value indicator - uk main market 20130624

7/28/2019 value indicator - uk main market 20130624

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24 June 2013

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Intellisys Intelligent Analysis Limited 24 June 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 Va lued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Under 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 Under Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Under Valued ................................................ 12Real Estate Under Valued ............................................................................... 12Software & Computer Services Under Valued .................................................... 13Speciality & Other Finance Under Valued .......................................................... 13Support Services Under Valued ..................................................................... 14Telecommunication Services Under Valued ....................................................... 15Transport Under Valued ................................................................................... 15Utilities Under Valued ....................................................................................... 15DISCLAIMER ........................................................................................................................... 16RISK WARNING ...................................................................................................................... 17


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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 providedsolely to enable you to make your own investment decisions. If you are unsure about dealing in sharesand other equity investments, you must contact your financial adviser as these types of investments maynot be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well asrise and you may not get back the full amount you originally invested. If denominated in a foreign currency,fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them.Past performance is not necessarily a guide to future performance.


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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 387.00 277.00 427.00 Neutral Buy 554 0.67

CHEMRING GROUP 274.50 217.00 414.70 Neutral Buy 320 0.66

COBHAM 260.00 190.10 293.40 Neu tral Neutra l 274 0.82

MEGGITT 511.50 366.20 534.50 Neu tral Neutra l 486 1.32

ROLLS-ROYCE HOLDINGS 1155.00 7 99.39 1 225.00 Neutral Sell 1096 1.07

SMITHS GROUP 1261.00 979.50 1390.00 Neutral Sell 1061 0.71

ULTRA ELECTRONICS HDG. 1619.00 1 424.00 1843.00 Neu tral Neutra l 1572 0.51

Automobiles & Parts Under Valued

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

GKN 290.00 173.60 313.40 Neu tral Neutra l 287 2.02

INCHCAPE 475.50 321.00 577.50 Neutral Buy 533 1.48

LOOKERS 105.00 56.50 110.00 Neutral Sell 94 1.23

PENDRAGON 24.00 13.50 26.50 Neutral Buy 33 1.11

Banks Over Valued


BARCLAYS 281.60 150.55 333.85 Neutral Sell -846 1.94

HSBC HDG. (ORD $0.50) 661.60 510.60 769.90 Neutral Buy 813 1.17

LLOYDS BANKING GROUP 61.00 28.76 62.96 Sell Sell 3 1.89

ROYAL BANK OF SCTL.GP. 281.70 196.60 367.80 Neutral Sell -169 1.35

STANDARD CHARTERED 1403.50 1228.50 1 837.50 Neutral Strong Buy 3246 1.70

Beverages Under Valued


BARR (AG) 535.50 399.20 588.50 Neutral Neutra l 564 0.55

DIAGEO 1843.50 1587.00 2085.00 Neutral Sell 1643 0.55

SABMILLER 3100.00 2462.50 3657.00 Neutral Buy 3593 0.95

Chemicals Under Valued


ALENT 331.70 305.00 397.50 Neutral Buy 423 #NA

AZ ELECTRONIC MATS.(DI) 305.70 240.00 406.40 Neutral Strong Buy 525 1.23

CARCLO 365.00 342.75 503.00 Neutral Sell 142 0.73

CRODA INTERNATIONAL 2374.00 2125.00 2841.00 Neutral Buy 3137 1.04

ELEMENTIS 220.80 179.00 275.00 Neutral Buy 297 0.99

JOHNSON MATTHEY 2526.00 2080.27 2750.00 Neutral Strong Buy 4746 1.45

VICTREX 1517.00 1185.00 1765.00 Neutral Sell 1304 1.14

SYNTHOMER 198.00 127.40 225.80 Neutral Strong Buy 366 1.16

ZOTEFOAMS 205.00 161.00 225.00 Neutral Buy 270 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 93.00 61.50 104.00 Neutral Strong Buy 247 0.51

BALFOUR BEATTY 221.00 207.60 320.80 Neutral Strong Buy 1242 0.80

BARRATT DEVELOPMENTS 292.60 130.20 346.30 Neutral Strong Buy 583 1.58

BELLWAY 1259.00 777.50 1377.00 Neutral Strong Buy 2795 1.15

BERKELEY GROUP HDG.(THE) 2049.00 1325.00 2207.00 Neutral Strong Buy 3209 0.66

BOOT (HENRY) 171.00 115.50 201.00 Neutral Strong Buy 398 0.83

BOVIS HOMES GROUP 735.00 448.90 778.50 Neutral Buy 1034 1.20

CARILLION 261.20 235.50 331.80 Neutral Strong Buy 1478 1.12

CLARKE (T) 51.38 40.00 61.50 Neutral Strong Buy 441 0.82

COSTAIN GROUP 265.00 202.00 306.00 Neutral Strong Buy 1097 0.57

CRH 1293.00 1078.00 1540.00 Neutral Sell 821 1.14

GALLIFORD TRY 907.00 599.00 999.00 Neutral Strong Buy 2829 1.01

KELLER 988.50 348.25 988.50 Sell Strong Buy 2237 1.26

KIER GROUP 1150.00 1106.00 1408.00 Neutral Strong Buy 5274 0.97

LOW & BONAR 64.25 50.00 76.75 Neutral Strong Buy 212 1.07MARSHALLS 122.25 76.00 142.00 Neutral Strong Buy 393 1.39

MORGAN SINDALL GROUP 579.00 508.00 695.00 Neutral Strong Buy 4242 0.87

NORCROS 16.00 10.63 18.25 Neutral Strong Buy 59 1.15

PERSIMMON 1107.00 532.17 1280.00 Neutral Strong Buy 1956 1.20

REDROW 214.70 113.60 238.10 Neutral Strong Buy 443 1.09

SIG 166.40 88.85 179.20 Neutral Strong Buy 490 1.79

SUPERGLASS HOLDINGS 46.00 46.00 325.00 Neutral Buy 65 0.88

TAYLOR WIMPEY 89.25 42.72 103.00 Neutral Strong Buy 223 1.67

TRAVIS PERKINS 1463.00 916.00 1611.00 Neutral Strong Buy 4017 2.01

WOLSELEY 3024.00 2214.38 3483.00 Neutral Strong Buy 5647 1.46

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1098.00 994.50 1365.00 Neutral Sell 771 0.75

DOMINO PRINTING SCIENCES 611.00 509.00 717.00 Neutral Buy 842 1.18

E2V TECHNOLOGIES 123.00 105.50 144.00 Neutral Strong Buy 247 1.29

INVENSYS 401.90 214.92 417.20 Neutral Sell 365 1.41

LAIRD 173.90 173.90 249.30 Neutral Strong Buy 308 2.13

OXFORD INSTRUMENTS 1300.00 1200.00 1752.00 Neutral Sell 1190 1.00

RENISHAW 1636.00 1260.00 2081.00 Neutral Strong Buy 2532 1.26

SPECTRIS 1875.00 1459.00 2470.00 Neutral Buy 2650 1.52

BIOME TECHNOLOGIES 0.08 0.07 0.13 Neutral Sell 0 0.84

TT ELECTRONICS 155.25 114.00 178.50 Neutral Strong Buy 301 1.58

XAAR 800.00 185.00 813.50 Sell Sell 224 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 85.00 54.25 91.75 Neutral Buy 123 1.28

BODYCOTE 504.00 310.30 563.00 Neutral Buy 613 1.60

CASTINGS 372.00 291.00 380.00 Neutral Strong Buy 603 0.99

VESUVIUS 353.60 263.19 402.10 Neutral Strong Buy 965 2.20

FENNER 316.40 316.40 435.20 Neutral Strong Buy 493 1.42

HALMA 489.60 395.50 538.50 Neutral Sell 343 0.75

HILL & SMITH 412.00 297.00 480.00 Neutral Sell 330 1.37

IMI 1224.00 776.00 1359.00 Neutral Strong Buy 5922 1.41

MORGAN ADVANCED MATERIAL 259.10 220 .30 305.00 Neutral Sell 103 1.82

ROTORK 2550.00 1859.00 3037.00 Neutral Sell 1325 1.00

SENIOR 243.00 177.00 280.80 Neutral Sell 220 1.64

SEVERFIELD-ROWEN 47.00 35.40 83.42 Neutral Sell 38 0.79

SPIRAX-SARCO 2603.00 1903.48 2928.35 Neutral Sell 1916 0.84

VITEC GROUP 590.00 584.50 740.00 Neutral Sell 405 1.39

WEIR GROUP 2096.00 1414.00 2474.00 Neutral Sell 1952 1.38

Food & Drug Stores Over Valued


GREGGS 410.10 398.00 523.50 Neutral Strong Buy 664 0.47

MORRISON(WM)SPMKTS. 259.90 248.60 296.40 Neutral Sell 158 0.39

SAINSBURY (J) 358.00 291.30 396.50 Neutral Sell 190 0.57

TESCO 330.70 307.90 387.75 Neutral Sell 252 0.68

THORNTONS 81.25 19.50 100.50 Neutral Sell 57 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1703.00 1234.00 2031.00 Neutral Buy 1993 0.62

CRANSWICK 1152.00 732.50 1164.00 Neutral Strong Buy 1969 0.43

DAIRY CREST 470.00 324.70 503.50 Neutral Neutral 482 0.94

DEVRO 303.00 278.00 380.00 Neutral Strong Buy 483 0.32

PREMIER FOODS 62.50 54.50 125.75 Neutral Sell -178 1.25

TATE & LYLE 808.00 634.50 875.50 Neutral Strong Buy 1459 0.71

UNILEVER (UK) 2553.00 2071.00 2885.00 Neutral Neutral 2628 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 26.75 20.50 29.50 Neutral Buy 33 0.69

BROWN (N) GROUP 428.20 241.20 465.60 Neutral Sell 341 0.54

BURBERRY GROUP 1290.00 1000.00 1541.00 Neutral Sell 927 1.27

CARPETRIGHT 619.00 585.00 701.50 Neutral Sell 285 0.95

DIXONS RETAIL 42.82 14.97 42.90 Neu tral Neu tral 46 1.51

FINDEL 175.00 55.20 186.00 Neutral Sell 65 1.13

FRENCH CONNECTN.GROUP 27.38 19.50 34.00 Neutral Strong Buy 106 0.99

HALFORDS GROUP 302.40 189.00 405.20 Neutral Strong Buy 482 0.68

JD SPORTS FASHION 840 .00 630.00 920 .00 Neutral Strong Buy 1505 0.53

DARTY 54.50 38.00 72.50 Neutral Strong Buy 100 1.25

KINGFISHER 332.50 254.10 355.10 Neu tral Neu tral 363 0.94

MARKS & SPENCER GROUP 418.20 312.20 485.00 Neutral Buy 508 0.65

MOSS BROTHERS GROUP 57.00 43.00 71.00 Neutral Buy 64 1.04

MOTHERCARE 420.00 189.25 420.00 Sell Buy 476 0.47

NEXT 4467.00 3142.00 4749.00 Neu tral Neu tral 4430 0.67

TED BAKER 1789.00 880.00 1789.00 Strong Sell Sell 630 0.55

TOPPS TILES 70.00 38.00 71.75 Neutral Sell 54 1.50

Heath Over Valued


BIOQUELL 133.50 126.50 160.00 Neutral Sell 115 0.46

CONSORT MEDICAL 785.00 660.50 831.50 Neutral Sell 559 0.39

OPTOS 106.75 106.75 222.75 Buy Buy 148 1.18

SMITH & NEPHEW 735.00 617.50 794.50 Neutral Sell 669 0.43

Household Goods & Textiles Over Valued


GAMES WORKSHOP 740.00 565.00 742.00 Neutral Neutral 720 0.44

HEADLAM GROUP 363.50 263.00 378.75 Neutral Sell 319 0.92

HORNBY 82.50 55.25 88.50 Sell Buy 109 0.77

Information Technology & Hardware Over Valued


ARM HOLDINGS 772.50 469.00 1097.00 Neutral Sell 424 0.74

CSR 502.50 213.30 570.00 Neutral Strong Buy 1425 1.18FILTRONIC 62.50 27.25 83.25 Neutral Sell 24 0.90

IMAGIN AT ION TECHNOLOGIES 310.30 291 .30 624.00 Neu tral Neu tral 336 1.08

SPIRENT COMMUNICATIONS 135.30 122.00 170.90 Neutral Strong Buy 415 0.94

WOLFSON MICROELECTRONICS 160.75 160 .75 230.00 Neutral Sell -678 0.90


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Insurance Under Valued


ADMIRAL GROUP 1310.00 1019.00 1374.00 Neutral Sell -453 0.53

AMLIN 380.80 342.10 435.10 Neutral Strong Buy 1519 0.46

BEAZLEY 220.70 132.50 241.30 Neutral Strong Buy 947 0.60

CATLIN GROUP 486.00 415.00 552.50 Neutral Sell 450 0.30

HISCOX 532.50 424.92 600.00 Neutral Strong Buy 1894 0.48

JARDINE LLOYD THOMPSON 899 .00 693.50 917 .00 Neutral Buy 1220 0.31

RSA INSURANCE GROUP 118.80 104.10 136.30 Neutral Strong Buy 719 0.41

NOVAE GROUP 446.75 345.00 507.50 Neutral Strong Buy 3407 0.48

Leisure & Hotels Over Valued


CARNIVAL 2210.00 2083.00 2628.00 Neutral Strong Buy 4017 1.01

ENTERPRISE INNS 110.00 55.50 123.80 Neu tral Neu tral 105 1.61

TUI TRAVEL 345.50 165.20 373.20 Neutral Strong Buy 781 1.01

FULLER SMITH 'A' 910.00 700.00 925.00 Sell Sell 677 0.39

GREENE KING 730.00 519.50 798.00 Neutral Sell 651 0.93

LADBROKES 196.60 152.70 243.10 Neutral Buy 250 0.93

ICTL.HTLS.GP. 1767.00 1503.75 2039.00 Neutral Sell 1480 1.18

MILLENNIUM & CPTH.HTLS. 551.00 456.00 582.50 Neutral Buy 620 1.40

MITCHELLS & BUTLERS 360.10 241.90 408.50 Neutral Sell 317 1.12

BWIN PARTY DIGITAL ENTM. 115.20 91.90 156.00 Neutral Sell 40 1.25

PUNCH TAVERNS 13.25 5 .61 13.75 Neutral Strong Buy 49 1.27

RANK GROUP 162.00 115.00 177.50 Neutral Strong Buy 505 1.00

RESTAURANT GROUP 501.00 296.00 531.00 Neutral Sell 394 0.76

WETHERSPOON (JD) 650.00 409.50 666.00 Neutral Buy 742 0.69

WHITBREAD 2960.00 1986.00 3031.00 Sell Sell 2004 0.99WILLIAM HILL 428.60 257.85 452.80 Neutral Sell 257 0.87

MARSTON'S 141.00 100.20 154.70 Neutral Sell 16 1.21

Life Assurance Under Valued


AVIVA 325.10 261.70 388.40 Neu tral Neu tral 315 1.25

CHESNARA 241.50 163.00 270.00 Neutral Strong Buy 448 0.70

LEGAL & GENERAL 165.40 120.40 187.80 Neutral Strong Buy 425 1.71

OLD MUTUAL 174.00 149.60 221.60 Neutral Strong Buy 356 1.57

PRUDENTIAL 1040.00 712.00 1203.00 Neu tral Neu tral 1019 1.71

ST.JAMES'S PLACE 513.00 318.20 640.00 Neutral Strong Buy 6030 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 124.50 102.00 146.50 Neutral Sell -630 0.37

BRITISH SKY BCAST.GROUP 779.00 656.00 899.50 Neutral Strong Buy 1700 0.54

CENTAUR MEDIA 35.50 29.00 60.00 Neutral Sell -22 1.03

DAILY MAIL 'A' 736.50 390.75 785.00 Neutral Strong Buy 4069 1.14

EUROMONEY INSTL.INVESTOR 1040.00 708 .00 1040.00 Sell Strong Buy 7500 1.00

INFORMA 479.60 350.40 537.00 Neutral Sell -61 1.53

ITE GROUP 286.30 183.50 299.00 Neutral Strong Buy 266 1.45

ITV 137.40 70.40 139.10 Neutral Strong Buy 1263 1.54

JOHNSTON PRESS 17.00 4.88 19.00 Neutral Strong Buy 778 1.27

PEARSON 1160.00 1119.00 1294.00 Neutral Buy 335 0.63

PHOTO-ME INTL. 88.75 36.50 88.75 Neutral Strong Buy 2618 0.79

PINEWOOD SHEPPERTON 278.00 265.00 350.00 Neutral Strong Buy 893 0.16

THOMSON REUTERS 33.65 26.85 36.45 Neutral Sell -618 0.50

STV GROUP 135.50 81.50 146.88 Neutral Sell 260 0.79

ST.IVES 144.00 67.50 166.50 Neutral Sell 229 1.50TRINITY MIRROR 105.75 25.50 122.25 Neutral Sell -287 1.59

UBM 664.50 551.50 788.00 Neutral Strong Buy 1890 1.31

WILMINGTON GROUP 160.25 82.00 164.50 Neutral Strong Buy 1346 0.84

WPP 1089.00 743.00 1190.00 Neutral Sell -518 1.35

HIBU 0.39 0.26 2.18 Neutral Strong Buy 807 1.07

Mining Under Valued


ANGLO AMERICAN 1352.00 1352.00 2163.00 Neutral Sell 1058 1.74

ANGLO PACIFIC GROUP 205.25 205.25 290.00 Neu tral Neu tral 203 0.96

ANTOFAGASTA 838.50 824.50 1381.00 Neutral Sell 741 1.41

BHP BILLITON 1704.50 1704.50 2236.00 Neutral Buy 2502 1.43

GLENCORE XSTRATA 286.95 286.95 397.85 Neutral Strong Buy 866 #NA

LONMIN 270.30 240.84 411.96 Neutral Buy 324 2.03

RANDGOLD RESOURCES 4208.00 4208.00 7 775.00 Buy Sell 2626 0.34

RIO TINTO 2674.00 2674.00 3757.00 Neutral Sell 2072 1.50

COALFIELD RESOURCES 3.38 8.87 Neutral Strong Buy 142 0.89

VEDANTA RESOURCES 1097.00 832.50 1335.00 Neutral Strong Buy 1762 2.20

Oil & Gas Under Valued


BG GROUP 1157.50 1000.50 1350.50 Neutral Sell 825 0.80

BP 445.85 401.60 483.30 Neutral Strong Buy 929 1.03

CAIRN ENERGY 254.70 248.20 309.40 Neutral Sell -10 1.32

FORTUNE OIL 7.23 7.23 12.50 Buy Buy 10 0.82

HUNTING 746.50 688.00 941.00 Neutral Sell 522 1.31

JKX OIL & GAS 52.75 48.50 115 .00 Neutral Sell -57 1.36

PREMIER OIL 345.00 321.30 401.20 Neu tral Neu tral 378 1.43

ROYAL DUTCH SHELL B 2140.00 2098.00 2366.50 Neutral Strong Buy 7799 0.84

SOCO INTERNATIONAL 355.00 276.50 404.30 Buy Buy 483 0.53

TULLOW OIL 1023.00 977.00 1531.00 Neutral Sell 662 1.04

WOOD GROUP (JOHN) 782.50 651.50 879.50 Neutral Sell 682 1.35


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Personal Care & Household Products Over Valued


MCBRIDE 113.00 101.00 144.60 Neutral Strong Buy 225 0.84

PZ CUSSONS 343.50 297.20 415.60 Neutral Sell 290 0.69

RECKITT BENCKISER GROUP 4654.00 3300 .00 4926.00 Neutral Neutral 4679 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.48 0.36 3.58 Buy Sell -2 1.01

ASTRAZENECA 3111.50 2745.00 3521.50 Neutral Strong Buy 6342 0.47

BTG 364.20 300.30 423.00 Neutral Sell 165 0.58

DECHRA PHARMACEUTICALS 755.00 4 69.50 780.00 Neu tral Neu tral 723 0.25

GLAXOSMITHKLINE 1588.00 1317.50 1782.00 Neu tral Neu tral 1660 0.49

OXFORD BIOMEDICA 1.68 1.55 2.80 Buy Sell 0 0.64

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Buy Buy 2 0.95

SHIRE 2030.00 1727.00 2213.00 Neutral Sell 1428 0.66

SKYEPHARMA 57.50 43.50 101.50 Neutral Sell 32 0.73

VERNALIS 21.75 21.75 27.38 Neutral Sell 10 0.91

Real Estate Under Valued


BIG YELLOW GROUP 381.90 276.30 426.70 Neutral Sell -630 1.18

BRITISH LAND 571.50 497.10 658.00 Neutral Strong Buy 1700 1.06

CAPITAL & REGIONAL 33.25 22.75 37.00 Sell Sell -22 0.85

CLS HOLDINGS 975.00 622.50 1004.00 Neutral Strong Buy 4069 0.70

DERWENT LONDON 2229.00 1771.00 2542.00 Neutral Strong Buy 7500 1.24DEVELOPMENT SECS. 181.00 135.75 203.00 Neutral Sell -61 0.99

GRAINGER 144.80 85.50 157.00 Neutral Strong Buy 266 1.58

GREAT PORTLAND ESTATES 522.00 376.50 598.00 Neutral Strong Buy 1263 1.10

HAMMERSON 487.00 424.20 554.00 Neutral Strong Buy 778 1.19

HELICAL BAR 248.00 178.00 297.50 Neutral Buy 335 0.77

LAND SECURITIES GROUP 872.50 727.50 994.00 Neutral Strong Buy 2618 1.16

INTU PROPERTIES 307.40 307.40 366.00 Neutral Strong Buy 893 1.09

MCKAY SECURITIES 142.00 128.00 155.00 Neutral Sell -618 0.73

MUCKLOW (A & J) GROUP 380.00 325.00 437.50 Neutral Sell 260 0.42

PRIMARY HEALTH PROPS. 338.00 312.17 363.53 Neutral Sell 229 0.35

QUINTAIN ESTATES & DEV. 78.00 36.00 79.50 Sell Sell -287 1.19

SAVILLS 561.00 340.00 610.00 Neutral Strong Buy 1890 0.77

SHAFTESBURY 594.00 500.00 668.00 Neutral Strong Buy 1346 1.05

SEGRO 276.40 214.00 302.80 Neutral Sell -518 1.73

ST MODWEN PROPS. 272.20 153.00 329.10 Neutral Strong Buy 807 1.59

TOWN CENTRE SECURITIES 187.00 155.00 223.00 Neutral Sell 1 1.01

UNITE GROUP 352.70 180.75 387.50 Neutral Strong Buy 2123 1.79

WARNER ESTATE 1.00 1.00 2.75 Buy Sell -1095 1.03

WORKSPACE GROUP 405.00 222.75 418.20 Neutral Strong Buy 1288 1.05


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Software & Computer Services Under Valued


ANITE 129.80 113.00 162.00 Neutral Sell 122 0.73

AVEVA GROUP 2212.00 1550.00 2420.00 Neutral Sell 1319 1.40

COMPUTACENTER 409.00 290.91 564.10 Neutral Strong Buy 1348 1.00

KOFAX 322.00 251.00 335.00 Neu tral Neu tral 323 1.11

INNOVATION GROUP 28.25 18.25 28.25 Sell Sell 24 0.85

MICRO FOCUS INTL. 695.50 489.50 710.00 Neutral Buy 1002 0.76

PHOENIX IT GROUP 154.00 130.00 222.00 Neutral Strong Buy 307 0.74

RM 66.00 66.00 85.50 Neutral Sell -101 0.52

FIDESSA GROUP 1860.00 1275.00 2047.00 Neutral Buy 2109 0.76

SAGE GROUP 333.30 265.56 368.18 Neutral Buy 425 0.72

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 364.20 244.80 492.10 Neutral Strong Buy 1224 1.09

BREWIN DOLPHIN 222.00 136.30 244.70 Neutral Strong Buy 637 0.73

CAMELLIA 8000.00 8000.00 11105.00 Buy Strong Buy 93283 0.84

CHARLES STANLEY GROUP 409.38 255.50 409.50 Sell Strong Buy 1254 0.97

CHARLES TAYLOR 183.25 147.00 195.00 Neutral Strong Buy 1111 0.69

CLOSE BROTHERS GROUP 926.50 729.00 1107.00 Neutral Strong Buy 4910 0.86

F&C ASSET MANAGEMENT 92.25 79.55 110.40 Neutral Sell 66 0.89

HELPHIRE GROUP 3.65 0.55 3.70 Sell Sell -120 0.69

HENDERSON GROUP 144.10 90.55 180.40 Neutral Strong Buy 771 1.44

ICAP 379.40 280.80 379.40 Neutral Strong Buy 1722 1.07

INTERMEDIATE CAPITAL GP. 416.00 252.30 501.50 Neutral Strong Buy 3060 1.70

INVESTEC 397.90 358.40 513.50 Neutral Strong Buy 1947 1.56

LONDON STOCK EX.GROUP 1319.00 930.00 1434.00 Neutral Strong Buy 4311 1.15MAN GROUP 78.80 63.25 134.40 Neutral Sell -4293 1.32

RATHBONE BROTHERS 1545.00 1208.00 1619.00 Neutral Strong Buy 5412 0.75

SCHRODERS 2098.00 1266.00 2560.00 Neutral Strong Buy 8184 1.30

SCHRODERS NV 1655.00 1016.00 2000.00 Neutral Strong Buy 10807 1.27


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Support Services Under Valued


ACAL 231.50 157.75 247.50 Neutral Strong Buy 1220 0.92

AGGREKO 1629.00 1557.00 2400.00 Neutral Strong Buy 3376 1.05

AMEC 990.50 933.00 1172.00 Neutral Strong Buy 3268 1.04

ASHTEAD GROUP 643.50 240.50 671.00 Neutral Buy 882 1.63

BABCOCK INTL. 1088.00 842.50 1205.00 Neutral Strong Buy 2200 0.48

BRITISH POLYTHENE INDS. 530.00 348.00 580.25 Neutral Strong Buy 1976 0.76

BUNZL 1259.00 1009.00 1342.00 Neutral Strong Buy 2769 0.55

UK MAIL GROUP 530.00 214.00 530.00 Sell Strong Buy 1418 0.39

CAPITA 943.50 644.50 1018.00 Neutral Sell 234 0.51

COMMUNISIS 54.25 25.59 56.50 Neutral Strong Buy 466 0.78

COMPASS GROUP 819.50 647.50 910.50 Neutral Strong Buy 1952 0.74

BERENDSEN 744.00 470.00 812.00 Neutral Strong Buy 2825 1.05

DE LA RUE 930.00 891.50 1075.00 Neutral Strong Buy 1729 #NA

DIGNITY 1399.00 803.50 1462.00 Neutral Buy 2068 0.22

DIPLOMA 561.50 417.10 627.50 Neutral Strong Buy 1367 0.96ELECTROCOMP. 237.50 197.70 278.40 Neutral Strong Buy 1031 1.04

FILTRONA 681.00 454.40 750.00 Neutral Strong Buy 1277 1.13

G4S 232.00 232.00 313.50 Neutral Strong Buy 887 0.58

HAYS 84.25 66.40 101.20 Neutral Strong Buy 418 1.10

HOMESERVE 277.60 150.90 290.40 Neutral Strong Buy 1234 0.94

INTERSERVE 484.10 299.50 513.50 Neutral Strong Buy 3311 1.28

INTERTEK GROUP 2971.00 2561.00 3453.00 Neutral Buy 4420 0.78

JOHNSON SERVICE GROUP 43.75 26.50 47.25 Neutral Strong Buy 344 1.17

MANAGEMENT CNSL.GP. 28.00 21.25 32.00 Neutral Strong Buy 209 0.72

MENZIES (JOHN) 704.50 566.50 801.00 Neutral Strong Buy 2160 1.43

MICHAEL PAGE INTL. 369.90 341.40 451.80 Neutral Strong Buy 797 1.42

MITIE GROUP 253.50 248.00 300.80 Neutral Strong Buy 1251 0.55

OFFICE2OFFICE 81.50 81.00 156.00 Neutral Strong Buy 693 0.33

PAYPOINT 1093.00 670.50 1093.00 Neutral Strong Buy 1706 0.71

PREMIER FARNELL 194.90 165.50 236.30 Neutral Strong Buy 757 1.33

REGUS 152.00 82.65 177.50 Neutral Sell 66 1.46

RENTOKIL INITIAL 89.75 70.35 100.70 Neutral Strong Buy 306 1.25

REXAM 473.20 403.43 547.50 Neutral Strong Buy 1720 0.90

RICARDO 395.50 311.25 431.00 Neutral Strong Buy 1596 0.86

ROBERT WALTERS 221.00 176.25 234.00 Neutral Strong Buy 1125 1.24

RPC GROUP 409.00 374.80 477.00 Neutral Strong Buy 1807 0.78

RPS GROUP 197.00 197.00 274.20 Neutral Strong Buy 1016 1.51

SERCO GROUP 586.00 526.00 647.50 Neutral Strong Buy 2300 0.60

SHANKS GROUP 78.00 73.00 98.00 Neutral Strong Buy 680 1.46

SPEEDY HIRE 58.00 22.25 61.50 Neutral Strong Buy 249 1.26TRIBAL GROUP 176.50 82.00 176.50 Neutral Strong Buy 533 0.63

TRIFAST 58.25 40.50 59.25 Neutral Strong Buy 322 0.93

VP 353.25 260.00 356.50 Neutral Strong Buy 1993 0.86

WYG 89.50 42.00 89.50 Sell Strong Buy 518 0.79


15/17


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value indicator - uk main market 20130624