value indicator - uk main market 20130320

7/29/2019 value indicator - uk main market 20130320

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20 March 2013

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Intellisys Intelligent Analysis Limited 20 March 2013

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

Contents

Introduction .................................................................................................................................3 Value ...........................................................................................................................................4 Conclusion ..................................................................................................................................4 RISK WARNING Ratings and Targets ....................................................................................4 How to use the report .................................................................................................................5

Aerospace & Defence Under Valued .....................................................................6 Automobiles & Parts Under Va lued ......................................................................6

Banks Over Valued .........................................................................................6

Beverages Under Valued ..................................................................................6

Chemicals Under Valued ..................................................................................6

Construction & Building Materials Under Valued ....................................................7

Electronics & Electrical Equipment Over Valued ..................................................7

Engineering & Machinery Over Valued ................................................................8

Food & Drug Stores Over Valued .......................................................................8

Food Producers & Processors Under Valued ........................................................8

General Retail Under Valued ..............................................................................9

Heath Over Valued .........................................................................................9

Household Goods & Textiles Over Valued ..........................................................9

Information Technology & Hardware Over Valued ...............................................9

Insurance Under Valued ................................................................................... 10 Leisure & Hotels Over Valued ..................................................................... 10

Life Assurance Over Valued .................................................................... 10

Media & Entertainment Under Valued ................................................................ 11

Mining Under Valued ...................................................................................... 11

Oil & Gas Under Valued ................................................................................... 11

Personal Care & Household Products Over Valued .......................................... 12

Pharmaceuticals & Biotechnology Over Valued ................................................ 12

Real Estate Under Valued ............................................................................... 12

Software & Computer Services Under Valued ..................................................... 13

Speciality & Other Finance Over Valued .......................................................... 13 Support Services Over Valued ..................................................................... 14

Telecommunication Services Over Valued ....................................................... 15

Transport Under Valued ................................................................................... 15

Utilities Under Valued ....................................................................................... 15 DISCLAIMER ........................................................................................................................... 16 RISK 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

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 1 3 14 1 5 16 1 7 18 19 2 0 21 2 2 23 2 4 25 2 6 27 28 2 9 30 3 1 32 33 3 4 35 3 6 37 38 3 9 4020.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

Best Buy/Sell Trend


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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 Retail Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaASHLEY(LAURA) HOLDINGS 29.00 18.50 29.50 Neutral Neutral 30 0.72BROWN (N) GROUP 266.70 222.40 282.70 Neutral Buy 298 0.52BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94FRENCH CONNECTN.GROUP 23.50 19.50 82.00 Neutral Strong Buy 112 1.05HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67JJB SPORTS SUSP - 24/09/12 0.40 0.24 17.00 Neutral Sell -62 0.88JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56TOPPS 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 m onth Hi/Lo forthe share price

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


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Aerospace & Defence Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 393.40 270.90 393.40 Neutral Buy 587 0.66

CHEMRING GROUP 259.90 217.00 434.90 Neutral Buy 326 0.66

COBHAM 247.30 190.10 247.30 Neutral Buy 291 0.83

MEGGITT 482.50 364.30 490.10 Neutral Sell 412 1.32

ROLLS-ROYCE HOLDINGS 1109.00 781.16 1109.00 N eutral Neutral 1118 1.07

SMITHS GROUP 1318.00 979.50 1328.00 Neutral Sell 1068 0.71

ULTRA ELECTRONICS HDG. 17 45.00 1424.00 1780.00 Neutral Sell 1571 0.51

Automobiles & Parts Under Valued

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

GKN 272.30 173.60 285.00 N eutral Neutral 262 2.00INCHCAPE 507.00 305.20 530.00 N eutral Neutral 505 1.48

LOOKERS 100.50 56.50 100.50 Sell Neutral 107 1.24

PENDRAGON 22.50 13.25 25.00 Neutral Strong Buy 34 1.12

Banks Over Valued


BARCLAYS 297.50 150.55 327.35 Neutral Sell 58 1.93

HSBC HDG. (ORD $0.50) 716.40 503.20 740.00 Neutral Strong Buy 1244 1.17

LLOYDS BANKING GROUP 49.40 25.29 55.68 Neutral Strong Buy 76 1.87

ROYAL BANK OF SCTL.GP. 293.60 196.60 367.80 Neutral Sell 42 1.34

STANDARD CHARTERED 1720.50 1228.50 1837.50 Neutral Sell 1113 1.70

Beverages Under Valued


BARR (AG) 530.50 348.00 557.00 N eutral Neutral 579 0.55

DIAGEO 2042.50 1477.00 2042.50 Neutral Sell 1784 0.55

SABMILLER 3466.00 2348.50 3509.50 Neutral Buy 3982 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 402.50 267.60 406.40 Neutral Strong Buy 725 #NA

CARCLO 440.00 345.00 503.00 N eu tra l Neu tral 443 0.74

CRODA INTERNATIONAL 2680.00 2050.00 2690.00 Neutral Sell 2163 1.04

ELEMENTIS 264.90 179.00 270.00 Neutral Buy 373 1.00

JOHNSON MATTHE Y 22 89 .00 2080 .27 2573 .00 Neutral Strong Buy 13106 1.44

VICTREX 1714.00 1185.00 1736.00 Neutral Sell 1544 1.13

SYNTHOMER 223.10 127.40 250.80 N eu tra l Neu tral 237 1.16

ZOTEFOAMS 202.00 157.00 225.00 Neutral Strong Buy 415 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 97.00 61.50 104.00 Neutral Strong Buy 247 0.51

BALFOUR BEATTY 259.50 237.90 320.80 Buy Strong Buy 1040 0.79

BARRATT DEVELOPMENTS 239.80 114.00 244.90 Neutral Strong Buy 478 1.50

BELLWAY 1183.00 660.00 1183.00 Neutral Strong Buy 2046 1.11

BE RKE LE Y GROUP HDG.( THE ) 2 09 3.0 0 11 77 .0 0 2 09 3.0 0 Neutral Strong Buy 3483 0.64

BOOT (HENRY) 158.00 115.50 167.50 Neutral Strong Buy 359 0.83

BOVIS HOMES GROUP 672.50 399.30 681.50 Neutral Sell 593 1.14

CARILLION 289.50 235.50 331.80 Neutral Strong Buy 857 1.10

CLARKE (T) 54.75 40.00 61.50 Neutral Strong Buy 286 0.82

COSTAIN GROUP 295.00 188.00 295.00 Neutral Strong Buy 593 0.57

CRH 1507.00 1052.00 1540.00 Neutral Sell 800 1.14

GALLIFORD TRY 944.50 579.00 965.00 Neutral Strong Buy 1819 0.99

KELLER 803.00 348.25 830.00 Neutral Strong Buy 2145 1.25

KIER GROUP 1238.00 1095.00 1408.00 Neutral Strong Buy 3579 0.94

LOW & BONAR 72.88 49.00 73.50 Neutral Strong Buy 214 1.07MARSHALLS 123.00 76.00 123.00 Neutral Strong Buy 303 1.37

MORGAN SINDALL GROUP 542.00 508.00 695.00 Neutral Strong Buy 3510 0.86

NORCROS 16.25 9.25 16.75 Neutral Strong Buy 37 1.11

PERSIMMON 971.50 532.00 971.50 Neutral Buy 1203 1.15

REDROW 184.00 107.30 195.80 Neutral Strong Buy 312 1.05

SIG 155.30 82.30 155.30 Neutral Strong Buy 493 1.74

SUPERGLASS HOLDINGS 5.13 4.13 21.50 Sell Strong Buy 48 0.89

TAYLOR WIMPEY 85.60 40.28 8 5.60 Neutral Buy 101 1.58

TRAVIS PERKINS 1381.00 906.50 1381.00 Neutral Strong Buy 2782 1.97

WOLSELEY 3302.00 2121.32 3328.00 Neutral Strong Buy 5461 1.43

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1348.00 900.00 1364.00 Neutral Sell 790 0.78

DOMINO PRINTING SCIENCES 655.00 509.00 717.00 Neutral Buy 869 1.18

E2V TECHNOLOGIES 121.50 105.50 1 49.50 Neutral Strong Buy 253 1.30

INVENSYS 359.80 186.10 366.80 N eutral Neutral 351 1.42

LAIRD 229.50 177.00 249.30 Neutral Sell 87 2.12

OXFORD INSTRUMENTS 1703.00 1096.00 1 752.00 Neutral Sell 1209 1.01

RENISHAW 1866.00 1260.00 2081.00 Neutral Buy 2464 1.26

SPECTRIS 2437.00 1427.00 2470.00 Neutral Sell 2267 1.52

BIOME TECHNOLOGIES 0.08 0.08 0.22 Buy Strong Buy 0 0.84

TT ELECTRONICS 169.00 114.00 190.00 Neutral Strong Buy 410 1.59

XAAR 406.00 185.00 406.00 Neutral Sell 236 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 84.38 54.25 92.00 Neutral Buy 106 1.26

BODYCOTE 552.00 310.30 556.50 Neutral Sell 522 1.61

CASTINGS 335.00 277.75 358.50 Neutral Strong Buy 723 0.99

VESUVIUS 386.00 263.19 402.10 Neutral Buy 509 2.19

FENNER 413.30 329.30 462.50 Neutral Buy 572 1.42

HALMA 518.00 373.10 531.50 Neutral Sell 407 0.75

HILL & SMITH 443.00 297.00 480.00 Neutral Sell 337 1.37

IMI 1320.00 776.00 1347.00 Neutral Neutral 1438 1.40

METALRAX GROUP 3.00 2.93 8.87 Neutral Buy 3 0.85

MORGAN CRUCIBLE 299.60 220.30 333.90 Neutral Strong Buy 565 1.82

ROTORK 2968.00 1859.00 3037.00 Neutral Sell 2373 1.00

SENIOR 251.80 177.00 251.80 Sell Sell 229 1.65

SEVERFIELD-ROWEN 40.00 35.40 104.11 Neutral Buy 56 0.73

SPIRAX-SARCO 2689.00 1900.00 2728.00 Neutral Sell 2374 0.84

VITEC GROUP 642.50 586.50 740.00 Neutral Sell 610 1.39WEIR GROUP 2325.00 1397.00 2474.00 Neutral Sell 2109 1.39

Food & Drug Stores Over Valued


GREGGS 523.50 449.00 549.50 Neutral Buy 737 0.47

MORRISON(WM)SPMKTS. 269.70 248.60 305.70 Neutral Sell 206 0.39

SAINSBURY (J) 371.40 283.50 371.40 Neutral Sell 225 0.58

TESCO 380.05 297.05 385.95 Neutral Sell 295 0.69

THORNTONS 76.75 18.88 76.75 Neutral Sell 52 0.83

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1879.00 1167.00 1 902.00 Neutral Buy 2095 0.62

CRANSWICK 998.50 732.50 1012.00 Neutral Strong Buy 2074 0.49

DAIRY CREST 432.60 290.40 438.00 Neutral Buy 491 0.92

DEVRO 355.60 278.00 380.00 Neutral Buy 518 0.31

PREMIER FOODS 84.25 54.50 180.00 Neutral Sell -177 1.25

TATE & LYLE 838.00 633.50 840.00 Neutral Strong Buy 1554 0.70

UNILEVER (UK) 2753.00 2005.00 2753.00 N eutral Neutral 2772 0.57


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 29.00 20.50 29.50 Neutral Buy 34 0.69

BROWN (N) GROUP 429.30 222.40 429.30 Neutral Sell 365 0.53

BURBERRY GROUP 1422.00 1000.00 1586.00 Neutral Sell 987 1.27

CARPETRIGHT 679.50 585.00 728.50 Neutral Sell 286 0.94

DIXONS RETAIL 34.20 12.67 35.00 Neutral Buy 38 1.50

FINDEL 7.47 2.76 9.30 Neutral Sell 4 1.08

FRENCH CONNECTN.GROUP 30.00 19.50 50.00 Sell Strong Buy 112 0.98

HALFORDS GROUP 318.00 189.00 356.80 Neutral Strong Buy 505 0.67

JD SPORTS FASHION 740 .00 606 .50 841 .00 Neutral Strong Buy 1537 0.52

DARTY 41.75 38.00 75.10 Neutral Strong Buy 84 1.24

KINGFISHER 286.50 254.10 313.80 Neutral Buy 395 0.92

MARKS & SPENCER GROUP 398.10 312.20 398.80 Neutral Buy 523 0.64

MOSS BROTHERS GROUP 66.50 42.00 71.00 Neutral Sell 61 1.04

MOTHERCARE 302.50 152.00 362.00 Neutral Buy 346 0.46

NEXT 4110.00 2894.00 4247.00 Neutral Sell 3740 0.66TED BAKER 1345.00 775.00 1345.00 Sell Sell 662 0.55

TOPPS TILES 61.50 32.13 68.00 Neutral Sell 51 1.48

Heath Over Valued


BIOQUELL 136.00 119.25 160.00 Neutral Sell 108 0.45

CONSORT MEDICAL 773.00 584.00 831.50 Neutral Sell 548 0.40

OPTOS 201.00 160.00 279.25 Neutral Sell 176 1.21

SMITH & NEPHEW 739.50 580.00 751.50 Neutral Sell 658 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 633.50 530.00 720.50 N eutral Neutral 619 0.43

HEADLAM GROUP 330.50 263.00 355.00 Neutral Sell 288 0.92

HORNBY 75.25 55.25 103.00 Neutral Buy 101 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 896.50 469.00 971.50 Neutral Sell 589 0.74

CSR 470.30 194.60 492.80 Neutral Strong Buy 1386 1.17FILTRONIC 72.00 23.50 83.25 Neutral Sell 51 0.90

IMAGINATION TECHN OLOGIES 541.50 383.50 717.00 N eutral Neutral 544 1.08

SPIRENT COMMUNICATIONS 151.00 1 39.20 174.00 Neutral Strong Buy 685 0.95

WOLFSON MICROELECTR ON ICS 185.00 165.75 230.00 Neutral Sell -588 0.91


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Insurance Under Valued


ADMIRAL GROUP 1339.00 1019.00 1359.00 Neutral Sell -753 0.54

AMLIN 427.40 312.90 431.50 Neutral Sell -3133 0.46

BEAZLEY 212.30 132.50 215.40 Neutral Strong Buy 2633 0.59

CATLIN GROUP 524.00 399.00 540.00 Neutral Buy 786 0.30

HISCOX 559.00 371.30 561.00 Neutral Strong Buy 2105 0.48

JARDINE LLOYD THOMPSON 862 .00 659 .00 864 .50 Neutral Strong Buy 2960 0.31

RSA INSURANCE GROUP 115.30 97.65 136.30 Neutral Strong Buy 1715 0.41

NOVAE GROUP 463.75 345.00 475.75 Neutral Strong Buy 1938 0.47

Leisure & Hotels Over Valued


CARNIVAL 2265.00 1900.00 2628.00 Neutral Strong Buy 3870 1.00

ENTERPRISE INNS 109.90 50.75 114.70 Neutral Sell 82 1.59

TUI TRAVEL 311.30 158.00 330.00 Neutral Strong Buy 783 0.99

FULLER SMITH 'A' 810.00 680.00 810.00 Neutral Sell 654 0.38

GREENE KING 719.50 474.30 719.50 Neutral Sell 618 0.90

LADBROKES 231.40 152.50 243.10 Neutral Sell 182 0.94

ICTL.HTLS.GP. 1998.00 1396.63 2022.00 Neutral Sell 1638 1.17

MILLENNIUM & CPTH.HTLS. 554.00 455.40 568.50 Neutral Buy 611 1.38

MITCHELLS & BUTLERS 338.00 217.40 350.10 Neutral Sell 301 1.08

BWIN PARTY DIGITAL ENTM. 144.10 91.90 162.60 Neutral Sell 105 1.25

PUNCH TAVERNS 11.00 5 .61 13.12 Neutral Strong Buy 51 1.25

RANK GROUP 176.00 111.00 176.00 Neutral Strong Buy 506 1.00

RESTAURANT GROUP 453.10 269.20 453.10 Neutral Sell 318 0.74

WETHERSPOON (JD) 528.00 371.30 548.50 Neutral Buy 739 0.68

WHITBREAD 2573.00 1730.00 2692.00 Neutral Sell 1931 0.99WILLIAM HILL 385.70 225.48 411.17 Neutral Sell 261 0.86

MARSTON'S 141.80 94.40 143.00 Neutral Sell 30 1.19

Life Assurance Over Valued


AVIVA 323.20 255.30 388.40 Neutral Strong Buy 1189 1.25

CHESNARA 219.50 155.25 233.50 Neutral Strong Buy 354 0.70

LEGAL & GENERAL 170.40 106.00 173.60 Neutral Strong Buy 298 1.70

OLD MUTUAL 207.20 138.70 211.40 Neutral Sell 173 1.57

PRUDENTIAL 1110.00 660.00 1155.00 Neutral Sell 959 1.70

ST.JAMES'S PLACE 519.50 303.40 537.00 Neutral Sell 432 0.85


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Media & Entertainment Under Valued


AEGIS GROUP 239.50 153.20 239.60 Neutral Sell -531 1.28

BLOOMSBURY PBL. 108.00 102.00 146.50 Neutral Strong Buy 1513 0.35

BRITISH SKY BCAST.GROUP 899.50 635.50 899.50 Neutral Strong Buy 136 0.54

CENTAUR MEDIA 46.50 28.50 60.00 Neutral Strong Buy 2938 1.01

DAILY MAIL 'A' 704.00 363.50 722.00 Neutral Strong Buy 6493 1.12

EUROMONEY INSTL.INVESTOR 916.50 672.50 951.50 Neutral Sell -63 0.98

INFORMA 513.00 340.00 525.50 Neutral Strong Buy 214 1.53

ITE GROUP 289.40 180.00 289.40 Neutral Strong Buy 1165 1.44

ITV 130.90 69.45 132.30 Neutral Strong Buy 1534 1.54

JOHNSTON PRESS 12.50 4.88 15.00 Neutral Buy 281 1.25

PEARSON 1191.00 1111.00 1294.00 Neutral Strong Buy 2304 0.63

PHOTO-ME INTL. 80.00 36.25 82.50 Neutral Strong Buy 777 0.79

PINEWOOD SHEPPERTON 274.00 265.00 377.50 Neutral Sell -531 0.16

THOMSON REUTERS 32.80 26.85 32.88 Neutral Sell 243 0.52

STV GROUP 139.50 81.50 146.88 Neutral Strong Buy 665 0.78ST.IVES 136.00 67.50 139.25 Neutral Sell -242 1.49

TRINITY MIRROR 90.50 25.50 121.25 Neutral Strong Buy 1595 1.57

UBM 719.50 511.00 788.00 Neutral Strong Buy 1178 1.31

WILMINGTON GROUP 158.00 82.00 164.00 Neutral Sell -448 0.85

WPP 1081.00 743.00 1092.00 Neutral Strong Buy 717 1.34

HIBU 0.39 0.26 4.15 Neutral Sell -11 1.06

Mining Under Valued


ANGLO AMERICAN 1820.00 1664.00 2505.00 Neutral Strong Buy 2989 1.75

ANGLO PACIFIC GROUP 255.00 221.25 335.20 Neutral Buy 286 0.99ANTOFAGASTA 1050.00 991.00 1381.00 Neutral Sell 977 1.42

BHP BILLITON 1981.50 1681.00 2236.00 Neutral Strong Buy 3561 1.45

LONMIN 311.80 240.84 592.54 Neutral Sell 42 2.04

RANDGOLD RESOURCES 5535.00 4596.00 7775.00 Neutral Sell 3000 0.34

RIO TINTO 3107.00 2715.50 3757.00 Neutral Buy 3582 1.51

COALFIELD RESOURCES 5.75 3.75 22.50 Neutral Strong Buy 171 0.89

VEDANTA RESOURCES 832.50 1361.00 Neutral Strong Buy 2535 2.21

XSTRATA 1109.00 785.80 1205.00 N eutral Neutral 1055 1.87

Oil & Gas Under Valued


BG GROUP 1187.00 1000.50 1519.00 N eutral Neutral 1280 0.81

BP 449.70 391.95 484.10 Neutral Strong Buy 1619 1.05

CAIRN ENERGY 278.40 248.20 349.00 Neutral Sell -46 1.32

FORTUNE OIL 10.25 7.86 12.50 Neutral Buy 15 0.91

HUNTING 909.50 688.00 954.00 Neutral Sell 481 1.32

JKX OIL & GAS 77.75 55.00 187 .75 Neutral Strong Buy 314 1.36

PREMIER OIL 388.10 321.30 426.20 Neutral Sell 305 1.44

ROYAL DUTCH SHELL B 2220.00 2039.00 2366.50 Neutral Strong Buy 11933 0.86

SOCO INTERNATIONAL 401.70 254.90 404.30 Neutral Sell 262 0.52

TULLOW OIL 1224.00 1138.00 1570.00 Neutral Sell 964 1.06

WOOD GROUP (JOHN) 858.00 651.50 875.50 N eutral Neutral 851 1.36


12/17



Personal Care & Household Products Over Valued


MCBRIDE 142.00 102.70 146.75 Neutral Strong Buy 277 0.83

PZ CUSSONS 410.10 296.10 415.60 Neutral Sell 345 0.69

RECKITT BENCKISER GROUP 4688.00 3 300.00 4714.00 N eutral Neutral 4729 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.37 0.37 3.88 Buy Strong Buy 6 1.01

ASTRAZENECA 3064.50 2591.00 3168.00 Neutral Strong Buy 5625 0.48

BTG 347.90 300.30 423.00 Neutral Sell 197 0.62

DECHRA PHARMACEUTICALS 769.50 418.33 769.50 Neutral Buy 966 0.26

GLAXOSMITHKLINE 1513.50 1317.50 1513.50 Neutral Sell 742 0.49

OXFORD BIOMEDICA 1.88 1.85 5.80 Buy Strong Buy 3 0.64

PHYTOPHARM 1.65 1.63 12.75 Buy Neutral 2 0.94

SHIRE 2031.00 1727.00 2165.00 Neutral Sell 1162 0.65

SKYEPHARMA 56.50 33.50 101.50 Buy Sell -123 0.72

VERNALIS 23.50 21.63 27.38 Neutral Strong Buy 54 0.89

Real Estate Under Valued


BIG YELLOW GROUP 371.30 274.50 387.50 Neutral Sell -531 1.15

BRITISH LAND 545.00 467.10 585.50 Neutral Strong Buy 1513 1.03

CAPITAL & REGIONAL 34.25 22.75 34.25 Sell Strong Buy 136 0.82

CLS HOLDINGS 835.00 595.00 859.00 Neutral Strong Buy 2938 0.69

DERWENT LONDON 2150.00 1689.00 2239.00 Neutral Strong Buy 6493 1.21DEVELOPMENT SECS. 152.00 121.75 176.00 Neutral Sell -63 0.97

GRAINGER 134.30 83.10 139.40 Neutral Strong Buy 214 1.54

GREAT PORTLAND ESTATES 495.00 345.60 514.00 Sell Strong Buy 1165 1.06

HAMMERSON 499.30 404.50 525.00 Neutral Strong Buy 1534 1.16

HELICAL BAR 229.00 164.00 249.75 Neutral Buy 281 0.75

LAND SECURITIES GROUP 814.50 704.00 849.00 Neutral Strong Buy 2304 1.15

INTU PROPERTIES 330.00 305.00 366.00 Neutral Strong Buy 777 1.08

MCKAY SECURITIES 143.50 125.00 145.00 Neutral Sell -531 0.72

MUCKLOW (A & J) GROUP 366.50 311.25 390.00 Neutral Sell 243 0.42

PRIMARY HEALTH PROPS. 328.50 311.00 364.50 Neutral Strong Buy 665 0.35

QUINTAIN ESTATES & DEV. 65.25 32.50 70.00 Sell Sell -242 1.17

SAVILLS 588.00 300.80 599.00 Neutral Strong Buy 1595 0.74

SHAFTESBURY 591.00 482.20 597.50 Neutral Strong Buy 1178 1.03SEGRO 264.50 209.40 271.00 Neutral Sell -448 1.70

ST MODWEN PROPS. 249.60 145.50 280.20 Neutral Strong Buy 717 1.55

TOWN CENTRE SECURITIES 204.00 147.00 215.00 Neutral Sell -11 1.04

UNITE GROUP 322.00 180.25 330.00 Neutral Sell 33 1.75

WARNER ESTATE 1.68 1.00 3.35 Sell Sell -989 1.02

WORKSPACE GROUP 336.00 213.25 363.20 Neutral Sell 0 1.02


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Software & Computer Services Under Valued


ANITE 128.00 111.00 162.00 N eutral Neutral 123 0.76

AVEVA GROUP 2224.00 1469.00 2322.00 Neutral Sell 1323 1.40

COMPUTACENTER 543.50 292.40 543.50 Neutral Strong Buy 1360 1.00KOFAX 310.00 240.00 325.75 N eutral Neutral 324 1.12

INNOVATION GROUP 25.25 18.25 25.50 N eutral Neutral 24 0.83

MICRO FOCUS INTL. 690.00 426.17 702.00 Neutral Buy 983 0.79

PHOENIX IT GROUP 155.00 135.00 231.75 Neutral Strong Buy 315 0.74

RM 76.50 70.25 89.00 Neutral Sell -93 0.52

FIDESSA GROUP 1894.00 1275.00 1970.00 Neutral Buy 2097 0.77

SAGE GROUP 343.30 247.70 352.10 Neutral Buy 419 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 417.10 237.30 441.90 Neutral Sell 164 1.09

BREWIN DOLPHIN 197.00 136.30 222.00 Neutral Sell 121 0.71

CAMELLIA 10406.00 9250.00 11105.00 Neutral Sell 9677 0.83

CHARLES STANLEY GROUP 365.13 247.50 371.50 Neutral Sell 168 0.97

CHARLES TAYLOR 176.50 132.00 189.75 Neutral Sell 98 0.68

CLOSE BROTHERS GROUP 1098.00 673.50 1107.00 Neutral Sell 161 0.87

F&C ASSET MANAGEMENT 107.00 64.75 110.40 N eutral Neutral 102 0.89

HELPHIRE GROUP 3.25 0.55 3.70 Sell Strong Buy 29 0.68

HENDERSON GROUP 164.40 90.55 171.00 Neutral Sell 48 1.44

ICAP 329.00 281.40 424.00 Neutral Sell 194 1.07

INTERMEDIATE CAPITAL GP. 421.00 227.30 422.00 Neutral Sell 195 1.68

INVESTEC 474.50 310.40 513.50 Neutral Sell 84 1.55

LONDON STOCK EX.GROUP 1356.00 930.00 1411.00 Neutral Strong Buy 3843 1.12MAN GROUP 98.10 63.25 141.10 Neutral Sell 92 1.32

RATHBONE BROTHERS 1473.00 1151.00 1532.00 Neutral Sell 1105 0.74

SCHRODERS 2098.00 1166.00 2160.00 Neutral Sell 1237 1.31

SCHRODERS NV 1675.00 966.00 1729.00 Neutral Strong Buy 4179 1.27


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Support Services Over Valued


ACAL 231.50 157.75 242.50 Neutral Buy 304 0.93

AGGREKO 1950.00 1557.00 2400.00 Neutral Sell 1306 1.04

AMEC 1055.00 923.00 1172.00 N eutral Neutral 1138 1.04

ASHTEAD GROUP 593.50 212.20 594.00 Sell Sell 320 1.61

BABCOCK INTL. 1082.00 767.50 1106.00 Neutral Sell 666 0.48

BRITISH POLYTHENE INDS. 498.75 317.00 508.00 Neutral Strong Buy 805 0.77

BUNZL 1312.00 990.00 1320.00 Neutral Sell 823 0.55

UK MAIL GROUP 373.00 214.00 380.00 Neutral Buy 444 0.38

CAPITA 899.50 602.00 904.50 Neutral Sell 525 0.50

COMMUNISIS 51.50 25.34 53.50 Neutral Buy 67 0.78

COMPASS GROUP 840.00 616.00 846.00 Neutral Sell 606 0.74

BERENDSEN 752.00 462.00 762.50 Neutral Buy 987 1.04

DE LA RUE 947.00 885.50 1075.00 Neutral Sell 596 #NA

DIGNITY 1430.00 803.50 1435.00 Neutral Sell 819 0.21

DIPLOMA 604.50 407.00 627.50 Neutral Sell 489 0.95ELECTROCOMP. 254.10 195.20 265.00 Neutral Buy 322 1.03

FILTRONA 690.50 428.00 690.50 Sell Sell 358 1.10

G4S 291.70 240.00 307.50 N eutral Neutral 292 0.58

HAYS 98.25 66.40 100.00 Neutral Buy 122 1.10

HOMESERVE 228.30 137.50 252.50 Neutral Strong Buy 492 0.93

INTERSERVE 490.80 270.10 501.00 Neutral Buy 691 1.27

INTERTEK GROUP 3420.00 2406.00 3440.00 Neutral Sell 1459 0.78

JOHNSON SERVICE GROUP 44.00 26.50 44.63 Neutral Strong Buy 95 1.17

MANAGEMENT CNSL.GP. 30.63 21.25 39.50 Neutral Strong Buy 55 0.71

MENZIES (JOHN) 777.50 542.00 789.00 Neutral Strong Buy 1308 1.43

MICHAEL PAGE INTL. 444.20 341.40 488.70 Neutral Sell 321 1.41

MITIE GROUP 284.40 253.90 300.80 Neutral Buy 343 0.55

OFFICE2OFFICE 99.50 91.50 163.00 Neutral Strong Buy 239 0.35

PAYPOINT 874.00 596.50 901.00 Neutral Sell 696 0.70

PREMIER FARNELL 219.50 153.20 236.30 Neutral Buy 288 1.32

REGUS 162.30 82.65 163.30 Neutral Sell 107 1.45

RENTOKIL INITIAL 98.90 69.40 99.00 Neutral Sell 56 1.25

REXAM 525.50 394.28 526.50 Neutral Buy 639 0.91

RICARDO 428.00 304.50 428.00 Neutral Buy 472 0.85

ROBERT WALTERS 215.75 176.25 264.63 Neutral Buy 309 1.23

RPC GROUP 471.00 348.30 477.00 Neutral Buy 536 0.78

RPS GROUP 259.10 197.00 264.80 N eutral Neutral 248 1.50

SERCO GROUP 622.50 509.50 633.00 Neutral Sell 580 0.59

SHANKS GROUP 80.25 75.80 101.50 Neutral Strong Buy 169 1.46

SPEEDY HIRE 45.00 22.25 46.00 Neutral Buy 52 1.25TRIBAL GROUP 141.25 70.00 141.25 Neutral Sell 51 0.55

TRIFAST 55.75 39.50 59.00 N eutral Neutral 61 0.92

VP 343.00 234.75 354.88 Neutral Strong Buy 625 0.86

WYG 71.00 42.00 75.00 Neutral Strong Buy 184 0.78


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Telecommunication Services Over Valued


BT GROUP 269.90 200.70 281.00 Neutral Buy 308 0.90

CABLE & WIRELESS COMMS. 41.46 27.28 42.63 Neutral Strong Buy 77 0.69

INMARSAT 700.00 390.80 700.00 Neutral Sell 584 0.53KCOM GROUP 82.60 67.00 85.20 Neutral Buy 119 1.24

TELECOM PLUS 989.00 659.00 1010.00 Neutral Sell 659 0.11

VODAFONE GROUP 187.60 154.45 191.25 Neutral Sell 157 0.54

Transport Under Valued


BBA AVIATION 267.40 178.00 267.40 Sell Sell 192 1.29

BRAEMAR SHIPPING SVS. 379.50 309.50 425.00 Neutral Buy 443 0.98

CLARKSON 1501.00 1150.00 1515.00 N eutral Neutral 1439 0.81

EASYJET 1060.00 443.80 1072.00 Neutral Sell 649 0.74

FIRST GROUP 202.10 175.70 296.70 Neutral Strong Buy 537 0.90

FISHER(JAMES)& SONS 1040.00 535.00 1040.00 Sell Sell 380 0.77

GO-AHEAD GROUP 1510.00 1086.00 1513.00 Neutral Buy 1786 0.89

NATIONAL EXPRESS 213.60 164.50 252.00 Neutral Buy 241 1.33

NORTHGATE 310.50 159.60 350.00 Neutral Strong Buy 590 1.40

STAGECOACH GROUP 312.50 230.40 319.60 Neutral Buy 352 0.89

WINCANTON 54.50 31.00 80.25 Sell Sell -40 0.90

Utilities Under Valued


CENTRICA 355.00 306.30 361.40 Neutral Buy 481 0.46

NATIONAL GRID 746.50 626.00 746.50 Neutral Buy 825 0.49

PENNON GROUP 637.50 598.00 796.00 Neutral Buy 769 0.58

SSE 1480.00 1294.00 1480.00 Neutral Buy 1735 0.42

SEVERN TRENT 1673.00 1507.00 1796.00 Neutral Sell 1487 0.34

UNITED UTILITIES GROUP 695.50 594.00 747.50 Neutral Sell 659 0.50


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Documents

value indicator - uk main market 20130320