value indicator - uk main market 20130222

7/29/2019 value indicator - uk main market 20130222

1/17

22 February 2013

Powered by


2/17

Intellisys Intelligent Analysis Limited 22 February 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 Over Valued .....................................................................6Automobiles & Parts Under Valued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Over Valued ..................................................7Engineering & Machinery Over Valued ................................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Under Valued ........................................................8General Retail Under Valued ..............................................................................9Heath Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Over Valued .................................................................... 10Media & Entertainment Over Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Over Valued ................................................ 12Real Estate Under Valued ............................................................................... 12Software & Computer Services Under Valued ..................................................... 13Speciality & Other Finance Over Valued .......................................................... 13Support Services Over Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 15Transport Under Valued ................................................................................... 15Utilities Under Valued ....................................................................................... 15DISCLAIMER ........................................................................................................................... 16RISK WARNING ...................................................................................................................... 17


3/17



Introduction

The overriding purpose of this daily report is to provide users with a quick guide that will identify thoseshares that merit their investment attention in an increasingly time critical and information noisy tradingenvironment.

The report is published daily and delivered to the subscribers personal email box, typically, before theofficial open of the London Stock Markets.

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

Timing

Intellisys has invested considerably in identifying what it believes are the key factors that influenceinvestment timing. Having identified the key parameters, these have been established as rules that reflectmarket dynamics and cut through the daily investment noise.

Through this discipline, Intellisys has removed the emotional and sentimental factors as well as the dailypressures exerted upon primary stock promoters (analysts and traders) to find stories for their investmentmeetings.

From an analysis of a years data for 40 stocks within Intellisys stock coverage, the trading indicatorsappear to be, on average, about 77% accurate in identifying good trading points as well as some 74%accurate for overall trend correlation.

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

Individual Stock Rating & Trend Accuracy Scores

Source: Intellisys

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

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

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

Best Buy/Sell Trend


4/17



Value

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

models.

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

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

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

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

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

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

Conclusion

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

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

Philip Morrish ([email protected])

RISK WARNING Ratings and Targets

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


5/17



How to use the report

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

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

General RetailStock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

ASHLEY(LAURA) HOLDINGS 29.00 18.50 29.50 Neutral Neutral 30 0.72

BROWN (N) GROUP 266.70 222.40 282.70 Neutral Buy 298 0.52

BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

FRENCH CONNECTN.GROUP 23.50 19.50 82.00 Neutral Strong Buy 112 1.05

HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

JJB SPORTS SUSP - 24/09/12 0.40 0.24 17.00 Neutral Sell -62 0.88

JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

Betais a measure of a stock's volatility or risk relative to its market. The market has a betaof 1.0 and individual shares are attributed a beta according to how much they deviate from

the market. This can be summarised as:

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

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

eta measures a sharesvolatility/risk relative tomarket (see below)


6/17



Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 345.90 270.90 363.60 Neutral Strong Buy 551 0.65

CHEMRING GROUP 285.80 217.00 442.00 Neutral Strong Buy 579 0.65

COBHAM 227.50 186.30 239.50 Neutral Buy 269 0.83

MEGGITT 449.90 364.30 458.70 Neutral Sell 380 1.32

ROLLS-ROYCE HOLDINGS 1032.00 781.16 1062.00 Neutral Sell 650 1.08

SMITHS GROUP 1239.00 979.50 1265.00 Neutral Sell 957 0.70

ULTRA ELECTRONICS HDG. 16 25.00 1424.00 1780.00 Neutral Sell 1435 0.50

Automobiles & Parts Under Valued

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

GKN 255.40 173.60 263.20 Neutral Neutral 244 1.99

INCHCAPE 505.00 305.20 517.50 Neutral Sell 475 1.46

LOOKERS 84.00 56.50 85.25 Neutral Buy 99 1.23

PENDRAGON 22.00 11.50 23.00 Neutral Buy 31 1.11

Banks Over Valued


BARCLAYS 306.45 150.55 327.35 Neutral Sell 224 1.92

HSBC HDG. (ORD $0.50) 716.40 503.20 732.90 Neutral Strong Buy 1101 1.16

LLOYDS BANKING GROUP 53.97 25.29 55.68 Sell Buy 62 1.86

ROYAL BANK OF SCTL.GP. 346.50 196.60 367.80 Sell Sell -104 1.34

STANDARD CHARTERED 1741.50 1228.50 1771.00 Neutral Sell 1459 1.70

Beverages Under Valued


BARR (AG) 501.00 348.00 557.00 Neutral Neutral 549 0.54

DIAGEO 1949.00 1477.00 1962.00 Neutral Sell 1689 0.55

SABMILLER 3238.00 2348.50 3277.50 Neutral Buy 3749 0.96

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 378.90 267.60 390.00 Neutral Strong Buy 701 #NA

CARCLO 471.00 330.00 503.00 Neutral Sell 428 0.73

CRODA INTERNATIONAL 2556.00 2050.00 2558.00 Neutral Sell 2002 1.01

ELEMENTIS 232.50 158.30 240.30 Neutral Strong Buy 356 0.97

JOHNSON MATTHE Y 2309.00 2080.27 2573.00 Neutral Strong Buy 12527 1.44

VICTREX 1569.00 1185.00 1649.00 Neutral Sell 1437 1.12

SYNTHOMER 208.50 127.40 251.00 Neutral Buy 238 1.14

ZOTEFOAMS 201.50 136.50 225.00 Neutral Strong Buy 402 0.96


7/17



Construction & Building Materials Under Valued


ALUMASC GROUP 98.00 61.50 104.00 Neutral Strong Buy 226 0.49

BALFOUR BEATTY 277.50 237.90 320.80 Neutral Strong Buy 943 0.79

BARRATT DEVELOPMENTS 234.00 114.00 239.00 Neutral Strong Buy 433 1.49

BELLWAY 1159.00 660.00 1175.00 Neutral Strong Buy 1837 1.10

BERKELEY GROUP HDG.(THE) 1871.00 1177 .00 1884.00 Neutral Strong Buy 3089 0.64

BOOT (HENRY) 166.00 115.50 166.00 Sell Strong Buy 323 0.83

BOVIS HOMES GROUP 662.00 399.30 671.50 Neutral Sell 538 1.15

CARILLION 316.20 235.50 344.00 Neutral Strong Buy 770 1.08

CLARKE (T) 57.50 39.50 61.50 Neutral Strong Buy 259 0.82

COSTAIN GROUP 277.50 188.00 280.00 Neutral Strong Buy 555 0.58

CRH 1336.00 1052.00 1420.00 Neutral Sell 747 1.14

GALLIFORD TRY 893.00 545.00 905.00 Neutral Strong Buy 1644 1.00

KELLER 756.50 348.25 767.50 Neutral Strong Buy 1969 1.23

KIER GROUP 1370.00 1095.00 1489.00 Neutral Strong Buy 3257 0.93

LOW & BONAR 70.50 49.00 72.50 Neutral Strong Buy 197 1.04MARSHALLS 107.25 76.00 110.00 Neutral Strong Buy 274 1.36

MORGAN SINDALL GROUP 536.00 508.00 695.00 Neutral Strong Buy 3205 0.84

NORCROS 15.25 9.25 16.75 Neutral Strong Buy 33 1.13

PERSIMMON 862.50 532.00 888.50 Neutral Buy 1082 1.15

REDROW 190.60 107.30 195.10 Neutral Buy 278 1.05

SIG 140.10 82.30 142.70 Neutral Strong Buy 456 1.74

SUPERGLASS HOLDINGS 11.00 4.50 22.50 Sell Strong Buy 45 0.86

TAYLOR WIMPEY 76.95 40.28 79.05 Neutral Buy 90 1.58

TRAVIS PERKINS 1251.00 906.50 1308.00 Neutral Strong Buy 2487 1.97

WOLSELEY 3025.00 2121.32 3100.00 Neutral Strong Buy 5075 1.44

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1140.00 838.00 1244.00 Neutral Sell 726 0.74

DOMINO PRINTING SCIENCES 680.00 509.00 699.00 Neutral Buy 884 1.17

E2V TECHNOLOGIES 117.00 105.50 149.50 Neutral Strong Buy 232 1.29

INVENSYS 354.00 186.10 360.80 Neutral Sell 323 1.41

LAIRD 244.60 166.60 247.30 Neutral Sell 92 2.11

OXFORD INSTRUMENTS 1729.00 1096.00 1 752.00 Neutral Sell 1111 1.00

RENISHAW 1843.00 1260.00 2081.00 Neutral Buy 2307 1.25

SPECTRIS 2399.00 1427.00 2440.00 Neutral Sell 2072 1.50

BIOME TECHNOLOGIES 0.10 0.08 0.22 Neutral Buy 0 0.84

TT ELECTRONICS 170.00 114.00 203.50 Neutral Strong Buy 369 1.58

XAAR 305.00 185.00 312.00 Neutral Sell 214 1.09


8/17



Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 79.75 54.25 92.00 Neutral Buy 109 1.26

BODYCOTE 510.50 310.30 518.00 Neutral Neutral 502 1.60

CASTINGS 327.50 277.75 358.50 Neutral Strong Buy 683 0.98

VESUVIUS 379.50 263.19 391.50 Neutral Buy 488 2.17

FENNER 414.40 329.30 483.70 Neutral Buy 544 1.40

HALMA 487.40 373.10 493.50 Neutral Sell 383 0.76

HILL & SMITH 470.50 297.00 480.00 Neutral Sell 332 1.35

IMI 1180.00 776.00 1199.00 Neutral Buy 1326 1.40

METALRAX GROUP 3.08 2.93 9.00 Neutral Neutral 3 0.83

MORGAN CRUCIBLE 282.40 220.30 360.00 Neutral Strong Buy 528 1.80

ROTORK 2861.00 1859.00 2914.00 Neutral Sell 2036 0.97

SENIOR 215.70 177.00 217.40 Neutral Neutral 218 1.64

SEVERFIELD-ROWEN 73.00 73.00 217.00 Neutral Neutral 74 0.71

SPIRAX-SARCO 2394.00 1900.00 2418.00 Neutral Sell 2217 0.83

VITEC GROUP 630.00 566.25 740.00 Neutral Sell 597 1.37WEIR GROUP 2158.00 1397.00 2236.00 Neutral Sell 1984 1.38

Food & Drug Stores Over Valued


GREGGS 496.40 449.00 558.00 Neutral Buy 658 0.47

MORRISON(WM)SPMKTS. 261.60 248.60 305.70 Neutral Sell 212 0.39

SAINSBURY (J) 337.80 283.50 361.10 Neutral Sell 237 0.60

TESCO 373.65 297.05 374.40 Neutral Sell 293 0.69

THORNTONS 41.88 18.88 45.75 Sell Sell 29 0.81

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1840.00 1167.00 1 864.00 Sell Sell 1440 0.62

CRANSWICK 989.00 732.50 1001.00 Neutral Buy 1409 0.51

DAIRY CREST 430.90 290.40 436.60 Neutral Sell 393 0.92

DEVRO 355.00 278.00 380.00 Neutral Sell 328 0.32

PREMIER FOODS 94.75 54.50 180.00 Neutral Sell -157 1.27

TATE & LYLE 804.50 633.50 834.00 Neutral Buy 1015 0.69

UNILEVER (UK) 2615.00 2005.00 2652.00 Neutral Buy 3446 0.58


9/17



General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 29.25 20.50 29.50 Neutral Buy 33 0.69

BROWN (N) GROUP 399.30 222.40 405.90 Neutral Sell 352 0.53

BURBERRY GROUP 1368.00 1000.00 1586.00 Neutral Sell 959 1.28

CARPETRIGHT 662.00 585.00 728.50 Neutral Sell 272 0.96

DIXONS RETAIL 27.13 12.67 29.80 Neutral Buy 35 1.51

FINDEL 7.08 2.76 9.30 Neutral Sell 3 1.08

FRENCH CONNECTN.GROUP 27.00 19.50 55.75 Neutral Strong Buy 107 0.98

HALFORDS GROUP 321.30 189.00 356.80 Neutral Strong Buy 487 0.68

JD SPORTS FASHION 797 .50 606 .50 844 .00 Neutral Strong Buy 1477 0.51

DARTY 47.00 38.00 80.65 Neutral Strong Buy 81 1.26

KINGFISHER 278.20 254.10 313.80 Neutral Buy 379 0.95

MARKS & SPENCER GROUP 377.00 312.20 398.80 Neutral Buy 501 0.65

MOSS BROTHERS GROUP 64.25 42.00 71.00 Neutral Sell 58 1.03

MOTHERCARE 281.00 152.00 362.00 Neutral Buy 328 0.46

NEXT 4214.00 2708.00 4226.00 Sell Sell 3642 0.69TED BAKER 1175.00 771.00 1210.00 Neutral Sell 640 0.56

TOPPS TILES 61.00 32.13 68.00 Neutral Sell 48 1.48

Heath Over Valued


BIOQUELL 137.00 119.00 160.00 Neutral Sell 103 0.44

CONSORT MEDICAL 705.50 580.00 831.50 Neutral Sell 567 0.39

OPTOS 195.50 160.00 279.25 Buy Sell 172 1.19

SMITH & NEPHEW 701.00 580.00 734.00 Neutral Sell 641 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 655.00 525.00 720.50 Neutral Neutral 640 0.43

HEADLAM GROUP 351.00 263.00 355.00 Neutral Sell 305 0.93

HORNBY 80.25 55.25 110.25 Neutral Buy 107 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 919.50 469.00 951.50 Neutral Sell 579 0.78

CSR 432.70 194.60 432.70 Neutral Strong Buy 1285 1.20FILTRONIC 63.50 23.50 68.00 Neutral Sell 49 0.88

IMAGINATION TECHN OLOGIES 510.50 383.50 717.00 N eutral Neutral 527 1.08

SPIRENT COMMUNICATIONS 165.60 1 36.10 174.00 Neutral Strong Buy 684 0.94

WOLFSON MICROELECTR ON ICS 200.00 165.75 230.00 Neutral Sell -505 0.93


10/17



Insurance Under Valued


ADMIRAL GROUP 1264.00 1019.00 1291.00 Neutral Sell 417 0.54

AMLIN 415.60 312.90 416.70 Neutral Sell -2714 0.45

BEAZLEY 210.90 132.50 213.60 Neutral Strong Buy 1400 0.59

CATLIN GROUP 496.50 399.00 540.00 Neutral Buy 737 0.30

HISCOX 498.20 371.30 498.20 Neutral Strong Buy 1895 0.48

JARDINE LLOYD THOMPSON 792 .50 659 .00 816 .00 Neutral Strong Buy 2940 0.30

RSA INSURANCE GROUP 118.00 97.65 136.30 Neutral Strong Buy 1571 0.42

NOVAE GROUP 442.00 340.00 450.00 Neutral Strong Buy 1765 0.46

Leisure & Hotels Over Valued


CARNIVAL 2406.00 1841.00 2628.00 Neutral Strong Buy 4350 1.02

ENTERPRISE INNS 102.70 50.00 105.20 Neutral Sell 74 1.59

TUI TRAVEL 320.30 158.00 330.00 Neutral Strong Buy 766 0.98

FULLER SMITH 'A' 780.00 680.00 807.00 Neutral Sell 635 0.38

GREENE KING 700.50 474.30 710.00 Neutral Sell 598 0.92

LADBROKES 223.80 149.20 231.00 Neutral Sell 178 0.93

ICTL.HTLS.GP. 1909.00 1384.61 1989.00 Neutral Sell 1583 1.17

MILLENNIUM & CPTH.HTLS. 568.00 455.40 568.50 N eutral Neutral 597 1.36

MITCHELLS & BUTLERS 339.70 217.40 349.70 Neutral Sell 289 1.08

BWIN PARTY DIGITAL ENTM. 136.00 91.90 165.20 Neutral Sell 84 1.24

PUNCH TAVERNS 11.00 5 .61 13.12 Neutral Strong Buy 45 1.25

RANK GROUP 161.50 111.00 167.40 Neutral Strong Buy 487 0.99

RESTAURANT GROUP 395.20 269.20 401.30 Neutral Sell 310 0.76

WETHERSPOON (JD) 520.00 371.30 548.50 Neutral Buy 717 0.70

WHITBREAD 2619.00 1637.00 2692.00 Neutral Sell 1882 0.99WILLIAM HILL 398.80 222.40 407.60 Neutral Sell 270 0.87

MARSTON'S 139.50 94.25 143.00 Neutral Sell 24 1.20

Life Assurance Over Valued


AVIVA 355.90 255.30 388.40 Neutral Strong Buy 1137 1.25

CHESNARA 222.25 155.25 233.50 Neutral Strong Buy 339 0.70

LEGAL & GENERAL 157.40 106.00 157.40 Neutral Strong Buy 282 1.70

OLD MUTUAL 198.10 138.70 201.50 Neutral Sell 166 1.57

PRUDENTIAL 964.50 660.00 977.00 Neutral Sell 891 1.70

ST.JAMES'S PLACE 484.70 303.40 485.00 Neutral Sell 416 0.85


11/17



Media & Entertainment Over Valued


AEGIS GROUP 238.60 153.20 238.70 Neutral Sell -612 1.28

BLOOMSBURY PBL. 108.00 104.00 146.50 Neutral Strong Buy 1566 0.35

BRITISH SKY BCAST.GROUP 824.50 635.50 838.00 Neutral Strong Buy 152 0.54

CENTAUR MEDIA 50.50 28.50 60.00 Neutral Strong Buy 3182 0.98

DAILY MAIL 'A' 685.00 363.50 688.00 Sell Strong Buy 5586 1.12

EUROMONEY INSTL.INVESTOR 924.50 672.50 951.50 Neutral Sell -34 1.00

INFORMA 489.40 340.00 492.70 Neutral Strong Buy 272 1.54

ITE GROUP 263.60 180.00 273.40 Neutral Strong Buy 1232 1.42

ITV 120.40 69.45 123.00 Neutral Strong Buy 1517 1.54

JOHNSTON PRESS 12.75 4.88 15.00 Neutral Buy 345 1.25

PEARSON 1222.00 1111.00 1294.00 Neutral Strong Buy 2394 0.64

PHOTO-ME INTL. 75.25 36.25 77.75 Neutral Buy 516 0.76

PINEWOOD SHEPPERTON 274.00 237.62 377.50 Neutral Sell -603 0.15

THOMSON REUTERS 30.37 26.85 31.36 Neutral Sell 288 0.51

STV GROUP 135.25 81.50 142.12 Neutral Strong Buy 738 0.78ST.IVES 122.00 67.50 125.00 Neutral Sell -297 1.49

TRINITY MIRROR 115.00 25.50 118.25 Neutral Strong Buy 2266 1.58

UBM 777.50 511.00 788.00 Neutral Strong Buy 1174 1.31

WILMINGTON GROUP 160.25 82.00 164.00 Neutral Sell 211 0.84

WPP 1033.00 743.00 1067.00 Neutral Strong Buy 846 1.34

HIBU 0.39 0.26 4.58 Neutral Sell 25 1.08

Mining Under Valued


ANGLO AMERICAN 1923.00 1664.00 2709.00 Neutral Strong Buy 3142 1.72

ANGLO PACIFIC GROUP 277.75 221.25 340.00 Neutral Neutral 301 0.99ANTOFAGASTA 1067.00 991.00 1381.00 Neutral Neutral 1015 1.39

BHP BILLITON 2097.00 1681.00 2236.00 Neutral Strong Buy 3731 1.44

LONMIN 345.00 240.84 599.98 Neutral Sell 51 2.01

RANDGOLD RESOURCES 5450.00 4596.00 7775.00 Neutral Sell 3145 0.33

RIO TINTO 3518.50 2715.50 3757.00 Neutral Neutral 3759 1.51

COALFIELD RESOURCES 6.35 3.75 31.50 Neutral Strong Buy 178 0.89

VEDANTA RESOURCES 832.50 1502.00 Neutral Strong Buy 2700 2.18

XSTRATA 1112.00 785.80 1221.50 Neutral Neutral 1112 1.86

Oil & Gas Under Valued


BG GROUP 1152.50 1000.50 1547.00 Neutral Neutral 1211 0.80

BP 443.00 391.95 504.60 Neutral Strong Buy 1525 1.05

CAIRN ENERGY 276.90 248.20 360.00 Neutral Sell -26 1.32

FORTUNE OIL 9.80 7.86 12.50 Buy Buy 15 0.90

HUNTING 860.00 688.00 968.00 Neutral Sell 515 1.29

JKX OIL & GAS 61.50 55.00 187 .75 Neutral Strong Buy 293 1.34

PREMIER OIL 374.20 321.30 449.70 Neutral Sell 289 1.44

ROYAL DUTCH SHELL B 2187.50 2039.00 2366.50 Neutral Strong Buy 10811 0.86

SOCO INTERNATIONAL 364.70 254.90 400.00 Buy Sell 249 0.52

TULLOW OIL 1219.00 1138.00 1570.00 Neutral Sell 787 1.05

WOOD GROUP (JOHN) 793.50 651.50 875.50 Neutral Neutral 828 1.35


12/17



Personal Care & Household Products Over Valued


MCBRIDE 142.25 102.70 146.00 Neutral Strong Buy 272 0.84

PZ CUSSONS 400.80 296.10 415.60 Neutral Sell 338 0.70

RECKITT BENCKISER GROUP 4471.00 3 300.00 4599.00 Neutral Neutral 4511 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.68 0.60 3.98 Buy Strong Buy 10 1.01

ASTRAZENECA 2910.00 2591.00 3168.00 Neutral Buy 3508 0.49

BTG 327.50 300.30 423.00 Neutral Sell 200 0.62

DECHRA PHARMACEUTICALS 681.00 418.33 685.00 Neutral Buy 1012 0.25

GLAXOSMITHKLINE 1465.00 1317.50 1507.50 Neutral Sell 359 0.50

OXFORD BIOMEDICA 2.35 2.05 5.80 Buy Strong Buy 5 0.62

PHYTOPHARM 1.85 1.80 12.75 Buy Buy 2 0.88

SHIRE 2072.00 1727.00 2248.00 Neutral Sell 898 0.64

SKYEPHARMA 64.00 32.38 101.50 Neutral Sell -136 0.71

VERNALIS 23.63 21.63 27.38 Neutral Strong Buy 67 0.83

Real Estate Under Valued


BIG YELLOW GROUP 376.70 274.50 387.50 Neutral Sell -612 1.14

BRITISH LAND 575.00 466.10 585.50 Neutral Strong Buy 1566 1.04

CAPITAL & REGIONAL 30.00 22.75 34.25 Sell Strong Buy 152 0.81

CLS HOLDINGS 800.00 595.00 806.00 Neutral Strong Buy 3182 0.71

DERWENT LONDON 2156.00 1684.00 2205.00 Neutral Strong Buy 5586 1.20DEVELOPMENT SECS. 159.00 121.75 176.00 Neutral Sell -34 0.98

GRAINGER 136.00 83.10 139.40 Neutral Strong Buy 272 1.53

GREAT PORTLAND ESTATES 488.70 345.60 502.00 Sell Strong Buy 1232 1.06

HAMMERSON 501.00 385.70 507.00 Neutral Strong Buy 1517 1.16

HELICAL BAR 233.00 164.00 247.00 Neutral Buy 345 0.76

LAND SECURITIES GROUP 836.00 672.50 845.50 Neutral Strong Buy 2394 1.15

INTU PROPERTIES 353.70 305.00 366.00 Neutral Buy 516 1.10

MCKAY SECURITIES 143.75 123.75 144.00 Neutral Sell -603 0.71

MUCKLOW (A & J) GROUP 382.75 310.00 390.00 Neutral Sell 288 0.41

PRIMARY HEALTH PROPS. 363.25 311.00 364.50 Neutral Strong Buy 738 0.37

QUINTAIN ESTATES & DEV. 68.00 32.50 69.50 Sell Sell -297 1.17

SAVILLS 520.00 300.80 568.50 Neutral Strong Buy 2266 0.73

SHAFTESBURY 575.00 482.20 583.00 Neutral Strong Buy 1174 1.02

SEGRO 255.80 209.40 259.20 Neutral Sell 211 1.69

ST MODWEN PROPS. 274.00 145.50 280.20 Neutral Strong Buy 846 1.55

TOWN CENTRE SECURITIES 206.25 147.00 206.25 Neutral Sell 25 1.04

UNITE GROUP 296.30 180.25 305.30 Neutral Sell 69 1.75

WARNER ESTATE 1.88 1.00 3.90 Sell Sell -1089 1.00

WORKSPACE GROUP 346.80 213.25 347.10 Neutral Sell 0 1.02


13/17



Software & Computer Services Under Valued


ANITE 159.50 103.50 162.00 Neutral Sell 125 0.75

AVEVA GROUP 2279.00 1469.00 2307.00 Neutral Sell 1337 1.40

COMPUTACENTER 500.50 292.40 514.50 Neutral Strong Buy 1391 0.99

KOFAX 274.00 240.00 325.75 Neutral Buy 330 1.09

INNOVATION GROUP 24.75 18.25 25.50 Neutral Sell 23 0.83

MICRO FOCUS INTL. 654.00 426.17 675.50 Neutral Strong Buy 984 0.80

PHOENIX IT GROUP 157.00 135.00 231.75 Neutral Strong Buy 323 0.74

RM 77.50 70.25 92.25 Neutral Sell -89 0.51

FIDESSA GROUP 1905.00 1275.00 1970.00 Neutral Buy 2128 0.73

SAGE GROUP 332.90 247.70 343.20 Neutral Buy 423 0.73

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 425.30 237.30 441.90 Neutral Sell 164 1.09

BREWIN DOLPHIN 196.70 136.30 222.00 Neutral Sell 122 0.70

CAMELLIA 10500.00 9250.00 11105.00 Neutral Neutral 10074 0.83

CHARLES STANLEY GROUP 353.50 247.50 356.25 Neutral Sell 175 0.97

CHARLES TAYLOR 175.00 128.50 189.75 Neutral Sell 104 0.68

CLOSE BROTHERS GROUP 1033.00 673.50 1047.00 Neutral Sell 196 0.91

F&C ASSET MANAGEMENT 100.70 64.75 110.00 Neutral Neutral 101 0.89

HELPHIRE GROUP 3.50 0.77 3.70 Sell Strong Buy 42 0.70

HENDERSON GROUP 162.10 90.55 169.00 Neutral Sell 49 1.45

ICAP 346.40 281.40 431.50 Neutral Sell 205 1.08

INTERMEDIATE CAPITAL GP. 374.60 227.30 384.50 Neutral Sell 199 1.68

INVESTEC 485.10 310.40 497.10 Neutral Sell 88 1.56

LONDON STOCK EX.GROUP 1300.00 880.00 1341.00 Neutral Strong Buy 3488 1.15MAN GROUP 105.20 63.25 152.50 Neutral Sell 94 1.32

RATHBONE BROTHERS 1386.00 1151.00 1472.00 Neutral Sell 1120 0.74

SCHRODERS 1966.00 1166.00 2008.00 Neutral Sell 1265 1.32

SCHRODERS NV 1566.00 966.00 1594.00 Neutral Strong Buy 4236 1.28


14/17



Support Services Over Valued


ACAL 213.50 157.75 219.50 Neutral Buy 294 0.91

AGGREKO 1706.00 1557.00 2400.00 Neutral Sell 1202 1.02

AMEC 1032.00 923.00 1172.00 Neutral Neutral 1025 1.03

ASHTEAD GROUP 494.70 212.20 504.50 Neutral Sell 292 1.61

BABCOCK INTL. 1055.00 734.50 1064.00 Neutral Sell 627 0.47

BRITISH POLYTHENE INDS. 446.00 317.00 451.00 Sell Strong Buy 760 0.76

BUNZL 1214.00 917.00 1233.00 Neutral Sell 782 0.53

UK MAIL GROUP 374.00 214.00 378.50 Neutral Buy 425 0.37

CAPITA 845.00 602.00 852.00 Neutral Sell 486 0.50

COMMUNISIS 48.13 25.34 50.19 Neutral Buy 68 0.77

COMPASS GROUP 804.00 616.00 809.50 Neutral Sell 575 0.73

BERENDSEN 658.50 462.00 662.00 Sell Buy 910 1.04

DE LA RUE 945.00 885.50 1075.00 Neutral Sell 571 #NA

DIGNITY 1209.00 803.50 1250.00 Neutral Sell 726 0.21

DIPLOMA 586.50 385.00 597.00 Neutral Sell 457 0.95ELECTROCOMP. 254.20 195.20 263.00 Neutral Buy 302 1.04

FILTRONA 589.50 414.00 597.00 Neutral Sell 333 1.09

G4S 289.80 240.00 294.40 Neutral Sell 274 0.58

HAYS 96.40 66.40 97.70 Neutral Buy 114 1.09

HOMESERVE 240.50 137.50 255.70 Neutral Strong Buy 455 0.91

INTERSERVE 473.70 270.10 476.90 Neutral Buy 662 1.26

INTERTEK GROUP 3319.00 2259.00 3363.00 Neutral Sell 1357 0.77

JOHNSON SERVICE GROUP 41.88 26.50 42.00 Neutral Strong Buy 88 1.16

MANAGEMENT CNSL.GP. 25.00 21.25 39.50 Neutral Strong Buy 52 0.69

MENZIES (JOHN) 732.00 542.00 755.00 Neutral Strong Buy 1249 1.42

MICHAEL PAGE INTL. 415.80 341.40 497.00 Neutral Sell 303 1.40

MITIE GROUP 288.00 253.90 300.80 Neutral Buy 325 0.54

OFFICE2OFFICE 99.50 91.50 163.75 Neutral Strong Buy 227 0.33

PAYPOINT 878.50 573.50 901.00 Neutral Sell 652 0.69

PREMIER FARNELL 220.30 153.20 228.80 Neutral Buy 265 1.31

REGUS 135.00 82.65 135.00 Neutral Sell 102 1.42

RENTOKIL INITIAL 89.50 69.40 97.95 Neutral Sell 51 1.27

REXAM 505.50 394.28 505.50 Neutral Buy 577 0.90

RICARDO 403.00 304.50 412.00 Neutral Buy 444 0.84

ROBERT WALTERS 212.00 176.25 264.63 Neutral Buy 296 1.19

RPC GROUP 442.80 348.30 447.00 Neutral Buy 505 0.76

RPS GROUP 239.10 197.00 256.60 Neutral Neutral 233 1.48

SERCO GROUP 568.00 509.50 602.00 Neutral Neutral 547 0.59

SHANKS GROUP 81.50 75.80 107.00 Neutral Strong Buy 157 1.44

SPEEDY HIRE 43.50 22.25 44.75 Neutral Buy 49 1.24TRIBAL GROUP 121.25 70.00 129.00 Neutral Sell 48 0.53

TRIFAST 58.75 39.50 58.88 Neutral Neutral 58 0.92

VP 345.00 234.75 354.88 Neutral Strong Buy 580 0.85

WYG 71.50 42.00 75.00 Neutral Strong Buy 173 0.78


15/17



Telecommunication Services Over Valued


BT GROUP 274.00 200.70 281.00 Neutral Neutral 296 0.92

CABLE & WIRELESS COMMS. 41.88 27.28 42.63 Neutral Strong Buy 74 0.68

INMARSAT 652.50 390.80 667.00 Neutral Sell 549 0.52

KCOM GROUP 82.30 67.00 85.20 Neutral Buy 117 1.24

TELECOM PLUS 1010.00 612.00 1010.00 Neutral Sell 661 0.10

VODAFONE GROUP 160.00 154.45 191.25 Neutral Sell 146 0.55

Transport Under Valued


BBA AVIATION 241.70 178.00 243.50 Neutral Sell 177 1.29

BRAEMAR SHIPPING SVS. 380.50 309.50 425.00 Neutral Neutral 411 0.97

CLARKSON 1445.00 1150.00 1455.00 Neutral Sell 1369 0.80

EASYJET 996.00 431.70 1015.00 Neutral Sell 601 0.75

FIRST GROUP 180.20 175.70 303.20 Buy Strong Buy 482 0.92

FISHER(JAMES)& SONS 886.00 535.00 933.00 Neutral Sell 346 0.75

GO-AHEAD GROUP 1389.00 1086.00 1393.00 Neutral Buy 1626 0.91

NATIONAL EXPRESS 206.90 164.50 252.00 Neutral Neutral 219 1.33

NORTHGATE 323.00 159.60 336.00 Neutral Strong Buy 555 1.40

STAGECOACH GROUP 295.60 230.40 319.60 Neutral Buy 329 0.90

WINCANTON 59.50 31.00 88.25 Sell Sell -35 0.90

Utilities Under Valued


CENTRICA 349.00 293.50 354.00 Neutral Buy 472 0.47

NATIONAL GRID 707.00 626.00 717.50 Neutral Buy 819 0.50

PENNON GROUP 654.00 598.00 796.00 Neutral Buy 762 0.59

SSE 1425.00 1277.00 1466.00 Neutral Buy 1714 0.43

SEVERN TRENT 1614.00 1507.00 1796.00 Neutral Sell 1476 0.35

UNITED UTILITIES GROUP 733.00 594.00 747.50 Neutral Sell 655 0.51


16/17



DISCLAIMER

Intellisys Intelligent Analysis Limited has prepared this report. IntelliSys is the trading name of IntellisysIntelligent Analysis Limited.

IntelliSys is a provider of financial research reports that indicate the possible value of quoted companyshares. The information contained within any and all of IntelliSys reports are designed to present anobjective assessment of the possible value or relative value of a company and/or an actuarial sector orstock market index. IntelliSys utilises as extensive as possible range of valuation tools and proprietarysystems to derive its outputs. The base data for the models are derived from sources believed to beaccurate but Intellisys Intelligent Analysis Limited does not warrant or guarantee the accuracy or reliability ofthe source data or its models and proprietary systems. Subscribers, and casual readers, should not relyupon the IntelliSys research outputs when forming specific investment decisions but should seek advicespecific to their situation and investment requirements from a person authorized under the FinancialServices and Markets Act 2000, before entering into any investment agreement.

Intellisys Intelligent Analysis Limited has used reasonable care and skill in compiling the content of thisreport. No representation or warranty, expressed or implied, is given by any person as to the accuracy or

completeness or accuracy of the information and no responsibility or liability is accepted to the accuracy orsufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. Inno event will Intellisys Intelligent Analysis Limited, IntelliSys or any of its officers, employees or agents beliable to any other party for any direct, indirect, special or other consequential damages arising from the useof this report.

The Intellisys Intelligent Analysis Limited and/or IntelliSys reports are not directed to any person in anyjurisdiction where (by reason of that persons nationality, residence or otherwise) the publication oravailability of the Intellisys Intelligent Analysis Limited and/or IntelliSys information may be prohibited.Persons in respect of whom such prohibitions apply must not access the Intellisys Intelligent AnalysisLimited and/or IntelliSys reports. Neither this document, nor any copy in whatever form of media, may betaken or transmitted into the United States, Canada, Australia, Ireland, South Africa or Japan or into any

jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may constitute aviolation of relevant local securities laws. Recipients of Intellisys Intelligent Analysis Limited and/or IntelliSysreports outside the UK are not covered by the rules and regulations made for the protection of investors inthe UK.

Any user distributing information taken from any IntelliSys reports and/or the IntelliSys website, in whateverform, to any other person, agrees to attach a copy of this Disclaimer and the Terms and Conditions of Usepages and obtain the agreement of such other person to comply with the terms set forth.

IntelliSys' published reports are published for information purposes and only available to marketcounterparties, high net-worth and sophisticated individual investors.

No IntelliSys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other

financial instruments in any company or any interest therein, nor shall it form the basis of any contractentered into for the sale of shares or any other financial instrument in any company.

IntelliSys believes that the information within each and any of its reports to be correct, but its accuracy orcompleteness cannot be guaranteed. No representation or warranty, expressed or implied, is given by anyperson as to the accuracy or completeness of the information and no responsibility or liability is accepted forthe accuracy or sufficiency of any of the information, for any errors, omissions or mis-statements, negligentor otherwise.

IntelliSys (including its Directors, employees and representatives) or a connected person may havepositions in or options or other financial instruments on any of the securities mentioned within a report, and


17/17



may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed byinternal rules.

Subscribers, and casual reader, are reminded that the value of shares in any company may go up or downand that past performance is not necessarily a guide to future performance.

Intellisys Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authorityand does not offer, provide or purport to provide or offer investment advice.

RISK WARNING

IntelliSys does not make personal recommendations. The information in this publication is provided solely toenable you to make your own investment decisions.

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

The value of stocks and shares, and the income from them, can fall as well as rise and you may not getback the full amount you originally invested. If denominated in a foreign currency, fluctuations in theexchange rate will also affect the value of stocks and shares and the income from them. Past performanceis not necessarily a guide to future performance.

Documents

value indicator - uk main market 20130222