYCE HOLDINGS 1105.00 8 35.76 1 240.00 Neutral Buy 1488 0.98

SENIOR 265.80 185.90 288.40 N eu tra l Neu tral 268 1.66

SMITHS GROUP 1356.00 1018.00 1419.00 Neutral Sell 1192 0.76

ULTRA ELECTRONICS HDG. 18 64.00 1 505.00 1981.00 Neutral Sell 1683 0.51

Automobiles & PartsOver Valued

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

GKN 344.50 201.00 360.70 Neutral Sell -1747 1.96

INCHCAPE 610.50 353.30 645.00 Neutral Strong Buy 2852 1.41

LOOKERS 121.75 71.50 128.50 Neutral Strong Buy 642 1.22

PENDRAGON 33.50 13.50 35.25 Neutral Strong Buy 253 1.04

TOROTRAK 26.50 23.50 36.50 Neutral Sell 12 0.73

Banks Over Valued


BARCLAYS 273.00 204.66 308.39 Neutral Sell -649 1.96

HSBC HDG. (ORD $0.50) 669.50 589.60 769.90 Neutral Buy 824 1.19

LLOYDS BANKING GROUP 75.00 37.01 78.00 Neutral Sell 7 1.88

ROYAL BANK OF SCTL.GP. 366.70 257.30 372.70 Neutral Sell -99 1.39

STANDARD CHARTERED 1465.50 1380.00 1837.50 Neutral Strong Buy 3294 1.67

Beverages Under Valued


BARR (AG) 520.00 432.20 588.50 Neutral Sell 414 0.58

BRITVIC 578.00 349.10 592.00 Neutral Buy 804 0.73

DIAGEO 1946.00 1746.50 2136.50 Neutral Buy 2256 0.51

SABMILLER 2990.50 2599.00 3657.00 Neutral Strong Buy 4930 0.89


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Chemicals Under Valued


ALENT 341.10 305.00 397.50 Neutral Strong Buy 3646 #NA

AZ ELECTRONIC MATS.(DI) 286.50 240.00 406.40 Neutral Strong Buy 528 1.11

CARCLO 387.00 342.75 501.00 Neutral Sell 122 0.74

CRODA INTERNATIONAL 2677.00 2164.00 2841.00 Neutral Buy 3188 1.05

ELEMENTIS 239.80 204.20 275.00 Neutral Buy 291 1.07

JOHNSON MATTHEY 2810.00 2190.00 2985.00 Neutral Buy 3934 1.44

VICTREX 1582.00 1380.00 1765.00 Neutral Sell 1314 1.16

SYNTHOMER 238.50 146.00 249.20 Neutral Strong Buy 367 1.05

ZOTEFOAMS 194.50 186.50 225.00 Neutral Buy 280 1.00

Construction & Building Materials Under Valued


ALUMASC GROUP 133.00 79.50 137.00 Neutral Strong Buy 285 0.55

BALFOUR BEATTY 281.60 207.60 320.80 Neutral Strong Buy 1079 0.82

BARRATT DEVELOPMENTS 310.80 174.50 355.20 Neutral Strong Buy 627 1.67

BELLWAY 1282.00 913.00 1502.00 Neutral Strong Buy 2922 0.96

BERKELEY GROUP HDG.(THE) 2126.00 1387 .00 2340.00 Neutral Strong Buy 5130 0.55

BOOT (HENRY) 181.50 123.50 201.00 Neutral Strong Buy 366 0.74

BOVIS HOMES GROUP 730.00 487.00 851.50 Neutral Strong Buy 1466 1.07

CARILLION 310.50 244.80 331.80 Neutral Strong Buy 1582 1.06

CLARKE (T) 64.00 40.00 68.50 Neutral Strong Buy 397 0.76

COSTAIN GROUP 262.50 226.25 306.00 Neutral Strong Buy 1149 0.50

CRH 1466.00 1090.00 1540.00 Neutral Sell 893 1.03

GALLIFORD TRY 1057.00 678.00 1070.00 Neutral Strong Buy 3031 0.93

KELLER 986.50 549.00 1161.00 Neutral Strong Buy 2443 1.28

KIER GROUP 1673.00 1106.00 1692.00 Neutral Strong Buy 5478 0.99

LOW & BONAR 71.00 50.00 80.00 Neutral Strong Buy 228 1.08

MARSHALLS 163.50 85.00 184.00 Neutral Buy 210 1.33

MORGAN SINDALL GROUP 776.50 508.00 776.50 Neutral Strong Buy 4702 0.70

NORCROS 20.00 11.75 21.75 Neutral Strong Buy 70 1.02

PERSIMMON 1089.00 685.75 1305.00 Neutral Strong Buy 2042 0.99

REDROW 237.00 152.90 255.10 Neutral Strong Buy 467 0.84

SIG 185.00 102.00 193.70 Neutral Strong Buy 543 1.68

SUPERGLASS HOLDINGS 36.50 36.50 287.50 Neutral Strong Buy 4379 0.89

TAYLOR WIMPEY 100.20 55.50 113.80 Neutral Strong Buy 232 1.58

TRAVIS PERKINS 1672.00 1060.00 1713.00 Neutral Strong Buy 4519 1.94

WOLSELEY 3196.00 2636.64 3483.00 Neutral Strong Buy 6172 1.30


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Electronics & Electrical Equipment Under Valued


DIALIGHT 1135.00 999.50 1399.00 Neutral Sell 1053 0.67

DOMINO PRINTING SCIENCES 645.00 522.00 717.00 Neutral Buy 883 1.12

E2V TECHNOLOGIES 141.00 105.50 148.25 Neutral Strong Buy 287 1.25

INVENSYS 495.60 217.33 509.50 Neutral Sell 290 1.42

LAIRD 221.60 171.10 249.30 Neutral Strong Buy 447 2.06

OXFORD INSTRUMENTS 1350.00 1209.00 1752.00 Neutral Sell 1152 1.11

RENISHAW 1784.00 1494.00 2081.00 Neutral Buy 2071 1.28

SPECTRIS 2202.00 1549.00 2470.00 Neutral Buy 2823 1.51

BIOME TECHNOLOGIES 177.50 65.00 303.67 Neutral Sell -430 0.76

TT ELECTRONICS 193.00 114.00 200.00 Neutral Strong Buy 435 1.61

XAAR 796.50 247.50 898.00 Neutral Sell 419 1.08

Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 128.00 54.25 128.75 Neutral Buy 148 1.14

BODYCOTE 645.50 345.10 685.00 Neutral Neutral 650 1.59

CASTINGS 418.50 291.00 450.00 Neutral Buy 576 0.93

VESUVIUS 445.00 263.19 487.60 Neutral Strong Buy 1216 2.23

FENNER 400.90 305.90 435.20 Neutral Buy 573 1.47

HALMA 561.50 410.40 578.00 Neutral Sell 421 0.79

HILL & SMITH 461.50 364.00 480.00 Neutral Buy 557 1.31

IMI 1462.00 902.00 1513.00 Neutral Strong Buy 4410 1.39

MORGAN ADVANCE D MATE RIAL 3 12 .0 0 2 20 .3 0 3 18 .0 0 Neutral Strong Buy 507 1.89

ROTORK 2738.00 2229.00 3037.00 Neutral Sell -15914 1.01

SEVERFIELD-ROWEN 60.00 35.40 76.91 Neutral Sell 51 0.79

SPIRAX-SARCO 2957.00 1932.53 3090.00 Neutral Sell 1822 0.81VITEC GROUP 690.00 559.00 740.00 Neutral Sell 488 1.34

WEIR GROUP 2261.00 1688.00 2474.00 Neutral Neutral 2265 1.45

Food & Drug Stores Over Valued


GREGGS 416.10 392.10 523.50 Neutral Strong Buy 789 0.45

MORRISON(WM)SPMKTS. 276.10 248.60 302.50 Neutral Buy 381 0.37

SAINSBURY (J) 388.70 321.90 400.80 Neutral Buy 461 0.55

TESCO 365.00 307.90 387.75 Neutral Sell 193 0.67

THORNTONS 97.00 28.63 100.50 Neutral Sell 61 0.79

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1881.00 1315.00 2 031.00 Neutral Sell 1610 0.59

CRANSWICK 1148.00 732.50 1189.00 Neutral Buy 1721 0.31

DAIRY CREST 457.00 339.90 528.50 Neutral Sell 383 0.88

DEVRO 317.40 289.90 380.00 Neutral Strong Buy 489 0.36

PREMIER FOODS 150.50 59.75 166.50 Neutral Strong Buy 247 1.23

TATE & LYLE 739.00 683.00 883.00 Neutral Strong Buy 1291 0.65

UNILEVER (UK) 2367.00 2262.00 2885.00 Neutral Sell 2100 0.50


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 25.25 24.00 29.50 Neutral Strong Buy 45 0.67

BROWN (N) GROUP 519.00 266.40 577.00 N eu tral Neu tral 527 0.50

BURBERRY GROUP 1632.00 1000.00 1667.00 Neutral Sell 1271 1.29

CARPETRIGHT 673.50 585.00 701.50 Neutral Sell 253 0.87

DIXONS RETAIL 45.65 20.20 47.67 N eu tral Neu tral 45 1.46

FINDEL 243.00 108.00 253.75 Neutral Sell 151 1.04

FRENCH CONNECTN.GROUP 32.00 23.00 34.00 Sell Sell 12 1.03

HALFORDS GROUP 394.40 299.00 406.00 Neutral Strong Buy 599 0.71

JD SPORTS FASHION 1060.00 670.00 1073.00 Neutral Strong Buy 2096 0.51

DARTY 71.25 39.00 88.25 Neutral Strong Buy 125 1.22

KINGFISHER 380.00 267.20 420.00 Neutral Buy 557 0.90

MARKS & SPENCER GROUP 499.20 359.00 513.50 Neutral Strong Buy 755 0.61

MOSS BROTHERS GROUP 70.00 52.50 74.88 Neutral Buy 86 0.95

MOTHERCARE 374.25 212.00 492.75 Neutral Sell 135 0.36

NEXT 5140.00 3541.00 5205.00 N eu tral Neu tral 5451 0.59

TED BAKER 1851.00 910.00 2017.00 Neutral Sell 1067 0.57

TOPPS TILES 87.25 47.00 94.00 Neutral Sell 81 1.50

Health Over Valued


BIOQUELL 146.00 130.00 160.00 Neutral Sell 116 0.38

CONSORT MEDICAL 867.50 660.50 880.00 Neutral Sell 668 0.35

OPTOS 155.50 106.75 222.75 Neutral Buy 172 1.18

SMITH & NEPHEW 765.00 638.00 800.00 Neutral Sell 660 0.40

Household Goods & Textiles Under Valued


GAMES WORKSHOP 795.00 601.00 823.50 Neutral Neu tral 764 0.31

HEADLAM GROUP 373.50 295.00 415.00 Neutral Buy 449 0.89

HORNBY 80.50 55.25 87.50 Neutral Sell 48 0.69

Information Technology & Hardware Over Valued


ARM HOLDINGS 982.00 577.50 1097.00 Neutral Sell 438 0.69

CSR 530.00 330.90 607.00 Neutral Strong Buy 1513 1.13FILTRONIC 66.25 30.75 83.25 Neutral Buy 73 0.93

IMAGINATION TECHNOLOGIES 306.30 235.10 552.00 Neutral Sell 223 1.04

SPIRENT COMMUNICATIONS 125.40 118.00 169.20 Neutral Strong Buy 396 0.90

WOLFSON MICROELECTRONICS 149 .00 140 .00 226 .25 Neutral Sell -33 0.93


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Insurance Under Valued


ADMIRAL GROUP 1220.00 1019.00 1416.00 Neutral Sell -494 0.52

AMLIN 412.50 364.10 435.10 Neutral Strong Buy 1545 0.38

BEAZLEY 210.30 167.30 242.70 Neutral Strong Buy 957 0.52

CATLIN GROUP 486.90 455.30 552.50 N eu tral Neu tral 478 0.23

HISCOX 662.50 463.32 668.00 Neutral Strong Buy 1915 0.42

JARDINE LLOYD THOMPSON 943.00 723.00 949.50 Neutral Buy 1216 0.30

RSA INSURANCE GROUP 119.90 107.70 136.30 Neutral Strong Buy 736 0.35

NOVAE GROUP 500.00 345.00 520.50 Neutral Strong Buy 3465 0.35

Leisure & Hotels Over Valued


CARNIVAL 2052.00 2044.00 2628.00 Neutral Strong Buy 3241 0.95

ENTERPRISE INNS 152.10 62.25 153.80 Sell Sell 92 1.65

TUI TRAVEL 369.80 243.50 401.50 Neutral Strong Buy 682 0.96

FULLER SMITH 'A' 883.50 721.00 969.00 Neutral Sell 561 0.27

GREENE KING 788.00 587.00 897.50 Neutral Sell 571 0.89

LADBROKES 171.20 167.40 243.10 Neutral Buy 244 0.90

ICTL.HTLS.GP. 1798.00 1524.00 2039.00 Neutral Sell 1572 1.09

MILLENNIUM & CPTH.HTLS. 562.00 456.00 582.50 N eu tral Neu tral 549 1.36

MITCHELLS & BUTLERS 400.10 296.00 460.00 Neutral Sell 249 0.98

BWIN PARTY DIGITAL ENTM. 121.20 101.30 156.00 Neutral Sell 59 1.28

PUNCH TAVERNS 14.25 6.15 15.50 Neutral Strong Buy 63 1.15

RANK GROUP 152.00 137.30 177.50 Neutral Strong Buy 537 0.97

RESTAURANT GROUP 540.00 362.20 575.00 Neutral Sell 364 0.66

WETHERSPOON (JD) 731.00 486.40 767.00 Neutral Sell 642 0.54

WHITBREAD 2981.00 2300.00 3303.00 Neutral Sell 2039 0.98WILLIAM HILL 413.00 302.37 494.50 Neutral Sell 340 0.84

MARSTON'S 144.60 117.60 165.50 Neutral Sell 9 1.15

Life Assurance Under Valued


AVIVA 413.10 294.10 419.80 Neutral Sell 376 1.18

CHESNARA 271.25 176.50 276.50 Neutral Strong Buy 534 0.61

LEGAL & GENERAL 195.00 131.40 203.60 Neutral Strong Buy 505 1.70

OLD MUTUAL 186.70 166.10 221.60 Neutral Strong Buy 401 1.55

PRUDENTIAL 1181.00 828.00 1232.00 N eu tral Neu tral 1199 1.69

ST.JAMES'S PLACE 618.00 374.80 641.50 Neutral Strong Buy 6854 0.83


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 154.50 102.00 156.25 Neutral Strong Buy 922 0.40

BRITISH SKY BCAST.GROUP 881.50 709.00 899.50 Neutral Strong Buy 1056 0.46

CENTAUR MEDIA 50.75 31.00 60.00 Neutral Sell -42 1.06

DAILY MAIL 'A' 749.00 451.25 835.00 Neutral Strong Buy 3556 1.06

EUROMONEY INSTL.INVESTOR 1117.00 747 .50 1209.00 Neutral Strong Buy 5566 0.93

INFORMA 519.00 380.50 545.00 Neutral Strong Buy 327 1.64

ITE GROUP 286.00 183.50 307.40 Neutral Buy 201 1.46

ITV 175.50 85.65 183.40 Neutral Strong Buy 1369 1.46

JOHNSTON PRESS 14.00 8.25 19.00 Neutral Buy 720 1.21

PEARSON 1226.00 1119.00 1350.00 Neutral Neu tral 309 0.65

PHOTO-ME INTL. 109.75 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 35.57 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 180.50 93.75 180.50 Neutral Sell 159 1.49TRINITY MIRROR 121.25 51.25 128.25 Neutral Sell -289 1.58

UBM 719.00 636.00 788.00 Neutral Strong Buy 1421 1.34

WILMINGTON GROUP 215.50 127.75 215.50 Neutral Strong Buy 1390 0.83

WPP 1257.00 788.00 1296.00 Neutral Sell -827 1.25

Mining Under Valued


ANGLO AMERICAN 1472.50 1207.00 2072.00 Neutral Sell 1217 1.85

ANGLO PACIFIC GROUP 191.00 161.00 289.00 Neutral Neu tral 199 1.09

ANTOFAGASTA 815.00 784.50 1381.00 Neutral Neu tral 808 1.42

BHP BILLITON 1802.00 1666.50 2236.00 Neutral Strong Buy 2797 1.49

GLENCORE XSTRATA 330.00 256.85 397.85 Neutral Strong Buy 972 #NA

LONMIN 308.60 240.84 380.10 Sell Buy 420 2.05

RANDGOLD RESOURCES 4333.00 3972.00 7775.00 Neutral Sell 2745 0.48

RIO TINTO 3000.00 2582.00 3757.00 Neutral Sell 2392 1.55

VEDANTA RESOURCES 992.00 1335.00 Neutral Strong Buy 2655 2.29

Oil & Gas Under Valued


BG GROUP 1176.00 1000.50 1350.50 Neutral Sell 877 0.84

BP 437.15 416.60 483.30 Neutral Strong Buy 980 1.03

CAIRN ENERGY 261.80 251.80 296.10 Neutral Sell -23 1.33

FORTUNE OIL 10.00 7.15 12.50 Neutral Strong Buy 81 0.81

HUNTING 804.00 716.00 941.00 Neutral Sell 556 1.35

JKX OIL & GAS 62.00 48.50 80.38 Neutral Sell -57 1.33

PREMIER OIL 331.30 321.30 400.20 Neutral Buy 401 1.49

ROYAL DUTCH SHELL B 2115.00 2098.00 2365.00 Neutral Strong Buy 8205 0.83

SOCO INTERNATIONAL 417.00 290.14 417.00 Neutral Buy 476 0.52

TULLOW OIL 1002.00 977.00 1468.00 Neutral Sell 685 1.07

WOOD GROUP (JOHN) 793.00 720.50 915.50 Neutral Sell 709 1.44


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Personal Care & Household Products Over Valued


MCBRIDE 122.00 101.00 144.60 Neutral Buy 164 0.83

PZ CUSSONS 410.20 307.00 432.50 Neutral Sell 366 0.71

RECKITT BENCKISER GROUP 4390.00 3568.00 4950.00 Neutral Neu tral 4517 0.31

Pharmaceuticals & Biotechnology Under Valued


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

ASTRAZENECA 3199.00 2792.50 3521.50 Neutral Strong Buy 8464 0.49

BTG 383.10 317.50 397.90 Neutral Sell 196 0.70

DECHRA PHARMACEUTICALS 720.00 569.00 780.00 Neutral Buy 813 0.18

GLAXOSMITHKLINE 1571.00 1317.50 1782.00 Neutral Buy 1815 0.50

OXFORD BIOMEDICA 2.25 1.33 2.83 Buy Sell -2 0.53

PHYTOPHARM 63.50 51.50 606.25 Neutral Sell -260 0.90

SHIRE 2440.00 1727.00 2593.00 Neutral Sell 1408 0.69

SKYEPHARMA 96.75 43.50 101.75 Neutral Sell 66 0.55

VERNALIS 29.50 19.38 31.00 Neutral Sell 10 0.84

Real Estate - REIT Under Valued


BIG YELLOW GROUP 450.00 313.00 460.00 Neutral Strong Buy 755 1.18

BRITISH LAND 576.00 506.00 658.00 Neutral Strong Buy 865 1.05

DERWENT LONDON 2397.00 1946.00 2542.00 Neutral Strong Buy 5303 1.24

GREAT PORTLAND ESTATES 550.50 442.20 598.00 Neutral Strong Buy 1220 1.06

HAMMERSON 501.50 458.70 554.00 Neutral Buy 583 1.27INTU PROPERTIES 320.30 300.60 366.00 Neutral Strong Buy 600 1.14

LAND SECURITIES GROUP 919.00 762.50 994.00 Neutral Strong Buy 1865 1.16

LOCAL SHOP.REIT (THE) 29.50 24.25 38.75 Neutral Sell -180 0.81

LONDONMETRIC PROPERTY 119.90 1 03.20 120.50 Neutral Sell -9 0.34

MCKAY SECURITIES 167.00 131.50 171.00 Neutral Strong Buy 298 0.65

MUCKLOW (A & J) GROUP 465.00 335.00 500.00 Neutral Sell 248 0.37

PRIMARY HEALTH PROPS. 324.25 312.50 363.53 Neutral Sell 115 0.26

REDEFINE INTL.REIT 46.25 30.69 47.25 Neutral Sell -414 0.62

SEGRO 312.90 221.60 313.80 Neutral Sell -336 1.82

SHAFTESBURY 597.00 522.50 668.00 Neutral Strong Buy 898 1.04

TOWN CENTRE SECURITIES 221.00 178.75 230.00 Neutral Sell -0 1.04

WORKSPACE GROUP 467.00 280.70 481.00 Neutral Strong Buy 1483 1.02


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 336.70 221.00 365.60 Neutral Strong Buy 668 0.73

CAPITAL & REGIONAL 40.00 22.75 42.00 Neutral Sell -52 0.56

CLS HOLDINGS 1155.00 656.50 1260.00 Neutral Strong Buy 2882 0.73

DAEJAN HOLDINGS 4025.00 2706.00 4200.00 Neutral Strong Buy 14538 0.47

DEVELOPMENT SECS. 200.00 143.00 209.00 Neutral Neutral 191 0.98

GRAINGER 176.00 105.10 187.50 Neutral Sell 109 1.57

HELICAL BAR 290.00 178.00 302.50 Neutral Sell 202 0.83

LONDON & ASSOCS.PROPS. 35.25 21.50 35.25 Neutral Strong Buy 224 0.63

MOUNTVIEW ESTATES 6387.50 4350.00 6512.50 Neutral Strong Buy 14346 0.68

QUINTAIN ESTATES & DEV. 83.50 51.75 92.00 Sell Sell -209 1.02

RAVEN RUSSIA 75.50 61.50 79.75 Neutral Strong Buy 206 1.52

SAVILLS 619.50 391.20 664.50 Neutral Strong Buy 1699 0.69

SMART (J) 87.50 72.50 90.50 Neutral Strong Buy 367 0.32

ST MODWEN PROPS. 306.40 194.00 333.00 Neutral Strong Buy 620 1.63

UNITE GROUP 380.00 260.70 403.00 Neutral Strong Buy 1615 1.78

Software & Computer Services Under Valued


ANITE 112.00 109.60 162.00 Neutral Buy 142 0.66

AVEVA GROUP 2610.00 1975.75 2650.00 Neutral Sell 1502 1.52

COMPUTACENTER 538.50 333.29 564.10 Neutral Strong Buy 1472 0.90

KOFAX 355.00 260.75 388.00 Neutral Neu tral 345 1.04

INNOVATION GROUP 30.25 20.75 30.50 Neutral Sell 26 0.81

MICRO FOCUS INTL. 774.50 543.00 812.50 Neutral Buy 1055 0.81

PHOENIX IT GROUP 154.00 130.00 184.00 Neutral Sell -228 0.73

RM 112.00 64.00 114.25 Neutral Strong Buy 268 0.54FIDESSA GROUP 1901.00 1275.00 2190.00 Neutral Buy 2170 0.77

SAGE GROUP 333.90 289.36 368.18 Neutral Buy 439 0.69

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 378.00 3 18.20 492.10 Neutral Strong Buy 1231 1.12

BREWIN DOLPHIN 271.70 169.80 283.00 Neutral Strong Buy 636 0.69

CAMELLIA 8640.00 8000.00 11105.00 Neutral Strong Buy 79789 0.85

CHARLES STANLEY GROUP 457.38 260.00 474.00 Neutral Strong Buy 1390 0.93

CHARLES TAYLOR 213.00 155.00 228.00 Neutral Strong Buy 1603 0.65

CLOSE BROTHERS GROUP 1225.00 830.00 1225.00 Sell Strong Buy 4704 0.85

F&C ASSET MANAGEMENT 95.00 90.00 110.40 Neutral Sell 76 0.86

HELPHIRE GROUP 5.70 0.75 5.70 Neutral Sell -122 0.61

HENDERSON GROUP 189.90 109.10 192.50 Neutral Strong Buy 776 1.44

ICAP 362.60 280.80 422.20 Neutral Strong Buy 808 1.07

INTERMEDIATE CAPITAL GP. 448.20 287.20 501.50 Neutral Strong Buy 2191 1.70

INVESTEC 399.20 358.40 513.50 Neutral Strong Buy 2555 1.56

LONDON STOCK EX.GROUP 1548.00 930.00 1652.00 Neutral Strong Buy 6696 1.13

MAN GROUP 80.30 71.80 134.40 Neutral Sell -4712 1.39

RATHBONE BROTHERS 1505.00 1208.00 1691.00 Neutral Strong Buy 5328 0.71

SCHRODERS 2566.00 1518.00 2631.00 Neutral Strong Buy 7949 1.30

SCHRODERS NV 2168.00 1192.00 2193.00 Neutral Strong Buy 11060 1.28


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Support Services Under Valued


ACAL 273.50 157.75 284.00 Neutral Strong Buy 604 0.83

AGGREKO 1479.00 1479.00 2370.00 Neutral Strong Buy 3122 1.14

AMEC 1071.00 965.50 1142.00 Neutral Strong Buy 3211 1.11

ASHTEAD GROUP 610.00 342.60 730.00 Neutral Strong Buy 940 1.64

BABCOCK INTL. 1214.00 940.00 1218.00 Neutral Strong Buy 2512 0.49

BRITISH POLYTHENE INDS. 631.50 372.50 637.00 Neutral Strong Buy 2269 0.80

BUNZL 1330.00 1009.00 1409.00 Neutral Strong Buy 2688 0.50

UK MAIL GROUP 595.00 261.88 645.00 Neutral Strong Buy 1582 0.42

CAPITA 1011.00 713.00 1057.00 Neutral Strong Buy 1830 0.54

COMMUNISIS 60.50 34.54 68.00 Neutral Strong Buy 424 0.83

COMPASS GROUP 848.00 671.50 910.50 Neutral Strong Buy 1925 0.75

BERENDSEN 895.50 563.00 939.00 Neutral Strong Buy 3250 1.08

DE LA RUE 966.00 891.50 1075.00 Neutral Strong Buy 2308 #NA

DIGNITY 1402.00 922.31 1567.68 Neutral Buy 1605 0.25

DIPLOMA 632.50 435.00 661.00 Neutral Strong Buy 1283 0.96ELECTROCOMP. 278.60 203.50 282.50 Neutral Strong Buy 858 0.98

ESSENTRA PLC 745.00 508.50 830.00 Neutral Strong Buy 1232 1.14

G4S 253.10 207.50 313.50 Neutral Strong Buy 894 0.47

HAYS 117.90 75.20 118.40 Neutral Strong Buy 387 1.03

HOMESERVE 256.60 185.60 293.60 Neutral Strong Buy 902 0.89

INTERSERVE 567.00 349.10 591.50 Neutral Strong Buy 3012 1.25

INTERTEK GROUP 3201.00 2697.00 3453.00 Neutral Buy 4302 0.80

JOHNSON SERVICE GROUP 50.00 32.75 51.75 Neutral Strong Buy 232 1.10

MANAGEMENT CNSL.GP. 25.50 21.25 32.00 Neutral Strong Buy 181 0.57

MENZIES (JOHN) 804.00 573.00 809.00 Neutral Strong Buy 2000 1.41

MICHAEL PAGE INTL. 494.50 346.40 502.50 Neutral Strong Buy 780 1.36

MITIE GROUP 296.30 248.00 300.80 Neutral Strong Buy 1002 0.52

OFFICE2OFFICE 42.50 33.75 135.00 Neutral Strong Buy 635 0.31

PAYPOINT 1077.00 750.00 1185.00 Neutral Strong Buy 1781 0.75

PREMIER FARNELL 217.80 165.50 238.40 Neutral Strong Buy 535 1.41

REGUS 191.20 96.00 193.40 Sell Sell 71 1.38

RENTOKIL INITIAL 108.40 85.00 111.30 Neutral Strong Buy 446 1.26

REXAM 481.00 432.56 547.50 Neutral Strong Buy 1749 0.84

RICARDO 584.00 349.63 584.00 Neutral Strong Buy 1574 0.90

ROBERT WALTERS 317.25 191.00 335.00 Neutral Strong Buy 923 1.15

RPC GROUP 459.70 378.00 477.80 Neutral Strong Buy 1589 0.81

RPS GROUP 264.70 195.50 274.60 Neutral Strong Buy 882 1.51

SERCO GROUP 532.50 532.50 683.50 Buy Strong Buy 2177 0.60

SHANKS GROUP 93.25 73.00 98.00 Neutral Strong Buy 357 1.49

SPEEDY HIRE 65.50 29.50 65.50 Neutral Strong Buy 326 1.18TRIBAL GROUP 194.25 92.25 206.50 Neutral Strong Buy 516 0.65

TRIFAST 67.75 40.50 70.75 Neutral Strong Buy 313 0.90

VP 491.00 313.00 499.00 Neutral Strong Buy 2200 0.79

WYG 110.00 50.25 110.00 Sell Strong Buy 186 0.82


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Telecommunication Services Over Valued


BT GROUP 347.70 212.50 348.90 Neutral Buy 425 0.89

CABLE & WIRELESS COMMS. 40.22 34.31 46.29 Neutral Strong Buy 79 0.67

INMARSAT 705.00 542.50 749.00 Neutral Sell 249 0.53

KCOM GROUP 91.40 68.25 91.50 Neutral Buy 117 1.20

TELECOM PLUS 1258.00 830.00 1399.00 Neutral Sell 793 0.05

VODAFONE GROUP 222.00 154.45 222.00 Neutral Sell 122 0.51

Transport Over Valued


BBA AVIATION 301.90 195.70 326.00 Neutral Sell 222 1.22

BRAEMAR SHIPPING SVS. 495.00 350.00 520.00 Neutral Buy 560 1.06

CLARKSON 2270.00 1150.00 2275.00 Sell Sell 1256 0.86

EASYJET 1308.00 597.50 1448.00 Neutral Sell 844 0.77

FIRST GROUP 123.70 92.00 182.47 Neutral Strong Buy 267 0.88

FISHER(JAMES)& SONS 1073.00 748.00 1148.00 Neutral Sell 785 0.72

GO-AHEAD GROUP 1697.00 1220.00 1697.00 Neutral Strong Buy 2862 0.97

NATIONAL EXPRESS 258.10 164.50 274.90 Neutral Sell 243 1.39

NORTHGATE 434.75 243.25 439.00 Neutral Sell 347 1.34

STAGECOACH GROUP 329.30 265.90 337.60 Neutral Buy 455 0.97

WINCANTON 105.50 43.75 106.75 Neutral Strong Buy 272 0.95

Utilities Under Valued


CENTRICA 366.30 310.80 402.20 Neutral Strong Buy 565 0.50NATIONAL GRID 739.50 682.00 847.50 Neutral Buy 963 0.45

PENNON GROUP 690.50 598.00 734.50 Neutral Sell 615 0.63

SSE 1467.00 1364.00 1676.00 Neutral Strong Buy 2234 0.40

SEVERN TRENT 1779.00 1513.00 2090.00 Neutral Sell 1481 0.37

UNITED UTILITIES GROUP 694.50 647.00 787.50 Neutra l Neu tral 743 0.49


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value indicator - uk main market 20131004

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