value indicator - uk main market 20131030

7/27/2019 value indicator - uk main market 20131030

http://slidepdf.com/reader/full/value-indicator-uk-main-market-20131030 1/17

30 October 2013

Powered by



© Intellisys Intelligent Analysis Limited 30 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 Under 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





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 550.00 316.50 550.50 Neutral Sell 496 0.86

BAE SYSTEMS 454.00 300.80 468.00 Neutral Buy 600 0.66

CHEMRING GROUP 223.00 210.70 321.10 Neutral Buy 319 0.65

COBHAM 281.00 190.10 307.70 N eu tral Neutral 284 0.76

MEGGITT 563.00 366.20 564.00 Neutral Sell 497 1.24

QINETIQ GROUP 199.00 179.00 211.10 Neutral Sell 122 0.63

ROLLS-ROYCE HOLDINGS 1160.00 829.44 1230.62 Neutral Buy 1479 0.95

SENIOR 295.30 185.90 295.30 Neutral Sell 264 1.63

SMITHS GROUP 1414.00 1018.00 1455.00 N eu tral Neutral 1449 0.70

ULTR A ELECT RONICS HDG. 1919.00 1505 .00 19 81.00 Neutral Sell 1662 0.49

Automobiles & Parts Over Valued

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

GKN 363.40 201.00 376.20 Neutral Sell -1826 1.98

INCHCAPE 634.00 397.60 645.00 Neutral Strong Buy 2992 1.35

LOOKERS 127.25 71.50 128.50 Neutral Strong Buy 673 1.17

PENDRAGON 37.50 13.50 39.75 Neutral Strong Buy 266 0.96

TOROTRAK 27.63 23.50 35.50 Neutral Sell 13 0.68

Banks Over Valued


BARCLAYS 266.05 210.15 308.39 Neutral Sell -649 2.12

HSBC HDG. (ORD $0.50) 686.70 595.80 769.90 Neutral Buy 839 1.35

LLOYDS BANKING GROUP 78.01 40.57 80.37 Neutral Sell 8 1.90

ROYAL BANK OF SCTL.GP. 364.80 266.10 384.90 Neutral Sell -103 1.35

STANDARD CHARTERED 1543.50 1395.00 1837.50 Neutral Strong Buy 3341 1.79

Beverages Under Valued


BARR (AG) 528.00 432.20 588.50 Neutral Sell 430 0.52

BRITVIC 619.50 359.20 619.50 Sell Buy 847 0.67

DIAGEO 2027.00 1771.00 2136.50 Sell Buy 2357 0.52

SABMILLER 3287.00 2619.00 3657.00 Neutral Strong Buy 5233 0.92





Chemicals Under Valued


ALENT 347.00 305.00 397.50 Neutral Strong Buy 3743 #NA

AZ ELECTRONIC MATS.(DI) 282.30 240.00 406.40 Neutral Strong Buy 543 1.11

CARCLO 389.00 342.75 501.00 Neutral Sell 123 0.73

CRODA INTERNATIONAL 2618.00 2164.00 2841.00 Neutral Buy 3303 1.06

ELEMENTIS 262.60 204.20 275.00 Neutral Buy 299 1.01

JOHNSON MATTHEY 2993.00 2190.00 2997.00 Neutral Buy 3987 1.41

VICTREX 1668.00 1418.00 1765.00 Neutral Sell 1347 1.17

SYNTHOMER 252.30 146.00 257.80 Neutral Buy 374 1.05

ZOTEFOAMS 180.50 180.50 224.00 Neutral Strong Buy 287 1.01

Construction - Building Materials & Fittings Under Valued


ALUMASC GROUP 136.50 81.00 137.00 Neutral Strong Buy 455 0.54

CRH 1522.00 1090.00 1580.00 Neutral Sell 1076 0.97

LOW & BONAR 75.75 50.00 80.00 Neutral Strong Buy 562 1.11

MARSHALLS 172.75 87.50 184.00 N eutra l Neutral 179 1.37

NORCROS 19.75 11.75 21.75 Neutral Strong Buy 224 1.02

SIG 195.80 102.00 200.10 Neutral Strong Buy 994 1.61

TITON HOLDINGS 41.50 22.00 45.50 Neutral Sell 36 0.91

TRAVIS PERKINS 1812.00 1060.00 1815.00 Neutral Strong Buy 15501 1.93

TYMAN 235.50 143.13 241.00 N eutra l Neutral 229 1.01

WOLSELEY 3309.00 2636.64 3483.00 Neutral Strong Buy 10462 1.32

Construction - Heavy Construction Over Valued


BALFOUR BEATTY 285.90 207.60 320.80 Neutral Strong Buy 1101 0.68

BOOT (HENRY) 185.00 123.50 201.00 Neutral Sell 113 0.71

CARILLION 302.10 244.80 331.80 Neutral Buy 366 0.98

CLARKE (T) 66.00 40.00 72.25 Neutral Buy 84 0.68

COSTAIN GROUP 287.25 226.25 306.00 Neutral Buy 417 0.50

GALLIFORD TRY 1151.00 678.00 1157.00 Neutral Sell 827 0.76

KELLER 1025.00 565.00 1161.00 Neutral Sell 527 1.25

KIER GROUP 1797.00 1106.00 1797.00 Neutral Sell 1604 0.82

MORGAN SINDALL GROUP 806.00 508.00 828.00 Neutral Buy 986 0.60

NORTH MIDLAND CON. 122.00 95.00 147.50 Neutral Strong Buy 263 #NA

POCHIN'S 39.50 22.00 39.50 Sell Sell -9 0.45

Construction – Home Construction Under Valued


BARRATT DEVELOPMENTS 340.50 181.30 355.20 Neutral Strong Buy 1017 1.60

BELLWAY 1518.00 951.00 1534.00 Neutral Strong Buy 10642 0.93

BERKELEY GROUP HDG.(THE) 2450.00 1482.00 2450.00 Neutral Sell -2205 0.47

BOVIS HOMES GROUP 790.00 489.30 851.50 Neutral Strong Buy 25826 1.05

CRE ST NICHOLSON HOLDINGS 382.0 0 22 0.00 385.00 Neutral Sell -376 #NA

GLEESON (MJ) GROUP 316.25 148.00 354.75 Neutral Sell 147 0.49

PERSIMMON 1255.00 695.55 1305.00 Neutral Strong Buy 4367 1.06

REDROW 263.90 154.00 263.90 Neutral Strong Buy 423 0.84

TAYLOR WIMPEY 111.50 56.65 113.90 Neutral Strong Buy 852 1.45





Electronics & Electrical Equipment Under Valued


DIALIGHT 1120.00 999.50 1399.00 Neutral Sell 1060 0.63

DOMINO PRINTING SCIENCES 690.50 522.00 717.00 Neutral Buy 892 0.99

E2V TECHNOLOGIES 145.00 105.50 148.25 Neutral Strong Buy 290 1.29

INVENSYS 503.50 217.33 509.50 Neutral Sell 296 1.33

LAIRD 247.50 171.10 249.30 Neutral Strong Buy 454 1.99

OXFORD INSTRUMENTS 1295.00 1209.00 1752.00 Neutral Sell 1163 1.22

RENISHAW 1625.00 1494.00 2081.00 Neutral Buy 2085 1.31

SPECTRIS 2286.00 1719.00 2470.00 Neutral Buy 2849 1.48

BIOME TECHNOLOGIES 183.50 65.00 303.67 Neutral Sell -449 0.70

TT ELECTRONICS 199.75 114.00 202.00 Neutral Strong Buy 441 1.64

XAAR 818.00 258.00 898.00 Neutral Sell 422 1.00

Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 130.75 54.63 135.75 Neutral Buy 167 1.06

BODYCOTE 657.00 362.70 685.00 Neutral Neutral 640 1.51

CASTINGS 423.63 291.00 450.00 Neutral Buy 569 0.93

VESUVIUS 480.00 280.31 490.60 Neutral Strong Buy 1757 2.20

FENNER 410.70 305.90 435.20 Neutral Buy 575 1.44

HALMA 552.00 411.50 578.00 Neutral Sell 397 0.84

HILL & SMITH 484.50 372.00 484.50 Neutral Buy 558 1.25

IMI 1514.00 934.50 1537.00 Neutral Strong Buy 3819 1.31

MOR GAN ADVANCED MATER IAL 300.0 0 24 0.30 318.00 Neutral Strong Buy 504 1.82

ROTORK 2866.00 2278.00 3037.00 Neutral Sell 2137 0.97

SEVERFIELD-ROWEN 62.88 35.40 76.39 Neutral Sell -38 0.76

SPIRAX-SARCO 2932.00 1938.54 3090.00 Neutral Sell 1779 0.69

VITEC GROUP 718.00 559.00 718.00 Neutral Sell 506 1.33

WEIR GROUP 2320.00 1710.00 2474.00 Neutral Neutral 2311 1.31

Food & Drug Stores Over Valued


GREGGS 452.90 392.10 523.50 N eu tra l Neu tral 479 0.40

MORRISON(WM)SPMKTS. 286.50 248.60 302.50 Neutral Strong Buy 507 0.35

SAINSBURY (J) 398.00 321.90 400.80 Neutral Strong Buy 750 0.58

TESCO 369.10 315.00 387.75 Neutral Sell 304 0.74

THORNTONS 114.50 28.63 114.50 Neutral Sell 102 0.83

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 2196.0 0 136 5.00 2 196.00 Sell Sell 1757 0.57

CRANSWICK 1074.00 733.00 1189.00 Neutral Strong Buy 1865 0.35

DAIRY CREST 535.00 342.90 535.00 Sell Sell 444 0.83

DEVRO 312.10 289.90 380.00 Neutral Strong Buy 511 0.37

PREMIER FOODS 180.00 59.75 185.50 Neutral Strong Buy 289 1.22

TATE & LYLE 798.00 724.00 883.00 Neutral Strong Buy 1374 0.62

UNILEVER (UK) 2548.00 2290.00 2885.00 Neutral Sell 2152 0.57





General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 26.38 24.00 29.50 Neutral Strong Buy 46 0.65

BROWN (N) GROUP 527.50 330.30 577.00 N eutra l Neutral 529 0.56

BURBERRY GROUP 1520.00 1164.00 1667.00 Neutral Sell 1265 1.28

CARPETRIGHT 629.00 585.00 701.50 Neutral Sell 255 0.85

DIXONS RETAIL 49.00 20.60 49.00 Sell Sell 45 1.53

FINDEL 254.25 108.00 258.25 Neutral Sell 154 0.90

FRENCH CONNECTN.GROUP 39.38 23.00 41.50 Sell Sell 10 1.09

HALFORDS GROUP 412.80 299.00 412.80 Neutral Buy 605 0.68

JD SPORTS FASHION 1130.00 670 .00 1185.00 Neutral Strong Buy 2116 0.59

DARTY 83.25 39.00 88.25 Neutral Strong Buy 125 1.10

KINGFISHER 375.10 268.90 420.00 Neutral Strong Buy 563 0.98

MARKS & SPENCER GROUP 485.60 359.00 513.50 Neutral Strong Buy 761 0.50

MOSS BROTHERS GROUP 74.00 53.50 75.00 Neutral Buy 87 0.78

MOTHERCARE 385.75 271.00 492.75 Neutral Sell 134 0.28

NEXT 5205.00 3542.00 5250.00 N eutra l Neutral 5401 0.63TED BAKER 1713.00 935.00 2017.00 Neutral Sell 1062 0.60

TOPPS TILES 88.00 47.00 94.00 Neutral Sell 82 1.55

Health Over Valued


BIOQUELL 149.00 130.00 160.00 Neutral Sell 118 0.45

CONSORT MEDICAL 881.50 660.50 902.50 Neutral Sell 683 0.37

OPTOS 157.00 106.75 215.25 Neutral Buy 176 1.09

SMITH & NEPHEW 797.50 638.00 803.00 Neutral Sell 686 0.33

Household Goods & Textiles Under Valued


GAMES WORKSHOP 782.50 601.00 823.50 Neutra l Neutral 758 0.29

HEADLAM GROUP 385.00 302.50 415.00 Neutral Buy 449 0.75

HORNBY 79.75 55.25 87.50 Neutral Sell 48 0.70

Information Technology & Hardware Over Valued


ARM HOLDINGS 991.00 665.00 1097.00 Neutral Sell 432 0.63

CSR 551.00 332.00 607.00 Neutral Strong Buy 1487 1.06

FILTRONIC 65.50 30.75 83.25 N eu tra l Neu tral 69 1.00

IMAGINATION TECHNOLOGIES 283.0 0 23 5.10 552.00 Neutral Sell 214 1.09

SPIRENT COMMUNICATIONS 115.00 115.00 169.20 Buy Strong Buy 390 0.88

WOLFSON M ICR OE LE CTR ON ICS 1 42 .5 0 1 40 .0 0 2 26 .2 5 Neutral Sell -37 0.95




www.intellisys.uk.com +44 (0)1189 333606 of17

Insurance Under Valued


ADMIRAL GROUP 1270.00 1019.00 1416.00 Neutral Sell -538 0.58

AMLIN 433.20 364.10 435.10 Neutral Strong Buy 1635 0.47

BEAZLEY 221.30 167.30 242.70 Neutral Strong Buy 1011 0.61

CATLIN GROUP 514.00 455.30 552.50 N eu tra l Neu tral 496 0.29

HISCOX 667.50 463.32 686.00 Neutral Strong Buy 2022 0.43

JARDINE LLOYD THOMPSON 1020 .00 734.00 1020 .00 Neutral Buy 1280 0.28

RSA INSURANCE GROUP 128.80 107.70 136.30 Neutral Strong Buy 779 0.36

NOVAE GROUP 550.50 345.00 550.50 Neutral Strong Buy 3662 0.39

Leisure & Hotels Under Valued


CARNIVAL 2233.00 2030.00 2628.00 Neutral Buy 3216 0.96

ENTERPRISE INNS 150.50 65.75 157.80 Neutral Sell 115 1.51

TUI TRAVEL 384.00 246.70 401.50 Neutral Strong Buy 657 1.06

FULLER SMITH 'A' 900.00 726.00 969.00 Neutral Sell 781 0.24

GREENE KING 838.50 589.00 897.50 Neutral Sell 633 0.87

LADBROKES 193.00 167.40 243.10 Neutral Strong Buy 318 0.85

ICTL.HTLS.GP. 1822.00 1524.00 2039.00 Neutral Buy 2108 1.10

MILLENNIUM & CPTH.HTLS. 568.50 456.00 615.50 N eutra l Neutral 552 1.33

MITCHELLS & BUTLERS 391.50 296.00 460.00 Neutral Sell 255 0.89

BWIN PARTY DIGITAL ENTM. 123.40 101.30 156.00 Neutral Sell 42 1.28

PUNCH TAVERNS 13.87 6 .16 15.50 Neutral Strong Buy 45 0.98

RANK GROUP 150.00 137.30 177.50 N eutra l Neutral 150 1.01

RESTAURANT GROUP 575.50 364.00 575.50 Neutral Sell 462 0.66

WETHERSPOON (JD) 729.50 493.80 767.00 N eutra l Neutral 738 0.55

WHITBREAD 3466.00 2314.00 3466.00 Sell Sell 2450 1.05WILLIAM HILL 399.20 305.06 494.50 N eutra l Neutral 427 0.79

MARSTON'S 153.10 118.80 165.50 Neutral Sell -15 1.08

Life Assurance Under Valued


AVIVA 442.00 294.10 442.00 Neutral Sell 402 1.23

CHESNARA 294.75 176.50 296.00 Neutral Strong Buy 577 0.62

LEGAL & GENERAL 215.30 133.30 215.30 Sell Strong Buy 547 1.82

OLD MUTUAL 204.80 166.10 221.60 Neutral Strong Buy 437 1.54

PRUDENTIAL 1275.00 839.50 1276.00 Sell Neutral 1318 1.82

ST.JAMES'S PLACE 677.50 379.70 679.00 Neutral Strong Buy 7410 0.88





Media & Entertainment Under Valued


BLOOMSBURY PBL. 177.37 102.00 177.75 Neutral Strong Buy 922 0.39

BRITISH SKY BCAST.GROUP 928.00 709.00 950.00 Neutral Strong Buy 1056 0.42

CENTAUR MEDIA 55.75 31.00 60.00 Neutral Sell -42 1.00

DAILY MAIL 'A' 799.00 451.25 835.00 Neutral Strong Buy 3556 1.04

EUR OM ONE Y IN STL.INV ESTOR 1045.0 0 74 7.50 1 209.00 Neutral Strong Buy 5566 0.87

INFORMA 554.50 380.50 556.00 Neutral Strong Buy 327 1.51

ITE GROUP 319.00 183.50 319.00 Neutral Buy 201 1.38

ITV 191.40 85.75 195.10 Neutral Strong Buy 1369 1.54

JOHNSTON PRESS 12.50 10.75 19.00 Neutral Buy 720 1.11

PEARSON 1365.00 1119.00 1365.00 N eutra l Neutral 309 0.60

PHOTO-ME INTL. 133.00 49.00 133.00 Neutral Strong Buy 2283 0.81

PINEWOOD SHEPPERTON 302.50 269.00 302.50 Neutral Strong Buy 732 0.06

THOMSON REUTERS 38.58 26.85 38.58 Neutral Strong Buy 346 0.39

STV GROUP 325.00 100.00 330.00 Neutral Sell 240 0.86

ST.IVES 183.50 99.50 188.00 Neutral Sell 159 1.34TRINITY MIRROR 130.00 58.25 132.25 Neutral Sell -289 1.53

UBM 690.50 636.00 788.00 Neutral Strong Buy 1421 1.33

WILMINGTON GROUP 219.25 127.75 219.50 Neutral Strong Buy 1390 0.83

WPP 1327.00 795.50 1344.00 Neutral Sell -827 1.25

Mining Under Valued


ANGLO AMERICAN 1517.50 1207.00 2072.00 N eutra l Neutral 1575 1.74

ANGLO PACIFIC GROUP 219.00 161.00 289.00 N eutra l Neutral 230 1.03

ANTOFAGASTA 888.50 784.50 1381.00 N eutra l Neutral 942 1.27

BHP BILLITON 1949.00 1666.50 2236.00 Neutral Buy 2450 1.41GLENCORE XSTRATA 342.25 256.85 397.85 Neutral Strong Buy 1037 #NA

LONMIN 328.90 240.84 380.10 Sell Buy 418 1.86

RANDGOLD RESOURCES 4762.00 3972.00 7 435.00 Neutral Sell 3179 0.51

RIO TINTO 3193.50 2582.00 3757.00 Neutral Sell 2400 1.44

VEDANTA RESOURCES 1080.00 992.00 1335.00 Neutral Strong Buy 3037 2.17

Oil & Gas Under Valued


BG GROUP 1248.00 1000.50 1329.50 Neutral Sell 937 0.81

BP 477.50 416.60 483.30 Neutral Strong Buy 1060 1.04

CAIRN ENERGY 280.00 251.80 296.10 Neutral Sell -41 1.25

FORTUNE OIL 9.90 5.44 10.75 Neutral Strong Buy 89 0.76

HUNTING 889.50 716.00 941.00 Neutral Sell 612 1.25

JKX OIL & GAS 74.00 48.50 80.38 Neutral Sell -58 1.21

PREMIER OIL 347.40 321.30 400.20 Neutral Buy 423 1.45

ROYAL DUTCH SHELL B 2264.50 2077.50 2365.00 Neutral Strong Buy 8598 0.78

SOCO INTERNATIONAL 397.90 306.38 417.00 N eutra l Neutral 408 0.53

TULLOW OIL 936.00 936.00 1445.00 Neutral Sell 709 1.08

WOOD GROUP (JOHN) 816.00 720.50 915.50 Neutral Sell 756 1.40





Personal Care & Household Products Over Valued


MCBRIDE 111.50 98.05 140.38 Neutral Buy 157 0.85

PZ CUSSONS 398.60 338.50 432.50 Neutral Sell 332 0.75

RECKITT BENCKISER GROUP 4857.00 3704.00 4950.00 Neutra l Neutral 5035 0.33

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.37 0.32 3.58 Buy Sell -0 0.89

ASTRAZENECA 3312.50 2792.50 3521.50 Neutral Strong Buy 10041 0.47

BTG 422.30 317.50 422.30 Neutral Sell 274 0.38

DECHRA PHARMACEUTICALS 691.50 569.00 780.00 Neutral Strong Buy 1355 0.18

GLAXOSMITHKLINE 1637.50 1317.50 1782.00 Neutral Buy 2357 0.49

OXFORD BIOMEDICA 2.68 1.33 2.83 Buy Sell -2 0.38

IXICO 54.50 51.50 568.75 Buy Sell -164 0.79SHIRE 2773.00 1727.00 2814.00 Neutral Sell 2015 0.69

SKYEPHARMA 95.50 43.50 101.75 Neutral Strong Buy 173 0.51

VERNALIS 29.00 19.38 31.00 Neutral Sell 14 0.76

Real Estate - REIT Under Valued


BIG YELLOW GROUP 480.00 322.90 489.00 Neutral Strong Buy 784 1.24

BRITISH LAND 632.00 506.00 658.00 Neutral Buy 898 1.14

DERWENT LONDON 2564.00 1999.00 2574.00 Neutral Strong Buy 5584 1.32

GREAT PORTLAND ESTATES 592.00 451.50 598.00 Neutral Strong Buy 1302 1.07

HAMMERSON 541.50 458.70 554.00 Neutral Buy 607 1.41

INTU PROPERTIES 347.60 300.60 366.00 Neutral Strong Buy 627 1.22

LAND SECURITIES GROUP 999.00 762.50 999.00 Sell Strong Buy 1934 1.22

LOCAL SHOP.REIT (THE) 31.75 24.25 37.50 Neutral Sell -178 0.78

LONDONMETRIC PROPERTY 130.00 103.20 130.20 Neutral Sell -7 0.33

MCKAY SECURITIES 187.25 131.50 187.25 Neutral Strong Buy 314 0.50

MUCKLOW (A & J) GROUP 471.00 347.75 500.00 Neutral Sell 263 0.57

PRIMARY HEALTH PROPS. 324.50 312.50 363.53 Neutral Sell 127 0.22

REDEFINE INTL.REIT 48.50 30.75 50.00 Sell Sell -414 0.43

SEGRO 331.40 221.60 336.70 Neutral Sell -328 1.96

SHAFTESBURY 613.00 524.50 668.00 Neutral Strong Buy 932 1.13

TOWN CENTRE SECURITIES 223.50 178.75 230.00 Neutral Sell 9 0.95

WORKSPACE GROUP 498.00 293.90 498.00 Neutral Strong Buy 1585 1.10





Support Services Under Valued


ACAL 315.50 157.75 315.50 Neutral Strong Buy 643 0.79

AGGREKO 1584.00 1442.00 2254.00 Neutral Strong Buy 4351 1.04

AMEC 1170.00 965.50 1170.00 Neutral Strong Buy 3323 0.98

ASHTEAD GROUP 666.00 364.60 730.00 Neutral Buy 982 1.69

BABCOCK INTL. 1263.00 954.50 1263.00 Neutral Strong Buy 2605 0.40

BRITISH POLYTHENE INDS. 677.00 372.50 677.00 Neutral Strong Buy 2348 0.84

BUNZL 1367.00 1009.00 1409.00 Neutral Strong Buy 2776 0.49

UK MAIL GROUP 585.00 265.00 645.00 Neutral Strong Buy 1644 0.47

CAPITA 988.50 713.00 1057.00 Neutral Strong Buy 1907 0.57

COMMUNISIS 62.50 34.54 68.00 Neutral Strong Buy 444 0.79

COMPASS GROUP 896.50 680.00 910.50 Neutral Strong Buy 1997 0.78

BERENDSEN 959.50 563.00 962.50 Neutral Strong Buy 3395 1.02

DE LA RUE 852.00 845.00 1075.00 Neutral Strong Buy 2321 #NA

DIGNITY 1393.00 922.31 1567.68 Neutral Buy 1758 0.21

DIPLOMA 682.00 435.00 690.00 Neutral Strong Buy 1344 1.00ELECTROCOMP. 295.30 203.90 298.10 Neutral Strong Buy 894 1.03

ESSENTRA PLC 797.50 543.00 830.00 Neutral Strong Buy 1287 1.13

G4S 258.40 207.50 313.50 Neutral Strong Buy 926 0.42

HAYS 122.50 76.70 124.10 Neutral Strong Buy 394 0.99

HOMESERVE 233.50 185.60 293.60 Neutral Strong Buy 941 0.93

INTERSERVE 631.00 349.10 631.00 Sell Strong Buy 3142 1.15

INTERTEK GROUP 3284.00 2819.00 3453.00 Neutral Buy 4472 0.74

JOHNSON SERVICE GROUP 53.13 33.63 53.50 Neutral Strong Buy 237 1.03

MANAGEMENT CNSL.GP. 25.75 21.25 32.00 Neutral Strong Buy 190 0.61

MENZIES (JOHN) 791.00 573.00 841.50 Neutral Strong Buy 2028 1.37

MICHAEL PAGE INTL. 477.10 346.40 502.50 Neutral Strong Buy 813 1.19

MITIE GROUP 313.70 248.00 314.90 Neutral Strong Buy 1043 0.50

OFFICE2OFFICE 40.00 33.75 130.00 Neutral Strong Buy 664 0.28

PAYPOINT 1040.00 770.00 1185.00 Neutral Strong Buy 1870 0.72

PREMIER FARNELL 220.10 165.50 238.40 Neutral Strong Buy 566 1.40

REGUS 205.80 96.00 214.10 Neutral Sell 70 1.46

RENTOKIL INITIAL 112.80 85.00 112.80 Neutral Strong Buy 456 1.31

REXAM 521.00 432.56 547.50 Neutral Strong Buy 1813 0.90

RICARDO 601.50 349.63 661.50 Neutral Strong Buy 1888 1.04

ROBERT WALTERS 328.00 191.00 335.00 Neutral Strong Buy 964 1.11

RPC GROUP 514.50 378.00 514.50 Neutral Strong Buy 1645 0.72

RPS GROUP 293.20 195.50 293.20 Neutral Strong Buy 920 1.49

SERCO GROUP 552.00 516.50 683.50 Neutral Strong Buy 2261 0.52

SHANKS GROUP 105.00 73.00 107.50 Neutral Strong Buy 369 1.55

SPEEDY HIRE 64.00 32.25 70.00 Neutral Strong Buy 339 1.17

TRIBAL GROUP 189.00 92.25 206.50 Neutral Strong Buy 539 0.64

TRIFAST 78.50 40.50 78.75 Neutral Strong Buy 328 0.81

VP 500.00 313.00 510.00 Neutral Strong Buy 2295 0.65

WYG 110.50 52.75 111.00 Neutral Strong Buy 200 0.78

value indicator - uk main market 20131030

Documents

Transcript of value indicator - uk main market 20131030