value indicator - uk main market 20130917

7/29/2019 value indicator - uk main market 20130917

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17 September 2013

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Intellisys Intelligent Analysis Limited 17 September 2013

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

Contents

Introduction .................................................................................................................................3Value ...........................................................................................................................................4Conclusion ..................................................................................................................................4RISK WARNING Ratings and Targets ....................................................................................4How to use the report .................................................................................................................5Aerospace & Defence Under Valued .....................................................................6Automobiles & Parts Under Va lued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Under Valued ..................................................7Engineering & Machinery Under Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Over Valued ........................................................8General Retail Under Valued ..............................................................................9Health Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Under Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Under Valued ................................................ 12Real Estate - REIT Under Valued ..................................................................... 12Real Estate REIS Under Valued ..................................................................... 13Software & Computer Services Under Valued .................................................... 13Speciality & Other Finance Under Valued .......................................................... 13Support Services Under Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 14Transport Under Valued ................................................................................... 15Utilities Under Valued ....................................................................................... 15DISCLAIMER ........................................................................................................................... 16RISK WARNING ...................................................................................................................... 17


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Introduction

The overriding purpose of this daily report is to provide users with a quick guide that will identify thoseshares that merit their investment attention in an increasingly time critical and information noisy tradingenvironment.

The report is published daily and delivered to the subscribers personal email box, typically, before theofficial open of the London Stock Markets.

Putting aside luck, Intellisys recognises that the timing and value of an investment are the two primarydrivers behind a successful portfolio performance.

Timing

Intellisys has invested considerably in identifying what it believes are the key factors that influenceinvestment timing. Having identified the key parameters, these have been established as rules that reflectmarket dynamics and cut through the daily investment noise.

Through this discipline, Intellisys has removed the emotional and sentimental factors as well as the dailypressures exerted upon primary stock promoters (analysts and traders) to find stories for their investmentmeetings.

From an analysis of a years data for 40 stocks within Intellisys stock coverage, the trading indicatorsappear to be, on average, about 77% accurate in identifying good trading points as well as some 74%accurate for overall trend correlation.

The following chart provides an indication the accuracy scores for each of the 40 stocks analysed.

Individual Stock Rating & Trend Accuracy Scores

Source: Intellisys

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

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Best Buy/Sell Trend


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Value

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

models.

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

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

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

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

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

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

Conclusion

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

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

Philip Morrish ([email protected])

RISK WARNING Ratings and Targets

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


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How to use the report

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

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

General RetailStock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

ASHLEY(LAURA) HOLDINGS 29.00 18.50 29.50 Neutral Neutral 30 0.72

BROWN (N) GROUP 266.70 222.40 282.70 Neutral Buy 298 0.52

BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

FRENCH CONNECTN.GROUP 23.50 19.50 82.00 Neutral Strong Buy 112 1.05

HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

JJB SPORTS SUSP - 24/09/12 0.40 0.24 17.00 Neutral Sell -62 0.88

JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

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

the market. This can be summarised as:

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

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

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


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Aerospace & Defence Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 446.50 300.80 455.40 Neutral Buy 617 0.70

CHEMRING GROUP 318.00 217.00 360.60 Neutral Buy 380 0.67

COBHAM 294.10 190.10 307.70 Neutral Neutral 306 0.82

MEGGITT 564.00 366.20 564.00 Neutral Neutral 539 1.25

ROLLS-ROYCE HOLDINGS 1106.00 822.44 1240.00 Neutral Neutral 1150 0.98

SMITHS GROUP 1373.00 1018.00 1397.00 Neutral Sell 1174 0.76

ULTRA ELECTRONICS HDG. 19 19.00 1505.00 1981.00 Neutral Sell 1738 0.51

Automobiles & Parts Under Va lued

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

GKN 358.60 201.00 358.60 Neutral Neutral 353 1.96

INCHCAPE 623.50 353.30 645.00 Neutral Neutral 661 1.41

LOOKERS 126.00 68.75 128.50 Neutral Sell 117 1.22

PENDRAGON 35.25 13.50 35.25 Neutral Buy 46 1.04

Banks Over Valued


BARCLAYS 305.40 213.65 333.85 Neutral Sell -832 1.96

HSBC HDG. (ORD $0.50) 703.20 573.30 769.90 Neutral Buy 870 1.19

LLOYDS BANKING GROUP 77.36 37.01 78.00 Neutral Sell 2 1.88

ROYAL BANK OF SCTL.GP. 366.50 255.10 367.80 Neutral Sell -96 1.39

STANDARD CHARTERED 1510.00 1380.00 1837.50 Neutral Strong Buy 3443 1.67

Beverages Under Valued


BARR (AG) 544.00 432.20 588.50 Neutral Sell 484 0.58

DIAGEO 2012.50 1683.50 2136.50 Sell Neutral 2180 0.51

SABMILLER 3190.00 2599.00 3657.00 Neutral Buy 4277 0.89

Chemicals Under Valued


ALENT 383.00 305.00 397.50 Neutral Buy 493 #NA

AZ ELECTRONIC MATS.(DI) 313.60 240.00 406.40 Neutral Strong Buy 603 1.11

CARCLO 424.00 342.75 501.00 Neutral Sell 159 0.74

CRODA INTERNATIONAL 2650.00 2164.00 2841.00 Neutral Buy 3391 1.05

ELEMENTIS 262.60 204.20 275.00 Neutral Buy 334 1.07

JOHNSON MATTHEY 2937.00 2190.00 2985.00 Neutral Strong Buy 4666 1.44

VICTREX 1679.00 1322.00 1765.00 Neutral Sell 1410 1.16

SYNTHOMER 240.00 146.00 249.20 Neutral Strong Buy 432 1.05

ZOTEFOAMS 196.50 186.50 225.00 Neutral Strong Buy 324 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 136.00 77.50 136.50 Neutral Strong Buy 296 0.55

BALFOUR BEATTY 278.20 207.60 320.80 Neutral Strong Buy 1155 0.82

BARRATT DEVELOPMENTS 333.60 167.30 355.20 Neutral Strong Buy 648 1.67

BELLWAY 1382.00 913.00 1502.00 Neutral Strong Buy 3038 0.96

BERKELEY GROUP HDG.(THE) 2161.00 1387 .00 2340.00 Neutral Strong Buy 3662 0.55

BOOT (HENRY) 191.50 123.50 201.00 Neutral Strong Buy 386 0.74

BOVIS HOMES GROUP 759.00 487.00 851.50 Neutral Strong Buy 1525 1.07

CARILLION 321.10 244.80 331.80 Neutral Strong Buy 1643 1.06

CLARKE (T) 63.88 40.00 64.50 Neutral Strong Buy 411 0.76

COSTAIN GROUP 272.50 226.25 306.00 Neutral Strong Buy 1199 0.50

CRH 1497.00 1090.00 1540.00 Neutral Sell 945 1.03

GALLIFORD TRY 1064.00 672.00 1070.00 Neutral Strong Buy 3143 0.93

KELLER 1108.00 522.00 1161.00 Neutral Strong Buy 2538 1.28

KIER GROUP 1675.00 1106.00 1675.00 Neutral Strong Buy 5679 0.99

LOW & BONAR 80.00 50.00 80.00 Neutral Strong Buy 238 1.08MARSHALLS 180.00 85.00 183.75 Neutral Buy 219 1.33

MORGAN SINDALL GROUP 699.50 508.00 712.00 Neutral Strong Buy 4825 0.70

NORCROS 19.25 11.25 19.25 Neutral Strong Buy 64 1.02

PERSIMMON 1153.00 685.75 1305.00 Neutral Strong Buy 2116 0.99

REDROW 235.00 151.70 255.10 Neutral Strong Buy 484 0.84

SIG 192.50 99.00 193.70 Neutral Strong Buy 563 1.68

SUPERGLASS HOLDINGS 43.00 43.00 287.50 Neutral Strong Buy 4488 0.89

TAYLOR WIMPEY 105.90 54.30 113.80 Neutral Strong Buy 241 1.58

TRAVIS PERKINS 1626.00 1030.00 1713.00 Neutral Strong Buy 4692 1.94

WOLSELEY 3381.00 2635.64 3483.00 Neutral Strong Buy 6403 1.30

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1157.00 999.50 1399.00 Neutral Sell 1068 0.67

DOMINO PRINTING SCIENCES 673.50 522.00 717.00 Neutral Buy 901 1.12

E2V TECHNOLOGIES 137.75 105.50 138.50 Neutral Strong Buy 279 1.25

INVENSYS 502.50 217.33 509.50 Neutral Sell 282 1.42

LAIRD 237.00 171.10 249.30 Neutral Strong Buy 455 2.06

OXFORD INSTRUMENTS 1358.00 1209.00 1 752.00 Neutral Neutral 1314 1.11

RENISHAW 1854.00 1494.00 2081.00 Neutral Buy 2105 1.28

SPECTRIS 2297.00 1549.00 2470.00 Neutral Buy 2866 1.51

BIOME TECHNOLOGIES 127.50 65.00 303.67 Neutral Sell -467 0.76

TT ELECTRONICS 197.00 114.00 197.00 Neutral Strong Buy 439 1.61

XAAR 798.00 232.50 898.00 Neutral Sell 426 1.08


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Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 125.00 54.25 126.00 Sell Buy 155 1.14

BODYCOTE 685.00 345.10 685.00 Sell Neutral 656 1.59

CASTINGS 440.00 291.00 450.00 Neutral Strong Buy 690 0.93

VESUVIUS 486.80 263.19 487.60 Neutral Strong Buy 1279 2.23

FENNER 416.00 305.90 435.20 Neutral Buy 575 1.47

HALMA 571.50 410.40 578.00 Neutral Sell 421 0.79

HILL & SMITH 449.75 364.00 480.00 Neutral Buy 566 1.31

IMI 1499.00 900.00 1513.00 Neutral Strong Buy 4445 1.39

MORGAN ADVANCED MATERIAL 310.80 220.30 318.00 Neutral Strong Buy 513 1.89

ROTORK 2832.00 2229.00 3037.00 Neutral Buy 3697 1.01

SENIOR 274.10 185.90 288.40 Neutral Sell 255 1.66

SEVERFIELD-ROWEN 65.00 35.40 76.91 Neutral Sell 50 0.79

SPIRAX-SARCO 3021.00 1932.53 3090.00 Neutral Sell 2177 0.81

VITEC GROUP 665.00 559.00 740.00 Neutral Sell 507 1.34

WEIR GROUP 2356.00 1688.00 2474.00 Neutral Neutral 2257 1.45

Food & Drug Stores Over Valued


GREGGS 442.10 392.10 523.50 Neutral Strong Buy 813 0.45

MORRISON(WM)SPMKTS. 296.40 248.60 302.50 Neutral Buy 398 0.37

SAINSBURY (J) 396.80 321.90 400.80 Neutral Buy 482 0.55

TESCO 372.10 307.90 387.75 Neutral Sell 202 0.67

THORNTONS 93.75 28.63 100.50 Neutral Sell 59 0.79

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1843.00 1284.00 2 031.00 Neutral Sell 1669 0.59

CRANSWICK 1189.00 732.50 1189.00 Neutral Strong Buy 1789 0.31

DAIRY CREST 487.90 332.90 528.50 Neutral Sell 392 0.88

DEVRO 335.00 289.90 380.00 Neutral Strong Buy 512 0.36

PREMIER FOODS 156.25 59.75 166.50 Neutral Strong Buy 257 1.23

TATE & LYLE 786.00 648.00 883.00 Neutral Strong Buy 1353 0.65

UNILEVER (UK) 2492.00 2252.00 2885.00 Neutral Sell 2208 0.50


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.25 25.00 29.50 Neutral Buy 40 0.67

BROWN (N) GROUP 549.00 266.40 577.00 Neutral Sell 482 0.50

BURBERRY GROUP 1602.00 1000.00 1667.00 Neutral Sell 1294 1.29

CARPETRIGHT 694.00 585.00 701.50 Neutral Sell 367 0.87

DIXONS RETAIL 47.30 18.70 47.30 N eu tral Neu tral 48 1.46

FINDEL 249.50 108.00 253.75 Neutral Sell 66 1.04

FRENCH CONNECTN.GROUP 32.00 22.75 34.00 Sell Strong Buy 115 1.03

HALFORDS GROUP 396.90 256.50 406.00 Neutral Buy 538 0.71

JD SPORTS FASHION 984.00 670.00 984.00 Neutral Strong Buy 1836 0.51

DARTY 74.00 39.00 88.25 Neutral Strong Buy 115 1.22

KINGFISHER 405.60 262.20 420.00 Neutral Buy 468 0.90

MARKS & SPENCER GROUP 513.50 356.80 513.50 Sell Buy 672 0.61

MOSS BROTHERS GROUP 73.00 45.00 74.88 N eu tral Neu tral 77 0.95

MOTHERCARE 416.75 202.00 492.75 Neutral Sell 162 0.36

NEXT 5200.00 3400.00 5205.00 N eu tral Neu tral 5684 0.59

TED BAKER 1935.00 899.00 2017.00 Neutral Sell 1018 0.57

TOPPS TILES 83.00 46.00 89.75 Neutral Sell 79 1.50

Health Over Valued


BIOQUELL 147.50 130.00 160.00 Neutral Sell 125 0.38

CONSORT MEDICAL 861.50 660.50 861.50 Neutral Sell 612 0.35

OPTOS 156.00 106.75 222.75 Neutral Buy 178 1.18

SMITH & NEPHEW 788.50 638.00 800.00 Neutral Sell 666 0.40

Household Goods & Textiles Over Valued


GAMES WORKSHOP 772.00 601.00 794.50 Neutral Neutral 756 0.31

HEADLAM GROUP 397.00 295.00 415.00 Neutral Sell 333 0.89

HORNBY 80.50 55.25 88.50 Neutral Buy 113 0.69

Information Technology & Hardware Over Valued


ARM HOLDINGS 972.00 566.00 1097.00 Neutral Sell 332 0.69

CSR 533.50 308.10 607.00 Neutral Strong Buy 1677 1.13FILTRONIC 63.25 30.75 83.25 Neutral Neu tral 60 0.93

IMAGINATION TECHNOLOGIES 344.00 235.10 568.50 Neutral Neu tral 356 1.04

SPIRENT COMMUNICATIONS 133.80 118.00 169.20 Neutral Strong Buy 290 0.90

WOLFSON MICROELECTRONICS 180 .00 140 .00 226 .25 Neutral Sell -186 0.93


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Insurance Under Valued


ADMIRAL GROUP 1214.00 1019.00 1416.00 Neutral Sell -538 0.52

AMLIN 400.60 364.10 435.10 Neutral Strong Buy 1552 0.38

BEAZLEY 216.40 164.60 242.70 Neutral Strong Buy 962 0.52

CATLIN GROUP 489.90 455.30 552.50 N eu tral Neu tral 479 0.23

HISCOX 632.50 463.32 660.00 Neutral Strong Buy 1925 0.42

JARDINE LLOYD THOMPSON 918.00 723.00 949.50 Neutral Buy 1222 0.30

RSA INSURANCE GROUP 124.20 107.70 136.30 Neutral Strong Buy 739 0.35

NOVAE GROUP 520.00 345.00 520.00 Neutral Strong Buy 3484 0.35

Leisure & Hotels Over Valued


CARNIVAL 2449.00 2125.00 2628.00 Neutral Buy 3592 0.95

ENTERPRISE INNS 151.00 62.25 153.80 Neutral Sell 116 1.65

TUI TRAVEL 358.80 228.60 401.50 Neutral Strong Buy 729 0.96

FULLER SMITH 'A' 930.00 700.50 969.00 Neutral Sell 621 0.27

GREENE KING 842.00 587.00 897.50 Neutral Sell 639 0.89

LADBROKES 201.70 171.00 243.10 Neutral Buy 265 0.90

ICTL.HTLS.GP. 1900.00 1524.00 2039.00 Neutral Sell 1683 1.09

MILLENNIUM & CPTH.HTLS. 566.50 456.00 582.50 N eu tral Neu tral 594 1.36

MITCHELLS & BUTLERS 447.90 283.20 460.00 Sell Sell 282 0.98

BWIN PARTY DIGITAL ENTM. 113.00 101.30 156.00 Neutral Sell 61 1.28

PUNCH TAVERNS 13.50 6.15 13.75 Neutral Strong Buy 76 1.15

RANK GROUP 160.00 137.30 177.50 Neutral Strong Buy 576 0.97

RESTAURANT GROUP 572.50 352.00 575.00 Neutral Sell 395 0.66

WETHERSPOON (JD) 747.00 466.20 767.00 Neutral Sell 702 0.54

WHITBREAD 3131.00 2263.00 3303.00 Neutral Sell 2215 0.98WILLIAM HILL 431.20 288.83 494.50 Neutral Sell 260 0.84

MARSTON'S 162.60 114.20 165.50 Neutral Sell 10 1.15

Life Assurance Under Valued


AVIVA 419.80 294.10 419.80 Sell Sell 380 1.18

CHESNARA 271.00 176.50 276.50 Neutral Strong Buy 541 0.61

LEGAL & GENERAL 201.50 131.40 201.90 Neutral Strong Buy 511 1.70

OLD MUTUAL 192.40 166.10 221.60 Neutral Strong Buy 406 1.55

PRUDENTIAL 1189.00 801.50 1232.00 N eu tral Neu tral 1218 1.69

ST.JAMES'S PLACE 624.50 359.60 641.50 Neutral Strong Buy 6910 0.83


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 146.25 102.00 146.25 Neutral Strong Buy 922 0.40

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

CENTAUR MEDIA 46.50 31.00 60.00 Neutral Sell -42 1.06

DAILY MAIL 'A' 797.00 451.25 835.00 Neutral Strong Buy 3556 1.06

EUROMONEY INSTL.INVESTOR 1164.00 747 .50 1209.00 Neutral Strong Buy 5566 0.93

INFORMA 543.50 380.50 545.00 Neutral Strong Buy 327 1.64

ITE GROUP 278.90 183.50 307.40 Neutral Buy 201 1.46

ITV 182.10 85.65 183.40 Neutral Strong Buy 1369 1.46

JOHNSTON PRESS 14.50 7.63 19.00 Neutral Buy 720 1.21

PEARSON 1277.00 1119.00 1350.00 Neutral Neutral 309 0.65

PHOTO-ME INTL. 101.00 46.75 102.50 Neutral Strong Buy 2283 0.85

PINEWOOD SHEPPERTON 289.00 269.00 289.00 Neutral Strong Buy 732 0.14

THOMSON REUTERS 36.02 26.85 36.45 Neutral Strong Buy 346 0.52

STV GROUP 257.00 87.38 257.00 Neutral Sell 240 0.82

ST.IVES 167.75 76.25 170.00 Neutral Sell 159 1.49TRINITY MIRROR 126.25 50.50 128.25 Neutral Sell -289 1.58

UBM 737.00 636.00 788.00 Neutral Strong Buy 1421 1.34

WILMINGTON GROUP 197.00 108.50 197.00 Neutral Strong Buy 1390 0.83

WPP 1296.00 788.00 1296.00 Neutral Sell -827 1.25

Mining Under Valued


ANGLO AMERICAN 1583.00 1207.00 2072.00 Neutral Sell 1298 1.85

ANGLO PACIFIC GROUP 203.00 161.00 290.00 Neutral Neutral 211 1.09

ANTOFAGASTA 883.00 784.50 1381.00 Neutral Neutral 849 1.42

BHP BILLITON 1905.50 1666.50 2236.00 Neutral Strong Buy 2960 1.49

GLENCORE XSTRATA 341.90 256.85 397.85 Neutral Strong Buy 1035 #NA

LONMIN 331.30 240.84 380.10 Sell Buy 453 2.05

RANDGOLD RESOURCES 4486.00 3972.00 7775.00 Neutral Sell 2900 0.48

RIO TINTO 3182.50 2582.00 3757.00 Neutral Sell 2561 1.55

VEDANTA RESOURCES 992.00 1335.00 Neutral Strong Buy 2835 2.29

Oil & Gas Under Valued


BG GROUP 1206.50 1000.50 1350.50 Neutral Sell 906 0.84

BP 443.25 416.60 483.30 Neutral Strong Buy 1008 1.03

CAIRN ENERGY 274.50 251.80 297.00 Neutral Sell -27 1.33

FORTUNE OIL 8.93 7.15 12.50 Neutral Strong Buy 112 0.81

HUNTING 865.50 716.00 941.00 Neutral Sell 574 1.35

JKX OIL & GAS 65.75 48.50 81.00 Neutral Sell -61 1.33

PREMIER OIL 353.60 321.30 400.20 Neutral Buy 414 1.49

ROYAL DUTCH SHELL B 2166.50 2098.00 2365.00 Neutral Strong Buy 8412 0.83

SOCO INTERNATIONAL 418.00 319.90 418.00 Neutral Buy 488 0.52

TULLOW OIL 1071.00 977.00 1468.00 Neutral Sell 711 1.07

WOOD GROUP (JOHN) 815.00 720.50 915.50 Neutral Sell 731 1.44


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Personal Care & Household Products Over Valued


MCBRIDE 123.50 101.00 144.60 Neutral Strong Buy 275 0.83

PZ CUSSONS 424.50 300.00 432.50 Neutral Sell 345 0.71

RECKITT BENCKISER GROUP 4548.00 3 565.00 4950.00 Neutral Neutral 4612 0.31

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.46 0.36 3.58 Buy Strong Buy 232 0.91

ASTRAZENECA 3229.00 2792.50 3521.50 Neutral Strong Buy 180130 0.49

BTG 379.00 316.80 397.90 Neutral Strong Buy 6263 0.70

DECHRA PHARMACEUTICALS 738.00 569.00 780.00 Neutral Strong Buy 48317 0.18

GLAXOSMITHKLINE 1614.00 1317.50 1782.00 Neutral Strong Buy 36282 0.50

OXFORD BIOMEDICA 2.80 1.33 2.83 Neutral Strong Buy 74 0.53

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

SHIRE 2533.00 1727.00 2533.00 Neutral Strong Buy 42830 0.69

SKYEPHARMA 81.50 43.50 100.50 Neutral Strong Buy 14484 0.55

VERNALIS 30.00 19.38 31.00 Neutral Strong Buy 362 0.84

Real Estate - REIT Under Valued


BIG YELLOW GROUP 424.80 311.60 445.00 Neutral Strong Buy 742 1.18

BRITISH LAND 586.00 506.00 658.00 Neutral Buy 850 1.05

DERWENT LONDON 2378.00 1946.00 2542.00 Neutral Strong Buy 5309 1.24

GREAT PORTLAND ESTATES 545.50 442.20 598.00 Neutral Strong Buy 1244 1.06

HAMMERSON 506.50 448.60 554.00 Neutral Buy 571 1.27

INTU PROPERTIES 319.80 300.60 366.00 Neutral Strong Buy 589 1.14

LAND SECURITIES GROUP 929.00 761.50 994.00 Neutral Strong Buy 1834 1.16

LOCAL SHOP.REIT (THE) 30.25 24.25 39.50 Neutral Sell -177 0.81

LONDONMETRIC PROPERTY 115.50 1 03.20 118.20 Neutral Sell -10 0.34

MCKAY SECURITIES 157.50 131.50 159.75 Neutral Strong Buy 292 0.65

MUCKLOW (A & J) GROUP 448.75 325.00 454.50 Neutral Sell 243 0.37

PRIMARY HEALTH PROPS. 343.00 312.50 363.53 Neutral Sell 111 0.26

REDEFINE INTL.REIT 43.50 30.69 45.00 Neutral Sell -403 0.62

SEGRO 310.90 221.60 313.60 Neutral Sell -330 1.82

SHAFTESBURY 594.50 522.50 668.00 Neutral Buy 884 1.04

TOWN CENTRE SECURITIES 205.00 178.75 223.00 Neutral Sell -2 1.04

WORKSPACE GROUP 430.10 250.75 475.00 Neutral Strong Buy 1481 1.02


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 330.30 210.90 365.60 Neutral Strong Buy 754 0.73

CAPITAL & REGIONAL 40.25 22.75 42.00 Neutral Sell -52 0.56

CLS HOLDINGS 1153.00 656.50 1260.00 Neutral Strong Buy 2978 0.73

DAEJAN HOLDINGS 4015.00 2706.00 4179.00 Neutral Strong Buy 7199 0.47

DEVELOPMENT SECS. 193.75 143.00 209.00 Neutral Neutral 194 0.98

GRAINGER 179.00 105.10 187.50 Neutral Sell 113 1.57

HELICAL BAR 283.75 178.00 302.50 Neutral Sell 203 0.83

LONDON & ASSOCS.PROPS. 33.00 21.50 33.00 Neutral Strong Buy 233 0.63

MOUNTVIEW ESTATES 6175.00 4350.00 6512.50 Neutral Strong Buy 14715 0.68

QUINTAIN ESTATES & DEV. 84.00 51.00 92.00 Sell Sell -201 1.02

RAVEN RUSSIA 74.25 61.50 79.75 Neutral Strong Buy 213 1.52

SAVILLS 616.50 391.20 664.50 Neutral Strong Buy 2185 0.69

SMART (J) 90.00 72.50 90.50 Neutral Strong Buy 386 0.32

ST MODWEN PROPS. 309.00 193.10 333.00 Neutral Strong Buy 626 1.63

UNITE GROUP 367.10 246.00 403.00 Neutral Strong Buy 1676 1.78

Software & Computer Services Under Valued


ANITE 122.20 109.60 162.00 Neu tral Neu tra l 130 0.66

AVEVA GROUP 2560.00 1939.60 2588.15 Neutral Sell 1532 1.52

COMPUTACENTER 547.00 333.29 564.10 Neutral Strong Buy 1223 0.90

KOFAX 373.25 260.75 373.25 Neutral Sell 319 1.04

INNOVATION GROUP 30.00 20.00 30.25 Neutral Sell 23 0.81

MICRO FOCUS INTL. 768.00 543.00 812.50 Neutral Buy 900 0.81

PHOENIX IT GROUP 161.00 130.00 184.00 Neutral Strong Buy 264 0.73

RM 85.63 64.00 85.63 Neutral Strong Buy 247 0.54

FIDESSA GROUP 2173.00 1275.00 2190.00 Neu tral Neu tra l 2248 0.77

SAGE GROUP 360.40 289.36 368.18 Neutral Buy 452 0.69

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 379.90 300.20 492.10 Neutral Strong Buy 1227 1.12

BREWIN DOLPHIN 281.20 162.80 283.00 Neutral Strong Buy 650 0.69

CAMELLIA 8651.00 8000.00 11105.00 Neutral Strong Buy 94317 0.85

CHARLES STANLEY GROUP 460.50 260.00 474.00 Neutral Strong Buy 1418 0.93

CHARLES TAYLOR 218.00 155.00 218.00 Neutral Strong Buy 1622 0.65

CLOSE BROTHERS GROUP 1124.00 830.00 1130.00 Neutral Strong Buy 4789 0.85

F&C ASSET MANAGEMENT 98.65 90.00 110.40 Neutral Sell 71 0.86

HELPHIRE GROUP 5.50 0.66 5.70 Sell Sell -127 0.61

HENDERSON GROUP 186.20 107.20 187.10 Neutral Strong Buy 803 1.44

ICAP 410.40 280.80 422.20 Neutral Strong Buy 814 1.07

INTERMEDIATE CAPITAL GP. 456.80 28 7.20 501.50 Neutral Strong Buy 2174 1.70

INVESTEC 441.90 358.40 513.50 Neutral Strong Buy 1663 1.56

LONDON STOCK EX.GROUP 1 62 4.00 93 0.00 1 652 .0 0 Neutral Strong Buy 4943 1.13

MAN GROUP 89.35 71.80 134.40 Neutral Sell -4846 1.39

RATHBONE BROTHERS 1598.00 1208.00 1691.00 Neutral Strong Buy 5459 0.71

SCHRODERS 2502.00 1518.00 2560.00 Neutral Strong Buy 8127 1.30

SCHRODERS NV 2049.00 1176.00 2049.00 Sell Strong Buy 10857 1.28


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Support Services Under Valued


ACAL 278.00 157.75 284.00 Neutral Strong Buy 883 0.83

AGGREKO 1649.00 1557.00 2400.00 Neutral Strong Buy 4277 1.14

AMEC 1084.00 965.50 1172.00 Neutral Strong Buy 3421 1.11

ASHTEAD GROUP 668.50 322.90 730.00 Neutral Strong Buy 1022 1.64

BABCOCK INTL. 1201.00 914.00 1209.00 Neutral Strong Buy 2699 0.49

BRITISH POLYTHENE INDS. 610.00 372.00 610.00 Sell Strong Buy 2429 0.80

BUNZL 1365.00 1009.00 1409.00 Neutral Strong Buy 2878 0.50

UK MAIL GROUP 572.00 240.00 645.00 Neutral Strong Buy 1714 0.42

CAPITA 1014.00 713.00 1057.00 Neutral Sell 217 0.54

COMMUNISIS 58.00 34.54 68.00 Neutral Strong Buy 494 0.83

COMPASS GROUP 859.00 671.50 910.50 Neutral Strong Buy 2045 0.75

BERENDSEN 913.00 540.00 939.00 Neutral Strong Buy 3454 1.08

DE LA RUE 1017.00 891.50 1075.00 Neutral Buy 1471 #NA

DIGNITY 1462.00 902.82 1567.68 Neutral Strong Buy 3147 0.25

DIPLOMA 630.00 435.00 661.00 Neutral Strong Buy 1568 0.96

ELECTROCOMP. 280.70 200.00 280.90 Neutral Strong Buy 957 0.98ESSENTRA PLC 793.00 500.50 830.00 Neutral Strong Buy 1427 1.14

G4S 259.70 207.50 313.50 Neutral Strong Buy 906 0.47

HAYS 113.90 75.20 113.90 Neutral Strong Buy 472 1.03

HOMESERVE 266.80 185.60 293.60 Neutral Strong Buy 1003 0.89

INTERSERVE 591.50 349.10 591.50 Sell Strong Buy 3805 1.25

INTERTEK GROUP 3390.00 2697.00 3453.00 Neutral Buy 4935 0.80

JOHNSON SER VICE GROUP 51.50 31 .50 51.50 Neutral Strong Buy 118 1.10

MANAGEMENT CNSL.GP. 26.50 2 1.25 32.00 Neutral Strong Buy 223 0.57

MENZIES (JOHN) 797.00 573.00 801.00 Neutral Strong Buy 1856 1.41

MICHAEL PAGE INTL. 501.50 346.40 502.50 Neutral Strong Buy 868 1.36

MITIE GROUP 294.30 248.00 300.80 Neutral Strong Buy 1091 0.52

OFFICE2OFFICE 51.00 33.75 139.00 Neutral Strong Buy 731 0.31

PAYPOINT 1125.00 716.00 1185.00 Neutral Strong Buy 2267 0.75PREMIER FARNELL 238.40 165.50 238.40 Neutral Strong Buy 745 1.41

REGUS 184.60 96.00 193.40 Neutral Sell 58 1.38

RENTOKIL INITIAL 110.90 81.30 110.90 Neutral Strong Buy 276 1.26

REXAM 500.50 426.53 547.50 Neutral Strong Buy 1826 0.84

RICARDO 556.50 349.63 556.50 Neutral Strong Buy 1720 0.90

ROBERT WALTERS 308.00 176.25 308.00 Neutral Strong Buy 1059 1.15

RPC GROUP 477.80 378.00 477.80 Neutral Strong Buy 1570 0.81

RPS GROUP 258.40 195.50 274.20 Neutral Strong Buy 1030 1.51

SERCO GROUP 574.50 535.00 683.50 Neutral Strong Buy 2443 0.60

SHANKS GROUP 96.00 73.00 98.00 Neutral Strong Buy 275 1.49

SPEEDY HIRE 65.25 27.50 65.50 Neutral Strong Buy 316 1.18

TRIBAL GROUP 199.50 92.25 202.25 Neutral Strong Buy 578 0.65

TRIFAST 68.50 40.50 70.75 Neutral Strong Buy 341 0.90

VP 474.00 313.00 474.00 Sell Strong Buy 2366 0.79

WYG 100.50 48.50 103.00 Neutral Strong Buy 638 0.82

Telecommunication Services Over Valued


BT GROUP 346.70 212.50 348.90 Neutral Buy 431 0.89

CABLE & WIRELESS COMMS. 40.68 34.31 46.29 Neutral Strong Buy 82 0.67

INMARSAT 730.00 542.50 749.00 Neutral Sell 268 0.53

KCOM GROUP 91.00 68.25 91.00 Neutral Buy 121 1.20

TELECOM PLUS 1350.00 821.00 1399.00 Neutral Sell 823 0.05

VODAFONE GROUP 213.90 154.45 213.90 Neutral Sell 110 0.51


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Transport Under Valued


BBA AVIATION 326.00 195.70 326.00 Sell Sell 248 1.22

BRAEMAR SHIPPING SVS. 480.00 350.00 480.00 Neutral Buy 628 1.06

CLARKSON 2107.00 1150.00 2107.00 Sell Sell 1407 0.86

EASYJET 1331.00 569.00 1448.00 Neutral Sell 917 0.77

FIRST GROUP 123.50 92.00 206.76 Neutral Strong Buy 302 0.88

FISHER(JAMES)& SONS 1144.00 739.00 1148.00 Neutral Sell 840 0.72

GO-AHEAD GROUP 1566.00 1220.00 1595.00 Neutral Strong Buy 2902 0.97

NATIONAL EXPRESS 274.80 164.50 274.90 Neu tral Neu tra l 267 1.39

NORTHGATE 402.75 228.00 405.00 Neutral Strong Buy 688 1.34

STAGECOACH GROUP 330.30 265.90 337.60 Neutral Buy 471 0.97

WINCANTON 100.00 43.75 105.00 Neutral Strong Buy 252 0.95

Utilities Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaCENTRICA 398.60 310.80 398.60 Neutral Buy 583 0.50

NATIONAL GRID 746.00 679.00 847.50 Neutral Buy 982 0.45

PENNON GROUP 712.50 598.00 749.50 Neutral Sell 636 0.63

SSE 1558.00 1364.00 1676.00 Neutral Buy 2299 0.40

SEVERN TRENT 1758.00 1513.00 2090.00 Neutral Sell 1506 0.37

UNITED UTILITIES GROUP 687.50 647.00 787.50 Neu tral Neu tra l 754 0.49


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value indicator - uk main market 20130917