value indicator - uk main market 20130325

8/23/2019 value indicator - uk main market 20130325

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25 March 2013

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Intellisys Intelligent Analysis Limited 25 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 Under Valued .....................................................................6Automobiles & Parts Under Va lued ......................................................................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 Under 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 Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 388.90 270.90 393.40 Neutral Buy 580 0.66

CHEMRING GROUP 262.50 217.00 414.70 Neutral Buy 326 0.66

COBHAM 245.10 190.10 248.10 Neutral Buy 288 0.83

MEGGITT 486.50 364.30 490.10 Neutral Sell 410 1.32

ROLLS-ROYCE HOLDINGS 1097.00 781.16 1131.00 Neutral Neutral 1097 1.07

SMITHS GROUP 1271.00 979.50 1328.00 Neutral Sell 1052 0.71

ULTRA ELECTRONICS HDG. 17 14.00 1424.00 1780.00 Neutral Sell 1549 0.51

Automobiles & Parts Under Valued

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

GKN 266.00 173.60 285.00 Neutral Neutral 256 2.00

INCHCAPE 504.00 305.20 530.00 Neutral Neutral 497 1.48

LOOKERS 97.00 56.50 100.50 Neutral Neutral 105 1.24

PENDRAGON 22.50 13.25 25.00 Neutral Buy 33 1.12

Banks Over Valued


BARCLAYS 292.00 150.55 327.35 Neutral Sell 54 1.93

HSBC HDG. (ORD $0.50) 699.80 503.20 740.00 Neutral Strong Buy 1232 1.17

LLOYDS BANKING GROUP 48.63 25.29 55.68 Neutral Strong Buy 75 1.87

ROYAL BANK OF SCTL.GP. 293.30 196.60 367.80 Neutral Sell 38 1.34

STANDARD CHARTERED 1701.50 1228.50 1837.50 Neutral Sell 1089 1.70

Beverages Under Valued


BARR (AG) 572.00 348.00 572.00 Sell Neutral 607 0.55

DIAGEO 2031.50 1477.00 2042.50 Neutral Sell 1800 0.55

SABMILLER 3416.00 2348.50 3509.50 Neutral Buy 3956 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 397.00 267.60 406.40 Neutral Strong Buy 716 #NA

CARCLO 427.75 345.75 503.00 N eu tra l Neu tral 439 0.74

CRODA INTERNATIONAL 2682.00 2050.00 2690.00 Neutral Sell 2130 1.04

ELEMENTIS 258.60 179.00 275.00 Neutral Buy 368 1.00

JOHNSON MATTHEY 2223.00 2080.27 2573.00 Neutral Strong Buy 13003 1.44

VICTREX 1652.00 1185.00 1736.00 Neutral Sell 1520 1.13

SYNTHOMER 221.70 127.40 250.80 N eu tra l Neu tral 235 1.16

ZOTEFOAMS 213.50 157.00 225.00 Neutral Strong Buy 410 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 94.00 61.50 104.00 Neutral Strong Buy 244 0.51

BALFOUR BEATTY 243.90 237.90 320.80 Buy Strong Buy 1004 0.79

BARRATT DEVELOPMENTS 258.00 114.00 258.90 Neutral Strong Buy 465 1.50

BELLWAY 1195.00 660.00 1230.00 Neutral Strong Buy 1982 1.11

BERKELEY GROUP HDG.(THE) 1988.00 1177 .00 2093.00 Neutral Strong Buy 3455 0.64

BOOT (HENRY) 157.00 115.50 167.50 Neutral Strong Buy 353 0.83

BOVIS HOMES GROUP 715.00 399.30 715.00 Neutral Sell 576 1.14

CARILLION 278.80 235.50 331.80 Buy Strong Buy 816 1.10

CLARKE (T) 55.88 40.00 61.50 Neutral Strong Buy 275 0.82

COSTAIN GROUP 301.50 188.00 301.50 Neutral Strong Buy 591 0.57

CRH 1472.00 1052.00 1540.00 Neutral Sell 811 1.14

GALLIFORD TRY 925.00 579.00 965.00 Neutral Strong Buy 1747 0.99

KELLER 800.00 348.25 830.00 Neutral Strong Buy 2099 1.25

KIER GROUP 1187.00 1095.00 1408.00 Neutral Strong Buy 3479 0.94

LOW & BONAR 72.00 49.00 73.50 Neutral Strong Buy 212 1.07MARSHALLS 125.50 76.00 125.50 Neutral Strong Buy 294 1.37

MORGAN SINDALL GROUP 550.00 508.00 695.00 Neutral Strong Buy 3407 0.86

NORCROS 16.00 9.25 16.75 Neutral Strong Buy 36 1.11

PERSIMMON 1029.00 532.00 1033.00 Neutral Buy 1163 1.15

REDROW 189.30 107.30 195.80 Neutral Strong Buy 301 1.05

SIG 161.40 82.30 162.50 Neutral Strong Buy 489 1.74

SUPERGLASS HOLDINGS 5.13 4.13 21.50 Sell Strong Buy 49 0.89

TAYLOR WIMPEY 89.25 40.28 91.15 Neutral Neutral 97 1.58

TRAVIS PERKINS 1440.00 906.50 1443.00 Neutral Strong Buy 2685 1.97

WOLSELEY 3230.00 2121.32 3337.00 Neutral Strong Buy 5390 1.43

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1345.00 900.00 1364.00 Neutral Sell 784 0.78

DOMINO PRINTING SCIENCES 632.50 509.00 717.00 Neutral Buy 862 1.18

E2V TECHNOLOGIES 120.00 105.50 149.50 Neutral Strong Buy 250 1.30

INVENSYS 350.00 186.10 366.80 Neutral Neutral 349 1.42

LAIRD 228.60 177.00 249.30 Neutral Sell 87 2.12

OXFORD INSTRUMENTS 1702.00 1096.00 1 752.00 Neutral Sell 1199 1.01

RENISHAW 1838.00 1260.00 2081.00 Neutral Buy 2442 1.26

SPECTRIS 2405.00 1427.00 2470.00 Neutral Sell 2248 1.52

BIOME TECHNOLOGIES 0.08 0.08 0.22 Neutral Strong Buy 0 0.84

TT ELECTRONICS 170.50 114.00 190.00 Neutral Strong Buy 407 1.59

XAAR 415.00 185.00 415.00 Neutral Sell 235 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 85.50 54.25 92.00 Neutral Buy 104 1.26

BODYCOTE 531.50 310.30 556.50 Neutral Neutral 509 1.61

CASTINGS 336.00 277.75 358.50 Neutral Strong Buy 704 0.99

VESUVIUS 365.30 263.19 402.10 Neutral Buy 496 2.19

FENNER 391.30 329.30 456.50 Neutral Buy 556 1.42

HALMA 511.00 373.10 531.50 Neutral Sell 396 0.75

HILL & SMITH 439.25 297.00 480.00 Neutral Sell 327 1.37

IMI 1266.00 776.00 1347.00 Neutral Buy 1396 1.40

METALRAX GROUP 3.00 2.93 8.87 Neutral Buy 3 0.85

MORGAN CRUCIBLE 286.40 220.30 333.90 Neutral Strong Buy 548 1.82

ROTORK 2894.00 1859.00 3037.00 Neutral Sell 2314 1.00

SENIOR 240.90 177.00 251.80 Neutral Sell 223 1.65

SEVERFIELD-ROWEN 38.00 35.40 104.11 Neutral Buy 54 0.73

SPIRAX-SARCO 2631.00 1900.00 2728.00 Neutral Sell 2309 0.84

VITEC GROUP 649.50 586.50 740.00 Neutral Sell 593 1.39WEIR GROUP 2222.00 1397.00 2474.00 Neutral Sell 2048 1.39

Food & Drug Stores Over Valued


GREGGS 480.00 449.00 526.00 Neutral Buy 713 0.47

MORRISON(WM)SPMKTS. 268.50 248.60 305.70 Neutral Sell 196 0.39

SAINSBURY (J) 375.50 283.50 375.50 Neutral Sell 215 0.58

TESCO 371.85 297.05 385.95 Neutral Sell 281 0.69

THORNTONS 78.75 18.88 78.75 Neutral Sell 55 0.83

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1861.00 1167.00 1 902.00 Neutral Buy 2111 0.62

CRANSWICK 1023.00 732.50 1023.00 Neutral Strong Buy 2089 0.49

DAIRY CREST 444.00 290.40 444.00 Neutral Buy 497 0.92

DEVRO 363.20 278.00 380.00 Neutral Buy 522 0.31

PREMIER FOODS 82.50 54.50 180.00 Neutral Sell -177 1.25

TATE & LYLE 844.50 633.50 844.50 Neutral Strong Buy 1565 0.70

UNILEVER (UK) 2754.00 2005.00 2764.00 Neutral Neutral 2800 0.57


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.50 20.50 29.50 Neutral Buy 34 0.69

BROWN (N) GROUP 420.00 222.40 429.30 Neutral Sell 366 0.53

BURBERRY GROUP 1330.00 1000.00 1586.00 Neutral Sell 987 1.27

CARPETRIGHT 668.00 585.00 728.50 Neutral Sell 285 0.94

DIXONS RETAIL 33.04 12.67 35.00 Neutral Buy 37 1.50

FINDEL 6.79 2.76 9.30 Neutral Sell 3 1.08

FRENCH CONNECTN.GROUP 31.00 19.50 48.25 Sell Strong Buy 112 0.98

HALFORDS GROUP 317.60 189.00 356.80 Neutral Strong Buy 505 0.67

JD SPORTS FASHION 756 .00 606 .50 841 .00 Neutral Strong Buy 1538 0.52

DARTY 41.00 38.00 75.10 Neutral Strong Buy 82 1.24

KINGFISHER 287.50 254.10 313.80 Neutral Buy 396 0.92

MARKS & SPENCER GROUP 397.60 312.20 398.80 Neutral Buy 522 0.64

MOSS BROTHERS GROUP 67.00 42.00 71.00 Neutral Sell 61 1.04

MOTHERCARE 302.50 152.00 362.00 Neutral Neutral 322 0.46

NEXT 4361.00 2896.00 4361.00 Sell Sell 3755 0.66TED BAKER 1345.00 781.00 1354.00 Neutral Sell 663 0.55

TOPPS TILES 61.75 32.13 68.00 Neutral Sell 51 1.48

Heath Over Valued


BIOQUELL 140.00 121.50 160.00 Neutral Sell 113 0.45

CONSORT MEDICAL 775.00 584.00 831.50 Neutral Sell 561 0.40

OPTOS 158.25 158.25 279.25 Buy Neutral 165 1.21

SMITH & NEPHEW 749.00 580.00 751.50 Neutral Sell 672 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 642.50 537.50 720.50 Neutral Neutral 628 0.43

HEADLAM GROUP 323.00 263.00 355.00 Neutral Sell 284 0.92

HORNBY 75.38 55.25 100.00 Neutral Buy 99 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 879.00 469.00 971.50 Neutral Sell 573 0.74

CSR 482.30 194.60 492.80 Neutral Strong Buy 1361 1.17FILTRONIC 70.00 23.50 83.25 Neutral Sell 50 0.90

IMAGINATION TECHN OLOGIES 517 .00 383 .50 717 .00 N eu tral Neu tral 529 1.08

SPIRENT COMMUNICATIONS 148.50 139.20 174.00 Neutral Strong Buy 668 0.95

WOLFSON MICROELECTR ON ICS 188 .00 165 .75 230 .00 Neutral Sell -566 0.91


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Insurance Under Valued


ADMIRAL GROUP 1335.00 1019.00 1359.00 Neutral Sell -774 0.54

AMLIN 423.70 312.90 431.50 Neutral Sell -3136 0.46

BEAZLEY 209.00 132.50 215.40 Neutral Strong Buy 2634 0.59

CATLIN GROUP 525.50 399.00 540.00 Neutral Buy 783 0.30

HISCOX 559.00 371.30 562.00 Neutral Strong Buy 2107 0.48

JARDINE LLOYD THOMPSON 831 .50 659 .00 864 .50 Neutral Strong Buy 2957 0.31

RSA INSURANCE GROUP 117.60 97.65 136.30 Neutral Strong Buy 1715 0.41

NOVAE GROUP 462.00 345.00 475.75 Neutral Strong Buy 1939 0.47

Leisure & Hotels Over Valued


CARNIVAL 2279.00 1900.00 2628.00 Neutral Strong Buy 3829 1.00

ENTERPRISE INNS 112.30 53.00 114.70 Neutral Sell 80 1.59

TUI TRAVEL 311.00 158.00 330.00 Neutral Strong Buy 777 0.99

FULLER SMITH 'A' 800.00 692.25 820.00 Neutral Sell 647 0.38

GREENE KING 720.50 474.30 720.50 Neutral Sell 610 0.90

LADBROKES 219.20 152.70 243.10 Neutral Sell 180 0.94

ICTL.HTLS.GP. 1928.00 1396.63 2022.00 Neutral Sell 1613 1.17

MILLENNIUM & CPTH.HTLS. 564.50 455.40 568.50 Neutral Neutral 605 1.38

MITCHELLS & BUTLERS 327.20 217.40 350.10 Neutral Sell 297 1.08

BWIN PARTY DIGITAL ENTM. 143.30 91.90 162.60 Neutral Sell 105 1.25

PUNCH TAVERNS 10.75 5 .61 13.12 Neutral Strong Buy 49 1.25

RANK GROUP 176.00 111.00 177.50 Neutral Strong Buy 499 1.00

RESTAURANT GROUP 464.10 269.20 464.10 Neutral Sell 315 0.74

WETHERSPOON (JD) 535.00 371.30 548.50 Neutral Buy 730 0.68

WHITBREAD 2517.00 1761.00 2692.00 Neutral Sell 1910 0.99WILLIAM HILL 377.80 233.74 411.17 Neutral Sell 258 0.86

MARSTON'S 141.40 94.40 143.00 Neutral Sell 29 1.19

Life Assurance Over Valued


AVIVA 309.10 255.30 388.40 Neutral Strong Buy 1162 1.25

CHESNARA 216.50 155.25 233.50 Neutral Strong Buy 347 0.70

LEGAL & GENERAL 169.10 106.00 173.60 Neutral Strong Buy 292 1.70

OLD MUTUAL 204.50 138.70 211.40 Neutral Sell 171 1.57

PRUDENTIAL 1101.00 660.00 1155.00 Neutral Sell 944 1.70

ST.JAMES'S PLACE 505.50 303.40 537.00 Neutral Sell 422 0.85


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Media & Entertainment Under Valued


AEGIS GROUP 239.80 153.20 239.80 Neutral Sell -538 1.28

BLOOMSBURY PBL. 110.00 102.00 146.50 Neutral Strong Buy 1535 0.35

BRITISH SKY BCAST.GROUP 894.00 635.50 899.50 Neutral Strong Buy 137 0.54

CENTAUR MEDIA 46.00 28.50 60.00 Neutral Strong Buy 2980 1.01

DAILY MAIL 'A' 687.50 363.50 722.00 Neutral Strong Buy 6604 1.12

EUROMONEY INSTL.INVESTOR 906.00 672.50 951.50 Neutral Sell -65 0.98

INFORMA 516.00 340.00 525.50 Neutral Strong Buy 216 1.53

ITE GROUP 279.40 180.00 289.40 Neutral Strong Buy 1178 1.44

ITV 128.70 69.45 132.30 Neutral Strong Buy 1557 1.54

JOHNSTON PRESS 15.50 4.88 15.75 Neutral Buy 284 1.25

PEARSON 1177.00 1111.00 1294.00 Neutral Strong Buy 2334 0.63

PHOTO-ME INTL. 81.00 36.25 82.50 Neutral Strong Buy 786 0.79

PINEWOOD SHEPPERTON 274.00 265.00 377.50 Neutral Sell -538 0.16

THOMSON REUTERS 32.99 26.85 33.32 Neutral Sell 244 0.52

STV GROUP 138.00 81.50 146.88 Neutral Strong Buy 674 0.78ST.IVES 137.50 67.50 139.25 Neutral Sell -244 1.49

TRINITY MIRROR 95.25 25.50 121.25 Neutral Strong Buy 1608 1.57

UBM 700.00 511.00 788.00 Neutral Strong Buy 1194 1.31

WILMINGTON GROUP 161.25 82.00 164.00 Neutral Sell -455 0.85

WPP 1059.00 743.00 1092.00 Neutral Strong Buy 725 1.34

HIBU 0.38 0.26 4.15 Neutral Sell -12 1.06

Mining Under Valued


ANGLO AMERICAN 1729.50 1664.00 2463.00 Neutral Strong Buy 2936 1.75

ANGLO PACIFIC GROUP 243.25 221.25 335.20 Neutral Buy 280 0.99ANTOFAGASTA 1033.00 991.00 1381.00 Neutral Sell 962 1.42

BHP BILLITON 1936.00 1681.00 2236.00 Neutral Strong Buy 3501 1.45

LONMIN 296.60 240.84 580.83 Neutral Sell 36 2.04

RANDGOLD RESOURCES 5635.00 4596.00 7775.00 Neutral Sell 2948 0.34

RIO TINTO 3108.50 2715.50 3757.00 Neutral Buy 3512 1.51

COALFIELD RESOURCES 5.50 3.75 22.50 Neutral Strong Buy 169 0.89

VEDANTA RESOURCES 832.50 1315.00 Neutral Strong Buy 2473 2.21

XSTRATA 1085.00 785.80 1205.00 Neutral Neutral 1035 1.87

Oil & Gas Under Valued


BG GROUP 1158.50 1000.50 1519.00 Neutral Neutral 1245 0.81

BP 457.70 391.95 481.90 Neutral Strong Buy 1571 1.05

CAIRN ENERGY 278.50 248.20 349.00 Neutral Sell -38 1.32

FORTUNE OIL 7.74 7.74 12.50 Strong Buy Strong Buy 14 0.91

HUNTING 881.00 688.00 954.00 Neutral Sell 463 1.32

JKX OIL & GAS 77.25 55.00 185 .00 Neutral Strong Buy 306 1.36

PREMIER OIL 394.20 321.30 412.60 Buy Sell 295 1.44

ROYAL DUTCH SHELL B 2210.00 2039.00 2366.50 Neutral Strong Buy 11636 0.86

SOCO INTERNATIONAL 382.10 254.90 404.30 Neutral Sell 256 0.52

TULLOW OIL 1240.00 1138.00 1570.00 Neutral Sell 940 1.06

WOOD GROUP (JOHN) 840.50 651.50 875.50 Neutral Neutral 820 1.36


12/17



Personal Care & Household Products Over Valued


MCBRIDE 118.00 102.70 146.75 Neutral Strong Buy 266 0.83

PZ CUSSONS 411.20 296.10 415.60 Neutral Sell 335 0.69

RECKITT BENCKISER GROUP 4756.00 3 300.00 4756.00 Neutral Neutral 4805 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.43 0.37 3.88 Buy Strong Buy 6 1.01

ASTRAZENECA 3236.00 2591.00 3236.00 Neutral Strong Buy 5639 0.48

BTG 347.30 300.30 423.00 Neutral Sell 196 0.62

DECHRA PHARMACEUTICALS 757.50 418.33 769.50 Neutral Buy 961 0.26

GLAXOSMITHKLINE 1524.00 1317.50 1524.00 Neutral Sell 748 0.49

OXFORD BIOMEDICA 1.68 1.68 5.80 Strong Buy Strong Buy 3 0.64

PHYTOPHARM 1.65 1.63 12.75 Buy Sell 2 0.94

SHIRE 1978.00 1727.00 2153.00 Neutral Sell 1157 0.65

SKYEPHARMA 56.50 33.50 101.50 Neutral Sell -124 0.72

VERNALIS 22.25 21.63 27.38 Neutral Strong Buy 54 0.89

Real Estate Under Valued


BIG YELLOW GROUP 368.70 274.50 387.50 Neutral Sell -538 1.15

BRITISH LAND 554.00 467.10 585.50 Neutral Strong Buy 1535 1.03

CAPITAL & REGIONAL 32.25 22.75 34.25 Sell Strong Buy 137 0.82

CLS HOLDINGS 840.00 595.00 859.00 Neutral Strong Buy 2980 0.69

DERWENT LONDON 2133.00 1689.00 2239.00 Neutral Strong Buy 6604 1.21DEVELOPMENT SECS. 154.50 121.75 176.00 Neutral Sell -65 0.97

GRAINGER 140.60 83.10 140.60 Neutral Strong Buy 216 1.54

GREAT PORTLAND ESTATES 493.20 345.60 514.00 Sell Strong Buy 1178 1.06

HAMMERSON 493.40 404.50 525.00 Neutral Strong Buy 1557 1.16

HELICAL BAR 235.25 164.00 249.75 Neutral Buy 284 0.75

LAND SECURITIES GROUP 813.50 704.00 849.00 Neutral Strong Buy 2334 1.15

INTU PROPERTIES 329.30 305.00 366.00 Neutral Strong Buy 786 1.08

MCKAY SECURITIES 142.00 125.00 145.00 Neutral Sell -538 0.72

MUCKLOW (A & J) GROUP 365.00 311.25 390.00 Neutral Sell 244 0.42

PRIMARY HEALTH PROPS. 342.00 311.00 364.50 Neutral Strong Buy 674 0.35

QUINTAIN ESTATES & DEV. 65.75 32.50 70.00 Sell Sell -244 1.17

SAVILLS 574.00 300.80 599.00 Neutral Strong Buy 1608 0.74

SHAFTESBURY 586.50 482.20 597.50 Neutral Strong Buy 1194 1.03

SEGRO 252.30 209.40 271.00 Neutral Sell -455 1.70

ST MODWEN PROPS. 256.50 145.50 280.20 Neutral Strong Buy 725 1.55

TOWN CENTRE SECURITIES 202.00 147.00 215.00 Neutral Sell -12 1.04

UNITE GROUP 318.90 180.25 330.00 Neutral Sell 33 1.75

WARNER ESTATE 1.68 1.00 3.13 Sell Sell -1013 1.02

WORKSPACE GROUP 344.20 213.25 363.20 Neutral Sell 0 1.02


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Software & Computer Services Under Valued


ANITE 126.80 111.00 162.00 Neutral Neutral 122 0.76

AVEVA GROUP 2245.00 1469.00 2322.00 Neutral Sell 1313 1.40

COMPUTACENTER 530.00 292.40 543.50 Neutral Strong Buy 1347 1.00

KOFAX 310.00 240.00 325.75 Neutral Neutral 322 1.12

INNOVATION GROUP 24.75 18.25 25.50 Neutral Neutral 24 0.83

MICRO FOCUS INTL. 680.00 426.17 702.00 Neutral Buy 980 0.79

PHOENIX IT GROUP 149.00 135.00 231.75 Neutral Strong Buy 311 0.74

RM 74.00 70.25 89.00 Neutral Sell -92 0.52

FIDESSA GROUP 1900.00 1275.00 1970.00 Neutral Neutral 2079 0.77

SAGE GROUP 337.20 247.70 352.10 Neutral Buy 415 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 409.00 237.30 441.90 Neutral Sell 165 1.09

BREWIN DOLPHIN 210.60 136.30 222.00 Neutral Sell 122 0.71

CAMELLIA 10300.00 9250.00 11105.00 Neutral Neutral 9787 0.83

CHARLES STANLEY GROUP 373.00 247.50 373.00 Neutral Sell 169 0.97

CHARLES TAYLOR 180.00 132.00 189.75 Neutral Sell 99 0.68

CLOSE BROTHERS GROUP 1067.00 673.50 1107.00 Neutral Sell 165 0.87

F&C ASSET MANAGEMENT 104.70 64.75 110.40 Neutral Neutral 102 0.89

HELPHIRE GROUP 3.29 0.55 3.70 Sell Strong Buy 29 0.68

HENDERSON GROUP 161.70 90.55 171.00 Neutral Sell 48 1.44

ICAP 329.10 281.40 417.80 Neutral Sell 195 1.07

INTERMEDIATE CAPITAL GP. 422.20 227.30 424.40 Neutral Sell 197 1.68

INVESTEC 467.90 310.40 513.50 Neutral Sell 84 1.55

LONDON STOCK EX.GROUP 1315.00 930.00 1411.00 Neutral Strong Buy 3817 1.12MAN GROUP 94.20 63.25 135.20 Neutral Neutral 92 1.32

RATHBONE BROTHERS 1470.00 1151.00 1532.00 Neutral Sell 1109 0.74

SCHRODERS 2093.00 1166.00 2160.00 Neutral Sell 1244 1.31

SCHRODERS NV 1659.00 966.00 1729.00 Neutral Strong Buy 4173 1.27


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Support Services Over Valued


ACAL 233.50 157.75 242.50 Neutral Buy 304 0.93

AGGREKO 1895.00 1557.00 2400.00 Neutral Sell 1289 1.04

AMEC 1059.00 923.00 1172.00 Neutral Neutral 1129 1.04

ASHTEAD GROUP 573.00 212.20 594.00 Neutral Sell 316 1.61

BABCOCK INTL. 1081.00 767.50 1106.00 Neutral Sell 661 0.48

BRITISH POLYTHENE INDS. 501.00 317.00 508.00 Neutral Strong Buy 799 0.77

BUNZL 1288.00 990.00 1320.00 Neutral Sell 818 0.55

UK MAIL GROUP 370.00 214.00 380.00 Neutral Buy 442 0.38

CAPITA 902.00 602.00 912.00 Neutral Sell 519 0.50

COMMUNISIS 51.50 25.34 53.50 Neutral Buy 67 0.78

COMPASS GROUP 832.50 616.00 846.00 Neutral Sell 602 0.74

BERENDSEN 763.00 462.00 763.00 Sell Buy 975 1.04

DE LA RUE 965.00 885.50 1075.00 Neutral Sell 596 #NA

DIGNITY 1402.00 803.50 1435.00 Neutral Sell 801 0.21

DIPLOMA 580.50 407.70 627.50 Neutral Sell 483 0.95ELECTROCOMP. 252.00 195.20 265.00 Neutral Buy 319 1.03

FILTRONA 704.50 428.00 704.50 Sell Sell 345 1.10

G4S 292.10 240.00 307.50 Neutral Neutral 290 0.58

HAYS 94.80 66.40 100.00 Neutral Buy 121 1.10

HOMESERVE 211.40 137.50 252.50 Neutral Strong Buy 486 0.93

INTERSERVE 499.80 270.10 501.00 Neutral Buy 688 1.27

INTERTEK GROUP 3365.00 2406.00 3440.00 Neutral Sell 1443 0.78

JOHNSON SERVICE GROUP 43.88 26.50 44.63 Neutral Strong Buy 94 1.17

MANAGEMENT CNSL.GP. 30.75 21.25 39.50 Neutral Strong Buy 55 0.71

MENZIES (JOHN) 750.00 542.00 789.00 Neutral Strong Buy 1301 1.43

MICHAEL PAGE INTL. 423.80 341.40 488.70 Neutral Sell 318 1.41

MITIE GROUP 282.40 253.90 300.80 Neutral Buy 340 0.55

OFFICE2OFFICE 98.00 91.50 161.50 Neutral Strong Buy 238 0.35

PAYPOINT 883.00 596.50 901.00 Neutral Sell 688 0.70

PREMIER FARNELL 222.40 153.20 236.30 Neutral Buy 284 1.32

REGUS 156.80 82.65 163.30 Neutral Sell 106 1.45

RENTOKIL INITIAL 98.55 69.40 99.25 Neutral Sell 55 1.25

REXAM 519.00 394.28 526.50 Neutral Buy 632 0.91

RICARDO 430.00 304.50 431.00 Neutral Neutral 468 0.85

ROBERT WALTERS 215.00 176.25 264.63 Neutral Buy 308 1.23

RPC GROUP 464.00 348.30 477.00 Neutral Buy 532 0.78

RPS GROUP 266.50 197.00 266.50 Neutral Sell 245 1.50

SERCO GROUP 628.00 509.50 633.00 Neutral Sell 575 0.59

SHANKS GROUP 77.00 75.80 101.50 Neutral Strong Buy 167 1.46

SPEEDY HIRE 44.50 22.25 46.00 Neutral Buy 52 1.25TRIBAL GROUP 146.00 70.00 149.00 Neutral Sell 51 0.55

TRIFAST 55.00 39.50 59.00 Neutral Buy 61 0.92

VP 336.00 234.75 354.88 Neutral Strong Buy 618 0.86

WYG 74.50 42.00 75.00 Sell Strong Buy 182 0.78


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Telecommunication Services Over Valued


BT GROUP 276.70 200.70 281.00 Neutral Buy 305 0.90

CABLE & WIRELESS COMMS. 41.64 27.28 42.63 Neutral Strong Buy 76 0.69

INMARSAT 689.50 390.80 700.00 Neutral Sell 578 0.53

KCOM GROUP 82.00 67.00 85.20 Neutral Buy 118 1.24

TELECOM PLUS 971.00 677.00 1010.00 Neutral Sell 653 0.11

VODAFONE GROUP 183.45 154.45 191.25 Neutral Sell 155 0.54

Transport Under Valued


BBA AVIATION 265.00 178.00 267.40 Neutral Sell 191 1.29

BRAEMAR SHIPPING SVS. 380.00 309.50 425.00 Neutral Buy 439 0.98

CLARKSON 1516.00 1150.00 1516.00 Sell Sell 1431 0.81

EASYJET 1031.00 461.40 1072.00 Neutral Sell 644 0.74

FIRST GROUP 199.60 175.70 296.70 Neutral Strong Buy 533 0.90

FISHER(JAMES)& SONS 1040.00 535.00 1045.00 Neutral Sell 376 0.77

GO-AHEAD GROUP 1450.00 1086.00 1513.00 Neutral Buy 1776 0.89

NATIONAL EXPRESS 212.10 164.50 252.00 Neutral Buy 239 1.33

NORTHGATE 314.25 159.60 350.00 Neutral Strong Buy 586 1.40

STAGECOACH GROUP 309.70 230.40 319.60 Neutral Buy 352 0.89

WINCANTON 49.00 31.00 80.25 Neutral Sell -40 0.90

Utilities Under Valued


CENTRICA 357.60 306.30 361.40 Neutral Buy 484 0.46

NATIONAL GRID 753.50 626.00 753.50 Neutral Buy 831 0.49

PENNON GROUP 637.50 598.00 796.00 Neutral Buy 775 0.58

SSE 1486.00 1294.00 1488.00 Neutral Buy 1743 0.42

SEVERN TRENT 1683.00 1507.00 1796.00 Neutral Sell 1501 0.34

UNITED UTILITIES GROUP 709.00 594.00 747.50 Neutral Sell 665 0.50


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value indicator - uk main market 20130325