value indicator - uk main market 20130315

7/29/2019 value indicator - uk main market 20130315

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15 March 2013

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Intellisys Intelligent Analysis Limited 15 March 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


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Introduction

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

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

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

Timing

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

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

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

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

Individual Stock Rating & Trend Accuracy Scores

Source: Intellisys

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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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Best Buy/Sell Trend


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Value

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

models.

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

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

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

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

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

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

Conclusion

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

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

Philip Morrish ([email protected])

RISK WARNING Ratings and Targets

Intellisys does not make personal recommendations. The information in this publication is 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.


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How to use the report

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

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

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

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

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

BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

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

HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

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

JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

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

the market. This can be summarised as:

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

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

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


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Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 383.30 270.90 383.30 Neutral Strong Buy 587 0.66

CHEMRING GROUP 262.60 217.00 442.00 Neutral Strong Buy 609 0.66

COBHAM 239.40 190.10 239.50 Neutral Buy 282 0.83

MEGGITT 485.00 364.30 490.10 Neutral Sell 397 1.32

ROLLS-ROYCE HOLDINGS 1088.00 781.16 1088.00 Neutral Sell 685 1.07

SMITHS GROUP 1313.00 979.50 1314.00 Neutral Sell 1015 0.71

ULTRA ELECTRONICS HDG. 17 39.00 1424.00 1780.00 Neutral Sell 1517 0.51

Automobiles & Parts Under Valued

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

GKN 275.10 173.60 285.00 Neutral Neutral 263 2.00

INCHCAPE 517.50 305.20 530.00 Neutral Neutral 506 1.48

LOOKERS 95.50 56.50 95.50 Neutral Buy 107 1.24

PENDRAGON 24.25 13.25 24.25 Neutral Buy 34 1.12

Banks Over Valued


BARCLAYS 317.90 150.55 327.35 Neutral Sell 232 1.93

HSBC HDG. (ORD $0.50) 740.00 503.20 740.00 Neutral Strong Buy 1117 1.17

LLOYDS BANKING GROUP 50.76 25.29 55.68 Sell Buy 60 1.87

ROYAL BANK OF SCTL.GP. 304.50 196.60 367.80 Neutral Sell -128 1.34

STANDARD CHARTERED 1769.00 1228.50 1837.50 Neutral Sell 1502 1.70

Beverages Under Valued


BARR (AG) 510.00 348.00 557.00 Neutral Buy 563 0.55

DIAGEO 2018.50 1477.00 2018.50 Neutral Sell 1761 0.55

SABMILLER 3509.50 2348.50 3509.50 Sell Buy 3991 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 405.90 267.60 405.90 Neutral Strong Buy 731 #NA

CARCLO 449.00 330.00 503.00 N eu tra l Neu tral 447 0.74

CRODA INTERNATIONAL 2690.00 2050.00 2690.00 Neutral Sell 2168 1.04

ELEMENTIS 265.50 179.00 265.50 Neutral Buy 375 1.00

JOHNSON MATTHE Y 2336.00 2080.27 2573.00 Neutral Strong Buy 13209 1.44

VICTREX 1715.00 1185.00 1717.00 Neutral Sell 1548 1.13

SYNTHOMER 224.50 127.40 251.00 N eu tra l Neu tral 240 1.16

ZOTEFOAMS 202.00 157.00 225.00 Neutral Strong Buy 419 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 98.00 61.50 104.00 Neutral Strong Buy 255 0.51

BALFOUR BEATTY 265.90 237.90 320.80 Neutral Strong Buy 1040 0.79

BARRATT DEVELOPMENTS 239.40 114.00 244.90 Neutral Strong Buy 483 1.50

BELLWAY 1159.00 660.00 1175.00 Neutral Strong Buy 2001 1.11

BERKELEY GROUP HDG.(THE) 1962.00 1177 .00 1966.00 Neutral Strong Buy 3364 0.64

BOOT (HENRY) 164.50 115.50 167.50 Neutral Strong Buy 350 0.83

BOVIS HOMES GROUP 661.00 399.30 681.50 Neutral Sell 591 1.14

CARILLION 290.00 235.50 331.80 Neutral Strong Buy 853 1.10

CLARKE (T) 52.75 40.00 61.50 Neutral Strong Buy 282 0.82

COSTAIN GROUP 286.50 188.00 295.00 Neutral Strong Buy 551 0.57

CRH 1540.00 1052.00 1540.00 Neutral Sell 778 1.14

GALLIFORD TRY 946.50 579.00 965.00 Neutral Strong Buy 1799 0.99

KELLER 793.00 348.25 830.00 Neutral Strong Buy 2179 1.25

KIER GROUP 1240.00 1095.00 1408.00 Neutral Strong Buy 3480 0.94

LOW & BONAR 72.50 49.00 73.50 Neutral Strong Buy 214 1.07MARSHALLS 114.00 76.00 114.00 Neutral Strong Buy 302 1.37

MORGAN SINDALL GROUP 543.00 508.00 695.00 Neutral Strong Buy 3528 0.86

NORCROS 14.75 9.25 16.75 Neutral Strong Buy 36 1.11

PERSIMMON 965.50 532.00 965.50 Neutral Buy 1182 1.15

REDROW 178.00 107.30 195.80 Neutral Strong Buy 308 1.05

SIG 153.10 82.30 153.10 Neutral Strong Buy 511 1.74

SUPERGLASS HOLDINGS 4.13 4.13 21.50 Neutral Strong Buy 45 0.89

TAYLOR WIMPEY 84.90 40.28 85.20 Neutral Buy 101 1.58

TRAVIS PERKINS 1329.00 906.50 1339.00 Neutral Strong Buy 2739 1.97

WOLSELEY 3328.00 2121.32 3328.00 Neutral Strong Buy 5609 1.43

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1350.00 900.00 1350.00 Neutral Sell 782 0.78

DOMINO PRINTING SCIENCES 695.00 509.00 717.00 Neutral Buy 861 1.18

E2V TECHNOLOGIES 123.00 105.50 149.50 Neutral Strong Buy 249 1.30

INVENSYS 361.00 186.10 366.80 Neutral Neutral 347 1.42

LAIRD 232.00 177.00 249.30 Neutral Sell 88 2.12

OXFORD INSTRUMENTS 1675.00 1096.00 1 752.00 Neutral Sell 1195 1.01

RENISHAW 1885.00 1260.00 2081.00 Neutral Buy 2444 1.26

SPECTRIS 2463.00 1427.00 2463.00 Neutral Sell 2238 1.52

BIOME TECHNOLOGIES 0.08 0.08 0.22 Buy Strong Buy 0 0.84

TT ELECTRONICS 172.50 114.00 190.00 Neutral Strong Buy 403 1.59

XAAR 344.00 185.00 348.00 Neutral Sell 233 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 87.75 54.25 92.00 Neutral Buy 109 1.26

BODYCOTE 553.50 310.30 556.50 Neutral Neutral 531 1.61

CASTINGS 345.00 277.75 358.50 Neutral Strong Buy 729 0.99

VESUVIUS 391.00 263.19 395.30 Neutral Buy 514 2.19

FENNER 417.30 329.30 473.80 Neutral Buy 580 1.42

HALMA 517.50 373.10 518.00 Neutral Sell 410 0.75

HILL & SMITH 447.00 297.00 480.00 Neutral Sell 349 1.37

IMI 1342.00 776.00 1342.00 Sell Neutral 1429 1.40

METALRAX GROUP 3.00 2.93 8.95 Neutral Neutral 3 0.85

MORGAN CRUCIBLE 304.50 220.30 341.00 Neutral Strong Buy 567 1.82

ROTORK 2948.00 1859.00 2954.00 Neutral Sell 2217 1.00

SENIOR 242.00 177.00 248.90 Neutral Neutral 232 1.65

SEVERFIELD-ROWEN 71.25 68.00 203.50 Neutral Neutral 75 0.73

SPIRAX-SARCO 2728.00 1900.00 2728.00 Sell Sell 2379 0.84

VITEC GROUP 638.00 586.50 740.00 Neutral Neutral 628 1.39WEIR GROUP 2441.00 1397.00 2474.00 Neutral Sell 2130 1.39

Food & Drug Stores Over Valued


GREGGS 502.50 449.00 549.50 Neutral Buy 712 0.47

MORRISON(WM)SPMKTS. 276.20 248.60 305.70 Neutral Sell 208 0.39

SAINSBURY (J) 358.00 283.50 361.10 Neutral Sell 230 0.58

TESCO 385.95 297.05 385.95 Neutral Sell 294 0.69

THORNTONS 67.00 18.88 67.00 Neutral Sell 46 0.83

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1902.00 1167.00 1 902.00 Neutral Sell 1459 0.62

CRANSWICK 1000.00 732.50 1011.00 Neutral Buy 1428 0.49

DAIRY CREST 422.70 290.40 438.00 Neutral Sell 394 0.92

DEVRO 347.00 278.00 380.00 Neutral Neutral 334 0.31

PREMIER FOODS 82.75 54.50 180.00 Neutral Sell -167 1.25

TATE & LYLE 839.00 633.50 840.00 Neutral Buy 1033 0.70

UNILEVER (UK) 2748.00 2005.00 2750.00 Neutral Buy 3499 0.57


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General Retail Under Valued


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

BROWN (N) GROUP 405.50 222.40 405.90 Neutral Sell 360 0.53

BURBERRY GROUP 1455.00 1000.00 1586.00 Neutral Sell 978 1.27

CARPETRIGHT 650.00 585.00 728.50 Neutral Sell 281 0.94

DIXONS RETAIL 34.95 12.67 34.95 Neutral Neutral 37 1.50

FINDEL 7.45 2.76 9.30 Neutral Sell 3 1.08

FRENCH CONNECTN.GROUP 27.75 19.50 52.25 Sell Strong Buy 110 0.98

HALFORDS GROUP 320.30 189.00 356.80 Neutral Strong Buy 498 0.67

JD SPORTS FASHION 802 .50 606 .50 841 .00 Neutral Strong Buy 1517 0.52

DARTY 39.00 38.00 77.25 Neutral Strong Buy 82 1.24

KINGFISHER 286.90 254.10 313.80 Neutral Buy 390 0.92

MARKS & SPENCER GROUP 371.60 312.20 398.80 Neutral Buy 515 0.64

MOSS BROTHERS GROUP 67.00 42.00 71.00 Neutral Sell 60 1.04

MOTHERCARE 291.25 152.00 362.00 Neutral Buy 340 0.46

NEXT 4150.00 2894.00 4247.00 Neutral Sell 3713 0.66TED BAKER 1248.00 775.00 1263.00 Neutral Sell 654 0.55

TOPPS TILES 64.00 32.13 68.00 Neutral Sell 51 1.48

Heath Over Valued


BIOQUELL 136.50 119.00 160.00 Neutral Sell 106 0.45

CONSORT MEDICAL 758.00 584.00 831.50 Neutral Sell 595 0.40

OPTOS 201.00 160.00 279.25 Neutral Sell 178 1.21

SMITH & NEPHEW 751.50 580.00 751.50 Neutral Sell 687 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 617.50 530.00 720.50 Neutral Neutral 604 0.43

HEADLAM GROUP 335.00 263.00 355.00 Neutral Sell 289 0.92

HORNBY 74.50 55.25 103.00 Neutral Buy 101 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 922.50 469.00 971.50 Neutral Sell 589 0.74

CSR 486.10 194.60 492.80 Neutral Strong Buy 1356 1.17FILTRONIC 67.50 23.50 83.25 Neutral Sell 51 0.90

IMAGINATION TECHN OLOGIES 540.00 383.50 717.00 N eutral Neutral 542 1.08

SPIRENT COMMUNICATIONS 154.40 1 39.20 174.00 Neutral Strong Buy 694 0.95

WOLFSON MICROELECTR ON ICS 195.00 165.75 230.00 Neutral Sell -541 0.91


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Insurance Under Valued


ADMIRAL GROUP 1340.00 1019.00 1359.00 Neutral Sell -760 0.54

AMLIN 431.30 312.90 431.50 Neutral Sell -3126 0.46

BEAZLEY 212.30 132.50 215.40 Neutral Strong Buy 2631 0.59

CATLIN GROUP 524.50 399.00 540.00 Neutral Buy 782 0.30

HISCOX 559.00 371.30 561.00 Neutral Strong Buy 2106 0.48

JARDINE LLOYD THOMPSON 838 .00 659 .00 838 .00 Neutral Strong Buy 2956 0.31

RSA INSURANCE GROUP 118.60 97.65 136.30 Neutral Strong Buy 1713 0.41

NOVAE GROUP 461.00 340.00 475.75 Neutral Strong Buy 1940 0.47

Leisure & Hotels Over Valued


CARNIVAL 2430.00 1900.00 2628.00 Neutral Strong Buy 3947 1.00

ENTERPRISE INNS 111.00 50.25 114.70 Neutral Sell 86 1.59

TUI TRAVEL 319.20 158.00 330.00 Neutral Strong Buy 795 0.99

FULLER SMITH 'A' 807.50 680.00 810.00 Neutral Sell 668 0.38

GREENE KING 716.00 474.30 716.00 Neutral Sell 633 0.90

LADBROKES 240.20 152.50 243.10 Neutral Sell 185 0.94

ICTL.HTLS.GP. 2022.00 1396.63 2022.00 Neutral Sell 1649 1.17

MILLENNIUM & CPTH.HTLS. 562.50 455.40 568.50 Neutral Buy 624 1.38

MITCHELLS & BUTLERS 350.10 217.40 350.10 Neutral Sell 308 1.08

BWIN PARTY DIGITAL ENTM. 151.50 91.90 162.60 Neutral Sell 87 1.25

PUNCH TAVERNS 11.00 5 .61 13.12 Neutral Strong Buy 52 1.25

RANK GROUP 167.50 111.00 167.50 Neutral Strong Buy 508 1.00

RESTAURANT GROUP 449.10 269.20 449.10 Neutral Sell 323 0.74

WETHERSPOON (JD) 510.00 371.30 548.50 Neutral Buy 751 0.68

WHITBREAD 2620.00 1710.00 2692.00 Neutral Sell 1964 0.99WILLIAM HILL 405.50 243.10 443.30 Neutral Sell 282 0.86

MARSTON'S 142.00 94.40 143.00 Neutral Sell 27 1.19

Life Assurance Over Valued


AVIVA 328.40 255.30 388.40 Neutral Strong Buy 1201 1.25

CHESNARA 228.50 155.25 233.50 Neutral Strong Buy 361 0.70

LEGAL & GENERAL 173.60 106.00 173.60 Sell Strong Buy 303 1.70

OLD MUTUAL 211.00 138.70 211.40 Neutral Sell 179 1.57

PRUDENTIAL 1155.00 660.00 1155.00 Sell Sell 986 1.70

ST.JAMES'S PLACE 519.50 303.40 537.00 Neutral Sell 439 0.85


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Media & Entertainment Over Valued


AEGIS GROUP 239.60 153.20 239.60 Neutral Sell -571 1.28

BLOOMSBURY PBL. 106.75 102.00 146.50 Buy Strong Buy 1609 0.35

BRITISH SKY BCAST.GROUP 881.00 635.50 888.50 Neutral Strong Buy 140 0.54

CENTAUR MEDIA 46.00 28.50 60.00 Neutral Strong Buy 3096 1.01

DAILY MAIL 'A' 711.00 363.50 722.00 Neutral Strong Buy 6569 1.12

EUROMONEY INSTL.INVESTOR 909.00 672.50 951.50 Neutral Sell -65 0.98

INFORMA 519.50 340.00 525.50 Neutral Strong Buy 238 1.53

ITE GROUP 284.20 180.00 284.20 Neutral Strong Buy 1241 1.44

ITV 132.30 69.45 132.30 Neutral Strong Buy 1592 1.54

JOHNSTON PRESS 13.25 4.88 15.00 Neutral Buy 299 1.25

PEARSON 1204.00 1111.00 1294.00 Neutral Strong Buy 2407 0.63

PHOTO-ME INTL. 79.00 36.25 80.00 Neutral Buy 442 0.79

PINEWOOD SHEPPERTON 274.00 257.50 377.50 Neutral Sell -570 0.16

THOMSON REUTERS 31.99 26.85 32.06 Neutral Sell 260 0.52

STV GROUP 141.00 81.50 146.88 Neutral Strong Buy 705 0.78ST.IVES 136.50 67.50 137.25 Neutral Sell -268 1.49

TRINITY MIRROR 95.50 25.50 121.25 Neutral Strong Buy 1630 1.57

UBM 731.00 511.00 788.00 Neutral Strong Buy 1225 1.31

WILMINGTON GROUP 157.00 82.00 164.00 Neutral Sell 171 0.85

WPP 1081.00 743.00 1092.00 Neutral Strong Buy 772 1.34

HIBU 0.40 0.26 4.15 Neutral Sell 2 1.06

Mining Under Valued


ANGLO AMERICAN 1863.50 1664.00 2618.00 Neutral Strong Buy 3093 1.75

ANGLO PACIFIC GROUP 264.50 221.25 340.00 Neutral Buy 296 0.99ANTOFAGASTA 1088.00 991.00 1381.00 Neutral Sell 1006 1.42

BHP BILLITON 2093.00 1681.00 2236.00 Neutral Strong Buy 3686 1.45

LONMIN 324.80 240.84 599.98 Neutral Sell 44 2.04

RANDGOLD RESOURCES 5515.00 4596.00 7775.00 Neutral Sell 3101 0.34

RIO TINTO 3311.00 2715.50 3757.00 Neutral Buy 3696 1.51

COALFIELD RESOURCES 4.63 3.75 22.50 Neutral Strong Buy 177 0.89

VEDANTA RESOURCES 832.50 1418.00 Neutral Strong Buy 2644 2.21

XSTRATA 1167.00 785.80 1205.00 Neutral Sell 1094 1.87

Oil & Gas Under Valued


BG GROUP 1190.00 1000.50 1547.00 Neutral Neutral 1286 0.81

BP 451.05 391.95 492.75 Neutral Strong Buy 1615 1.05

CAIRN ENERGY 289.30 248.20 349.00 Neutral Sell -38 1.32

FORTUNE OIL 10.25 7.86 12.50 Neutral Strong Buy 16 0.91

HUNTING 924.00 688.00 968.00 Neutral Sell 549 1.32

JKX OIL & GAS 72.50 55.00 187 .75 Neutral Strong Buy 311 1.36

PREMIER OIL 395.00 321.30 429.00 Neutral Sell 310 1.44

ROYAL DUTCH SHELL B 2268.00 2039.00 2366.50 Neutral Strong Buy 11469 0.86

SOCO INTERNATIONAL 399.50 254.90 400.00 Neutral Sell 264 0.52

TULLOW OIL 1266.00 1138.00 1570.00 Neutral Sell 835 1.06

WOOD GROUP (JOHN) 865.50 651.50 875.50 Neutral Neutral 882 1.36


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Personal Care & Household Products Over Valued


MCBRIDE 140.00 102.70 146.75 Neutral Strong Buy 276 0.83

PZ CUSSONS 409.90 296.10 415.60 Neutral Sell 344 0.69

RECKITT BENCKISER GROUP 4667.00 3 300.00 4683.00 Neutral Neutral 4709 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.90 0.60 3.98 Buy Strong Buy 7 1.01

ASTRAZENECA 3074.00 2591.00 3168.00 Neutral Buy 4586 0.48

BTG 342.00 300.30 423.00 Neutral Sell 189 0.62

DECHRA PHARMACEUTICALS 720.50 418.33 743.00 Neutral Buy 931 0.26

GLAXOSMITHKLINE 1497.50 1317.50 1507.50 Neutral Sell 762 0.49

OXFORD BIOMEDICA 1.93 1.85 5.80 Buy Strong Buy 4 0.64

PHYTOPHARM 1.70 1.70 12.75 Buy Buy 2 0.94

SHIRE 2064.00 1727.00 2177.00 Neutral Sell 1024 0.65

SKYEPHARMA 58.50 33.50 101.50 Neutral Sell -121 0.72

VERNALIS 23.63 21.63 27.38 Neutral Strong Buy 58 0.89

Real Estate Under Valued


BIG YELLOW GROUP 379.00 274.50 387.50 Neutral Sell -571 1.15

BRITISH LAND 558.50 467.10 585.50 Neutral Strong Buy 1609 1.03

CAPITAL & REGIONAL 30.00 22.75 34.25 Sell Strong Buy 140 0.82

CLS HOLDINGS 835.00 595.00 859.00 Neutral Strong Buy 3096 0.69

DERWENT LONDON 2204.00 1689.00 2239.00 Neutral Strong Buy 6569 1.21DEVELOPMENT SECS. 152.50 121.75 176.00 Neutral Sell -65 0.97

GRAINGER 135.00 83.10 139.40 Neutral Strong Buy 238 1.54

GREAT PORTLAND ESTATES 503.00 345.60 514.00 Sell Strong Buy 1241 1.06

HAMMERSON 508.00 404.50 525.00 Neutral Strong Buy 1592 1.16

HELICAL BAR 240.00 164.00 249.75 Neutral Buy 299 0.75

LAND SECURITIES GROUP 826.00 704.00 849.00 Neutral Strong Buy 2407 1.15

INTU PROPERTIES 331.00 305.00 366.00 Neutral Buy 442 1.08

MCKAY SECURITIES 143.00 125.00 145.00 Neutral Sell -570 0.72

MUCKLOW (A & J) GROUP 357.75 310.00 390.00 Neutral Sell 260 0.42

PRIMARY HEALTH PROPS. 330.50 311.00 364.50 Neutral Strong Buy 705 0.35

QUINTAIN ESTATES & DEV. 66.00 32.50 70.00 Neutral Sell -268 1.17

SAVILLS 595.00 300.80 595.00 Neutral Strong Buy 1630 0.74

SHAFTESBURY 592.50 482.20 592.50 Neutral Strong Buy 1225 1.03

SEGRO 270.10 209.40 270.10 Neutral Sell 171 1.70

ST MODWEN PROPS. 266.00 145.50 280.20 Neutral Strong Buy 772 1.55

TOWN CENTRE SECURITIES 205.00 147.00 215.00 Neutral Sell 2 1.04

UNITE GROUP 319.50 180.25 319.50 Neutral Sell 28 1.75

WARNER ESTATE 1.68 1.00 3.35 Sell Sell -962 1.02

WORKSPACE GROUP 344.00 213.25 363.20 Neutral Sell 0 1.02


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Software & Computer Services Under Valued


ANITE 131.00 111.00 162.00 Neutral Neutral 125 0.76

AVEVA GROUP 2286.00 1469.00 2322.00 Neutral Sell 1340 1.40

COMPUTACENTER 484.60 292.40 514.50 Neutral Strong Buy 1376 1.00

KOFAX 301.25 240.00 325.75 Neutral Neutral 328 1.12

INNOVATION GROUP 24.75 18.25 25.50 Neutral Sell 23 0.83

MICRO FOCUS INTL. 688.50 426.17 702.00 Neutral Buy 997 0.79

PHOENIX IT GROUP 157.00 135.00 231.75 Neutral Strong Buy 318 0.74

RM 76.00 70.25 89.00 Neutral Sell -96 0.52

FIDESSA GROUP 1940.00 1275.00 1970.00 Neutral Neutral 2123 0.77

SAGE GROUP 346.00 247.70 352.10 Neutral Buy 424 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 424.60 237.30 441.90 Neutral Sell 168 1.09

BREWIN DOLPHIN 197.00 136.30 222.00 Neutral Sell 123 0.71

CAMELLIA 10500.00 9250.00 11105.00 Neutral Sell 9832 0.83

CHARLES STANLEY GROUP 362.75 247.50 371.50 Neutral Sell 171 0.97

CHARLES TAYLOR 180.00 132.00 189.75 Neutral Sell 101 0.68

CLOSE BROTHERS GROUP 1082.00 673.50 1089.00 Neutral Sell 172 0.87

F&C ASSET MANAGEMENT 107.00 64.75 110.40 Neutral Neutral 102 0.89

HELPHIRE GROUP 3.53 0.55 3.53 Sell Strong Buy 40 0.68

HENDERSON GROUP 168.20 90.55 171.00 Neutral Sell 49 1.44

ICAP 328.50 281.40 431.50 Neutral Sell 199 1.07

INTERMEDIATE CAPITAL GP. 414.70 227.30 414.70 Neutral Sell 202 1.68

INVESTEC 504.00 310.40 513.50 Neutral Sell 92 1.55

LONDON STOCK EX.GROUP 1393.00 930.00 1411.00 Neutral Strong Buy 3903 1.12MAN GROUP 103.80 63.25 145.00 Neutral Sell 93 1.32

RATHBONE BROTHERS 1470.00 1151.00 1472.00 Neutral Sell 1117 0.74

SCHRODERS 2144.00 1166.00 2160.00 Neutral Sell 1256 1.31

SCHRODERS NV 1717.00 966.00 1729.00 Neutral Strong Buy 4217 1.27


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Support Services Over Valued


ACAL 236.50 157.75 242.50 Neutral Buy 306 0.93

AGGREKO 1965.00 1557.00 2400.00 Neutral Sell 1307 1.04

AMEC 1064.00 923.00 1172.00 Neutral Neutral 1088 1.04

ASHTEAD GROUP 583.50 212.20 591.50 Neutral Sell 321 1.61

BABCOCK INTL. 1095.00 743.50 1106.00 Neutral Sell 673 0.48

BRITISH POLYTHENE INDS. 500.00 317.00 508.00 Neutral Strong Buy 815 0.77

BUNZL 1300.00 990.00 1320.00 Neutral Sell 832 0.55

UK MAIL GROUP 380.00 214.00 380.00 Neutral Buy 448 0.38

CAPITA 891.00 602.00 904.50 Neutral Sell 530 0.50

COMMUNISIS 53.00 25.34 53.50 Neutral Buy 68 0.78

COMPASS GROUP 846.00 616.00 846.00 Neutral Sell 612 0.74

BERENDSEN 750.00 462.00 750.00 Neutral Buy 989 1.04

DE LA RUE 914.00 885.50 1075.00 Neutral Sell 595 #NA

DIGNITY 1435.00 803.50 1435.00 Neutral Sell 826 0.21

DIPLOMA 606.00 407.00 627.50 Neutral Sell 492 0.95ELECTROCOMP. 261.40 195.20 265.00 Neutral Buy 325 1.03

FILTRONA 664.50 428.00 664.50 Neutral Sell 361 1.10

G4S 302.70 240.00 307.50 Neutral Neutral 295 0.58

HAYS 98.00 66.40 100.00 Neutral Buy 123 1.10

HOMESERVE 223.30 137.50 255.70 Neutral Strong Buy 493 0.93

INTERSERVE 495.10 270.10 501.00 Neutral Buy 697 1.27

INTERTEK GROUP 3420.00 2406.00 3440.00 Neutral Sell 1469 0.78

JOHNSON SERVICE GROUP 44.00 26.50 44.63 Neutral Strong Buy 95 1.17

MANAGEMENT CNSL.GP. 28.50 21.25 39.50 Neutral Strong Buy 56 0.71

MENZIES (JOHN) 775.00 542.00 785.00 Neutral Strong Buy 1323 1.43

MICHAEL PAGE INTL. 446.40 341.40 497.00 Neutral Sell 325 1.41

MITIE GROUP 294.10 253.90 300.80 Neutral Buy 346 0.55

OFFICE2OFFICE 100.50 91.50 163.00 Neutral Strong Buy 241 0.35

PAYPOINT 860.00 596.50 901.00 Neutral Sell 700 0.70

PREMIER FARNELL 225.40 153.20 236.30 Neutral Buy 293 1.32

REGUS 162.30 82.65 162.30 Neutral Sell 108 1.45

RENTOKIL INITIAL 90.50 69.40 97.95 Neutral Sell 55 1.25

REXAM 520.00 394.28 525.50 Neutral Buy 644 0.91

RICARDO 412.00 304.50 412.00 Neutral Buy 476 0.85

ROBERT WALTERS 215.00 176.25 264.63 Neutral Buy 312 1.23

RPC GROUP 471.00 348.30 471.90 Neutral Buy 541 0.78

RPS GROUP 260.00 197.00 260.00 Neutral Neutral 250 1.50

SERCO GROUP 628.50 509.50 633.00 Neutral Sell 586 0.59

SHANKS GROUP 81.50 75.80 102.20 Neutral Strong Buy 170 1.46

SPEEDY HIRE 46.00 22.25 46.00 Neutral Buy 53 1.25TRIBAL GROUP 134.00 70.00 134.00 Neutral Sell 52 0.55

TRIFAST 55.88 39.50 59.00 Neutral Buy 62 0.92

VP 343.00 234.75 354.88 Neutral Strong Buy 629 0.86

WYG 71.00 42.00 75.00 Neutral Strong Buy 186 0.78


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Telecommunication Services Over Valued


BT GROUP 277.40 200.70 281.00 Neutral Buy 307 0.90

CABLE & WIRELESS COMMS. 42.00 27.28 42.63 Neutral Strong Buy 77 0.69

INMARSAT 696.00 390.80 696.00 Neutral Sell 581 0.53

KCOM GROUP 80.75 67.00 85.20 Neutral Buy 119 1.24

TELECOM PLUS 995.50 655.50 1010.00 Neutral Sell 660 0.11

VODAFONE GROUP 184.55 154.45 191.25 Neutral Sell 156 0.54

Transport Under Valued


BBA AVIATION 262.80 178.00 262.80 Neutral Sell 189 1.29

BRAEMAR SHIPPING SVS. 389.00 309.50 425.00 Neutral Buy 436 0.98

CLARKSON 1490.00 1150.00 1515.00 Neutral Neutral 1419 0.81

EASYJET 1069.00 443.80 1071.00 Neutral Sell 638 0.74

FIRST GROUP 200.50 175.70 297.00 Neutral Strong Buy 524 0.90

FISHER(JAMES)& SONS 962.00 535.00 962.00 Neutral Sell 371 0.77

GO-AHEAD GROUP 1481.00 1086.00 1481.00 Neutral Buy 1752 0.89

NATIONAL EXPRESS 213.70 164.50 252.00 Neutral Buy 236 1.33

NORTHGATE 302.25 159.60 350.00 Neutral Strong Buy 578 1.40

STAGECOACH GROUP 306.30 230.40 319.60 Neutral Buy 346 0.89

WINCANTON 53.50 31.00 81.50 Sell Sell -40 0.90

Utilities Under Valued


CENTRICA 355.60 306.30 361.40 Neutral Buy 479 0.46

NATIONAL GRID 744.00 626.00 744.00 Neutral Buy 821 0.49

PENNON GROUP 631.50 598.00 796.00 Neutral Buy 766 0.58

SSE 1470.00 1294.00 1470.00 Neutral Buy 1729 0.42

SEVERN TRENT 1643.00 1507.00 1796.00 Neutral Sell 1480 0.34

UNITED UTILITIES GROUP 702.50 594.00 747.50 Neutral Sell 656 0.50


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value indicator - uk main market 20130315