value indicator - uk main market 20130305

7/29/2019 value indicator - uk main market 20130305

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05 March 2013

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Intellisys Intelligent Analysis Limited 05 March 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 357.70 270.90 363.60 Neutral Strong Buy 563 0.66

CHEMRING GROUP 271.60 217.00 442.00 Neutral Strong Buy 587 0.66

COBHAM 231.90 186.30 239.50 Neutral Buy 273 0.83

MEGGITT 459.10 364.30 459.10 Neutral Sell 382 1.32

ROLLS-ROYCE HOLDINGS 1029.00 781.16 1062.00 Neutral Sell 657 1.07

SMITHS GROUP 1281.00 979.50 1281.00 Neutral Sell 982 0.71

ULTRA ELECTRONICS HDG. 16 98.00 1424.00 1780.00 Neutral Sell 1471 0.51

Automobiles & Parts Over Valued

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

GKN 275.90 173.60 275.90 Neutral Sell 259 2.00

INCHCAPE 507.00 305.20 517.50 Neutral Sell 479 1.48

LOOKERS 81.75 56.50 85.25 Neutral Buy 100 1.24

PENDRAGON 22.50 13.25 23.00 Neutral Buy 32 1.12

Banks Over Valued


BARCLAYS 300.40 150.55 327.35 Neutral Sell 223 1.93

HSBC HDG. (ORD $0.50) 710.00 503.20 732.90 Neutral Strong Buy 1103 1.17

LLOYDS BANKING GROUP 51.30 25.29 55.68 Neutral Buy 60 1.87

ROYAL BANK OF SCTL.GP. 306.90 196.60 367.80 Neutral Sell -128 1.34

STANDARD CHARTERED 1780.00 1228.50 1796.00 Neutral Sell 1473 1.70

Beverages Under Valued


BARR (AG) 514.00 348.00 557.00 Neutral Neutral 561 0.55

DIAGEO 1975.00 1477.00 1980.00 Neutral Sell 1725 0.55

SABMILLER 3349.00 2348.50 3349.00 Sell Buy 3848 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 371.40 267.60 390.00 Neutral Strong Buy 693 #NA

CARCLO 440.00 330.00 503.00 N eu tra l Neu tral 423 0.74

CRODA INTERNATIONAL 2623.00 2050.00 2623.00 Neutral Sell 2064 1.04

ELEMENTIS 241.00 177.00 247.30 Neutral Buy 357 1.00

JOHNSON MATTHE Y 2261.00 2080.27 2573.00 Neutral Strong Buy 12493 1.44

VICTREX 1606.00 1185.00 1649.00 Neutral Sell 1466 1.13

SYNTHOMER 210.40 127.40 251.00 N eu tra l Neu tral 229 1.16

ZOTEFOAMS 198.50 137.50 225.00 Neutral Strong Buy 398 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 99.00 61.50 104.00 Neutral Strong Buy 242 0.51

BALFOUR BEATTY 284.10 237.90 320.80 Neutral Strong Buy 1035 0.79

BARRATT DEVELOPMENTS 235.30 114.00 240.80 Neutral Strong Buy 471 1.50

BELLWAY 1147.00 660.00 1175.00 Neutral Strong Buy 2003 1.11

BERKELEY GROUP HDG.(THE) 1907.00 1177 .00 1907.00 Neutral Strong Buy 3254 0.64

BOOT (HENRY) 164.00 115.50 166.00 Neutral Strong Buy 345 0.83

BOVIS HOMES GROUP 639.00 399.30 672.00 Neutral Sell 585 1.14

CARILLION 291.40 235.50 331.80 Buy Strong Buy 862 1.10

CLARKE (T) 54.75 40.00 61.50 Neutral Strong Buy 285 0.82

COSTAIN GROUP 283.50 188.00 289.00 Neutral Strong Buy 561 0.57

CRH 1461.00 1052.00 1461.00 Neutral Sell 755 1.14

GALLIFORD TRY 925.00 579.00 931.00 Neutral Strong Buy 1812 0.99

KELLER 785.00 348.25 785.00 Neutral Strong Buy 2123 1.25

KIER GROUP 1274.00 1095.00 1408.00 Neutral Strong Buy 3500 0.94

LOW & BONAR 70.00 49.00 73.00 Neutral Strong Buy 214 1.07MARSHALLS 108.00 76.00 110.00 Neutral Strong Buy 298 1.37

MORGAN SINDALL GROUP 533.00 508.00 695.00 Neutral Strong Buy 3492 0.86

NORCROS 15.25 9.25 16.75 Neutral Strong Buy 37 1.11

PERSIMMON 935.00 532.00 935.00 Neutral Buy 1184 1.15

REDROW 174.50 107.30 195.80 Neutral Strong Buy 307 1.05

SIG 136.80 82.30 142.70 Neutral Strong Buy 484 1.74

SUPERGLASS HOLDINGS 11.50 4.50 22.50 Sell Strong Buy 45 0.89

TAYLOR WIMPEY 81.45 40.28 83.65 Neutral Buy 101 1.58

TRAVIS PERKINS 1292.00 906.50 1308.00 Neutral Strong Buy 2735 1.97

WOLSELEY 3156.00 2121.32 3156.00 Neutral Strong Buy 5399 1.43

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1250.00 876.00 1250.00 Neutral Sell 762 0.78

DOMINO PRINTING SCIENCES 700.00 509.00 710.00 Neutral Buy 842 1.18

E2V TECHNOLOGIES 117.00 105.50 149.50 Neutral Strong Buy 243 1.30

INVENSYS 359.80 186.10 360.80 Neutral Sell 336 1.42

LAIRD 244.40 177.00 249.30 Neutral Sell 89 2.12

OXFORD INSTRUMENTS 1700.00 1096.00 1 752.00 Neutral Sell 1165 1.01

RENISHAW 1940.00 1260.00 2081.00 Neutral Buy 2427 1.26

SPECTRIS 2362.00 1427.00 2459.00 Neutral Sell 2175 1.52

BIOME TECHNOLOGIES 0.10 0.08 0.22 Neutral Buy 0 0.84

TT ELECTRONICS 168.00 114.00 203.50 Neutral Strong Buy 385 1.59

XAAR 325.00 185.00 335.00 Neutral Sell 224 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 85.00 54.25 92.00 Neutral Buy 112 1.26

BODYCOTE 545.50 310.30 546.00 Neutral Sell 517 1.61

CASTINGS 335.00 277.75 358.50 Neutral Strong Buy 702 0.99

VESUVIUS 373.90 263.19 391.50 Neutral Buy 504 2.19

FENNER 407.30 329.30 483.70 Neutral Buy 560 1.42

HALMA 495.50 373.10 497.80 Neutral Sell 394 0.75

HILL & SMITH 465.00 297.00 480.00 Neutral Sell 343 1.37

IMI 1217.00 776.00 1231.00 Neutral Buy 1363 1.40

METALRAX GROUP 3.10 2.93 9.00 Neutral Buy 3 0.85

MORGAN CRUCIBLE 289.50 220.30 351.40 Neutral Strong Buy 544 1.82

ROTORK 2903.00 1859.00 2914.00 Neutral Sell 2091 1.00

SENIOR 241.20 177.00 242.40 Neutral Sell 225 1.65

SEVERFIELD-ROWEN 76.00 68.00 203.50 Neutral Neutral 77 0.73

SPIRAX-SARCO 2458.00 1900.00 2458.00 Neutral Sell 2278 0.84

VITEC GROUP 623.00 586.50 740.00 Neutral Neutral 615 1.39WEIR GROUP 2336.00 1397.00 2359.00 Neutral Sell 2044 1.39

Food & Drug Stores Over Valued


GREGGS 508.50 449.00 558.00 Neutral Buy 691 0.47

MORRISON(WM)SPMKTS. 261.20 248.60 305.70 Neutral Sell 205 0.39

SAINSBURY (J) 344.70 283.50 361.10 Neutral Sell 225 0.58

TESCO 367.60 297.05 374.40 Neutral Sell 288 0.69

THORNTONS 59.00 18.88 60.25 Neutral Sell 40 0.83

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1850.00 1167.00 1 864.00 Neutral Sell 1449 0.62

CRANSWICK 1000.00 732.50 1011.00 Neutral Buy 1419 0.49

DAIRY CREST 425.30 290.40 436.60 Neutral Sell 392 0.92

DEVRO 352.80 278.00 380.00 Neutral Sell 332 0.31

PREMIER FOODS 87.25 54.50 180.00 Neutral Sell -162 1.25

TATE & LYLE 831.50 633.50 834.00 Neutral Buy 1025 0.70

UNILEVER (UK) 2664.00 2005.00 2664.00 Neutral Buy 3477 0.57


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General Retail Under Valued


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

BROWN (N) GROUP 396.00 222.40 405.90 Neutral Sell 356 0.53

BURBERRY GROUP 1394.00 1000.00 1586.00 Neutral Sell 967 1.27

CARPETRIGHT 667.00 585.00 728.50 Neutral Sell 277 0.94

DIXONS RETAIL 28.58 12.67 29.80 Neutral Buy 35 1.50

FINDEL 6.18 2.76 9.30 Neutral Sell 3 1.08

FRENCH CONNECTN.GROUP 27.50 19.50 55.75 Neutral Strong Buy 108 0.98

HALFORDS GROUP 311.80 189.00 356.80 Neutral Strong Buy 493 0.67

JD SPORTS FASHION 800 .00 606 .50 841 .00 Neutral Strong Buy 1498 0.52

DARTY 45.50 38.00 77.25 Neutral Strong Buy 78 1.24

KINGFISHER 277.20 254.10 313.80 Neutral Buy 384 0.92

MARKS & SPENCER GROUP 362.80 312.20 398.80 Neutral Buy 508 0.64

MOSS BROTHERS GROUP 67.00 42.00 71.00 Neutral Sell 59 1.04

MOTHERCARE 271.00 152.00 362.00 Neutral Neutral 296 0.46

NEXT 4141.00 2708.00 4247.00 Neutral Sell 3661 0.66TED BAKER 1245.00 775.00 1245.00 Neutral Sell 647 0.55

TOPPS TILES 62.50 32.13 68.00 Neutral Sell 50 1.48

Heath Over Valued


BIOQUELL 135.00 119.00 160.00 Neutral Sell 104 0.45

CONSORT MEDICAL 736.00 580.00 831.50 Neutral Sell 577 0.40

OPTOS 204.00 160.00 279.25 Neutral Sell 176 1.21

SMITH & NEPHEW 714.00 580.00 734.00 Neutral Sell 655 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 652.50 530.00 720.50 Neutral Neutral 638 0.43

HEADLAM GROUP 349.00 263.00 355.00 Neutral Sell 303 0.92

HORNBY 79.00 55.25 107.50 Neutral Buy 106 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 963.00 469.00 965.50 Neutral Sell 585 0.74

CSR 471.80 194.60 471.80 Sell Strong Buy 1337 1.17FILTRONIC 66.50 23.50 68.00 Neutral Sell 51 0.90

IMAGINATION TECHN OLOGIES 491.20 383.50 717.00 N eutral Neutral 538 1.08

SPIRENT COMMUNICATIONS 150.40 1 39.20 174.00 Neutral Strong Buy 689 0.95

WOLFSON MICROELECTR ON ICS 196.00 165.75 230.00 Neutral Sell -532 0.91


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Insurance Under Valued


ADMIRAL GROUP 1276.00 1019.00 1291.00 Neutral Sell -800 0.54

AMLIN 425.50 312.90 431.20 Neutral Sell -3089 0.46

BEAZLEY 202.40 132.50 215.40 Neutral Strong Buy 2587 0.59

CATLIN GROUP 516.00 399.00 540.00 Neutral Strong Buy 779 0.30

HISCOX 538.50 371.30 538.50 Neutral Strong Buy 2073 0.48

JARDINE LLOYD THOMPSON 808 .50 659 .00 816 .00 Neutral Strong Buy 2899 0.31

RSA INSURANCE GROUP 119.80 97.65 136.30 Neutral Strong Buy 1687 0.41

NOVAE GROUP 464.00 340.00 467.25 Neutral Strong Buy 1911 0.47

Leisure & Hotels Over Valued


CARNIVAL 2515.00 1844.00 2628.00 Neutral Strong Buy 3901 1.00

ENTERPRISE INNS 106.00 50.25 107.00 Neutral Sell 82 1.59

TUI TRAVEL 310.30 158.00 330.00 Neutral Strong Buy 790 0.99

FULLER SMITH 'A' 810.00 680.00 810.00 Neutral Sell 658 0.38

GREENE KING 694.50 474.30 710.00 Neutral Sell 623 0.90

LADBROKES 234.40 149.20 235.40 Neutral Sell 182 0.94

ICTL.HTLS.GP. 1947.00 1384.61 1989.00 Neutral Sell 1618 1.17

MILLENNIUM & CPTH.HTLS. 555.50 455.40 568.50 Neutral Buy 616 1.38

MITCHELLS & BUTLERS 338.00 217.40 349.70 Neutral Sell 303 1.08

BWIN PARTY DIGITAL ENTM. 153.30 91.90 164.50 Neutral Sell 89 1.25

PUNCH TAVERNS 11.00 5 .61 13.12 Neutral Strong Buy 49 1.25

RANK GROUP 164.50 111.00 167.40 Neutral Strong Buy 499 1.00

RESTAURANT GROUP 426.00 269.20 426.00 Neutral Sell 319 0.74

WETHERSPOON (JD) 515.00 371.30 548.50 Neutral Buy 740 0.68

WHITBREAD 2547.00 1637.00 2692.00 Neutral Sell 1937 0.99WILLIAM HILL 433.40 222.40 443.30 Neutral Sell 278 0.86

MARSTON'S 139.90 94.25 143.00 Neutral Sell 27 1.19

Life Assurance Over Valued


AVIVA 348.30 255.30 388.40 Neutral Strong Buy 1158 1.25

CHESNARA 225.75 155.25 233.50 Neutral Strong Buy 346 0.70

LEGAL & GENERAL 159.60 106.00 160.10 Neutral Strong Buy 288 1.70

OLD MUTUAL 206.80 138.70 211.40 Neutral Sell 170 1.57

PRUDENTIAL 988.50 660.00 988.50 Sell Sell 913 1.70

ST.JAMES'S PLACE 497.60 303.40 497.60 Neutral Sell 421 0.85


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Media & Entertainment Over Valued


AEGIS GROUP 238.60 153.20 238.70 Neutral Sell -582 1.28

BLOOMSBURY PBL. 108.00 102.00 146.50 Neutral Strong Buy 1626 0.35

BRITISH SKY BCAST.GROUP 853.50 635.50 859.50 Neutral Strong Buy 141 0.54

CENTAUR MEDIA 50.00 28.50 60.00 Neutral Strong Buy 3129 1.01

DAILY MAIL 'A' 706.50 363.50 711.00 Sell Strong Buy 6635 1.12

EUROMONEY INSTL.INVESTOR 918.00 672.50 951.50 Neutral Sell -67 0.98

INFORMA 495.40 340.00 501.50 Neutral Strong Buy 241 1.53

ITE GROUP 270.50 180.00 273.40 Neutral Strong Buy 1253 1.44

ITV 122.30 69.45 124.20 Neutral Strong Buy 1609 1.54

JOHNSTON PRESS 12.50 4.88 15.00 Neutral Buy 303 1.25

PEARSON 1168.00 1111.00 1294.00 Neutral Strong Buy 2432 0.63

PHOTO-ME INTL. 76.50 36.25 77.75 Neutral Buy 470 0.79

PINEWOOD SHEPPERTON 274.00 247.50 377.50 Neutral Sell -580 0.16

THOMSON REUTERS 31.34 26.85 31.51 Neutral Sell 260 0.52

STV GROUP 134.00 81.50 142.12 Neutral Strong Buy 713 0.78ST.IVES 120.00 67.50 125.00 Neutral Sell -273 1.49

TRINITY MIRROR 118.00 25.50 118.25 Neutral Strong Buy 1634 1.57

UBM 739.00 511.00 788.00 Neutral Strong Buy 1238 1.31

WILMINGTON GROUP 158.50 82.00 164.00 Neutral Sell 171 0.85

WPP 1071.00 743.00 1071.00 Neutral Strong Buy 780 1.34

HIBU 0.36 0.26 4.58 Neutral Sell 1 1.06

Mining Under Valued


ANGLO AMERICAN 1849.00 1664.00 2618.00 Neutral Strong Buy 3054 1.75

ANGLO PACIFIC GROUP 270.00 221.25 340.00 Neutral Neutral 293 0.99ANTOFAGASTA 1058.00 991.00 1381.00 Neutral Sell 991 1.42

BHP BILLITON 2037.00 1681.00 2236.00 Neutral Strong Buy 3627 1.45

LONMIN 336.30 240.84 599.98 Neutral Sell 51 2.04

RANDGOLD RESOURCES 5385.00 4596.00 7775.00 Neutral Sell 3061 0.34

RIO TINTO 3316.00 2715.50 3757.00 Neutral Buy 3652 1.51

COALFIELD RESOURCES 4.73 3.75 31.25 Neutral Strong Buy 173 0.89

VEDANTA RESOURCES 832.50 1430.00 Neutral Strong Buy 2610 2.21

XSTRATA 1099.50 785.80 1205.00 Neutral Neutral 1080 1.87

Oil & Gas Under Valued


BG GROUP 1147.00 1000.50 1547.00 Neutral Neutral 1216 0.81

BP 443.90 391.95 504.60 Neutral Strong Buy 1528 1.05

CAIRN ENERGY 275.70 248.20 349.00 Neutral Sell -24 1.32

FORTUNE OIL 10.50 7.86 12.50 Neutral Buy 15 0.91

HUNTING 850.00 688.00 968.00 Neutral Sell 516 1.32

JKX OIL & GAS 66.50 55.00 187 .75 Neutral Strong Buy 294 1.36

PREMIER OIL 376.50 321.30 429.00 Neutral Sell 289 1.44

ROYAL DUTCH SHELL B 2243.00 2039.00 2366.50 Neutral Strong Buy 10846 0.86

SOCO INTERNATIONAL 363.40 254.90 400.00 Neutral Sell 250 0.52

TULLOW OIL 1226.00 1138.00 1570.00 Neutral Sell 791 1.06

WOOD GROUP (JOHN) 758.00 651.50 875.50 Neutral Neutral 824 1.36


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Personal Care & Household Products Over Valued


MCBRIDE 145.00 102.70 146.75 Neutral Strong Buy 274 0.83

PZ CUSSONS 402.50 296.10 415.60 Neutral Sell 341 0.69

RECKITT BENCKISER GROUP 4517.00 3 300.00 4599.00 Neutral Neutral 4556 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.95 0.60 3.98 Buy Strong Buy 7 1.01

ASTRAZENECA 3008.00 2591.00 3168.00 Neutral Buy 4426 0.48

BTG 326.40 300.30 423.00 Neutral Sell 188 0.62

DECHRA PHARMACEUTICALS 713.00 418.33 713.00 Neutral Buy 926 0.26

GLAXOSMITHKLINE 1460.50 1317.50 1507.50 Neutral Sell 727 0.49

OXFORD BIOMEDICA 2.23 2.05 5.80 Buy Strong Buy 4 0.64

PHYTOPHARM 1.70 1.70 12.75 Buy Buy 2 0.94

SHIRE 2092.00 1727.00 2247.00 Neutral Sell 1002 0.65

SKYEPHARMA 63.13 33.50 101.50 Neutral Sell -121 0.72

VERNALIS 23.75 21.63 27.38 Neutral Strong Buy 59 0.89

Real Estate Under Valued


BIG YELLOW GROUP 374.70 274.50 387.50 Neutral Sell -582 1.15

BRITISH LAND 572.50 466.10 585.50 Neutral Strong Buy 1626 1.03

CAPITAL & REGIONAL 30.00 22.75 34.25 Sell Strong Buy 141 0.82

CLS HOLDINGS 835.00 595.00 835.00 Neutral Strong Buy 3129 0.69

DERWENT LONDON 2207.00 1684.00 2212.00 Neutral Strong Buy 6635 1.21DEVELOPMENT SECS. 157.75 121.75 176.00 Neutral Sell -67 0.97

GRAINGER 137.20 83.10 139.40 Neutral Strong Buy 241 1.54

GREAT PORTLAND ESTATES 501.00 345.60 502.00 Sell Strong Buy 1253 1.06

HAMMERSON 512.50 388.20 512.50 Neutral Strong Buy 1609 1.16

HELICAL BAR 231.00 164.00 247.00 Neutral Buy 303 0.75

LAND SECURITIES GROUP 842.50 677.00 845.50 Neutral Strong Buy 2432 1.15

INTU PROPERTIES 339.10 305.00 366.00 Neutral Buy 470 1.08

MCKAY SECURITIES 144.50 125.00 144.50 Neutral Sell -580 0.72

MUCKLOW (A & J) GROUP 370.00 310.00 390.00 Neutral Sell 260 0.42

PRIMARY HEALTH PROPS. 344.50 311.00 364.50 Neutral Strong Buy 713 0.35

QUINTAIN ESTATES & DEV. 69.00 32.50 69.50 Sell Sell -273 1.17

SAVILLS 522.50 300.80 568.50 Neutral Strong Buy 1634 0.74

SHAFTESBURY 580.00 482.20 583.50 Neutral Strong Buy 1238 1.03

SEGRO 255.10 209.40 259.20 Neutral Sell 171 1.70

ST MODWEN PROPS. 247.80 145.50 280.20 Neutral Strong Buy 780 1.55

TOWN CENTRE SECURITIES 204.00 147.00 215.00 Neutral Sell 1 1.04

UNITE GROUP 281.00 180.25 305.30 Neutral Sell 26 1.75

WARNER ESTATE 1.68 1.00 3.40 Sell Sell -969 1.02

WORKSPACE GROUP 343.20 213.25 347.10 Neutral Sell 0 1.02


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Software & Computer Services Under Valued


ANITE 157.00 109.50 162.00 Neutral Sell 127 0.76

AVEVA GROUP 2317.00 1469.00 2322.00 Neutral Sell 1361 1.40

COMPUTACENTER 476.30 292.40 514.50 Neutral Strong Buy 1403 1.00

KOFAX 288.00 240.00 325.75 Neutral Buy 334 1.12

INNOVATION GROUP 24.75 18.25 25.50 Neutral Sell 23 0.83

MICRO FOCUS INTL. 686.00 426.17 694.00 Neutral Buy 1016 0.79

PHOENIX IT GROUP 158.00 135.00 231.75 Neutral Strong Buy 324 0.74

RM 75.00 70.25 92.25 Neutral Sell -95 0.52

FIDESSA GROUP 1919.00 1275.00 1970.00 Neutral Buy 2158 0.77

SAGE GROUP 339.50 247.70 343.20 Neutral Buy 431 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 429.80 237.30 441.90 Neutral Sell 160 1.09

BREWIN DOLPHIN 202.30 136.30 222.00 Neutral Sell 118 0.71

CAMELLIA 10300.00 9250.00 11105.00 Neutral Sell 9428 0.83

CHARLES STANLEY GROUP 364.00 247.50 364.00 Neutral Sell 162 0.97

CHARLES TAYLOR 175.00 128.50 189.75 Neutral Sell 94 0.68

CLOSE BROTHERS GROUP 1038.00 673.50 1051.00 Neutral Sell 147 0.87

F&C ASSET MANAGEMENT 105.40 64.75 110.00 Neutral Sell 99 0.89

HELPHIRE GROUP 2.90 0.55 3.30 Sell Strong Buy 39 0.68

HENDERSON GROUP 156.60 90.55 169.00 Neutral Sell 46 1.44

ICAP 330.40 281.40 431.50 Neutral Sell 187 1.07

INTERMEDIATE CAPITAL GP. 387.40 227.30 391.10 Neutral Sell 187 1.68

INVESTEC 482.60 310.40 497.10 Neutral Sell 71 1.55

LONDON STOCK EX.GROUP 1344.00 880.00 1352.00 Neutral Strong Buy 3767 1.12MAN GROUP 96.10 63.25 148.40 Neutral Sell 88 1.32

RATHBONE BROTHERS 1400.00 1151.00 1472.00 Neutral Sell 1092 0.74

SCHRODERS 1989.00 1166.00 2044.00 Neutral Sell 1217 1.31

SCHRODERS NV 1599.00 966.00 1630.00 Neutral Strong Buy 4128 1.27


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Support Services Over Valued


ACAL 217.50 157.75 219.50 Neutral Buy 299 0.93

AGGREKO 1707.00 1557.00 2400.00 Neutral Sell 1234 1.04

AMEC 1019.00 923.00 1172.00 Neutral Neutral 1046 1.04

ASHTEAD GROUP 524.50 212.20 533.00 Neutral Sell 300 1.61

BABCOCK INTL. 1079.00 734.50 1098.00 Neutral Sell 641 0.48

BRITISH POLYTHENE INDS. 502.00 317.00 502.00 Sell Strong Buy 778 0.77

BUNZL 1310.00 946.00 1310.00 Sell Sell 800 0.55

UK MAIL GROUP 375.00 214.00 378.50 Neutral Buy 432 0.38

CAPITA 884.00 602.00 884.00 Neutral Sell 500 0.50

COMMUNISIS 51.88 25.34 52.25 Neutral Buy 69 0.78

COMPASS GROUP 822.50 616.00 822.50 Sell Sell 587 0.74

BERENDSEN 707.50 462.00 707.50 Sell Buy 934 1.04

DE LA RUE 925.50 885.50 1075.00 Neutral Sell 574 #NA

DIGNITY 1270.00 803.50 1270.00 Neutral Sell 762 0.21

DIPLOMA 618.00 385.00 627.50 Neutral Sell 467 0.95ELECTROCOMP. 256.80 195.20 263.00 Neutral Buy 309 1.03

FILTRONA 639.00 428.00 641.00 Neutral Sell 341 1.10

G4S 292.90 240.00 295.00 Neutral Neutral 280 0.58

HAYS 97.25 66.40 98.15 Neutral Buy 117 1.10

HOMESERVE 239.30 137.50 255.70 Neutral Strong Buy 467 0.93

INTERSERVE 492.80 270.10 493.70 Neutral Buy 675 1.27

INTERTEK GROUP 3423.00 2262.00 3423.00 Neutral Sell 1394 0.78

JOHNSON SERVICE GROUP 41.75 26.50 42.00 Neutral Strong Buy 90 1.17

MANAGEMENT CNSL.GP. 27.50 21.25 39.50 Neutral Strong Buy 53 0.71

MENZIES (JOHN) 748.00 542.00 755.00 Neutral Strong Buy 1283 1.43

MICHAEL PAGE INTL. 437.40 341.40 497.00 Neutral Sell 310 1.41

MITIE GROUP 285.40 253.90 300.80 Neutral Buy 331 0.55

OFFICE2OFFICE 100.00 91.50 163.75 Neutral Strong Buy 231 0.35

PAYPOINT 880.00 573.50 901.00 Neutral Sell 668 0.70

PREMIER FARNELL 218.60 153.20 228.80 Neutral Buy 274 1.32

REGUS 129.50 82.65 135.00 Neutral Sell 104 1.45

RENTOKIL INITIAL 90.65 69.40 97.95 Neutral Sell 52 1.25

REXAM 520.00 394.28 520.50 Neutral Buy 609 0.91

RICARDO 401.50 304.50 412.00 Neutral Buy 454 0.85

ROBERT WALTERS 213.25 176.25 264.63 Neutral Buy 301 1.23

RPC GROUP 440.00 348.30 447.00 Neutral Buy 516 0.78

RPS GROUP 243.00 197.00 256.60 Neutral Neutral 238 1.50

SERCO GROUP 579.00 509.50 602.00 Neutral Neutral 559 0.59

SHANKS GROUP 81.75 75.80 106.40 Neutral Strong Buy 161 1.46

SPEEDY HIRE 42.00 22.25 44.75 Neutral Buy 50 1.25TRIBAL GROUP 112.00 70.00 129.00 Neutral Sell 49 0.55

TRIFAST 56.25 39.50 59.00 Neutral Neutral 59 0.92

VP 338.00 234.75 354.88 Neutral Strong Buy 594 0.86

WYG 71.00 42.00 75.00 Neutral Strong Buy 176 0.78


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Telecommunication Services Over Valued


BT GROUP 265.40 200.70 281.00 Neutral Neutral 287 0.90

CABLE & WIRELESS COMMS. 41.65 27.28 42.63 Neutral Strong Buy 74 0.69

INMARSAT 650.00 390.80 667.00 Neutral Sell 544 0.53

KCOM GROUP 77.60 67.00 85.20 Neutral Buy 115 1.24

TELECOM PLUS 988.50 612.00 1010.00 Neutral Sell 643 0.11

VODAFONE GROUP 167.70 154.45 191.25 Neutral Sell 145 0.54

Transport Under Valued


BBA AVIATION 254.80 178.00 262.00 Neutral Sell 182 1.29

BRAEMAR SHIPPING SVS. 385.00 309.50 425.00 Neutral Neutral 423 0.98

CLARKSON 1482.00 1150.00 1487.00 Neutral Sell 1395 0.81

EASYJET 1022.00 431.70 1022.00 Neutral Sell 617 0.74

FIRST GROUP 191.80 175.70 297.00 Neutral Strong Buy 500 0.90

FISHER(JAMES)& SONS 875.00 535.00 933.00 Neutral Sell 358 0.77

GO-AHEAD GROUP 1435.00 1086.00 1440.00 Neutral Buy 1680 0.89

NATIONAL EXPRESS 218.50 164.50 252.00 Neutral Neutral 227 1.33

NORTHGATE 324.00 159.60 336.00 Neutral Strong Buy 567 1.40

STAGECOACH GROUP 295.00 230.40 319.60 Neutral Buy 334 0.89

WINCANTON 57.50 31.00 82.50 Sell Sell -38 0.90

Utilities Under Valued


CENTRICA 361.40 306.10 361.40 Neutral Buy 483 0.46

NATIONAL GRID 732.50 626.00 732.50 Neutral Buy 836 0.49

PENNON GROUP 661.50 598.00 796.00 Neutral Buy 778 0.58

SSE 1469.00 1290.00 1469.00 Neutral Buy 1757 0.42

SEVERN TRENT 1628.00 1507.00 1796.00 Neutral Sell 1507 0.34

UNITED UTILITIES GROUP 745.00 594.00 747.50 Neutral Sell 670 0.50


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value indicator - uk main market 20130305