value indicator - uk main market 20120620

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20 June 2012



Intellisys Value Indicator – UK Main market 20 June 2012

©Intelligent Analysis Limited www.intellisys.uk.com Page 2 of 15

Contents

Introduction ...................................................................................................................... 3 Timing .......................................................................................................................... 3

Value ........................................................................................................................... 4 Conclusion .................................................................................................................... 4

Aerospace & Defence Over Valued ............................................................... 5 Automobiles & Parts Over Valued ................................................................. 5 Banks Under Valued ................................................................................ 5 Beverages Over Valued .......................................................................... 5 Chemicals Over Valued .......................................................................... 5 Construction & Building Materials Over Valued ................................................ 6 Electronics & Electrical Equipment Under Valued ............................................... 6 Engineering & Machinery Over Valued .......................................................... 6 Food & Drug Stores Under Valued .................................................................. 7 Food Producers & Processors Over Valued ..................................................... 7 General Retail Under Valued ....................................................................... 7 Health Under Valued ................................................................................. 7 Household Goods & Textiles Under Valued ...................................................... 8 Information Technology & Hardware Over Valued ........................................... 8 Insurance Over Valued .............................................................................. 8 Leisure & Hotels Under Valued ................................................................. 8 Life Assurance Under Valued ....................................................................... 9 Media & Entertainment Over Valued ............................................................. 9 Mining Over Valued ................................................................................. 9 Oil & Gas Under Valued ............................................................................ 10 Personal Care & Household Products Fair Value ......................................... 10 Pharmaceuticals & Biotechnology Under Valued .............................................. 10 Software & Computer Services Under Valued ................................................. 10 Speciality & Other Finance Over Valued ....................................................... 11 Support Services Over Valued ............................................................... 12 Telecommunication Services Under Valued .................................................... 12 Transport Under Valued ............................................................................ 13 Utilities Under Valued ............................................................................... 13 DISCLAIMER ................................................................................................................... 14 RISK WARNING – Ratings and Targets ............................................................................. 15





Introduction

The overriding purpose of this daily report is to provide users with a quick guide that willidentify those shares that merit their investment attention in an increasingly time critical andinformation noisy trading environment.

The report is published daily and delivered to the subscriber’s personal email box, typically,

before the official open of the London Stock Markets.

Putting aside luck, Intellisys recognises that the timing and value of an investment are thetwo primary drivers behind a successful portfolio performance.

Timing

Intellisys has invested considerably in identifying what it believes are the key factors thatinfluence investment timing. Having identified the key parameters, these have beenestablished as rules that reflect market dynamics and cut through the daily investment noise.

Through this discipline, Intellisys has removed the emotional and sentimental factors as wellas the daily pressures exerted upon primary stock promoters (analysts and traders) to findstories for their investment meetings.

From an analysis of a year’s data for 40 stocks within Intellisys’ stock coverage, the tradingindicators appear to be, on average, about 77% accurate in identifying good trading points aswell as some 74% accurate for overall trend correlation.

The following chart provides an indication the accuracy scores for each of the 40 stocksanalysed.

Individual Stock Rating & Trend Accuracy Scores

Source: Intellisys

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110.0%

120.0%

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

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30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

Best Buy/Sell Trend





Value

A similar discipline has been applied to the process of establishing ‘Target Indications’. On adaily basis, Intellisys analyses as broad an array of historic data from not only theConsolidated Income Statement but also the Balance Sheet and Cash Flow Statement andthen utilises this data within its proprietary valuation models.

Intellisys’ architect, Philip Morrish, has successfully applied these disciplines to his investmentresearch for the last 15+ years. Additionally, these investment valuation techniques lendthemselves to accurate cross-border analysis.

The resultant ‘Target’ is also discounted to a Net Present Value to make the ‘Target’ asrealistically valid as possible.

Nevertheless, Intellisys recognises that ‘Target Indication’ delivery is not only a function of market levels but a management team’s ability to establish and maintain a value generatingoperating environment set against a constantly changing global background.

The typical investment analyst’s approach to determining ‘target prices’ is to start with a

modest range of some 6 – 8 valuation measures and remove those that are not providing the ‘intuitive’ result. Intellysis’ approach is the opposite we use as many valuation methodologiesas 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 tochallenge their established or perceived valuation opinion of a stock.

In short, this disciplined approach provides an investment reality check to assist investorsfrom ‘falling in love’ with a stock or becoming mesmerised by ‘management cults’.

Conclusion

No investment methodology is 100% successful and like all trading and investment systemsactive position monitoring is critical for maximised investment performance.

Therefore, Intellisys recommends that its products should be used in conjunction with, andnot separate from subscriber’s existing investment systems as well as discussing investmentoptions with their financial advisers.

Philip Morrish ([email protected])

RISK WARNING – Ratings and Targets

Intellisys does not make personal recommendations. The information in this publication isprovided solely to enable you to make your own investment decisions.

If you are unsure about dealing in shares and other equity investments, you should contactyour financial adviser as these types of investments may not be suitable for everyone.

The value of stocks and shares, and the income from them, can fall as well as rise and youmay not get back the full amount you originally invested. If denominated in a foreigncurrency, fluctuations in the exchange rate will also affect the value of stocks and shares andthe income from them. Past performance is not necessarily a guide to future performance.





Aerospace & Defence Over Valued

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

BAE SYSTEMS 287.70 248.10 333.00 Neutral Strong Buy 575 0.67

CHEMRING GROUP 293.50 293.50 648.50 Buy Strong Buy 586 0.61

COBHAM 234.70 165.90 239.50 Neutral Neutral 240 0.88

MEGGITT 370.60 305.00 413.50 Neutral Neutral 382 1.33

ROLLS-ROYCE HOLDINGS 844.00 545.04 859.00 Neutral Sell 735 1.08

SMITHS GROUP 1000.00 869.50 1212.00 Neutral Sell 897 0.73

ULTRA ELECTRONICS HDG. 1628.00 1305.00 1780.00 Neutral Sell 1198 0.59

UMECO 548.50 243.50 576.25 Neutral Sell 448 0.78

Automobiles & Parts Over Valued


GKN 181.30 157.00 245.00 Neutral Sell 150 1.96

INCHCAPE 343.20 268.60 425.40 Neutral Sell 290 1.44

LOOKERS 59.25 47.00 70.00 Neutral Sell 56 1.32

PENDRAGON 13.75 6.80 19.52 Neutral Buy 19 1.14

Banks Under Valued


BARCLAYS 200.60 138.85 265.55 Neutral Strong Buy 686 1.89

HSBC HDG. (ORD $0.50) 560.50 463.50 629.10 Neutral Strong Buy 1069 1.14

LLOYDS BANKING GROUP 30.90 21.84 50.81 Sell Strong Buy 186 1.80

ROYAL BANK OF SCTL.GP. 243.30 173.40 396.90 Sell Sell 94 1.34

STANDARD CHARTERED 1417.00 1169.50 1672.00 Neutral Sell 562 1.69

Beverages Over Valued


BARR (AG) 415.90 343.67 449.67 Sell Strong Buy 720 0.45

DIAGEO 1590.50 1112.00 1614.50 Neutral Sell 1243 0.53

SABMILLER 2519.00 1979.00 2660.00 Neutral Neutral 2672 0.98

Chemicals Over Valued


CRODA INTERNATIONAL 2225.00 1597.00 2316.00 Neutral Sell 2022 1.04

ELEMENTIS 196.60 107.50 211.80 Neutral Buy 231 1.04

JOHNSON MATTHEY 2278.00 1523.00 2408.00 Neutral Sell 1818 1.44

VICTREX 1279.00 1025.00 1590.00 Neutral Neutral 1328 1.19

YULE CATTO 188.30 148.00 253.00 Neutral Sell 154 1.32

ZOTEFOAMS 161.00 109.00 186.50 Neutral Neutral 166 0.99





Construction & Building Materials Over Valued


BALFOUR BEATTY 285.80 214.60 323.80 Neutral Sell -47 0.81

BARRATT DEVELOPMENTS 136.50 67.50 151.50 Neutral Sell 116 1.45

BELLWAY 797.00 540.50 859.50 Neutral Sell 237 1.04

BERKELEY GROUP HDG.(THE) 1282.00 1025.00 1414.00 Neutral Buy 1548 0.67

BOVIS HOMES GROUP 430.20 326.50 518.50 Neutral Sell 59 1.11

CARILLION 275.00 253.50 387.00 Neutral Sell -200 1.11

CLARKE (T) 47.38 35.50 88.25 Neutral Sell 28 0.78

COSTAIN GROUP 212.00 180.00 247.50 Neutral Strong Buy 372 0.60

GALLIFORD TRY 586.00 383.75 653.00 Neutral Sell -69 1.05

KELLER 374.00 239.25 475.00 Neutral Sell 271 1.32

KIER GROUP 1280.00 1095.00 1489.00 Neutral Neutral 1306 1.01

LOW & BONAR 54.50 38.00 76.75 Neutral Strong Buy 109 1.09

MARSHALLS 92.25 83.00 111.25 Neutral Sell 52 1.33

MORGAN SINDALL GROUP 607.50 510.00 725.00 Neutral Sell 23 0.87

PERSIMMON 593.50 374.00 706.50 Neutral Sell 384 1.12

REDROW 115.00 103.50 135.30 Neutral Sell 33 0.99

SIG 96.25 76.95 145.20 Neutral Buy 124 1.61

TAYLOR WIMPEY 47.28 28.71 52.75 Neutral Sell 0 1.53

TRAVIS PERKINS 957.00 715.00 1125.00 Neutral Sell 415 1.88

WOLSELEY 2322.00 1404.00 2558.00 Neutral Sell 600 1.43

Electronics & Electrical Equipment Under Valued


DIALIGHT 1069.00 643.50 1095.00 Neutral Sell 583 0.74

DOMINO PRINTING SCIENCES 550.00 434.30 701.50 Neutral Buy 684 1.18

E2V TECHNOLOGIES 141.00 86.75 149.50 Neutral Buy 168 1.31

INVENSYS 203.00 180.90 333.90 Neutral Strong Buy 385 1.39

LAIRD 187.80 128.50 222.00 Neutral Sell 98 2.13

OXFORD INSTRUMENTS 1220.00 714.00 1285.00 Neutral Sell 813 0.97

RENISHAW 1422.00 800.00 1886.00 Neutral Buy 1641 1.25

SPECTRIS 1495.00 1039.00 1902.00 Neutral Sell 1299 1.47

BIOME TECHNOLOGIES 0.09 0.08 0.24 Neutral Sell 0 0.84

TT ELECTRONICS 155.25 120.50 206.75 Neutral Strong Buy 324 1.63

XAAR 189.37 189.37 295.00 Neutral Neutral 194 1.11

Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 74.25 62.50 113.25 Neutral Strong Buy 124 1.27

BODYCOTE 340.20 225.60 437.10 Neutral Buy 461 1.61

CASTINGS 285.00 252.50 358.00 Neutral Buy 393 0.94

COOKSON GROUP 626.50 395.80 747.50 Neutral Neutral 682 2.27FENNER 349.20 280.00 483.70 Neutral Neutral 346 1.44

HALMA 400.40 306.30 429.60 Neutral Sell 276 0.75

HILL & SMITH 325.00 235.00 376.75 Neutral Buy 439 1.35

IMI 865.50 636.50 1119.00 Neutral Buy 1042 1.40

METALRAX GROUP 7.50 7.12 10.38 Neutral Sell 5 0.87

MORGAN C RUCIBLE 283.00 224.00 360.00 Neutral Buy 410 1.79

ROTORK 1899.00 1501.00 2260.00 Neutral Sell 1544 0.99

SENIOR 187.40 135.60 213.00 Neutral Neutral 180 1.72

SEVERFIELD-ROWEN 160.50 150.00 241.00 Neutral Sell 130 1.04

SPIRAX-SARCO 1980.00 1649.00 2334.00 Neutral Sell 1848 0.87

VITEC GROUP 666.00 488.00 690.00 Neutral Sell 545 1.47

WEIR GROUP 1503.00 1375.00 2236.00 Neutral Neutral 1634 1.38





Food & Drug Stores Under Valued


GREGGS 493.30 445.00 558.00 Neutral Sell 310 0.49

MORRISON(WM)SPMKTS. 276.30 267.30 328.00 Neutral Buy 335 0.44

SAINSBURY (J) 288.50 263.50 334.20 Neutral Strong Buy 510 0.65

TESCO 307.90 297.05 411.50 Neutral Buy 389 0.73

THORNTONS 19.50 9.50 62.50 Neutral Buy 22 0.82

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1224.00 977.00 1242.00 Sell Buy 1831 0.59

CRANSWICK 808.00 588.50 841.00 Neutral Strong Buy 1927 0.59

DAIRY CREST 330.10 290.40 387.10 Neutral Strong Buy 1156 0.88

DEVRO 308.70 232.00 332.20 Neutral Strong Buy 506 0.33

PREMIER FOODS 88.75 32.90 257.00 Neutral Sell 45 1.49

TATE & LYLE 638.00 544.50 720.50 Neutral Strong Buy 973 0.63

UNILEVER (UK) 2075.00 1892.00 2189.00 Neutral Sell 787 0.58

General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 22.25 16.00 24.00 Neutral Buy 32 0.73

BROWN (N) GROUP 249.10 222.40 291.00 Neutral Buy 290 0.48

BURBERRY GROUP 1381.00 1092.00 1600.00 Neutral Sell 610 1.36

CARPETRIGHT 728.50 375.00 728.50 Sell Sell 225 0.97

DIXONS RETAIL 15.91 9.36 19.64 Neutral Buy 18 1.50

FINDEL 3.40 2.20 8.49 Neutral Strong Buy 7 0.95

FRENCH CONNECTN.GROUP 24.00 20.50 103.00 Neutral Strong Buy 106 1.05

HALFORDS GROUP 244.00 235.60 402.40 Neutral Strong Buy 472 0.69JJB SPORTS 10.00 5.20 23.75 Sell Strong Buy 232 0.91

JD SPORTS FASHION 642.00 570.00 1030.00 Neutral Strong Buy 1359 0.52

KESA ELECTRICALS 55.25 46.28 142.90 Neutral Strong Buy 300 1.27

KINGFISHER 284.00 217.00 313.80 Neutral Buy 313 0.98

MARKS & SPENCER GROUP 335.60 301.80 389.50 Neutral Buy 466 0.76

MOSS BROTHERS GROUP 44.13 31.25 51.00 Neutral Sell 13 1.06

MOTHERCARE 209.75 127.30 429.10 Neutral Strong Buy 370 0.46

NEXT 3199.00 2153.00 3199.00 Sell Sell 2760 0.74

TED BAKER 900.00 633.00 928.50 Neutral Sell 537 0.54

TOPPS TILES 38.00 21.50 63.50 Neutral Sell 31 1.31

Health Under Valued


CONSORT MEDICAL 635.25 498.00 668.00 Neutral Sell 428 0.45

CORIN GROUP 47.50 35.25 57.75 Neutral Buy 55 0.64

SMITH & NEPHEW 613.00 521.00 686.50 Neutral Buy 760 0.37







Life Assurance Under Valued


AVIVA 266.60 255.30 446.30 Neutral Strong Buy 419 1.30

CHESNARA 173.00 155.25 255.00 Neutral Buy 182 0.63

LEGAL & GENERAL 122.60 89.80 135.00 Neutral Strong Buy 89 1.65

OLD MUTUAL 157.20 98.48 165.32 Neutral Sell 158 1.62

PRUDENTIAL 731.00 509.00 797.50 Neutral Buy 359 1.71

ST.JAMES'S PLACE 335.70 294.00 376.00 Neutral Neutral 138 0.83

Media & Entertainment Over Valued


AEGIS GROUP 160.00 116.17 187.40 Neutral Sell 137 1.31

BLOOMSBURY PBL. 113.87 91.25 133.00 Neutral Buy 130 0.46

BRITISH SKY BCAST.GROUP 677.00 618.50 850.00 Neutral Sell 600 0.57

CENTAUR MEDIA 33.25 28.50 53.88 Neutral Sell -58 0.98

DAILY MAIL 'A' 385.00 343.40 473.70 Neutral Buy 454 1.10

EUROMONEY INSTL.INVESTOR 743.00 522.50 828.00 Neutral Sell 554 0.99

INFORMA 362.90 313.90 451.00 Neutral Sell 292 1.56ITE GROUP 186.10 157.70 240.60 Neutral Sell 168 1.43

ITV 74.25 51.65 89.90 Neutral Buy 88 1.55

JOHNSTON PRESS 4.93 4.11 7.90 Neutral Strong Buy 62 1.37

PEARSON 1207.00 1038.00 1255.00 Sell Buy 1480 0.65

PHOTO-ME INTL. 42.50 36.25 67.00 Neutral Strong Buy 83 0.85

PINEWOOD SHEPPERTON 347.50 202.25 377.50 Sell Sell 152 0.29

THOMSON REUTERS 28.77 26.21 36.27 Neutral Sell 8 0.54

STV GROUP 93.00 76.25 128.75 Neutral Sell 25 0.82

ST.IVES 70.63 67.50 102.25 Neutral Strong Buy 218 1.34

TRINITY MIRROR 27.25 25.50 54.25 Neutral Strong Buy 348 1.43

UBM 568.50 416.00 641.50 Neutral Strong Buy 1604 1.31

WILMINGTON GROUP 87.50 78.50 120.75 Neutral Buy 108 0.84

WPP 767.00 578.00 880.00 Neutral Neutral 815 1.30

YELL GROUP 1.21 1.20 11.00 Neutral Strong Buy 47 1.13

Mining Over Valued


ANGLO AMERIC AN 2170.00 1955.50 3181.00 Neutral Buy 2800 1.75

ANGLO PACIFIC GROUP 265.00 233.30 340.00 Neutral Neutral 276 1.03

ANTOFAGASTA 1096.00 900.50 1491.00 Neutral Sell 998 1.39

BHP BILLITON 1863.50 1667.00 2521.50 Neutral Strong Buy 4625 1.41

LONMIN 786.00 699.00 1453.00 Neutral Sell 695 1.97

RANDGOLD RESOURCES 6035.00 4596.00 7565.00 Neutral Sell 2804 0.32

RIO TINTO 3051.00 2712.50 4595.00 Neutral Neutral 3324 1.44

UK COAL 8.25 8.25 47.00 Buy Sell -41 0.93VEDANTA RESOURCES 966.00 883.50 2095.00 Neutral Strong Buy 3722 2.13

XSTRATA 864.90 764.00 1417.00 Neutral Buy 976 1.81





Oil & Gas Under Valued


BG GROUP 1284.00 1144.00 1547.00 Neutral Sell 1108 0.75

BP 426.90 363.20 504.60 Neutral Strong Buy 1876 1.06

CAIRN ENERGY 269.90 264.50 473.79 Neutral Sell 7 1.39

FORTUNE OIL 10.25 8.30 12.50 Neutral Buy 15 0.91

HUNTING 775.00 530.00 968.00 Neutral Sell 456 1.32

JKX OIL & GAS 114.50 88.50 269.40 Neutral Strong Buy 212 1.44

MELROSE RESOURC ES 119.00 93.00 231.25 Neutral Strong Buy 258 1.20

PREMIER OIL 355.60 310.00 472.00 Neutral Sell 270 1.39

ROYAL DUTCH SHELL A(LON) 2155.00 1883.50 2402.00 Neutral Strong Buy 8157 0.91

ROYAL DUTCH SHELL B 2225.00 1890.50 2489.00 Neutral Strong Buy 10149 0.91

SOC O INTERNATIONAL 305.50 254.90 371.50 Neutral Sell 249 0.49

TULLOW OIL 1494.00 945.50 1601.00 Neutral Sell 670 1.07

WOOD GROUP (JOHN) 703.50 469.90 798.00 Neutral Buy 821 1.35

Personal Care & Household Products Fair Value

Stock Price 12M Lo 12M Hi ST Rating LT Rating Target BetaMCBRIDE 119.50 105.00 135.89 Neutral Neutral 116 0.88

PZ CUSSONS 328.90 285.00 380.00 Neutral Neutral 341 0.74

RECKITT BENCKISER GROUP 3397.00 3100.00 3660.00 Neutral Neutral 3264 0.35

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 2.64 2.54 5.35 Buy Strong Buy 16 1.03

ASTRAZENECA 2760.00 2543.50 3166.50 Neutral Strong Buy 8338 0.46

BTG 403.00 236.80 403.10 Neutral Sell 205 0.69

DECHRA PHARMACEUTICALS 498.00 392.50 524.84 Neutral Strong Buy 1570 0.28

GLAXOSMITHKLINE 1467.00 1205.00 1497.00 Neutral Neutral 1405 0.49OXFORD BIOMEDICA 2.26 2.26 7.20 Buy Strong Buy 15 0.69

PHYTOPHARM 5.88 5.88 9.50 Buy Sell -1 0.95

SHIRE 1946.00 1784.00 2300.00 Neutral Sell 1756 0.65

SKYEPHARMA 69.50 31.00 87.00 Neutral Strong Buy 354 0.70

VERNALIS 22.50 18.75 49.00 Neutral Strong Buy 43 0.84

Software & Computer Services Over Valued


TIMEWEAVE 18.38 18.25 27.00 Neutral Strong Buy 35 0.74

ANITE 120.10 57.75 129.75 Neutral Sell 51 0.83

AVEVA GROUP 1581.00 1298.00 1799.00 Neutral Sell 745 1.41COMPUTACENTER 312.80 312.80 490.00 Neutral Strong Buy 1051 1.12

KOFAX 270.00 225.00 495.00 Neutral Sell 236 1.16

INNOVATION GROUP 19.50 16.75 23.00 Neutral Sell 16 0.89

LOGICA 108.00 58.95 135.60 Neutral Buy 130 1.17

MIC RO FOC US INTL. 445.50 242.90 476.70 Neutral Sell 393 0.74

PHOENIX IT GROUP 180.75 154.75 254.62 Neutral Strong Buy 386 0.87

RM 75.00 41.50 155.25 Neutral Sell -63 0.52

FIDESSA GROUP 1525.00 1439.00 2109.00 Neutral Sell 1420 0.81

SAGE GROUP 253.50 231.70 312.40 Neutral Neutral 247 0.71





Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 257.40 167.80 283.80 Neutral Sell 91 1.10

BREWIN DOLPHIN 139.50 113.70 177.00 Neutral Sell 82 0.76

CAMELLIA 9450.00 8800.00 10620.50 Neutral Neutral 10083 0.83

CHARLES STANLEY GROUP 256.75 240.00 328.38 Neutral Sell 165 0.96

CHARLES TAYLOR 148.50 115.63 160.00 Neutral Sell 126 0.67

CLOSE BROTHERS GROUP 732.50 590.00 812.00 Neutral Sell 207 0.85

F&C ASSET MANAGEMENT 81.50 56.05 81.50 Neutral Neutral 87 0.85

HELPHIRE GROUP 1.05 0.97 4.00 Neutral Strong Buy 96 0.70

HENDERSON GROUP 103.00 92.85 163.70 Neutral Sell 45 1.46

ICAP 368.40 311.60 498.80 Neutral Sell 158 1.08

INTERMEDIATE CAPITAL GP. 257.00 197.90 338.40 Neutral Sell 120 1.61

INVESTEC 375.00 310.40 522.00 Neutral Sell -48 1.53

LONDON STOCK EX.GROUP 984.50 756.50 1093.00 Neutral Sell 647 1.15

MAN GROUP 73.10 69.15 259.60 Neutral Buy 103 1.32

RATHBONE BROTHERS 1186.00 977.00 1351.00 Neutral Sell 1028 0.76

SCHRODERS 1280.00 1166.00 1665.00 Neutral Sell 1071 1.33

SCHRODERS NV 1025.00 966.00 1393.00 Neutral Strong Buy 4066 1.32





Support Services Over Valued


ACAL 182.00 166.25 329.75 Neutral Strong Buy 305 0.92

AGGREKO 2085.00 1522.00 2316.00 Neutral Sell 1211 1.13

AMEC 999.50 740.50 1171.00 Neutral Neutral 1042 1.05

ASHTEAD GROUP 240.60 99.40 271.10 Neutral Sell 94 1.53

BABCOCK INTL. 872.00 570.50 879.50 Neutral Sell 553 0.47

BRITISH POLYTHENE INDS. 354.00 288.00 392.50 Neutral Strong Buy 686 0.71

BUNZL 1045.00 676.50 1063.00 Neutral Sell 756 0.54

UK MAIL GROUP 238.00 192.25 310.50 Neutral Strong Buy 447 0.31

CAPITA 654.00 602.00 767.00 Neutral Sell 534 0.47

COMMUNISIS 26.75 23.75 39.75 Neutral Strong Buy 78 0.78

COMPASS GROUP 646.00 512.50 671.00 Neutral Sell 612 0.70

BERENDSEN 481.70 402.70 568.00 Neutral Strong Buy 886 1.01

DE LA RUE 995.00 730.00 1024.00 Neutral Sell 836 #NA

DIGNITY 819.00 727.00 868.00 Neutral Neutral 815 0.20

DIPLOMA 446.40 284.00 460.50 Neutral Sell 385 1.00

ELECTROCOMP. 207.80 182.20 274.50 Neutral Buy 293 1.06

FILTRONA 467.80 296.30 484.50 Neutral Sell 339 1.10

G4S 280.30 219.90 292.10 Neutral Neutral 267 0.57

HAYS 76.55 58.85 104.60 Neutral Strong Buy 115 1.06

HOMESERVE 153.70 137.50 522.00 Neutral Strong Buy 390 0.89

INTERSERVE 297.20 270.10 341.25 Neutral Strong Buy 717 1.28

INTERTEK GROUP 2571.00 1744.00 2697.00 Neutral Sell 1369 0.82

JOHNSON SERVICE GROUP 26.63 25.25 35.63 Neutral Strong Buy 88 1.11

MANAGEMENT CNSL.GP. 22.25 21.25 45.50 Neutral Strong Buy 56 0.75

MENZIES (JOHN) 555.00 445.50 652.00 Neutral Strong Buy 1189 1.43

MICHAEL PAGE INTL. 377.00 323.00 552.50 Neutral Sell 310 1.39

MITIE GROUP 274.40 208.00 296.70 Neutral Buy 321 0.59

MOUCHEL GROUP 3.00 3.00 64.00 Neutral Sell -113 0.90

OFFICE2OFFICE 137.50 124.75 166.50 Neutral Strong Buy 232 0.41

PAYPOINT 739.50 465.00 740.00 Neutral Sell 602 0.71

PREMIER FARNELL 167.90 144.50 249.00 Neutral Strong Buy 270 1.28

REGUS 91.65 64.00 117.50 Neutral Buy 103 1.43

RENTOKIL INITIAL 71.90 58.20 95.85 Neutral Sell 23 1.32

REXAM 407.50 299.80 438.00 Neutral Buy 556 0.87RICARDO 306.00 304.50 410.00 Neutral Buy 440 0.83

ROBERT WALTERS 206.00 158.25 326.00 Neutral Strong Buy 316 1.27

RPC GROUP 383.20 300.50 397.00 Neutral Sell 351 0.78

RPS GROUP 204.80 156.60 253.00 Neutral Buy 236 1.56

SERCO GROUP 551.50 458.00 565.00 Neutral Neutral 556 0.58

SHANKS GROUP 77.50 77.50 129.80 Neutral Strong Buy 131 1.48

SPEEDY HIRE 24.50 18.50 32.50 Neutral Sell 4 1.29

TRIBAL GROUP 90.75 40.50 92.63 Neutral Sell -15 0.53

TRIFAST 43.88 36.25 52.50 Neutral Buy 51 0.92

VP 267.13 191.00 269.00 Neutral Strong Buy 478 0.87

WYG 45.50 44.00 450.00 Neutral Sell -4183 0.78

WSP GROUP 433.00 160.00 435.00 Neutral Buy 482 0.90

Telecommunication Services Under Valued


BT GROUP 203.70 161.00 232.10 Neutral Buy 253 0.90

CABLE & WIRELESS COMMS. 28.96 27.28 45.16 Neutral Strong Buy 101 0.69

INMARSAT 488.70 389.30 595.50 Neutral Sell 450 0.51

KCOM GROUP 71.30 65.60 84.00 Neutral Buy 90 1.26

TELECOM PLUS 838.00 550.00 838.00 Neutral Sell 550 0.02

VODAFONE GROUP 178.40 155.05 182.70 Neutral Buy 211 0.57





Transport Over Valued


BBA AVIATION 205.00 156.00 222.40 Neutral Sell 185 1.35

BRAEMAR SHIPPING SVS. 355.00 282.00 476.50 Neutral Strong Buy 567 0.98

CLARKSON 1365.00 1015.00 1390.00 Neutral Buy 1667 0.80

EASYJET 523.50 302.54 534.00 Neutral Sell 497 0.79

FIRST GROUP 214.30 190.00 370.20 Neutral Strong Buy 359 1.02

FISHER(JAMES)& SONS 624.00 440.50 625.50 Neutral Sell 356 0.79

GO-AHEAD GROUP 1215.00 1086.00 1598.00 Neutral Buy 1625 0.91

NATIONAL EXPRESS 199.00 180.00 262.40 Neutral Neutral 218 1.32

NORTHGATE 172.50 159.60 333.90 Neutral Strong Buy 338 1.38

STAGECOACH GROUP 248.10 219.96 287.40 Neutral Sell 203 0.89

WINCANTON 45.00 37.75 123.25 Neutral Strong Buy 140 0.90

Utilities Under Valued


CENTRICA 315.10 278.80 330.30 Neutral Buy 370 0.48

NATIONAL GRID 655.00 569.00 684.50 Neutral Buy 839 0.54PENNON GROUP 745.00 623.50 751.00 Neutral Sell 680 0.55

SEVERN TRENT 1749.00 1375.00 1796.00 Neutral Sell 1589 0.41

UNITED UTILITIES GROUP 669.50 560.00 680.50 Neutral Neutral 639 0.52





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