value indicator - uk main market 20130924

7/29/2019 value indicator - uk main market 20130924

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24 September 2013

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Intellisys Intelligent Analysis Limited 24 September 2013

www.intellisys.uk.com +44 20 3239 8994 Page 2 of 17

Contents

Introduction .................................................................................................................................3Value ...........................................................................................................................................4Conclusion ..................................................................................................................................4RISK WARNING Ratings and Targets ....................................................................................4How to use the report .................................................................................................................5Aerospace & Defence Over Valued ....................................................................6Automobiles & Parts Over Va lued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................7Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Under Valued ..................................................8Engineering & Machinery Under Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Over Valued ........................................................8General Retail Under Valued ..............................................................................9Health Over Valued .........................................................................................9Household Goods & Textiles Under 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 ....................................................... 15Transport 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 upon 49valuation metrics

Company Latest 12 month Hi/Lo forthe share price

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


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Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaAVON RUBBER 526.50 297.50 526.50 Neutral Sell 498 0.93

BAE SYSTEMS 444.00 300.80 455.40 Neutral Buy 612 0.70

CHEMRING GROUP 306.20 217.00 353.30 N eu tra l Neu tral 332 0.67

COBHAM 286.10 190.10 307.70 N eu tra l Neu tral 292 0.82

MEGGITT 550.50 366.20 564.00 Neutral Sell 511 1.25

QINETIQ GROUP 190.20 179.00 211.10 Neutral Sell 114 0.65

ROLLS-ROYCE HOLDINGS 1115.00 8 22.44 1 240.00 Neutral Buy 1493 0.98

SENIOR 266.20 185.90 288.40 N eu tra l Neu tral 269 1.66

SMITHS GROUP 1388.00 1018.00 1412.00 Neutral Sell 1200 0.76

ULTRA ELECTRONICS HDG. 18 89.00 1 505.00 1981.00 Neutral Sell 1695 0.51

Automobiles & PartsOver Valued

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

GKN 352.00 201.00 360.70 Neutral Sell -1815 1.96

INCHCAPE 602.00 353.30 645.00 Neutral Strong Buy 2935 1.41

LOOKERS 126.00 71.50 128.50 Neutral Strong Buy 662 1.22

PENDRAGON 33.75 13.50 35.25 Neutral Strong Buy 261 1.04

TOROTRAK 27.38 23.50 36.50 Neutral Sell 13 0.73

Banks Over Valued


BARCLAYS 266.35 197.36 308.39 Neutral Sell -647 1.96

HSBC HDG. (ORD $0.50) 686.60 573.30 769.90 Neutral Buy 841 1.19

LLOYDS BANKING GROUP 73.91 37.01 78.00 Neutral Sell 8 1.88

ROYAL BANK OF SCTL.GP. 361.00 255.10 369.00 Neutral Sell -107 1.39

STANDARD CHARTERED 1528.00 1380.00 1837.50 Neutral Strong Buy 3341 1.67

Beverages Under Valued


BARR (AG) 522.00 432.20 588.50 Neutral Sell 422 0.58

BRITVIC 569.00 349.10 592.00 Neutral Buy 810 0.73

DIAGEO 2050.50 1724.00 2136.50 Sell Buy 2339 0.51

SABMILLER 3251.00 2599.00 3657.00 Neutral Strong Buy 5123 0.89


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Chemicals Under Valued


ALENT 353.80 305.00 397.50 Neutral Strong Buy 3761 #NA

AZ ELECTRONIC MATS.(DI) 306.50 240.00 406.40 Neutral Strong Buy 547 1.11

CARCLO 401.00 342.75 501.00 Neutral Sell 126 0.74

CRODA INTERNATIONAL 2727.00 2164.00 2841.00 Neutral Buy 3280 1.05

ELEMENTIS 250.50 204.20 275.00 Neutral Buy 300 1.07

JOHNSON MATTHEY 2878.00 2190.00 2985.00 Neutral Buy 4055 1.44

VICTREX 1636.00 1322.00 1765.00 Neutral Sell 1355 1.16

SYNTHOMER 236.40 146.00 249.20 Neutral Strong Buy 379 1.05

ZOTEFOAMS 197.50 186.50 225.00 Neutral Buy 289 1.00

Construction & Building Materials Under Valued


ALUMASC GROUP 137.00 77.50 137.00 Neutral Strong Buy 291 0.55

BALFOUR BEATTY 275.80 207.60 320.80 Neutral Strong Buy 1079 0.82

BARRATT DEVELOPMENTS 316.10 168.00 355.20 Neutral Strong Buy 639 1.67

BELLWAY 1305.00 913.00 1502.00 Neutral Strong Buy 2973 0.96

BERKELEY GROUP HDG.(THE) 2015.00 1387 .00 2340.00 Neutral Strong Buy 5192 0.55

BOOT (HENRY) 188.00 123.50 201.00 Neutral Strong Buy 372 0.74

BOVIS HOMES GROUP 741.50 487.00 851.50 Neutral Strong Buy 1491 1.07

CARILLION 312.30 244.80 331.80 Neutral Strong Buy 1611 1.06

CLARKE (T) 64.13 40.00 64.63 Neutral Strong Buy 405 0.76

COSTAIN GROUP 262.00 226.25 306.00 Neutral Strong Buy 1165 0.50

CRH 1492.00 1090.00 1540.00 Neutral Sell 911 1.03

GALLIFORD TRY 1023.00 678.00 1070.00 Neutral Strong Buy 3086 0.93

KELLER 1055.00 540.50 1161.00 Neutral Strong Buy 2487 1.28

KIER GROUP 1628.00 1106.00 1683.00 Neutral Strong Buy 5560 0.99

LOW & BONAR 78.00 50.00 80.00 Neutral Strong Buy 233 1.08

MARSHALLS 175.50 85.00 184.00 Neutral Buy 215 1.33

MORGAN SINDALL GROUP 736.00 508.00 740.50 Neutral Strong Buy 4789 0.70

NORCROS 21.25 11.25 21.50 Neutral Strong Buy 71 1.02

PERSIMMON 1115.00 685.75 1305.00 Neutral Strong Buy 2078 0.99

REDROW 236.30 152.90 255.10 Neutral Strong Buy 476 0.84

SIG 186.90 99.00 193.70 Neutral Strong Buy 553 1.68

SUPERGLASS HOLDINGS 43.00 43.00 287.50 Neutral Strong Buy 4423 0.89

TAYLOR WIMPEY 100.60 54.30 113.80 Neutral Strong Buy 237 1.58

TRAVIS PERKINS 1607.00 1030.00 1713.00 Neutral Strong Buy 4600 1.94

WOLSELEY 3353.00 2635.64 3483.00 Neutral Strong Buy 6287 1.30


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Electronics & Electrical Equipment Under Valued


DIALIGHT 1150.00 999.50 1399.00 Neutral Sell 1050 0.67

DOMINO PRINTING SCIENCES 630.00 522.00 717.00 Neutral Buy 882 1.12

E2V TECHNOLOGIES 139.00 105.50 139.75 Neutral Strong Buy 286 1.25

INVENSYS 502.50 217.33 509.50 Neutral Sell 291 1.42

LAIRD 222.20 171.10 249.30 Neutral Strong Buy 446 2.06

OXFORD INSTRUMENTS 1325.00 1209.00 1752.00 Neutral Sell 1150 1.11

RENISHAW 1797.00 1494.00 2081.00 Neutral Buy 2063 1.28

SPECTRIS 2224.00 1549.00 2470.00 Neutral Buy 2817 1.51

BIOME TECHNOLOGIES 185.00 65.00 303.67 Neutral Sell -436 0.76

TT ELECTRONICS 198.75 114.00 200.00 Neutral Strong Buy 435 1.61

XAAR 778.00 242.50 898.00 Neutral Sell 418 1.08

Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 124.50 54.25 128.00 Neutral Buy 148 1.14

BODYCOTE 660.00 345.10 685.00 Neutral Neutral 656 1.59

CASTINGS 422.50 291.00 450.00 Neutral Buy 581 0.93

VESUVIUS 444.70 263.19 487.60 Neutral Strong Buy 1223 2.23

FENNER 411.00 305.90 435.20 Neutral Buy 578 1.47

HALMA 551.00 410.40 578.00 Neutral Sell 425 0.79

HILL & SMITH 471.25 364.00 480.00 Neutral Buy 562 1.31

IMI 1465.00 900.00 1513.00 Neutral Strong Buy 4457 1.39

MORGAN ADVANCE D MATE RIAL 3 05 .5 0 2 20 .3 0 3 18 .0 0 Neutral Strong Buy 511 1.89

ROTORK 2777.00 2229.00 3037.00 Neutral Sell -2996 1.01

SEVERFIELD-ROWEN 62.75 35.40 76.91 Neutral Sell 52 0.79

SPIRAX-SARCO 2978.00 1932.53 3090.00 Neutral Sell 1842 0.81VITEC GROUP 680.00 559.00 740.00 Neutral Sell 493 1.34

WEIR GROUP 2375.00 1688.00 2474.00 Neutral Neutral 2285 1.45

Food & Drug Stores Over Valued


GREGGS 439.90 392.10 523.50 Neutral Strong Buy 813 0.45

MORRISON(WM)SPMKTS. 289.30 248.60 302.50 Neutral Buy 397 0.37

SAINSBURY (J) 395.20 321.90 400.80 Neutral Buy 481 0.55

TESCO 376.05 307.90 387.75 Neutral Sell 201 0.67

THORNTONS 95.75 28.63 100.50 Neutral Sell 60 0.79

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1851.00 1289.00 2 031.00 Neutral Sell 1648 0.59

CRANSWICK 1166.00 732.50 1189.00 Neutral Strong Buy 1777 0.31

DAIRY CREST 474.10 332.90 528.50 Neutral Sell 376 0.88

DEVRO 325.90 289.90 380.00 Neutral Strong Buy 516 0.36

PREMIER FOODS 147.50 59.75 166.50 Neutral Strong Buy 248 1.23

TATE & LYLE 770.00 654.50 883.00 Neutral Strong Buy 1357 0.65

UNILEVER (UK) 2566.00 2252.00 2885.00 Neutral Sell 2207 0.50


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 26.75 25.00 29.50 Neutral Strong Buy 46 0.67

BROWN (N) GROUP 521.50 266.40 577.00 N eu tral Neu tral 531 0.50

BURBERRY GROUP 1631.00 1000.00 1667.00 Neutral Sell 1278 1.29

CARPETRIGHT 651.00 585.00 701.50 Neutral Sell 255 0.87

DIXONS RETAIL 46.20 19.21 47.30 N eu tral Neu tral 45 1.46

FINDEL 237.00 108.00 253.75 Neutral Sell 153 1.04

FRENCH CONNECTN.GROUP 32.63 22.75 34.00 Sell Sell 11 1.03

HALFORDS GROUP 395.70 259.30 406.00 Neutral Strong Buy 604 0.71

JD SPORTS FASHION 1049.00 670.00 1049.00 Neutral Strong Buy 2112 0.51

DARTY 68.75 39.00 88.25 Neutral Strong Buy 124 1.22

KINGFISHER 392.10 262.20 420.00 Neutral Buy 562 0.90

MARKS & SPENCER GROUP 500.00 356.80 513.50 Neutral Strong Buy 761 0.61

MOSS BROTHERS GROUP 73.25 48.50 74.88 Neutral Buy 87 0.95

MOTHERCARE 383.25 205.25 492.75 Neutral Sell 134 0.36

NEXT 5110.00 3444.00 5205.00 N eu tral Neu tral 5445 0.59

TED BAKER 1860.00 899.00 2017.00 Neutral Sell 1074 0.57

TOPPS TILES 83.75 46.00 89.75 N eu tral Neu tral 82 1.50

Health Over Valued


BIOQUELL 145.50 130.00 160.00 Neutral Sell 114 0.38

CONSORT MEDICAL 849.50 660.50 863.00 Neutral Sell 662 0.35

OPTOS 160.75 106.75 222.75 N eu tral Neu tral 173 1.18

SMITH & NEPHEW 776.00 638.00 800.00 Neutral Sell 663 0.40

Household Goods & Textiles Under Valued


GAMES WORKSHOP 781.00 601.00 794.50 Neutral Neu tral 762 0.31

HEADLAM GROUP 396.00 295.00 415.00 Neutral Buy 452 0.89

HORNBY 79.50 55.25 88.50 Neutral Sell 48 0.69

Information Technology & Hardware Over Valued


ARM HOLDINGS 992.50 566.00 1097.00 Neutral Sell 444 0.69

CSR 502.00 311.80 607.00 Neutral Strong Buy 1551 1.13FILTRONIC 63.75 30.75 83.25 Neutral Buy 83 0.93

IMAGINATION TECHNOLOGIES 351.20 235.10 552.00 Neutral Sell 240 1.04

SPIRENT COMMUNICATIONS 124.70 118.00 169.20 Neutral Strong Buy 401 0.90

WOLFSON MICROELECTRONICS 173 .50 140 .00 226 .25 Neutral Sell -17 0.93


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Insurance Under Valued


ADMIRAL GROUP 1216.00 1019.00 1416.00 Neutral Sell -488 0.52

AMLIN 399.10 364.10 435.10 Neutral Strong Buy 1528 0.38

BEAZLEY 213.80 167.00 242.70 Neutral Strong Buy 947 0.52

CATLIN GROUP 481.00 455.30 552.50 N eu tral Neu tral 476 0.23

HISCOX 634.00 463.32 660.00 Neutral Strong Buy 1896 0.42

JARDINE LLOYD THOMPSON 930.50 723.00 949.50 Neutral Buy 1205 0.30

RSA INSURANCE GROUP 123.90 107.70 136.30 Neutral Strong Buy 728 0.35

NOVAE GROUP 514.00 345.00 520.00 Neutral Strong Buy 3430 0.35

Leisure & Hotels Over Valued


CARNIVAL 2392.00 2125.00 2628.00 Neutral Buy 3278 0.95

ENTERPRISE INNS 141.70 62.25 153.80 Neutral Sell 96 1.65

TUI TRAVEL 359.30 230.10 401.50 Neutral Strong Buy 688 0.96

FULLER SMITH 'A' 890.00 704.50 969.00 Neutral Sell 568 0.27

GREENE KING 781.50 587.00 897.50 Neutral Sell 582 0.89

LADBROKES 188.90 171.00 243.10 Neutral Buy 249 0.90

ICTL.HTLS.GP. 1832.00 1524.00 2039.00 Neutral Sell 1607 1.09

MILLENNIUM & CPTH.HTLS. 553.50 456.00 582.50 N eu tral Neu tral 556 1.36

MITCHELLS & BUTLERS 424.20 286.10 460.00 Sell Sell 252 0.98

BWIN PARTY DIGITAL ENTM. 119.30 101.30 156.00 Neutral Sell 59 1.28

PUNCH TAVERNS 14.75 6.15 15.50 Neutral Strong Buy 66 1.15

RANK GROUP 161.10 137.30 177.50 Neutral Strong Buy 547 0.97

RESTAURANT GROUP 538.50 354.40 575.00 Neutral Sell 371 0.66

WETHERSPOON (JD) 735.50 471.00 767.00 Neutral Sell 652 0.54

WHITBREAD 3004.00 2263.00 3303.00 Neutral Sell 2072 0.98WILLIAM HILL 412.00 291.98 494.50 Neutral Sell 346 0.84

MARSTON'S 149.90 114.20 165.50 Neutral Sell 9 1.15

Life Assurance Under Valued


AVIVA 404.70 294.10 419.80 Neutral Sell 372 1.18

CHESNARA 272.00 176.50 276.50 Neutral Strong Buy 532 0.61

LEGAL & GENERAL 200.50 131.40 203.20 Neutral Strong Buy 503 1.70

OLD MUTUAL 193.00 166.10 221.60 Neutral Strong Buy 405 1.55

PRUDENTIAL 1178.00 801.50 1232.00 N eu tral Neu tral 1210 1.69

ST.JAMES'S PLACE 621.50 367.10 641.50 Neutral Strong Buy 6850 0.83


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 143.75 102.00 149.00 Neutral Strong Buy 922 0.40

BRITISH SKY BCAST.GROUP 874.00 709.00 899.50 Neutral Strong Buy 1056 0.46

CENTAUR MEDIA 51.50 31.00 60.00 Neutral Sell -42 1.06

DAILY MAIL 'A' 780.00 451.25 835.00 Neutral Strong Buy 3556 1.06

EUROMONEY INSTL.INVESTOR 1051.00 747 .50 1209.00 Neutral Strong Buy 5566 0.93

INFORMA 536.50 380.50 545.00 Neutral Strong Buy 327 1.64

ITE GROUP 275.50 183.50 307.40 Neutral Buy 201 1.46

ITV 178.90 85.65 183.40 Neutral Strong Buy 1369 1.46

JOHNSTON PRESS 14.25 7.70 19.00 Neutral Buy 720 1.21

PEARSON 1284.00 1119.00 1350.00 Neutral Neu tral 309 0.65

PHOTO-ME INTL. 111.75 46.75 111.75 Neutral Strong Buy 2283 0.85

PINEWOOD SHEPPERTON 294.50 269.00 294.50 Neutral Strong Buy 732 0.14

THOMSON REUTERS 36.33 26.85 36.45 Neutral Strong Buy 346 0.52

STV GROUP 245.50 91.00 262.50 Neutral Sell 240 0.82

ST.IVES 170.50 76.25 172.00 Neutral Sell 159 1.49TRINITY MIRROR 124.00 50.50 128.25 Neutral Sell -289 1.58

UBM 724.50 636.00 788.00 Neutral Strong Buy 1421 1.34

WILMINGTON GROUP 203.25 120.00 203.25 Neutral Strong Buy 1390 0.83

WPP 1270.00 788.00 1296.00 Neutral Sell -827 1.25

Mining Under Valued


ANGLO AMERICAN 1573.50 1207.00 2072.00 Neutral Sell 1281 1.85

ANGLO PACIFIC GROUP 199.00 161.00 290.00 Neutral Neu tral 207 1.09

ANTOFAGASTA 852.00 784.50 1381.00 Neutral Neu tral 838 1.42

BHP BILLITON 1875.50 1666.50 2236.00 Neutral Strong Buy 2917 1.49

GLENCORE XSTRATA 336.65 256.85 397.85 Neutral Strong Buy 1023 #NA

LONMIN 330.00 240.84 380.10 Sell Buy 452 2.05

RANDGOLD RESOURCES 4621.00 3972.00 7775.00 Neutral Sell 2855 0.48

RIO TINTO 3100.00 2582.00 3757.00 Neutral Sell 2530 1.55

VEDANTA RESOURCES 992.00 1335.00 Neutral Strong Buy 2779 2.29

Oil & Gas Under Valued


BG GROUP 1188.00 1000.50 1350.50 Neutral Sell 895 0.84

BP 440.20 416.60 483.30 Neutral Strong Buy 999 1.03

CAIRN ENERGY 262.40 251.80 296.10 Neutral Sell -23 1.33

FORTUNE OIL 10.25 7.15 12.50 Neutral Strong Buy 108 0.81

HUNTING 829.00 716.00 941.00 Neutral Sell 565 1.35

JKX OIL & GAS 62.50 48.50 81.00 Neutral Sell -57 1.33

PREMIER OIL 331.70 321.30 400.20 Buy Buy 410 1.49

ROYAL DUTCH SHELL B 2154.50 2098.00 2365.00 Neutral Strong Buy 8322 0.83

SOCO INTERNATIONAL 424.00 319.90 424.00 Neutral Buy 487 0.52

TULLOW OIL 1049.00 977.00 1468.00 Neutral Sell 699 1.07

WOOD GROUP (JOHN) 810.50 720.50 915.50 Neutral Sell 722 1.44


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Personal Care & Household Products Over Valued


MCBRIDE 122.25 101.00 144.60 Neutral Buy 163 0.83

PZ CUSSONS 413.10 300.00 432.50 Neutral Sell 371 0.71

RECKITT BENCKISER GROUP 4549.00 3565.00 4950.00 Neutral Neu tral 4668 0.31

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.43 0.36 3.58 Buy Sell -3 0.91

ASTRAZENECA 3210.50 2792.50 3521.50 Neutral Strong Buy 8760 0.49

BTG 383.60 317.50 397.90 Neutral Sell 207 0.70

DECHRA PHARMACEUTICALS 720.00 569.00 780.00 Neutral Buy 890 0.18

GLAXOSMITHKLINE 1589.50 1317.50 1782.00 Neutral Buy 1886 0.50

OXFORD BIOMEDICA 2.45 1.33 2.83 Buy Sell -2 0.53

PHYTOPHARM SUSP - 21/05/13 66.25 52.50 612.50 Neutral Sell -261 0.90

SHIRE 2520.00 1727.00 2593.00 Neutral Sell 1489 0.69

SKYEPHARMA 95.00 43.50 97.75 Neutral Sell 85 0.55

VERNALIS 28.88 19.38 31.00 Neutral Sell 11 0.84

Real Estate - REIT Under Valued


BIG YELLOW GROUP 427.30 311.60 445.00 Neutral Strong Buy 735 1.18

BRITISH LAND 584.00 506.00 658.00 Neutral Buy 842 1.05

DERWENT LONDON 2352.00 1946.00 2542.00 Neutral Strong Buy 5111 1.24

GREAT PORTLAND ESTATES 543.50 442.20 598.00 Neutral Strong Buy 1152 1.06

HAMMERSON 505.00 449.20 554.00 Neutral Buy 567 1.27INTU PROPERTIES 321.00 300.60 366.00 Neutral Strong Buy 584 1.14

LAND SECURITIES GROUP 921.00 761.50 994.00 Neutral Strong Buy 1814 1.16

LOCAL SHOP.REIT (THE) 30.25 24.25 39.25 Neutral Sell -173 0.81

LONDONMETRIC PROPERTY 118.30 1 03.20 118.30 Neutral Sell -8 0.34

MCKAY SECURITIES 158.00 131.50 160.00 Neutral Strong Buy 291 0.65

MUCKLOW (A & J) GROUP 445.00 325.00 500.00 Neutral Sell 244 0.37

PRIMARY HEALTH PROPS. 326.00 312.50 363.53 Neutral Sell 111 0.26

REDEFINE INTL.REIT 46.75 30.69 46.75 Neutral Sell -394 0.62

SEGRO 306.90 221.60 313.60 Neutral Sell -317 1.82

SHAFTESBURY 590.00 522.50 668.00 Neutral Buy 874 1.04

TOWN CENTRE SECURITIES 220.00 178.75 223.00 Neutral Sell 2 1.04

WORKSPACE GROUP 424.60 260.50 475.00 Neutral Strong Buy 1403 1.02


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 334.00 213.30 365.60 Neutral Strong Buy 649 0.73

CAPITAL & REGIONAL 41.00 22.75 42.00 Neutral Sell -50 0.56

CLS HOLDINGS 1168.00 656.50 1260.00 Neutral Strong Buy 2805 0.73

DAEJAN HOLDINGS 3744.00 2706.00 4179.00 Neutral Strong Buy 14199 0.47

DEVELOPMENT SECS. 195.50 143.00 209.00 Neutral Neutral 189 0.98

GRAINGER 170.00 105.10 187.50 Neutral Sell 107 1.57

HELICAL BAR 292.25 178.00 302.50 Neutral Sell 198 0.83

LONDON & ASSOCS.PROPS. 33.25 21.50 33.25 Neutral Strong Buy 217 0.63

MOUNTVIEW ESTATES 6475.00 4350.00 6512.50 Neutral Strong Buy 14030 0.68

QUINTAIN ESTATES & DEV. 83.00 51.00 92.00 Sell Sell -204 1.02

RAVEN RUSSIA 77.50 61.50 79.75 Neutral Strong Buy 203 1.52

SAVILLS 581.50 391.20 664.50 Neutral Sell 346 0.69

SMART (J) 86.50 72.50 90.50 Neutral Strong Buy 366 0.32

ST MODWEN PROPS. 300.00 193.10 333.00 Neutral Strong Buy 607 1.63

UNITE GROUP 376.00 246.00 403.00 Neutral Strong Buy 1573 1.78

Software & Computer Services Under Valued


ANITE 115.00 109.60 162.00 Neutral Buy 144 0.66

AVEVA GROUP 2646.00 1939.60 2650.00 Neutral Sell 1514 1.52

COMPUTACENTER 505.00 333.29 564.10 Neutral Strong Buy 1494 0.90

KOFAX 368.00 260.75 382.25 Neutral Sell 348 1.04

INNOVATION GROUP 28.75 20.00 30.25 Neutral Sell 27 0.81

MICRO FOCUS INTL. 769.00 543.00 812.50 Neutral Buy 1060 0.81

PHOENIX IT GROUP 161.25 130.00 184.00 Neutral Sell -217 0.73

RM 111.00 64.00 114.25 Neutral Strong Buy 272 0.54FIDESSA GROUP 2012.00 1275.00 2190.00 Neutral Neu tral 2188 0.77

SAGE GROUP 347.30 289.36 368.18 Neutral Buy 443 0.69

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 388.50 3 06.80 492.10 Neutral Strong Buy 1224 1.12

BREWIN DOLPHIN 263.00 168.00 283.00 Neutral Strong Buy 646 0.69

CAMELLIA 8785.00 8000.00 11105.00 Neutral Strong Buy 81074 0.85

CHARLES STANLEY GROUP 459.00 260.00 474.00 Neutral Strong Buy 1418 0.93

CHARLES TAYLOR 215.00 155.00 228.00 Neutral Strong Buy 1627 0.65

CLOSE BROTHERS GROUP 1133.00 830.00 1145.00 Neutral Strong Buy 4790 0.85

F&C ASSET MANAGEMENT 97.10 90.00 110.40 Neutral Sell 77 0.86

HELPHIRE GROUP 5.44 0.66 5.70 Sell Sell -125 0.61

HENDERSON GROUP 192.00 107.20 192.30 Neutral Strong Buy 788 1.44

ICAP 389.10 280.80 422.20 Neutral Strong Buy 826 1.07

INTERMEDIATE CAPITAL GP. 450.80 287.20 501.50 Neutral Strong Buy 2173 1.70

INVESTEC 405.80 358.40 513.50 Neutral Strong Buy 2618 1.56

LONDON STOCK EX.GROUP 1559.00 930.00 1652.00 Neutral Strong Buy 6314 1.13

MAN GROUP 86.05 71.80 134.40 Neutral Sell -4812 1.39

RATHBONE BROTHERS 1555.00 1208.00 1691.00 Neutral Strong Buy 5419 0.71

SCHRODERS 2585.00 1518.00 2631.00 Neutral Strong Buy 8090 1.30

SCHRODERS NV 2153.00 1176.00 2174.00 Sell Strong Buy 11233 1.28


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Support Services Under Valued


ACAL 274.50 157.75 284.00 Neutral Strong Buy 577 0.83

AGGREKO 1610.00 1557.00 2370.00 Neutral Strong Buy 3093 1.14

AMEC 1108.00 965.50 1172.00 Neutral Strong Buy 3102 1.11

ASHTEAD GROUP 644.50 322.90 730.00 Neutral Buy 913 1.64

BABCOCK INTL. 1188.00 914.00 1209.00 Neutral Strong Buy 2428 0.49

BRITISH POLYTHENE INDS. 605.00 372.50 612.00 Neutral Strong Buy 2196 0.80

BUNZL 1344.00 1009.00 1409.00 Neutral Strong Buy 2597 0.50

UK MAIL GROUP 550.00 246.50 645.00 Neutral Strong Buy 1525 0.42

CAPITA 993.00 713.00 1057.00 Neutral Strong Buy 1772 0.54

COMMUNISIS 61.00 34.54 68.00 Neutral Strong Buy 405 0.83

COMPASS GROUP 839.00 671.50 910.50 Neutral Strong Buy 1856 0.75

BERENDSEN 875.00 543.00 939.00 Neutral Strong Buy 3179 1.08

DE LA RUE 983.00 891.50 1075.00 Neutral Strong Buy 2233 #NA

DIGNITY 1396.00 902.82 1567.68 Neutral Buy 1614 0.25

DIPLOMA 600.50 435.00 661.00 Neutral Strong Buy 1249 0.96ELECTROCOMP. 271.90 200.00 280.90 Neutral Strong Buy 828 0.98

ESSENTRA PLC 764.00 500.50 830.00 Neutral Strong Buy 1195 1.14

G4S 246.50 207.50 313.50 Neutral Strong Buy 859 0.47

HAYS 111.50 75.20 113.90 Neutral Strong Buy 373 1.03

HOMESERVE 259.80 185.60 293.60 Neutral Strong Buy 875 0.89

INTERSERVE 560.00 349.10 591.50 Neutral Strong Buy 2921 1.25

INTERTEK GROUP 3351.00 2697.00 3453.00 Neutral Buy 4198 0.80

JOHNSON SERVICE GROUP 50.75 31.50 51.75 Neutral Strong Buy 221 1.10

MANAGEMENT CNSL.GP. 26.50 21.25 32.00 Neutral Strong Buy 173 0.57

MENZIES (JOHN) 772.00 573.00 805.00 Neutral Strong Buy 1943 1.41

MICHAEL PAGE INTL. 487.20 346.40 502.50 Neutral Strong Buy 753 1.36

MITIE GROUP 288.00 248.00 300.80 Neutral Strong Buy 962 0.52

OFFICE2OFFICE 46.00 33.75 139.00 Neutral Strong Buy 608 0.31

PAYPOINT 1067.00 716.00 1185.00 Neutral Strong Buy 1739 0.75

PREMIER FARNELL 211.40 165.50 238.40 Neutral Strong Buy 519 1.41

REGUS 179.60 96.00 193.40 Neutral Sell 70 1.38

RENTOKIL INITIAL 108.30 81.30 110.90 Neutral Strong Buy 429 1.26

REXAM 488.10 432.56 547.50 Neutral Strong Buy 1692 0.84

RICARDO 543.00 349.63 556.50 Neutral Strong Buy 1521 0.90

ROBERT WALTERS 316.50 184.75 323.00 Neutral Strong Buy 885 1.15

RPC GROUP 471.40 378.00 477.80 Neutral Strong Buy 1530 0.81

RPS GROUP 253.00 195.50 274.20 Neutral Strong Buy 849 1.51

SERCO GROUP 553.00 535.00 683.50 Neutral Strong Buy 2100 0.60

SHANKS GROUP 94.75 73.00 98.00 Neutral Strong Buy 340 1.49

SPEEDY HIRE 64.25 28.75 65.50 Neutral Strong Buy 315 1.18TRIBAL GROUP 202.25 92.25 202.25 Neutral Strong Buy 497 0.65

TRIFAST 69.00 40.50 70.75 Neutral Strong Buy 300 0.90

VP 484.25 313.00 499.00 Neutral Strong Buy 2137 0.79

WYG 106.00 49.50 106.00 Sell Strong Buy 177 0.82


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Telecommunication Services Over Valued


BT GROUP 342.60 212.50 348.90 Neutral Buy 426 0.89

CABLE & WIRELESS COMMS. 39.47 34.31 46.29 Neutral Strong Buy 79 0.67

INMARSAT 714.00 542.50 749.00 Neutral Sell 255 0.53

KCOM GROUP 90.70 68.25 91.00 Neutral Buy 119 1.20

TELECOM PLUS 1322.00 821.00 1399.00 Neutral Sell 806 0.05

VODAFONE GROUP 209.10 154.45 213.90 Neutral Sell 122 0.51

Transport Over Valued


BBA AVIATION 304.40 195.70 326.00 Neutral Sell 217 1.22

BRAEMAR SHIPPING SVS. 465.00 350.00 495.00 Neutral Buy 550 1.06

CLARKSON 2210.00 1150.00 2210.00 Strong Sell Sell 1238 0.86

EASYJET 1288.00 580.00 1448.00 Neutral Sell 829 0.77

FIRST GROUP 117.30 92.00 206.76 Neutral Strong Buy 261 0.88

FISHER(JAMES)& SONS 1078.00 745.00 1148.00 Neutral Sell 772 0.72

GO-AHEAD GROUP 1670.00 1220.00 1670.00 Neutral Strong Buy 2805 0.97

NATIONAL EXPRESS 253.50 164.50 274.90 Neutral Sell 237 1.39

NORTHGATE 426.00 239.50 435.00 Neutral Sell 340 1.34

STAGECOACH GROUP 324.30 265.90 337.60 Neutral Buy 446 0.97

WINCANTON 103.25 43.75 105.00 Neutral Strong Buy 266 0.95

Utilities Under Valued


CENTRICA 397.00 310.80 402.20 Neutral Buy 587 0.50NATIONAL GRID 747.00 682.00 847.50 Neutral Buy 990 0.45

PENNON GROUP 699.50 598.00 749.50 Neutral Sell 633 0.63

SSE 1563.00 1364.00 1676.00 Neutral Buy 2294 0.40

SEVERN TRENT 1810.00 1513.00 2090.00 Neutral Sell 1526 0.37

UNITED UTILITIES GROUP 701.00 647.00 787.50 Neutra l Neu tral 759 0.49


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value indicator - uk main market 20130924