value indicator - uk main market 20130909

7/29/2019 value indicator - uk main market 20130909

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09 September 2013

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Intellisys Intelligent Analysis Limited 09 September 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 Valued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Under Valued ..................................................7Engineering & Machinery Under Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Over Valued ........................................................8General Retail Under Valued ..............................................................................9Health Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Under Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Under Valued ................................................ 12Real Estate - REIT Under Valued ..................................................................... 12Real Estate REIS Under Valued ..................................................................... 13Software & Computer Services Under Valued .................................................... 13Speciality & Other Finance Under Valued .......................................................... 13Support Services Under Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 14Transport 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 providedsolely to enable you to make your own investment decisions. If you are unsure about dealing in sharesand other equity investments, you must contact your financial adviser as these types of investments maynot be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well asrise and 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 447.70 300.80 455.40 Neutral Buy 614 0.70

CHEMRING GROUP 313.40 217.00 360.60 Neutral Buy 372 0.67

COBHAM 297.30 190.10 307.70 N eu tra l Neu tral 303 0.82

MEGGITT 545.00 366.20 562.00 N eu tra l Neu tral 532 1.25

ROLLS-ROYCE HOLDINGS 1142.00 8 11.65 1 240.00 N eu tra l Neu tral 1154 0.98

SMITHS GROUP 1343.00 1011.00 1397.00 Neutral Sell 1168 0.76

ULTRA ELECTRONICS HDG. 1886.00 1 505.00 1981.00 Neutral Sell 1727 0.51

Automobiles & Parts Under Valued

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

GKN 347.40 201.00 354.00 N eu tra l Neu tral 342 1.96

INCHCAPE 606.00 353.30 645.00 N eu tra l Neu tral 640 1.41

LOOKERS 122.75 68.75 128.50 Neutral Sell 113 1.22

PENDRAGON 33.00 13.50 33.50 Neutral Buy 44 1.04

Banks Over Valued


BARCLAYS 297.00 206.40 333.85 Neutral Sell -837 1.96

HSBC HDG. (ORD $0.50) 708.30 563.50 769.90 Neutral Buy 865 1.19

LLOYDS BANKING GROUP 75.41 37.01 77.14 Neutral Sell 2 1.88

ROYAL BANK OF SCTL.GP. 337.00 244.50 367.80 Neutral Sell -117 1.39

STANDARD CHARTERED 1472.00 1380.00 1 837.50 Neutral Strong Buy 3425 1.67

Beverages Under Valued


BARR (AG) 542.50 432.20 588.50 Neutral Sell 480 0.58

DIAGEO 1982.50 1672.50 2136.50 Sell Neutral 2152 0.51

SABMILLER 3103.00 2599.00 3657.00 Neutral Buy 4196 0.89

Chemicals Under Valued


ALENT 371.00 305.00 397.50 Neutral Buy 477 #NA

AZ ELECTRONIC MATS.(DI) 318.90 240.00 406.40 Neutral Strong Buy 585 1.11

CARCLO 390.00 342.75 501.00 Neutral Sell 152 0.74

CRODA INTERNATIONAL 2629.00 2164.00 2841.00 Neutral Buy 3355 1.05

ELEMENTIS 252.00 204.20 275.00 Neutral Buy 326 1.07

JOHNSON MATTHEY 2967.00 2190.00 2974.00 Neutral Strong Buy 4512 1.44

VICTREX 1640.00 1322.00 1765.00 Neutral Sell 1394 1.16

SYNTHOMER 234.80 146.00 234.80 Neutral Strong Buy 418 1.05

ZOTEFOAMS 197.50 186.50 225.00 Neutral Strong Buy 314 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 129.00 77.50 129.00 Neutral Strong Buy 284 0.55

BALFOUR BEATTY 264.00 207.60 320.80 Neutral Strong Buy 1132 0.82

BARRATT DEVELOPMENTS 314.50 158.80 355.20 Neutral Strong Buy 624 1.67

BELLWAY 1372.00 913.00 1502.00 Neutral Strong Buy 2924 0.96

BERKELEY GROUP HDG.(THE) 2141.00 1387.00 2340.00 Neutral Strong Buy 3534 0.55

BOOT (HENRY) 191.25 123.50 201.00 Neutral Strong Buy 372 0.74

BOVIS HOMES GROUP 755.00 487.00 851.50 Neutral Strong Buy 1468 1.07

CARILLION 297.00 244.80 331.80 Neutral Strong Buy 1580 1.06

CLARKE (T) 60.50 40.00 62.50 Neutral Strong Buy 395 0.76

COSTAIN GROUP 274.00 226.25 306.00 Neutral Strong Buy 1159 0.50

CRH 1431.00 1090.00 1540.00 Neutral Sell 915 1.03

GALLIFORD TRY 1022.00 661.50 1022.00 Neutral Strong Buy 3024 0.93

KELLER 1130.00 519.00 1161.00 Neutral Strong Buy 2443 1.28

KIER GROUP 1616.00 1106.00 1616.00 Neutral Strong Buy 5471 0.99

LOW & BONAR 70.50 50.00 76.75 Neutral Strong Buy 231 1.08MARSHALLS 164.00 85.00 165.00 Neutral Buy 209 1.33

MORGAN SINDALL GROUP 694.50 508.00 695.00 Neutral Strong Buy 4643 0.70

NORCROS 18.75 11.25 19.00 Neutral Strong Buy 62 1.02

PERSIMMON 1160.00 685.75 1305.00 Neutral Strong Buy 2039 0.99

REDROW 236.20 149.70 255.10 Neutral Strong Buy 465 0.84

SIG 185.20 99.00 188.00 Neutral Strong Buy 541 1.68

SUPERGLASS HOLDINGS 43.50 43.00 287.50 Neutral Strong Buy 4315 0.89

TAYLOR WIMPEY 103.50 54.30 113.80 Neutral Strong Buy 232 1.58

TRAVIS PERKINS 1602.00 1030.00 1713.00 Neutral Strong Buy 4514 1.94

WOLSELEY 3399.00 2635.64 3483.00 Neutral Strong Buy 6154 1.30

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1389.00 999.50 1399.00 Neutral Sell 1095 0.67

DOMINO PRINTING SCIENCES 679.50 522.00 717.00 Neutral Buy 919 1.12

E2V TECHNOLOGIES 135.00 105.50 138.50 Neutral Strong Buy 285 1.25

INVENSYS 495.30 217.33 509.50 Neutral Sell 284 1.42

LAIRD 224.00 171.10 249.30 Neutral Strong Buy 460 2.06

OXFORD INSTRUMENTS 1521.00 1209.00 1752.00 Neutral Sell 1345 1.11

RENISHAW 1766.00 1494.00 2081.00 Neutral Buy 2163 1.28

SPECTRIS 2329.00 1549.00 2470.00 Neutral Buy 2931 1.51

BIOME TECHNOLOGIES 115.50 65.00 303.67 Neutral Sell -449 0.76

TT ELECTRONICS 187.00 114.00 191.50 Neutral Strong Buy 445 1.61

XAAR 794.50 230.00 898.00 Neutral Sell 435 1.08


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Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 125.00 54.25 125.00 Sell Buy 148 1.14

BODYCOTE 662.50 345.10 662.50 Sell Neutral 643 1.59

CASTINGS 436.00 291.00 443.50 Neutral Strong Buy 680 0.93

VESUVIUS 483.00 263.19 483.00 Neutral Strong Buy 1199 2.23

FENNER 367.70 305.90 435.20 Neutral Strong Buy 564 1.47

HALMA 569.00 410.40 578.00 Neutral Sell 415 0.79

HILL & SMITH 437.75 354.75 480.00 Neutral Buy 551 1.31

IMI 1490.00 900.00 1504.00 Neutral Strong Buy 4426 1.39

MORGAN ADVANCED MATERIAL 311 .00 220 .30 318 .00 Neutral Strong Buy 507 1.89

ROTORK 2800.00 2229.00 3037.00 Neutral Strong Buy 6002 1.01

SENIOR 280.60 185.90 288.40 Neutral Sell 251 1.66

SEVERFIELD-ROWEN 56.50 35.40 76.91 Neutral Sell 48 0.79

SPIRAX-SARCO 3076.00 1932.53 3076.00 Sell Sell 2150 0.81

VITEC GROUP 643.00 559.00 740.00 Neutral Sell 488 1.34

WEIR GROUP 2255.00 1654.00 2474.00 Neutral Neutral 2222 1.45

Food & Drug Stores Over Valued


GREGGS 421.70 392.10 523.50 Neutral Strong Buy 779 0.45

MORRISON(WM)SPMKTS. 293.20 248.60 296.90 Neutral Buy 392 0.37

SAINSBURY (J) 393.50 321.90 398.70 Neutral Buy 480 0.55

TESCO 367.00 307.90 387.75 Neutral Sell 197 0.67

THORNTONS 79.00 27.25 100.50 Neutral Sell 50 0.79

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1851.00 1267.00 2 031.00 Neutral Sell 1657 0.59

CRANSWICK 1160.00 732.50 1178.00 Neutral Strong Buy 1775 0.31

DAIRY CREST 490.60 332.90 528.50 Neutral Sell 391 0.88

DEVRO 329.30 289.90 380.00 Neutral Strong Buy 507 0.36

PREMIER FOODS 145.25 59.75 145.25 Neutral Strong Buy 255 1.23

TATE & LYLE 807.00 634.50 883.00 Neutral Strong Buy 1341 0.65

UNILEVER (UK) 2457.00 2235.00 2885.00 Neutral Sell 2190 0.50


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 26.75 22.75 29.50 Neutral Buy 40 0.67

BROWN (N) GROUP 570.00 266.40 577.00 Neutral Sell 475 0.50

BURBERRY GROUP 1600.00 1000.00 1600.00 Neutral Sell 1274 1.29

CARPETRIGHT 680.50 585.00 701.50 Neutral Sell 364 0.87

DIXONS RETAIL 46.78 18.70 46.88 Neu tral Neu tral 49 1.46

FINDEL 245.00 108.00 247.50 Neutral Sell 67 1.04

FRENCH CONNECTN.GROUP 30.75 22.75 34.00 Sell Strong Buy 115 1.03

HALFORDS GROUP 383.00 248.10 405.20 Neutral Buy 531 0.71

JD SPORTS FASHION 977.00 661.50 977.00 Neutral Strong Buy 1818 0.51

DARTY 80.00 39.00 88.25 Neutral Buy 117 1.22

KINGFISHER 406.40 262.20 406.40 Neutral Buy 464 0.90

MARKS & SPENCER GROUP 498.70 356.80 498.70 Sell Buy 665 0.61

MOSS BROTHERS GROUP 70.25 45.00 71.00 Neu tral Neu tral 77 0.95

MOTHERCARE 435.25 202.00 492.75 Neutral Sell 167 0.36

NEXT 5050.00 3320.00 5075.00 Neu tral Neu tral 5546 0.59

TED BAKER 1948.00 899.00 1973.00 Neutral Sell 1003 0.57

TOPPS TILES 80.50 46.00 89.75 Neu tral Neu tral 78 1.50

Health Over Valued


BIOQUELL 146.50 130.00 160.00 Neutral Sell 125 0.38

CONSORT MEDICAL 860.00 660.50 860.00 Neutral Sell 607 0.35

OPTOS 157.75 106.75 222.75 Neutral Buy 177 1.18

SMITH & NEPHEW 769.00 638.00 800.00 Neutral Sell 649 0.40

Household Goods & Textiles Over Valued


GAMES WORKSHOP 771.00 601.00 794.50 Neutral Neutral 755 0.31

HEADLAM GROUP 392.75 295.00 415.00 Neutral Sell 331 0.89

HORNBY 81.00 55.25 88.50 Neutral Buy 113 0.69

Information Technology & Hardware Over Valued


ARM HOLDINGS 892.50 547.00 1097.00 Neutral Sell 296 0.69

CSR 495.00 308.10 607.00 Neutral Strong Buy 1574 1.13FILTRONIC 63.50 30.75 83.25 Neutral Sell 56 0.93

IMAGIN AT ION TECHNOLOGIES 293 .50 235 .10 624 .00 Neutral Buy 331 1.04

SPIRENT COMMUNICATIONS 132.00 118.00 170.00 Neutral Strong Buy 257 0.90

WOLFSON M ICR OELECTR ONICS 163 .25 140 .00 226 .25 Neutral Sell -193 0.93


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Insurance Under Valued


ADMIRAL GROUP 1258.00 1019.00 1416.00 Neutral Sell -445 0.52

AMLIN 376.20 364.10 435.10 Neutral Strong Buy 1499 0.38

BEAZLEY 200.70 162.20 242.70 Neutral Strong Buy 933 0.52

CATLIN GROUP 473.20 455.30 552.50 Neu tral Neu tral 464 0.23

HISCOX 633.50 463.32 660.00 Neutral Strong Buy 1867 0.42

JARDINE LLOYD THOMPSON 902.50 723.00 949.50 Neutral Buy 1204 0.30

RSA INSURANCE GROUP 119.10 107.70 136.30 Neutral Strong Buy 710 0.35

NOVAE GROUP 510.00 345.00 518.00 Neutral Strong Buy 3359 0.35

Leisure & Hotels Over Valued


CARNIVAL 2352.00 2125.00 2628.00 Neutral Buy 3484 0.95

ENTERPRISE INNS 145.00 59.00 152.20 Neutral Sell 111 1.65

TUI TRAVEL 338.20 223.70 401.50 Neutral Strong Buy 719 0.96

FULLER SMITH 'A' 935.50 700.50 969.00 Neutral Sell 605 0.27

GREENE KING 845.50 586.00 897.50 Neutral Sell 621 0.89

LADBROKES 193.70 171.00 243.10 Neutral Buy 260 0.90

ICTL.HTLS.GP. 1889.00 1524.00 2039.00 Neutral Sell 1666 1.09

MILLENNIUM & CPTH.HTLS. 559.00 456.00 582.50 Neu tral Neu tral 582 1.36

MITCHELLS & BUTLERS 456.00 278.50 456.00 Sell Sell 273 0.98

BWIN PARTY DIGITAL ENTM. 114.40 96.20 156.00 Neutral Sell 60 1.28

PUNCH TAVERNS 13.50 6 .15 13.75 Neutral Strong Buy 74 1.15

RANK GROUP 156.00 130.70 177.50 Neutral Strong Buy 570 0.97

RESTAURANT GROUP 554.50 348.00 570.00 Neutral Sell 387 0.66

WETHERSPOON (JD) 724.50 454.50 767.00 Neutral Sell 686 0.54

WHITBREAD 3167.00 2236.00 3303.00 Neutral Sell 2172 0.98WILLIAM HILL 416.20 286.79 494.50 Neutral Sell 255 0.84

MARSTON'S 161.10 113.00 164.50 Neutral Sell 12 1.15

Life Assurance Under Valued


AVIVA 391.00 294.10 404.90 Neutral Sell 360 1.18

CHESNARA 262.00 176.50 270.00 Neutral Strong Buy 512 0.61

LEGAL & GENERAL 190.70 131.40 201.90 Neutral Strong Buy 483 1.70

OLD MUTUAL 186.00 166.10 221.60 Neutral Strong Buy 390 1.55

PRUDENTIAL 1121.00 801.50 1232.00 Neu tral Neu tral 1165 1.69

ST.JAMES'S PLACE 613.00 357.70 641.50 Neutral Strong Buy 6529 0.83


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 144.13 102.00 144.25 Neutral Strong Buy 922 0.40

BRITISH SKY BCAST.GROUP 850.00 709.00 899.50 Neutral Strong Buy 1056 0.46

CENTAUR MEDIA 41.88 31.00 60.00 Neutral Sell -42 1.06

DAILY MAIL 'A' 790.00 451.25 835.00 Neutral Strong Buy 3556 1.06

EUROMONEY INSTL.INVESTOR 1205.00 747 .50 1209.00 Neutral Strong Buy 5566 0.93

INFORMA 528.00 380.50 541.50 Neutral Strong Buy 327 1.64

ITE GROUP 297.40 183.50 307.40 Neutral Buy 201 1.46

ITV 174.50 85.65 174.60 Neutral Strong Buy 1369 1.46

JOHNSTON PRESS 14.75 5.20 19.00 Neutral Buy 720 1.21

PEARSON 1291.00 1119.00 1350.00 Neutral Neutral 309 0.65

PHOTO-ME INTL. 99.25 43.25 99.50 Neutral Strong Buy 2283 0.85

PINEWOOD SHEPPERTON 289.00 269.00 289.00 Neutral Strong Buy 732 0.14

THOMSON REUTERS 35.35 26.85 36.45 Neutral Strong Buy 346 0.52

STV GROUP 215.00 84.00 215.00 Neutral Sell 240 0.82

ST.IVES 165.00 76.25 170.00 Neutral Sell 159 1.49TRINITY MIRROR 125.25 40.50 125.25 Neutral Sell -289 1.58

UBM 721.50 636.00 788.00 Neutral Strong Buy 1421 1.34

WILMINGTON GROUP 185.00 106.50 196.00 Neutral Strong Buy 1390 0.83

WPP 1250.00 788.00 1250.00 Neutral Sell -827 1.25

Mining Under Valued


ANGLO AMERICAN 1581.00 1207.00 2084.00 Neutral Sell 1301 1.85

ANGLO PACIFIC GROUP 198.75 161.00 290.00 Neu tral Neu tral 213 1.09

ANTOFAGASTA 899.00 784.50 1381.00 Neu tral Neu tral 863 1.42

BHP BILLITON 1921.00 1666.50 2236.00 Neutral Strong Buy 3013 1.49

GLENCORE XSTRATA 318.35 256.85 397.85 Neutral Strong Buy 1050 #NA

LONMIN 342.70 240.84 380.10 Sell Buy 463 2.05

RANDGOLD RESOURCES 4989.00 3972.00 7 775.00 Neutral Sell 2938 0.48

RIO TINTO 3097.00 2582.00 3757.00 Neutral Sell 2566 1.55

VEDANTA RESOURCES 961.50 1335.00 Neutral Strong Buy 2852 2.29

Oil & Gas Under Valued


BG GROUP 1282.00 1000.50 1350.50 Neutral Sell 918 0.84

BP 445.55 416.60 483.30 Neutral Strong Buy 1021 1.03

CAIRN ENERGY 276.70 251.80 297.00 Neutral Sell -33 1.33

FORTUNE OIL 9.01 7.15 12.50 Neutral Strong Buy 116 0.81

HUNTING 835.50 716.00 941.00 Neutral Sell 585 1.35

JKX OIL & GAS 69.50 48.50 83.50 Neutral Sell -61 1.33

PREMIER OIL 367.50 321.30 400.20 Neutral Buy 419 1.49

ROYAL DUTCH SHELL B 2161.50 2098.00 2365.00 Neutral Strong Buy 8479 0.83

SOCO INTERNATIONAL 410.00 319.90 410.10 Neutral Buy 478 0.52

TULLOW OIL 1070.00 977.00 1468.00 Neutral Sell 718 1.07

WOOD GROUP (JOHN) 796.00 720.50 915.50 Neutral Sell 740 1.44


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Personal Care & Household Products Over Valued


MCBRIDE 126.25 101.00 144.60 Neutral Strong Buy 276 0.83

PZ CUSSONS 423.80 297.20 425.80 Neutral Sell 345 0.71

RECKITT BENCKISE R GROUP 4379.00 3565.00 4950.00 Neutral Neutral 4445 0.31

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.49 0.36 3.58 Buy Strong Buy 231 0.91

ASTRAZENECA 3117.50 2792.50 3521.50 Neutral Strong Buy 180070 0.49

BTG 376.80 307.30 397.90 Buy Strong Buy 6260 0.70

DECHRA PHARMACEUTICALS 715.50 5 58.50 780.00 Neutral Strong Buy 48283 0.18

GLAXOSMITHKLINE 1651.00 1317.50 1782.00 Neutral Strong Buy 36262 0.50

OXFORD BIOMEDICA 2.10 1.33 2.80 Neutral Strong Buy 74 0.53

PHYTOPHARM SUSP - 21/05/13 66.25 52.50 637.50 Neutral Sell -185 0.90

SHIRE 2445.00 1727.00 2445.00 Neutral Strong Buy 42814 0.69

SKYEPHARMA 80.00 43.50 100.50 Neutral Strong Buy 14480 0.55

VERNALIS 25.50 19.38 27.38 Neutral Strong Buy 361 0.84

Real Estate - REIT Under Valued


BIG YELLOW GROUP 416.20 311.60 445.00 Neutral Strong Buy 723 1.18

BRITISH LAND 549.50 506.00 658.00 Neutral Strong Buy 827 1.05

DERWENT LONDON 2298.00 1907.00 2542.00 Neutral Strong Buy 5204 1.24

GREAT PORTLAND ESTATES 526.00 43 9.90 598.00 Neutral Strong Buy 1230 1.06

HAMMERSON 488.10 448.60 554.00 Neutral Buy 554 1.27

INTU PROPERTIES 305.00 300.60 366.00 Neutral Strong Buy 572 1.14

LAND SECURITIES GROUP 884.00 761.50 994.00 Neutral Strong Buy 1787 1.16

LOCAL SHOP.REIT (THE) 27.25 24.25 40.00 Neutral Sell -175 0.81

LONDONMETRIC PROPERTY 109.80 1 03.20 119.50 Neutral Sell -10 0.34

MCKAY SECURITIES 159.75 131.50 159.75 Neutral Strong Buy 284 0.65

MUCKLOW (A & J) GROUP 438.00 325.00 454.50 Neutral Sell 234 0.37

PRIMARY HEALTH PROPS. 335.75 312.50 363.53 Neutral Sell 104 0.26

REDEFINE INTL.REIT 44.00 30.69 45.00 Neutral Sell -395 0.62

SEGRO 290.40 221.60 313.60 Neutral Sell -327 1.82

SHAFTESBURY 581.50 520.00 668.00 Neutral Buy 862 1.04

TOWN CENTRE SECURITIES 197.00 177.00 223.00 Neutral Sell -5 1.04

WORKSPACE GROUP 441.00 250.75 475.00 Neutral Strong Buy 1467 1.02


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 318.20 210.90 365.60 Neutral Strong Buy 725 0.73

CAPITAL & REGIONAL 40.00 22.75 42.00 Neutral Sell -49 0.56

CLS HOLDINGS 1171.00 656.50 1260.00 Neutral Strong Buy 2890 0.73

DAEJAN HOLDINGS 3907.00 2706.00 4179.00 Neutral Strong Buy 7032 0.47

DEVELOPMENT SECS. 195.00 143.00 209.00 Neutral Neutral 191 0.98

GRAINGER 173.00 100.00 187.50 Neutral Sell 109 1.57

HELICAL BAR 267.75 178.00 302.50 Neutral Sell 198 0.83

LONDON & ASSOCS.PROPS. 33.00 21.00 33.00 Neutral Strong Buy 226 0.63

MOUNTVIEW ESTATES 6075.00 4350.00 6512.50 Neutral Strong Buy 14353 0.68

QUINTAIN ESTATES & DEV. 85.00 51.00 92.00 Sell Sell -195 1.02

RAVEN RUSSIA 73.25 61.50 79.75 Neutral Strong Buy 208 1.52

SAVILLS 626.00 391.20 664.50 Neutral Strong Buy 2139 0.69

SMART (J) 90.50 71.50 90.50 Neutral Strong Buy 381 0.32

ST MODWEN PROPS. 304.30 193.10 333.00 Neutral Strong Buy 611 1.63

UNITE GROUP 356.90 246.00 403.00 Neutral Strong Buy 1631 1.78

Software & Computer Services Under Valued


ANITE 121.00 109.60 162.00 Neutral Neutral 126 0.66

AVEVA GROUP 2426.00 1884.39 2588.15 Neutral Sell 1488 1.52

COMPUTACENTER 523.50 333.29 564.10 Neutral Strong Buy 1171 0.90

KOFAX 361.50 260.75 367.25 Neutral Sell 307 1.04

INNOVATION GROUP 28.25 20.00 30.25 Neutral Sell 22 0.81

MICRO FOCUS INTL. 759.50 541.11 812.50 Neutral Buy 885 0.81

PHOENIX IT GROUP 153.62 130.00 184.00 Neutral Strong Buy 249 0.73

RM 83.13 64.00 85.50 Neutral Strong Buy 238 0.54

FIDESSA GROUP 2146.00 1275.00 2190.00 Neutral Neutral 2175 0.77

SAGE GROUP 345.80 289.36 368.18 Neutral Buy 437 0.69

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 370.60 287.90 492.10 Neutral Strong Buy 1198 1.12

BREWIN DOLPHIN 265.50 153.20 283.00 Neutral Strong Buy 635 0.69

CAMELLIA 8700.00 8000.00 11105.00 Neutral Strong Buy 92228 0.85

CHARLES STANLEY GROUP 466.50 260.00 474.00 Neutral Strong Buy 1385 0.93

CHARLES TAYLOR 197.00 155.00 197.00 Neutral Strong Buy 1591 0.65

CLOSE BROTHERS GROUP 1090.00 820.50 1107.00 Sell Strong Buy 4671 0.85

F&C ASSET MANAGEMENT 96.75 90.00 110.40 Neutral Sell 68 0.86

HELPHIRE GROUP 5.59 0.55 5.59 Sell Sell -125 0.61

HENDERSON GROUP 177.50 107.20 180.40 Neutral Strong Buy 784 1.44

ICAP 399.50 280.80 406.80 Neutral Strong Buy 793 1.07

INTERMEDIATE CAPITAL GP. 447.10 28 7.20 501.50 Neutral Strong Buy 2129 1.70

INVESTEC 423.30 358.40 513.50 Neutral Strong Buy 1605 1.56

LONDON STOCK EX.GROUP 1 61 3.00 93 0.00 1 622 .0 0 Neutral Strong Buy 4535 1.13

MAN GROUP 87.00 71.80 134.40 Neutral Sell -4755 1.39

RATHBONE BROTHERS 1600.00 1208.00 1691.00 Neutral Strong Buy 5347 0.71

SCHRODERS 2410.00 1482.00 2560.00 Neutral Strong Buy 7956 1.30

SCHRODERS NV 1929.00 1176.00 2000.00 Neutral Strong Buy 10625 1.28


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Support Services Under Valued


ACAL 269.00 157.75 270.00 Neutral Strong Buy 869 0.83

AGGREKO 1612.00 1557.00 2400.00 Neutral Strong Buy 4233 1.14

AMEC 1050.00 965.50 1172.00 Neutral Strong Buy 3363 1.11

ASHTEAD GROUP 654.00 322.90 730.00 Neutral Strong Buy 1006 1.64

BABCOCK INTL. 1160.00 910.00 1209.00 Neutral Strong Buy 2654 0.49

BRITISH POLYTHENE INDS. 560.00 371.50 604.00 Neutral Strong Buy 2389 0.80

BUNZL 1361.00 1009.00 1409.00 Neutral Strong Buy 2828 0.50

UK MAIL GROUP 628.00 233.50 645.00 Neutral Strong Buy 1686 0.42

CAPITA 989.50 713.00 1057.00 Neutral Sell 212 0.54

COMMUNISIS 56.50 34.54 68.00 Neutral Strong Buy 487 0.83

COMPASS GROUP 853.00 671.50 910.50 Neutral Strong Buy 2010 0.75

BERENDSEN 933.50 540.00 933.50 Sell Strong Buy 3402 1.08

DE LA RUE 1044.00 891.50 1075.00 Neutral Buy 1455 #NA

DIGNITY 1467.00 902.82 1567.68 Neutral Strong Buy 3122 0.25

DIPLOMA 640.00 435.00 651.50 Neutral Strong Buy 1543 0.96

ELECTROCOMP. 274.50 200.00 278.40 Neutral Strong Buy 940 0.98ESSENTRA PLC 793.50 500.50 830.00 Neutral Strong Buy 1403 1.14

G4S 257.70 207.50 313.50 Neutral Strong Buy 891 0.47

HAYS 108.50 75.20 108.50 Neutral Strong Buy 464 1.03

HOMESERVE 258.90 185.60 293.60 Neutral Strong Buy 986 0.89

INTERSERVE 566.00 349.10 574.00 Neutral Strong Buy 3737 1.25

INTERTEK GROUP 3351.00 2697.00 3453.00 Neutral Buy 4851 0.80

JOHNSON SERVICE GROUP 49.00 30 .50 50.00 Neutral Strong Buy 117 1.10

MANAGEMENT CNSL.GP. 26.75 21.25 32.00 Neutral Strong Buy 220 0.57

MENZIES (JOHN) 790.00 573.00 801.00 Neutral Strong Buy 1822 1.41

MICHAEL PAGE INTL. 480.60 346.40 480.60 Neutral Strong Buy 853 1.36

MITIE GROUP 287.90 248.00 300.80 Neutral Strong Buy 1074 0.52

OFFICE2OFFICE 42.00 33.75 139.00 Neutral Strong Buy 719 0.31

PAYPOINT 1100.00 702.00 1185.00 Neutral Strong Buy 2229 0.75PREMIER FARNELL 224.80 165.50 236.30 Neutral Strong Buy 730 1.41

REGUS 183.60 96.00 193.40 Neutral Sell 57 1.38

RENTOKIL INITIAL 106.70 81.30 107.50 Neutral Strong Buy 273 1.26

REXAM 503.00 425.22 547.50 Neutral Strong Buy 1796 0.84

RICARDO 481.50 349.63 485.00 Neutral Strong Buy 1692 0.90

ROBERT WALTERS 284.25 176.25 285.00 Neutral Strong Buy 1043 1.15

RPC GROUP 472.50 378.00 477.00 Neutral Strong Buy 1545 0.81

RPS GROUP 255.00 195.50 274.20 Neutral Strong Buy 1013 1.51

SERCO GROUP 554.00 535.00 683.50 Neutral Strong Buy 2404 0.60

SHANKS GROUP 97.75 73.00 98.00 Neutral Strong Buy 271 1.49

SPEEDY HIRE 58.50 26.25 64.75 Neutral Strong Buy 312 1.18

TRIBAL GROUP 191.00 90.25 202.25 Neutral Strong Buy 569 0.65

TRIFAST 69.00 40.50 69.00 Neutral Strong Buy 336 0.90

VP 451.50 304.00 451.50 Sell Strong Buy 2329 0.79

WYG 103.00 48.50 103.00 Sell Strong Buy 627 0.82

Telecommunication Services Over Valued


BT GROUP 342.90 212.50 344.00 Neutral Buy 430 0.89

CABLE & WIRELESS COMMS. 40.78 34.22 46.29 Neutral Strong Buy 82 0.67

INMARSAT 741.00 542.50 749.00 Neutral Sell 272 0.53

KCOM GROUP 88.95 68.25 89.35 Neutral Buy 121 1.20

TELECOM PLUS 1357.00 821.00 1399.00 Neutral Sell 822 0.05

VODAFONE GROUP 210.75 154.45 213.20 Neutral Sell 110 0.51


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Transport Under Valued


BBA AVIATION 318.80 195.70 318.80 Sell Sell 239 1.22

BRAEMAR SHIPPING SVS. 455.00 350.00 460.00 Neutral Buy 608 1.06

CLARKSON 1995.00 1150.00 2000.00 Sell Sell 1365 0.86

EASYJET 1255.00 556.50 1448.00 Neutral Sell 886 0.77

FIRST GROUP 119.00 92.00 212.39 Neutral Strong Buy 289 0.88

FISHER(JAMES)& SONS 1120.00 727.00 1130.00 Neutral Sell 809 0.72

GO-AHEAD GROUP 1529.00 1220.00 1595.00 Neutral Strong Buy 2797 0.97

NATIONAL EXPRESS 268.40 164.50 2 73.70 Neutral Neutral 256 1.39

NORTHGATE 395.00 220.00 395.75 Neutral Strong Buy 660 1.34

STAGECOACH GROUP 325.00 265.90 337.60 Neutral Buy 455 0.97

WINCANTON 98.00 43.75 98.00 Neutral Strong Buy 243 0.95

Utilities Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaCENTRICA 395.80 310.80 395.80 Neutral Buy 578 0.50

NATIONAL GRID 742.00 678.00 847.50 Neutral Buy 975 0.45

PENNON GROUP 727.50 598.00 749.50 Neutral Sell 642 0.63

SSE 1566.00 1358.00 1676.00 Neutral Buy 2308 0.40

SEVERN TRENT 1704.00 1513.00 2090.00 Neutral Sell 1487 0.37

UNITED UTILITIES GROUP 680.50 647.00 787.50 Neutral Buy 751 0.49


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value indicator - uk main market 20130909