value indicator - uk main market 20130716

7/28/2019 value indicator - uk main market 20130716

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16 July 2013

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Intellisys Intelligent Analysis Limited 16 July 2013

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

Contents

Introduction .................................................................................................................................3Value ...........................................................................................................................................4Conclusion ..................................................................................................................................4RISK WARNING Ratings and Targets ....................................................................................4How to use the report .................................................................................................................5Aerospace & Defence Under Valued .....................................................................6Automobiles & Parts Under Va lued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Under Valued ..................................................7Engineering & Machinery Over Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Over Valued ........................................................8General Retail Under Valued ..............................................................................9Heath Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance 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 Under Valued ............................................................................... 12Software & 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 upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

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


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Aerospace & Defence Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 428.20 300.80 428.20 Neutral Buy 610 0.68

CHEMRING GROUP 311.70 217.00 414.70 Neutral Buy 363 0.66

COBHAM 286.20 190.10 293.40 Neu tral Neutra l 303 0.83

MEGGITT 558.00 366.20 562.00 Neu tral Neutra l 536 1.30

ROLLS-ROYCE HOLDINGS 1208.00 7 99.39 1 225.00 Neu tral Neutra l 1180 1.01

SMITHS GROUP 1396.00 1011.00 1396.00 Neutral Sell 1171 0.77

ULTRA ELECTRONICS HDG. 1833.00 1 424.00 1843.00 Neutral Sell 1729 0.51

Automobiles & Parts Under Valued

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

GKN 335.60 200.70 335.60 Neu tral Neutra l 328 1.96

INCHCAPE 536.50 353.30 577.50 Neu tral Neutra l 571 1.42

LOOKERS 108.50 64.50 110.50 Neutral Sell 99 1.23

PENDRAGON 28.25 13.50 28.25 Neutral Buy 39 1.11

Banks Over Valued


BARCLAYS 309.75 150.55 333.85 Neutral Sell -827 1.94

HSBC HDG. (ORD $0.50) 730.60 510.60 769.90 Neutral Buy 860 1.16

LLOYDS BANKING GROUP 69.44 28.76 69.44 Sell Sell 8 1.86

ROYAL BANK OF SCTL.GP. 320.00 196.60 367.80 Neutral Sell -135 1.37

STANDARD CHARTERED 1546.50 1228.50 1 837.50 Neutral Strong Buy 3376 1.65

Beverages Under Valued


BARR (AG) 521.50 415.00 588.50 Neutral Sell 470 0.58

DIAGEO 2017.00 1656.00 2085.00 Neutral Neutra l 2161 0.53

SABMILLER 3260.00 2599.00 3657.00 Neutral Buy 4289 0.93

Chemicals Under Valued


ALENT 371.20 305.00 397.50 Neutral Buy 447 #NA

AZ ELECTRONIC MATS.(DI) 342.90 240.00 406.40 Neutral Strong Buy 554 1.21

CARCLO 359.00 342.75 503.00 Neutral Sell 147 0.76

CRODA INTERNATIONAL 2619.00 2164.00 2841.00 Neutral Buy 3416 1.06

ELEMENTIS 238.70 179.00 275.00 Neutral Buy 317 1.04

JOHNSON MATTHEY 2836.00 2080.27 2836.00 Neutral Strong Buy 4528 1.44

VICTREX 1611.00 1191.00 1765.00 Neutral Sell 1411 1.19

SYNTHOMER 197.70 130.00 225.80 Neutral Strong Buy 386 1.11

ZOTEFOAMS 206.00 166.00 225.00 Neutral Buy 295 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 105.00 61.50 105.00 Neutral Strong Buy 275 0.52

BALFOUR BEATTY 220.70 207.60 320.80 Neutral Strong Buy 1142 0.83

BARRATT DEVELOPMENTS 352.00 132.20 352.00 Sell Strong Buy 603 1.61

BELLWAY 1455.00 801.50 1455.00 Neutral Strong Buy 2833 1.00

BERKELEY GROUP HDG.(THE) 2320.00 1343.00 2325.00 Neutral Buy 3472 0.57

BOOT (HENRY) 181.00 115.50 201.00 Neutral Strong Buy 361 0.76

BOVIS HOMES GROUP 851.50 451.00 851.50 Neutral Buy 1037 1.11

CARILLION 276.10 235.50 331.80 Neutral Strong Buy 1525 1.10

CLARKE (T) 55.00 40.00 61.50 Neutral Strong Buy 383 0.80

COSTAIN GROUP 282.00 202.00 306.00 Neutral Strong Buy 1122 0.51

CRH 1352.00 1090.00 1540.00 Neutral Sell 912 1.05

GALLIFORD TRY 1008.00 606.00 1010.00 Neutral Strong Buy 2921 0.95

KELLER 1088.00 384.00 1088.00 Sell Strong Buy 2366 1.26

KIER GROUP 1486.00 1106.00 1486.00 Neutral Strong Buy 5271 0.94

LOW & BONAR 64.25 50.00 76.75 Neutral Strong Buy 223 1.05MARSHALLS 134.25 76.00 142.00 Neutral Buy 200 1.32

MORGAN SINDALL GROUP 622.00 508.00 695.00 Neutral Strong Buy 4494 0.69

NORCROS 16.00 10.63 18.25 Neutral Strong Buy 60 1.07

PERSIMMON 1305.00 565.78 1305.00 Sell Strong Buy 1985 1.04

REDROW 252.00 125.00 252.00 Neutral Strong Buy 451 0.89

SIG 177.20 88.85 179.20 Neutral Strong Buy 522 1.72

SUPERGLASS HOLDINGS 45.00 43.00 287.50 Neutral Strong Buy 4192 0.88

TAYLOR WIMPEY 107.90 42.72 107.90 Neutral Strong Buy 225 1.62

TRAVIS PERKINS 1656.00 970.50 1656.00 Sell Strong Buy 4368 1.92

WOLSELEY 3270.00 2237.39 3483.00 Neutral Strong Buy 5940 1.37

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1100.00 995.00 1365.00 Neu tral Neu tral 1049 0.69

DOMINO PRINTING SCIENCES 645.50 522.00 717.00 Neutral Buy 806 1.16

E2V TECHNOLOGIES 120.00 105.50 137.75 Neutral Strong Buy 232 1.27

INVENSYS 509.50 217.33 509.50 Sell Sell 341 1.36

LAIRD 192.60 171.10 249.30 Neutral Buy 270 2.12

OXFORD INSTRUMENTS 1365.00 1200.00 1752.00 Neutral Sell 1138 1.11

RENISHAW 1563.00 1260.00 2081.00 Neutral Strong Buy 2456 1.30

SPECTRIS 2018.00 1466.00 2470.00 Neutral Buy 2524 1.52

BIOME TECHNOLOGIES 0.07 0.06 0.13 Neutral Sell -0 0.75

TT ELECTRONICS 162.25 114.00 178.50 Neutral Strong Buy 262 1.61

XAAR 885.00 227.00 898.00 Neutral Sell 383 1.09


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 88.25 54.25 91.75 Neutral Buy 124 1.18

BODYCOTE 569.50 313.10 575.50 Neutral Neutral 623 1.58

CASTINGS 392.50 291.00 400.00 Neutral Strong Buy 647 0.94

VESUVIUS 397.50 263.19 402.10 Neutral Strong Buy 962 2.23

FENNER 315.00 305.90 435.20 Neutral Strong Buy 526 1.46

HALMA 534.50 395.50 538.50 Neutral Sell 369 0.77

HILL & SMITH 449.25 297.00 480.00 Neutral Buy 502 1.36

IMI 1364.00 776.00 1364.00 Neutral Strong Buy 6419 1.40

MORGAN ADVANCED MATERIAL 291.60 220 .30 305.00 Neutral Sell -10 1.87

ROTORK 2782.00 2132.00 3037.00 Neutral Sell 1430 1.03

SENIOR 276.50 177.00 281.80 Neutral Sell 235 1.66

SEVERFIELD-ROWEN 53.25 35.40 80.16 Neutral Sell 39 0.75

SPIRAX-SARCO 2814.00 1903.48 2928.35 Neutral Sell 2068 0.84

VITEC GROUP 562.00 562.00 740.00 Neutral Sell 432 1.41

WEIR GROUP 2189.00 1491.00 2474.00 Neutral Neutral 2099 1.47

Food & Drug Stores Over Valued


GREGGS 437.60 398.00 523.50 Neutral Strong Buy 790 0.43

MORRISON(WM)SPMKTS. 284.40 248.60 296.40 Neutral Buy 382 0.36

SAINSBURY (J) 382.20 311.20 396.50 Neutral Buy 461 0.54

TESCO 353.15 307.90 387.75 Neutral Sell 192 0.66

THORNTONS 90.50 22.50 100.50 Neutral Sell 56 0.82

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1897.00 1243.00 2031.00 Neutral Neutral 1877 0.59

CRANSWICK 1165.00 732.50 1178.00 Neutral Strong Buy 2023 0.35

DAIRY CREST 496.20 327.30 503.50 Neutral Sell 115 0.89

DEVRO 297.80 278.00 380.00 Neutral Strong Buy 526 0.34

PREMIER FOODS 77.00 54.50 125.75 Sell Strong Buy 389 1.22

TATE & LYLE 867.50 634.50 883.00 Neutral Strong Buy 1407 0.68

UNILEVER (UK) 2820.00 2140.00 2885.00 Neutral Sell 1736 0.52


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 25.25 20.50 29.50 Neutral Buy 35 0.67

BROWN (N) GROUP 506.00 261.70 507.00 Sell Sell 397 0.47

BURBERRY GROUP 1537.00 1000.00 1541.00 Neutral Sell 1082 1.27

CARPETRIGHT 679.50 585.00 701.50 Sell Sell 316 0.89

DIXONS RETAIL 42.60 14.97 43.40 Neutral Buy 50 1.46

FINDEL 179.00 55.20 186.00 Neutral Sell 75 1.05

FRENCH CONNECTN.GROUP 27.50 19.50 34.00 Sell Strong Buy 115 1.00

HALFORDS GROUP 359.70 189.00 405.20 Neutral Strong Buy 552 0.68

JD SPORTS FASHION 900 .00 651.00 925 .00 Neutral Strong Buy 1694 0.51

DARTY 74.00 38.00 75.00 Neutral Buy 105 1.19

KINGFISHER 379.00 254.10 379.00 Neu tral Neu tral 414 0.87

MARKS & SPENCER GROUP 469.00 317.10 485.00 Neutral Buy 560 0.61

MOSS BROTHERS GROUP 61.25 43.00 71.00 Neutral Buy 69 0.98

MOTHERCARE 482.00 194.75 492.75 Neu tral Neu tral 477 0.38

NEXT 4800.00 3184.00 4800.00 Sell Neutral 4860 0.59

TED BAKER 1856.00 880.00 1856.00 Sell Sell 849 0.54

TOPPS TILES 85.00 40.25 87.00 Neutral Sell 60 1.50

Health Over Valued


BIOQUELL 132.50 129.50 160.00 Neutral Sell 113 0.39

CONSORT MEDICAL 795.00 660.50 839.00 Neutral Sell 566 0.38

OPTOS 124.25 106.75 222.75 Neutral Buy 160 1.23

SMITH & NEPHEW 778.50 638.00 794.50 Neutral Sell 668 0.44

Household Goods & Textiles Over Valued


GAMES WORKSHOP 780.00 571.50 780.00 Neutral Neutral 758 0.38

HEADLAM GROUP 357.00 265.00 378.75 Neutral Sell 312 0.89

HORNBY 80.00 55.25 88.50 Neutral Buy 107 0.71

Information Technology & Hardware Over Valued


ARM HOLDINGS 908.00 469.00 1097.00 Neutral Sell 441 0.70

CSR 607.00 218.30 607.00 Neutral Strong Buy 1497 1.12FILTRONIC 63.50 28.38 83.25 Neutral Sell 24 0.94

IMAGIN AT ION TECHNOLOGIES 273.10 273 .10 624.00 Neutral Buy 348 1.09

SPIRENT COMMUNICATIONS 118.00 118.00 170.00 Buy Strong Buy 430 0.94

WOLFSON MICROELECTRONICS 141.50 140 .00 230.00 Neutral Sell -704 0.96


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 135.50 102.00 146.50 Neutral Strong Buy 1152 0.38

BRITISH SKY BCAST.GROUP 840.50 677.50 899.50 Neutral Strong Buy 1326 0.47

CENTAUR MEDIA 41.75 29.00 60.00 Neutral Sell -15 1.02

DAILY MAIL 'A' 818.00 432.25 818.00 Neutral Strong Buy 4248 1.07

EUROMONEY INSTL.INVESTOR 1069.00 714 .00 1069.00 Neutral Strong Buy 5980 0.98

INFORMA 503.50 350.40 537.00 Neutral Sell -40 1.61

ITE GROUP 300.10 183.50 307.40 Neutral Strong Buy 334 1.49

ITV 161.30 70.40 161.30 Sell Strong Buy 1482 1.44

JOHNSTON PRESS 16.88 4.94 19.00 Neutral Strong Buy 922 1.22

PEARSON 1255.00 1119.00 1294.00 Neutral Strong Buy 443 0.60

PHOTO-ME INTL. 91.38 37.00 94.00 Neutral Strong Buy 2856 0.87

PINEWOOD SHEPPERTON 280.00 265.00 350.00 Neutral Strong Buy 1028 0.12

THOMSON REUTERS 35.62 26.85 36.45 Neutral Strong Buy 505 0.51

STV GROUP 139.00 81.50 146.88 Neutral Sell 309 0.82

ST.IVES 157.50 67.50 166.50 Neutral Sell 303 1.48TRINITY MIRROR 119.25 26.50 122.25 Neutral Sell -420 1.60

UBM 694.00 588.50 788.00 Neutral Strong Buy 2605 1.31

WILMINGTON GROUP 165.00 82.00 166.50 Neutral Strong Buy 1346 0.86

WPP 1200.00 786.00 1200.00 Neutral Sell -672 1.28

HIBU 0.30 0.26 1.92 Neutral Strong Buy 1015 0.98

Mining Under Valued


ANGLO AMERICAN 1300.50 1207.00 2084.00 Neutral Sell 1094 1.84

ANGLO PACIFIC GROUP 185.25 161.00 290.00 Neu tral Neu tral 181 1.07

ANTOFAGASTA 823.00 784.50 1381.00 Neutral Sell 680 1.43

BHP BILLITON 1807.50 1666.50 2236.00 Neutral Buy 2264 1.49

GLENCORE XSTRATA 261.85 256.85 397.85 Neutral Strong Buy 855 #NA

LONMIN 283.70 240.84 411.96 Neutral Buy 361 2.08

RANDGOLD RESOURCES 4272.00 3972.00 7 775.00 Neutral Sell 2318 0.42

RIO TINTO 2806.50 2582.00 3757.00 Neutral Sell 2135 1.54

COALFIELD RESOURCES 2.90 8.85 Neutral Strong Buy 127 0.94

VEDANTA RESOURCES 1103.00 832.50 1335.00 Neutral Strong Buy 2179 2.25

Oil & Gas Under Valued


BG GROUP 1185.00 1000.50 1350.50 Neutral Sell 869 0.86

BP 465.85 416.60 483.30 Neutral Strong Buy 984 1.05

CAIRN ENERGY 270.10 251.80 309.40 Neutral Sell -4 1.35

FORTUNE OIL 7.80 7.15 12.50 Neutral Strong Buy 98 0.87

HUNTING 823.50 716.00 941.00 Neutral Sell 542 1.37

JKX OIL & GAS 52.25 48.50 104 .00 Neutral Sell -60 1.43

PREMIER OIL 361.40 321.30 401.20 Neutral Buy 401 1.47

ROYAL DUTCH SHELL B 2305.00 2098.00 2366.50 Neutral Strong Buy 8100 0.86

SOCO INTERNATIONAL 371.00 310.60 404.30 Neutral Buy 520 0.57

TULLOW OIL 1101.00 977.00 1468.00 Neutral Sell 696 1.08

WOOD GROUP (JOHN) 903.00 720.50 903.00 Neutral Sell 707 1.45


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Personal Care & Household Products Over Valued


MCBRIDE 119.00 101.00 144.60 Neutral Strong Buy 253 0.79

PZ CUSSONS 389.00 297.20 415.60 Neutral Sell 321 0.68

RECKITT BENCKISER GROUP 4705.00 3417 .00 4950.00 Neutral Neutral 4750 0.30

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.40 0.36 3.58 Buy Sell -2 0.89

ASTRAZENECA 3262.00 2792.50 3521.50 Neutral Strong Buy 6487 0.49

BTG 394.70 300.30 414.30 Neutral Sell 198 0.73

DECHRA PHARMACEUTICALS 682.50 4 73.00 780.00 Neu tral Neu tral 723 0.20

GLAXOSMITHKLINE 1744.50 1317.50 1782.00 Neu tral Neu tral 1701 0.51

OXFORD BIOMEDICA 1.48 1.48 2.80 Buy Sell 0 0.60

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Buy Strong Buy 2 0.96

SHIRE 2247.00 1727.00 2247.00 Neutral Sell 1442 0.66

SKYEPHARMA 66.75 43.50 101.50 Neutral Sell 27 0.68

VERNALIS 19.50 19.50 27.38 Neutral Sell 10 0.88

Real Estate Under Valued


BIG YELLOW GROUP 433.00 290.40 440.00 Neutral Strong Buy 1152 1.15

BRITISH LAND 618.50 506.00 658.00 Neutral Strong Buy 1326 1.05

CAPITAL & REGIONAL 35.00 22.75 37.00 Sell Sell -15 0.68

CLS HOLDINGS 990.00 642.50 1010.00 Neutral Strong Buy 4248 0.72

DERWENT LONDON 2516.00 1886.00 2542.00 Neutral Strong Buy 5980 1.21DEVELOPMENT SECS. 209.00 135.75 209.00 Neutral Sell -40 0.92

GRAINGER 168.00 85.50 168.00 Sell Strong Buy 334 1.54

GREAT PORTLAND ESTATES 587.50 418.80 598.00 Neutral Strong Buy 1482 1.05

HAMMERSON 535.50 448.60 554.00 Neutral Strong Buy 922 1.24

HELICAL BAR 275.50 178.00 297.50 Neutral Strong Buy 443 0.77

LAND SECURITIES GROUP 967.00 761.50 994.00 Neutral Strong Buy 2856 1.14

INTU PROPERTIES 331.00 300.60 366.00 Neutral Strong Buy 1028 1.12

MCKAY SECURITIES 147.00 130.50 155.00 Neutral Strong Buy 505 0.66

MUCKLOW (A & J) GROUP 384.00 325.00 437.50 Neutral Sell 309 0.36

PRIMARY HEALTH PROPS. 323.00 312.50 363.53 Neutral Sell 303 0.30

QUINTAIN ESTATES & DEV. 85.50 44.00 87.50 Sell Sell -420 1.04

SAVILLS 610.00 365.00 613.00 Neutral Strong Buy 2605 0.73

SHAFTESBURY 640.50 516.00 668.00 Neutral Strong Buy 1346 1.02

SEGRO 301.60 221.60 302.80 Neutral Sell -672 1.80

ST MODWEN PROPS. 312.70 172.00 329.10 Neutral Strong Buy 1015 1.57

TOWN CENTRE SECURITIES 194.00 160.00 223.00 Neutral Sell 30 1.03

UNITE GROUP 389.00 207.25 389.00 Neutral Strong Buy 2250 1.78

WARNER ESTATE 1.00 1.00 2.52 Buy Sell -1268 0.96

WORKSPACE GROUP 446.90 240.00 446.90 Neutral Strong Buy 1578 0.98


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Software & Computer Services Under Valued


ANITE 132.90 113.00 162.00 Neu tral Neu tral 131 0.73

AVEVA GROUP 2434.00 1774.96 2588.15 Neutral Sell 1533 1.49

COMPUTACENTER 490.00 309.71 564.10 Neutral Strong Buy 1420 0.88

KOFAX 339.50 255.00 340.00 Neu tral Neu tral 342 1.07

INNOVATION GROUP 29.25 18.25 29.25 Sell Sell 26 0.78

MICRO FOCUS INTL. 756.50 529.08 767.00 Neutral Buy 1056 0.80

PHOENIX IT GROUP 159.75 130.00 222.00 Neutral Strong Buy 332 0.71

RM 80.00 64.00 85.50 Neutral Sell -104 0.49

FIDESSA GROUP 2100.00 1275.00 2137.00 Neu tral Neu tral 2260 0.79

SAGE GROUP 356.10 276.06 368.18 Neutral Buy 453 0.71

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 409.00 244.80 492.10 Neutral Strong Buy 1236 1.12

BREWIN DOLPHIN 247.00 144.60 249.50 Neutral Strong Buy 657 0.69

CAMELLIA 9135.50 8000.00 11105.00 Neutral Strong Buy 95365 0.85

CHARLES STANLEY GROUP 404.50 256.00 410.88 Neutral Strong Buy 1431 0.96

CHARLES TAYLOR 180.00 150.00 195.00 Neutral Strong Buy 1101 0.68

CLOSE BROTHERS GROUP 1044.00 729.00 1107.00 Neutral Strong Buy 4847 0.85

F&C ASSET MANAGEMENT 98.75 79.55 110.40 Neutral Sell 73 0.88

HELPHIRE GROUP 4.18 0.55 4.18 Sell Sell -127 0.65

HENDERSON GROUP 175.20 90.55 180.40 Neutral Strong Buy 805 1.44

ICAP 389.30 280.80 401.10 Neutral Strong Buy 823 1.04

INTERMEDIATE CAPITAL GP. 486.90 252.30 501.50 Neutral Strong Buy 2193 1.69

INVESTEC 440.10 358.40 513.50 Neutral Strong Buy 1701 1.56

LONDON STOCK EX.GROUP 1475.00 930.00 1499.00 Neutral Strong Buy 5176 1.08MAN GROUP 88.25 68.10 134.40 Neutral Sell -4812 1.39

RATHBONE BROTHERS 1691.00 1208.00 1691.00 Sell Strong Buy 5500 0.75

SCHRODERS 2488.00 1266.00 2560.00 Neutral Strong Buy 8214 1.27

SCHRODERS NV 1930.00 1016.00 2000.00 Sell Strong Buy 11230 1.25


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Support Services Under Valued


ACAL 228.50 157.75 247.50 Neutral Strong Buy 877 0.90

AGGREKO 1758.00 1557.00 2400.00 Neutral Strong Buy 4285 1.16

AMEC 1060.00 965.50 1172.00 Neutral Strong Buy 3447 1.10

ASHTEAD GROUP 713.00 240.50 713.00 Neutral Buy 1024 1.65

BABCOCK INTL. 1183.00 844.50 1205.00 Neutral Strong Buy 2721 0.48

BRITISH POLYTHENE INDS. 581.00 352.00 581.00 Neutral Strong Buy 2154 0.80

BUNZL 1383.00 1009.00 1392.00 Neutral Strong Buy 2900 0.52

UK MAIL GROUP 580.00 215.00 580.00 Sell Strong Buy 1490 0.41

CAPITA 1049.00 677.50 1049.00 Neutral Sell 213 0.53

COMMUNISIS 65.25 26.83 67.00 Neutral Strong Buy 499 0.78

COMPASS GROUP 897.00 647.50 910.50 Neutral Strong Buy 2058 0.74

BERENDSEN 810.00 496.30 812.00 Neutral Strong Buy 3481 1.04

DE LA RUE 975.50 891.50 1075.00 Neutral Strong Buy 1469 #NA

DIGNITY 1568.00 806.00 1568.00 Neutral Strong Buy 3127 0.22

DIPLOMA 597.00 417.10 627.50 Neutral Strong Buy 1575 0.97ELECTROCOMP. 251.50 200.00 278.40 Neutral Strong Buy 961 1.02

ESSENTRA PLC 762.00 455.80 762.00 Neutral Strong Buy 1436 1.14

G4S 207.50 207.50 313.50 Buy Strong Buy 920 0.54

HAYS 102.50 66.40 102.50 Sell Strong Buy 475 1.05

HOMESERVE 291.80 167.00 293.60 Neutral Strong Buy 1009 0.91

INTERSERVE 513.00 319.00 519.00 Neutral Strong Buy 3822 1.30

INTERTEK GROUP 3064.00 2691.00 3453.00 Neutral Strong Buy 4977 0.81

JOHNSON SERVICE GROUP 50.00 27.13 50.00 Neutral Strong Buy 121 1.10

MANAGEMENT CNSL.GP. 25.88 21.25 32.00 Neutral Strong Buy 225 0.68

MENZIES (JOHN) 732.00 573.00 801.00 Neutral Strong Buy 1878 1.40

MICHAEL PAGE INTL. 430.00 341.60 451.80 Neutral Strong Buy 872 1.37

MITIE GROUP 265.50 248.00 300.80 Neutral Strong Buy 1097 0.50

OFFICE2OFFICE 47.50 42.50 156.00 Neutral Strong Buy 730 0.28

PAYPOINT 1080.00 670.50 1093.00 Neutral Strong Buy 2271 0.72

PREMIER FARNELL 220.30 165.50 236.30 Neutral Strong Buy 747 1.40

REGUS 186.70 84.75 186.70 Neutral Sell 57 1.40

RENTOKIL INITIAL 95.90 70.35 100.70 Neutral Strong Buy 279 1.29

REXAM 481.30 420.70 547.50 Neutral Strong Buy 1843 0.86

RICARDO 378.50 334.50 431.00 Neutral Strong Buy 1734 0.87

ROBERT WALTERS 217.25 176.25 234.00 Neutral Strong Buy 1050 1.19

RPC GROUP 415.80 378.00 477.00 Neutral Strong Buy 1585 0.79

RPS GROUP 216.10 195.50 274.20 Neutral Strong Buy 1039 1.51

SERCO GROUP 624.50 535.00 683.50 Neutral Strong Buy 2464 0.60

SHANKS GROUP 79.75 73.00 98.00 Neutral Strong Buy 292 1.50

SPEEDY HIRE 64.00 22.25 64.75 Neutral Strong Buy 321 1.23TRIBAL GROUP 180.00 82.00 180.00 Neutral Strong Buy 584 0.64

TRIFAST 57.25 40.50 59.25 Neutral Strong Buy 345 0.94

VP 389.50 285.00 397.00 Neutral Strong Buy 2196 0.80

WYG 89.50 42.00 89.50 Neutral Strong Buy 635 0.82


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Telecommunication Services Over Valued


BT GROUP 344.00 210.20 344.00 Sell Buy 410 0.89

CABLE & WIRELESS COMMS. 41.53 29.64 46.29 Neutral Strong Buy 80 0.69

INMARSAT 695.50 468.90 749.00 Neutral Sell 173 0.57

KCOM GROUP 82.10 68.25 88.50 Neutral Buy 112 1.23

TELECOM PLUS 1385.00 790.00 1385.00 Sell Sell 636 0.03

VODAFONE GROUP 195.50 154.45 199.90 Neutral Sell 40 0.51

Transport Under Valued


BBA AVIATION 287.70 178.00 291.00 Neutral Sell 203 1.25

BRAEMAR SHIPPING SVS. 415.00 350.00 430.00 Neutral Buy 533 1.06

CLARKSON 1799.00 1150.00 1820.00 Neutral Sell 1284 0.84

EASYJET 1358.00 530.00 1367.00 Neutral Sell 758 0.74

FIRST GROUP 93.25 92.00 212.39 Neutral Strong Buy 224 0.91

FISHER(JAMES)& SONS 1056.00 590.00 1110.00 Neutral Sell 774 0.75

GO-AHEAD GROUP 1550.00 1220.00 1588.00 Neutral Buy 2140 1.00

NATIONAL EXPRESS 243.40 164.50 243.40 Neutral Buy 286 1.40

NORTHGATE 349.75 195.50 369.50 Neutral Strong Buy 697 1.33

STAGECOACH GROUP 333.70 265.90 334.40 Neutral Buy 419 0.97

WINCANTON 66.88 31.00 78.50 Neutral Sell -53 0.94

Utilities Under Valued


CENTRICA 374.50 310.80 394.90 Neutral Buy 529 0.50

NATIONAL GRID 763.50 641.00 847.50 Neutral Buy 884 0.45

PENNON GROUP 690.00 598.00 796.00 Neu tral Neutra l 742 0.61

SSE 1605.00 1294.00 1676.00 Neutral Buy 2140 0.41

SEVERN TRENT 1752.00 1513.00 2090.00 Neutral Sell 1472 0.34

UNITED UTILITIES GROUP 711.50 647.00 787.50 Neu tral Neutra l 702 0.48


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value indicator - uk main market 20130716