value indicator - uk main market 20130208

7/29/2019 value indicator - uk main market 20130208

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08 February 2013

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Intellisys Intelligent Analysis Limited 08 February 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 Under Va lued ......................................................................6

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

Beverages Under Va lued ..................................................................................6

Chemicals Under Va lued ..................................................................................6

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

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

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

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

Food Producers & Processors Under Va lued ........................................................8

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

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

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

Information Technology & Hardware Over Va lued ...............................................9

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

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

Media & Entertainment Over Valued ................................................................ 11

Mining Under Va lued ...................................................................................... 11

Oil & Gas Under Va lued ................................................................................... 11

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

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

Real Estate Under Va lued ............................................................................... 12

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

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

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

Transport Over Valued ................................................................................... 15

Utilities Under Valued ....................................................................................... 15 DISCLAIMER ........................................................................................................................... 16 RISK WARNING ...................................................................................................................... 17


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Value

A similar discipline has been applied to the process of establishing Target Indications. On a daily basis,Intellisys analyses as broad an array of historic data from not only the Consolidated Income Statement butalso the Balance Sheet and Cash Flow Statement and then utilises this data within its proprietary valuation

models.

Intellisys architect, Philip Morrish, has successfully applied these disciplines to his investment research forthe last 15+ years. Additionally, these investment valuation techniques lend themselves to accurate cross-border analysis.

The resultant Target is also discounted to a Net Present Value to make the Target as realistically valid aspossible.

Nevertheless, Intellisys recognises that Target Indication delivery is not only a function of market levels buta management teams ability to establish and maintain a value generating operating environment setagainst a constantly changing global background.

The typical investment analysts approach to determining target prices is to start with a modest range ofsome 6 8 valuation measures and remove those that are not providing the intuitive result. Intellysisapproach is the opposite we use as many valuation methodologies as possible.

Further, Intellisys recognises that some target Indications may appear strange or extreme. However,subscribers should not dismiss these outcomes but use them as starting points to challenge theirestablished or perceived valuation opinion of a stock.

In short, this disciplined approach provides an investment reality check to assist investors from falling inlove with a stock or becoming mesmerised by management cults.

Conclusion

No investment methodology is 100% successful and like all trading and investment systems active positionmonitoring is critical for maximised investment performance.

Therefore, Intellisys recommends that its products should be used in conjunction with, and not separatefrom subscribers existing investment systems as well as discussing investment options with their financialadvisers.

Philip Morrish ([email protected] )

RISK WARNING Ratings and Targets

Intellisys does not make personal recommendations. The information in this publication is provided solely toenable you to make your own investment decisions. If you are unsure about dealing in shares and otherequity investments, you should contact your financial adviser as these types of investments may not besuitable for everyone. The value of stocks and shares, and the income from them, can fall as well as riseand you may not get back the full amount you originally invested. If denominated in a foreign currency,fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them.Past performance is not necessarily a guide to future performance.


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How to use the report

This daily report is typically available for download as a PDF from 7am - well in advance of the marketsopen - and is based upon previous days closing prices.

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

General Retail Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaASHLEY(LAURA) HOLDINGS 29.00 18.50 29.50 Neutral Neutral 30 0.72BROWN (N) GROUP 266.70 222.40 282.70 Neutral Buy 298 0.52BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94FRENCH CONNECTN.GROUP 23.50 19.50 82.00 Neutral Strong Buy 112 1.05HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67JJB SPORTS SUSP - 24/09/12 0.40 0.24 17.00 Neutral Sell -62 0.88JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

Betais a measure of a stock's volatility or risk relative to its market. The market has a betaof 1.0 and individual shares are attributed a beta according to how much they deviate from

the market. This can be summarised as:

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

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 m onth Hi/Lo forthe share price

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


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Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 337.20 270.90 363.60 Neutral Strong Buy 539 0.65

CHEMRING GROUP 287.80 217.00 442.00 Neutral Strong Buy 564 0.65

COBHAM 216.30 186.30 239.50 Neutral Buy 263 0.83

MEGGITT 436.50 364.30 441.40 Neutral Sell 367 1.32

ROLLS-ROYCE HOLDINGS 975.00 753.28 977.00 Neutral Sell 631 1.08

SMITHS GROUP 1225.00 979.50 1246.00 Neutral Sell 941 0.70

ULTRA ELECTRONICS HDG. 16 52.00 1424.00 1780.00 Neutral Sell 1415 0.50

Automobiles & Parts Under Val ued

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

GKN 245.90 173.60 249.30 N eutral Neutral 235 1.99INCHCAPE 485.50 305.20 486.50 Neutral Sell 461 1.46

LOOKERS 81.00 56.50 81.00 Neutral Buy 96 1.23

PENDRAGON 22.50 11.50 22.50 Neutral Buy 31 1.11

Banks Over Valued


BARCLAYS 292.50 150.55 305.85 Neutral Sell 202 1.92

HSBC HDG. (ORD $0.50) 700.40 503.20 724.10 Neutral Strong Buy 1072 1.16

LLOYDS BANKING GROUP 51.89 25.29 54.92 Sell Buy 61 1.86

ROYAL BANK OF SCTL.GP. 332.90 196.60 367.80 Sell Sell -115 1.34

STANDARD CHARTERED 1650.00 1228.50 1688.00 Neutral Sell 1394 1.70

Beverages Under Valued


BARR (AG) 538.00 348.00 557.00 N eutral Neutral 569 0.54

DIAGEO 1879.50 1461.50 1906.00 Neutral Sell 1667 0.55

SABMILLER 3153.50 2348.50 3181.50 Neutral Buy 3660 0.96

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 385.40 267.60 390.00 Neutral Strong Buy 679 #NA

CARCLO 457.50 330.00 503.00 Neutral Sell 412 0.73

CRODA INTERNATIONAL 2450.00 2026.00 2501.00 Neutral Sell 1936 1.01

ELEMENTIS 221.00 158.30 240.30 Neutral Strong Buy 345 0.97

JOHNSON MATTHE Y 22 55 .00 2080 .27 2573 .00 Neutral Strong Buy 12045 1.44

VICTREX 1541.00 1185.00 1649.00 Neutral Sell 1398 1.12

SYNTHOMER 199.00 127.40 251.00 Neutral Buy 232 1.14

ZOTEFOAMS 193.00 136.50 225.00 Neutral Strong Buy 389 0.96


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Construction & Building Materials Under Va lued


ALUMASC GROUP 103.00 61.50 132.00 Neutral Strong Buy 225 0.49

BALFOUR BEATTY 269.70 237.90 320.80 Neutral Strong Buy 950 0.79

BARRATT DEVELOPMENTS 224.40 114.00 231.10 Neutral Strong Buy 431 1.49

BELLWAY 1161.00 660.00 1161.00 Neutral Strong Buy 1828 1.10

BE RKE LE Y GROUP HDG.( THE ) 1 83 7.0 0 11 77 .0 0 1 85 5.0 0 Neutral Strong Buy 2999 0.64

BOOT (HENRY) 156.00 115.50 165.25 Neutral Strong Buy 317 0.83

BOVIS HOMES GROUP 642.50 399.30 642.50 Neutral Sell 537 1.15

CARILLION 305.80 235.50 344.00 Neutral Strong Buy 787 1.08

CLARKE (T) 59.50 39.50 61.50 Neutral Strong Buy 260 0.82

COSTAIN GROUP 263.75 188.00 268.75 Neutral Strong Buy 527 0.58

CRH 1309.00 1052.00 1409.00 Neutral Sell 727 1.14

GALLIFORD TRY 843.00 483.00 843.00 Neutral Strong Buy 1661 1.00

KELLER 740.00 348.25 749.00 Neutral Strong Buy 1957 1.23

KIER GROUP 1351.00 1095.00 1489.00 Neutral Strong Buy 3235 0.93

LOW & BONAR 67.00 49.00 67.00 Neutral Strong Buy 195 1.04MARSHALLS 108.00 76.00 110.00 Neutral Strong Buy 274 1.36

MORGAN SINDALL GROUP 596.50 508.00 725.00 Neutral Strong Buy 3218 0.84

NORCROS 15.00 9.25 15.50 Neutral Strong Buy 33 1.13

PERSIMMON 863.50 532.00 888.50 Neutral Buy 1080 1.15

REDROW 182.20 107.30 195.10 Neutral Strong Buy 279 1.05

SIG 130.50 82.30 136.90 Neutral Strong Buy 449 1.74

SUPERGLASS HOLDINGS 7.87 4.50 22.50 Sell Strong Buy 42 0.86

TAYLOR WIMPEY 74.30 40.28 7 5.05 Neutral Buy 91 1.58

TRAVIS PERKINS 1250.00 906.50 1250.00 Neutral Strong Buy 2493 1.97

WOLSELEY 2942.00 2121.32 3038.00 Neutral Strong Buy 5010 1.44

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1118.00 761.00 1244.00 Neutral Sell 717 0.74

DOMINO PRINTING SCIENCES 656.00 509.00 674.50 Neutral Buy 872 1.17

E2V TECHNOLOGIES 112.00 105.50 1 49.50 Neutral Strong Buy 228 1.29

INVENSYS 343.80 186.10 351.60 Neutral Sell 318 1.41

LAIRD 227.00 164.80 243.90 Neutral Sell 80 2.11

OXFORD INSTRUMENTS 1747.00 1023.00 1 752.00 Sell Sell 1097 1.00

RENISHAW 1935.00 1260.00 2081.00 Neutral Buy 2269 1.25

SPECTRIS 2300.00 1427.00 2314.00 Sell Sell 2043 1.50

BIOME TECHNOLOGIES 0.09 0.08 0.22 Neutral Buy 0 0.84

TT ELECTRONICS 164.50 114.00 203.50 Neutral Strong Buy 364 1.58

XAAR 283.00 185.00 292.00 Neutral Sell 212 1.09


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 77.25 54.25 92.00 Neutral Buy 111 1.26

BODYCOTE 488.00 310.30 490.70 Neutral Neutral 492 1.60

CASTINGS 339.00 277.75 358.50 Neutral Strong Buy 667 0.98

VESUVIUS 377.30 263.19 380.80 Neutral Buy 481 2.17

FENNER 387.80 329.30 483.70 Neutral Buy 534 1.40

HALMA 468.80 373.10 472.10 Neutral Sell 374 0.76

HILL & SMITH 454.00 297.00 471.50 Neutral Sell 328 1.35

IMI 1188.00 776.00 1199.00 Sell Neutral 1293 1.40

METALRAX GROUP 3.20 2.93 9.00 Neutral Neutral 3 0.83

MORGAN CRUCIBLE 292.00 220.30 360.00 Neutral Strong Buy 516 1.80

ROTORK 2744.00 1859.00 2761.00 Sell Sell 1974 0.97

SENIOR 208.80 177.00 215.00 Neutral Neutral 214 1.64

SEVERFIELD-ROWEN 79.00 73.25 219.50 Neutral Sell 75 0.71

SPIRAX-SARCO 2358.00 1900.00 2393.00 Neutral Sell 2161 0.83

VITEC GROUP 615.00 560.00 740.00 Neutral Neutral 589 1.37WEIR GROUP 2078.00 1397.00 2236.00 Neutral Sell 1937 1.38

Food & Drug Stores Over Valued


GREGGS 482.30 449.00 558.00 Neutral Buy 637 0.47

MORRISON(WM)SPMKTS. 248.60 248.60 305.70 Buy Sell 204 0.39

SAINSBURY (J) 328.80 283.50 361.10 Neutral Sell 228 0.60

TESCO 360.35 297.05 363.20 Neutral Sell 282 0.69

THORNTONS 39.25 15.50 45.50 Sell Sell 27 0.81

Food Producers & Processors Under Va lued


ASSOCIATED BRIT.FOODS 1752.00 1167.00 1 776.00 Sell Sell 1403 0.62

CRANSWICK 978.00 732.50 996.50 Neutral Buy 1376 0.51

DAIRY CREST 408.00 290.40 424.50 Neutral Sell 376 0.92

DEVRO 357.50 277.40 358.40 Sell Sell 323 0.32

PREMIER FOODS 88.00 54.50 180.00 Neutral Sell -161 1.27

TATE & LYLE 791.50 633.50 834.00 Neutral Buy 995 0.69

UNILEVER (UK) 2512.00 2005.00 2603.00 Neutral Buy 3380 0.58


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General Retail Under Va lued


ASHLEY(LAURA) HOLDINGS 28.25 20.50 29.50 Neutral Buy 33 0.69

BROWN (N) GROUP 380.00 222.40 385.00 Neutral Sell 350 0.53

BURBERRY GROUP 1337.00 1000.00 1586.00 Neutral Sell 950 1.28

CARPETRIGHT 677.50 555.00 728.50 Neutral Sell 272 0.96

DIXONS RETAIL 26.40 12.67 29.80 Neutral Buy 37 1.51

FINDEL 7.99 2.76 9.30 Neutral Sell 3 1.08

FRENCH CONNECTN.GROUP 26.00 19.50 55.75 Neutral Strong Buy 108 0.98

HALFORDS GROUP 342.00 189.00 356.80 Neutral Buy 485 0.68

JD SPORTS FASHION 768 .00 606 .50 863 .00 Neutral Strong Buy 1475 0.51

DARTY 51.25 38.00 85.70 Neutral Strong Buy 82 1.26

KINGFISHER 279.00 254.10 313.80 Neutral Buy 379 0.95

MARKS & SPENCER GROUP 378.00 312.20 398.80 Neutral Buy 501 0.65

MOSS BROTHERS GROUP 71.00 36.50 71.00 Neutral Sell 59 1.03

MOTHERCARE 305.00 152.00 362.00 Neutral Buy 349 0.46

NEXT 4111.00 2708.00 4128.00 Sell Sell 3594 0.69TED BAKER 1197.00 766.00 1204.00 Neutral Sell 636 0.56

TOPPS TILES 61.50 31.25 61.50 Neutral Sell 49 1.48

Heath Over Valued


BIOQUELL 142.00 116.50 160.00 Neutral Sell 104 0.44

CONSORT MEDICAL 685.00 565.00 831.50 Neutral Sell 568 0.39

OPTOS 196.00 160.00 279.25 Neutral Sell 172 1.19

SMITH & NEPHEW 710.50 580.00 734.00 Neutral Sell 646 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 652.50 487.50 720.50 N eutral Neutral 639 0.43

HEADLAM GROUP 344.75 263.00 354.00 Neutral Sell 308 0.93

HORNBY 85.00 55.25 110.25 Neutral Buy 108 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 924.50 469.00 932.50 Neutral Sell 569 0.78

CSR 377.00 194.60 377.00 Neutral Strong Buy 1184 1.20FILTRONIC 56.50 23.50 56.50 Neutral Sell 46 0.88

IMAGINATION TECHN OLOGIES 524.00 383.50 717.00 N eutral Neutral 517 1.08

SPIRENT COMMUNICATIONS 165.30 1 29.60 174.00 Neutral Strong Buy 684 0.94

WOLFSON MICROELECTR ON ICS 200.00 165.75 230.00 Neutral Sell -442 0.93


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Insurance Under Va lued


ADMIRAL GROUP 1229.00 962.50 1238.00 Neutral Sell 378 0.54

AMLIN 402.60 312.90 405.00 Neutral Sell -2845 0.45

BEAZLEY 199.00 132.50 199.00 Neutral Strong Buy 1484 0.59

CATLIN GROUP 538.50 399.00 540.00 Neutral Buy 714 0.30

HISCOX 474.70 371.30 489.40 Neutral Strong Buy 2015 0.48

JARDINE LLOYD THOMPSON 796 .00 659 .00 816 .00 Neutral Strong Buy 3070 0.30

RSA INSURANCE GROUP 129.80 97.65 134.30 Neutral Strong Buy 1647 0.42

NOVAE GROUP 423.00 340.00 430.50 Neutral Strong Buy 1869 0.46

Leisure & Hotels Over Valued


CARNIVAL 2594.00 1841.00 2615.00 Neutral Strong Buy 4286 1.02

ENTERPRISE INNS 102.00 42.25 105.00 Neutral Sell 71 1.59

TUI TRAVEL 306.30 158.00 306.30 Neutral Strong Buy 748 0.98

FULLER SMITH 'A' 785.00 680.00 798.00 Neutral Sell 625 0.38

GREENE KING 699.50 474.30 699.50 Neutral Sell 588 0.92

LADBROKES 217.90 145.90 218.70 Neutral Sell 176 0.93

ICTL.HTLS.GP. 1903.00 1363.59 1918.00 Neutral Sell 1580 1.17

MILLENNIUM & CPTH.HTLS. 556.50 455.40 556.50 N eutral Neutral 589 1.36

MITCHELLS & BUTLERS 325.90 217.40 337.00 Neutral Sell 283 1.08

BWIN PARTY DIGITAL ENTM. 116.70 91.90 172.10 Neutral Sell 75 1.24

PUNCH TAVERNS 13.00 5 .61 13.00 Neutral Strong Buy 44 1.25

RANK GROUP 149.90 111.00 155.20 Neutral Strong Buy 486 0.99

RESTAURANT GROUP 386.20 269.20 391.70 Neutral Sell 307 0.76

WETHERSPOON (JD) 519.00 371.30 548.50 Neutral Buy 707 0.70

WHITBREAD 2671.00 1637.00 2672.00 Sell Sell 1863 0.99WILLIAM HILL 394.90 222.40 394.90 Neutral Sell 267 0.87

MARSTON'S 136.00 94.25 136.00 Neutral Sell 19 1.20

Life Assurance Over Valued


AVIVA 353.40 255.30 388.40 Neutral Strong Buy 1091 1.25

CHESNARA 224.75 155.25 224.75 Neutral Buy 327 0.70

LEGAL & GENERAL 146.90 106.00 153.10 Neutral Strong Buy 269 1.70

OLD MUTUAL 185.90 138.70 189.50 Neutral Sell 160 1.57

PRUDENTIAL 916.00 660.00 973.00 Neutral Sell 849 1.70

ST.JAMES'S PLACE 459.20 303.40 467.10 Neutral Sell 400 0.85


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Media & Entertainment Over Valued


AEGIS GROUP 234.10 153.20 237.80 Neutral Sell -584 1.28

BLOOMSBURY PBL. 112.00 104.00 146.50 Neutral Strong Buy 1502 0.35

BRITISH SKY BCAST.GROUP 818.00 635.50 825.50 Neutral Strong Buy 145 0.54

CENTAUR MEDIA 58.50 28.50 58.50 Neutral Strong Buy 3057 0.98

DAILY MAIL 'A' 641.00 363.50 641.00 Sell Strong Buy 5391 1.12

EUROMONEY INSTL.INVESTOR 943.50 672.50 951.50 Neutral Sell -30 1.00

INFORMA 481.90 340.00 491.20 Neutral Strong Buy 261 1.54

ITE GROUP 266.00 180.00 273.40 Neutral Strong Buy 1184 1.42

ITV 117.10 69.45 118.40 Neutral Strong Buy 1460 1.54

JOHNSTON PRESS 13.25 4.88 15.00 Neutral Buy 330 1.25

PEARSON 1203.00 1111.00 1294.00 Neutral Strong Buy 2302 0.64

PHOTO-ME INTL. 77.00 36.25 77.75 Neutral Buy 496 0.76

PINEWOOD SHEPPERTON 274.00 237.62 377.50 Neutral Sell -576 0.15

THOMSON REUTERS 30.62 26.66 31.04 Neutral Sell 278 0.51

STV GROUP 121.25 81.50 121.50 Neutral Strong Buy 706 0.78ST.IVES 120.50 67.50 125.00 Neutral Sell -286 1.49

TRINITY MIRROR 103.75 25.50 104.00 Neutral Strong Buy 2197 1.58

UBM 744.50 511.00 788.00 Neutral Strong Buy 1129 1.31

WILMINGTON GROUP 153.50 82.00 160.00 Neutral Sell 203 0.84

WPP 1001.00 743.00 1010.00 Neutral Strong Buy 815 1.34

HIBU 0.34 0.26 5.90 Neutral Sell 25 1.08

Mining Under Va lued


ANGLO AMERICAN 1937.00 1664.00 2862.00 Neutral Strong Buy 3279 1.72

ANGLO PACIFIC GROUP 268.00 221.25 340.00 Neutral Buy 309 0.99ANTOFAGASTA 1124.00 991.00 1381.00 Neutral Sell 1055 1.39

BHP BILLITON 2155.00 1681.00 2214.50 Neutral Strong Buy 3899 1.44

LONMIN 376.90 240.84 599.98 Neutral Sell 62 2.01

RANDGOLD RESOURCES 6120.00 4596.00 7775.00 Neutral Sell 3272 0.33

RIO TINTO 3660.00 2715.50 3873.50 N eutral Neutral 3938 1.51

COALFIELD RESOURCES 6.22 3.75 32.75 Neutral Strong Buy 187 0.89

VEDANTA RESOURCES 832.50 1502.00 Neutral Strong Buy 2862 2.18

XSTRATA 1153.50 785.80 1221.50 N eutral Neutral 1165 1.86

Oil & Gas Under Va lued


BG GROUP 1111.00 1000.50 1547.00 Neutral Buy 1230 0.80

BP 456.80 391.95 504.60 Neutral Strong Buy 1544 1.05

CAIRN ENERGY 286.60 248.20 360.00 Neutral Sell -28 1.32

FORTUNE OIL 10.50 7.86 12.50 Neutral Buy 15 0.90

HUNTING 864.50 688.00 968.00 Neutral Sell 525 1.29

JKX OIL & GAS 57.75 55.00 187 .75 Neutral Strong Buy 298 1.34

PREMIER OIL 384.40 321.30 449.70 Neutral Sell 295 1.44

ROYAL DUTCH SHELL B 2202.50 2039.00 2366.50 Neutral Strong Buy 10947 0.86

SOCO INTERNATIONAL 395.60 254.90 400.00 Neutral Sell 253 0.52

TULLOW OIL 1178.00 1138.00 1601.00 Neutral Sell 794 1.05

WOOD GROUP (JOHN) 812.00 651.50 875.50 N eutral Neutral 838 1.35


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Personal Care & Household Products Over Valued


MCBRIDE 134.25 102.70 140.00 Neutral Strong Buy 271 0.84

PZ CUSSONS 403.00 296.10 415.60 Neutral Sell 335 0.70

RECKITT BENCKISER GROUP 4203.00 3 300.00 4269.00 N eutral Neutral 4253 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 1.05 0.99 3.98 Buy Strong Buy 142 1.01

ASTRAZENECA 3021.50 2591.00 3168.00 Neutral Sell -35929 0.49

BTG 330.20 300.30 423.00 Neutral Strong Buy 850 0.62

DECHRA PHARMACEUTICALS 641.50 418.33 643.00 Neutral Strong Buy 5363 0.25

GLAXOSMITHKLINE 1437.50 1317.50 1507.50 Neutral Sell -16364 0.50

OXFORD BIOMEDICA 2.35 2.05 5.80 Buy Strong Buy 61 0.62

PHYTOPHARM 9.12 5.88 12.75 Buy Sell 7 0.88

SHIRE 2112.00 1727.00 2300.00 Neutral Sell -3447 0.64

SKYEPHARMA 70.00 31.00 101.50 Neutral Sell -865 0.71

VERNALIS 23.88 19.50 27.38 Neutral Strong Buy 446 0.83

Real Estate Under Va lued


BIG YELLOW GROUP 368.80 274.50 382.10 Neutral Sell -584 1.14

BRITISH LAND 563.00 466.10 577.00 Neutral Strong Buy 1502 1.04

CAPITAL & REGIONAL 28.00 22.75 34.25 Sell Strong Buy 145 0.81

CLS HOLDINGS 775.00 595.00 804.00 Neutral Strong Buy 3057 0.71

DERWENT LONDON 2129.00 1684.00 2205.00 Neutral Strong Buy 5391 1.20DEVELOPMENT SECS. 152.75 121.75 176.00 Neutral Sell -30 0.98

GRAINGER 131.80 83.10 133.90 Neutral Strong Buy 261 1.53

GREAT PORTLAND ESTATES 475.10 345.60 502.00 Sell Strong Buy 1184 1.06

HAMMERSON 475.40 381.90 497.70 Neutral Strong Buy 1460 1.16

HELICAL BAR 228.00 164.00 247.00 Neutral Buy 330 0.76

LAND SECURITIES GROUP 799.00 672.50 832.50 Neutral Strong Buy 2302 1.15

CAPITAL SHOPCTS.GROUP 351.80 305.00 366.00 Neutral Buy 496 1.10

MCKAY SECURITIES 141.00 110.25 144.00 Neutral Sell -576 0.71

MUCKLOW (A & J) GROUP 352.25 310.00 390.00 Neutral Sell 278 0.41

PRIMARY HEALTH PROPS. 360.75 311.00 360.75 Neutral Strong Buy 706 0.37

QUINTAIN ESTATES & DEV. 61.50 32.50 62.50 Sell Sell -286 1.17

SAVILLS 521.50 300.80 521.50 Neutral Strong Buy 2197 0.73

SHAFTESBURY 557.50 482.20 572.50 Neutral Strong Buy 1129 1.02SEGRO 248.70 209.40 259.20 Neutral Sell 203 1.69

ST MODWEN PROPS. 250.40 145.50 255.30 Neutral Strong Buy 815 1.55

TOWN CENTRE SECURITIES 189.00 147.00 189.50 Neutral Sell 25 1.04

UNITE GROUP 289.50 180.25 291.00 Neutral Sell 63 1.75

WARNER ESTATE 1.68 1.00 4.13 Sell Sell -1050 1.00

WORKSPACE GROUP 317.00 213.25 335.50 Neutral Sell 0 1.02


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Software & Computer Services Under Va lued


ANITE 157.90 101.25 157.90 Neutral Sell 121 0.75

AVEVA GROUP 2158.00 1469.00 2232.00 Neutral Sell 1292 1.40

COMPUTACENTER 470.70 292.40 470.70 Neutral Strong Buy 1357 0.99KOFAX 325.00 240.00 325.75 N eutral Neutral 322 1.09

INNOVATION GROUP 25.00 18.25 25.00 Neutral Sell 22 0.83

MICRO FOCUS INTL. 632.00 426.17 633.50 Neutral Buy 935 0.80

PHOENIX IT GROUP 158.00 135.00 231.75 Neutral Strong Buy 314 0.74

RM 74.75 70.75 93.50 Neutral Sell -88 0.51

FIDESSA GROUP 1544.00 1275.00 1766.00 Neutral Buy 2060 0.73

SAGE GROUP 323.80 247.70 331.60 Neutral Buy 408 0.73

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 402.60 237.30 422.00 Neutral Sell 156 1.09

BREWIN DOLPHIN 211.30 136.30 222.00 Neutral Sell 117 0.70

CAMELLIA 11000.00 9175.00 11105.00 Neutral Sell 9412 0.83

CHARLES STANLEY GROUP 355.00 247.50 355.00 Neutral Sell 165 0.97

CHARLES TAYLOR 175.00 123.00 189.75 Neutral Sell 94 0.68

CLOSE BROTHERS GROUP 1005.00 673.50 1018.00 Neutral Sell 154 0.91

F&C ASSET MANAGEMENT 108.50 64.75 110.00 Neutral Sell 102 0.89

HELPHIRE GROUP 3.19 0.77 3.61 Sell Strong Buy 44 0.70

HENDERSON GROUP 158.40 90.55 161.80 Neutral Sell 46 1.45

ICAP 352.80 281.40 431.50 Neutral Sell 191 1.08

INTERMEDIATE CAPITAL GP. 356.20 227.30 361.80 Neutral Sell 177 1.68

INVESTEC 475.90 310.40 476.80 Neutral Sell 76 1.56

LONDON STOCK EX.GROUP 1250.00 880.00 1263.00 Neutral Strong Buy 3477 1.15MAN GROUP 96.20 63.25 152.50 Neutral Sell 88 1.32

RATHBONE BROTHERS 1453.00 1151.00 1460.00 Neutral Sell 1090 0.74

SCHRODERS 1999.00 1166.00 1999.00 Sell Sell 1211 1.32

SCHRODERS NV 1562.00 966.00 1594.00 Neutral Strong Buy 4180 1.28


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Support Services Over Valued


ACAL 207.00 157.75 219.50 Neutral Buy 285 0.91

AGGREKO 1557.00 1557.00 2400.00 Neutral Sell 1163 1.02

AMEC 1094.00 923.00 1172.00 Neutral Sell 993 1.03

ASHTEAD GROUP 477.00 212.20 479.40 Neutral Sell 280 1.61

BABCOCK INTL. 1033.00 721.50 1048.00 Neutral Sell 604 0.47

BRITISH POLYTHENE INDS. 433.00 317.00 433.00 Sell Strong Buy 736 0.76

BUNZL 1135.00 865.50 1167.00 Neutral Sell 756 0.53

UK MAIL GROUP 370.00 214.00 372.50 Neutral Buy 412 0.37

CAPITA 798.50 602.00 800.50 Neutral Sell 468 0.50

COMMUNISIS 45.38 25.50 50.50 Neutral Buy 67 0.77

COMPASS GROUP 779.50 616.00 779.50 Neutral Sell 556 0.73

BERENDSEN 618.00 454.50 634.00 Neutral Buy 878 1.04

DE LA RUE 964.50 885.50 1075.00 Neutral Sell 557 #NA

DIGNITY 1216.00 755.50 1228.00 Neutral Sell 700 0.21

DIPLOMA 568.50 385.00 580.00 Neutral Sell 442 0.95ELECTROCOMP. 255.60 195.20 263.00 Neutral Buy 292 1.04

FILTRONA 578.50 375.50 597.00 Neutral Sell 321 1.09

G4S 279.80 240.00 292.10 Neutral Sell 263 0.58

HAYS 92.55 66.40 92.85 Neutral Buy 111 1.09

HOMESERVE 240.00 137.50 255.70 Neutral Strong Buy 441 0.91

INTERSERVE 460.30 270.10 461.80 Neutral Buy 641 1.26

INTERTEK GROUP 3172.00 2177.00 3219.00 Neutral Sell 1311 0.77

JOHNSON SERVICE GROUP 40.50 26.25 42.00 Neutral Strong Buy 85 1.16

MANAGEMENT CNSL.GP. 27.25 21.25 39.50 Neutral Strong Buy 50 0.69

MENZIES (JOHN) 750.00 542.00 750.00 Neutral Strong Buy 1216 1.42

MICHAEL PAGE INTL. 415.20 341.40 497.00 Neutral Sell 293 1.40

MITIE GROUP 286.00 253.90 300.80 N eutral Neutral 314 0.54

OFFICE2OFFICE 97.00 91.50 163.75 Neutral Strong Buy 219 0.33

PAYPOINT 831.50 555.50 893.50 Neutral Sell 632 0.69

PREMIER FARNELL 211.40 153.20 228.80 Neutral Buy 256 1.31

REGUS 124.30 82.65 124.50 Neutral Sell 99 1.42

RENTOKIL INITIAL 89.70 69.40 97.95 Neutral Sell 50 1.27

REXAM 460.20 378.11 473.50 Neutral Buy 556 0.90

RICARDO 410.00 304.50 412.00 N eutral Neutral 429 0.84

ROBERT WALTERS 205.00 176.25 264.63 Neutral Buy 286 1.19

RPC GROUP 432.90 348.30 447.00 Neutral Buy 487 0.76

RPS GROUP 229.50 197.00 256.60 N eutral Neutral 224 1.48

SERCO GROUP 558.00 509.50 602.00 Neutral Sell 527 0.59

SHANKS GROUP 82.50 75.80 107.20 Neutral Strong Buy 151 1.44

SPEEDY HIRE 41.25 22.25 41.25 Neutral Buy 47 1.24TRIBAL GROUP 127.00 67.50 129.00 Neutral Sell 46 0.53

TRIFAST 49.63 39.50 53.25 Neutral Buy 55 0.92

VP 327.00 234.75 354.88 Neutral Strong Buy 560 0.85

WYG 71.50 42.00 75.00 Sell Strong Buy 167 0.78


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Telecommunication Services Over Valued


BT GROUP 267.00 200.70 272.70 N eutral Neutral 289 0.92

CABLE & WIRELESS COMMS. 40.69 27.28 43.75 Neutral Strong Buy 73 0.68

INMARSAT 645.50 390.80 661.00 Neutral Sell 545 0.52KCOM GROUP 76.75 67.00 85.20 Neutral Buy 113 1.24

TELECOM PLUS 960.00 612.00 985.50 Neutral Sell 633 0.10

VODAFONE GROUP 171.85 154.45 191.25 Neutral Sell 146 0.55

Transport Over Valued


BBA AVIATION 224.80 178.00 231.20 Neutral Sell 171 1.29

BRAEMAR SHIPPING SVS. 374.00 309.50 425.00 N eutral Neutral 399 0.97

CLARKSON 1421.00 1150.00 1421.00 Neutral Sell 1343 0.80

EASYJET 958.50 431.70 962.00 Neutral Sell 582 0.75

FIRST GROUP 195.50 175.70 306.50 Neutral Strong Buy 462 0.92

FISHER(JAMES)& SONS 833.50 502.50 844.50 Neutral Sell 333 0.75

GO-AHEAD GROUP 1349.00 1086.00 1374.00 Neutral Buy 1563 0.91

NATIONAL EXPRESS 209.80 164.50 252.00 N eutral Neutral 210 1.33

NORTHGATE 327.00 159.60 336.00 Neutral Strong Buy 542 1.40

STAGECOACH GROUP 303.80 230.40 319.60 N eutral Neutral 327 0.90

WINCANTON 65.00 31.00 91.75 Neutral Sell -33 0.90

Utilities Under Valued


CENTRICA 340.40 288.50 353.10 Neutral Buy 468 0.47

NATIONAL GRID 689.00 626.00 717.50 Neutral Buy 817 0.50

PENNON GROUP 681.00 598.00 796.00 Neutral Buy 760 0.59

SSE 1405.00 1250.00 1466.00 Neutral Buy 1701 0.43

SEVERN TRENT 1618.00 1507.00 1796.00 Neutral Sell 1472 0.35

UNITED UTILITIES GROUP 726.00 594.00 747.50 Neutral Sell 654 0.51


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value indicator - uk main market 20130208