value indicator - uk main market 20130726

7/27/2019 value indicator - uk main market 20130726

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26 July 2013

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Intellisys Intelligent Analysis Limited 26 July 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 Under Valued .....................................................................6Automobiles & Parts Under Valued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Under Valued ..................................................7Engineering & Machinery Under Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Over Valued ........................................................8General Retail Under Valued ..............................................................................9Health 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 - REIT Under Valued ..................................................................... 12Real Estate REIS Under Valued ..................................................................... 13Software & Computer Services Under Valued .................................................... 13Speciality & Other Finance Under Valued .......................................................... 13Support Services Under Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 14Transport Over 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 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 Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 438.80 300.80 438.80 Neutral Buy 607 0.68

CHEMRING GROUP 305.00 217.00 414.70 Neutral Buy 353 0.66

COBHAM 279.70 190.10 293.40 N eu tra l Neu tral 299 0.83

MEGGITT 538.00 366.20 562.00 N eu tra l Neu tral 525 1.30

ROLLS-ROYCE HOLDINGS 1240.00 7 99.39 1 240.00 N eu tra l Neu tral 1182 1.01

SMITHS GROUP 1366.00 1011.00 1396.00 Neutral Sell 1164 0.77

ULTRA ELECTRONICS HDG. 1810.00 1 424.00 1843.00 Neutral Sell 1713 0.51

Automobiles & Parts Under Valued

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

GKN 326.80 201.00 341.90 N eu tra l Neu tral 320 1.96

INCHCAPE 558.00 353.30 577.50 N eu tra l Neu tral 589 1.42

LOOKERS 117.00 64.50 117.00 Neutral Sell 103 1.23

PENDRAGON 27.00 13.50 28.25 Neutral Buy 40 1.11

Banks Over Valued


BARCLAYS 322.50 153.60 333.85 Neutral Sell -823 1.94

HSBC HDG. (ORD $0.50) 733.80 525.70 769.90 Neutral Buy 882 1.16

LLOYDS BANKING GROUP 68.78 29.13 70.03 Sell Sell 2 1.86

ROYAL BANK OF SCTL.GP. 338.10 204.50 367.80 Neutral Sell -112 1.37

STANDARD CHARTERED 1482.00 1228.50 1 837.50 Neutral Strong Buy 3467 1.65

Beverages Under Valued


BARR (AG) 535.00 415.00 588.50 Neutral Sell 476 0.58

DIAGEO 1983.00 1672.50 2085.00 Neutra l Neutral 2148 0.53

SABMILLER 3160.00 2599.00 3657.00 Neutral Buy 4225 0.93

Chemicals Under Valued


ALENT 358.40 305.00 397.50 Neutral Buy 446 #NA

AZ ELECTRONIC MATS.(DI) 307.50 240.00 406.40 Neutral Strong Buy 549 1.21

CARCLO 358.50 342.75 503.00 Neutral Sell 143 0.76

CRODA INTERNATIONAL 2421.00 2164.00 2841.00 Neutral Buy 3114 1.06

ELEMENTIS 234.40 196.80 275.00 Neutral Buy 305 1.04

JOHNSON MATTHEY 2761.00 2102.27 2836.00 Neutral Strong Buy 4230 1.44

VICTREX 1528.00 1220.00 1765.00 Neutral Sell 1308 1.19

SYNTHOMER 194.40 139.10 225.80 Neutral Strong Buy 391 1.11

ZOTEFOAMS 207.50 166.00 225.00 Neutral Buy 295 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 111.00 61.50 111.00 Neutral Strong Buy 273 0.52

BALFOUR BEATTY 242.50 207.60 320.80 Neutral Strong Buy 1128 0.83

BARRATT DEVELOPMENTS 342.20 132.20 352.00 Neutral Strong Buy 598 1.61

BELLWAY 1408.00 802.00 1455.00 Neutral Strong Buy 2810 1.00

BERKELEY GROUP HDG.(THE) 2224.00 1368.00 2325.00 Neutral Strong Buy 3431 0.57

BOOT (HENRY) 187.00 115.50 201.00 Neutral Strong Buy 358 0.76

BOVIS HOMES GROUP 823.00 451.00 851.50 Neutral Strong Buy 1411 1.11

CARILLION 296.30 242.30 331.80 Neutral Strong Buy 1515 1.10

CLARKE (T) 54.00 40.00 61.50 Neutral Strong Buy 380 0.80

COSTAIN GROUP 280.00 206.13 306.00 Neutral Strong Buy 1117 0.51

CRH 1351.00 1090.00 1540.00 Neutral Sell 906 1.05

GALLIFORD TRY 997.00 610.00 1019.00 Neutral Strong Buy 2901 0.95

KELLER 1125.00 425.00 1161.00 Neutral Strong Buy 2349 1.26

KIER GROUP 1420.00 1106.00 1486.00 Neutral Strong Buy 5246 0.94

LOW & BONAR 65.50 50.00 76.75 Neutral Strong Buy 221 1.05MARSHALLS 146.00 77.00 148.75 Neutral Buy 199 1.32

MORGAN SINDALL GROUP 660.00 508.00 695.00 Neutral Strong Buy 4461 0.69

NORCROS 16.13 10.63 18.25 Neutral Strong Buy 60 1.07

PERSIMMON 1265.00 574.65 1305.00 Neutral Strong Buy 1966 1.04

REDROW 247.10 125.00 253.30 Neutral Strong Buy 447 0.89

SIG 180.40 91.30 183.00 Neutral Strong Buy 519 1.72

SUPERGLASS HOLDINGS 45.50 43.00 287.50 Neutral Strong Buy 4167 0.88

TAYLOR WIMPEY 107.30 44.15 108.00 Neutral Strong Buy 223 1.62

TRAVIS PERKINS 1701.00 992.50 1710.00 Sell Strong Buy 4334 1.92

WOLSELEY 3144.00 2287.42 3483.00 Neutral Strong Buy 5901 1.37

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1160.00 999.50 1365.00 Neutral Sell 1012 0.69

DOMINO PRINTING SCIENCES 636.00 522.00 717.00 Neutral Buy 850 1.16

E2V TECHNOLOGIES 127.50 105.50 137.75 Neutral Strong Buy 264 1.27

INVENSYS 493.90 217.33 509.50 Neutral Sell 265 1.36

LAIRD 190.00 171.10 249.30 Neutral Strong Buy 427 2.12

OXFORD INSTRUMENTS 1342.00 1209.00 1752.00 Neutral Sell 1247 1.11

RENISHAW 1534.00 1479.00 2081.00 Neutral Buy 1988 1.30

SPECTRIS 2077.00 1506.00 2470.00 Neutral Buy 2709 1.52

BIOME TECHNOLOGIES 84.00 82.50 303.67 Neutral Sell -473 0.75

TT ELECTRONICS 165.00 114.00 178.50 Neutral Strong Buy 415 1.61

XAAR 830.50 227.00 898.00 Neutral Sell 405 1.09


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Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 91.25 54.25 92.00 Neutral Buy 132 1.18

BODYCOTE 583.00 323.70 584.00 Neutral Neutral 603 1.58

CASTINGS 400.38 291.00 412.50 Neutral Strong Buy 637 0.94

VESUVIUS 412.00 263.19 413.20 Neutral Strong Buy 1063 2.23

FENNER 345.40 305.90 435.20 Neutral Strong Buy 524 1.46

HALMA 536.50 395.50 538.50 Neutral Sell 395 0.77

HILL & SMITH 430.00 297.00 480.00 Neutral Buy 507 1.36

IMI 1370.00 796.00 1400.00 Neutral Strong Buy 4984 1.40

MORGAN ADVANCED MATERIAL 303 .90 220 .30 305 .00 Neutral Strong Buy 595 1.87

ROTORK 2676.00 2157.00 3037.00 Neutral Sell 1101 1.03

SENIOR 269.00 185.90 281.80 Neutral Sell 233 1.66

SEVERFIELD-ROWEN 58.00 35.40 80.16 Neutral Sell 42 0.75

SPIRAX-SARCO 2830.00 1932.53 2928.35 Neutral Sell 2025 0.84

VITEC GROUP 562.00 559.00 740.00 Neutral Sell 447 1.41

WEIR GROUP 2086.00 1566.00 2474.00 Neutral Neutral 2071 1.47

Food & Drug Stores Over Valued


GREGGS 433.80 398.00 523.50 Neutral Strong Buy 793 0.43

MORRISON(WM)SPMKTS. 288.30 248.60 296.40 Neutral Buy 392 0.36

SAINSBURY (J) 395.00 320.00 398.50 Neutral Buy 477 0.54

TESCO 365.85 307.90 387.75 Neutral Sell 197 0.66

THORNTONS 86.50 22.50 100.50 Neutral Sell 54 0.82

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1886.00 1250.00 2 031.00 Neutral Sell 1631 0.59

CRANSWICK 1150.00 732.50 1178.00 Neutral Strong Buy 1780 0.35

DAIRY CREST 497.20 332.40 503.50 Neutral Sell 362 0.89

DEVRO 301.00 278.00 380.00 Neutral Strong Buy 522 0.34

PREMIER FOODS 86.75 54.50 125.75 Neutral Strong Buy 240 1.22

TATE & LYLE 835.50 634.50 883.00 Neutral Strong Buy 1375 0.68

UNILEVER (UK) 2676.00 2235.00 2885.00 Neutral Sell 2214 0.52


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 25.38 21.00 29.50 Neutral Strong Buy 38 0.67

BROWN (N) GROUP 507.50 261.70 510.00 Sell Sell 452 0.47

BURBERRY GROUP 1504.00 1000.00 1541.00 Neutral Sell 1211 1.27

CARPETRIGHT 659.00 585.00 701.50 Neutral Sell 348 0.89

DIXONS RETAIL 46.16 15.02 46.16 Neu tral Neu tral 47 1.46

FINDEL 199.25 58.00 199.25 Neutral Sell 59 1.05

FRENCH CONNECTN.GROUP 30.50 19.50 34.00 Sell Strong Buy 110 1.00

HALFORDS GROUP 367.50 195.60 405.20 Neutral Buy 507 0.68

JD SPORTS FASHION 879.00 651.00 925.00 Neutral Strong Buy 1744 0.51

DARTY 80.00 38.00 80.00 Neutral Buy 111 1.19

KINGFISHER 392.00 261.60 396.60 Neutral Buy 444 0.87

MARKS & SPENCER GROUP 478.60 323.50 485.40 Neutral Buy 634 0.61

MOSS BROTHERS GROUP 60.75 44.75 71.00 Neutral Buy 74 0.98

MOTHERCARE 445.00 194.75 492.75 Neutral Sell 157 0.38

NEXT 4869.00 3207.00 4872.00 Sell Neutral 5184 0.59

TED BAKER 1885.00 880.00 1902.00 Neutral Sell 956 0.54

TOPPS TILES 87.00 42.50 89.00 Neutral Sell 75 1.50

Health Over Valued


BIOQUELL 134.00 129.50 160.00 Neutral Sell 111 0.39

CONSORT MEDICAL 783.00 660.50 839.00 Neutral Sell 563 0.38

OPTOS 150.00 106.75 222.75 Neutral Buy 167 1.23

SMITH & NEPHEW 783.00 638.00 795.00 Neutral Sell 663 0.44

Household Goods & Textiles Over Valued


GAMES WORKSHOP 779.00 572.50 791.50 Neutral Neutral 763 0.38

HEADLAM GROUP 355.00 272.00 378.75 Neutral Sell 314 0.89

HORNBY 83.00 55.25 88.50 Neutral Buy 107 0.71

Information Technology & Hardware Over Valued


ARM HOLDINGS 859.00 528.00 1097.00 Neutral Sell 269 0.70

CSR 600.00 305.70 607.00 Neutral Strong Buy 1531 1.12FILTRONIC 63.50 28.38 83.25 Neutral Sell 51 0.94

IMAGIN AT ION TECHNOLOGIES 250 .10 250 .10 624 .00 Neutral Buy 309 1.09

SPIRENT COMMUNICATIONS 125.20 118.00 170.00 Neutral Strong Buy 230 0.94

WOLFSON M ICR OELECTR ONICS 147 .50 140 .00 230 .00 Neutral Sell -199 0.96


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Insurance Under Valued


ADMIRAL GROUP 1400.00 1019.00 1400.00 Neutral Sell -412 0.50

AMLIN 400.10 364.10 435.10 Neutral Strong Buy 1551 0.39

BEAZLEY 223.40 156.00 242.70 Neutral Strong Buy 966 0.52

CATLIN GROUP 491.20 424.00 552.50 Neutral Sell 462 0.22

HISCOX 606.50 436.97 608.00 Neutral Strong Buy 1931 0.41

JARDINE LLOYD THOMPSON 878.50 723.00 917.00 Neutral Buy 1256 0.33

RSA INSURANCE GROUP 125.60 107.70 136.30 Neutral Strong Buy 731 0.39

NOVAE GROUP 480.00 345.00 507.50 Neutral Strong Buy 3459 0.41

Leisure & Hotels Over Valued


CARNIVAL 2521.00 2083.00 2628.00 Neutral Buy 3647 0.92

ENTERPRISE INNS 131.00 55.50 131.00 Neutral Sell 118 1.62

TUI TRAVEL 374.10 178.00 377.30 Neutral Strong Buy 740 0.96

FULLER SMITH 'A' 933.50 700.50 933.50 Neutral Sell 628 0.25

GREENE KING 879.50 556.50 886.00 Sell Sell 647 0.85

LADBROKES 210.00 153.80 243.10 Neutral Buy 268 0.87

ICTL.HTLS.GP. 1926.00 1524.00 2039.00 Neutral Sell 1698 1.12

MILLENNIUM & CPTH.HTLS. 551.00 456.00 582.50 Neu tral Neu tral 600 1.37

MITCHELLS & BUTLERS 413.00 255.80 426.80 Neutral Sell 286 0.96

BWIN PARTY DIGITAL ENTM. 128.50 91.90 156.00 Neutral Sell 63 1.23

PUNCH TAVERNS 13.37 5 .85 13.75 Neutral Strong Buy 77 1.18

RANK GROUP 161.00 115.00 177.50 Neutral Strong Buy 582 0.97

RESTAURANT GROUP 541.50 315.50 557.50 Neutral Sell 399 0.70

WETHERSPOON (JD) 767.00 447.90 767.00 Neutral Sell 712 0.56

WHITBREAD 3183.00 2067.00 3225.00 Neutral Sell 2236 0.99WILLIAM HILL 470.80 269.35 471.30 Neutral Sell 263 0.79

MARSTON'S 160.50 109.70 164.50 Neutral Sell 15 1.15

Life Assurance Under Valued


AVIVA 368.30 279.10 388.40 Neutral Sell 346 1.17

CHESNARA 255.50 163.00 270.00 Neutral Strong Buy 501 0.67

LEGAL & GENERAL 189.60 126.50 191.10 Neutral Strong Buy 479 1.70

OLD MUTUAL 193.50 157.30 221.60 Neutral Strong Buy 400 1.52

PRUDENTIAL 1170.00 746.00 1203.00 Neu tral Neu tral 1164 1.66

ST.JAMES'S PLACE 591.50 336.20 640.00 Neutral Strong Buy 6782 0.82


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 134.00 102.00 146.50 Neutral Strong Buy 922 0.38

BRITISH SKY BCAST.GROUP 850.00 706.50 899.50 Neutral Strong Buy 1056 0.47

CENTAUR MEDIA 41.75 29.00 60.00 Neutral Sell -42 1.02

DAILY MAIL 'A' 788.00 444.50 818.00 Neutral Strong Buy 3556 1.07

EUROMONEY INSTL.INVESTOR 1078.00 714 .00 1105.00 Neutral Strong Buy 5566 0.98

INFORMA 497.40 363.70 537.00 Neutral Strong Buy 327 1.61

ITE GROUP 292.10 183.50 307.40 Neutral Buy 201 1.49

ITV 157.70 75.50 161.30 Neutral Strong Buy 1369 1.44

JOHNSTON PRESS 16.50 5.15 19.00 Neutral Buy 720 1.22

PEARSON 1252.00 1119.00 1294.00 Neutral Neutral 309 0.60

PHOTO-ME INTL. 95.00 37.00 95.00 Neutral Strong Buy 2283 0.87

PINEWOOD SHEPPERTON 286.50 265.00 302.50 Neutral Strong Buy 732 0.12

THOMSON REUTERS 36.24 26.85 36.45 Neutral Strong Buy 346 0.51

STV GROUP 155.00 81.50 155.00 Neutral Sell 240 0.82

ST.IVES 155.00 70.25 166.50 Neutral Sell 159 1.48TRINITY MIRROR 119.00 26.50 122.25 Neutral Sell -289 1.60

UBM 680.50 607.00 788.00 Neutral Strong Buy 1421 1.31

WILMINGTON GROUP 164.00 91.50 166.50 Neutral Strong Buy 1390 0.86

WPP 1180.00 788.00 1210.00 Neutral Sell -827 1.28

Mining Under Valued


ANGLO AMERICAN 1389.00 1207.00 2084.00 Neutral Sell 1201 1.84

ANGLO PACIFIC GROUP 192.25 161.00 290.00 Neu tral Neu tral 207 1.07

ANTOFAGASTA 871.50 784.50 1381.00 Neu tral Neu tral 838 1.43

BHP BILLITON 1878.00 1666.50 2236.00 Neutral Strong Buy 2908 1.49

GLENCORE XSTRATA 280.80 256.85 397.85 Neutral Strong Buy 985 #NA

LONMIN 312.50 240.84 411.96 Sell Buy 412 2.08

RANDGOLD RESOURCES 4715.00 3972.00 7 775.00 Neutral Sell 2841 0.42

RIO TINTO 2915.00 2582.00 3757.00 Neutral Sell 2339 1.54

VEDANTA RESOURCES 861.00 1335.00 Neutral Strong Buy 2713 2.25

Oil & Gas Under Valued


BG GROUP 1185.00 1000.50 1350.50 Neutral Sell 872 0.86

BP 473.55 416.60 483.30 Neutral Strong Buy 990 1.05

CAIRN ENERGY 269.70 251.80 309.40 Neutral Sell -15 1.35

FORTUNE OIL 7.51 7.15 12.50 Buy Strong Buy 104 0.87

HUNTING 833.00 716.00 941.00 Neutral Sell 555 1.37

JKX OIL & GAS 58.50 48.50 96.00 Neutral Sell -59 1.43

PREMIER OIL 362.40 321.30 401.20 Neutral Buy 399 1.47

ROYAL DUTCH SHELL B 2326.00 2098.00 2366.50 Neutral Strong Buy 8101 0.86

SOCO INTERNATIONAL 366.50 319.30 404.30 Neutral Buy 485 0.57

TULLOW OIL 1034.00 977.00 1468.00 Neutral Sell 687 1.08

WOOD GROUP (JOHN) 888.50 720.50 906.50 Neutral Sell 711 1.45


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Personal Care & Household Products Over Valued


MCBRIDE 130.13 101.00 144.60 Neutral Strong Buy 259 0.79

PZ CUSSONS 391.10 297.20 415.60 Neutral Sell 327 0.68

RECKITT BENCKISE R GROUP 4670.00 3468.00 4950.00 Neutral Neutral 4712 0.30

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.44 0.36 3.58 Buy Sell -3 0.89

ASTRAZENECA 3280.00 2792.50 3521.50 Neutral Strong Buy 9007 0.49

BTG 380.00 300.30 397.90 Neutral Sell 213 0.73

DECHRA PHARMACEUTICALS 685.50 4 73.00 780.00 Neutral Buy 911 0.20

GLAXOSMITHKLINE 1685.00 1317.50 1782.00 Neutral Buy 1912 0.51

OXFORD BIOMEDICA 1.43 1.33 2.80 Buy Sell -3 0.60

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Buy Sell -6 0.96

SHIRE 2339.00 1727.00 2339.00 Neutral Sell 1524 0.66

SKYEPHARMA 65.25 43.50 100.50 Neutral Strong Buy 101 0.68

VERNALIS 20.75 19.38 27.38 Neutral Sell 10 0.88

Real Estate - REIT Under Valued


BIG YELLOW GROUP 423.60 300.00 440.00 Neutral Strong Buy 665 1.15

BRITISH LAND 597.00 506.00 658.00 Neutral Buy 780 1.05

DERWENT LONDON 2435.00 1890.00 2542.00 Neutral Strong Buy 4584 1.21

GREAT PORTLAND ESTATES 560.00 42 5.00 598.00 Neutral Strong Buy 1061 1.05

HAMMERSON 523.00 448.60 554.00 Neutral Neutral 517 1.24

INTU PROPERTIES 331.50 300.60 366.00 Neutral Strong Buy 511 1.12

LAND SECURITIES GROUP 939.50 761.50 994.00 Neutral Strong Buy 1641 1.14

LOCAL SHOP.REIT (THE) 25.88 24.25 40.75 Neutral Sell -147 0.87

LONDONMETRIC PROPERTY 113.00 1 03.20 121.40 Neutral Sell -4 0.30

MCKAY SECURITIES 148.50 131.50 155.00 Neutral Strong Buy 253 0.66

MUCKLOW (A & J) GROUP 415.00 325.00 437.50 Neutral Sell 235 0.36

PRIMARY HEALTH PROPS. 344.00 312.50 363.53 Neutral Sell 98 0.30

REDEFINE INTL.REIT 41.75 25.99 43.25 Neutral Sell -360 0.64

SEGRO 296.00 221.60 306.60 Neutral Sell -255 1.80

SHAFTESBURY 627.50 516.00 668.00 Neutral Buy 798 1.02

TOWN CENTRE SECURITIES 197.75 164.63 223.00 Neutral Sell 13 1.03

WARNER ESTATE 0.95 0.95 2.52 Buy Sell -952 0.96

WORKSPACE GROUP 453.40 245.00 454.10 Neutral Strong Buy 1172 0.98


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 347.00 208.30 358.50 Neutral Strong Buy 746 0.65

CAPITAL & REGIONAL 34.00 22.75 37.00 Sell Sell -50 0.68

CLS HOLDINGS 1024.00 645.00 1024.00 Neutral Strong Buy 2936 0.72

DAEJAN HOLDINGS 4049.00 2706.00 4085.00 Neutral Strong Buy 7085 0.42

DEVELOPMENT SECS. 203.00 135.75 209.00 Neutral Neutral 193 0.92

GRAINGER 172.70 88.00 174.00 Sell Sell 112 1.54

HELICAL BAR 302.50 178.00 302.50 Neutral Sell 199 0.77

LONDON & ASSOCS.PROPS. 25.00 20.25 29.75 Neutral Strong Buy 227 0.65

MOUNTVIEW ESTATES 5765.00 4100.00 5950.00 Neutral Strong Buy 14517 0.72

QUINTAIN ESTATES & DEV. 90.50 49.25 90.50 Sell Sell -198 1.04

RAVEN RUSSIA 71.00 61.50 79.75 Neutral Strong Buy 213 1.51

SAVILLS 606.50 365.70 621.00 Neutral Strong Buy 2184 0.73

SMART (J) 85.00 71.50 88.00 Neutral Strong Buy 387 0.35

ST MODWEN PROPS. 311.70 174.00 329.10 Neutral Strong Buy 617 1.57

UNITE GROUP 378.60 207.50 389.00 Neutral Strong Buy 1643 1.78

Software & Computer Services Under Valued


ANITE 131.90 113.00 162.00 Neutral Neutral 126 0.73

AVEVA GROUP 2410.00 1776.97 2588.15 Neutral Sell 1492 1.49

COMPUTACENTER 514.00 333.29 564.10 Neutral Strong Buy 1181 0.88

KOFAX 347.25 260.75 347.25 Neutral Sell 309 1.07

INNOVATION GROUP 29.00 18.25 29.50 Neutral Sell 22 0.78

MICRO FOCUS INTL. 756.00 529.08 767.00 Neutral Buy 881 0.80

PHOENIX IT GROUP 159.00 130.00 222.00 Neutral Strong Buy 252 0.71

RM 83.75 64.00 85.50 Neutral Strong Buy 239 0.49

FIDESSA GROUP 2050.00 1275.00 2137.00 Neutral Neutral 2184 0.79

SAGE GROUP 352.10 287.56 368.18 Neutral Buy 439 0.71

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 408.00 257.80 492.10 Neutral Strong Buy 1213 1.12

BREWIN DOLPHIN 247.80 144.60 249.50 Neutral Strong Buy 643 0.69

CAMELLIA 9055.00 8000.00 11105.00 Neutral Strong Buy 93691 0.85

CHARLES STANLEY GROUP 416.50 260.00 420.00 Neutral Strong Buy 1404 0.96

CHARLES TAYLOR 187.00 155.00 195.00 Neutral Strong Buy 1607 0.68

CLOSE BROTHERS GROUP 1059.00 736.50 1107.00 Neutral Strong Buy 4737 0.85

F&C ASSET MANAGEMENT 98.05 82.90 110.40 Neutral Sell 69 0.88

HELPHIRE GROUP 4.30 0.55 4.57 Sell Sell -127 0.65

HENDERSON GROUP 171.90 9 3.45 180.40 Neutral Strong Buy 796 1.44

ICAP 405.20 280.80 405.80 Neutral Strong Buy 803 1.04

INTERMEDIATE CAPITAL GP. 486.30 25 2.70 501.50 Neutral Strong Buy 2223 1.69

INVESTEC 448.30 358.40 513.50 Neutral Strong Buy 1651 1.56

LONDON STOCK EX.GROUP 1 54 3.00 93 0.00 1 590 .0 0 Neutral Strong Buy 6554 1.08

MAN GROUP 86.00 71.30 134.40 Neutral Sell -4814 1.39

RATHBONE BROTHERS 1653.00 1208.00 1691.00 Neutral Strong Buy 5411 0.75

SCHRODERS 2537.00 1283.00 2560.00 Sell Strong Buy 8055 1.27

SCHRODERS NV 1950.00 1035.00 2000.00 Neutral Strong Buy 10764 1.25


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Support Services Under Valued


ACAL 234.00 157.75 247.50 Neutral Strong Buy 862 0.90

AGGREKO 1793.00 1557.00 2400.00 Neutral Strong Buy 4231 1.16

AMEC 1060.00 965.50 1172.00 Neutral Strong Buy 3358 1.10

ASHTEAD GROUP 709.50 248.40 730.00 Neutral Buy 1007 1.65

BABCOCK INTL. 1189.00 858.50 1209.00 Neutral Strong Buy 2656 0.48

BRITISH POLYTHENE INDS. 595.00 358.00 604.00 Neutral Strong Buy 2390 0.80

BUNZL 1371.00 1009.00 1396.00 Neutral Strong Buy 2822 0.52

UK MAIL GROUP 577.00 221.00 593.00 Neutral Strong Buy 1683 0.41

CAPITA 996.50 711.00 1057.00 Neutral Sell 212 0.53

COMMUNISIS 66.50 28.57 68.00 Neutral Strong Buy 488 0.78

COMPASS GROUP 879.00 671.50 910.50 Neutral Strong Buy 2009 0.74

BERENDSEN 811.00 509.00 823.50 Neutral Strong Buy 3414 1.04

DE LA RUE 990.00 891.50 1075.00 Neutral Buy 1460 #NA

DIGNITY 1524.00 841.00 1568.00 Neutral Strong Buy 3099 0.22

DIPLOMA 575.00 417.10 627.50 Neutral Strong Buy 1543 0.97

ELECTROCOMP. 248.90 200.00 278.40 Neutral Strong Buy 940 1.02ESSENTRA PLC 738.50 465.00 768.00 Neutral Strong Buy 1405 1.14

G4S 222.80 207.50 313.50 Neutral Strong Buy 900 0.54

HAYS 103.70 68.20 106.00 Neutral Strong Buy 464 1.05

HOMESERVE 275.00 185.60 293.60 Neutral Strong Buy 988 0.91

INTERSERVE 509.00 319.00 519.00 Neutral Strong Buy 3726 1.30

INTERTEK GROUP 3091.00 2697.00 3453.00 Neutral Strong Buy 4852 0.81

JOHNSON SERVICE GROUP 49.00 27 .13 50.00 Neutral Strong Buy 119 1.10

MANAGEMENT CNSL.GP. 26.00 21.25 32.00 Neutral Strong Buy 220 0.68

MENZIES (JOHN) 721.00 573.00 801.00 Neutral Strong Buy 1803 1.40

MICHAEL PAGE INTL. 440.50 346.40 451.80 Neutral Strong Buy 853 1.37

MITIE GROUP 267.80 248.00 300.80 Neutral Strong Buy 1073 0.50

OFFICE2OFFICE 41.75 40.50 156.00 Neutral Strong Buy 716 0.28

PAYPOINT 1092.00 670.50 1110.00 Neutral Strong Buy 2225 0.72PREMIER FARNELL 227.90 165.50 236.30 Neutral Strong Buy 730 1.40

REGUS 185.00 90.00 186.70 Neutral Sell 57 1.40

RENTOKIL INITIAL 95.90 70.75 100.70 Neutral Strong Buy 275 1.29

REXAM 488.00 420.70 547.50 Neutral Strong Buy 1802 0.86

RICARDO 427.00 337.00 431.00 Neutral Strong Buy 1695 0.87

ROBERT WALTERS 220.00 176.25 234.00 Neutral Strong Buy 1028 1.19

RPC GROUP 440.20 378.00 477.00 Neutral Strong Buy 1549 0.79

RPS GROUP 231.70 195.50 274.20 Neutral Strong Buy 1016 1.51

SERCO GROUP 612.50 535.00 683.50 Neutral Strong Buy 2405 0.60

SHANKS GROUP 85.00 73.00 98.00 Neutral Strong Buy 273 1.50

SPEEDY HIRE 59.25 23.25 64.75 Neutral Strong Buy 314 1.23

TRIBAL GROUP 192.00 82.00 193.25 Neutral Strong Buy 571 0.64

TRIFAST 55.75 40.50 59.25 Neutral Strong Buy 337 0.94

VP 408.88 295.25 408.88 Neutral Strong Buy 2338 0.80

WYG 89.50 42.00 91.00 Neutral Strong Buy 626 0.82

Telecommunication Services Over Valued


BT GROUP 334.40 212.50 344.00 Neutral Buy 416 0.89

CABLE & WIRELESS COMMS. 40.82 29.64 46.29 Neutral Strong Buy 78 0.69

INMARSAT 701.00 484.00 749.00 Neutral Sell 254 0.57

KCOM GROUP 84.40 68.25 88.50 Neutral Buy 116 1.23

TELECOM PLUS 1319.00 790.00 1390.00 Neutral Sell 790 0.03

VODAFONE GROUP 193.50 154.45 199.90 Neutral Sell 101 0.51


15/17



Transport Over Valued


BBA AVIATION 297.00 178.00 297.00 Neutral Sell 232 1.25

BRAEMAR SHIPPING SVS. 445.00 350.00 445.00 Neutral Buy 593 1.06

CLARKSON 1884.00 1150.00 1884.00 Sell Sell 1329 0.84

EASYJET 1396.00 530.00 1406.00 Neutral Sell 861 0.74

FIRST GROUP 98.00 92.00 212.39 Neutral Strong Buy 281 0.91

FISHER(JAMES)& SONS 1047.00 596.25 1110.00 Neutral Sell 780 0.75

GO-AHEAD GROUP 1556.00 1220.00 1595.00 Neutral Strong Buy 2714 1.00

NATIONAL EXPRESS 254.80 164.50 2 54.80 Neutral Neutral 247 1.40

NORTHGATE 367.75 198.50 373.50 Neutral Strong Buy 632 1.33

STAGECOACH GROUP 333.30 265.90 335.90 Neutral Buy 444 0.97

WINCANTON 74.50 40.00 78.50 Neutral Strong Buy 240 0.94

Utilities Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaCENTRICA 381.50 310.80 394.90 Neutral Strong Buy 582 0.50

NATIONAL GRID 765.50 657.00 847.50 Neutral Buy 993 0.45

PENNON GROUP 685.50 598.00 771.50 Neutral Sell 635 0.61

SSE 1605.00 1307.00 1676.00 Neutral Buy 2285 0.41

SEVERN TRENT 1762.00 1513.00 2090.00 Neutral Sell 1521 0.34

UNITED UTILITIES GROUP 717.50 647.00 787.50 Neutral Neutral 758 0.48


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value indicator - uk main market 20130726