value indicator - uk main market 20130919

7/29/2019 value indicator - uk main market 20130919

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19 September 2013

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Intellisys Intelligent Analysis Limited 19 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 Over Valued ....................................................................6Automobiles & Parts Over Valued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................7Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Under Valued ..................................................8Engineering & 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 ....................................................... 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 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 upon 49valuation metrics

Company Latest 12 month Hi/Lo forthe share price

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


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Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaAVON RUBBER 523.00 297.50 524.00 N eu tra l Neu tral 500 0.93

BAE SYSTEMS 444.00 300.80 455.40 Neutral Buy 615 0.70

CHEMRING GROUP 310.00 217.00 360.60 N eu tra l Neu tral 334 0.67

COBHAM 287.70 190.10 307.70 N eu tra l Neu tral 293 0.82

MEGGITT 551.50 366.20 564.00 Neutral Sell 514 1.25

QINETIQ GROUP 189.00 171.80 211.10 Neutral Sell 114 0.65

ROLLS-ROYCE HOLDINGS 1096.00 8 22.44 1 240.00 Neutral Buy 1497 0.98

SENIOR 273.30 185.90 288.40 N eu tra l Neu tral 270 1.66

SMITHS GROUP 1412.00 1018.00 1412.00 Neutral Sell 1206 0.76

ULTRA ELECTRONICS HDG. 18 91.00 1 505.00 1981.00 Neutral Sell 1703 0.51

Automobiles & PartsOver Valued

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

GKN 348.90 201.00 358.60 Neutral Sell -1825 1.96

INCHCAPE 607.00 353.30 645.00 Neutral Strong Buy 2950 1.41

LOOKERS 127.50 68.75 128.50 Neutral Strong Buy 665 1.22

PENDRAGON 35.00 13.50 35.25 Neutral Strong Buy 262 1.04

TOROTRAK 27.50 23.50 36.75 Neutral Sell 13 0.73

Banks Over Valued


BARCLAYS 277.20 197.36 308.39 Neutral Sell -638 1.96

HSBC HDG. (ORD $0.50) 695.50 573.30 769.90 Neutral Buy 872 1.19

LLOYDS BANKING GROUP 76.25 37.01 78.00 Neutral Sell 2 1.88

ROYAL BANK OF SCTL.GP. 365.50 255.10 367.80 Neutral Sell -104 1.39

STANDARD CHARTERED 1514.00 1380.00 1837.50 Neutral Strong Buy 3451 1.67

Beverages Under Valued


BARR (AG) 536.00 432.20 588.50 Neutral Sell 426 0.58

BRITVIC 580.50 349.10 592.00 Neutral Buy 823 0.73

DIAGEO 2020.50 1708.00 2136.50 Sell Buy 2343 0.51

SABMILLER 3190.00 2599.00 3657.00 Neutral Strong Buy 5122 0.89


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Chemicals Under Valued


ALENT 366.00 305.00 397.50 Neutral Buy 485 #NA

AZ ELECTRONIC MATS.(DI) 311.10 240.00 406.40 Neutral Strong Buy 594 1.11

CARCLO 420.00 342.75 501.00 Neutral Sell 157 0.74

CRODA INTERNATIONAL 2678.00 2164.00 2841.00 Neutral Buy 3348 1.05

ELEMENTIS 255.10 204.20 275.00 Neutral Buy 329 1.07

JOHNSON MATTHEY 2894.00 2190.00 2985.00 Neutral Strong Buy 4608 1.44

VICTREX 1642.00 1322.00 1765.00 Neutral Sell 1394 1.16

SYNTHOMER 240.00 146.00 249.20 Neutral Strong Buy 426 1.05

ZOTEFOAMS 196.50 186.50 225.00 Neutral Strong Buy 319 1.00

Construction & Building Materials Under Valued


ALUMASC GROUP 136.50 77.50 136.50 Neutral Strong Buy 292 0.55

BALFOUR BEATTY 270.80 207.60 320.80 Neutral Strong Buy 1129 0.82

BARRATT DEVELOPMENTS 325.50 168.00 355.20 Neutral Strong Buy 641 1.67

BELLWAY 1333.00 913.00 1502.00 Neutral Strong Buy 3000 0.96

BERKELEY GROUP HDG.(THE) 2054.00 1387 .00 2340.00 Neutral Strong Buy 3608 0.55

BOOT (HENRY) 190.50 123.50 201.00 Neutral Strong Buy 381 0.74

BOVIS HOMES GROUP 745.00 487.00 851.50 Neutral Strong Buy 1506 1.07

CARILLION 324.70 244.80 331.80 Neutral Strong Buy 1624 1.06

CLARKE (T) 64.63 40.00 64.63 Sell Strong Buy 406 0.76

COSTAIN GROUP 269.25 226.25 306.00 Neutral Strong Buy 1185 0.50

CRH 1482.00 1090.00 1540.00 Neutral Sell 929 1.03

GALLIFORD TRY 1065.00 678.00 1070.00 Neutral Strong Buy 3107 0.93

KELLER 1062.00 530.50 1161.00 Neutral Strong Buy 2508 1.28

KIER GROUP 1659.00 1106.00 1683.00 Neutral Strong Buy 5612 0.99

LOW & BONAR 78.50 50.00 80.00 Neutral Strong Buy 235 1.08

MARSHALLS 178.50 85.00 183.75 Neutral Buy 217 1.33

MORGAN SINDALL GROUP 715.00 508.00 715.00 Neutral Strong Buy 4770 0.70

NORCROS 19.50 11.25 19.50 Neutral Strong Buy 64 1.02

PERSIMMON 1112.00 685.75 1305.00 Neutral Strong Buy 2089 0.99

REDROW 236.50 152.90 255.10 Neutral Strong Buy 478 0.84

SIG 189.60 99.00 193.70 Neutral Strong Buy 556 1.68

SUPERGLASS HOLDINGS 43.00 43.00 287.50 Neutral Strong Buy 4416 0.89

TAYLOR WIMPEY 101.30 54.30 113.80 Neutral Strong Buy 238 1.58

TRAVIS PERKINS 1601.00 1030.00 1713.00 Neutral Strong Buy 4634 1.94

WOLSELEY 3333.00 2635.64 3483.00 Neutral Strong Buy 6334 1.30


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Electronics & Electrical Equipment Under Valued


DIALIGHT 1160.00 999.50 1399.00 Neutral Sell 1060 0.67

DOMINO PRINTING SCIENCES 640.00 522.00 717.00 Neutral Buy 895 1.12

E2V TECHNOLOGIES 138.75 105.50 138.75 Neutral Strong Buy 277 1.25

INVENSYS 506.50 217.33 509.50 Neutral Sell 281 1.42

LAIRD 233.60 171.10 249.30 Neutral Strong Buy 453 2.06

OXFORD INSTRUMENTS 1325.00 1209.00 1752.00 N eu tral Neu tral 1305 1.11

RENISHAW 1880.00 1494.00 2081.00 Neutral Buy 2090 1.28

SPECTRIS 2234.00 1549.00 2470.00 Neutral Buy 2847 1.51

BIOME TECHNOLOGIES 160.00 65.00 303.67 Neutral Sell -451 0.76

TT ELECTRONICS 200.00 114.00 200.00 Neutral Strong Buy 437 1.61

XAAR 794.00 235.00 898.00 Neutral Sell 423 1.08

Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 124.75 54.25 126.00 Sell Buy 153 1.14

BODYCOTE 667.50 345.10 685.00 Neutral Neutral 649 1.59

CASTINGS 440.00 291.00 450.00 Neutral Strong Buy 690 0.93

VESUVIUS 457.10 263.19 487.60 Neutral Strong Buy 1259 2.23

FENNER 399.90 305.90 435.20 Neutral Buy 575 1.47

HALMA 566.00 410.40 578.00 Neutral Sell 415 0.79

HILL & SMITH 459.00 364.00 480.00 Neutral Buy 563 1.31

IMI 1451.00 900.00 1513.00 Neutral Strong Buy 4242 1.39

MORGAN ADVANCE D MATE RIAL 3 07 .9 0 2 20 .3 0 3 18 .0 0 Neutral Strong Buy 507 1.89

ROTORK 2793.00 2229.00 3037.00 Neutral Sell 2214 1.01

SEVERFIELD-ROWEN 65.00 35.40 76.91 Neutral Sell 53 0.79

SPIRAX-SARCO 3000.00 1932.53 3090.00 Neutral Sell 1805 0.81VITEC GROUP 680.00 559.00 740.00 Neutral Sell 499 1.34

WEIR GROUP 2361.00 1688.00 2474.00 Neutral Neutral 2263 1.45

Food & Drug Stores Over Valued


GREGGS 433.90 392.10 523.50 Neutral Strong Buy 810 0.45

MORRISON(WM)SPMKTS. 291.50 248.60 302.50 Neutral Buy 397 0.37

SAINSBURY (J) 389.50 321.90 400.80 Neutral Buy 481 0.55

TESCO 378.30 307.90 387.75 Neutral Sell 200 0.67

THORNTONS 95.50 28.63 100.50 Neutral Sell 60 0.79

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1822.00 1287.00 2 031.00 Neutral Sell 1657 0.59

CRANSWICK 1152.00 732.50 1189.00 Neutral Strong Buy 1778 0.31

DAIRY CREST 481.70 332.90 528.50 Neutral Sell 383 0.88

DEVRO 337.30 289.90 380.00 Neutral Strong Buy 514 0.36

PREMIER FOODS 159.25 59.75 166.50 Neutral Strong Buy 252 1.23

TATE & LYLE 777.50 649.50 883.00 Neutral Strong Buy 1352 0.65

UNILEVER (UK) 2505.00 2252.00 2885.00 Neutral Sell 2211 0.50


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.00 25.00 29.50 Neutral Buy 40 0.67

BROWN (N) GROUP 529.50 266.40 577.00 Neutral Sell 476 0.50

BURBERRY GROUP 1605.00 1000.00 1667.00 Neutral Sell 1280 1.29

CARPETRIGHT 696.00 585.00 701.50 Neutral Sell 363 0.87

DIXONS RETAIL 46.67 18.70 47.30 N eu tral Neu tral 47 1.46

FINDEL 237.00 108.00 253.75 Neutral Sell 63 1.04

FRENCH CONNECTN.GROUP 30.00 22.75 34.00 Sell Strong Buy 114 1.03

HALFORDS GROUP 394.60 259.30 406.00 Neutral Buy 531 0.71

JD SPORTS FASHION 1014.00 670.00 1025.00 Neutral Strong Buy 1816 0.51

DARTY 69.75 39.00 88.25 Neutral Strong Buy 111 1.22

KINGFISHER 400.40 262.20 420.00 Neutral Buy 463 0.90

MARKS & SPENCER GROUP 504.00 356.80 513.50 Neutral Buy 664 0.61

MOSS BROTHERS GROUP 72.75 45.00 74.88 N eu tral Neu tral 76 0.95

MOTHERCARE 408.00 205.25 492.75 Neutral Sell 157 0.36

NEXT 5140.00 3440.00 5205.00 N eu tral Neu tral 5625 0.59

TED BAKER 1890.00 899.00 2017.00 Neutral Sell 1007 0.57

TOPPS TILES 82.75 46.00 89.75 Neutral Sell 78 1.50

Health Over Valued


BIOQUELL 151.00 130.00 160.00 Neutral Sell 127 0.38

CONSORT MEDICAL 847.00 660.50 863.00 Neutral Sell 612 0.35

OPTOS 159.25 106.75 222.75 Neutral Buy 178 1.18

SMITH & NEPHEW 776.50 638.00 800.00 Neutral Sell 650 0.40

Household Goods & Textiles Over Valued


GAMES WORKSHOP 765.00 601.00 794.50 Neutral Neu tral 750 0.31

HEADLAM GROUP 395.00 295.00 415.00 Neutral Sell 331 0.89

HORNBY 80.50 55.25 88.50 Neutral Buy 113 0.69

Information Technology & Hardware Over Valued


ARM HOLDINGS 984.00 566.00 1097.00 Neutral Sell 335 0.69

CSR 524.50 308.10 607.00 Neutral Strong Buy 1682 1.13FILTRONIC 63.25 30.75 83.25 Neutral Neu tral 60 0.93

IMAGINATION TECHNOLOGIES 348.90 235.10 552.00 Neutral Neu tral 359 1.04

SPIRENT COMMUNICATIONS 130.10 118.00 169.20 Neutral Strong Buy 294 0.90

WOLFSON MICROELECTRONICS 180 .25 140 .00 226 .25 Neutral Sell -187 0.93


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Insurance Under Valued


ADMIRAL GROUP 1210.00 1019.00 1416.00 Neutral Sell -512 0.52

AMLIN 401.50 364.10 435.10 Neutral Strong Buy 1536 0.38

BEAZLEY 220.40 164.60 242.70 Neutral Strong Buy 952 0.52

CATLIN GROUP 483.30 455.30 552.50 N eu tral Neu tral 478 0.23

HISCOX 636.00 463.32 660.00 Neutral Strong Buy 1905 0.42

JARDINE LLOYD THOMPSON 919.00 723.00 949.50 Neutral Buy 1214 0.30

RSA INSURANCE GROUP 122.10 107.70 136.30 Neutral Strong Buy 730 0.35

NOVAE GROUP 516.50 345.00 520.00 Neutral Strong Buy 3443 0.35

Leisure & Hotels Over Valued


CARNIVAL 2401.00 2125.00 2628.00 Neutral Buy 3507 0.95

ENTERPRISE INNS 147.60 62.25 153.80 Neutral Sell 109 1.65

TUI TRAVEL 357.10 228.60 401.50 Neutral Strong Buy 715 0.96

FULLER SMITH 'A' 900.00 700.50 969.00 Neutral Sell 606 0.27

GREENE KING 811.00 587.00 897.50 Neutral Sell 620 0.89

LADBROKES 193.60 171.00 243.10 Neutral Buy 259 0.90

ICTL.HTLS.GP. 1835.00 1524.00 2039.00 Neutral Sell 1646 1.09

MILLENNIUM & CPTH.HTLS. 570.50 456.00 582.50 N eu tral Neu tral 582 1.36

MITCHELLS & BUTLERS 426.90 283.20 460.00 Sell Sell 274 0.98

BWIN PARTY DIGITAL ENTM. 114.10 101.30 156.00 Neutral Sell 60 1.28

PUNCH TAVERNS 13.75 6.15 13.75 Neutral Strong Buy 72 1.15

RANK GROUP 165.40 137.30 177.50 Neutral Strong Buy 564 0.97

RESTAURANT GROUP 554.50 352.00 575.00 Neutral Sell 386 0.66

WETHERSPOON (JD) 746.50 471.00 767.00 Neutral Sell 685 0.54

WHITBREAD 3012.00 2263.00 3303.00 Neutral Sell 2167 0.98WILLIAM HILL 422.00 288.83 494.50 Neutral Sell 254 0.84

MARSTON'S 155.90 114.20 165.50 Neutral Sell 10 1.15

Life Assurance Under Valued


AVIVA 414.60 294.10 419.80 Neutral Sell 377 1.18

CHESNARA 270.00 176.50 276.50 Neutral Strong Buy 536 0.61

LEGAL & GENERAL 199.40 131.40 201.90 Neutral Strong Buy 505 1.70

OLD MUTUAL 191.30 166.10 221.60 Neutral Strong Buy 402 1.55

PRUDENTIAL 1172.00 801.50 1232.00 N eu tral Neu tral 1207 1.69

ST.JAMES'S PLACE 623.00 367.10 641.50 Neutral Strong Buy 6817 0.83


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 148.50 102.00 149.00 Neutral Strong Buy 922 0.40

BRITISH SKY BCAST.GROUP 859.00 709.00 899.50 Neutral Strong Buy 1056 0.46

CENTAUR MEDIA 47.00 31.00 60.00 Neutral Sell -42 1.06

DAILY MAIL 'A' 785.50 451.25 835.00 Neutral Strong Buy 3556 1.06

EUROMONEY INSTL.INVESTOR 1155.00 747 .50 1209.00 Neutral Strong Buy 5566 0.93

INFORMA 533.50 380.50 545.00 Neutral Strong Buy 327 1.64

ITE GROUP 275.70 183.50 307.40 Neutral Buy 201 1.46

ITV 180.00 85.65 183.40 Neutral Strong Buy 1369 1.46

JOHNSTON PRESS 14.75 7.63 19.00 Neutral Buy 720 1.21

PEARSON 1286.00 1119.00 1350.00 Neutral Neu tral 309 0.65

PHOTO-ME INTL. 110.75 46.75 110.75 Sell Strong Buy 2283 0.85

PINEWOOD SHEPPERTON 289.00 269.00 289.00 Neutral Strong Buy 732 0.14

THOMSON REUTERS 36.21 26.85 36.45 Neutral Strong Buy 346 0.52

STV GROUP 256.50 90.50 262.50 Neutral Sell 240 0.82

ST.IVES 167.50 76.25 170.00 Neutral Sell 159 1.49TRINITY MIRROR 125.00 50.50 128.25 Neutral Sell -289 1.58

UBM 720.50 636.00 788.00 Neutral Strong Buy 1421 1.34

WILMINGTON GROUP 196.50 116.25 197.00 Neutral Strong Buy 1390 0.83

WPP 1286.00 788.00 1296.00 Neutral Sell -827 1.25

Mining Under Valued


ANGLO AMERICAN 1577.50 1207.00 2072.00 Neutral Sell 1283 1.85

ANGLO PACIFIC GROUP 204.75 161.00 290.00 Neutral Neu tral 208 1.09

ANTOFAGASTA 860.50 784.50 1381.00 Neutral Neu tral 839 1.42

BHP BILLITON 1884.50 1666.50 2236.00 Neutral Strong Buy 2915 1.49

GLENCORE XSTRATA 331.20 256.85 397.85 Neutral Strong Buy 1025 #NA

LONMIN 330.30 240.84 380.10 Sell Buy 454 2.05

RANDGOLD RESOURCES 4478.00 3972.00 7775.00 Neutral Sell 2861 0.48

RIO TINTO 3111.50 2582.00 3757.00 Neutral Sell 2535 1.55

VEDANTA RESOURCES 992.00 1335.00 Neutral Strong Buy 2779 2.29

Oil & Gas Under Valued


BG GROUP 1192.50 1000.50 1350.50 Neutral Sell 898 0.84

BP 438.30 416.60 483.30 Neutral Strong Buy 1002 1.03

CAIRN ENERGY 265.10 251.80 296.10 Neutral Sell -27 1.33

FORTUNE OIL 9.40 7.15 12.50 Neutral Strong Buy 110 0.81

HUNTING 839.00 716.00 941.00 Neutral Sell 570 1.35

JKX OIL & GAS 65.00 48.50 81.00 Neutral Sell -57 1.33

PREMIER OIL 342.50 321.30 400.20 Neutral Buy 410 1.49

ROYAL DUTCH SHELL B 2149.00 2098.00 2365.00 Neutral Strong Buy 8324 0.83

SOCO INTERNATIONAL 417.20 319.90 420.50 Neutral Buy 478 0.52

TULLOW OIL 1043.00 977.00 1468.00 Neutral Sell 700 1.07

WOOD GROUP (JOHN) 816.50 720.50 915.50 Neutral Sell 724 1.44


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Personal Care & Household Products Over Valued


MCBRIDE 123.25 101.00 144.60 Neutral Strong Buy 275 0.83

PZ CUSSONS 425.00 300.00 432.50 Neutral Sell 345 0.71

RECKITT BENCKISER GROUP 4532.00 3565.00 4950.00 Neutral Neu tral 4597 0.31

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.42 0.36 3.58 Buy Strong Buy 231 0.91

ASTRAZENECA 3213.00 2792.50 3521.50 Neutral Strong Buy 180075 0.49

BTG 384.30 317.50 397.90 Neutral Strong Buy 6261 0.70

DECHRA PHARMACEUTICALS 720.00 569.00 780.00 Neutral Strong Buy 48309 0.18

GLAXOSMITHKLINE 1585.00 1317.50 1782.00 Neutral Strong Buy 36270 0.50

OXFORD BIOMEDICA 2.59 1.33 2.83 Buy Strong Buy 74 0.53

PHYTOPHARM SUSP - 21/05/13 66.25 52.50 637.50 Neutral Sell -180 0.90

SHIRE 2526.00 1727.00 2551.00 Neutral Strong Buy 42820 0.69

SKYEPHARMA 81.50 43.50 100.50 Neutral Strong Buy 14483 0.55

VERNALIS 29.88 19.38 31.00 Neutral Strong Buy 362 0.84

Real Estate - REIT Under Valued


BIG YELLOW GROUP 416.30 311.60 445.00 Neutral Strong Buy 750 1.18

BRITISH LAND 581.50 506.00 658.00 Neutral Buy 861 1.05

DERWENT LONDON 2306.00 1946.00 2542.00 Neutral Strong Buy 5254 1.24

GREAT PORTLAND ESTATES 536.50 442.20 598.00 Neutral Strong Buy 1216 1.06

HAMMERSON 498.00 448.60 554.00 Neutral Buy 580 1.27INTU PROPERTIES 316.70 300.60 366.00 Neutral Strong Buy 595 1.14

LAND SECURITIES GROUP 901.50 761.50 994.00 Neutral Strong Buy 1853 1.16

LOCAL SHOP.REIT (THE) 29.63 24.25 39.50 Neutral Sell -185 0.81

LONDONMETRIC PROPERTY 115.00 1 03.20 118.20 Neutral Sell -12 0.34

MCKAY SECURITIES 156.25 131.50 159.75 Neutral Strong Buy 293 0.65

MUCKLOW (A & J) GROUP 471.75 325.00 471.75 Sell Sell 242 0.37

PRIMARY HEALTH PROPS. 327.50 312.50 363.53 Neutral Sell 111 0.26

REDEFINE INTL.REIT 43.75 30.69 45.00 Neutral Sell -424 0.62

SEGRO 303.50 221.60 313.60 Neutral Sell -350 1.82

SHAFTESBURY 584.00 522.50 668.00 Neutral Strong Buy 892 1.04

TOWN CENTRE SECURITIES 216.00 178.75 223.00 Neutral Sell -7 1.04

WORKSPACE GROUP 435.00 251.00 475.00 Neutral Strong Buy 1466 1.02


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 331.80 210.90 365.60 Neutral Strong Buy 740 0.73

CAPITAL & REGIONAL 40.75 22.75 42.00 Neutral Sell -49 0.56

CLS HOLDINGS 1172.00 656.50 1260.00 Neutral Strong Buy 2908 0.73

DAEJAN HOLDINGS 3958.00 2706.00 4179.00 Neutral Strong Buy 7060 0.47

DEVELOPMENT SECS. 193.00 143.00 209.00 Neutral Neutral 193 0.98

GRAINGER 171.00 105.10 187.50 Neutral Sell 113 1.57

HELICAL BAR 290.25 178.00 302.50 Neutral Sell 200 0.83

LONDON & ASSOCS.PROPS. 32.75 21.50 33.00 Neutral Strong Buy 226 0.63

MOUNTVIEW ESTATES 6437.50 4350.00 6512.50 Neutral Strong Buy 14441 0.68

QUINTAIN ESTATES & DEV. 83.25 51.00 92.00 Sell Sell -196 1.02

RAVEN RUSSIA 75.25 61.50 79.75 Neutral Strong Buy 211 1.52

SAVILLS 597.50 391.20 664.50 Neutral Strong Buy 2158 0.69

SMART (J) 90.50 72.50 90.50 Neutral Strong Buy 389 0.32

ST MODWEN PROPS. 298.40 193.10 333.00 Neutral Strong Buy 613 1.63

UNITE GROUP 365.00 246.00 403.00 Neutral Strong Buy 1632 1.78

Software & Computer Services Under Valued


ANITE 121.60 109.60 162.00 Neutral Neu tral 132 0.66

AVEVA GROUP 2576.00 1939.60 2588.15 Neutral Sell 1542 1.52

COMPUTACENTER 545.00 333.29 564.10 Neutral Strong Buy 1246 0.90

KOFAX 378.75 260.75 382.25 Neutral Sell 325 1.04

INNOVATION GROUP 30.00 20.00 30.25 Neutral Sell 23 0.81

MICRO FOCUS INTL. 771.50 543.00 812.50 Neutral Buy 898 0.81

PHOENIX IT GROUP 159.25 130.00 184.00 Neutral Strong Buy 273 0.73

RM 114.25 64.00 114.25 Neutral Strong Buy 251 0.54FIDESSA GROUP 2166.00 1275.00 2190.00 Neutral Neu tral 2273 0.77

SAGE GROUP 349.90 289.36 368.18 Neutral Buy 457 0.69

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 367.30 3 03.80 492.10 Neutral Strong Buy 1219 1.12

BREWIN DOLPHIN 280.00 166.90 283.00 Neutral Strong Buy 647 0.69

CAMELLIA 8825.00 8000.00 11105.00 Neutral Strong Buy 93910 0.85

CHARLES STANLEY GROUP 459.00 260.00 474.00 Neutral Strong Buy 1412 0.93

CHARLES TAYLOR 210.00 155.00 218.00 Neutral Strong Buy 1616 0.65

CLOSE BROTHERS GROUP 1129.00 830.00 1130.00 Sell Strong Buy 4764 0.85

F&C ASSET MANAGEMENT 98.35 90.00 110.40 Neutral Sell 70 0.86

HELPHIRE GROUP 5.40 0.66 5.70 Sell Sell -127 0.61

HENDERSON GROUP 188.90 107.20 188.90 Neutral Strong Buy 799 1.44

ICAP 409.30 280.80 422.20 Neutral Strong Buy 810 1.07

INTERMEDIATE CAPITAL GP. 449.70 287.20 501.50 Neutral Strong Buy 2137 1.70

INVESTEC 417.30 358.40 513.50 Neutral Strong Buy 1637 1.56

LONDON STOCK EX.GROUP 1603.00 930.00 1652.00 Neutral Strong Buy 14572 1.13

MAN GROUP 89.35 71.80 134.40 Neutral Sell -4831 1.39

RATHBONE BROTHERS 1585.00 1208.00 1691.00 Neutral Strong Buy 5437 0.71

SCHRODERS 2518.00 1518.00 2560.00 Neutral Strong Buy 8093 1.30

SCHRODERS NV 2054.00 1176.00 2057.00 Sell Strong Buy 10808 1.28


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Support Services Under Valued


ACAL 270.00 157.75 284.00 Neutral Strong Buy 871 0.83

AGGREKO 1586.00 1557.00 2373.00 Neutral Strong Buy 4225 1.14

AMEC 1086.00 965.50 1172.00 Neutral Strong Buy 3374 1.11

ASHTEAD GROUP 645.00 322.90 730.00 Neutral Strong Buy 1008 1.64

BABCOCK INTL. 1190.00 914.00 1209.00 Neutral Strong Buy 2662 0.49

BRITISH POLYTHENE INDS. 605.00 372.50 610.00 Neutral Strong Buy 2398 0.80

BUNZL 1350.00 1009.00 1409.00 Neutral Strong Buy 2839 0.50

UK MAIL GROUP 550.00 242.50 645.00 Neutral Strong Buy 1691 0.42

CAPITA 1003.00 713.00 1057.00 Neutral Sell 214 0.54

COMMUNISIS 58.50 34.54 68.00 Neutral Strong Buy 487 0.83

COMPASS GROUP 847.00 671.50 910.50 Neutral Strong Buy 2017 0.75

BERENDSEN 914.00 540.00 939.00 Neutral Strong Buy 3406 1.08

DE LA RUE 1003.00 891.50 1075.00 Neutral Buy 1452 #NA

DIGNITY 1456.00 902.82 1567.68 Neutral Strong Buy 3110 0.25

DIPLOMA 622.50 435.00 661.00 Neutral Strong Buy 1546 0.96ELECTROCOMP. 275.00 200.00 280.90 Neutral Strong Buy 943 0.98

ESSENTRA PLC 785.00 500.50 830.00 Neutral Strong Buy 1406 1.14

G4S 252.50 207.50 313.50 Neutral Strong Buy 894 0.47

HAYS 113.60 75.20 113.90 Neutral Strong Buy 465 1.03

HOMESERVE 261.00 185.60 293.60 Neutral Strong Buy 989 0.89

INTERSERVE 570.00 349.10 591.50 Neutral Strong Buy 3753 1.25

INTERTEK GROUP 3373.00 2697.00 3453.00 Neutral Buy 4866 0.80

JOHNSON SERVICE GROUP 51.38 31.50 51.75 Neutral Strong Buy 117 1.10

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

MENZIES (JOHN) 805.00 573.00 805.00 Neutral Strong Buy 1835 1.41

MICHAEL PAGE INTL. 492.70 346.40 502.50 Neutral Strong Buy 855 1.36

MITIE GROUP 291.40 248.00 300.80 Neutral Strong Buy 1076 0.52

OFFICE2OFFICE 45.00 33.75 139.00 Neutral Strong Buy 721 0.31

PAYPOINT 1107.00 716.00 1185.00 Neutral Strong Buy 2235 0.75

PREMIER FARNELL 228.70 165.50 238.40 Neutral Strong Buy 734 1.41

REGUS 181.60 96.00 193.40 Neutral Sell 57 1.38

RENTOKIL INITIAL 109.80 81.30 110.90 Neutral Strong Buy 272 1.26

REXAM 495.50 432.56 547.50 Neutral Strong Buy 1801 0.84

RICARDO 541.00 349.63 556.50 Neutral Strong Buy 1696 0.90

ROBERT WALTERS 313.00 176.25 313.00 Neutral Strong Buy 1045 1.15

RPC GROUP 471.50 378.00 477.80 Neutral Strong Buy 1549 0.81

RPS GROUP 257.20 195.50 274.20 Neutral Strong Buy 1016 1.51

SERCO GROUP 564.50 535.00 683.50 Neutral Strong Buy 2410 0.60

SHANKS GROUP 96.75 73.00 98.00 Neutral Strong Buy 271 1.49

SPEEDY HIRE 65.25 27.50 65.50 Neutral Strong Buy 312 1.18TRIBAL GROUP 197.50 92.25 202.25 Neutral Strong Buy 570 0.65

TRIFAST 68.50 40.50 70.75 Neutral Strong Buy 337 0.90

VP 478.00 313.00 478.00 Sell Strong Buy 2333 0.79

WYG 100.50 49.25 103.00 Neutral Strong Buy 629 0.82


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Telecommunication Services Over Valued


BT GROUP 342.80 212.50 348.90 Neutral Buy 427 0.89

CABLE & WIRELESS COMMS. 40.00 34.31 46.29 Neutral Strong Buy 81 0.67

INMARSAT 716.50 542.50 749.00 Neutral Sell 264 0.53

KCOM GROUP 90.50 68.25 91.00 Neutral Buy 120 1.20

TELECOM PLUS 1354.00 821.00 1399.00 Neutral Sell 820 0.05

VODAFONE GROUP 211.35 154.45 213.90 Neutral Sell 110 0.51

Transport Under Valued


BBA AVIATION 320.00 195.70 326.00 Neutral Sell 248 1.22

BRAEMAR SHIPPING SVS. 485.00 350.00 485.00 Neutral Buy 629 1.06

CLARKSON 2149.00 1150.00 2149.00 Strong Sell Sell 1408 0.86

EASYJET 1310.00 573.00 1448.00 Neutral Sell 917 0.77

FIRST GROUP 120.40 92.00 206.76 Neutral Strong Buy 302 0.88

FISHER(JAMES)& SONS 1123.00 739.00 1148.00 Neutral Sell 840 0.72

GO-AHEAD GROUP 1630.00 1220.00 1630.00 Neutral Strong Buy 2901 0.97

NATIONAL EXPRESS 265.20 164.50 274.90 Neutra l Neu tral 267 1.39

NORTHGATE 396.00 229.50 405.00 Neutral Strong Buy 684 1.34

STAGECOACH GROUP 328.90 265.90 337.60 Neutral Buy 469 0.97

WINCANTON 102.00 43.75 105.00 Neutral Strong Buy 249 0.95

Utilities Under Valued


CENTRICA 395.60 310.80 398.60 Neutral Buy 584 0.50NATIONAL GRID 747.50 682.00 847.50 Neutral Buy 984 0.45

PENNON GROUP 703.00 598.00 749.50 Neutral Sell 632 0.63

SSE 1556.00 1364.00 1676.00 Neutral Buy 2291 0.40

SEVERN TRENT 1786.00 1513.00 2090.00 Neutral Sell 1514 0.37

UNITED UTILITIES GROUP 691.50 647.00 787.50 Neutra l Neu tral 755 0.49


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value indicator - uk main market 20130919