value indicator - uk main market 20131015

7/27/2019 value indicator - uk main market 20131015

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15 October 2013

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© Intellisys Intelligent Analysis Limited 15 October 2013

www.intellisys.uk.com +44 (0)1189 333606 of 17

Contents

Introduction .................................................................................................................................3 Value ...........................................................................................................................................4 Conclusion ..................................................................................................................................4 RISK WARNING – Ratings and Targets ....................................................................................4 How to use the report .................................................................................................................5 Aerospace & Defence Under Valued ....................................................................6 Automobiles & Parts Over Valued ......................................................................6 Banks Over Valued .........................................................................................6 Beverages Under Valued ...................................................................................6 Chemicals Under Valued ..................................................................................7 Construction - Building Materials & Fittings Under Valued ......................................7 Construction - Heavy Construction Over Valued ..................................................7 Construction – Home Construction Under Valued

..................................................7 Electronics & Electrical Equipment Under Valued ..................................................8 Engineering & Machinery Under Valued ...............................................................8 Food & Drug Stores Over Valued .......................................................................8 Food Producers & Processors Over Valued ........................................................8 General Retail Under Valued ..............................................................................9 Health Over Valued .........................................................................................9 Household Goods & Textiles Under Valued ..........................................................9 Information Technology & Hardware Over Valued ...............................................9 Insurance Under Valued ................................................................................... 10 Leisure & Hotels Over Valued

..................................................................... 10 Life Assurance Under Valued .................................................................... 10 Media & Entertainment Under Valued ................................................................ 11 Mining Under Valued ...................................................................................... 11 Oil & Gas Under Valued ................................................................................... 11 Personal Care & Household Products Over Valued .......................................... 12 Pharmaceuticals & Biotechnology Under Valued ................................................ 12 Real Estate - REIT Under Valued ...................................................................... 12 Real Estate – REIS Under Valued ..................................................................... 13 Software & Computer Services Under Valued .................................................... 13 Speciality & Other Finance Under Valued

.......................................................... 13 Support Services Under Valued ..................................................................... 14 Telecommunication Services Over Valued ....................................................... 15 Transport Over Valued ................................................................................... 15 Utilities Under Valued ....................................................................................... 15 DISCLAIMER ........................................................................................................................... 16 RISK WARNING ...................................................................................................................... 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 subscriber’s 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 year’s 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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Best Buy/Sell Trend





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 team’s ability to establish and maintain a value generating operating environment setagainst a constantly changing global background.

The typical investment analyst’s 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. Intellysis’approach 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 subscriber’s 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.





How to use the report

This daily report is typically available for download as a PDF from 7am - well in advance of the market’sopen - and is based upon previous day’s closing prices.

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

General Retail Stock Price 12M Lo 12M Hi ST Rec LT Rec Target 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:

ßeta <1.0 Share should move by less than market (i.e., less risk/lower reward)

ßeta =1.0 Share should move in line with the market (i.e., market neutral)

ßeta >1.0 Share should move by more than market (i.e., higher risk/higher reward)

Sector

Closing price

Today’s action

Longer term action basedupon implied target price

Implied target price

based upon 49valuation metrics

Company Latest 12 month Hi/Lo forthe share price

ßeta measures a share’svolatility/risk relative tomarket (see below)





Aerospace & Defence Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaAVON RUBBER 541.50 307.75 550.50 Neutral Sell 490 0.86

BAE SYSTEMS 443.80 300.80 468.00 Neutral Buy 593 0.66

CHEMRING GROUP 211.10 211.10 353.30 Buy Buy 314 0.65

COBHAM 286.00 190.10 307.70 N eu tral Neutral 282 0.76

MEGGITT 541.00 366.20 564.00 Neutral Sell 494 1.24

QINETIQ GROUP 190.20 179.00 211.10 Neutral Sell 117 0.63

ROLLS-ROYCE HOLDINGS 1125.00 835.76 1240.00 Neutral Buy 1479 0.95

SENIOR 252.90 185.90 288.40 N eu tral Neutral 262 1.63

SMITHS GROUP 1396.00 1018.00 1419.00 Neutral Sell 1166 0.70

ULTR A ELECT RONICS HDG. 1876.00 1505 .00 19 81.00 Neutral Sell 1645 0.49

Automobiles & Parts Over Valued

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

GKN 360.60 201.00 362.30 Neutral Sell -1802 1.98

INCHCAPE 617.50 356.60 645.00 Neutral Strong Buy 2933 1.35

LOOKERS 122.00 71.50 128.50 Neutral Strong Buy 660 1.17

PENDRAGON 33.75 13.50 35.25 Neutral Strong Buy 260 0.96

TOROTRAK 27.25 23.50 35.50 Neutral Sell 12 0.68

Banks Over Valued


BARCLAYS 276.85 210.15 308.39 Neutral Sell -646 2.12

HSBC HDG. (ORD $0.50) 689.80 595.80 769.90 Neutral Buy 830 1.35

LLOYDS BANKING GROUP 75.66 40.29 78.00 Neutral Sell 8 1.90

ROYAL BANK OF SCTL.GP. 371.70 266.10 384.90 Neutral Sell -94 1.35

STANDARD CHARTERED 1469.50 1395.00 1837.50 Neutral Strong Buy 3315 1.79

Beverages Under Valued


BARR (AG) 520.50 432.20 588.50 Neutral Sell 414 0.52

BRITVIC 578.00 349.10 592.00 Neutral Buy 804 0.67

DIAGEO 1953.50 1746.50 2136.50 Sell Buy 2258 0.52

SABMILLER 2970.00 2599.00 3657.00 Neutral Strong Buy 4924 0.92





Chemicals Under Valued


ALENT 339.40 305.00 397.50 Neutral Strong Buy 3672 #NA

AZ ELECTRONIC MATS.(DI) 292.30 240.00 406.40 Neutral Strong Buy 534 1.11

CARCLO 390.50 342.75 501.00 Neutral Sell 126 0.73

CRODA INTERNATIONAL 2510.00 2164.00 2841.00 Neutral Buy 3142 1.06

ELEMENTIS 239.90 204.20 275.00 Neutral Buy 291 1.01

JOHNSON MATTHEY 2987.00 2190.00 2987.00 Neutral Buy 3946 1.41

VICTREX 1605.00 1380.00 1765.00 Neutral Sell 1294 1.17

SYNTHOMER 240.00 146.00 249.20 Neutral Strong Buy 370 1.05

ZOTEFOAMS 191.50 186.50 225.00 Neutral Buy 283 1.01

Construction - Building Materials & Fittings Under Valued


ALUMASC GROUP 126.00 79.50 137.00 Neutral Strong Buy 456 0.54

CRH 1540.00 1090.00 1540.00 Neutral Sell 1057 0.97

LOW & BONAR 75.00 50.00 80.00 Neutral Strong Buy 565 1.11

MARSHALLS 179.50 85.00 184.00 N eutra l Neutral 179 1.37

NORCROS 20.00 11.75 21.75 Neutral Strong Buy 226 1.02

SIG 186.80 102.00 193.70 Neutral Strong Buy 997 1.61

TITON HOLDINGS 44.00 22.00 45.50 Neutral Sell 39 0.91

TRAVIS PERKINS 1763.00 1060.00 1763.00 Sell Strong Buy 15594 1.93

TYMAN 215.00 143.13 240.00 N eutra l Neutral 224 1.01

WOLSELEY 3211.00 2636.64 3483.00 Neutral Strong Buy 10490 1.32

Construction - Heavy Construction Over Valued


BALFOUR BEATTY 273.30 207.60 320.80 Neutral Strong Buy 1064 0.68

BOOT (HENRY) 180.25 123.50 201.00 Neutral Sell 112 0.71

CARILLION 305.80 244.80 331.80 Neutral Buy 368 0.98

CLARKE (T) 69.00 40.00 69.00 Sell Buy 85 0.68

COSTAIN GROUP 263.50 226.25 306.00 Neutral Strong Buy 413 0.50

GALLIFORD TRY 1115.00 678.00 1115.00 Neutral Sell 725 0.76

KELLER 1018.00 560.50 1161.00 Neutral Sell 533 1.25

KIER GROUP 1760.00 1106.00 1760.00 Neutral Sell 1598 0.82

MORGAN SINDALL GROUP 818.00 508.00 819.00 Neutral Buy 990 0.60

NORTH MIDLAND CON. 117.50 95.00 147.50 Neutral Strong Buy 263 #NA

POCHIN'S 33.50 20.00 34.00 Sell Sell -11 0.45

Construction – Home Construction Under Valued


BARRATT DEVELOPMENTS 336.70 180.30 355.20 Neutral Buy 371 1.60

BELLWAY 1386.00 950.00 1502.00 Neutral Buy 1940 0.93

BERKELEY GROUP HDG.(THE) 2252.00 1428.00 2340.00 Neutra l Neutral 2188 0.47

BOVIS HOMES GROUP 779.50 489.30 851.50 Neutral Buy 977 1.05

CRE ST NICHOLSON HOLDINGS 360.0 0 22 0.00 360.00 Neutral Sell 282 #NA

GLEESON (MJ) GROUP 335.25 142.00 354.75 Neutral Sell 193 0.49

PERSIMMON 1195.00 695.55 1305.00 Sell Sell 1090 1.06

REDROW 251.00 152.90 255.10 Neutra l Neutral 259 0.84

TAYLOR WIMPEY 109.60 56.65 113.80 Neutral Buy 126 1.45





Electronics & Electrical Equipment Under Valued


DIALIGHT 1206.00 999.50 1399.00 Neutral Sell 1069 0.63

DOMINO PRINTING SCIENCES 663.00 522.00 717.00 Neutral Buy 896 0.99

E2V TECHNOLOGIES 142.75 105.50 148.25 Neutral Strong Buy 291 1.29

INVENSYS 501.00 217.33 509.50 Neutral Sell 295 1.33

LAIRD 221.10 171.10 249.30 Neutral Strong Buy 453 1.99

OXFORD INSTRUMENTS 1402.00 1209.00 1752.00 Neutral Sell 1168 1.22

RENISHAW 1740.00 1494.00 2081.00 Neutral Buy 2102 1.31

SPECTRIS 2278.00 1566.00 2470.00 Neutral Buy 2866 1.48

BIOME TECHNOLOGIES 187.50 65.00 303.67 Neutral Sell -430 0.70

TT ELECTRONICS 193.50 114.00 200.00 Neutral Strong Buy 442 1.64

XAAR 790.00 247.50 898.00 Neutral Sell 425 1.00

Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 135.75 54.38 135.75 Sell Neutral 147 1.06

BODYCOTE 650.50 345.10 685.00 Neutral Neutral 646 1.51

CASTINGS 418.50 291.00 450.00 Neutral Buy 575 0.93

VESUVIUS 462.70 264.43 487.60 Neutral Strong Buy 1185 2.20

FENNER 396.30 305.90 435.20 Neutral Buy 572 1.44

HALMA 534.00 410.40 578.00 Neutral Sell 418 0.84

HILL & SMITH 452.00 364.00 480.00 Neutral Buy 556 1.25

IMI 1493.00 902.00 1513.00 Neutral Strong Buy 4308 1.31

MOR GAN ADVANCED MATER IAL 300.0 0 22 0.30 318.00 Neutral Strong Buy 501 1.82

ROTORK 2806.00 2229.00 3037.00 Neutral Sell 2563 0.97

SEVERFIELD-ROWEN 59.50 35.40 76.91 Neutral Sell 51 0.76

SPIRAX-SARCO 2900.00 1932.53 3090.00 Neutral Sell 1817 0.69

VITEC GROUP 675.50 559.00 736.00 Neutral Sell 485 1.33

WEIR GROUP 2346.00 1688.00 2474.00 Neutral Neutral 2262 1.31

Food & Drug Stores Over Valued


GREGGS 435.00 392.10 523.50 Neutral Strong Buy 812 0.40

MORRISON(WM)SPMKTS. 279.40 248.60 302.50 Neutral Buy 382 0.35

SAINSBURY (J) 390.00 321.90 400.80 Neutral Buy 458 0.58

TESCO 361.55 307.90 387.75 Neutral Sell 194 0.74

THORNTONS 107.75 28.63 107.75 Neutral Sell 67 0.83

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1963.0 0 134 0.00 2 031.00 Neutral Sell 1641 0.57

CRANSWICK 1072.00 733.00 1189.00 Neutral Strong Buy 1748 0.35

DAIRY CREST 485.50 342.90 528.50 Neutral Sell 404 0.83

DEVRO 309.20 289.90 380.00 Neutral Strong Buy 487 0.37

PREMIER FOODS 162.75 59.75 166.50 Neutral Strong Buy 258 1.22

TATE & LYLE 758.00 695.00 883.00 Neutral Strong Buy 1299 0.62

UNILEVER (UK) 2383.00 2262.00 2885.00 Neutral Sell 2074 0.57





General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 25.50 24.00 29.50 Neutral Strong Buy 45 0.65

BROWN (N) GROUP 506.00 269.70 577.00 N eutra l Neutral 516 0.56

BURBERRY GROUP 1585.00 1134.00 1667.00 Neutral Sell 1239 1.28

CARPETRIGHT 662.50 585.00 701.50 Neutral Sell 253 0.85

DIXONS RETAIL 45.91 20.36 47.67 N eutra l Neutral 45 1.53

FINDEL 241.75 108.00 253.75 Neutral Sell 148 0.90

FRENCH CONNECTN.GROUP 30.50 23.00 34.00 Sell Sell 12 1.09

HALFORDS GROUP 387.00 299.00 406.00 Neutral Strong Buy 590 0.68

JD SPORTS FASHION 1134.00 670 .00 1134.00 Neutral Strong Buy 2068 0.59

DARTY 74.00 39.00 88.25 Neutral Strong Buy 123 1.10

KINGFISHER 373.80 268.90 420.00 Neutral Buy 550 0.98

MARKS & SPENCER GROUP 475.60 359.00 513.50 Neutral Strong Buy 743 0.50

MOSS BROTHERS GROUP 69.50 53.50 74.88 Neutral Buy 86 0.78

MOTHERCARE 388.25 221.25 492.75 Neutral Sell 136 0.28

NEXT 5025.00 3542.00 5205.00 N eutra l Neutral 5274 0.63TED BAKER 1698.00 920.00 2017.00 Neutral Sell 1037 0.60

TOPPS TILES 85.00 47.00 94.00 Neutral Sell 80 1.55

Health Over Valued


BIOQUELL 152.50 130.00 160.00 Neutral Sell 121 0.45

CONSORT MEDICAL 900.00 660.50 900.00 Sell Sell 693 0.37

OPTOS 154.25 106.75 215.25 Neutral Buy 177 1.09

SMITH & NEPHEW 786.00 638.00 800.00 Neutral Sell 680 0.33

Household Goods & Textiles Under Valued


GAMES WORKSHOP 775.00 601.00 823.50 Neutra l Neutral 751 0.29

HEADLAM GROUP 379.75 302.50 415.00 Neutral Buy 443 0.75

HORNBY 78.50 55.25 87.50 Neutral Sell 47 0.70

Information Technology & Hardware Over Valued


ARM HOLDINGS 986.50 577.50 1097.00 Neutral Sell 436 0.63

CSR 517.00 330.90 607.00 Neutral Strong Buy 1496 1.06

FILTRONIC 66.00 30.75 83.25 N eu tra l Neu tral 72 1.00

IMAGINATION TECHNOLOGIES 273.4 0 23 5.10 552.00 Neutral Sell 219 1.09

SPIRENT COMMUNICATIONS 129.50 118.00 169.20 Neutral Strong Buy 394 0.88

WOLFSON M ICR OE LE CTR ON ICS 1 52 .0 0 1 40 .0 0 2 26 .2 5 Neutral Sell -34 0.95




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Insurance Under Valued


ADMIRAL GROUP 1229.00 1019.00 1416.00 Neutral Sell -511 0.58

AMLIN 412.10 364.10 435.10 Neutral Strong Buy 1564 0.47

BEAZLEY 217.00 167.30 242.70 Neutral Strong Buy 969 0.61

CATLIN GROUP 494.20 455.30 552.50 N eu tra l Neu tral 480 0.29

HISCOX 661.00 463.32 670.00 Neutral Strong Buy 1940 0.43

JARDINE LLOYD THOMPSON 946.00 723.00 949.50 Neutral Buy 1228 0.28

RSA INSURANCE GROUP 119.30 107.70 136.30 Neutral Strong Buy 746 0.36

NOVAE GROUP 502.00 345.00 520.50 Neutral Strong Buy 3512 0.39

Leisure & Hotels Over Valued


CARNIVAL 2055.00 2030.00 2628.00 Neutral Strong Buy 3336 0.96

ENTERPRISE INNS 153.70 65.75 153.80 Neutral Sell 99 1.51

TUI TRAVEL 369.70 246.70 401.50 Neutral Strong Buy 696 1.06

FULLER SMITH 'A' 886.50 726.00 969.00 Neutral Sell 577 0.24

GREENE KING 806.00 587.00 897.50 Neutral Sell 589 0.87

LADBROKES 191.60 167.40 243.10 Neutral Buy 251 0.85

ICTL.HTLS.GP. 1808.00 1524.00 2039.00 Neutral Sell 1615 1.10

MILLENNIUM & CPTH.HTLS. 571.50 456.00 582.50 N eutra l Neutral 561 1.33

MITCHELLS & BUTLERS 395.00 296.00 460.00 Neutral Sell 258 0.89

BWIN PARTY DIGITAL ENTM. 120.70 101.30 156.00 Neutral Sell 60 1.28

PUNCH TAVERNS 14.50 6 .15 15.50 Neutral Strong Buy 67 0.98

RANK GROUP 160.30 137.30 177.50 Neutral Strong Buy 550 1.01

RESTAURANT GROUP 555.50 364.00 575.00 Neutral Sell 374 0.66

WETHERSPOON (JD) 738.50 492.40 767.00 Neutral Sell 659 0.55

WHITBREAD 3226.00 2300.00 3303.00 Neutral Sell 2089 1.05WILLIAM HILL 419.90 302.37 494.50 Neutral Sell 348 0.79

MARSTON'S 148.30 117.70 165.50 Neutral Sell 11 1.08

Life Assurance Under Valued


AVIVA 425.50 294.10 428.20 Neutral Sell 390 1.23

CHESNARA 291.00 176.50 291.00 Neutral Strong Buy 550 0.62

LEGAL & GENERAL 198.60 132.50 203.60 Neutral Strong Buy 516 1.82

OLD MUTUAL 191.00 166.10 221.60 Neutral Strong Buy 406 1.54

PRUDENTIAL 1183.00 834.50 1232.00 N eu tra l Neu tral 1223 1.82

ST.JAMES'S PLACE 626.00 377.40 641.50 Neutral Strong Buy 6883 0.88





Media & Entertainment Under Valued


BLOOMSBURY PBL. 169.00 102.00 169.00 Neutral Strong Buy 922 0.39

BRITISH SKY BCAST.GROUP 877.00 709.00 899.50 Neutral Strong Buy 1056 0.42

CENTAUR MEDIA 51.00 31.00 60.00 Neutral Sell -42 1.00

DAILY MAIL 'A' 759.00 451.25 835.00 Neutral Strong Buy 3556 1.04

EUR OM ONE Y IN STL.INV ESTOR 1070.0 0 74 7.50 1 209.00 Neutral Strong Buy 5566 0.87

INFORMA 525.00 380.50 545.00 Neutral Strong Buy 327 1.51

ITE GROUP 281.50 183.50 307.40 Neutral Buy 201 1.38

ITV 184.90 85.65 184.90 Neutral Strong Buy 1369 1.54

JOHNSTON PRESS 12.75 9.88 19.00 Neutral Buy 720 1.11

PEARSON 1306.00 1119.00 1350.00 N eutra l Neutral 309 0.60

PHOTO-ME INTL. 122.25 49.00 122.25 Sell Strong Buy 2283 0.81

PINEWOOD SHEPPERTON 297.50 269.00 299.50 Neutral Strong Buy 732 0.06

THOMSON REUTERS 35.94 26.85 36.59 Neutral Strong Buy 346 0.39

STV GROUP 268.50 92.50 268.50 Neutral Sell 240 0.86

ST.IVES 174.00 98.50 180.50 Neutral Sell 159 1.34TRINITY MIRROR 124.75 51.25 128.25 Neutral Sell -289 1.53

UBM 715.00 636.00 788.00 Neutral Strong Buy 1421 1.33

WILMINGTON GROUP 217.00 127.75 218.50 Neutral Strong Buy 1390 0.83

WPP 1242.00 788.00 1296.00 Neutral Sell -827 1.25

Mining Under Valued


ANGLO AMERICAN 1523.50 1207.00 2072.00 Neutral Sell 1245 1.74

ANGLO PACIFIC GROUP 193.50 161.00 289.00 N eutra l Neutral 201 1.03

ANTOFAGASTA 867.00 784.50 1381.00 Neutral Sell 816 1.27

BHP BILLITON 1816.50 1666.50 2236.00 Neutral Strong Buy 2824 1.41GLENCORE XSTRATA 331.20 256.85 397.85 Neutral Strong Buy 992 #NA

LONMIN 316.60 240.84 380.10 Sell Buy 437 1.86

RANDGOLD RESOURCES 4337.00 3972.00 7 745.00 Neutral Sell 2773 0.51

RIO TINTO 3084.00 2582.00 3757.00 Neutral Sell 2455 1.44

VEDANTA RESOURCES 1029.00 992.00 1335.00 Neutral Strong Buy 2696 2.17

Oil & Gas Under Valued


BG GROUP 1205.50 1000.50 1350.50 Neutral Sell 890 0.81

BP 443.40 416.60 483.30 Neutral Strong Buy 989 1.04

CAIRN ENERGY 268.00 251.80 296.10 Neutral Sell -39 1.25

FORTUNE OIL 8.03 5.44 9.51 Neutral Strong Buy 89 0.76

HUNTING 804.50 716.00 941.00 Neutral Sell 576 1.25

JKX OIL & GAS 72.00 48.50 80.38 Neutral Sell -59 1.21

PREMIER OIL 333.30 321.30 400.20 Neutral Buy 402 1.45

ROYAL DUTCH SHELL B 2124.50 2077.50 2365.00 Neutral Strong Buy 8268 0.78

SOCO INTERNATIONAL 398.00 290.14 417.00 N eutra l Neutral 437 0.53

TULLOW OIL 1000.00 975.50 1468.00 Neutral Sell 686 1.08

WOOD GROUP (JOHN) 797.00 720.50 915.50 Neutral Sell 720 1.40





Personal Care & Household Products Over Valued


MCBRIDE 118.25 101.00 144.60 Neutral Buy 161 0.85

PZ CUSSONS 407.90 315.60 432.50 Neutral Sell 362 0.75

RECKITT BENCKISER GROUP 4344.00 3633.00 4950.00 Neutra l Neutral 4479 0.33

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.32 0.32 3.58 Buy Sell -4 0.89

ASTRAZENECA 3186.50 2792.50 3521.50 Neutral Strong Buy 7945 0.47

BTG 378.00 317.50 397.90 Neutral Sell 176 0.38

DECHRA PHARMACEUTICALS 689.50 569.00 780.00 N eutra l Neutral 668 0.18

GLAXOSMITHKLINE 1568.50 1317.50 1782.00 N eutra l Neutral 1683 0.49

OXFORD BIOMEDICA 2.33 1.33 2.83 Buy Sell -3 0.38

PHYTOPHARM 58.00 51.50 568.75 Buy Sell -255 0.79SHIRE 2456.00 1727.00 2593.00 Neutral Sell 1260 0.69

SKYEPHARMA 88.88 43.50 101.75 Neutral Sell 28 0.51

VERNALIS 29.13 19.38 31.00 Neutral Sell 9 0.76

Real Estate - REIT Under Valued


BIG YELLOW GROUP 465.00 322.90 465.00 Neutral Strong Buy 768 1.24

BRITISH LAND 596.50 506.00 658.00 Neutral Buy 880 1.14

DERWENT LONDON 2504.00 1999.00 2542.00 Sell Strong Buy 5474 1.32

GREAT PORTLAND ESTATES 574.00 451.50 598.00 Neutral Strong Buy 1290 1.07

HAMMERSON 506.00 458.70 554.00 Neutral Buy 594 1.41

INTU PROPERTIES 327.30 300.60 366.00 Neutral Strong Buy 612 1.22

LAND SECURITIES GROUP 952.50 762.50 994.00 Neutral Strong Buy 1896 1.22

LOCAL SHOP.REIT (THE) 28.00 24.25 38.50 Neutral Sell -181 0.78

LONDONMETRIC PROPERTY 123.80 103.20 123.80 Neutral Sell -9 0.33

MCKAY SECURITIES 180.00 131.50 180.00 Neutral Strong Buy 304 0.50

MUCKLOW (A & J) GROUP 473.00 341.50 500.00 Neutral Sell 252 0.57

PRIMARY HEALTH PROPS. 316.00 312.50 363.53 Neutral Sell 119 0.22

REDEFINE INTL.REIT 47.63 30.75 47.63 Neutral Sell -418 0.43

SEGRO 320.50 221.60 320.50 Neutral Sell -338 1.96

SHAFTESBURY 600.00 522.50 668.00 Neutral Strong Buy 913 1.13

TOWN CENTRE SECURITIES 220.00 178.75 230.00 Neutral Sell 2 0.95

WORKSPACE GROUP 472.90 282.20 481.00 Neutral Strong Buy 1555 1.10





Real Estate – REIS Under Valued


CAPITAL & CNTS.PROPS. 349.60 223.50 365.60 Neutral Strong Buy 687 0.72

CAPITAL & REGIONAL 42.50 22.75 42.50 Neutral Sell -53 0.55

CLS HOLDINGS 1210.00 656.50 1260.00 Neutral Strong Buy 2954 0.80

DAEJAN HOLDINGS 3925.00 2706.00 4200.00 Neutral Strong Buy 14843 0.56

DEVELOPMENT SECS. 201.50 143.00 209.00 Neutral Neutral 196 1.14

GRAINGER 179.50 105.10 187.50 Neutral Sell 113 1.64

HELICAL BAR 296.75 178.00 302.50 Neutral Sell 207 0.83

LONDON & ASSOCS.PROPS. 36.75 21.50 36.75 Neutral Strong Buy 230 0.60

MOUNTVIEW ESTATES 6625.00 4350.00 6625.00 Sell Strong Buy 14638 0.69

QUINTAIN ESTATES & DEV. 89.75 51.75 92.00 Sell Sell -211 1.10

RAVEN RUSSIA 79.50 61.50 79.75 Sell Strong Buy 212 1.56

SAVILLS 620.00 402.00 664.50 Neutral Strong Buy 1895 0.68

SMART (J) 85.00 72.50 90.50 Neutral Strong Buy 376 0.42

ST MODWEN PROPS. 330.60 194.00 333.00 Neutral Strong Buy 634 1.68

UNITE GROUP 387.00 260.70 403.00 Neutral Strong Buy 1652 1.93

Software & Computer Services Under Valued


ANITE 113.25 109.50 162.00 Neutral Buy 142 0.66

AVEVA GROUP 2539.00 1975.75 2650.00 Neutral Sell 1497 1.49

COMPUTACENTER 553.50 333.29 564.10 Neutral Strong Buy 1472 0.85

KOFAX 363.50 260.75 388.00 Neutral Sell 345 1.11

INNOVATION GROUP 30.75 20.75 31.00 Neutral Sell 26 0.78

MICRO FOCUS INTL. 770.00 543.00 812.50 Neutral Buy 1045 0.84

PHOENIX IT GROUP 156.00 130.00 184.00 Neutral Sell -229 0.59

RM 112.50 64.00 114.25 Neutral Strong Buy 268 0.58

FIDESSA GROUP 1957.00 1275.00 2190.00 Neutral Buy 2166 0.62

SAGE GROUP 323.70 289.36 368.18 Neutral Buy 438 0.70

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 396.90 318.20 492.10 Neutral Strong Buy 1296 1.12

BREWIN DOLPHIN 269.50 169.80 283.00 Neutral Strong Buy 651 0.85

CAMELLIA 8640.00 8000.00 11105.00 Neutral Strong Buy 81615 0.85

CHARLES STANLEY GROUP 454.75 266.00 474.00 Neutral Strong Buy 1419 0.89

CHARLES TAYLOR 210.00 155.00 228.00 Neutral Strong Buy 1633 0.64

CLOSE BROTHERS GROUP 1283.00 830.00 1283.00 Sell Strong Buy 4819 0.78

F&C ASSET MANAGEMENT 97.00 90.00 110.40 Neutral Sell 78 0.77

HELPHIRE GROUP 5.49 0.75 5.70 Neutral Sell -125 0.77

HENDERSON GROUP 197.80 109.10 197.80 Sell Strong Buy 797 1.44

ICAP 361.60 280.80 422.20 Neutral Strong Buy 824 0.94

INTERMEDIATE CAPITAL GP. 463.90 287.20 501.50 Neutral Strong Buy 2265 1.77

INVESTEC 422.90 358.40 513.50 Neutral Strong Buy 2616 1.54

LONDON STOCK EX.GROUP 1588.00 930.00 1652.00 Neutral Strong Buy 6892 1.32

MAN GROUP 78.70 71.80 134.40 Neutral Sell -4811 1.23

RATHBONE BROTHERS 1500.00 1208.00 1691.00 Neutral Strong Buy 5436 0.83

SCHRODERS 2650.00 1518.00 2650.00 Neutral Strong Buy 8113 1.42

SCHRODERS NV 2199.00 1193.00 2209.00 Neutral Strong Buy 11286 1.38





Support Services Under Valued


ACAL 284.00 157.75 285.00 Neutral Strong Buy 608 0.79

AGGREKO 1465.00 1442.00 2302.00 Neutral Strong Buy 3167 1.04

AMEC 1085.00 965.50 1127.00 Neutral Strong Buy 3204 0.98

ASHTEAD GROUP 629.00 344.00 730.00 Neutral Buy 943 1.69

BABCOCK INTL. 1185.00 940.00 1218.00 Neutral Strong Buy 2507 0.40

BRITISH POLYTHENE INDS. 649.00 372.50 649.00 Sell Strong Buy 2264 0.84

BUNZL 1329.00 1009.00 1409.00 Neutral Strong Buy 2680 0.49

UK MAIL GROUP 590.00 265.00 645.00 Neutral Strong Buy 1579 0.47

CAPITA 1007.00 713.00 1057.00 Neutral Strong Buy 1829 0.57

COMMUNISIS 63.50 34.54 68.00 Neutral Strong Buy 423 0.79

COMPASS GROUP 862.00 671.50 910.50 Neutral Strong Buy 1920 0.78

BERENDSEN 916.00 563.00 939.00 Neutral Strong Buy 3262 1.02

DE LA RUE 949.50 891.50 1075.00 Neutral Strong Buy 2279 #NA

DIGNITY 1390.00 922.31 1567.68 Neutral Buy 1653 0.21

DIPLOMA 645.50 435.00 661.00 Neutral Strong Buy 1288 1.00ELECTROCOMP. 269.40 203.90 282.50 Neutral Strong Buy 857 1.03

ESSENTRA PLC 735.00 543.00 830.00 Neutral Strong Buy 1234 1.13

G4S 241.90 207.50 313.50 Neutral Strong Buy 890 0.42

HAYS 121.70 76.70 121.70 Neutral Strong Buy 387 0.99

HOMESERVE 254.00 185.60 293.60 Neutral Strong Buy 902 0.93

INTERSERVE 592.50 349.10 592.50 Sell Strong Buy 3017 1.15

INTERTEK GROUP 3266.00 2800.00 3453.00 Neutral Buy 4312 0.74

JOHNSON SERVICE GROUP 50.75 33.63 51.75 Neutral Strong Buy 229 1.03

MANAGEMENT CNSL.GP. 26.25 21.25 32.00 Neutral Strong Buy 181 0.61

MENZIES (JOHN) 827.50 573.00 827.50 Neutral Strong Buy 1987 1.37

MICHAEL PAGE INTL. 470.00 346.40 502.50 Neutral Strong Buy 780 1.19

MITIE GROUP 297.50 248.00 300.80 Neutral Strong Buy 1000 0.50

OFFICE2OFFICE 39.50 33.75 132.50 Neutral Strong Buy 634 0.28

PAYPOINT 1048.00 750.00 1185.00 Neutral Strong Buy 1791 0.72

PREMIER FARNELL 212.50 165.50 238.40 Neutral Strong Buy 537 1.40

REGUS 192.80 96.00 195.70 Neutral Sell 70 1.46

RENTOKIL INITIAL 111.10 85.00 111.30 Neutral Strong Buy 442 1.31

REXAM 478.00 432.56 547.50 Neutral Strong Buy 1745 0.90

RICARDO 586.00 349.63 586.00 Neutral Strong Buy 1573 1.04

ROBERT WALTERS 315.00 191.00 335.00 Neutral Strong Buy 922 1.11

RPC GROUP 458.90 378.00 477.80 Neutral Strong Buy 1583 0.72

RPS GROUP 270.30 195.50 274.60 Neutral Strong Buy 881 1.49

SERCO GROUP 537.50 522.50 683.50 Neutral Strong Buy 2174 0.52

SHANKS GROUP 94.75 73.00 98.00 Neutral Strong Buy 354 1.55

SPEEDY HIRE 66.50 30.25 66.50 Neutral Strong Buy 325 1.17

TRIBAL GROUP 182.25 92.25 206.50 Neutral Strong Buy 516 0.64

TRIFAST 69.00 40.50 70.75 Neutral Strong Buy 313 0.81

VP 498.00 313.00 499.50 Neutral Strong Buy 2203 0.65

WYG 108.00 51.00 110.00 Neutral Strong Buy 188 0.78





Telecommunication Services Over Valued


BT GROUP 353.50 212.50 353.50 Sell Buy 440 0.92

CABLE & WIRELESS COMMS. 40.90 34.31 46.29 Neutral Strong Buy 82 0.66

INMARSAT 710.00 542.50 749.00 Neutral Sell 259 0.52

KCOM GROUP 93.85 68.25 93.85 Neutral Buy 124 0.97

TELECOM PLUS 1401.00 830.00 1403.00 Neutral Sell 842 0.05

VODAFONE GROUP 221.55 154.45 222.00 Neutral Sell 130 0.46

Transport Over Valued


BBA AVIATION 310.80 195.70 326.00 Neutral Sell 223 1.17

BRAEMAR SHIPPING SVS. 505.00 350.00 520.00 Neutral Buy 562 0.91

CLARKSON 2336.00 1150.00 2350.00 Sell Sell 1265 0.77

EASYJET 1263.00 599.50 1448.00 Neutral Sell 849 0.78

FIRST GROUP 121.50 92.00 182.47 Neutral Strong Buy 268 0.85

FISHER(JAMES)& SONS 1090.00 750.00 1148.00 Neutral Sell 795 0.69

GO-AHEAD GROUP 1673.00 1220.00 1697.00 Neutral Strong Buy 2886 0.94

NATIONAL EXPRESS 261.20 164.50 274.90 Neutral Sell 244 1.33

NORTHGATE 445.75 248.00 445.75 Neutral Sell 352 1.22

STAGECOACH GROUP 334.10 265.90 337.60 Neutral Buy 461 0.87

WINCANTON 110.75 43.75 110.75 Neutral Strong Buy 277 0.83

Utilities Under Valued


CENTRICA 358.70 310.80 402.20 Neutral Strong Buy 563 0.51

NATIONAL GRID 750.50 682.00 847.50 Neutral Buy 966 0.49

PENNON GROUP 692.00 598.00 734.50 Neutral Sell 614 0.66

SSE 1442.00 1364.00 1676.00 Neutral Strong Buy 2236 0.44

SEVERN TRENT 1808.00 1513.00 2090.00 Neutral Sell 1490 0.39

UNITED UTILITIES GROUP 699.50 647.00 787.50 N eu tral Neu tral 749 0.51





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value indicator - uk main market 20131015

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