value indicator - uk main market 20130807

8/22/2019 value indicator - uk main market 20130807

1/17

07 August 2013

Powered by


2/17

Intellisys Intelligent Analysis Limited 07 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 FALSE ...............................................................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


3/17



Introduction

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

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

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

Timing

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

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

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

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

Individual Stock Rating & Trend Accuracy Scores

Source: Intellisys

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

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

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

Best Buy/Sell Trend


4/17



Value

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

models.

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

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

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

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

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

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

Conclusion

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

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

Philip Morrish ([email protected])

RISK WARNING Ratings and Targets

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


5/17



How to use the report

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

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

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

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

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

BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

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

HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

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

JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

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

the market. This can be summarised as:

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

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

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


6/17



Aerospace & Defence Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 453.60 300.80 455.40 Neutral Buy 617 0.71

CHEMRING GROUP 308.90 217.00 414.70 Neutral Buy 369 0.66

COBHAM 303.30 190.10 307.70 N eu tra l Neu tral 305 0.85

MEGGITT 544.00 366.20 562.00 N eu tra l Neu tral 536 1.28

ROLLS-ROYCE HOLDINGS 1190.00 7 99.39 1 240.00 N eu tra l Neu tral 1178 1.00

SMITHS GROUP 1316.00 1011.00 1397.00 Neutral Sell 1179 0.77

ULTRA ELECTRONICS HDG. 1918.00 1 503.00 1918.00 Neutral Sell 1741 0.52

Automobiles & Parts Under Valued

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

GKN 349.50 201.00 354.00 N eu tra l Neu tral 344 1.97

INCHCAPE 633.00 353.30 645.00 N eu tra l Neu tral 643 1.42

LOOKERS 125.00 64.50 125.00 Sell Sell 113 1.22

PENDRAGON 29.00 13.50 29.00 Neutral Strong Buy 44 1.09

Banks Over Valued


BARCLAYS 284.50 178.95 333.85 Neutral Sell -837 1.95

HSBC HDG. (ORD $0.50) 716.00 541.00 769.90 Neutral Buy 884 1.18

LLOYDS BANKING GROUP 74.26 31.38 75.69 Neutral Sell 2 1.86

ROYAL BANK OF SCTL.GP. 317.70 220.70 367.80 Neutral Sell -135 1.39

STANDARD CHARTERED 1567.50 1228.50 1 837.50 Neutral Strong Buy 3478 1.64

Beverages Under Valued


BARR (AG) 568.00 415.00 588.50 Neutral Sell 505 0.58

DIAGEO 2136.50 1672.50 2136.50 Neutra l Neutral 2289 0.54

SABMILLER 3206.50 2599.00 3657.00 Neutral Buy 4389 0.91

Chemicals Under Valued


ALENT 365.60 305.00 397.50 Neutral Buy 456 #NA

AZ ELECTRONIC MATS.(DI) 319.00 240.00 406.40 Neutral Strong Buy 557 1.12

CARCLO 357.75 342.75 503.00 Neutral Sell 147 0.74

CRODA INTERNATIONAL 2520.00 2164.00 2841.00 Neutral Buy 3189 1.05

ELEMENTIS 259.40 204.20 275.00 Neutral Buy 311 1.07

JOHNSON MATTHEY 2860.00 2190.00 2887.00 Neutral Strong Buy 4347 1.43

VICTREX 1518.00 1308.00 1765.00 Neutral Sell 1344 1.16

SYNTHOMER 202.00 141.80 225.80 Neutral Strong Buy 400 1.10

ZOTEFOAMS 204.00 175.50 225.00 Neutral Buy 300 1.00


7/17



Construction & Building Materials Under Valued


ALUMASC GROUP 114.50 64.00 118.50 Neutral Strong Buy 286 0.56

BALFOUR BEATTY 247.50 207.60 320.80 Neutral Strong Buy 1164 0.83

BARRATT DEVELOPMENTS 355.20 140.10 355.20 Sell Strong Buy 627 1.70

BELLWAY 1473.00 825.00 1480.00 Neutral Strong Buy 2944 1.02

BERKELEY GROUP HDG.(THE) 2335.00 1387.00 2340.00 Neutral Strong Buy 3591 0.58

BOOT (HENRY) 186.00 117.00 201.00 Neutral Strong Buy 375 0.75

BOVIS HOMES GROUP 800.00 461.10 851.50 Neutral Strong Buy 1479 1.11

CARILLION 299.60 244.80 331.80 Neutral Strong Buy 1586 1.09

CLARKE (T) 57.25 40.00 61.50 Neutral Strong Buy 397 0.80

COSTAIN GROUP 282.50 211.00 306.00 Neutral Strong Buy 1163 0.52

CRH 1438.00 1090.00 1540.00 Neutral Sell 933 1.04

GALLIFORD TRY 1002.00 610.00 1019.00 Neutral Strong Buy 3036 0.97

KELLER 1075.00 464.25 1161.00 Neutral Strong Buy 2457 1.29

KIER GROUP 1472.00 1106.00 1500.00 Neutral Strong Buy 5484 1.01

LOW & BONAR 70.75 50.00 76.75 Neutral Strong Buy 232 1.06MARSHALLS 150.00 78.00 152.75 Neutral Buy 209 1.33

MORGAN SINDALL GROUP 650.00 508.00 695.00 Neutral Strong Buy 4668 0.71

NORCROS 17.00 11.25 18.25 Neutral Strong Buy 62 1.05

PERSIMMON 1280.00 597.99 1305.00 Neutral Strong Buy 2059 1.02

REDROW 255.10 132.50 255.10 Sell Strong Buy 469 0.90

SIG 184.40 94.15 185.60 Neutral Strong Buy 543 1.70

SUPERGLASS HOLDINGS 46.50 43.00 287.50 Sell Strong Buy 4366 0.89

TAYLOR WIMPEY 112.80 48.50 113.80 Neutral Strong Buy 234 1.61

TRAVIS PERKINS 1681.00 1013.00 1713.00 Neutral Strong Buy 4542 1.95

WOLSELEY 3315.00 2449.53 3483.00 Neutral Strong Buy 6176 1.35

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1179.00 999.50 1365.00 Neutral Sell 1050 0.69

DOMINO PRINTING SCIENCES 651.00 522.00 717.00 Neutral Buy 883 1.14

E2V TECHNOLOGIES 130.25 105.50 137.75 Neutral Strong Buy 275 1.27

INVENSYS 505.00 217.33 509.50 Neutral Sell 275 1.40

LAIRD 210.00 171.10 249.30 Neutral Strong Buy 445 2.10

OXFORD INSTRUMENTS 1420.00 1209.00 1752.00 Neutral Sell 1293 1.11

RENISHAW 1576.00 1494.00 2081.00 Neutral Buy 2062 1.29

SPECTRIS 2214.00 1549.00 2470.00 Neutral Buy 2816 1.53

BIOME TECHNOLOGIES 71.50 71.50 303.67 Neutral Sell -525 0.77

TT ELECTRONICS 185.00 114.00 185.25 Neutral Strong Buy 430 1.61

XAAR 855.00 227.00 898.00 Neutral Sell 420 1.06


8/17



Engineering & Machinery FALSE


AGA RANGEMASTER GROUP 101.75 54.25 101.75 Sell Buy 136 1.19

BODYCOTE 636.50 337.60 640.00 Neutral Neutral 630 1.60

CASTINGS 417.50 291.00 425.00 Neutral Strong Buy 671 0.95

VESUVIUS 452.00 263.19 480.00 Neutral Strong Buy 1075 2.23

FENNER 350.80 305.90 435.20 Neutral Strong Buy 552 1.45

HALMA 568.50 399.90 568.50 Sell Sell 412 0.78

HILL & SMITH 414.00 302.00 480.00 Neutral Buy 533 1.32

IMI 1427.00 837.50 1427.00 Sell Strong Buy 4619 1.41

MORGAN ADVANCED MATERIAL 315 .30 220 .30 318 .00 Neutral Strong Buy 519 1.90

ROTORK 2912.00 2157.00 3037.00 Neutral Sell 530 1.00

SENIOR 284.90 185.90 284.90 Neutral Sell 246 1.66

SEVERFIELD-ROWEN 57.75 35.40 80.16 Neutral Sell 44 0.79

SPIRAX-SARCO 2909.00 1932.53 2928.35 Neutral Sell 2129 0.84

VITEC GROUP 595.50 559.00 740.00 Neutral Sell 466 1.37

WEIR GROUP 2200.00 1566.00 2474.00 Neutral Neutral 2188 1.44

Food & Drug Stores Over Valued


GREGGS 402.30 398.00 523.50 Buy Strong Buy 771 0.44

MORRISON(WM)SPMKTS. 289.20 248.60 296.40 Neutral Buy 389 0.39

SAINSBURY (J) 391.30 321.90 398.50 Neutral Buy 476 0.56

TESCO 372.00 307.90 387.75 Neutral Sell 196 0.68

THORNTONS 81.00 23.50 100.50 Neutral Sell 52 0.79

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1964.00 1267.00 2 031.00 Neutral Sell 1669 0.61

CRANSWICK 1140.00 732.50 1178.00 Neutral Strong Buy 1813 0.33

DAIRY CREST 507.50 332.90 510.00 Neutral Sell 371 0.91

DEVRO 326.00 289.90 380.00 Neutral Strong Buy 533 0.37

PREMIER FOODS 94.50 54.50 125.75 Neutral Strong Buy 250 1.26

TATE & LYLE 831.00 634.50 883.00 Neutral Strong Buy 1399 0.67

UNILEVER (UK) 2678.00 2235.00 2885.00 Neutral Sell 2275 0.50


9/17



General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 25.88 22.13 29.50 Neutral Strong Buy 39 0.66

BROWN (N) GROUP 539.50 266.40 539.50 Sell Sell 465 0.51

BURBERRY GROUP 1561.00 1000.00 1563.00 Neutral Sell 1251 1.29

CARPETRIGHT 677.50 585.00 701.50 Neutral Sell 355 0.90

DIXONS RETAIL 44.84 16.00 46.33 Neu tral Neu tral 46 1.46

FINDEL 207.75 60.20 211.75 Neutral Sell 59 1.06

FRENCH CONNECTN.GROUP 32.00 20.13 34.00 Sell Strong Buy 111 1.01

HALFORDS GROUP 374.40 220.40 405.20 Neutral Buy 520 0.71

JD SPORTS FASHION 900.00 651.00 925.00 Neutral Strong Buy 1780 0.49

DARTY 74.50 39.00 80.00 Neutral Buy 111 1.23

KINGFISHER 397.90 262.20 404.90 Neutral Buy 453 0.91

MARKS & SPENCER GROUP 483.60 348.80 488.80 Neutral Buy 650 0.60

MOSS BROTHERS GROUP 60.75 44.75 71.00 Neutral Buy 74 0.97

MOTHERCARE 429.00 202.00 492.75 Neutral Sell 155 0.38

NEXT 5015.00 3320.00 5030.00 Neu tral Neu tral 5434 0.61

TED BAKER 1952.00 899.00 1973.00 Neutral Sell 985 0.56

TOPPS TILES 89.50 43.50 89.50 Neutral Sell 77 1.51

Health Over Valued


BIOQUELL 134.00 129.50 160.00 Neutral Sell 113 0.39

CONSORT MEDICAL 820.00 660.50 839.00 Neutral Sell 575 0.35

OPTOS 161.00 106.75 222.75 Neu tral Neu tral 172 1.17

SMITH & NEPHEW 793.00 638.00 800.00 Neutral Sell 675 0.45

Household Goods & Textiles Over Valued


GAMES WORKSHOP 789.00 601.00 794.50 Neutral Neutral 773 0.42

HEADLAM GROUP 397.50 278.00 397.50 Neutral Sell 332 0.88

HORNBY 80.00 55.25 88.50 Neutral Buy 113 0.70

Information Technology & Hardware Over Valued


ARM HOLDINGS 886.50 528.00 1097.00 Neutral Sell 280 0.73

CSR 515.00 308.10 607.00 Neutral Strong Buy 1567 1.13FILTRONIC 66.00 29.00 83.25 Neutral Sell 55 0.94

IMAGIN AT ION TECHNOLOGIES 237 .00 235 .10 624 .00 Buy Buy 323 1.04

SPIRENT COMMUNICATIONS 141.50 118.00 170.00 Neutral Strong Buy 240 0.94

WOLFSON M ICR OELECTR ONICS 158 .75 140 .00 230 .00 Neutral Sell -205 0.94


10/17



Insurance Under Valued


ADMIRAL GROUP 1268.00 1019.00 1416.00 Buy Sell -545 0.52

AMLIN 405.50 364.10 435.10 Neutral Strong Buy 1589 0.40

BEAZLEY 220.90 162.20 242.70 Neutral Strong Buy 986 0.50

CATLIN GROUP 504.50 441.00 552.50 Neutral Sell 479 0.22

HISCOX 653.50 456.58 660.00 Neutral Strong Buy 1972 0.46

JARDINE LLOYD THOMPSON 913.00 723.00 917.00 Neutral Buy 1252 0.32

RSA INSURANCE GROUP 122.20 107.70 136.30 Neutral Strong Buy 756 0.39

NOVAE GROUP 497.00 345.00 507.50 Neutral Strong Buy 3568 0.38

Leisure & Hotels Over Valued


CARNIVAL 2552.00 2092.00 2628.00 Neutral Buy 3703 0.95

ENTERPRISE INNS 142.00 55.50 147.00 Neutral Sell 122 1.64

TUI TRAVEL 401.50 194.30 401.50 Neutral Strong Buy 746 0.96

FULLER SMITH 'A' 930.00 700.50 965.00 Neutral Sell 638 0.26

GREENE KING 897.50 556.50 897.50 Sell Sell 659 0.88

LADBROKES 210.00 163.40 243.10 Neutral Buy 273 0.87

ICTL.HTLS.GP. 2030.00 1524.00 2039.00 Neutral Sell 1737 1.10

MILLENNIUM & CPTH.HTLS. 554.50 456.00 582.50 Neu tral Neu tral 607 1.34

MITCHELLS & BUTLERS 419.00 262.70 426.80 Neutral Sell 292 1.00

BWIN PARTY DIGITAL ENTM. 136.00 91.90 156.00 Neutral Sell 64 1.24

PUNCH TAVERNS 13.12 6 .10 13.75 Neutral Strong Buy 80 1.16

RANK GROUP 160.50 120.00 177.50 Neutral Strong Buy 592 0.96

RESTAURANT GROUP 555.50 317.50 557.50 Neutral Sell 405 0.70

WETHERSPOON (JD) 710.50 447.90 767.00 Neu tral Neu tral 724 0.57

WHITBREAD 3303.00 2096.00 3303.00 Neutral Sell 2271 0.97WILLIAM HILL 456.80 271.02 494.50 Neutral Sell 267 0.80

MARSTON'S 155.60 109.70 164.50 Neutral Sell 14 1.16

Life Assurance Under Valued


AVIVA 372.90 294.10 388.40 Neutral Sell 351 1.18

CHESNARA 257.25 163.50 270.00 Neutral Strong Buy 512 0.64

LEGAL & GENERAL 201.90 128.00 201.90 Sell Strong Buy 491 1.69

OLD MUTUAL 192.50 165.10 221.60 Neutral Strong Buy 412 1.52

PRUDENTIAL 1193.00 770.00 1203.00 Sell Neutral 1217 1.66

ST.JAMES'S PLACE 641.50 336.20 641.50 Neutral Strong Buy 6925 0.84


11/17



Media & Entertainment Under Valued


BLOOMSBURY PBL. 139.00 102.00 146.50 Neutral Strong Buy 922 0.42

BRITISH SKY BCAST.GROUP 833.00 709.00 899.50 Neutral Strong Buy 1056 0.47

CENTAUR MEDIA 42.50 31.00 60.00 Neutral Sell -42 1.06

DAILY MAIL 'A' 822.00 451.25 828.00 Neutral Strong Buy 3556 1.07

EUROMONEY INSTL.INVESTOR 1105.00 747 .00 1105.00 Neutral Strong Buy 5566 0.96

INFORMA 529.00 380.50 541.50 Neutral Strong Buy 327 1.63

ITE GROUP 282.90 183.50 307.40 Neutral Buy 201 1.44

ITV 167.20 81.15 168.60 Neutral Strong Buy 1369 1.46

JOHNSTON PRESS 14.75 5.20 19.00 Neutral Buy 720 1.20

PEARSON 1337.00 1119.00 1350.00 Neutral Neutral 309 0.65

PHOTO-ME INTL. 98.00 41.25 98.00 Neutral Strong Buy 2283 0.86

PINEWOOD SHEPPERTON 286.50 269.00 288.50 Neutral Strong Buy 732 0.13

THOMSON REUTERS 35.62 26.85 36.45 Neutral Strong Buy 346 0.52

STV GROUP 157.50 81.50 157.50 Neutral Sell 240 0.82

ST.IVES 170.00 71.00 170.00 Neutral Sell 159 1.48TRINITY MIRROR 113.00 36.75 122.25 Neutral Sell -289 1.59

UBM 714.00 636.00 788.00 Neutral Strong Buy 1421 1.33

WILMINGTON GROUP 166.50 100.00 166.50 Neutral Strong Buy 1390 0.85

WPP 1192.00 788.00 1210.00 Neutral Sell -827 1.27

Mining Under Valued


ANGLO AMERICAN 1416.00 1207.00 2084.00 Neutral Sell 1210 1.84

ANGLO PACIFIC GROUP 198.00 161.00 290.00 Neu tral Neu tral 205 1.07

ANTOFAGASTA 849.50 784.50 1381.00 Neu tral Neu tral 822 1.42

BHP BILLITON 1875.00 1666.50 2236.00 Neutral Strong Buy 2843 1.48

GLENCORE XSTRATA 275.65 256.85 397.85 Neutral Strong Buy 983 #NA

LONMIN 314.40 240.84 411.96 Sell Buy 422 2.08

RANDGOLD RESOURCES 4428.00 3972.00 7 775.00 Neutral Sell 2796 0.47

RIO TINTO 2999.50 2582.00 3757.00 Neutral Sell 2367 1.53

VEDANTA RESOURCES 861.00 1335.00 Neutral Strong Buy 2676 2.24

Oil & Gas Under Valued


BG GROUP 1209.50 1000.50 1350.50 Neutral Sell 895 0.84

BP 454.35 416.60 483.30 Neutral Strong Buy 1011 1.02

CAIRN ENERGY 265.60 251.80 309.40 Neutral Sell -27 1.33

FORTUNE OIL 7.75 7.15 12.50 Neutral Strong Buy 111 0.84

HUNTING 847.50 716.00 941.00 Neutral Sell 575 1.35

JKX OIL & GAS 65.00 48.50 96.00 Neutral Sell -56 1.35

PREMIER OIL 353.20 321.30 401.20 Neutral Buy 407 1.45

ROYAL DUTCH SHELL B 2185.00 2098.00 2366.50 Neutral Strong Buy 8251 0.83

SOCO INTERNATIONAL 373.00 319.90 404.30 Neutral Buy 464 0.53

TULLOW OIL 1054.00 977.00 1468.00 Neutral Sell 696 1.05

WOOD GROUP (JOHN) 891.00 720.50 908.50 Neutral Sell 728 1.44


12/17



Personal Care & Household Products Over Valued


MCBRIDE 131.87 101.00 144.60 Neutral Strong Buy 264 0.84

PZ CUSSONS 399.10 297.20 415.60 Neutral Sell 333 0.70

RECKITT BENCKISE R GROUP 4720.00 3536.00 4950.00 Neutral Neutral 4764 0.30

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.53 0.36 3.58 Buy Sell -3 0.91

ASTRAZENECA 3272.00 2792.50 3521.50 Neutral Strong Buy 9070 0.51

BTG 383.60 300.30 397.90 Neutral Sell 215 0.73

DECHRA PHARMACEUTICALS 689.50 4 73.00 780.00 Neutral Buy 927 0.18

GLAXOSMITHKLINE 1694.00 1317.50 1782.00 Neutral Buy 1936 0.52

OXFORD BIOMEDICA 1.48 1.33 2.80 Buy Sell -3 0.57

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Buy Sell -6 0.93

SHIRE 2392.00 1727.00 2442.00 Neutral Sell 1543 0.70

SKYEPHARMA 81.00 43.50 100.50 Neutral Buy 103 0.66

VERNALIS 22.75 19.38 27.38 Neutral Sell 10 0.86

Real Estate - REIT Under Valued


BIG YELLOW GROUP 437.00 300.00 445.00 Neutral Buy 652 1.18

BRITISH LAND 594.50 506.00 658.00 Neutral Buy 765 1.05

DERWENT LONDON 2403.00 1890.00 2542.00 Neutral Strong Buy 4497 1.23

GREAT PORTLAND ESTATES 555.00 42 5.00 598.00 Neutral Strong Buy 1037 1.06

HAMMERSON 528.50 448.60 554.00 Neutral Neutral 508 1.24

INTU PROPERTIES 324.90 300.60 366.00 Neutral Strong Buy 501 1.13

LAND SECURITIES GROUP 947.50 761.50 994.00 Neutral Strong Buy 1608 1.15

LOCAL SHOP.REIT (THE) 26.13 24.25 40.75 Neutral Sell -139 0.81

LONDONMETRIC PROPERTY 116.90 1 03.20 121.40 Neutral Sell -2 0.33

MCKAY SECURITIES 146.25 131.50 155.00 Neutral Strong Buy 251 0.66

MUCKLOW (A & J) GROUP 399.00 325.00 454.50 Neutral Sell 237 0.39

PRIMARY HEALTH PROPS. 332.00 312.50 363.53 Neutral Sell 98 0.30

REDEFINE INTL.REIT 44.75 26.11 44.75 Neutral Sell -341 0.64

SEGRO 306.80 221.60 313.60 Neutral Sell -234 1.81

SHAFTESBURY 638.50 516.00 668.00 Neutral Buy 781 1.03

TOWN CENTRE SECURITIES 205.00 172.50 223.00 Neutral Sell 19 1.04

WARNER ESTATE 0.98 0.70 2.52 Neutral Sell -914 0.93

WORKSPACE GROUP 460.00 245.00 475.00 Neutral Strong Buy 1151 1.01


13/17



Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 361.90 210.50 365.60 Neutral Strong Buy 793 0.70

CAPITAL & REGIONAL 34.75 22.75 37.50 Sell Sell -53 0.64

CLS HOLDINGS 1104.00 645.00 1120.00 Neutral Strong Buy 3062 0.75

DAEJAN HOLDINGS 4030.00 2706.00 4179.00 Neutral Strong Buy 7317 0.48

DEVELOPMENT SECS. 202.00 143.00 209.00 Neutral Neutral 194 0.96

GRAINGER 182.80 92.80 187.50 Neutral Sell 115 1.57

HELICAL BAR 291.25 178.00 302.50 Neutral Sell 204 0.82

LONDON & ASSOCS.PROPS. 25.00 20.50 29.75 Neutral Strong Buy 239 0.64

MOUNTVIEW ESTATES 6100.00 4150.00 6100.00 Neutral Strong Buy 15047 0.69

QUINTAIN ESTATES & DEV. 88.00 49.50 90.50 Sell Sell -205 1.04

RAVEN RUSSIA 68.25 61.50 79.75 Neutral Strong Buy 220 1.48

SAVILLS 664.50 374.40 664.50 Neutral Strong Buy 2332 0.74

SMART (J) 86.00 71.50 88.00 Neutral Strong Buy 386 0.33

ST MODWEN PROPS. 325.00 187.50 333.00 Neutral Strong Buy 638 1.60

UNITE GROUP 385.10 214.75 403.00 Neutral Strong Buy 1720 1.77

Software & Computer Services Under Valued


ANITE 129.80 113.00 162.00 Neutral Neutral 129 0.67

AVEVA GROUP 2462.00 1776.97 2588.15 Neutral Sell 1524 1.49

COMPUTACENTER 506.50 333.29 564.10 Neutral Strong Buy 1166 0.89

KOFAX 339.00 260.75 347.25 Neutral Sell 308 1.06

INNOVATION GROUP 29.50 18.63 29.75 Neutral Sell 22 0.78

MICRO FOCUS INTL. 811.50 531.08 812.50 Neutral Buy 933 0.82

PHOENIX IT GROUP 160.00 130.00 222.00 Neutral Strong Buy 244 0.69

RM 81.00 64.00 85.50 Neutral Strong Buy 240 0.54

FIDESSA GROUP 2090.00 1275.00 2137.00 Neutral Neutral 2221 0.79

SAGE GROUP 354.00 289.36 368.18 Neutral Buy 447 0.69

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 385.00 266.60 492.10 Neutral Strong Buy 1264 1.11

BREWIN DOLPHIN 275.50 144.60 275.50 Sell Strong Buy 673 0.70

CAMELLIA 9101.50 8000.00 11105.00 Neutral Strong Buy 98427 0.84

CHARLES STANLEY GROUP 437.00 260.00 437.00 Neutral Strong Buy 1478 0.96

CHARLES TAYLOR 194.00 155.00 195.00 Neutral Strong Buy 1673 0.67

CLOSE BROTHERS GROUP 1089.00 770.00 1107.00 Neutral Strong Buy 4986 0.86

F&C ASSET MANAGEMENT 104.00 88.25 110.40 Neutral Sell 71 0.84

HELPHIRE GROUP 4.15 0.55 4.57 Sell Sell -135 0.63

HENDERSON GROUP 173.00 101.70 180.40 Neutral Strong Buy 833 1.46

ICAP 396.50 280.80 406.80 Neutral Strong Buy 844 1.04

INTERMEDIATE CAPITAL GP. 484.40 27 5.00 501.50 Neutral Strong Buy 2230 1.69

INVESTEC 431.70 358.40 513.50 Neutral Strong Buy 1688 1.57

LONDON STOCK EX.GROUP 1 62 2.00 93 0.00 1 622 .0 0 Sell Strong Buy 8358 1.11

MAN GROUP 91.80 71.30 134.40 Neutral Sell -5100 1.36

RATHBONE BROTHERS 1635.00 1208.00 1691.00 Neutral Strong Buy 5665 0.73

SCHRODERS 2534.00 1383.00 2560.00 Neutral Strong Buy 8447 1.30

SCHRODERS NV 1985.00 1094.00 2000.00 Sell Strong Buy 11189 1.28


14/17



Support Services Under Valued


ACAL 248.00 157.75 255.00 Neutral Strong Buy 881 0.88

AGGREKO 1636.00 1557.00 2400.00 Neutral Strong Buy 4337 1.13

AMEC 1083.00 965.50 1172.00 Neutral Strong Buy 3421 1.09

ASHTEAD GROUP 719.50 267.00 730.00 Neutral Buy 1029 1.65

BABCOCK INTL. 1195.00 887.50 1209.00 Neutral Strong Buy 2707 0.49

BRITISH POLYTHENE INDS. 585.00 358.00 604.00 Neutral Strong Buy 2437 0.80

BUNZL 1368.00 1009.00 1409.00 Neutral Strong Buy 2877 0.53

UK MAIL GROUP 590.00 230.00 593.00 Neutral Strong Buy 1715 0.42

CAPITA 1038.00 713.00 1057.00 Neutral Sell 216 0.54

COMMUNISIS 60.50 32.05 68.00 Neutral Strong Buy 498 0.81

COMPASS GROUP 903.50 671.50 910.50 Neutral Strong Buy 2047 0.74

BERENDSEN 847.50 514.00 847.50 Sell Strong Buy 3480 1.03

DE LA RUE 990.50 891.50 1075.00 Neutral Buy 1471 #NA

DIGNITY 1523.00 900.00 1568.00 Neutral Strong Buy 3216 0.24

DIPLOMA 601.50 420.10 627.50 Neutral Strong Buy 1574 0.96

ELECTROCOMP. 261.00 200.00 278.40 Neutral Strong Buy 959 1.01ESSENTRA PLC 829.50 500.50 830.00 Sell Strong Buy 1432 1.16

G4S 227.80 207.50 313.50 Neutral Strong Buy 917 0.53

HAYS 104.80 68.20 106.00 Neutral Strong Buy 474 1.06

HOMESERVE 262.60 185.60 293.60 Neutral Strong Buy 1007 0.88

INTERSERVE 508.50 319.00 519.00 Neutral Strong Buy 3804 1.26

INTERTEK GROUP 3158.00 2697.00 3453.00 Neutral Strong Buy 4949 0.80

JOHNSON SERVICE GROUP 48.75 27 .50 50.00 Neutral Strong Buy 121 1.11

MANAGEMENT CNSL.GP. 24.50 21.25 32.00 Neutral Strong Buy 225 0.63

MENZIES (JOHN) 752.00 573.00 801.00 Neutral Strong Buy 1840 1.38

MICHAEL PAGE INTL. 462.20 346.40 462.20 Neutral Strong Buy 869 1.41

MITIE GROUP 272.30 248.00 300.80 Neutral Strong Buy 1094 0.52

OFFICE2OFFICE 39.00 39.00 156.00 Buy Strong Buy 730 0.28

PAYPOINT 1130.00 684.00 1130.00 Neutral Strong Buy 2270 0.73PREMIER FARNELL 233.90 165.50 236.30 Neutral Strong Buy 747 1.42

REGUS 186.10 96.00 189.20 Neutral Sell 58 1.40

RENTOKIL INITIAL 97.60 76.10 100.70 Neutral Strong Buy 278 1.26

REXAM 508.50 420.70 547.50 Neutral Strong Buy 1837 0.85

RICARDO 451.75 340.00 451.75 Neutral Strong Buy 1728 0.89

ROBERT WALTERS 265.00 176.25 268.00 Neutral Strong Buy 1049 1.19

RPC GROUP 471.00 378.00 477.00 Neutral Strong Buy 1578 0.80

RPS GROUP 249.00 195.50 274.20 Neutral Strong Buy 1036 1.51

SERCO GROUP 631.00 535.00 683.50 Neutral Strong Buy 2452 0.59

SHANKS GROUP 87.00 73.00 98.00 Neutral Strong Buy 279 1.49

SPEEDY HIRE 59.50 23.50 64.75 Neutral Strong Buy 320 1.20

TRIBAL GROUP 197.50 82.00 197.50 Sell Strong Buy 582 0.65

TRIFAST 56.75 40.50 59.25 Neutral Strong Buy 344 0.91

VP 415.00 295.25 415.00 Neutral Strong Buy 2383 0.81

WYG 92.00 42.00 92.00 Neutral Strong Buy 639 0.80

Telecommunication Services Over Valued


BT GROUP 338.60 212.50 344.00 Neutral Buy 421 0.88

CABLE & WIRELESS COMMS. 40.00 31.86 46.29 Neutral Strong Buy 79 0.68

INMARSAT 713.00 542.50 749.00 Neutral Sell 257 0.55

KCOM GROUP 85.60 68.25 88.50 Neutral Buy 118 1.21

TELECOM PLUS 1341.00 814.00 1390.00 Neutral Sell 800 0.05

VODAFONE GROUP 198.15 154.45 200.20 Neutral Sell 104 0.51


15/17



Transport Over Valued


BBA AVIATION 295.10 178.00 300.50 Neutral Sell 233 1.24

BRAEMAR SHIPPING SVS. 449.00 350.00 455.00 Neutral Buy 595 1.05

CLARKSON 1885.00 1150.00 1896.00 Neutral Sell 1335 0.85

EASYJET 1427.00 530.00 1448.00 Neutral Sell 865 0.76

FIRST GROUP 103.70 92.00 212.39 Neutral Strong Buy 283 0.91

FISHER(JAMES)& SONS 1045.00 618.00 1110.00 Neutral Sell 785 0.74

GO-AHEAD GROUP 1527.00 1220.00 1595.00 Neutral Strong Buy 2729 0.99

NATIONAL EXPRESS 255.40 164.50 2 56.10 Neutral Neutral 248 1.40

NORTHGATE 383.25 202.00 390.00 Neutral Strong Buy 637 1.34

STAGECOACH GROUP 330.30 265.90 337.60 Neutral Buy 446 0.98

WINCANTON 78.00 43.75 79.50 Neutral Strong Buy 235 0.96

Utilities Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaCENTRICA 391.50 310.80 394.90 Neutral Strong Buy 588 0.52

NATIONAL GRID 781.00 678.00 847.50 Neutral Buy 1004 0.46

PENNON GROUP 698.00 598.00 766.50 Neutral Sell 639 0.62

SSE 1577.00 1320.00 1676.00 Neutral Buy 2302 0.41

SEVERN TRENT 1778.00 1513.00 2090.00 Neutral Sell 1539 0.36

UNITED UTILITIES GROUP 724.50 647.00 787.50 Neutral Neutral 768 0.48


16/17



DISCLAIMER

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

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

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

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

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

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

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

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

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

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

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

Intellisys (including its Directors, employees and representatives) or a connected person may have positionsin or options or other financial instruments on any of the securities mentioned within a report, and may buy,sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internal

rules.


17/17


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

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

RISK WARNING

Intellisys does not make personal recommendations. The information in this publication is providedsolely to enable you to make your own investment decisions.

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

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

Documents

value indicator - uk main market 20130807