value indicator - uk main market 20130923

7/29/2019 value indicator - uk main market 20130923

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23 September 2013

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© Intellisys Intelligent Analysis Limited 23 September 2013

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

Contents

Introduction .................................................................................................................................3 Value ...........................................................................................................................................4 Conclusion ..................................................................................................................................4 RISK WARNING – Ratings and Targets ....................................................................................4 How to use the report .................................................................................................................5 Aerospace & Defence Over Valued ....................................................................6 Automobiles & Parts Over Va lued ......................................................................6 Banks Over Valued .........................................................................................6 Beverages Under Valued ..................................................................................6 Chemicals Under Valued ..................................................................................7 Construction & Building Materials Under Valued ....................................................7 Electronics & Electrical Equipment Under Valued ..................................................8 Engineering & Machinery Under Valued ...............................................................8 Food & Drug Stores Over Valued .......................................................................8 Food Producers & Processors Over Valued ........................................................8 General Retail Under Valued ..............................................................................9 Health Over Valued .........................................................................................9 Household Goods & Textiles Under Valued ..........................................................9 Information Technology & Hardware Over Valued ...............................................9 Insurance Under Valued

................................................................................... 10 Leisure & Hotels Over Valued ..................................................................... 10 Life Assurance Under Valued .................................................................... 10 Media & Entertainment Under Valued ................................................................ 11 Mining Under Valued ...................................................................................... 11 Oil & Gas Under Valued ................................................................................... 11 Personal Care & Household Products Over Valued .......................................... 12 Pharmaceuticals & Biotechnology Under Valued ................................................ 12 Real Estate - REIT Under Valued ..................................................................... 12 Real Estate – REIS Under Valued ..................................................................... 13 Software & Computer Services Under Valued .................................................... 13 Speciality & Other Finance Under Valued .......................................................... 13 Support Services Under Valued ..................................................................... 14 Telecommunication Services Over Valued ....................................................... 15 Transport Over Valued ................................................................................... 15 Utilities Under Valued ....................................................................................... 15 DISCLAIMER ........................................................................................................................... 16 RISK WARNING ...................................................................................................................... 17





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 subscriber’s 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 year’s 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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Best Buy/Sell Trend





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 team’s ability to establish and maintain a value generating operating environment setagainst a constantly changing global background.

The typical investment analyst’s 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. Intellysis’approach 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 subscriber’s 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.





How to use the report

This daily report is typically available for download as a PDF from 7am - well in advance of the market’sopen - and is based upon previous day’s closing prices.

We have kept the report deliberately simple for quick reading and identification of the shares most likely tobe active as can be seen from the following:

General Retail Stock Price 12M Lo 12M Hi ST Rec LT Rec Target 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:

ßeta <1.0 Share should move by less than market (i.e., less risk/lower reward)

ßeta =1.0 Share should move in line with the market (i.e., market neutral)

ßeta >1.0 Share should move by more than market (i.e., higher risk/higher reward)

Sector

Closing price

Today’s action

Longer term action basedupon implied target price

Implied target price

based upon 49valuation metrics

Company Latest 12 month Hi/Lo forthe share price

ßeta measures a share’svolatility/risk relative tomarket (see below)





Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaAVON RUBBER 525.00 297.50 525.00 Neutral Sell 499 0.93

BAE SYSTEMS 448.00 300.80 455.40 Neutral Buy 613 0.70

CHEMRING GROUP 306.50 217.00 353.30 N eu tra l Neu tral 332 0.67

COBHAM 286.80 190.10 307.70 N eu tra l Neu tral 292 0.82

MEGGITT 552.50 366.20 564.00 Neutral Sell 512 1.25

QINETIQ GROUP 189.00 171.80 211.10 Neutral Sell 114 0.65

ROLLS-ROYCE HOLDINGS 1106.00 8 22.44 1 240.00 Neutral Buy 1495 0.98

SENIOR 270.00 185.90 288.40 N eu tra l Neu tral 270 1.66

SMITHS GROUP 1393.00 1018.00 1412.00 Neutral Sell 1203 0.76

ULTRA ELECTRONICS HDG. 18 82.00 1 505.00 1981.00 Neutral Sell 1699 0.51

Automobiles & PartsOver Valued

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

GKN 360.70 201.00 360.70 Neutral Sell -1807 1.96

INCHCAPE 614.50 353.30 645.00 Neutral Strong Buy 2946 1.41

LOOKERS 127.00 69.75 128.50 Neutral Strong Buy 664 1.22

PENDRAGON 34.75 13.50 35.25 Neutral Strong Buy 262 1.04

TOROTRAK 27.38 23.50 36.50 Neutral Sell 13 0.73

Banks Over Valued


BARCLAYS 273.45 197.36 308.39 Neutral Sell -646 1.96

HSBC HDG. (ORD $0.50) 689.20 573.30 769.90 Neutral Buy 843 1.19

LLOYDS BANKING GROUP 76.25 37.01 78.00 Neutral Sell 8 1.88

ROYAL BANK OF SCTL.GP. 364.40 255.10 369.00 Neutral Sell -101 1.39

STANDARD CHARTERED 1535.50 1380.00 1837.50 Neutral Strong Buy 3345 1.67

Beverages Under Valued


BARR (AG) 525.00 432.20 588.50 Neutral Sell 420 0.58

BRITVIC 554.50 349.10 592.00 Neutral Buy 803 0.73

DIAGEO 2034.00 1722.50 2136.50 Sell Buy 2337 0.51

SABMILLER 3277.00 2599.00 3657.00 Neutral Strong Buy 5106 0.89





Chemicals Under Valued


ALENT 340.00 305.00 397.50 Buy Strong Buy 3777 #NA

AZ ELECTRONIC MATS.(DI) 306.50 240.00 406.40 Neutral Strong Buy 549 1.11

CARCLO 405.75 342.75 501.00 Neutral Sell 127 0.74

CRODA INTERNATIONAL 2680.00 2164.00 2841.00 Neutral Buy 3273 1.05

ELEMENTIS 253.80 204.20 275.00 Neutral Buy 300 1.07

JOHNSON MATTHEY 2878.00 2190.00 2985.00 Neutral Buy 4060 1.44

VICTREX 1651.00 1322.00 1765.00 Neutral Sell 1353 1.16

SYNTHOMER 240.00 146.00 249.20 Neutral Strong Buy 380 1.05

ZOTEFOAMS 196.50 186.50 225.00 Neutral Buy 290 1.00

Construction & Building Materials Under Valued


ALUMASC GROUP 137.00 77.50 137.00 Neutral Strong Buy 295 0.55

BALFOUR BEATTY 277.70 207.60 320.80 Neutral Strong Buy 1093 0.82

BARRATT DEVELOPMENTS 326.20 168.00 355.20 Neutral Strong Buy 648 1.67

BELLWAY 1330.00 913.00 1502.00 Neutral Strong Buy 3013 0.96

BERKELEY GROUP HDG.(THE) 2043.00 1387 .00 2340.00 Neutral Strong Buy 5261 0.55

BOOT (HENRY) 187.00 123.50 201.00 Neutral Strong Buy 377 0.74

BOVIS HOMES GROUP 747.50 487.00 851.50 Neutral Strong Buy 1512 1.07

CARILLION 316.70 244.80 331.80 Neutral Strong Buy 1633 1.06

CLARKE (T) 63.88 40.00 64.63 Neutral Strong Buy 411 0.76

COSTAIN GROUP 261.00 226.25 306.00 Neutral Strong Buy 1180 0.50

CRH 1517.00 1090.00 1540.00 Neutral Sell 923 1.03

GALLIFORD TRY 1036.00 678.00 1070.00 Neutral Strong Buy 3127 0.93

KELLER 1088.00 540.50 1161.00 Neutral Strong Buy 2522 1.28

KIER GROUP 1661.00 1106.00 1683.00 Neutral Strong Buy 5635 0.99

LOW & BONAR 77.50 50.00 80.00 Neutral Strong Buy 236 1.08

MARSHALLS 181.75 85.00 184.00 Neutral Buy 218 1.33

MORGAN SINDALL GROUP 740.50 508.00 740.50 Neutral Strong Buy 4856 0.70

NORCROS 21.50 11.25 21.50 Neutral Strong Buy 72 1.02

PERSIMMON 1127.00 685.75 1305.00 Neutral Strong Buy 2106 0.99

REDROW 237.90 152.90 255.10 Neutral Strong Buy 482 0.84

SIG 189.70 99.00 193.70 Neutral Strong Buy 561 1.68

SUPERGLASS HOLDINGS 43.00 43.00 287.50 Neutral Strong Buy 4495 0.89

TAYLOR WIMPEY 102.00 54.30 113.80 Neutral Strong Buy 240 1.58

TRAVIS PERKINS 1615.00 1030.00 1713.00 Neutral Strong Buy 4663 1.94

WOLSELEY 3378.00 2635.64 3483.00 Neutral Strong Buy 6379 1.30





Electronics & Electrical Equipment Under Valued


DIALIGHT 1177.00 999.50 1399.00 Neutral Sell 1058 0.67

DOMINO PRINTING SCIENCES 630.50 522.00 717.00 Neutral Buy 888 1.12

E2V TECHNOLOGIES 139.75 105.50 139.75 Neutral Strong Buy 288 1.25

INVENSYS 502.50 217.33 509.50 Neutral Sell 292 1.42

LAIRD 226.80 171.10 249.30 Neutral Strong Buy 449 2.06

OXFORD INSTRUMENTS 1324.00 1209.00 1752.00 Neutral Sell 1158 1.11

RENISHAW 1816.00 1494.00 2081.00 Neutral Buy 2080 1.28

SPECTRIS 2233.00 1549.00 2470.00 Neutral Buy 2838 1.51

BIOME TECHNOLOGIES 180.00 65.00 303.67 Neutral Sell -437 0.76

TT ELECTRONICS 198.00 114.00 200.00 Neutral Strong Buy 438 1.61

XAAR 785.00 242.50 898.00 Neutral Sell 421 1.08

Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 128.00 54.25 128.00 Sell Buy 148 1.14

BODYCOTE 668.00 345.10 685.00 Neutral Neutral 661 1.59

CASTINGS 442.50 291.00 450.00 Neutral Buy 582 0.93

VESUVIUS 432.20 263.19 487.60 Neutral Strong Buy 1221 2.23

FENNER 410.80 305.90 435.20 Neutral Buy 578 1.47

HALMA 556.00 410.40 578.00 Neutral Sell 430 0.79

HILL & SMITH 471.25 364.00 480.00 Neutral Buy 561 1.31

IMI 1454.00 900.00 1513.00 Neutral Strong Buy 4589 1.39

MORGAN ADVANCE D MATE RIAL 3 01 .3 0 2 20 .3 0 3 18 .0 0 Neutral Strong Buy 517 1.89

ROTORK 2777.00 2229.00 3037.00 Neutral Sell 985 1.01

SEVERFIELD-ROWEN 61.75 35.40 76.91 Neutral Sell 52 0.79

SPIRAX-SARCO 2967.00 1932.53 3090.00 Neutral Sell 1852 0.81VITEC GROUP 675.00 559.00 740.00 Neutral Sell 492 1.34

WEIR GROUP 2395.00 1688.00 2474.00 Neutral Neutral 2290 1.45

Food & Drug Stores Over Valued


GREGGS 438.60 392.10 523.50 Neutral Strong Buy 812 0.45

MORRISON(WM)SPMKTS. 288.60 248.60 302.50 Neutral Buy 397 0.37

SAINSBURY (J) 396.40 321.90 400.80 Neutral Buy 482 0.55

TESCO 376.25 307.90 387.75 Neutral Sell 201 0.67

THORNTONS 95.00 28.63 100.50 Neutral Sell 60 0.79

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1849.00 1289.00 2 031.00 Neutral Sell 1655 0.59

CRANSWICK 1189.00 732.50 1189.00 Neutral Strong Buy 1786 0.31

DAIRY CREST 471.60 332.90 528.50 Neutral Sell 376 0.88

DEVRO 327.50 289.90 380.00 Neutral Strong Buy 519 0.36

PREMIER FOODS 152.00 59.75 166.50 Neutral Strong Buy 249 1.23

TATE & LYLE 766.50 654.50 883.00 Neutral Strong Buy 1364 0.65

UNILEVER (UK) 2585.00 2252.00 2885.00 Neutral Sell 2220 0.50





General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 27.50 25.00 29.50 Neutral Strong Buy 46 0.67

BROWN (N) GROUP 522.50 266.40 577.00 N eu tral Neu tral 535 0.50

BURBERRY GROUP 1619.00 1000.00 1667.00 Neutral Sell 1286 1.29

CARPETRIGHT 680.00 585.00 701.50 Neutral Sell 259 0.87

DIXONS RETAIL 47.01 19.21 47.30 N eu tral Neu tral 46 1.46

FINDEL 245.50 108.00 253.75 Neutral Sell 156 1.04

FRENCH CONNECTN.GROUP 32.00 22.75 34.00 Sell Sell 13 1.03

HALFORDS GROUP 399.50 259.30 406.00 Neutral Strong Buy 608 0.71

JD SPORTS FASHION 1011.00 670.00 1025.00 Neutral Strong Buy 2127 0.51

DARTY 68.00 39.00 88.25 Neutral Strong Buy 125 1.22

KINGFISHER 398.70 262.20 420.00 Neutral Buy 566 0.90

MARKS & SPENCER GROUP 503.50 356.80 513.50 Neutral Strong Buy 767 0.61

MOSS BROTHERS GROUP 73.00 48.50 74.88 Neutral Buy 88 0.95

MOTHERCARE 385.00 205.25 492.75 Neutral Sell 139 0.36

NEXT 5115.00 3444.00 5205.00 N eu tral Neu tral 5476 0.59

TED BAKER 1909.00 899.00 2017.00 Neutral Sell 1081 0.57

TOPPS TILES 83.50 46.00 89.75 N eu tral Neu tral 82 1.50

Health Over Valued


BIOQUELL 143.50 130.00 160.00 Neutral Sell 112 0.38

CONSORT MEDICAL 842.50 660.50 863.00 Neutral Sell 658 0.35

OPTOS 158.00 106.75 222.75 N eu tral Neu tral 171 1.18

SMITH & NEPHEW 776.00 638.00 800.00 Neutral Sell 664 0.40

Household Goods & Textiles Under Valued


GAMES WORKSHOP 783.00 601.00 794.50 Neutral Neu tral 767 0.31

HEADLAM GROUP 399.75 295.00 415.00 Neutral Buy 452 0.89

HORNBY 77.25 55.25 88.50 Neutral Sell 47 0.69

Information Technology & Hardware Over Valued


ARM HOLDINGS 1001.00 566.00 1097.00 Neutral Sell 445 0.69

CSR 518.50 311.70 607.00 Neutral Strong Buy 1562 1.13

FILTRONIC 63.75 30.75 83.25 Neutral Buy 84 0.93

IMAGINATION TECHNOLOGIES 346.60 235.10 552.00 Neutral Sell 241 1.04

SPIRENT COMMUNICATIONS 126.10 118.00 169.20 Neutral Strong Buy 402 0.90

WOLFSON MICROELECTRONICS 177 .50 140 .00 226 .25 Neutral Sell -16 0.93





Insurance Under Valued


ADMIRAL GROUP 1224.00 1019.00 1416.00 Neutral Sell -491 0.52

AMLIN 399.80 364.10 435.10 Neutral Strong Buy 1541 0.38

BEAZLEY 215.10 166.50 242.70 Neutral Strong Buy 955 0.52

CATLIN GROUP 485.20 455.30 552.50 N eu tral Neu tral 478 0.23

HISCOX 641.50 463.32 660.00 Neutral Strong Buy 1912 0.42

JARDINE LLOYD THOMPSON 942.00 723.00 949.50 Neutral Buy 1215 0.30

RSA INSURANCE GROUP 125.10 107.70 136.30 Neutral Strong Buy 734 0.35

NOVAE GROUP 510.00 345.00 520.00 Neutral Strong Buy 3459 0.35

Leisure & Hotels Over Valued


CARNIVAL 2398.00 2125.00 2628.00 Neutral Buy 3317 0.95

ENTERPRISE INNS 146.00 62.25 153.80 Neutral Sell 98 1.65

TUI TRAVEL 360.90 230.10 401.50 Neutral Strong Buy 695 0.96

FULLER SMITH 'A' 910.00 704.50 969.00 Neutral Sell 575 0.27

GREENE KING 789.50 587.00 897.50 Neutral Sell 590 0.89

LADBROKES 192.00 171.00 243.10 Neutral Buy 251 0.90

ICTL.HTLS.GP. 1852.00 1524.00 2039.00 Neutral Sell 1620 1.09

MILLENNIUM & CPTH.HTLS. 555.00 456.00 582.50 N eu tral Neu tral 561 1.36

MITCHELLS & BUTLERS 418.50 283.20 460.00 Neutral Sell 256 0.98

BWIN PARTY DIGITAL ENTM. 120.50 101.30 156.00 Neutral Sell 59 1.28

PUNCH TAVERNS 15.50 6.15 15.50 Neutral Strong Buy 67 1.15

RANK GROUP 158.20 137.30 177.50 Neutral Strong Buy 552 0.97

RESTAURANT GROUP 540.50 352.00 575.00 Neutral Sell 374 0.66

WETHERSPOON (JD) 748.00 471.00 767.00 Neutral Sell 659 0.54

WHITBREAD 3033.00 2263.00 3303.00 Neutral Sell 2091 0.98WILLIAM HILL 422.20 289.39 494.50 Neutral Sell 349 0.84

MARSTON'S 152.40 114.20 165.50 Neutral Sell 10 1.15

Life Assurance Under Valued


AVIVA 409.80 294.10 419.80 Neutral Sell 376 1.18

CHESNARA 274.00 176.50 276.50 Neutral Strong Buy 536 0.61

LEGAL & GENERAL 200.60 131.40 203.20 Neutral Strong Buy 507 1.70

OLD MUTUAL 191.90 166.10 221.60 Neutral Strong Buy 406 1.55

PRUDENTIAL 1185.00 801.50 1232.00 N eu tral Neu tral 1216 1.69

ST.JAMES'S PLACE 625.50 367.10 641.50 Neutral Strong Buy 6888 0.83





Media & Entertainment Under Valued


BLOOMSBURY PBL. 142.50 102.00 149.00 Neutral Strong Buy 922 0.40

BRITISH SKY BCAST.GROUP 869.00 709.00 899.50 Neutral Strong Buy 1056 0.46

CENTAUR MEDIA 51.75 31.00 60.00 Neutral Sell -42 1.06

DAILY MAIL 'A' 770.00 451.25 835.00 Neutral Strong Buy 3556 1.06

EUROMONEY INSTL.INVESTOR 1080.00 747 .50 1209.00 Neutral Strong Buy 5566 0.93

INFORMA 538.50 380.50 545.00 Neutral Strong Buy 327 1.64

ITE GROUP 270.30 183.50 307.40 Neutral Buy 201 1.46

ITV 180.30 85.65 183.40 Neutral Strong Buy 1369 1.46

JOHNSTON PRESS 14.50 7.63 19.00 Neutral Buy 720 1.21

PEARSON 1301.00 1119.00 1350.00 Neutral Neu tral 309 0.65

PHOTO-ME INTL. 111.75 46.75 111.75 Neutral Strong Buy 2283 0.85

PINEWOOD SHEPPERTON 289.00 269.00 289.00 Neutral Strong Buy 732 0.14

THOMSON REUTERS 35.92 26.85 36.45 Neutral Strong Buy 346 0.52

STV GROUP 245.50 90.50 262.50 Neutral Sell 240 0.82

ST.IVES 168.50 76.25 172.00 Neutral Sell 159 1.49TRINITY MIRROR 124.50 50.50 128.25 Neutral Sell -289 1.58

UBM 728.00 636.00 788.00 Neutral Strong Buy 1421 1.34

WILMINGTON GROUP 201.00 120.00 201.00 Neutral Strong Buy 1390 0.83

WPP 1293.00 788.00 1296.00 Neutral Sell -827 1.25

Mining Under Valued


ANGLO AMERICAN 1591.00 1207.00 2072.00 Neutral Sell 1288 1.85

ANGLO PACIFIC GROUP 200.00 161.00 290.00 Neutral Neu tral 208 1.09

ANTOFAGASTA 851.50 784.50 1381.00 Neutral Neu tral 841 1.42

BHP BILLITON 1875.50 1666.50 2236.00 Neutral Strong Buy 2929 1.49

GLENCORE XSTRATA 340.45 256.85 397.85 Neutral Strong Buy 1029 #NA

LONMIN 332.00 240.84 380.10 Sell Buy 456 2.05

RANDGOLD RESOURCES 4676.00 3972.00 7775.00 Neutral Sell 2865 0.48

RIO TINTO 3102.50 2582.00 3757.00 Neutral Sell 2546 1.55

VEDANTA RESOURCES 992.00 1335.00 Neutral Strong Buy 2791 2.29

Oil & Gas Under Valued


BG GROUP 1200.50 1000.50 1350.50 Neutral Sell 899 0.84

BP 442.05 416.60 483.30 Neutral Strong Buy 1003 1.03

CAIRN ENERGY 267.80 251.80 296.10 Neutral Sell -23 1.33

FORTUNE OIL 9.60 7.15 12.50 Neutral Strong Buy 108 0.81

HUNTING 834.50 716.00 941.00 Neutral Sell 567 1.35

JKX OIL & GAS 63.00 48.50 81.00 Neutral Sell -59 1.33

PREMIER OIL 335.90 321.30 400.20 Buy Buy 412 1.49

ROYAL DUTCH SHELL B 2167.50 2098.00 2365.00 Neutral Strong Buy 8368 0.83

SOCO INTERNATIONAL 420.10 319.90 421.00 Neutral Buy 493 0.52

TULLOW OIL 1075.00 977.00 1468.00 Neutral Sell 705 1.07

WOOD GROUP (JOHN) 827.00 720.50 915.50 Neutral Sell 725 1.44





Personal Care & Household Products Over Valued


MCBRIDE 122.75 101.00 144.60 Neutral Buy 160 0.83

PZ CUSSONS 407.00 300.00 432.50 Neutral Sell 370 0.71

RECKITT BENCKISER GROUP 4600.00 3565.00 4950.00 Neutral Neu tral 4701 0.31

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.44 0.36 3.58 Buy Sell -3 0.91

ASTRAZENECA 3257.00 2792.50 3521.50 Neutral Strong Buy 8773 0.49

BTG 387.00 317.50 397.90 Neutral Sell 208 0.70

DECHRA PHARMACEUTICALS 694.50 569.00 780.00 Neutral Buy 896 0.18

GLAXOSMITHKLINE 1577.00 1317.50 1782.00 Neutral Buy 1890 0.50

OXFORD BIOMEDICA 2.58 1.33 2.83 Buy Sell -2 0.53

PHYTOPHARM SUSP - 21/05/13 66.25 52.50 612.50 Neutral Sell -259 0.90

SHIRE 2593.00 1727.00 2593.00 Neutral Sell 1492 0.69

SKYEPHARMA 95.00 43.50 100.50 Neutral Sell 87 0.55

VERNALIS 29.25 19.38 31.00 Neutral Sell 11 0.84

Real Estate - REIT Under Valued


BIG YELLOW GROUP 425.60 311.60 445.00 Neutral Strong Buy 776 1.18

BRITISH LAND 588.50 506.00 658.00 Neutral Strong Buy 893 1.05

DERWENT LONDON 2377.00 1946.00 2542.00 Neutral Strong Buy 5288 1.24

GREAT PORTLAND ESTATES 542.00 442.20 598.00 Neutral Strong Buy 1208 1.06

HAMMERSON 509.50 448.60 554.00 Neutral Buy 604 1.27INTU PROPERTIES 324.50 300.60 366.00 Neutral Strong Buy 616 1.14

LAND SECURITIES GROUP 932.00 761.50 994.00 Neutral Strong Buy 1915 1.16

LOCAL SHOP.REIT (THE) 30.25 24.25 39.25 Neutral Sell -194 0.81

LONDONMETRIC PROPERTY 117.00 1 03.20 118.20 Neutral Sell -13 0.34

MCKAY SECURITIES 160.00 131.50 160.00 Neutral Strong Buy 302 0.65

MUCKLOW (A & J) GROUP 500.00 325.00 500.00 Sell Sell 248 0.37

PRIMARY HEALTH PROPS. 325.75 312.50 363.53 Neutral Sell 117 0.26

REDEFINE INTL.REIT 46.75 30.69 46.75 Neutral Sell -449 0.62

SEGRO 299.40 221.60 313.60 Neutral Sell -371 1.82

SHAFTESBURY 592.50 522.50 668.00 Neutral Strong Buy 921 1.04

TOWN CENTRE SECURITIES 223.00 178.75 223.00 Neutral Sell -9 1.04

WORKSPACE GROUP 429.00 260.50 475.00 Neutral Strong Buy 1462 1.02





Real Estate – REIS Under Valued


CAPITAL & CNTS.PROPS. 339.50 210.90 365.60 Neutral Strong Buy 646 0.73

CAPITAL & REGIONAL 39.75 22.75 42.00 Neutral Sell -50 0.56

CLS HOLDINGS 1175.00 656.50 1260.00 Neutral Strong Buy 2794 0.73

DAEJAN HOLDINGS 3652.00 2706.00 4179.00 Neutral Strong Buy 14159 0.47

DEVELOPMENT SECS. 194.00 143.00 209.00 Neutral Neutral 187 0.98

GRAINGER 169.50 105.10 187.50 Neutral Sell 106 1.57

HELICAL BAR 283.00 178.00 302.50 Neutral Sell 196 0.83

LONDON & ASSOCS.PROPS. 33.25 21.50 33.25 Neutral Strong Buy 217 0.63

MOUNTVIEW ESTATES 6475.00 4350.00 6512.50 Neutral Strong Buy 13985 0.68

QUINTAIN ESTATES & DEV. 83.50 51.00 92.00 Sell Sell -203 1.02

RAVEN RUSSIA 78.00 61.50 79.75 Sell Strong Buy 202 1.52

SAVILLS 577.50 391.20 664.50 Neutral Strong Buy 2615 0.69

SMART (J) 89.50 72.50 90.50 Neutral Strong Buy 363 0.32

ST MODWEN PROPS. 297.00 193.10 333.00 Neutral Strong Buy 603 1.63

UNITE GROUP 368.20 246.00 403.00 Neutral Strong Buy 1568 1.78

Software & Computer Services Under Valued


ANITE 112.50 109.60 162.00 Neutral Buy 145 0.66

AVEVA GROUP 2650.00 1939.60 2650.00 Sell Sell 1527 1.52

COMPUTACENTER 515.00 333.29 564.10 Neutral Strong Buy 1511 0.90

KOFAX 379.75 260.75 382.25 Neutral Sell 352 1.04

INNOVATION GROUP 29.50 20.00 30.25 Neutral Sell 27 0.81

MICRO FOCUS INTL. 773.50 543.00 812.50 Neutral Buy 1066 0.81

PHOENIX IT GROUP 165.00 130.00 184.00 Neutral Sell -219 0.73

RM 111.50 64.00 114.25 Neutral Strong Buy 275 0.54FIDESSA GROUP 2095.00 1275.00 2190.00 Neutral Neu tral 2209 0.77

SAGE GROUP 346.70 289.36 368.18 Neutral Buy 447 0.69

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 387.30 3 06.80 492.10 Neutral Strong Buy 1225 1.12

BREWIN DOLPHIN 264.50 168.00 283.00 Neutral Strong Buy 648 0.69

CAMELLIA 8750.00 8000.00 11105.00 Neutral Strong Buy 81290 0.85

CHARLES STANLEY GROUP 459.00 260.00 474.00 Neutral Strong Buy 1423 0.93

CHARLES TAYLOR 228.00 155.00 228.00 Neutral Strong Buy 1631 0.65

CLOSE BROTHERS GROUP 1143.00 830.00 1145.00 Sell Strong Buy 4805 0.85

F&C ASSET MANAGEMENT 97.25 90.00 110.40 Neutral Sell 78 0.86

HELPHIRE GROUP 5.59 0.66 5.70 Sell Sell -125 0.61

HENDERSON GROUP 192.30 107.20 192.30 Sell Strong Buy 789 1.44

ICAP 391.20 280.80 422.20 Neutral Strong Buy 829 1.07

INTERMEDIATE CAPITAL GP. 456.20 287.20 501.50 Neutral Strong Buy 2145 1.70

INVESTEC 414.60 358.40 513.50 Neutral Strong Buy 2627 1.56

LONDON STOCK EX.GROUP 1558.00 930.00 1652.00 Neutral Strong Buy 5611 1.13

MAN GROUP 87.85 71.80 134.40 Neutral Sell -4819 1.39

RATHBONE BROTHERS 1550.00 1208.00 1691.00 Neutral Strong Buy 5433 0.71

SCHRODERS 2631.00 1518.00 2631.00 Sell Strong Buy 8112 1.30

SCHRODERS NV 2174.00 1176.00 2174.00 Sell Strong Buy 11265 1.28





Support Services Under Valued


ACAL 279.00 157.75 284.00 Neutral Strong Buy 582 0.83

AGGREKO 1614.00 1557.00 2370.00 Neutral Strong Buy 3138 1.14

AMEC 1110.00 965.50 1172.00 Neutral Strong Buy 3115 1.11

ASHTEAD GROUP 654.00 322.90 730.00 Neutral Buy 922 1.64

BABCOCK INTL. 1202.00 914.00 1209.00 Neutral Strong Buy 2439 0.49

BRITISH POLYTHENE INDS. 600.00 372.50 612.00 Neutral Strong Buy 2207 0.80

BUNZL 1352.00 1009.00 1409.00 Neutral Strong Buy 2608 0.50

UK MAIL GROUP 561.00 246.50 645.00 Neutral Strong Buy 1532 0.42

CAPITA 1007.00 713.00 1057.00 Neutral Strong Buy 1782 0.54

COMMUNISIS 62.00 34.54 68.00 Neutral Strong Buy 407 0.83

COMPASS GROUP 855.50 671.50 910.50 Neutral Strong Buy 1863 0.75

BERENDSEN 885.50 540.00 939.00 Neutral Strong Buy 3201 1.08

DE LA RUE 990.00 891.50 1075.00 Neutral Strong Buy 2226 #NA

DIGNITY 1405.00 902.82 1567.68 Neutral Buy 1656 0.25

DIPLOMA 605.00 435.00 661.00 Neutral Strong Buy 1259 0.96ELECTROCOMP. 271.40 200.00 280.90 Neutral Strong Buy 833 0.98

ESSENTRA PLC 776.50 500.50 830.00 Neutral Strong Buy 1203 1.14

G4S 249.30 207.50 313.50 Neutral Strong Buy 861 0.47

HAYS 112.80 75.20 113.90 Neutral Strong Buy 375 1.03

HOMESERVE 263.60 185.60 293.60 Neutral Strong Buy 880 0.89

INTERSERVE 555.00 349.10 591.50 Neutral Strong Buy 2944 1.25

INTERTEK GROUP 3351.00 2697.00 3453.00 Neutral Buy 4229 0.80

JOHNSON SERVICE GROUP 50.13 31.50 51.75 Neutral Strong Buy 220 1.10

MANAGEMENT CNSL.GP. 26.25 21.25 32.00 Neutral Strong Buy 174 0.57

MENZIES (JOHN) 774.00 573.00 805.00 Neutral Strong Buy 1947 1.41

MICHAEL PAGE INTL. 493.10 346.40 502.50 Neutral Strong Buy 757 1.36

MITIE GROUP 290.00 248.00 300.80 Neutral Strong Buy 966 0.52

OFFICE2OFFICE 46.25 33.75 139.00 Neutral Strong Buy 611 0.31

PAYPOINT 1106.00 716.00 1185.00 Neutral Strong Buy 1756 0.75

PREMIER FARNELL 215.20 165.50 238.40 Neutral Strong Buy 525 1.41

REGUS 181.20 96.00 193.40 Neutral Sell 70 1.38

RENTOKIL INITIAL 108.10 81.30 110.90 Neutral Strong Buy 428 1.26

REXAM 489.80 432.56 547.50 Neutral Strong Buy 1699 0.84

RICARDO 535.50 349.63 556.50 Neutral Strong Buy 1528 0.90

ROBERT WALTERS 312.00 176.25 323.00 Neutral Strong Buy 889 1.15

RPC GROUP 468.00 378.00 477.80 Neutral Strong Buy 1534 0.81

RPS GROUP 257.30 195.50 274.20 Neutral Strong Buy 853 1.51

SERCO GROUP 563.00 535.00 683.50 Neutral Strong Buy 2110 0.60

SHANKS GROUP 95.75 73.00 98.00 Neutral Strong Buy 339 1.49

SPEEDY HIRE 65.00 28.75 65.50 Neutral Strong Buy 316 1.18TRIBAL GROUP 199.00 92.25 202.25 Neutral Strong Buy 499 0.65

TRIFAST 68.00 40.50 70.75 Neutral Strong Buy 302 0.90

VP 499.00 313.00 499.00 Sell Strong Buy 2149 0.79

WYG 104.88 49.50 104.88 Sell Strong Buy 178 0.82





Telecommunication Services Over Valued


BT GROUP 342.50 212.50 348.90 Neutral Buy 426 0.89

CABLE & WIRELESS COMMS. 39.69 34.31 46.29 Neutral Strong Buy 79 0.67

INMARSAT 711.00 542.50 749.00 Neutral Sell 254 0.53

KCOM GROUP 91.00 68.25 91.00 Neutral Buy 119 1.20

TELECOM PLUS 1317.00 821.00 1399.00 Neutral Sell 805 0.05

VODAFONE GROUP 208.50 154.45 213.90 Neutral Sell 121 0.51

Transport Over Valued


BBA AVIATION 303.70 195.70 326.00 Neutral Sell 220 1.22

BRAEMAR SHIPPING SVS. 495.00 350.00 495.00 Neutral Buy 555 1.06

CLARKSON 2200.00 1150.00 2200.00 Strong Sell Sell 1251 0.86

EASYJET 1296.00 580.00 1448.00 Neutral Sell 837 0.77

FIRST GROUP 118.70 92.00 206.76 Neutral Strong Buy 264 0.88

FISHER(JAMES)& SONS 1110.00 745.00 1148.00 Neutral Sell 782 0.72

GO-AHEAD GROUP 1660.00 1220.00 1660.00 Neutral Strong Buy 2838 0.97

NATIONAL EXPRESS 257.40 164.50 274.90 Neutral Sell 240 1.39

NORTHGATE 435.00 239.50 435.00 Neutral Sell 345 1.34

STAGECOACH GROUP 324.50 265.90 337.60 Neutral Buy 451 0.97

WINCANTON 100.25 43.75 105.00 Neutral Strong Buy 269 0.95

Utilities Under Valued


CENTRICA 402.20 310.80 402.20 Neutral Buy 592 0.50NATIONAL GRID 758.50 682.00 847.50 Neutral Buy 997 0.45

PENNON GROUP 702.00 598.00 749.50 Neutral Sell 637 0.63

SSE 1575.00 1364.00 1676.00 Neutral Buy 2307 0.40

SEVERN TRENT 1820.00 1513.00 2090.00 Neutral Sell 1540 0.37

UNITED UTILITIES GROUP 704.00 647.00 787.50 Neutra l Neu tral 765 0.49





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value indicator - uk main market 20130923