value indicator - uk main market 20130927

7/29/2019 value indicator - uk main market 20130927

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27 September 2013

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Intellisys Intelligent Analysis Limited 27 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 FALSE ....................................................................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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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

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120.0%

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 FALSE

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaAVON RUBBER 531.00 297.50 534.00 N eu tra l Neu tral 507 0.93

BAE SYSTEMS 468.00 300.80 468.00 Neutral Buy 624 0.70

CHEMRING GROUP 313.50 217.00 353.30 N eu tra l Neu tral 339 0.67

COBHAM 290.10 190.10 307.70 N eu tra l Neu tral 297 0.82

MEGGITT 555.00 366.20 564.00 Neutral Sell 520 1.25

QINETIQ GROUP 194.60 179.00 211.10 Neutral Sell 117 0.65

ROLLS-ROYCE HOLDINGS 1129.00 8 26.85 1 240.00 Neutral Buy 1518 0.98

SENIOR 271.40 185.90 288.40 N eu tra l Neu tral 274 1.66

SMITHS GROUP 1404.00 1018.00 1412.00 Neutral Sell 1223 0.76

ULTRA ELECTRONICS HDG. 19 29.00 1 505.00 1981.00 Neutral Sell 1726 0.51

Automobiles & PartsOver Valued

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

GKN 349.20 201.00 360.70 Neutral Sell -1828 1.96

INCHCAPE 611.00 353.30 645.00 Neutral Strong Buy 2947 1.41

LOOKERS 124.50 71.50 128.50 Neutral Strong Buy 664 1.22

PENDRAGON 34.00 13.50 35.25 Neutral Strong Buy 262 1.04

TOROTRAK 27.50 23.50 36.50 Neutral Sell 13 0.73

Banks Over Valued


BARCLAYS 269.20 198.47 308.39 Neutral Sell -647 1.96

HSBC HDG. (ORD $0.50) 682.90 573.30 769.90 Neutral Buy 836 1.19

LLOYDS BANKING GROUP 75.00 37.01 78.00 Neutral Sell 8 1.88

ROYAL BANK OF SCTL.GP. 371.10 256.60 372.70 Neutral Sell -99 1.39

STANDARD CHARTERED 1507.50 1380.00 1837.50 Neutral Strong Buy 3327 1.67

Beverages Under Valued


BARR (AG) 530.00 432.20 588.50 Neutral Sell 423 0.58

BRITVIC 581.00 349.10 592.00 Neutral Buy 821 0.73

DIAGEO 1987.00 1739.50 2136.50 Sell Buy 2324 0.51

SABMILLER 3233.50 2599.00 3657.00 Neutral Strong Buy 5113 0.89


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Chemicals Under Valued


ALENT 366.80 305.00 397.50 Neutral Strong Buy 3765 #NA

AZ ELECTRONIC MATS.(DI) 310.80 240.00 406.40 Neutral Strong Buy 548 1.11

CARCLO 407.00 342.75 501.00 Neutral Sell 128 0.74

CRODA INTERNATIONAL 2718.00 2164.00 2841.00 Neutral Buy 3254 1.05

ELEMENTIS 243.70 204.20 275.00 Neutral Buy 299 1.07

JOHNSON MATTHEY 2844.00 2190.00 2985.00 Neutral Buy 4071 1.44

VICTREX 1629.00 1322.00 1765.00 Neutral Sell 1346 1.16

SYNTHOMER 238.10 146.00 249.20 Neutral Strong Buy 380 1.05

ZOTEFOAMS 195.50 186.50 225.00 Neutral Buy 290 1.00

Construction & Building Materials Under Valued


ALUMASC GROUP 135.00 77.50 137.00 Neutral Strong Buy 292 0.55

BALFOUR BEATTY 283.90 207.60 320.80 Neutral Strong Buy 1089 0.82

BARRATT DEVELOPMENTS 311.70 168.30 355.20 Neutral Strong Buy 641 1.67

BELLWAY 1302.00 913.00 1502.00 Neutral Strong Buy 2986 0.96

BERKELEY GROUP HDG.(THE) 2064.00 1387 .00 2340.00 Neutral Strong Buy 5221 0.55

BOOT (HENRY) 185.00 123.50 201.00 Neutral Strong Buy 374 0.74

BOVIS HOMES GROUP 732.00 487.00 851.50 Neutral Strong Buy 1498 1.07

CARILLION 313.00 244.80 331.80 Neutral Strong Buy 1618 1.06

CLARKE (T) 67.00 40.00 67.00 Sell Strong Buy 406 0.76

COSTAIN GROUP 268.00 226.25 306.00 Neutral Strong Buy 1172 0.50

CRH 1504.00 1090.00 1540.00 Neutral Sell 909 1.03

GALLIFORD TRY 1033.00 678.00 1070.00 Neutral Strong Buy 3099 0.93

KELLER 1035.00 543.00 1161.00 Neutral Strong Buy 2497 1.28

KIER GROUP 1690.00 1106.00 1690.00 Neutral Strong Buy 5594 0.99

LOW & BONAR 78.50 50.00 80.00 Neutral Strong Buy 234 1.08

MARSHALLS 181.50 85.00 184.00 Neutral Buy 216 1.33

MORGAN SINDALL GROUP 735.00 508.00 746.00 Neutral Strong Buy 4809 0.70

NORCROS 20.63 11.25 21.75 Neutral Strong Buy 72 1.02

PERSIMMON 1109.00 685.75 1305.00 Neutral Strong Buy 2086 0.99

REDROW 230.20 152.90 255.10 Neutral Strong Buy 478 0.84

SIG 187.20 99.00 193.70 Neutral Strong Buy 556 1.68

SUPERGLASS HOLDINGS 43.00 43.00 287.50 Neutral Strong Buy 4474 0.89

TAYLOR WIMPEY 100.90 54.30 113.80 Neutral Strong Buy 238 1.58

TRAVIS PERKINS 1650.00 1041.00 1713.00 Neutral Strong Buy 4620 1.94

WOLSELEY 3296.00 2636.64 3483.00 Neutral Strong Buy 6317 1.30


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Electronics & Electrical Equipment Under Valued


DIALIGHT 1140.00 999.50 1399.00 Neutral Sell 1056 0.67

DOMINO PRINTING SCIENCES 639.00 522.00 717.00 Neutral Buy 887 1.12

E2V TECHNOLOGIES 147.75 105.50 147.75 Neutral Strong Buy 288 1.25

INVENSYS 504.00 217.33 509.50 Neutral Sell 293 1.42

LAIRD 224.00 171.10 249.30 Neutral Strong Buy 449 2.06

OXFORD INSTRUMENTS 1281.00 1209.00 1752.00 Neutral Sell 1156 1.11

RENISHAW 1798.00 1494.00 2081.00 Neutral Buy 2076 1.28

SPECTRIS 2210.00 1549.00 2470.00 Neutral Buy 2833 1.51

BIOME TECHNOLOGIES 203.50 65.00 303.67 Neutral Sell -420 0.76

TT ELECTRONICS 196.25 114.00 200.00 Neutral Strong Buy 438 1.61

XAAR 799.00 246.25 898.00 Neutral Sell 420 1.08

Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 127.25 54.25 128.00 Neutral Buy 147 1.14

BODYCOTE 660.00 345.10 685.00 Neutral Neutral 655 1.59

CASTINGS 414.50 291.00 450.00 Neutral Buy 580 0.93

VESUVIUS 445.40 263.19 487.60 Neutral Strong Buy 1203 2.23

FENNER 390.90 305.90 435.20 Neutral Buy 576 1.47

HALMA 554.50 410.40 578.00 Neutral Sell 425 0.79

HILL & SMITH 460.00 364.00 480.00 Neutral Buy 560 1.31

IMI 1453.00 900.00 1513.00 Neutral Strong Buy 4429 1.39

MORGAN ADVANCE D MATE RIAL 3 11 .0 0 2 20 .3 0 3 18 .0 0 Neutral Strong Buy 509 1.89

ROTORK 2781.00 2229.00 3037.00 Neutral Sell -9881 1.01

SEVERFIELD-ROWEN 61.50 35.40 76.91 Neutral Sell 51 0.79

SPIRAX-SARCO 3020.00 1932.53 3090.00 Neutral Sell 1840 0.81VITEC GROUP 677.50 559.00 740.00 Neutral Sell 489 1.34

WEIR GROUP 2383.00 1688.00 2474.00 Neutral Neutral 2283 1.45

Food & Drug Stores Over Valued


GREGGS 437.40 392.10 523.50 Neutral Strong Buy 801 0.45

MORRISON(WM)SPMKTS. 285.00 248.60 302.50 Neutral Buy 389 0.37

SAINSBURY (J) 398.00 321.90 400.80 Neutral Buy 471 0.55

TESCO 362.45 307.90 387.75 Neutral Sell 197 0.67

THORNTONS 93.50 28.63 100.50 Neutral Sell 58 0.79

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1877.00 1289.00 2 031.00 Neutral Sell 1643 0.59

CRANSWICK 1174.00 732.50 1189.00 Neutral Strong Buy 1766 0.31

DAIRY CREST 462.00 339.90 528.50 Neutral Sell 380 0.88

DEVRO 325.00 289.90 380.00 Neutral Strong Buy 509 0.36

PREMIER FOODS 157.25 59.75 166.50 Neutral Strong Buy 249 1.23

TATE & LYLE 755.00 665.50 883.00 Neutral Strong Buy 1339 0.65

UNILEVER (UK) 2505.00 2252.00 2885.00 Neutral Sell 2181 0.50


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 24.75 24.00 29.50 Neutral Strong Buy 46 0.67

BROWN (N) GROUP 523.50 266.40 577.00 N eu tral Neu tral 532 0.50

BURBERRY GROUP 1617.00 1000.00 1667.00 Neutral Sell 1279 1.29

CARPETRIGHT 664.00 585.00 701.50 Neutral Sell 258 0.87

DIXONS RETAIL 47.08 19.40 47.67 N eu tral Neu tral 46 1.46

FINDEL 243.50 108.00 253.75 Neutral Sell 155 1.04

FRENCH CONNECTN.GROUP 32.75 22.75 34.00 Sell Sell 12 1.03

HALFORDS GROUP 397.70 259.30 406.00 Neutral Strong Buy 605 0.71

JD SPORTS FASHION 1073.00 670.00 1073.00 Neutral Strong Buy 2119 0.51

DARTY 69.50 39.00 88.25 Neutral Strong Buy 125 1.22

KINGFISHER 390.40 262.20 420.00 Neutral Buy 563 0.90

MARKS & SPENCER GROUP 497.00 356.80 513.50 Neutral Strong Buy 763 0.61

MOSS BROTHERS GROUP 69.25 48.50 74.88 Neutral Buy 88 0.95

MOTHERCARE 396.25 208.75 492.75 Neutral Sell 138 0.36

NEXT 5175.00 3450.00 5205.00 N eu tral Neu tral 5440 0.59

TED BAKER 1915.00 899.00 2017.00 Neutral Sell 1076 0.57

TOPPS TILES 92.50 46.00 94.00 Neutral Sell 83 1.50

Health Over Valued


BIOQUELL 150.50 130.00 160.00 Neutral Sell 118 0.38

CONSORT MEDICAL 866.75 660.50 866.75 Neutral Sell 676 0.35

OPTOS 160.00 106.75 222.75 N eu tral Neu tral 176 1.18

SMITH & NEPHEW 780.50 638.00 800.00 Neutral Sell 668 0.40

Household Goods & Textiles Under Valued


GAMES WORKSHOP 800.00 601.00 800.00 Neutral Neu tral 778 0.31

HEADLAM GROUP 397.50 295.00 415.00 Neutral Buy 458 0.89

HORNBY 79.50 55.25 87.50 Neutral Sell 48 0.69

Information Technology & Hardware Over Valued


ARM HOLDINGS 1004.00 571.00 1097.00 Neutral Sell 449 0.69

CSR 512.00 316.70 607.00 Neutral Strong Buy 1586 1.13FILTRONIC 69.00 30.75 83.25 Sell Buy 85 0.93

IMAGINATION TECHNOLOGIES 345.60 235.10 552.00 Neutral Sell 246 1.04

SPIRENT COMMUNICATIONS 129.00 118.00 169.20 Neutral Strong Buy 407 0.90

WOLFSON MICROELECTRONICS 175 .00 140 .00 226 .25 Neutral Sell -22 0.93


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Insurance Under Valued


ADMIRAL GROUP 1248.00 1019.00 1416.00 Neutral Sell -466 0.52

AMLIN 415.20 364.10 435.10 Neutral Strong Buy 1544 0.38

BEAZLEY 215.90 167.00 242.70 Neutral Strong Buy 956 0.52

CATLIN GROUP 484.90 455.30 552.50 N eu tral Neu tral 479 0.23

HISCOX 652.00 463.32 660.00 Neutral Strong Buy 1915 0.42

JARDINE LLOYD THOMPSON 947.00 723.00 949.50 Neutral Buy 1222 0.30

RSA INSURANCE GROUP 122.70 107.70 136.30 Neutral Strong Buy 734 0.35

NOVAE GROUP 513.50 345.00 520.50 Neutral Strong Buy 3456 0.35

Leisure & Hotels Over Valued


CARNIVAL 2100.00 2100.00 2628.00 Neutral Strong Buy 3257 0.95

ENTERPRISE INNS 144.00 62.25 153.80 Neutral Sell 94 1.65

TUI TRAVEL 370.40 232.00 401.50 Neutral Strong Buy 687 0.96

FULLER SMITH 'A' 930.00 716.00 969.00 Neutral Sell 564 0.27

GREENE KING 806.00 587.00 897.50 Neutral Sell 576 0.89

LADBROKES 173.80 171.00 243.10 Neutral Buy 247 0.90

ICTL.HTLS.GP. 1818.00 1524.00 2039.00 Neutral Sell 1588 1.09

MILLENNIUM & CPTH.HTLS. 543.00 456.00 582.50 N eu tral Neu tral 553 1.36

MITCHELLS & BUTLERS 408.90 287.20 460.00 Neutral Sell 251 0.98

BWIN PARTY DIGITAL ENTM. 122.30 101.30 156.00 Neutral Sell 59 1.28

PUNCH TAVERNS 14.25 6.15 15.50 Neutral Strong Buy 64 1.15

RANK GROUP 158.00 137.30 177.50 Neutral Strong Buy 542 0.97

RESTAURANT GROUP 546.00 355.00 575.00 Neutral Sell 368 0.66

WETHERSPOON (JD) 735.00 481.00 767.00 Neutral Sell 648 0.54

WHITBREAD 3035.00 2263.00 3303.00 Neutral Sell 2055 0.98WILLIAM HILL 406.90 293.10 494.50 Neutral Sell 343 0.84

MARSTON'S 150.50 114.20 165.50 Neutral Sell 10 1.15

Life Assurance Under Valued


AVIVA 407.30 294.10 419.80 Neutral Sell 375 1.18

CHESNARA 274.75 176.50 276.50 Neutral Strong Buy 533 0.61

LEGAL & GENERAL 202.00 131.40 203.60 Neutral Strong Buy 503 1.70

OLD MUTUAL 190.70 166.10 221.60 Neutral Strong Buy 403 1.55

PRUDENTIAL 1172.00 801.50 1232.00 N eu tral Neu tral 1206 1.69

ST.JAMES'S PLACE 616.00 367.10 641.50 Neutral Strong Buy 6817 0.83


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 147.25 102.00 149.00 Neutral Strong Buy 922 0.40

BRITISH SKY BCAST.GROUP 877.50 709.00 899.50 Neutral Strong Buy 1056 0.46

CENTAUR MEDIA 54.25 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 1140.00 747 .50 1209.00 Neutral Strong Buy 5566 0.93

INFORMA 532.00 380.50 545.00 Neutral Strong Buy 327 1.64

ITE GROUP 273.50 183.50 307.40 Neutral Buy 201 1.46

ITV 176.10 85.65 183.40 Neutral Strong Buy 1369 1.46

JOHNSTON PRESS 14.37 7.83 19.00 Neutral Buy 720 1.21

PEARSON 1253.00 1119.00 1350.00 Neutral Neu tral 309 0.65

PHOTO-ME INTL. 111.75 46.75 113.00 Neutral Strong Buy 2283 0.85

PINEWOOD SHEPPERTON 294.50 269.00 294.50 Neutral Strong Buy 732 0.14

THOMSON REUTERS 36.59 26.85 36.59 Neutral Strong Buy 346 0.52

STV GROUP 251.00 91.00 262.50 Neutral Sell 240 0.82

ST.IVES 173.25 79.00 174.00 Neutral Sell 159 1.49TRINITY MIRROR 123.00 50.50 128.25 Neutral Sell -289 1.58

UBM 724.00 636.00 788.00 Neutral Strong Buy 1421 1.34

WILMINGTON GROUP 211.75 123.25 211.75 Neutral Strong Buy 1390 0.83

WPP 1284.00 788.00 1296.00 Neutral Sell -827 1.25

Mining Under Valued


ANGLO AMERICAN 1569.50 1207.00 2072.00 Neutral Sell 1286 1.85

ANGLO PACIFIC GROUP 200.00 161.00 290.00 Neutral Neu tral 207 1.09

ANTOFAGASTA 853.50 784.50 1381.00 Neutral Neu tral 839 1.42

BHP BILLITON 1883.00 1666.50 2236.00 Neutral Strong Buy 2922 1.49

GLENCORE XSTRATA 344.75 256.85 397.85 Neutral Strong Buy 1025 #NA

LONMIN 330.30 240.84 380.10 Sell Buy 449 2.05

RANDGOLD RESOURCES 4545.00 3972.00 7775.00 Neutral Sell 2859 0.48

RIO TINTO 3140.50 2582.00 3757.00 Neutral Sell 2537 1.55

VEDANTA RESOURCES 992.00 1335.00 Neutral Strong Buy 2798 2.29

Oil & Gas Under Valued


BG GROUP 1196.50 1000.50 1350.50 Neutral Sell 885 0.84

BP 444.35 416.60 483.30 Neutral Strong Buy 993 1.03

CAIRN ENERGY 267.10 251.80 296.10 Neutral Sell -22 1.33

FORTUNE OIL 9.92 7.15 12.50 Neutral Strong Buy 107 0.81

HUNTING 816.50 716.00 941.00 Neutral Sell 562 1.35

JKX OIL & GAS 62.50 48.50 81.00 Neutral Sell -58 1.33

PREMIER OIL 332.70 321.30 400.20 Neutral Buy 405 1.49

ROYAL DUTCH SHELL B 2159.00 2098.00 2365.00 Neutral Strong Buy 8241 0.83

SOCO INTERNATIONAL 394.00 290.14 394.00 Neutral Buy 479 0.52

TULLOW OIL 1061.00 977.00 1468.00 Neutral Sell 693 1.07

WOOD GROUP (JOHN) 812.00 720.50 915.50 Neutral Sell 716 1.44


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Personal Care & Household Products Over Valued


MCBRIDE 121.50 101.00 144.60 Neutral Buy 164 0.83

PZ CUSSONS 417.40 300.00 432.50 Neutral Sell 373 0.71

RECKITT BENCKISER GROUP 4545.00 3565.00 4950.00 Neutral Neu tral 4674 0.31

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.41 0.36 3.58 Buy Sell -5 0.91

ASTRAZENECA 3239.50 2792.50 3521.50 Neutral Strong Buy 7702 0.49

BTG 385.60 317.50 397.90 Neutral Sell 162 0.70

DECHRA PHARMACEUTICALS 720.00 569.00 780.00 Neutral Sell 538 0.18

GLAXOSMITHKLINE 1596.50 1317.50 1782.00 Neutral Neu tral 1625 0.50

OXFORD BIOMEDICA 2.15 1.33 2.83 Buy Sell -3 0.53

PHYTOPHARM 52.50 51.50 612.50 Buy Sell -274 0.90

SHIRE 2473.00 1727.00 2593.00 Neutral Sell 1168 0.69

SKYEPHARMA 100.50 43.50 100.50 Neutral Sell -7 0.55

VERNALIS 27.75 19.38 31.00 Neutral Sell 8 0.84

Real Estate - REIT Under Valued


BIG YELLOW GROUP 440.00 312.00 445.00 Neutral Strong Buy 731 1.18

BRITISH LAND 590.50 506.00 658.00 Neutral Buy 835 1.05

DERWENT LONDON 2370.00 1946.00 2542.00 Neutral Strong Buy 5150 1.24

GREAT PORTLAND ESTATES 540.50 442.20 598.00 Neutral Strong Buy 1163 1.06

HAMMERSON 510.00 451.00 554.00 Neutral Buy 562 1.27INTU PROPERTIES 326.90 300.60 366.00 Neutral Strong Buy 581 1.14

LAND SECURITIES GROUP 933.50 761.50 994.00 Neutral Strong Buy 1803 1.16

LOCAL SHOP.REIT (THE) 30.25 24.25 39.25 Neutral Sell -167 0.81

LONDONMETRIC PROPERTY 120.50 1 03.20 120.50 Neutral Sell -6 0.34

MCKAY SECURITIES 167.00 131.50 167.00 Neutral Strong Buy 291 0.65

MUCKLOW (A & J) GROUP 431.25 325.00 500.00 Neutral Sell 246 0.37

PRIMARY HEALTH PROPS. 326.25 312.50 363.53 Neutral Sell 112 0.26

REDEFINE INTL.REIT 47.00 30.69 47.25 Neutral Sell -380 0.62

SEGRO 312.10 221.60 313.60 Neutral Sell -302 1.82

SHAFTESBURY 595.50 522.50 668.00 Neutral Buy 869 1.04

TOWN CENTRE SECURITIES 214.00 178.75 225.00 Neutral Sell 6 1.04

WORKSPACE GROUP 444.80 268.70 475.00 Neutral Strong Buy 1420 1.02


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 342.00 214.70 365.60 Neutral Strong Buy 670 0.73

CAPITAL & REGIONAL 41.00 22.75 42.00 Neutral Sell -52 0.56

CLS HOLDINGS 1166.00 656.50 1260.00 Neutral Strong Buy 2896 0.73

DAEJAN HOLDINGS 3851.00 2706.00 4179.00 Neutral Strong Buy 14601 0.47

DEVELOPMENT SECS. 197.00 143.00 209.00 Neutral Neutral 192 0.98

GRAINGER 177.20 105.10 187.50 Neutral Sell 109 1.57

HELICAL BAR 294.00 178.00 302.50 Neutral Sell 203 0.83

LONDON & ASSOCS.PROPS. 33.25 21.50 33.25 Neutral Strong Buy 225 0.63

MOUNTVIEW ESTATES 6412.50 4350.00 6512.50 Neutral Strong Buy 14399 0.68

QUINTAIN ESTATES & DEV. 86.75 51.00 92.00 Sell Sell -209 1.02

RAVEN RUSSIA 77.25 61.50 79.75 Neutral Strong Buy 207 1.52

SAVILLS 616.50 391.20 664.50 Neutral Strong Buy 1659 0.69

SMART (J) 87.50 72.50 90.50 Neutral Strong Buy 369 0.32

ST MODWEN PROPS. 303.70 194.00 333.00 Neutral Strong Buy 623 1.63

UNITE GROUP 385.00 256.70 403.00 Neutral Strong Buy 1623 1.78

Software & Computer Services Under Valued


ANITE 109.75 109.60 162.00 Neutral Buy 142 0.66

AVEVA GROUP 2604.00 1946.63 2650.00 Neutral Sell 1496 1.52

COMPUTACENTER 513.50 333.29 564.10 Neutral Strong Buy 1480 0.90

KOFAX 378.50 260.75 388.00 Neutral Sell 345 1.04

INNOVATION GROUP 29.50 20.75 30.25 Neutral Sell 27 0.81

MICRO FOCUS INTL. 757.50 543.00 812.50 Neutral Buy 1040 0.81

PHOENIX IT GROUP 161.00 130.00 184.00 Neutral Sell -218 0.73

RM 109.00 64.00 114.25 Neutral Strong Buy 269 0.54FIDESSA GROUP 1983.00 1275.00 2190.00 Neutral Neu tral 2164 0.77

SAGE GROUP 335.90 289.36 368.18 Neutral Buy 437 0.69

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 386.00 3 08.50 492.10 Neutral Strong Buy 1224 1.12

BREWIN DOLPHIN 269.40 168.00 283.00 Neutral Strong Buy 647 0.69

CAMELLIA 8770.00 8000.00 11105.00 Neutral Strong Buy 81240 0.85

CHARLES STANLEY GROUP 458.00 260.00 474.00 Neutral Strong Buy 1421 0.93

CHARLES TAYLOR 216.50 155.00 228.00 Neutral Strong Buy 1630 0.65

CLOSE BROTHERS GROUP 1161.00 830.00 1189.00 Neutral Strong Buy 4800 0.85

F&C ASSET MANAGEMENT 97.25 90.00 110.40 Neutral Sell 78 0.86

HELPHIRE GROUP 5.70 0.66 5.70 Sell Sell -125 0.61

HENDERSON GROUP 192.50 107.20 192.50 Neutral Strong Buy 789 1.44

ICAP 380.30 280.80 422.20 Neutral Strong Buy 828 1.07

INTERMEDIATE CAPITAL GP. 449.10 287.20 501.50 Neutral Strong Buy 2156 1.70

INVESTEC 404.40 358.40 513.50 Neutral Strong Buy 2625 1.56

LONDON STOCK EX.GROUP 1567.00 930.00 1652.00 Neutral Strong Buy 5847 1.13

MAN GROUP 87.25 71.80 134.40 Neutral Sell -4819 1.39

RATHBONE BROTHERS 1566.00 1208.00 1691.00 Neutral Strong Buy 5428 0.71

SCHRODERS 2623.00 1518.00 2631.00 Neutral Strong Buy 8105 1.30

SCHRODERS NV 2175.00 1176.00 2175.00 Sell Strong Buy 11246 1.28


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Support Services Under Valued


ACAL 272.00 157.75 284.00 Neutral Strong Buy 582 0.83

AGGREKO 1590.00 1557.00 2370.00 Neutral Strong Buy 3092 1.14

AMEC 1089.00 965.50 1156.00 Neutral Strong Buy 3143 1.11

ASHTEAD GROUP 634.50 322.90 730.00 Neutral Buy 921 1.64

BABCOCK INTL. 1193.00 918.00 1209.00 Neutral Strong Buy 2459 0.49

BRITISH POLYTHENE INDS. 630.00 372.50 631.00 Neutral Strong Buy 2224 0.80

BUNZL 1344.00 1009.00 1409.00 Neutral Strong Buy 2633 0.50

UK MAIL GROUP 598.00 259.50 645.00 Neutral Strong Buy 1545 0.42

CAPITA 1001.00 713.00 1057.00 Neutral Strong Buy 1792 0.54

COMMUNISIS 62.00 34.54 68.00 Neutral Strong Buy 411 0.83

COMPASS GROUP 849.50 671.50 910.50 Neutral Strong Buy 1881 0.75

BERENDSEN 908.00 544.00 939.00 Neutral Strong Buy 3204 1.08

DE LA RUE 996.50 891.50 1075.00 Neutral Strong Buy 2279 #NA

DIGNITY 1401.00 904.82 1567.68 Neutral Buy 1594 0.25

DIPLOMA 650.00 435.00 661.00 Neutral Strong Buy 1259 0.96ELECTROCOMP. 275.70 200.00 280.90 Neutral Strong Buy 839 0.98

ESSENTRA PLC 752.50 508.50 830.00 Neutral Strong Buy 1207 1.14

G4S 253.40 207.50 313.50 Neutral Strong Buy 872 0.47

HAYS 114.70 75.20 115.00 Neutral Strong Buy 377 1.03

HOMESERVE 259.00 185.60 293.60 Neutral Strong Buy 884 0.89

INTERSERVE 560.00 349.10 591.50 Neutral Strong Buy 2950 1.25

INTERTEK GROUP 3351.00 2697.00 3453.00 Neutral Buy 4237 0.80

JOHNSON SERVICE GROUP 51.00 31.50 51.75 Neutral Strong Buy 226 1.10

MANAGEMENT CNSL.GP. 26.25 21.25 32.00 Neutral Strong Buy 176 0.57

MENZIES (JOHN) 790.50 573.00 805.00 Neutral Strong Buy 1976 1.41

MICHAEL PAGE INTL. 484.80 346.40 502.50 Neutral Strong Buy 762 1.36

MITIE GROUP 292.70 248.00 300.80 Neutral Strong Buy 975 0.52

OFFICE2OFFICE 46.00 33.75 139.00 Neutral Strong Buy 616 0.31

PAYPOINT 1080.00 716.00 1185.00 Neutral Strong Buy 1750 0.75

PREMIER FARNELL 210.90 165.50 238.40 Neutral Strong Buy 523 1.41

REGUS 181.00 96.00 193.40 Neutral Sell 72 1.38

RENTOKIL INITIAL 111.30 81.30 111.30 Neutral Strong Buy 437 1.26

REXAM 486.50 432.56 547.50 Neutral Strong Buy 1714 0.84

RICARDO 551.50 349.63 556.50 Neutral Strong Buy 1538 0.90

ROBERT WALTERS 326.00 189.50 329.00 Neutral Strong Buy 896 1.15

RPC GROUP 464.60 378.00 477.80 Neutral Strong Buy 1553 0.81

RPS GROUP 263.70 195.50 274.20 Neutral Strong Buy 859 1.51

SERCO GROUP 551.00 535.00 683.50 Neutral Strong Buy 2126 0.60

SHANKS GROUP 95.50 73.00 98.00 Neutral Strong Buy 347 1.49

SPEEDY HIRE 65.00 29.00 65.50 Neutral Strong Buy 319 1.18TRIBAL GROUP 205.87 92.25 206.50 Neutral Strong Buy 503 0.65

TRIFAST 69.00 40.50 70.75 Neutral Strong Buy 304 0.90

VP 493.38 313.00 499.00 Neutral Strong Buy 2158 0.79

WYG 108.75 49.50 108.75 Sell Strong Buy 178 0.82


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Telecommunication Services Over Valued


BT GROUP 343.10 212.50 348.90 Neutral Buy 423 0.89

CABLE & WIRELESS COMMS. 39.60 34.31 46.29 Neutral Strong Buy 79 0.67

INMARSAT 722.00 542.50 749.00 Neutral Sell 256 0.53

KCOM GROUP 90.65 68.25 91.50 Neutral Buy 117 1.20

TELECOM PLUS 1255.00 821.00 1399.00 Neutral Sell 791 0.05

VODAFONE GROUP 218.50 154.45 218.50 Neutral Sell 122 0.51

Transport Over Valued


BBA AVIATION 306.10 195.70 326.00 Neutral Sell 221 1.22

BRAEMAR SHIPPING SVS. 520.00 350.00 520.00 Neutra l Neu tral 558 1.06

CLARKSON 2225.00 1150.00 2225.00 Sell Sell 1254 0.86

EASYJET 1287.00 580.00 1448.00 Neutral Sell 841 0.77

FIRST GROUP 120.90 92.00 204.81 Neutral Strong Buy 266 0.88

FISHER(JAMES)& SONS 1082.00 748.00 1148.00 Neutral Sell 783 0.72

GO-AHEAD GROUP 1651.00 1220.00 1670.00 Neutral Strong Buy 2853 0.97

NATIONAL EXPRESS 255.80 164.50 274.90 Neutral Sell 241 1.39

NORTHGATE 429.50 239.50 435.00 Neutral Sell 345 1.34

STAGECOACH GROUP 323.30 265.90 337.60 Neutral Buy 452 0.97

WINCANTON 100.25 43.75 105.00 Neutral Strong Buy 270 0.95

Utilities Under Valued


CENTRICA 366.90 310.80 402.20 Neutral Strong Buy 565 0.50NATIONAL GRID 743.00 682.00 847.50 Neutral Buy 966 0.45

PENNON GROUP 701.50 598.00 734.50 Neutral Sell 619 0.63

SSE 1460.00 1364.00 1676.00 Neutral Strong Buy 2247 0.40

SEVERN TRENT 1794.00 1513.00 2090.00 Neutral Sell 1486 0.37

UNITED UTILITIES GROUP 692.00 647.00 787.50 Neutra l Neu tral 747 0.49


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value indicator - uk main market 20130927