value indicator - uk main market 20130201

7/29/2019 value indicator - uk main market 20130201

1/18

01 February 2013

Powered by


2/18

Intellisys Intelligent Analysis Limited 01 February 2013

www.intellisys.uk.com +44 20 3239 8994 Page 2 of 18

Contents

Introduction .................................................................................................................................3Value ...........................................................................................................................................4Conclusion ..................................................................................................................................4RISK WARNING Ratings and Targets ....................................................................................4How to use the report .................................................................................................................5Aerospace & Defence Over Valued .....................................................................6Automobiles & Parts Under Va lued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Over Valued ....................................................7Electronics & Electrical Equipment Over Valued ..................................................7Engineering & Machinery Over Valued ................................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Under Valued ........................................................8General Retail Under Valued ..............................................................................9Heath Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Over Valued .................................................................... 10Media & Entertainment Over Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 12Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Over Valued ................................................ 12Real Estate Under Valued ............................................................................... 13Software & Computer Services Under Valued ..................................................... 13Speciality & Other Finance Over Valued .......................................................... 14Support Services Over Valued ..................................................................... 15Telecommunication Services Over Valued ....................................................... 16Transport Over Valued ................................................................................... 16Utilities Under Valued ....................................................................................... 16DISCLAIMER ........................................................................................................................... 17RISK WARNING ...................................................................................................................... 18


3/18



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


4/18



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 provided solely toenable you to make your own investment decisions. If you are unsure about dealing in shares and otherequity investments, you should contact your financial adviser as these types of investments may not besuitable for everyone. The value of stocks and shares, and the income from them, can fall as well as riseand 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.


5/18



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)


6/18



Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 339.60 270.90 363.60 Neutral Strong Buy 534 0.67

CHEMRING GROUP 283.60 217.00 442.00 Neutral Strong Buy 557 0.55

COBHAM 211.70 184.90 239.50 Neutral Buy 261 0.87

MEGGITT 435.00 362.00 437.20 Neutral Sell 362 1.32

ROLLS-ROYCE HOLDINGS 946.00 751.32 947.50 Neutral Sell 623 1.09

SMITHS GROUP 1227.00 960.00 1246.00 Neutral Sell 935 0.70

ULTRA ELECTRONICS HDG. 1645.00 1 424.00 1780.00 Neutral Sell 1405 0.56

Automobiles & Parts Under Va lued

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

GKN 240.80 173.60 248.10 Neu tral Neu tral 230 1.96

INCHCAPE 473.30 305.20 473.30 Neutral Sell 449 1.44

LOOKERS 79.25 51.63 80.25 Neutral Buy 93 1.28

PENDRAGON 20.75 11.50 21.25 Neutral Buy 29 1.10

Banks Over Valued


BARCLAYS 301.00 150.55 305.85 Neutral Sell 211 1.91

HSBC HDG. (ORD $0.50) 716.70 503.20 724.10 Neutral Strong Buy 1086 1.16

LLOYDS BANKING GROUP 51.66 25.29 54.92 Neutral Buy 61 1.86

ROYAL BANK OF SCTL.GP. 343.30 196.60 367.80 Neutral Sell -111 1.37

STANDARD CHARTERED 1677.50 1228.50 1683.00 Neutral Sell 1423 1.71

Beverages Under Valued


BARR (AG) 543.50 348.00 557.00 Neu tral Neu tral 573 0.49

DIAGEO 1877.00 1429.50 1886.50 Sell Sell 1669 0.54

SABMILLER 3150.00 2348.50 3150.00 Sell Buy 3658 1.00

Chemicals Under Valued


CRODA INTERNATIONAL 2424.00 1950.00 2501.00 Neutral Strong Buy 3845 1.04

ELEMENTIS 211.20 156.00 240.30 Neutral Buy 300 1.03

JOHNSON MATTHEY 2265.00 2080.27 2573.00 Neutral Strong Buy 6173 1.44

VICTREX 1534.00 1185.00 1649.00 Neu tral Neu tral 1681 1.14

SYNTHOMER 198.20 127.40 251.00 Neutral Strong Buy 322 1.19

ZOTEFOAMS 200.50 133.50 225.00 Neutral Sell 184 0.98


7/18



Construction & Building Materials Over Valued


BALFOUR BEATTY 265.30 237.90 320.80 Neutral Sell -69 0.83

BARRATT DEVELOPMENTS 217.60 114.00 231.10 Neutral Sell 30 1.49

BELLWAY 1110.00 660.00 1129.00 Neutral Sell 581 1.09

BERKELEY GROUP HDG.( THE ) 1830.00 1177.00 1844.00 Neutral Strong Buy 3228 0.65

BOVIS HOMES GROUP 598.50 399.30 636.50 Neutral Sell 60 1.13

CARILLION 305.40 235.50 344.00 Neutral Sell -265 1.12

CLARKE (T) 61.25 39.00 61.50 Neutral Sell 15 0.79

COSTAIN GROUP 264.00 188.00 268.75 Neutral Strong Buy 502 0.61

GALLIFORD TRY 822.00 482.00 839.00 Neutral Sell -32 1.02

KELLER 735.00 348.25 749.00 Neutral Sell 276 1.26

KIER GROUP 1345.00 1095.00 1489.00 Neutral Sell 871 0.96

LOW & BONAR 57.75 49.00 66.50 Neutral Buy 80 1.07

MARSHALLS 109.50 76.00 110.00 Neutral Sell 37 1.31

MORGAN SINDALL GROUP 569.00 508.00 725.00 Neutral Sell 19 0.83

PERSIMMON 842.50 530.00 888.50 Neutral Sell 214 1.14

REDROW 186.10 107.30 195.10 Neutral Sell 24 1.04

SIG 132.00 82.30 136.90 Neutral Buy 148 1.66

TAYLOR WIMPEY 71.15 40.28 75.05 Neutral Sell -11 1.57

TRAVIS PERKINS 1210.00 906.50 1245.00 Neutral Sell 434 1.94

WOLSELEY 2945.00 2121.32 3038.00 Neutral Sell 1412 1.44

Electronics & Electrical Equipment Over Valued


DIALIGHT 1113.00 745.00 1244.00 Neutral Sell 703 0.76

DOMINO PRINTING SCIENCES 658.50 509.00 670.00 Neutral Buy 855 1.14

E2V TECHNOLOGIES 112.50 105.50 149.50 Neutral Strong Buy 224 1.33

INVENSYS 344.00 186.10 351.60 Neutral Sell 312 1.37

LAIRD 223.40 164.80 243.90 Neutral Sell 79 2.12

OXFORD INSTRUMENTS 1640.00 927.00 1656.00 Neutral Sell 1077 0.98

RENISHAW 1869.00 1260.00 2081.00 Neutral Buy 2228 1.26

SPECTRIS 2214.00 1427.00 2225.00 Neutral Sell 2001 1.44

BIOME TECHNOLOGIES 0.09 0.08 0.22 Neutral Buy 0 0.83

TT ELECTRONICS 161.00 114.00 203.50 Neutral Strong Buy 357 1.60

XAAR 287.00 185.00 292.00 Neutral Sell 207 1.13


8/18



Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 84.00 54.25 92.00 Neutral Buy 112 1.24

BODYCOTE 462.00 310.30 481.90 Neutral Neutral 482 1.59

CASTINGS 345.00 268.00 358.50 Neutral Strong Buy 649 0.98

VESUVIUS 362.40 263.19 380.80 Neutral Buy 473 2.21

FENNER 378.90 329.30 483.70 Neutral Buy 520 1.43

HALMA 460.40 365.00 469.10 Neutral Sell 364 0.77

HILL & SMITH 467.50 297.00 471.50 Neutral Sell 323 1.34

IMI 1170.00 776.00 1193.00 Neutral Neutral 1254 1.38

METALRAX GROUP 3.10 2.93 9.00 Neutral Buy 3 0.81

MORGAN CRUCIBLE 278.00 220.30 360.00 Neutral Strong Buy 501 1.78

ROTORK 2647.00 1859.00 2704.00 Neutral Sell 1906 1.00

SENIOR 201.60 177.00 215.00 Neutral Neutral 209 1.68

SEVERFIELD-ROWEN 75.50 73.25 219.50 Neutral Neutral 75 0.96

SPIRAX-SARCO 2258.00 1900.00 2357.00 Neutral Sell 2098 0.82

VITEC GROUP 611.00 560.00 740.00 Neutral Sell 579 1.44

WEIR GROUP 1984.00 1397.00 2236.00 Neutral Sell 1881 1.37

Food & Drug Stores Over Valued


GREGGS 478.00 449.00 558.00 Neutral Buy 636 0.46

MORRISON(WM)SPMKTS. 251.00 251.00 305.70 Neutral Sell 203 0.43

SAINSBURY (J) 330.70 283.50 361.10 Neutral Sell 227 0.63

TESCO 356.30 297.05 361.25 Neutral Sell 281 0.72

THORNTONS 40.38 13.75 45.50 Sell Sell 28 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1749.00 1164.00 1749.00 Sell Sell 1402 0.59

CRANSWICK 960.00 732.50 960.00 Neutral Buy 1373 0.58

DAIRY CREST 416.40 290.40 424.50 Neutral Sell 380 0.91

DEVRO 341.00 275.10 351.20 Neutral Sell 321 0.30

PREMIER FOODS 93.50 54.50 180.00 Neutral Sell -155 1.39

TATE & LYLE 812.50 633.50 834.00 Neutral Buy 990 0.65

UNILEVER (UK) 2567.00 1994.00 2567.00 Neutral Buy 3361 0.58


9/18



General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 27.50 20.38 29.50 Neutral Buy 32 0.72

BROWN (N) GROUP 368.80 222.40 380.00 Neutral Sell 348 0.51

BURBERRY GROUP 1357.00 1000.00 1586.00 Neutral Sell 943 1.31

CARPETRIGHT 680.00 555.00 728.50 Neutral Sell 270 0.96

DIXONS RETAIL 27.50 12.67 29.80 Neutral Buy 36 1.57

FINDEL 7.59 2.76 9.30 Neutral Sell 3 1.12

FRENCH CONNECTN.GROUP 27.00 19.50 58.75 Neutral Strong Buy 107 1.01

HALFORDS GROUP 340.60 189.00 356.80 Neutral Buy 481 0.68

JD SPORTS FASHION 745 .00 606.50 863 .00 Neutral Strong Buy 1464 0.47

DARTY 60.25 38.00 85.70 Neutral Buy 83 1.24

KINGFISHER 269.70 254.10 313.80 Neutral Buy 377 0.95

MARKS & SPENCER GROUP 379.70 312.20 398.80 Neutral Buy 497 0.73

MOSS BROTHERS GROUP 71.00 35.00 71.00 Neutral Sell 59 1.02

MOTHERCARE 310.00 152.00 362.00 Neutral Buy 350 0.45

NEXT 4058.00 2682.00 4088.00 Neutral Sell 3555 0.69

TED BAKER 1204.00 735.50 1204.00 Sell Sell 632 0.57

TOPPS TILES 55.25 31.25 55.75 Neutral Sell 48 1.29

Heath Over Valued


BIOQUELL 150.00 114.00 160.00 N eutral Neutral 153 0.46

CONSORT MEDICAL 712.00 561.50 831.50 N eutral Neutral 721 0.45

OPTOS 196.00 160.00 279.25 N eutral Neutral 216 1.14

SMITH & NEPHEW 726.50 580.00 734.00 Neutral Sell 671 0.36

Household Goods & Textiles Over Valued


GAMES WORKSHOP 655.00 487.50 720.50 Neutral Neutral 641 0.38

HEADLAM GROUP 350.00 263.00 350.00 Neutral Sell 306 0.92

HORNBY 81.00 55.25 111.50 Neutral Buy 107 0.74

Information Technology & Hardware Over Valued


ARM HOLDINGS 863.00 469.00 873.50 Neutral Sell 539 0.75CSR 361.00 194.60 376.20 Neutral Strong Buy 1119 1.21

FILTRONIC 52.38 23.50 52.38 Sell Sell 44 0.80

IMAGINATION TECHNOLOGIES 510.50 383 .50 717.00 Neu tral Neutral 488 1.06

SPIRENT COMMUNICATIONS 160.10 120.70 174.00 Neutral Strong Buy 650 0.94

WOLFSON MICROELECTRONICS 201.25 155 .00 230.00 Neutral Sell -403 0.99


10/18



Insurance Under Valued


ADMIRAL GROUP 1223.00 933.00 1238.00 Neutral Sell 386 0.55

AMLIN 383.60 312.90 405.00 Neutral Sell -2787 0.47

BEAZLEY 183.50 132.50 194.20 Neutral Strong Buy 1445 0.56

CATLIN GROUP 522.50 399.00 526.00 Neutral Buy 710 0.29

HISCOX 474.00 371.30 489.40 Neutral Strong Buy 1960 0.48

JARDINE LLOYD THOMPSON 785 .00 659.00 790 .00 Neutral Strong Buy 2995 0.30

RSA INSURANCE GROUP 131.70 97.65 134.30 Neutral Strong Buy 1607 0.42

NOVAE GROUP 424.00 340.00 430.50 Neutral Strong Buy 1816 0.46

Leisure & Hotels Over Valued


CARNIVAL 2561.00 1841.00 2615.00 Neutral Strong Buy 4145 0.99

ENTERPRISE INNS 90.50 38.50 105.00 Neutral Sell 64 1.64

TUI TRAVEL 290.80 158.00 293.80 Neutral Strong Buy 729 1.01

FULLER SMITH 'A' 765.50 680.00 798.00 Neutral Sell 604 0.40

GREENE KING 667.50 474.30 675.50 Neutral Sell 566 0.91

LADBROKES 212.00 144.10 214.00 Neutral Sell 171 0.92

ICTL.HTLS.GP. 1856.00 1335.56 1880.00 Neutral Sell 1545 1.18

MILLENNIUM & CPTH.HTLS. 544.00 455.00 544.00 Neu tral Neutral 573 1.36

MITCHELLS & BUTLERS 333.70 217.40 337.00 Neutral Sell 271 1.06

BWIN PARTY DIGITAL ENTM. 111.20 91.90 174.00 Neutral Sell 75 1.25

PUNCH TAVERNS 10.75 5 .61 12.25 Neutral Strong Buy 41 1.20

RANK GROUP 150.40 111.00 155.20 Neutral Strong Buy 475 0.98

RESTAURANT GROUP 376.60 269.20 391.70 Neutral Sell 299 0.81

WETHERSPOON (JD) 512.50 371.30 548.50 Neutral Buy 686 0.73

WHITBREAD 2570.00 1637.00 2571.00 Sell Sell 1814 0.98

WILLIAM HILL 384.10 222.40 384.10 Sell Sell 259 0.90

MARSTON'S 133.60 94.25 134.20 Neutral Sell 16 1.23

Life Assurance Over Valued


AVIVA 366.70 255.30 388.40 Neutral Strong Buy 1105 1.29

CHESNARA 216.00 155.25 220.50 Neutral Strong Buy 330 0.67

LEGAL & GENERAL 152.40 106.00 153.10 Neutral Strong Buy 273 1.69

OLD MUTUAL 187.40 138.70 189.50 Neutral Sell 161 1.63PRUDENTIAL 958.00 660.00 973.00 Sell Sell 867 1.70

ST.JAMES'S PLACE 463.10 303.40 467.10 Neutral Sell 407 0.83


11/18



Media & Entertainment Over Valued


AEGIS GROUP 234.90 153.20 237.80 Neutral Sell -620 1.29

BLOOMSBURY PBL. 115.00 104.00 146.50 Neutral Strong Buy 1558 0.35

BRITISH SKY BCAST.GROUP 817.50 635.50 817.50 Neutral Strong Buy 149 0.55

CENTAUR MEDIA 55.75 28.50 57.00 Neutral Strong Buy 3162 0.99

DAILY MAIL 'A' 600.00 363.50 600.00 Sell Strong Buy 5543 1.07

EUROMONEY INSTL.INVESTOR 890.00 672.50 951.50 Neutral Sell -37 0.97

INFORMA 479.00 340.00 491.20 Neutral Strong Buy 273 1.56

ITE GROUP 256.00 180.00 273.40 Neutral Strong Buy 1227 1.43

ITV 114.80 69.45 116.40 Neutral Strong Buy 1509 1.55

JOHNSTON PRESS 12.63 4.88 15.00 Neutral Buy 342 1.27

PEARSON 1194.00 1111.00 1294.00 Neutral Strong Buy 2384 0.65

PHOTO-ME INTL. 66.25 36.25 68.25 Neutral Buy 518 0.80

PINEWOOD SHEPPERTON 277.50 237.62 377.50 Neutral Sell -609 0.19

THOMSON REUTERS 30.55 26.66 31.04 Neutral Sell 284 0.52

STV GROUP 120.00 81.50 121.00 Neutral Sell -301 0.76

ST.IVES 117.00 67.50 125.00 Neutral Strong Buy 2217 1.43

TRINITY MIRROR 97.50 25.50 102.25 Neutral Strong Buy 1170 1.57

UBM 752.00 511.00 765.00 Neutral Sell 208 1.33

WILMINGTON GROUP 148.00 79.25 160.00 Neutral Strong Buy 842 0.87

WPP 991.50 743.00 991.50 Neutral Sell 24 1.31

HIBU 0.31 0.26 6.00 Neutral Sell 61 1.11

Mining Under Valued


ANGLO AMERICAN 1886.50 1664.00 2910.00 Neutral Strong Buy 3253 1.73

ANGLO PACIFIC GROUP 278.50 221.25 340.00 Neutral Buy 310 1.00

ANTOFAGASTA 1142.00 991.00 1399.00 Neutral Sell 1054 1.45

BHP BILLITON 2157.00 1681.00 2208.50 Neutral Strong Buy 3880 1.42

LONMIN 360.00 240.84 599.98 Neutral Sell 58 1.94

RANDGOLD RESOURCES 5970.00 4596.00 7775.00 Neutral Sell 3251 0.27

RIO TINTO 3560.00 2715.50 3988.00 Neu tral Neutral 3902 1.48

COALFIELD RESOURCES 6.60 3.75 33.50 Neutral Strong Buy 186 0.90

VEDANTA RESOURCES 832.50 1502.00 Neutral Strong Buy 2835 2.17

XSTRATA 1181.50 785.80 1283.00 Neu tral Neutral 1155 1.78


12/18



Oil & Gas Under Valued


BG GROUP 1120.00 1000.50 1547.00 Neu tral Neutral 1218 0.78

BP 466.75 391.95 504.60 Neutral Strong Buy 1535 1.06

CAIRN ENERGY 287.00 248.20 360.00 Neutral Sell -27 1.35

FORTUNE OIL 11.50 7.86 12.50 Neutral Buy 15 0.89

HUNTING 847.00 688.00 968.00 Neutral Sell 524 1.27

JKX OIL & GAS 55.00 55.00 187 .75 Buy Strong Buy 294 1.45

PREMIER OIL 373.70 321.30 449.70 Neutral Sell 291 1.39

ROYAL DUTCH SHELL B 2294.00 2039.00 2366.50 Neutral Strong Buy 10863 0.90

SOCO INTERNATIONAL 383.00 254.90 388.20 Neutral Sell 248 0.53

TULLOW OIL 1138.00 1138.00 1601.00 Buy Sell 783 1.09

WOOD GROUP (JOHN) 806.00 651.50 875.50 Neu tral Neutral 835 1.35

Personal Care & Household Products Over Valued


MCBRIDE 133.50 102.70 140.00 Neutral Strong Buy 262 0.85

PZ CUSSONS 388.80 296.10 399.40 Neutral Sell 326 0.72

RECKITT BENCKISER GROUP 4202.00 3300 .00 4268.00 Neu tral Neutral 4245 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 1.08 1.00 3.98 Buy Strong Buy 30 1.03

ASTRAZENECA 3053.00 2591.00 3168.00 Neutral Strong Buy 5529 0.49

BTG 332.00 300.30 423.00 Neutral Buy 379 0.62DECHRA PHARMACEUTICALS 620.50 418.33 643.00 Neutral Strong Buy 2510 0.24

GLAXOSMITHKLINE 1445.50 1317.50 1507.50 Neutral Sell 181 0.50

OXFORD BIOMEDICA 2.30 2.05 5.80 Buy Strong Buy 11 0.67

PHYTOPHARM 8.75 5.88 12.75 Buy Sell 3 0.95

SHIRE 2113.00 1727.00 2300.00 Neutral Sell 1538 0.67

SKYEPHARMA 69.50 31.00 101.50 Neutral Strong Buy 231 0.71

VERNALIS 23.88 19.25 27.38 Neutral Strong Buy 97 0.84


13/18



Real Estate Under Valued


BIG YELLOW GROUP 370.00 274.50 382.10 Neutral Sell -620 1.14

BRITISH LAND 562.00 466.10 577.00 Neutral Strong Buy 1558 1.03

CAPITAL & REGIONAL 28.25 22.75 34.25 Sell Strong Buy 149 0.68

CLS HOLDINGS 764.00 560.00 804.00 Neutral Strong Buy 3162 0.67

DERWENT LONDON 2158.00 1684.00 2205.00 Neutral Strong Buy 5543 1.20

DEVELOPMENT SECS. 167.00 121.75 176.00 Neutral Sell -37 0.93

GRAINGER 124.90 83.10 128.90 Neutral Strong Buy 273 1.47

GREAT PORTLAND ESTATES 486.50 345.60 502.00 Sell Strong Buy 1227 1.05

HAMMERSON 485.70 377.90 497.70 Neutral Strong Buy 1509 1.14

HELICAL BAR 230.00 164.00 247.00 Neutral Buy 342 0.70

LAND SECURITIES GROUP 803.00 672.50 832.50 Neutral Strong Buy 2384 1.14

CAPITAL SHOPCTS.GROUP 356.20 305.00 366.00 Neutral Buy 518 1.09

MCKAY SECURITIES 136.13 110.25 144.00 Neutral Sell -609 0.71

MUCKLOW (A & J) GROUP 369.75 310.00 390.00 Neutral Sell 284 0.42

QUINTAIN ESTATES & DEV. 61.25 32.50 62.50 Sell Sell -301 1.15

SAVILLS 495.00 300.80 498.80 Neutral Strong Buy 2217 0.66

SHAFTESBURY 552.50 482.20 572.50 Neutral Strong Buy 1170 1.01

SEGRO 248.20 209.40 259.20 Neutral Sell 208 1.66

ST MODWEN PROPS. 237.00 131.00 241.10 Neutral Strong Buy 842 1.46

TOWN CENTRE SECURITIES 185.00 135.00 189.50 Neutral Sell 24 1.06

UNITE GROUP 284.90 180.20 290.10 Neutral Sell 61 1.75

WARNER ESTATE 1.53 1.00 4.13 Sell Sell -1072 1.01

WORKSPACE GROUP 325.70 213.25 335.50 Neutral Strong Buy 1160 0.99

Software & Computer Services Under Valued


ANITE 144.20 97.25 149.90 Neutral Sell 118 0.81

AVEVA GROUP 2161.00 1469.00 2232.00 Neutral Sell 1261 1.39

COMPUTACENTER 451.80 292.40 461.90 Neutral Strong Buy 1320 0.99

KOFAX 305.00 240.00 314.00 Neu tral Neutral 314 1.12

INNOVATION GROUP 24.50 18.25 24.75 Neutral Sell 22 0.84

MICRO FOCUS INTL. 610.50 426.17 633.50 Neutral Buy 908 0.81

PHOENIX IT GROUP 158.00 135.00 231.75 Neutral Strong Buy 305 0.85

RM 74.75 71.00 93.50 Neutral Sell -85 0.53

FIDESSA GROUP 1539.00 1275.00 1766.00 Neutral Buy 2008 0.77

SAGE GROUP 322.70 247.70 331.60 Neutral Buy 397 0.71


14/18



Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 402.40 237.30 422.00 Neutral Sell 156 1.10

BREWIN DOLPHIN 209.00 136.30 222.00 Neutral Sell 98 0.73

CAMELLIA 11105.00 9175.00 11105.00 Neutral Sell 9604 0.81

CHARLES STANLEY GROUP 353.50 247.50 355.00 Neutral Sell 165 0.93

CHARLES TAYLOR 172.50 123.00 189.75 Neutral Sell 94 0.70

CLOSE BROTHERS GROUP 988.50 673.50 997.00 Neutral Sell 160 0.90

F&C ASSET MANAGEMENT 105.50 64.75 110.00 Neutral Sell 100 0.89

HELPHIRE GROUP 2.70 0.77 3.61 Sell Strong Buy 42 0.66

HENDERSON GROUP 155.00 90.55 158.70 Neutral Sell 46 1.44

ICAP 326.20 281.40 431.50 Neutral Sell 190 1.07

INTERMEDIATE CAPITAL GP. 353.60 227.30 361.60 Neutral Sell 182 1.65

INVESTEC 461.90 310.40 474.40 Neutral Sell 68 1.55

LONDON STOCK EX.GROUP 1204.00 880.00 1249.00 Neutral Strong Buy 3387 1.15

MAN GROUP 88.45 63.25 152.50 Neu tral Neutral 88 1.29

RATHBONE BROTHERS 1345.00 1151.00 1373.00 Neutral Sell 1092 0.74

SCHRODERS 1935.00 1166.00 1943.00 Neutral Sell 1217 1.33


15/18



Support Services Over Valued


ACAL 205.00 157.75 219.50 Neutral Buy 281 0.89

AGGREKO 1597.00 1597.00 2400.00 Neutral Sell 1144 1.04

AMEC 1081.00 923.00 1172.00 Neutral Sell 974 1.05

ASHTEAD GROUP 454.00 212.20 461.10 Neutral Sell 274 1.59

BABCOCK INTL. 1038.00 721.50 1038.00 Neutral Sell 592 0.45

BRITISH POLYTHENE INDS. 412.50 317.00 417.00 Neutral Strong Buy 721 0.75

BUNZL 1133.00 865.50 1167.00 Neutral Sell 740 0.52

UK MAIL GROUP 365.00 214.00 372.50 Neutral Buy 405 0.28

CAPITA 787.00 602.00 800.50 Neutral Sell 458 0.50

COMMUNISIS 45.13 25.50 50.50 Neutral Buy 66 0.75

COMPASS GROUP 764.00 601.00 764.00 Neutral Sell 572 0.69

BERENDSEN 610.00 454.50 634.00 Neutral Buy 861 1.03

DE LA RUE 902.00 885.50 1075.00 Neutral Sell 542 #NA

DIGNITY 1168.00 755.50 1193.00 Neutral Sell 689 0.18

DIPLOMA 557.00 385.00 560.00 Neutral Sell 434 0.97

ELECTROCOMP. 247.20 195.20 263.00 Neutral Buy 286 1.04

FILTRONA 576.00 375.50 586.50 Neutral Sell 315 1.09

G4S 277.30 240.00 292.10 Neutral Sell 258 0.58

HAYS 89.00 66.40 92.50 Neutral Buy 109 1.09

HOMESERVE 232.00 137.50 292.40 Neutral Strong Buy 434 0.91

INTERSERVE 444.40 270.10 451.70 Neutral Buy 628 1.24

INTERTEK GROUP 3109.00 2152.00 3219.00 Neutral Sell 1284 0.80

JOHNSON SERVICE GROUP 39.38 26.25 42.00 Neutral Strong Buy 83 1.23

MANAGEMENT CNSL.GP. 25.75 21.25 39.50 Neutral Strong Buy 49 0.66

MENZIES (JOHN) 694.00 542.00 727.00 Neutral Strong Buy 1191 1.42

MICHAEL PAGE INTL. 407.20 341.40 497.00 Neutral Sell 289 1.40

MITIE GROUP 281.90 253.90 300.80 Neutral Neu tral 308 0.56

OFFICE2OFFICE 96.00 91.50 163.75 Neutral Strong Buy 215 0.42

PAYPOINT 836.50 555.50 893.50 Neutral Sell 623 0.73

PREMIER FARNELL 212.20 153.20 228.80 Neutral Buy 251 1.28

REGUS 118.20 82.65 119.50 Neutral Sell 97 1.42

RENTOKIL INITIAL 89.25 69.40 97.95 Neutral Sell 49 1.31

REXAM 468.50 378.11 472.50 Neutral Buy 543 0.87

RICARDO 408.00 304.50 412.00 Neutral Neu tral 422 0.83

ROBERT WALTERS 214.00 176.25 264.63 Neutral Buy 281 1.23

RPC GROUP 430.00 348.30 447.00 Neutral Buy 477 0.78

RPS GROUP 231.10 197.00 256.60 Neutral Neu tral 221 1.51

SERCO GROUP 554.50 509.50 602.00 Neutral Sell 516 0.59SHANKS GROUP 91.75 75.80 113.00 Neutral Strong Buy 148 1.45

SPEEDY HIRE 38.50 22.25 40.50 Neutral Buy 46 1.26

TRIBAL GROUP 127.75 63.75 129.00 Neutral Sell 45 0.50

TRIFAST 51.63 39.50 53.25 Neutral Neu tral 55 0.93

VP 320.00 230.63 354.88 Neutral Strong Buy 549 0.90

WYG 71.50 42.00 75.00 Sell Strong Buy 164 0.77


16/18



Telecommunication Services Over Valued


BT GROUP 248.60 200.70 253.10 Neu tral Neu tral 271 0.89

CABLE & WIRELESS COMMS. 40.89 27.28 45.16 Neutral Strong Buy 73 0.67

INMARSAT 645.00 390.80 646.50 Neutral Sell 533 0.52

KCOM GROUP 71.90 67.00 85.20 Neutral Strong Buy 111 1.27

TELECOM PLUS 968.50 612.00 980.50 Neutral Sell 622 0.05

VODAFONE GROUP 172.10 154.45 191.25 Neutral Sell 143 0.53

Transport Over Valued


BBA AVIATION 222.00 178.00 231.20 Neutral Sell 167 1.31

BRAEMAR SHIPPING SVS. 385.00 309.50 425.00 Neu tral Neu tral 391 0.99

CLARKSON 1380.00 1150.00 1390.00 Neu tral Neu tral 1323 0.80

EASYJET 931.00 431.70 945.00 Neutral Sell 569 0.76

FIRST GROUP 194.00 175.70 316.50 Neutral Strong Buy 449 0.99

FISHER(JAMES)& SONS 815.00 502.50 844.50 Neutral Sell 325 0.80

GO-AHEAD GROUP 1305.00 1086.00 1374.00 Neutral Buy 1525 0.94

NATIONAL EXPRESS 207.10 164.50 252.00 Neu tral Neu tral 204 1.34

NORTHGATE 318.25 159.60 336.00 Neutral Strong Buy 532 1.41

STAGECOACH GROUP 306.10 230.40 319.60 Neu tral Neu tral 324 0.93

WINCANTON 68.00 31.00 91.75 Sell Sell -30 0.91

Utilities Under Valued


CENTRICA 350.20 288.50 351.50 Neutral Buy 472 0.48

NATIONAL GRID 691.50 625.00 717.50 Neutral Buy 822 0.53

PENNON GROUP 676.00 598.00 796.00 Neutral Buy 764 0.56

SSE 1419.00 1222.00 1466.00 Neutral Buy 1720 0.45

SEVERN TRENT 1622.00 1501.00 1796.00 Neutral Sell 1480 0.36

UNITED UTILITIES GROUP 732.00 594.00 747.50 Neutral Sell 657 0.50


17/18



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 havepositions in or options or other financial instruments on any of the securities mentioned within a report, and


18/18



may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed byinternal rules.

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 provided solely toenable you to make your own investment decisions.

If you are unsure about dealing in shares and other equity investments, you should 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 20130201