value indicator - uk main market 20130213

7/29/2019 value indicator - uk main market 20130213

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13 February 2013

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Intellisys Intelligent Analysis Limited 13 February 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 Valued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under 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 ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Over Valued ................................................ 12Real Estate Under Valued ............................................................................... 12Software & Computer Services Under Valued ..................................................... 13Speciality & Other Finance Over Valued .......................................................... 13Support Services Over Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 15Transport Under 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 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.


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How to use the report

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

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

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

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

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

BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

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

HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

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

JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

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

the market. This can be summarised as:

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

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

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


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Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 330.40 270.90 363.60 Neutral Strong Buy 532 0.65

CHEMRING GROUP 285.40 217.00 442.00 Neutral Strong Buy 561 0.65

COBHAM 215.30 186.30 239.50 Neutral Buy 262 0.83

MEGGITT 440.70 364.30 441.40 Neutral Sell 369 1.32

ROLLS-ROYCE HOLDINGS 971.00 762.57 977.00 Neutral Sell 627 1.08

SMITHS GROUP 1222.00 979.50 1246.00 Neutral Sell 930 0.70

ULTRA ELECTRONICS HDG. 16 08.00 1424.00 1780.00 Neutral Sell 1397 0.50

Automobiles & Parts Over Valued

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

GKN 254.80 173.60 257.90 Neutral Sell 242 1.99

INCHCAPE 488.00 305.20 492.00 Neutral Sell 463 1.46

LOOKERS 80.00 56.50 81.75 Neutral Buy 96 1.23

PENDRAGON 22.50 11.50 23.00 Neutral Buy 31 1.11

Banks Over Valued


BARCLAYS 327.35 150.55 327.35 Neutral Sell 229 1.92

HSBC HDG. (ORD $0.50) 728.90 503.20 728.90 Neutral Strong Buy 1109 1.16

LLOYDS BANKING GROUP 55.45 25.29 55.45 Sell Buy 63 1.86

ROYAL BANK OF SCTL.GP. 354.20 196.60 367.80 Sell Sell -96 1.34

STANDARD CHARTERED 1725.50 1228.50 1725.50 Neutral Sell 1471 1.70

Beverages Under Valued


BARR (AG) 555.00 348.00 557.00 Neutral Neutral 582 0.54

DIAGEO 1894.50 1477.00 1906.00 Neutral Sell 1690 0.55

SABMILLER 3187.50 2348.50 3187.50 Neutral Buy 3701 0.96

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 377.10 267.60 390.00 Neutral Strong Buy 679 #NA

CARCLO 442.75 330.00 503.00 Neutral Sell 412 0.73

CRODA INTERNATIONAL 2469.00 2026.00 2501.00 Neutral Sell 1967 1.01

ELEMENTIS 222.00 158.30 240.30 Neutral Strong Buy 347 0.97

JOHNSON MATTHE Y 2284.00 2080.27 2573.00 Neutral Strong Buy 12102 1.44

VICTREX 1584.00 1185.00 1649.00 Neutral Sell 1417 1.12

SYNTHOMER 201.70 127.40 251.00 Neutral Buy 228 1.14

ZOTEFOAMS 195.50 136.50 225.00 Neutral Strong Buy 389 0.96


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Construction & Building Materials Under Valued


ALUMASC GROUP 102.00 61.50 130.00 Neutral Strong Buy 230 0.49

BALFOUR BEATTY 273.10 237.90 320.80 Neutral Strong Buy 976 0.79

BARRATT DEVELOPMENTS 228.80 114.00 231.10 Neutral Strong Buy 443 1.49

BELLWAY 1175.00 660.00 1175.00 Neutral Strong Buy 1883 1.10

BERKELEY GROUP HDG.(THE) 1821.00 1177 .00 1855.00 Neutral Strong Buy 3081 0.64

BOOT (HENRY) 160.00 115.50 165.25 Neutral Strong Buy 326 0.83

BOVIS HOMES GROUP 646.50 399.30 646.50 Neutral Sell 552 1.15

CARILLION 307.50 235.50 344.00 Neutral Strong Buy 809 1.08

CLARKE (T) 57.50 39.50 61.50 Neutral Strong Buy 268 0.82

COSTAIN GROUP 263.50 188.00 268.75 Neutral Strong Buy 539 0.58

CRH 1356.00 1052.00 1409.00 Neutral Sell 738 1.14

GALLIFORD TRY 853.00 497.50 854.50 Neutral Strong Buy 1707 1.00

KELLER 743.50 348.25 750.00 Neutral Strong Buy 2009 1.23

KIER GROUP 1364.00 1095.00 1489.00 Neutral Strong Buy 3316 0.93

LOW & BONAR 68.00 49.00 68.00 Neutral Strong Buy 201 1.04MARSHALLS 108.00 76.00 110.00 Neutral Strong Buy 281 1.36

MORGAN SINDALL GROUP 595.00 508.00 720.00 Neutral Strong Buy 3301 0.84

NORCROS 15.75 9.25 15.75 Neutral Strong Buy 34 1.13

PERSIMMON 868.50 532.00 888.50 Neutral Buy 1112 1.15

REDROW 184.60 107.30 195.10 Neutral Strong Buy 287 1.05

SIG 133.00 82.30 136.90 Neutral Strong Buy 460 1.74

SUPERGLASS HOLDINGS 9.38 4.50 22.50 Sell Strong Buy 43 0.86

TAYLOR WIMPEY 75.75 40.28 75.75 Neutral Buy 94 1.58

TRAVIS PERKINS 1275.00 906.50 1275.00 Neutral Strong Buy 2566 1.97

WOLSELEY 2986.00 2121.32 3038.00 Neutral Strong Buy 5136 1.44

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1113.00 781.50 1244.00 Neutral Sell 717 0.74

DOMINO PRINTING SCIENCES 659.00 509.00 674.50 Neutral Buy 874 1.17

E2V TECHNOLOGIES 112.00 105.50 149.50 Neutral Strong Buy 228 1.29

INVENSYS 344.30 186.10 351.60 Neutral Sell 318 1.41

LAIRD 235.30 164.80 243.90 Neutral Sell 84 2.11

OXFORD INSTRUMENTS 1745.00 1076.00 1 752.00 Neutral Sell 1097 1.00

RENISHAW 1920.00 1260.00 2081.00 Neutral Buy 2287 1.25

SPECTRIS 2346.00 1427.00 2346.00 Sell Sell 2042 1.50

BIOME TECHNOLOGIES 0.10 0.08 0.22 Neutral Buy 0 0.84

TT ELECTRONICS 165.50 114.00 203.50 Neutral Strong Buy 362 1.58

XAAR 289.00 185.00 292.00 Neutral Sell 210 1.09


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 77.50 54.25 92.00 Neutral Buy 112 1.26

BODYCOTE 506.00 310.30 506.00 Neutral Neutral 497 1.60

CASTINGS 344.00 277.75 358.50 Neutral Strong Buy 674 0.98

VESUVIUS 385.00 263.19 385.00 Neutral Buy 486 2.17

FENNER 400.00 329.30 483.70 Neutral Buy 539 1.40

HALMA 464.50 373.10 472.10 Neutral Sell 378 0.76

HILL & SMITH 455.00 297.00 471.50 Neutral Sell 332 1.35

IMI 1189.00 776.00 1199.00 Neutral Neutral 1305 1.40

METALRAX GROUP 3.13 2.93 9.00 Neutral Neutral 3 0.83

MORGAN CRUCIBLE 290.00 220.30 360.00 Neutral Strong Buy 521 1.80

ROTORK 2778.00 1859.00 2778.00 Neutral Sell 1994 0.97

SENIOR 210.20 177.00 215.00 Neutral Neutral 216 1.64

SEVERFIELD-ROWEN 79.00 73.25 219.50 Neutral Neutral 76 0.71

SPIRAX-SARCO 2377.00 1900.00 2393.00 Neutral Sell 2183 0.83

VITEC GROUP 632.00 560.00 740.00 Neutral Sell 595 1.37WEIR GROUP 2125.00 1397.00 2236.00 Neutral Sell 1956 1.38

Food & Drug Stores Over Valued


GREGGS 480.00 449.00 558.00 Neutral Buy 647 0.47

MORRISON(WM)SPMKTS. 262.60 248.60 305.70 Neutral Sell 209 0.39

SAINSBURY (J) 336.90 283.50 361.10 Neutral Sell 236 0.60

TESCO 371.95 297.05 371.95 Neutral Sell 289 0.69

THORNTONS 40.88 16.38 45.50 Sell Sell 29 0.81

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1794.00 1167.00 1 794.00 Sell Sell 1423 0.62

CRANSWICK 1001.00 732.50 1001.00 Neutral Buy 1395 0.51

DAIRY CREST 411.90 290.40 424.50 Neutral Sell 382 0.92

DEVRO 362.60 278.00 365.00 Neutral Sell 327 0.32

PREMIER FOODS 88.25 54.50 180.00 Neutral Sell -162 1.27

TATE & LYLE 795.50 633.50 834.00 Neutral Buy 1008 0.69

UNILEVER (UK) 2542.00 2005.00 2603.00 Neutral Buy 3425 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 29.00 20.50 29.50 Neutral Buy 33 0.69

BROWN (N) GROUP 382.50 222.40 385.30 Neutral Sell 354 0.53

BURBERRY GROUP 1360.00 1000.00 1586.00 Neutral Sell 959 1.28

CARPETRIGHT 675.00 578.00 728.50 Neutral Sell 275 0.96

DIXONS RETAIL 27.50 12.67 29.80 Neutral Buy 37 1.51

FINDEL 8.00 2.76 9.30 Neutral Sell 3 1.08

FRENCH CONNECTN.GROUP 27.00 19.50 55.75 Neutral Strong Buy 108 0.98

HALFORDS GROUP 338.70 189.00 356.80 Neutral Buy 490 0.68

JD SPORTS FASHION 795 .00 606 .50 863 .00 Neutral Strong Buy 1491 0.51

DARTY 51.50 38.00 85.70 Neutral Strong Buy 83 1.26

KINGFISHER 281.20 254.10 313.80 Neutral Buy 383 0.95

MARKS & SPENCER GROUP 387.00 312.20 398.80 Neutral Buy 507 0.65

MOSS BROTHERS GROUP 71.00 38.50 71.00 Neutral Sell 59 1.03

MOTHERCARE 305.50 152.00 362.00 Neutral Buy 349 0.46

NEXT 4141.00 2708.00 4141.00 Neutral Sell 3627 0.69TED BAKER 1186.00 766.00 1204.00 Neutral Sell 643 0.56

TOPPS TILES 67.00 31.25 67.00 Neutral Sell 50 1.48

Heath Over Valued


BIOQUELL 142.50 117.00 160.00 Neutral Sell 103 0.44

CONSORT MEDICAL 677.00 565.00 831.50 Neutral Sell 563 0.39

OPTOS 215.25 160.00 279.25 Neutral Sell 179 1.19

SMITH & NEPHEW 707.50 580.00 734.00 Neutral Sell 642 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 633.00 487.50 720.50 Neutral Neutral 620 0.43

HEADLAM GROUP 347.75 263.00 354.00 Neutral Sell 311 0.93

HORNBY 86.00 55.25 110.25 Neutral Buy 109 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 925.00 469.00 932.50 Neutral Sell 586 0.78

CSR 385.00 194.60 385.20 Neutral Strong Buy 1278 1.20FILTRONIC 65.00 23.50 68.00 Sell Sell 48 0.88

IMAGINATION TECHN OLOGIES 522.00 383.50 717.00 N eutral Neutral 534 1.08

SPIRENT COMMUNICATIONS 166.40 1 29.60 174.00 Neutral Strong Buy 691 0.94

WOLFSON MICROELECTR ON ICS 202.00 165.75 230.00 Neutral Sell -521 0.93


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Insurance Under Valued


ADMIRAL GROUP 1246.00 962.50 1246.00 Neutral Sell 424 0.54

AMLIN 407.20 312.90 407.20 Neutral Sell -2745 0.45

BEAZLEY 210.90 132.50 210.90 Neutral Strong Buy 1425 0.59

CATLIN GROUP 508.50 399.00 540.00 Neutral Buy 729 0.30

HISCOX 475.00 371.30 489.40 Neutral Strong Buy 1931 0.48

JARDINE LLOYD THOMPSON 805 .00 659 .00 816 .00 Neutral Strong Buy 2979 0.30

RSA INSURANCE GROUP 132.90 97.65 134.30 Neutral Strong Buy 1593 0.42

NOVAE GROUP 436.50 340.00 436.50 Neutral Strong Buy 1799 0.46

Leisure & Hotels Over Valued


CARNIVAL 2628.00 1841.00 2628.00 Neutral Strong Buy 4353 1.02

ENTERPRISE INNS 105.00 49.00 105.10 Neutral Sell 74 1.59

TUI TRAVEL 314.10 158.00 314.10 Neutral Strong Buy 771 0.98

FULLER SMITH 'A' 796.00 680.00 798.00 Neutral Sell 635 0.38

GREENE KING 703.50 474.30 703.50 Neutral Sell 598 0.92

LADBROKES 220.30 145.90 221.50 Neutral Sell 177 0.93

ICTL.HTLS.GP. 1932.00 1373.60 1932.00 Neutral Sell 1575 1.17

MILLENNIUM & CPTH.HTLS. 562.00 455.40 568.50 N eutral Neutral 598 1.36

MITCHELLS & BUTLERS 331.50 217.40 337.00 Neutral Sell 290 1.08

BWIN PARTY DIGITAL ENTM. 141.50 91.90 171.30 Neutral Sell 88 1.24

PUNCH TAVERNS 13.00 5 .61 13.12 Neutral Strong Buy 45 1.25

RANK GROUP 150.80 111.00 155.20 Neutral Strong Buy 485 0.99

RESTAURANT GROUP 387.90 269.20 391.70 Neutral Sell 310 0.76

WETHERSPOON (JD) 509.50 371.30 548.50 Neutral Buy 717 0.70

WHITBREAD 2639.00 1637.00 2692.00 Neutral Sell 1880 0.99WILLIAM HILL 399.50 222.40 399.60 Neutral Sell 270 0.87

MARSTON'S 139.30 94.25 139.30 Neutral Sell 25 1.20

Life Assurance Over Valued


AVIVA 367.50 255.30 388.40 Neutral Strong Buy 1110 1.25

CHESNARA 226.50 155.25 228.25 Neutral Buy 334 0.70

LEGAL & GENERAL 150.90 106.00 153.10 Neutral Strong Buy 274 1.70

OLD MUTUAL 194.00 138.70 194.00 Neutral Sell 165 1.57

PRUDENTIAL 944.50 660.00 973.00 Neutral Sell 874 1.70

ST.JAMES'S PLACE 463.20 303.40 467.10 Neutral Sell 408 0.85


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Media & Entertainment Over Valued


AEGIS GROUP 238.50 153.20 238.50 Neutral Sell -609 1.28

BLOOMSBURY PBL. 112.00 104.00 146.50 Buy Strong Buy 1561 0.35

BRITISH SKY BCAST.GROUP 837.00 635.50 838.00 Neutral Strong Buy 151 0.54

CENTAUR MEDIA 58.00 28.50 59.50 Neutral Strong Buy 3174 0.98

DAILY MAIL 'A' 660.00 363.50 660.00 Sell Strong Buy 5601 1.12

EUROMONEY INSTL.INVESTOR 922.00 672.50 951.50 Neutral Sell -35 1.00

INFORMA 485.20 340.00 491.20 Neutral Strong Buy 270 1.54

ITE GROUP 268.20 180.00 273.40 Neutral Strong Buy 1232 1.42

ITV 114.80 69.45 118.40 Neutral Strong Buy 1515 1.54

JOHNSTON PRESS 13.25 4.88 15.00 Neutral Buy 342 1.25

PEARSON 1218.00 1111.00 1294.00 Neutral Strong Buy 2387 0.64

PHOTO-ME INTL. 75.00 36.25 77.75 Neutral Buy 512 0.76

PINEWOOD SHEPPERTON 274.00 237.62 377.50 Neutral Sell -599 0.15

THOMSON REUTERS 30.72 26.85 31.04 Neutral Sell 285 0.51

STV GROUP 124.12 81.50 124.12 Neutral Strong Buy 734 0.78ST.IVES 118.50 67.50 125.00 Neutral Sell -295 1.49

TRINITY MIRROR 114.00 25.50 114.00 Neutral Strong Buy 2255 1.58

UBM 753.50 511.00 788.00 Neutral Strong Buy 1172 1.31

WILMINGTON GROUP 157.50 82.00 160.00 Neutral Sell 208 0.84

WPP 1012.00 743.00 1019.00 Neutral Strong Buy 844 1.34

HIBU 0.38 0.26 5.90 Neutral Sell 24 1.08

Mining Under Valued


ANGLO AMERICAN 1978.50 1664.00 2817.00 Neutral Strong Buy 3227 1.72

ANGLO PACIFIC GROUP 261.25 221.25 340.00 Neutral Buy 304 0.99ANTOFAGASTA 1121.00 991.00 1381.00 Neutral Sell 1037 1.39

BHP BILLITON 2151.00 1681.00 2214.50 Neutral Strong Buy 3832 1.44

LONMIN 369.10 240.84 599.98 Neutral Sell 59 2.01

RANDGOLD RESOURCES 5785.00 4596.00 7775.00 Neutral Sell 3223 0.33

RIO TINTO 3670.00 2715.50 3845.50 Neutral Neutral 3873 1.51

COALFIELD RESOURCES 6.20 3.75 32.00 Neutral Strong Buy 184 0.89

VEDANTA RESOURCES 832.50 1502.00 Neutral Strong Buy 2799 2.18

XSTRATA 1155.00 785.80 1221.50 Neutral Neutral 1145 1.86

Oil & Gas Under Valued


BG GROUP 1139.00 1000.50 1547.00 Neutral Neutral 1243 0.80

BP 460.05 391.95 504.60 Neutral Strong Buy 1561 1.05

CAIRN ENERGY 289.30 248.20 360.00 Neutral Sell -29 1.32

FORTUNE OIL 11.00 7.86 12.50 Neutral Buy 15 0.90

HUNTING 860.50 688.00 968.00 Neutral Sell 531 1.29

JKX OIL & GAS 64.75 55.00 187 .75 Neutral Strong Buy 301 1.34

PREMIER OIL 390.90 321.30 449.70 Neutral Sell 298 1.44

ROYAL DUTCH SHELL B 2215.00 2039.00 2366.50 Neutral Strong Buy 11071 0.86

SOCO INTERNATIONAL 396.50 254.90 400.00 Neutral Sell 255 0.52

TULLOW OIL 1180.00 1138.00 1601.00 Neutral Sell 803 1.05

WOOD GROUP (JOHN) 815.50 651.50 875.50 Neutral Neutral 846 1.35


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Personal Care & Household Products Over Valued


MCBRIDE 142.25 102.70 142.25 Neutral Strong Buy 277 0.84

PZ CUSSONS 409.00 296.10 415.60 Neutral Sell 343 0.70

RECKITT BENCKISER GROUP 4363.00 3 300.00 4363.00 Neutral Neutral 4410 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 1.05 0.99 3.98 Buy Strong Buy 146 1.01

ASTRAZENECA 3018.50 2591.00 3168.00 Neutral Sell -37304 0.49

BTG 325.50 300.30 423.00 Neutral Strong Buy 873 0.62

DECHRA PHARMACEUTICALS 650.00 418.33 650.50 Neutral Strong Buy 5516 0.25

GLAXOSMITHKLINE 1457.50 1317.50 1507.50 Neutral Sell -16948 0.50

OXFORD BIOMEDICA 2.30 2.05 5.80 Buy Strong Buy 63 0.62

PHYTOPHARM 9.38 5.88 12.75 Buy Sell 7 0.88

SHIRE 2120.00 1727.00 2300.00 Neutral Sell -3599 0.64

SKYEPHARMA 68.63 31.00 101.50 Neutral Sell -892 0.71

VERNALIS 23.63 21.63 27.38 Neutral Strong Buy 460 0.83

Real Estate Under Valued


BIG YELLOW GROUP 379.00 274.50 382.10 Neutral Sell -609 1.14

BRITISH LAND 578.50 466.10 578.50 Neutral Strong Buy 1561 1.04

CAPITAL & REGIONAL 28.25 22.75 34.25 Sell Strong Buy 151 0.81

CLS HOLDINGS 776.00 595.00 804.00 Neutral Strong Buy 3174 0.71

DERWENT LONDON 2156.00 1684.00 2205.00 Neutral Strong Buy 5601 1.20DEVELOPMENT SECS. 160.00 121.75 176.00 Neutral Sell -35 0.98

GRAINGER 139.40 83.10 139.40 Neutral Strong Buy 270 1.53

GREAT PORTLAND ESTATES 485.10 345.60 502.00 Sell Strong Buy 1232 1.06

HAMMERSON 480.30 385.70 497.70 Neutral Strong Buy 1515 1.16

HELICAL BAR 235.00 164.00 247.00 Neutral Buy 342 0.76

LAND SECURITIES GROUP 831.00 672.50 832.50 Neutral Strong Buy 2387 1.15

CAPITAL SHOPCTS.GROUP 357.20 305.00 366.00 Neutral Buy 512 1.10

MCKAY SECURITIES 141.00 119.50 144.00 Neutral Sell -599 0.71

MUCKLOW (A & J) GROUP 369.00 310.00 390.00 Neutral Sell 285 0.41

PRIMARY HEALTH PROPS. 364.50 311.00 364.50 Neutral Strong Buy 734 0.37

QUINTAIN ESTATES & DEV. 64.75 32.50 64.75 Sell Sell -295 1.17

SAVILLS 550.00 300.80 550.00 Sell Strong Buy 2255 0.73

SHAFTESBURY 582.00 482.20 582.00 Neutral Strong Buy 1172 1.02

SEGRO 250.90 209.40 259.20 Neutral Sell 208 1.69

ST MODWEN PROPS. 260.00 145.50 260.00 Neutral Strong Buy 844 1.55

TOWN CENTRE SECURITIES 185.00 147.00 189.50 Neutral Sell 24 1.04

UNITE GROUP 303.00 180.25 303.00 Neutral Sell 68 1.75

WARNER ESTATE 1.68 1.00 4.13 Sell Sell -1097 1.00

WORKSPACE GROUP 344.90 213.25 344.90 Neutral Sell 0 1.02


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Software & Computer Services Under Valued


ANITE 159.50 101.25 159.50 Neutral Sell 122 0.75

AVEVA GROUP 2165.00 1469.00 2232.00 Neutral Sell 1305 1.40

COMPUTACENTER 507.00 292.40 507.00 Neutral Strong Buy 1359 0.99

KOFAX 272.25 240.00 325.75 Neutral Buy 323 1.09

INNOVATION GROUP 25.00 18.25 25.00 Neutral Sell 22 0.83

MICRO FOCUS INTL. 643.00 426.17 643.00 Neutral Buy 956 0.80

PHOENIX IT GROUP 156.50 135.00 231.75 Neutral Strong Buy 315 0.74

RM 74.75 70.25 93.50 Neutral Sell -89 0.51

FIDESSA GROUP 1655.00 1275.00 1766.00 Neutral Buy 2077 0.73

SAGE GROUP 343.20 247.70 343.20 Neutral Buy 412 0.73

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 412.90 237.30 422.00 Neutral Sell 163 1.09

BREWIN DOLPHIN 203.50 136.30 222.00 Neutral Sell 122 0.70

CAMELLIA 10700.00 9175.00 11105.00 Neutral Sell 9967 0.83

CHARLES STANLEY GROUP 353.50 247.50 355.00 Neutral Sell 174 0.97

CHARLES TAYLOR 175.00 128.50 189.75 Neutral Sell 103 0.68

CLOSE BROTHERS GROUP 1018.00 673.50 1018.00 Neutral Sell 191 0.91

F&C ASSET MANAGEMENT 104.40 64.75 110.00 Neutral Neutral 103 0.89

HELPHIRE GROUP 3.52 0.77 3.61 Sell Strong Buy 43 0.70

HENDERSON GROUP 165.60 90.55 165.60 Neutral Sell 49 1.45

ICAP 352.20 281.40 431.50 Neutral Sell 205 1.08

INTERMEDIATE CAPITAL GP. 372.70 227.30 372.70 Neutral Sell 196 1.68

INVESTEC 490.60 310.40 490.60 Neutral Sell 91 1.56

LONDON STOCK EX.GROUP 1312.00 880.00 1312.00 Neutral Strong Buy 3511 1.15MAN GROUP 105.10 63.25 152.50 Neutral Sell 93 1.32

RATHBONE BROTHERS 1460.00 1151.00 1472.00 Neutral Sell 1116 0.74

SCHRODERS 1994.00 1166.00 1999.00 Neutral Sell 1259 1.32

SCHRODERS NV 1569.00 966.00 1594.00 Neutral Strong Buy 4256 1.28


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Support Services Over Valued


ACAL 204.38 157.75 219.50 Neutral Buy 286 0.91

AGGREKO 1612.00 1557.00 2400.00 Neutral Sell 1172 1.02

AMEC 1091.00 923.00 1172.00 Neutral Sell 999 1.03

ASHTEAD GROUP 473.30 212.20 479.40 Neutral Sell 283 1.61

BABCOCK INTL. 1045.00 721.50 1048.00 Neutral Sell 608 0.47

BRITISH POLYTHENE INDS. 437.00 317.00 437.00 Neutral Strong Buy 741 0.76

BUNZL 1164.00 878.00 1167.00 Neutral Sell 760 0.53

UK MAIL GROUP 370.00 214.00 372.50 Neutral Buy 414 0.37

CAPITA 815.50 602.00 815.50 Neutral Sell 472 0.50

COMMUNISIS 43.25 25.50 50.50 Neutral Strong Buy 67 0.77

COMPASS GROUP 775.00 616.00 779.50 Neutral Sell 559 0.73

BERENDSEN 619.00 456.60 634.00 Neutral Buy 885 1.04

DE LA RUE 960.00 885.50 1075.00 Neutral Sell 559 #NA

DIGNITY 1242.00 755.50 1250.00 Neutral Sell 710 0.21

DIPLOMA 570.00 385.00 587.00 Neutral Sell 445 0.95ELECTROCOMP. 253.10 195.20 263.00 Neutral Buy 294 1.04

FILTRONA 560.00 398.00 597.00 Neutral Sell 324 1.09

G4S 280.40 240.00 292.10 Neutral Sell 265 0.58

HAYS 93.75 66.40 93.75 Neutral Buy 112 1.09

HOMESERVE 242.20 137.50 255.70 Neutral Strong Buy 444 0.91

INTERSERVE 471.40 270.10 471.40 Neutral Buy 644 1.26

INTERTEK GROUP 3206.00 2195.00 3230.00 Neutral Sell 1321 0.77

JOHNSON SERVICE GROUP 40.75 26.25 42.00 Neutral Strong Buy 85 1.16

MANAGEMENT CNSL.GP. 27.25 21.25 39.50 Neutral Strong Buy 50 0.69

MENZIES (JOHN) 719.00 542.00 755.00 Neutral Strong Buy 1223 1.42

MICHAEL PAGE INTL. 412.60 341.40 497.00 Neutral Sell 295 1.40

MITIE GROUP 287.30 253.90 300.80 Neutral Neutral 315 0.54

OFFICE2OFFICE 101.00 91.50 163.75 Neutral Strong Buy 220 0.33

PAYPOINT 831.50 565.00 893.50 Neutral Sell 637 0.69

PREMIER FARNELL 211.30 153.20 228.80 Neutral Buy 259 1.31

REGUS 126.20 82.65 126.20 Neutral Sell 99 1.42

RENTOKIL INITIAL 90.40 69.40 97.95 Neutral Sell 50 1.27

REXAM 456.40 378.11 473.50 Neutral Buy 560 0.90

RICARDO 410.00 304.50 412.00 Neutral Neutral 432 0.84

ROBERT WALTERS 214.75 176.25 264.63 Neutral Buy 288 1.19

RPC GROUP 437.20 348.30 447.00 Neutral Buy 490 0.76

RPS GROUP 231.70 197.00 256.60 Neutral Neutral 226 1.48

SERCO GROUP 562.50 509.50 602.00 Neutral Sell 530 0.59

SHANKS GROUP 83.00 75.80 107.20 Neutral Strong Buy 152 1.44

SPEEDY HIRE 41.50 22.25 41.75 Neutral Buy 47 1.24TRIBAL GROUP 125.00 70.00 129.00 Neutral Sell 46 0.53

TRIFAST 57.25 39.50 57.25 Neutral Neutral 56 0.92

VP 333.00 234.75 354.88 Neutral Strong Buy 564 0.85

WYG 71.50 42.00 75.00 Sell Strong Buy 168 0.78


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Telecommunication Services Over Valued


BT GROUP 271.50 200.70 272.70 Neutral Neutral 295 0.92

CABLE & WIRELESS COMMS. 41.07 27.28 41.07 Neutral Strong Buy 74 0.68

INMARSAT 654.00 390.80 661.00 Neutral Sell 552 0.52

KCOM GROUP 77.80 67.00 85.20 Neutral Buy 115 1.24

TELECOM PLUS 980.00 612.00 985.50 Neutral Sell 644 0.10

VODAFONE GROUP 173.50 154.45 191.25 Neutral Sell 149 0.55

Transport Under Valued


BBA AVIATION 232.80 178.00 232.80 Neutral Sell 177 1.29

BRAEMAR SHIPPING SVS. 388.50 309.50 425.00 Neutral Neutral 412 0.97

CLARKSON 1440.00 1150.00 1440.00 Neutral Neutral 1374 0.80

EASYJET 986.50 431.70 986.50 Neutral Sell 602 0.75

FIRST GROUP 193.40 175.70 304.90 Buy Strong Buy 483 0.92

FISHER(JAMES)& SONS 910.00 535.00 910.00 Neutral Sell 347 0.75

GO-AHEAD GROUP 1383.00 1086.00 1383.00 Neutral Buy 1626 0.91

NATIONAL EXPRESS 213.00 164.50 252.00 Neutral Neutral 219 1.33

NORTHGATE 320.50 159.60 336.00 Neutral Strong Buy 559 1.40

STAGECOACH GROUP 301.80 230.40 319.60 Neutral Buy 332 0.90

WINCANTON 66.00 31.00 91.75 Sell Sell -33 0.90

Utilities Under Valued


CENTRICA 342.30 291.50 353.10 Neutral Buy 468 0.47

NATIONAL GRID 691.50 626.00 717.50 Neutral Buy 818 0.50

PENNON GROUP 678.50 598.00 796.00 Neutral Buy 761 0.59

SSE 1406.00 1260.00 1466.00 Neutral Buy 1703 0.43

SEVERN TRENT 1611.00 1507.00 1796.00 Neutral Sell 1473 0.35

UNITED UTILITIES GROUP 730.00 594.00 747.50 Neutral Sell 654 0.51


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value indicator - uk main market 20130213