value indicator - uk main market 20130801

8/22/2019 value indicator - uk main market 20130801

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01 August 2013

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Intellisys Intelligent Analysis Limited 01 August 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 445.90 300.80 445.90 Neutral Buy 611 0.68

CHEMRING GROUP 308.00 217.00 414.70 Neutral Buy 364 0.66

COBHAM 287.60 190.10 293.40 N eu tra l Neu tral 301 0.83

MEGGITT 547.50 366.20 562.00 N eu tra l Neu tral 530 1.30

ROLLS-ROYCE HOLDINGS 1175.00 7 99.39 1 240.00 N eu tra l Neu tral 1167 1.01

SMITHS GROUP 1385.00 1011.00 1396.00 Neutral Sell 1167 0.77

ULTRA ELECTRONICS HDG. 1816.00 1 424.00 1843.00 Neutral Sell 1721 0.51

Automobiles & Parts Under Valued

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

GKN 350.10 201.00 350.10 N eu tra l Neu tral 342 1.96

INCHCAPE 570.50 353.30 577.50 N eu tra l Neu tral 608 1.42

LOOKERS 122.00 64.50 122.00 Neutral Sell 106 1.23

PENDRAGON 27.50 13.50 28.75 Neutral Strong Buy 42 1.11

Banks Over Valued


BARCLAYS 287.90 162.30 333.85 Neutral Sell -830 1.94

HSBC HDG. (ORD $0.50) 747.80 538.70 769.90 Neutral Buy 891 1.16

LLOYDS BANKING GROUP 68.47 29.39 70.03 Sell Sell 1 1.86

ROYAL BANK OF SCTL.GP. 317.60 204.50 367.80 Neutral Sell -137 1.37

STANDARD CHARTERED 1524.50 1228.50 1 837.50 Neutral Strong Buy 3494 1.65

Beverages Under Valued


BARR (AG) 541.00 415.00 588.50 Neutral Sell 484 0.58

DIAGEO 2054.00 1672.50 2085.00 Neutra l Neutral 2205 0.53

SABMILLER 3220.50 2599.00 3657.00 Neutral Buy 4313 0.93

Chemicals Under Valued


ALENT 367.50 305.00 397.50 Neutral Buy 447 #NA

AZ ELECTRONIC MATS.(DI) 306.60 240.00 406.40 Neutral Strong Buy 547 1.21

CARCLO 343.00 342.75 503.00 Neutral Sell 142 0.76

CRODA INTERNATIONAL 2509.00 2164.00 2841.00 Neutral Buy 3177 1.06

ELEMENTIS 250.70 201.70 275.00 Neutral Buy 307 1.04

JOHNSON MATTHEY 2835.00 2102.27 2836.00 Neutral Strong Buy 4255 1.44

VICTREX 1510.00 1239.00 1765.00 Neutral Sell 1334 1.19

SYNTHOMER 196.70 139.10 225.80 Neutral Strong Buy 392 1.11

ZOTEFOAMS 207.00 170.00 225.00 Neutral Buy 294 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 115.50 62.00 118.50 Neutral Strong Buy 276 0.52

BALFOUR BEATTY 246.90 207.60 320.80 Neutral Strong Buy 1136 0.83

BARRATT DEVELOPMENTS 326.00 134.10 352.00 Neutral Strong Buy 606 1.61

BELLWAY 1380.00 802.00 1455.00 Neutral Strong Buy 2847 1.00

BERKELEY GROUP HDG.(THE) 2259.00 1387.00 2325.00 Neutral Strong Buy 3472 0.57

BOOT (HENRY) 188.50 117.00 201.00 Neutral Strong Buy 363 0.76

BOVIS HOMES GROUP 799.50 452.00 851.50 Neutral Strong Buy 1430 1.11

CARILLION 298.10 244.80 331.80 Neutral Strong Buy 1535 1.10

CLARKE (T) 54.25 40.00 61.50 Neutral Strong Buy 385 0.80

COSTAIN GROUP 277.50 209.00 306.00 Neutral Strong Buy 1130 0.51

CRH 1381.00 1090.00 1540.00 Neutral Sell 906 1.05

GALLIFORD TRY 991.00 610.00 1019.00 Neutral Strong Buy 2938 0.95

KELLER 1109.00 443.75 1161.00 Neutral Strong Buy 2378 1.26

KIER GROUP 1484.00 1106.00 1486.00 Neutral Strong Buy 5316 0.94

LOW & BONAR 67.25 50.00 76.75 Neutral Strong Buy 224 1.05MARSHALLS 152.75 77.00 152.75 Neutral Buy 203 1.32

MORGAN SINDALL GROUP 670.00 508.00 695.00 Neutral Strong Buy 4517 0.69

NORCROS 16.75 10.88 18.25 Neutral Strong Buy 60 1.07

PERSIMMON 1236.00 580.72 1305.00 Neutral Strong Buy 1991 1.04

REDROW 245.00 126.00 253.30 Neutral Strong Buy 453 0.89

SIG 181.80 93.05 183.00 Neutral Strong Buy 526 1.72

SUPERGLASS HOLDINGS 45.50 43.00 287.50 Neutral Strong Buy 4234 0.88

TAYLOR WIMPEY 106.50 46.15 108.00 Neutral Strong Buy 226 1.62

TRAVIS PERKINS 1702.00 1005.00 1710.00 Neutral Strong Buy 4392 1.92

WOLSELEY 3146.00 2287.42 3483.00 Neutral Strong Buy 5980 1.37

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1101.00 999.50 1365.00 Neutral Sell 1023 0.69

DOMINO PRINTING SCIENCES 634.00 522.00 717.00 Neutral Buy 859 1.16

E2V TECHNOLOGIES 132.50 105.50 137.75 Neutral Strong Buy 267 1.27

INVENSYS 496.30 217.33 509.50 Neutral Sell 268 1.36

LAIRD 193.00 171.10 249.30 Neutral Strong Buy 432 2.12

OXFORD INSTRUMENTS 1425.00 1209.00 1752.00 Neutral Sell 1260 1.11

RENISHAW 1570.00 1494.00 2081.00 Neutral Buy 2008 1.30

SPECTRIS 2110.00 1506.00 2470.00 Neutral Buy 2739 1.52

BIOME TECHNOLOGIES 75.00 75.00 303.67 Neutral Sell -506 0.75

TT ELECTRONICS 170.25 114.00 178.50 Neutral Strong Buy 419 1.61

XAAR 840.00 227.00 898.00 Neutral Sell 409 1.09


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Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 93.13 54.25 94.00 Neutral Buy 136 1.18

BODYCOTE 619.50 323.70 619.50 Neutral Neutral 613 1.58

CASTINGS 420.00 291.00 420.00 Neutral Strong Buy 646 0.94

VESUVIUS 424.00 263.19 424.00 Neutral Strong Buy 1101 2.23

FENNER 345.40 305.90 435.20 Neutral Strong Buy 532 1.46

HALMA 556.00 398.50 556.00 Sell Sell 400 0.77

HILL & SMITH 438.75 302.00 480.00 Neutral Buy 516 1.36

IMI 1372.00 802.50 1400.00 Neutral Strong Buy 4706 1.40

MORGAN ADVANCED MATERIAL 305 .50 220 .30 305 .50 Neutral Strong Buy 532 1.87

ROTORK 2656.00 2157.00 3037.00 Neutral Sell 1070 1.03

SENIOR 265.70 185.90 281.80 Neutral Sell 236 1.66

SEVERFIELD-ROWEN 56.25 35.40 80.16 Neutral Sell 44 0.75

SPIRAX-SARCO 2865.00 1932.53 2928.35 Neutral Sell 2051 0.84

VITEC GROUP 573.00 559.00 740.00 Neutral Sell 457 1.41

WEIR GROUP 2149.00 1566.00 2474.00 Neutral Neutral 2101 1.47

Food & Drug Stores Over Valued


GREGGS 432.80 398.00 523.50 Neutral Strong Buy 789 0.43

MORRISON(WM)SPMKTS. 289.10 248.60 296.40 Neutral Buy 394 0.36

SAINSBURY (J) 393.60 320.10 398.50 Neutral Buy 479 0.54

TESCO 367.30 307.90 387.75 Neutral Sell 198 0.66

THORNTONS 83.00 23.25 100.50 Neutral Sell 52 0.82

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1944.00 1267.00 2 031.00 Neutral Sell 1657 0.59

CRANSWICK 1150.00 732.50 1178.00 Neutral Strong Buy 1802 0.35

DAIRY CREST 510.00 332.90 510.00 Neutral Sell 372 0.89

DEVRO 312.50 289.90 380.00 Neutral Strong Buy 527 0.34

PREMIER FOODS 87.25 54.50 125.75 Neutral Strong Buy 248 1.22

TATE & LYLE 839.00 634.50 883.00 Neutral Strong Buy 1388 0.68

UNILEVER (UK) 2669.00 2235.00 2885.00 Neutral Sell 2241 0.52


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 25.38 21.50 29.50 Neutral Strong Buy 39 0.67

BROWN (N) GROUP 518.00 261.70 518.00 Sell Sell 457 0.47

BURBERRY GROUP 1530.00 1000.00 1541.00 Neutral Sell 1232 1.27

CARPETRIGHT 660.00 585.00 701.50 Neutral Sell 349 0.89

DIXONS RETAIL 45.46 15.32 46.16 Neu tral Neu tral 46 1.46

FINDEL 203.75 58.50 205.00 Neutral Sell 56 1.05

FRENCH CONNECTN.GROUP 32.50 19.50 34.00 Sell Strong Buy 110 1.00

HALFORDS GROUP 368.70 203.50 405.20 Neutral Buy 511 0.68

JD SPORTS FASHION 919.00 651.00 925.00 Neutral Strong Buy 1750 0.51

DARTY 77.50 39.00 80.00 Neutral Buy 110 1.19

KINGFISHER 397.50 262.20 397.50 Neutral Buy 445 0.87

MARKS & SPENCER GROUP 481.50 334.00 485.40 Neutral Buy 638 0.61

MOSS BROTHERS GROUP 60.75 44.75 71.00 Neutral Buy 73 0.98

MOTHERCARE 418.25 194.75 492.75 Neutral Sell 153 0.38

NEXT 4990.00 3320.00 5020.00 Sell Neutral 5354 0.59

TED BAKER 1905.00 880.00 1909.00 Neutral Sell 969 0.54

TOPPS TILES 87.25 43.25 89.00 Neutral Sell 75 1.50

Health Over Valued


BIOQUELL 134.00 129.50 160.00 Neutral Sell 112 0.39

CONSORT MEDICAL 793.00 660.50 839.00 Neutral Sell 565 0.38

OPTOS 157.25 106.75 222.75 Neu tral Neu tral 169 1.23

SMITH & NEPHEW 784.50 638.00 795.00 Neutral Sell 664 0.44

Household Goods & Textiles Over Valued


GAMES WORKSHOP 789.50 587.50 791.50 Neutral Neutral 773 0.38

HEADLAM GROUP 384.50 272.50 384.50 Neutral Sell 326 0.89

HORNBY 80.50 55.25 88.50 Neutral Buy 111 0.71

Information Technology & Hardware Over Valued


ARM HOLDINGS 875.00 528.00 1097.00 Neutral Sell 277 0.70

CSR 569.00 308.10 607.00 Neutral Strong Buy 1522 1.12FILTRONIC 61.50 28.38 83.25 Neutral Sell 52 0.94

IMAGIN AT ION TECHNOLOGIES 235 .10 235 .10 624 .00 Buy Buy 310 1.09

SPIRENT COMMUNICATIONS 132.10 118.00 170.00 Neutral Strong Buy 237 0.94

WOLFSON M ICR OELECTR ONICS 153 .00 140 .00 230 .00 Neutral Sell -190 0.96


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Insurance Under Valued


ADMIRAL GROUP 1403.00 1019.00 1416.00 Neutral Sell -455 0.50

AMLIN 402.10 364.10 435.10 Neutral Strong Buy 1593 0.39

BEAZLEY 220.50 156.70 242.70 Neutral Strong Buy 992 0.52

CATLIN GROUP 506.00 424.00 552.50 Neutral Sell 470 0.22

HISCOX 650.00 452.39 650.00 Neutral Strong Buy 1983 0.41

JARDINE LLOYD THOMPSON 893.50 723.00 917.00 Neutral Buy 1281 0.33

RSA INSURANCE GROUP 125.00 107.70 136.30 Neutral Strong Buy 753 0.39

NOVAE GROUP 484.50 345.00 507.50 Neutral Strong Buy 3560 0.41

Leisure & Hotels Over Valued


CARNIVAL 2543.00 2092.00 2628.00 Neutral Buy 3671 0.92

ENTERPRISE INNS 129.30 55.50 132.00 Neutral Sell 117 1.62

TUI TRAVEL 382.20 182.00 382.20 Neutral Strong Buy 746 0.96

FULLER SMITH 'A' 940.75 700.50 958.00 Neutral Sell 630 0.25

GREENE KING 875.00 556.50 886.00 Neutral Sell 648 0.85

LADBROKES 213.00 154.70 243.10 Neutral Buy 268 0.87

ICTL.HTLS.GP. 1907.00 1524.00 2039.00 Neutral Sell 1690 1.12

MILLENNIUM & CPTH.HTLS. 552.00 456.00 582.50 Neu tral Neu tral 601 1.37

MITCHELLS & BUTLERS 416.30 261.80 426.80 Neutral Sell 288 0.96

BWIN PARTY DIGITAL ENTM. 140.10 91.90 156.00 Neutral Sell 65 1.23

PUNCH TAVERNS 13.00 6 .00 13.75 Neutral Strong Buy 77 1.18

RANK GROUP 160.50 116.00 177.50 Neutral Strong Buy 580 0.97

RESTAURANT GROUP 529.50 315.50 557.50 Neutral Sell 399 0.70

WETHERSPOON (JD) 711.00 447.90 767.00 Neu tral Neu tral 714 0.56

WHITBREAD 3230.00 2067.00 3230.00 Neutral Sell 2237 0.99WILLIAM HILL 486.50 271.02 486.50 Neutral Sell 263 0.79

MARSTON'S 155.40 109.70 164.50 Neutral Sell 18 1.15

Life Assurance Under Valued


AVIVA 371.50 285.20 388.40 Neutral Sell 349 1.17

CHESNARA 258.25 163.00 270.00 Neutral Strong Buy 506 0.67

LEGAL & GENERAL 192.90 126.60 192.90 Sell Strong Buy 483 1.70

OLD MUTUAL 194.20 159.20 221.60 Neutral Strong Buy 404 1.52

PRUDENTIAL 1167.00 746.00 1203.00 Neu tral Neu tral 1187 1.66

ST.JAMES'S PLACE 618.00 336.20 640.00 Neutral Strong Buy 6778 0.82


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 138.38 102.00 146.50 Neutral Strong Buy 922 0.38

BRITISH SKY BCAST.GROUP 828.00 709.00 899.50 Neutral Strong Buy 1056 0.47

CENTAUR MEDIA 41.00 30.38 60.00 Neutral Sell -42 1.02

DAILY MAIL 'A' 806.50 451.25 818.00 Neutral Strong Buy 3556 1.07

EUROMONEY INSTL.INVESTOR 1065.00 717 .50 1105.00 Neutral Strong Buy 5566 0.98

INFORMA 525.00 369.90 537.00 Neutral Strong Buy 327 1.61

ITE GROUP 283.80 183.50 307.40 Neutral Buy 201 1.49

ITV 168.60 76.10 168.60 Neutral Strong Buy 1369 1.44

JOHNSTON PRESS 16.25 5.20 19.00 Neutral Buy 720 1.22

PEARSON 1350.00 1119.00 1350.00 Neutral Neutral 309 0.60

PHOTO-ME INTL. 93.50 38.75 95.00 Neutral Strong Buy 2283 0.87

PINEWOOD SHEPPERTON 286.50 265.00 290.75 Neutral Strong Buy 732 0.12

THOMSON REUTERS 35.00 26.85 36.45 Neutral Strong Buy 346 0.51

STV GROUP 157.50 81.50 157.50 Neutral Sell 240 0.82

ST.IVES 163.75 71.00 166.50 Neutral Sell 159 1.48TRINITY MIRROR 115.50 31.00 122.25 Neutral Sell -289 1.60

UBM 711.50 636.00 788.00 Neutral Strong Buy 1421 1.31

WILMINGTON GROUP 164.00 97.00 166.50 Neutral Strong Buy 1390 0.86

WPP 1184.00 788.00 1210.00 Neutral Sell -827 1.28

Mining Under Valued


ANGLO AMERICAN 1408.00 1207.00 2084.00 Neutral Sell 1206 1.84

ANGLO PACIFIC GROUP 186.50 161.00 290.00 Neutral Buy 206 1.07

ANTOFAGASTA 882.00 784.50 1381.00 Neutral Sell 833 1.43

BHP BILLITON 1879.00 1666.50 2236.00 Neutral Strong Buy 2891 1.49

GLENCORE XSTRATA 277.50 256.85 397.85 Neutral Strong Buy 986 #NA

LONMIN 311.60 240.84 411.96 Sell Buy 419 2.08

RANDGOLD RESOURCES 4770.00 3972.00 7 775.00 Neutral Sell 2827 0.42

RIO TINTO 2955.00 2582.00 3757.00 Neutral Sell 2353 1.54

VEDANTA RESOURCES 861.00 1335.00 Neutral Strong Buy 2700 2.25

Oil & Gas Under Valued


BG GROUP 1186.50 1000.50 1350.50 Neutral Sell 886 0.86

BP 454.55 416.60 483.30 Neutral Strong Buy 1002 1.05

CAIRN ENERGY 269.20 251.80 309.40 Neutral Sell -23 1.35

FORTUNE OIL 7.70 7.15 12.50 Buy Strong Buy 109 0.87

HUNTING 829.00 716.00 941.00 Neutral Sell 568 1.37

JKX OIL & GAS 63.50 48.50 96.00 Neutral Sell -58 1.43

PREMIER OIL 360.70 321.30 401.20 Neutral Buy 403 1.47

ROYAL DUTCH SHELL B 2319.50 2098.00 2366.50 Neutral Strong Buy 8188 0.86

SOCO INTERNATIONAL 367.70 319.90 404.30 Neutral Buy 468 0.57

TULLOW OIL 1038.00 977.00 1468.00 Neutral Sell 692 1.08

WOOD GROUP (JOHN) 901.50 720.50 906.50 Neutral Sell 721 1.45


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Personal Care & Household Products Over Valued


MCBRIDE 129.38 101.00 144.60 Neutral Strong Buy 260 0.79

PZ CUSSONS 393.60 297.20 415.60 Neutral Sell 329 0.68

RECKITT BENCKISE R GROUP 4679.00 3536.00 4950.00 Neutral Neutral 4722 0.30

Pharmaceuticals & Biotechnology Under Valued


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

ASTRAZENECA 3335.00 2792.50 3521.50 Neutral Strong Buy 9054 0.49

BTG 379.70 300.30 397.90 Buy Sell 214 0.73

DECHRA PHARMACEUTICALS 683.00 4 73.00 780.00 Neutral Buy 924 0.20

GLAXOSMITHKLINE 1684.00 1317.50 1782.00 Neutral Buy 1929 0.51

OXFORD BIOMEDICA 1.50 1.33 2.80 Buy Sell -2 0.60

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

SHIRE 2402.00 1727.00 2414.00 Neutral Sell 1535 0.66

SKYEPHARMA 74.50 43.50 100.50 Neutral Buy 102 0.68

VERNALIS 22.38 19.38 27.38 Neutral Sell 11 0.88

Real Estate - REIT Under Valued


BIG YELLOW GROUP 435.00 300.00 440.00 Neutral Strong Buy 654 1.15

BRITISH LAND 597.50 506.00 658.00 Neutral Buy 767 1.05

DERWENT LONDON 2411.00 1890.00 2542.00 Neutral Strong Buy 4529 1.21

GREAT PORTLAND ESTATES 556.00 42 5.00 598.00 Neutral Strong Buy 1046 1.05

HAMMERSON 529.50 448.60 554.00 Neutral Neutral 509 1.24

INTU PROPERTIES 336.60 300.60 366.00 Neutral Buy 503 1.12

LAND SECURITIES GROUP 949.00 761.50 994.00 Neutral Strong Buy 1614 1.14

LOCAL SHOP.REIT (THE) 25.88 24.25 40.75 Neutral Sell -142 0.87

LONDONMETRIC PROPERTY 113.50 1 03.20 121.40 Neutral Sell -3 0.30

MCKAY SECURITIES 147.50 131.50 155.00 Neutral Strong Buy 251 0.66

MUCKLOW (A & J) GROUP 400.00 325.00 437.50 Neutral Sell 235 0.36

PRIMARY HEALTH PROPS. 339.00 312.50 363.53 Neutral Sell 97 0.30

REDEFINE INTL.REIT 41.50 26.11 43.25 Neutral Sell -345 0.64

SEGRO 310.80 221.60 310.80 Neutral Sell -240 1.80

SHAFTESBURY 632.00 516.00 668.00 Neutral Buy 785 1.02

TOWN CENTRE SECURITIES 201.50 169.75 223.00 Neutral Sell 17 1.03

WARNER ESTATE 0.98 0.70 2.52 Neutral Sell -921 0.96

WORKSPACE GROUP 451.60 245.00 454.10 Neutral Strong Buy 1157 0.98


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 360.90 210.50 360.90 Neutral Strong Buy 764 0.65

CAPITAL & REGIONAL 35.00 22.75 37.50 Sell Sell -50 0.68

CLS HOLDINGS 1120.00 645.00 1120.00 Neutral Strong Buy 2977 0.72

DAEJAN HOLDINGS 4010.00 2706.00 4085.00 Neutral Strong Buy 7147 0.42

DEVELOPMENT SECS. 200.25 136.00 209.00 Neutral Neutral 193 0.92

GRAINGER 174.00 90.95 174.00 Sell Sell 114 1.54

HELICAL BAR 299.00 178.00 302.50 Neutral Sell 200 0.77

LONDON & ASSOCS.PROPS. 25.00 20.25 29.75 Neutral Strong Buy 231 0.65

MOUNTVIEW ESTATES 5925.00 4150.00 5950.00 Neutral Strong Buy 14698 0.72

QUINTAIN ESTATES & DEV. 87.75 49.25 90.50 Sell Sell -199 1.04

RAVEN RUSSIA 70.50 61.50 79.75 Neutral Strong Buy 216 1.51

SAVILLS 630.00 370.00 630.00 Neutral Strong Buy 2249 0.73

SMART (J) 86.50 71.50 88.00 Neutral Strong Buy 389 0.35

ST MODWEN PROPS. 316.10 174.00 329.10 Neutral Strong Buy 622 1.57

UNITE GROUP 390.30 213.25 390.30 Neutral Strong Buy 1667 1.78

Software & Computer Services Under Valued


ANITE 128.50 113.00 162.00 Neutral Neutral 126 0.73

AVEVA GROUP 2404.00 1776.97 2588.15 Neutral Sell 1497 1.49

COMPUTACENTER 486.00 333.29 564.10 Neutral Strong Buy 1149 0.88

KOFAX 342.50 260.75 347.25 Neutral Sell 304 1.07

INNOVATION GROUP 29.00 18.50 29.50 Neutral Sell 21 0.78

MICRO FOCUS INTL. 796.00 529.08 796.00 Neutral Buy 915 0.80

PHOENIX IT GROUP 155.25 130.00 222.00 Neutral Strong Buy 240 0.71

RM 84.00 64.00 85.50 Neutral Strong Buy 236 0.49

FIDESSA GROUP 2005.00 1275.00 2137.00 Neutral Neutral 2182 0.79

SAGE GROUP 350.50 289.36 368.18 Neutral Buy 439 0.71

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 384.30 257.80 492.10 Neutral Strong Buy 1237 1.12

BREWIN DOLPHIN 253.70 144.60 253.70 Neutral Strong Buy 653 0.69

CAMELLIA 9150.00 8000.00 11105.00 Neutral Strong Buy 95290 0.85

CHARLES STANLEY GROUP 425.00 260.00 426.00 Neutral Strong Buy 1422 0.96

CHARLES TAYLOR 187.50 155.00 195.00 Neutral Strong Buy 1626 0.68

CLOSE BROTHERS GROUP 1045.00 743.00 1107.00 Neutral Strong Buy 4813 0.85

F&C ASSET MANAGEMENT 100.00 87.00 110.40 Neutral Sell 68 0.88

HELPHIRE GROUP 4.18 0.55 4.57 Sell Sell -130 0.65

HENDERSON GROUP 164.10 9 7.60 180.40 Neutral Strong Buy 818 1.44

ICAP 406.80 280.80 406.80 Neutral Strong Buy 809 1.04

INTERMEDIATE CAPITAL GP. 486.30 25 2.70 501.50 Neutral Strong Buy 2311 1.69

INVESTEC 439.30 358.40 513.50 Neutral Strong Buy 1693 1.56

LONDON STOCK EX.GROUP 1 57 4.00 93 0.00 1 590 .0 0 Neutral Strong Buy 6889 1.08

MAN GROUP 80.30 71.30 134.40 Neutral Sell -4913 1.39

RATHBONE BROTHERS 1670.00 1208.00 1691.00 Neutral Strong Buy 5482 0.75

SCHRODERS 2455.00 1292.00 2560.00 Neutral Strong Buy 8165 1.27

SCHRODERS NV 1919.00 1040.00 2000.00 Neutral Strong Buy 10863 1.25


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Support Services Under Valued


ACAL 255.00 157.75 255.00 Neutral Strong Buy 878 0.90

AGGREKO 1780.00 1557.00 2400.00 Neutral Strong Buy 4284 1.16

AMEC 1077.00 965.50 1172.00 Neutral Strong Buy 3394 1.10

ASHTEAD GROUP 706.00 250.30 730.00 Neutral Buy 1021 1.65

BABCOCK INTL. 1175.00 868.50 1209.00 Neutral Strong Buy 2686 0.48

BRITISH POLYTHENE INDS. 597.00 358.00 604.00 Neutral Strong Buy 2412 0.80

BUNZL 1409.00 1009.00 1409.00 Neutral Strong Buy 2851 0.52

UK MAIL GROUP 587.50 224.00 593.00 Neutral Strong Buy 1702 0.41

CAPITA 1043.00 713.00 1057.00 Neutral Sell 210 0.53

COMMUNISIS 67.50 29.19 68.00 Neutral Strong Buy 495 0.78

COMPASS GROUP 898.00 671.50 910.50 Neutral Strong Buy 2031 0.74

BERENDSEN 817.00 509.00 823.50 Neutral Strong Buy 3454 1.04

DE LA RUE 988.50 891.50 1075.00 Neutral Buy 1458 #NA

DIGNITY 1475.00 890.00 1568.00 Neutral Strong Buy 3129 0.22

DIPLOMA 575.00 418.00 627.50 Neutral Strong Buy 1564 0.97

ELECTROCOMP. 246.10 200.00 278.40 Neutral Strong Buy 952 1.02ESSENTRA PLC 774.00 500.00 774.00 Neutral Strong Buy 1423 1.14

G4S 224.90 207.50 313.50 Neutral Strong Buy 909 0.54

HAYS 103.10 68.20 106.00 Neutral Strong Buy 470 1.05

HOMESERVE 265.20 185.60 293.60 Neutral Strong Buy 1001 0.91

INTERSERVE 509.50 319.00 519.00 Neutral Strong Buy 3772 1.30

INTERTEK GROUP 3025.00 2697.00 3453.00 Neutral Strong Buy 4908 0.81

JOHNSON SERVICE GROUP 49.00 27 .50 50.00 Neutral Strong Buy 120 1.10

MANAGEMENT CNSL.GP. 26.50 21.25 32.00 Neutral Strong Buy 224 0.68

MENZIES (JOHN) 737.50 573.00 801.00 Neutral Strong Buy 1812 1.40

MICHAEL PAGE INTL. 446.50 346.40 451.80 Neutral Strong Buy 863 1.37

MITIE GROUP 271.00 248.00 300.80 Neutral Strong Buy 1086 0.50

OFFICE2OFFICE 41.50 40.50 156.00 Neutral Strong Buy 726 0.28

PAYPOINT 1091.00 670.50 1110.00 Neutral Strong Buy 2255 0.72PREMIER FARNELL 226.90 165.50 236.30 Neutral Strong Buy 741 1.40

REGUS 185.20 94.00 186.70 Neutral Sell 56 1.40

RENTOKIL INITIAL 98.00 70.75 100.70 Neutral Strong Buy 275 1.29

REXAM 491.80 420.70 547.50 Neutral Strong Buy 1823 0.86

RICARDO 435.00 340.00 435.00 Neutral Strong Buy 1716 0.87

ROBERT WALTERS 235.00 176.25 235.00 Neutral Strong Buy 1042 1.19

RPC GROUP 458.80 378.00 477.00 Neutral Strong Buy 1566 0.79

RPS GROUP 225.90 195.50 274.20 Neutral Strong Buy 1030 1.51

SERCO GROUP 627.00 535.00 683.50 Neutral Strong Buy 2432 0.60

SHANKS GROUP 88.00 73.00 98.00 Neutral Strong Buy 277 1.50

SPEEDY HIRE 59.00 23.50 64.75 Neutral Strong Buy 318 1.23

TRIBAL GROUP 192.75 82.00 194.50 Neutral Strong Buy 578 0.64

TRIFAST 55.00 40.50 59.25 Neutral Strong Buy 342 0.94

VP 407.50 295.25 412.50 Neutral Strong Buy 2367 0.80

WYG 90.50 42.00 91.00 Neutral Strong Buy 635 0.82

Telecommunication Services Over Valued


BT GROUP 340.70 212.50 344.00 Neutral Buy 416 0.89

CABLE & WIRELESS COMMS. 40.51 29.64 46.29 Neutral Strong Buy 78 0.69

INMARSAT 683.50 484.30 749.00 Neutral Sell 243 0.57

KCOM GROUP 83.20 68.25 88.50 Neutral Buy 115 1.23

TELECOM PLUS 1319.00 801.00 1390.00 Neutral Sell 785 0.03

VODAFONE GROUP 197.50 154.45 199.90 Neutral Sell 99 0.51


15/17



Transport Over Valued


BBA AVIATION 300.00 178.00 300.00 Sell Sell 233 1.25

BRAEMAR SHIPPING SVS. 432.50 350.00 452.00 Neutral Buy 596 1.06

CLARKSON 1888.00 1150.00 1888.00 Neutral Sell 1337 0.84

EASYJET 1412.00 530.00 1412.00 Neutral Sell 866 0.74

FIRST GROUP 99.95 92.00 212.39 Neutral Strong Buy 283 0.91

FISHER(JAMES)& SONS 1046.00 615.00 1110.00 Neutral Sell 787 0.75

GO-AHEAD GROUP 1582.00 1220.00 1595.00 Neutral Strong Buy 2727 1.00

NATIONAL EXPRESS 254.20 164.50 2 54.80 Neutral Neutral 249 1.40

NORTHGATE 390.00 199.75 390.00 Neutral Strong Buy 639 1.33

STAGECOACH GROUP 334.70 265.90 335.90 Neutral Buy 446 0.97

WINCANTON 75.25 42.00 78.50 Neutral Strong Buy 233 0.94

Utilities Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaCENTRICA 391.00 310.80 394.90 Neutral Strong Buy 588 0.50

NATIONAL GRID 786.50 665.50 847.50 Neutral Buy 1003 0.45

PENNON GROUP 695.50 598.00 768.00 Neutral Sell 637 0.61

SSE 1575.00 1312.00 1676.00 Neutral Buy 2299 0.41

SEVERN TRENT 1773.00 1513.00 2090.00 Neutral Sell 1538 0.34

UNITED UTILITIES GROUP 721.50 647.00 787.50 Neutral Neutral 767 0.48


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Documents

value indicator - uk main market 20130801