Value Indicator - UK Main Market 20131204

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04 December 2013

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Intellisys Intelligent Analysis Limited 04 December 2013

www.intellisys.uk.com +44 (0)1189 333606 Page 3 of 17

Introduction

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

The report is published daily and delivered to the 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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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 adviseras 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

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target price

based upon 49valuation metrics

Company Latest 12 month Hi/Lo forthe share price

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


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Aerospace & Defence Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaAVON RUBBER 574.50 351.00 586.50 Neutral Sell 474 0.62

BAE SYSTEMS 416.30 327.40 468.00 Neutral Buy 571 0.59

CHEMRING GROUP 205.90 187.00 321.10 Neutral Buy 300 0.48

COBHAM 259.90 209.60 307.70 N eu tral Neutral 268 0.81

MEGGITT 476.90 382.30 572.50 N eu tral Neutral 466 1.09

QINETIQ GROUP 211.80 179.00 217.50 Neutral Sell 129 0.53

ROLLS-ROYCE HOLDINGS 1200.00 844.17 1247.00 Neutral Buy 1424 0.98

SENIOR 283.00 194.20 300.00 Neutral Sell 251 1.47

SMITHS GROUP 1348.00 1107.00 1455.00 N eu tral Neutral 1372 0.62

ULTRA ELECTRONICS HDG. 1754.00 1571 .00 19 81.00 Neutral Sell 1576 0.41

Automobiles & Parts Over Valued

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

GKN 367.00 222.10 383.60 Neutral Sell -1160 1.79

INCHCAPE 580.50 428.80 645.00 Neutral Strong Buy 2263 1.34

LOOKERS 120.75 73.00 131.50 Neutral Strong Buy 501 1.09

PENDRAGON 36.00 14.50 39.75 Neutral Strong Buy 195 0.77

TOROTRAK 20.00 20.00 35.50 Neutral Sell 9 0.70

Banks Over Valued


BARCLAYS 266.20 225.21 308.39 Neutral Sell -658 1.86

HSBC HDG. (ORD $0.50) 668.40 636.20 769.90 Neutral Buy 813 1.32

LLOYDS BANKING GROUP 78.00 45.96 80.37 Sell Sell 8 1.86

ROYAL BANK OF SCTL.GP. 331.00 266.10 384.90 Neutral Sell -120 1.31

STANDARD CHARTERED 1431.00 1395.00 1 837.50 Neutral Strong Buy 3262 1.69

Beverages Under Valued


BARR (AG) 544.00 475.10 588.50 Neutral Sell 435 0.63

BRITVIC 673.00 386.00 679.00 Sell Buy 881 0.82

DIAGEO 1908.50 1787.00 2136.50 Neutral Buy 2313 0.58

SABMILLER 3070.50 2780.00 3657.00 Neutral Strong Buy 5175 0.91


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Chemicals Under Valued


ALENT 340.80 305.00 397.50 Neutral Strong Buy 3351 #NA

AZ ELECTRONIC MATS.(DI) 263.50 240.00 406.40 Neutral Strong Buy 486 1.04

CARCLO 280.00 269.25 501.00 Neutral Sell 103 0.62

CRODA INTERNATIONAL 2301.00 2251.00 2841.00 Neutral Buy 3136 1.00

ELEMENTIS 252.90 210.20 275.00 Neutra l Neutral 274 0.98

JOHNSON MATTHEY 3114.00 2201.00 3268.00 Neutral Buy 3511 1.28

VICTREX 1559.00 1459.00 1765.00 Neutral Sell 1269 1.12

SYNTHOMER 229.30 177.40 257.80 Neutral Buy 330 0.81

ZOTEFOAMS 182.50 180.50 224.00 Neutral Buy 256 0.94

Construction - Building Materials & Fittings Under Valued


ALUMASC GROUP 126.50 82.00 137.00 Neutral Strong Buy 442 0.43

CRH 1471.00 1143.00 1617.00 Neutral Sell 1053 1.15

LOW & BONAR 71.25 50.00 80.00 Neutral Strong Buy 544 0.82

MARSHALLS 171.00 97.50 184.00 N eutral Neutral 176 1.25

NORCROS 22.13 13.00 22.13 Sell Strong Buy 217 0.81

SIG 206.40 113.20 216.30 Neutral Strong Buy 964 1.48

TITON HOLDINGS 49.50 22.00 50.00 Sell Sell 40 0.92

TRAVIS PERKINS 1723.00 1060.00 1858.00 Neutral Strong Buy 15012 1.79

TYMAN 236.00 143.13 241.00 N eutral Neutral 225 0.98

WOLSELEY 3186.00 2794.01 3480.52 Neutral Strong Buy 10185 1.33

Construction - Heavy Construction Over Valued


BALFOUR BEATTY 257.80 207.60 291.50 Neutral Strong Buy 1112 0.62

BOOT (HENRY) 207.00 133.00 213.00 Neutral Sell 115 0.50

CARILLION 294.30 244.80 331.80 Neutral Buy 370 0.87

CLARKE (T) 65.00 45.75 72.25 Neutral Buy 85 0.62

COSTAIN GROUP 285.00 240.75 306.00 Neutral Buy 413 0.40

GALLIFORD TRY 1098.00 707.50 1157.00 Neutral Sell 832 0.82

KELLER 1021.00 635.00 1161.00 Neutral Sell 534 1.21

KIER GROUP 1730.00 1144.00 1830.00 Neutral Sell 1590 0.82

MORGAN SINDALL GROUP 763.50 510.00 839.50 Neutral Buy 994 0.70

NORTH MIDLAND CON. 133.00 95.00 149.00 Neutral Strong Buy 267 0.04

POCHIN'S 41.00 23.00 41.00 Sell Sell -9 0.47

Construction Home Construction Under Valued


BARRATT DEVELOPMENTS 322.50 195.00 355.20 Neutral Strong Buy 1017 1.55

BELLWAY 1404.00 999.50 1534.00 Neutral Strong Buy 8611 1.05

BERKELEY GROUP HDG.(THE) 2284.00 1634.00 2450.00 Neutral Sell -1993 0.54

BOVIS HOMES GROUP 758.00 550.00 851.50 Neutral Strong Buy 24031 1.08

CRE ST NICHOLSON HOLDINGS 346.0 0 220 .00 387.00 Neutral Sell -313 #NA

GLEESON (MJ) GROUP 340.00 167.50 354.75 Neutral Sell 150 0.26

PERSIMMON 1140.00 731.96 1305.00 Neutral Strong Buy 3863 1.03

REDROW 271.20 158.40 288.40 Neutral Strong Buy 420 1.08

TAYLOR WIMPEY 104.00 61.50 114.50 Neutral Strong Buy 803 1.45


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Electronics & Electrical Equipment Under Valued


DIALIGHT 905.00 897.00 1399.00 Neutral Buy 1123 0.48

DOMINO PRINTING SCIENCES 685.00 560.00 717.00 Neutral Buy 941 0.93

E2V TECHNOLOGIES 153.25 107.00 163.00 Neutral Strong Buy 307 1.28

INVENSYS 495.00 316.94 509.50 Neutral Sell 310 1.24

LAIRD 247.00 171.10 261.50 Neutral Strong Buy 477 1.87

OXFORD INSTRUMENTS 1500.00 1209.00 1752.00 Neutral Sell 1227 1.13

RENISHAW 1821.00 1494.00 2081.00 Neutral Buy 2213 1.15

SPECTRIS 2410.00 1834.00 2470.00 Neutral Buy 3019 1.38

BIOME TECHNOLOGIES 171.00 65.00 303.67 Neutral Sell -462 0.66

TT ELECTRONICS 194.50 140.00 202.00 Neutral Strong Buy 464 1.44

XAAR 1025.00 264.00 1025.00 Neutral Sell 446 0.81

Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 148.00 66.63 150.25 Neutral Buy 166 0.82

BODYCOTE 601.50 411.30 685.00 Neutral Neutral 623 1.44

CASTINGS 437.00 312.00 455.50 Neutral Buy 555 0.83

VESUVIUS 472.00 303.13 496.00 Neutral Strong Buy 1741 2.30

FENNER 451.20 305.90 457.10 Neutral Buy 560 1.25

HALMA 580.00 436.80 594.50 Neutral Sell 387 0.76

HILL & SMITH 530.00 393.00 547.50 Neutral Neutral 545 1.14

IMI 1438.00 1050.00 1563.00 Neutral Strong Buy 3710 1.23

MORGAN ADVANCED MATER IAL 287.8 0 240 .30 318.00 Neutral Strong Buy 489 1.66

ROTORK 2688.00 2477.00 3037.00 Neutral Sell 2069 0.90

SEVERFIELD-ROWEN 62.75 35.40 65.50 Sell Sell -33 0.71

SPIRAX-SARCO 2863.00 2200.02 3090.00 Neutral Sell 1721 0.65

VITEC GROUP 632.00 559.00 726.00 Neutral Sell 497 1.00

WEIR GROUP 2083.00 1787.00 2474.00 Neutral Neutral 2247 1.03

Food & Drug Stores Over Valued


GREGGS 430.70 392.10 523.50 N eutral N eutral 470 0.46

MORRISON(WM)SPMKTS. 259.80 248.60 302.50 Neutral Strong Buy 486 0.38

SAINSBURY (J) 395.90 321.90 414.60 Neutral Strong Buy 719 0.47

TESCO 341.60 326.00 387.75 Buy Sell 290 0.66

THORNTONS 133.50 34.00 137.00 Neutral Sell 108 0.79

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 2286.00 1465.00 2351.00 Neutral Sell 1695 0.63

CRANSWICK 1137.00 782.00 1189.00 Neutral Strong Buy 1802 0.34

DAIRY CREST 511.00 369.60 539.00 Neutral Sell 433 0.76

DEVRO 290.00 285.50 380.00 Neutral Strong Buy 489 0.32

PREMIER FOODS 122.75 59.75 185.50 Neutral Strong Buy 279 1.17

TATE & LYLE 786.50 736.50 883.00 Neutral Strong Buy 1319 0.61

UNILEVER (UK) 2418.00 2319.00 2885.00 Neutral Sell 2070 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 27.00 24.00 29.50 Neutral Strong Buy 49 0.59

BROWN (N) GROUP 535.00 357.50 577.00 N eutral N eutral 562 0.56

BURBERRY GROUP 1480.00 1217.00 1667.00 Neutral Sell 1349 1.13

CARPETRIGHT 540.00 540.00 700.00 Neutral Sell 257 0.70

DIXONS RETAIL 50.75 26.31 51.45 Sell Sell 44 1.45

FINDEL 257.25 108.00 261.50 Neutral Sell 164 0.77

FRENCH CONNECTN.GROUP 38.00 24.50 42.50 Sell Sell 4 1.01

HALFORDS GROUP 469.60 299.00 493.30 Neutral Buy 639 0.63

JD SPORTS FASHION 1339.00 670 .00 1380.00 Neutral Strong Buy 2232 0.51

DARTY 87.75 39.00 89.50 Neutral Buy 131 1.00

KINGFISHER 365.20 268.90 420.00 Neutral Strong Buy 588 0.97

MARKS & SPENCER GROUP 472.30 359.00 513.50 Neutral Strong Buy 807 0.56

MOSS BROTHERS GROUP 73.25 53.50 75.00 Neutral Buy 90 0.59

MOTHERCARE 381.75 271.00 492.75 Neutral Sell 127 0.20

NEXT 5515.00 3640.00 5540.00 Sell Neutral 5772 0.71TED BAKER 2128.00 1017.00 2128.00 Strong Sell Sell 1132 0.58

TOPPS TILES 123.25 48.88 125.75 Neutral Sell 90 1.35

Health Over Valued


BIOQUELL 135.50 130.00 160.00 Neutral Sell 106 0.30

CONSORT MEDICAL 878.50 660.50 914.00 Neutral Sell 668 0.11

OPTOS 176.00 106.75 215.25 Neutra l Neutral 177 0.97

SMITH & NEPHEW 828.50 666.00 828.50 Neutral Sell 712 0.34

Household Goods & Textiles Under Valued


GAMES WORKSHOP 730.00 601.00 823.50 Neutra l Neutral 717 0.34

HEADLAM GROUP 402.25 302.50 415.00 Neutral Buy 446 0.80

HORNBY 85.00 64.00 87.50 Sell Sell 53 0.63

Information Technology & Hardware Over Valued


ARM HOLDINGS 1003.00 743.00 1097.00 Neutral Sell 425 0.68

CSR 497.20 332.00 607.00 Neutral Strong Buy 1416 0.97

FILTRONIC 58.75 33.38 83.25 Neutral Buy 67 0.90

IMAGIN ATION TECHN OLOGIES 242.2 0 235 .10 552.00 Neutral Sell 205 0.95

SPIRENT COMMUNICATIONS 104.50 100.80 169.20 Neutral Strong Buy 385 0.71

WOLFSON M ICROELE CTRON ICS 146.5 0 136 .00 226.25 Neutral Sell -33 0.83


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Insurance Under Valued


ADMIRAL GROUP 1195.00 1115.00 1416.00 Neutral Sell -645 0.59

AMLIN 429.90 373.40 453.20 Neutral Strong Buy 1670 0.51

BEAZLEY 243.70 174.20 247.00 Neutral Strong Buy 1032 0.60

CATLIN GROUP 532.00 457.50 552.50 Neutral Sell 499 0.31

HISCOX 655.00 463.32 689.00 Neutral Strong Buy 2064 0.52

JARDINE LLOYD THOMPSON 1016.00 757 .50 1028.00 Sell Buy 1280 0.34

RSA INSURANCE GROUP 102.90 102.20 136.30 Neutral Strong Buy 801 0.33

NOVAE GROUP 580.00 366.50 601.00 Neutral Strong Buy 3764 0.35

Leisure & Hotels Over Valued


CARNIVAL 2199.00 2030.00 2628.00 Neutral Buy 3130 0.90

ENTERPRISE INNS 140.00 90.50 157.80 Neutral Sell 113 1.30

TUI TRAVEL 371.50 274.90 401.50 Neutral Strong Buy 649 1.00

FULLER SMITH 'A' 967.00 753.25 1010.00 Neutral Sell 768 0.07

GREENE KING 851.00 615.50 897.50 Neutral Sell 621 0.69

LADBROKES 168.10 167.40 243.10 Neutral Strong Buy 315 0.85

ICTL.HTLS.GP. 1893.00 1644.00 2039.00 Neutral Buy 2111 1.01

MILLENNIUM & CPTH.HTLS. 584.50 485.00 615.50 Neutral Sell 542 1.29

MITCHELLS & BUTLERS 402.50 296.00 460.00 Neutral Sell 248 0.77

BWIN PARTY DIGITAL ENTM. 123.40 101.30 156.00 Neutral Sell 41 1.13

PUNCH TAVERNS 10.50 6.70 15.50 Neutral Strong Buy 44 1.01

RANK GROUP 139.00 137.30 177.50 Neutra l Neutral 147 0.92

RESTAURANT GROUP 570.00 364.00 581.00 Neutral Sell 457 0.64

WETHERSPOON (JD) 690.00 493.80 767.00 Neutra l Neutral 729 0.58

WHITBREAD 3523.00 2380.00 3576.00 Neutral Sell 2423 1.03WILLIAM HILL 387.10 309.42 494.50 Neutra l Neutral 423 0.68

MARSTON'S 150.10 118.80 165.50 Neutral Sell -16 0.83

Life Assurance Under Valued


AVIVA 419.50 294.10 449.10 Neutral Sell 391 1.16

CHESNARA 298.00 188.00 304.75 Neutral Strong Buy 557 0.55

LEGAL & GENERAL 207.30 144.20 217.90 Neutral Strong Buy 528 1.77

OLD MUTUAL 189.20 170.80 221.60 Neutral Strong Buy 421 1.43

PRUDENTIAL 1256.00 865.00 1307.00 N eutral N eutral 1254 1.67

ST.JAMES'S PLACE 627.00 397.90 679.00 Neutral Strong Buy 7270 0.80


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 172.00 102.00 180.75 Neutral Strong Buy 922 0.47

BRITISH SKY BCAST.GROUP 793.50 761.00 950.00 Neutral Strong Buy 1056 0.41

CENTAUR MEDIA 55.25 31.00 60.00 Neutral Sell -42 1.00

DAILY MAIL 'A' 900.00 534.00 915.50 Sell Strong Buy 3556 1.11

EUROM ONE Y IN STL.INVESTOR 1245.0 0 797 .00 1 265.00 Neutral Strong Buy 5566 0.75

INFORMA 544.50 431.70 568.50 Neutral Strong Buy 327 1.44

ITE GROUP 299.80 210.20 322.30 Neutral Buy 201 1.23

ITV 185.00 101.20 195.10 Neutral Strong Buy 1369 1.42

JOHNSTON PRESS 14.50 11.75 19.00 Neutral Buy 720 1.03

PEARSON 1332.00 1119.00 1365.00 N eutral N eutral 309 0.66

PHOTO-ME INTL. 143.50 54.50 147.25 Neutral Strong Buy 2283 0.83

PINEWOOD SHEPPERTON 322.50 269.00 322.50 Neutral Strong Buy 732 #NA

THOMSON REUTERS 39.88 27.52 40.29 Neutral Strong Buy 346 0.47

STV GROUP 306.50 100.00 330.00 Neutral Sell 240 0.80

ST.IVES 182.25 100.00 188.00 Neutral Sell 159 1.26TRINITY MIRROR 184.00 85.50 185.25 Neutral Sell -289 1.52

UBM 672.50 636.00 788.00 Neutral Strong Buy 1421 1.28

WILMINGTON GROUP 226.75 141.88 227.00 Sell Strong Buy 1390 0.72

WPP 1317.00 858.00 1371.00 Neutral Sell -827 1.23

Mining Under Valued


ANGLO AMERICAN 1301.00 1207.00 2072.00 Neutral Buy 1440 1.72

ANGLO PACIFIC GROUP 194.00 161.00 289.00 N eutral N eutral 202 0.94

ANTOFAGASTA 754.00 754.00 1381.00 Neutral Buy 830 1.38

BHP BILLITON 1801.50 1666.50 2236.00 Neutral Buy 2148 1.44GLENCORE XSTRATA 304.30 256.85 397.85 Neutral Strong Buy 928 #NA

LONMIN 303.50 253.50 380.10 Neutral Buy 371 1.67

RANDGOLD RESOURCES 4017.00 3972.00 6 480.00 Neutral Sell 2787 0.46

RIO TINTO 3200.00 2582.00 3757.00 Neutral Sell 2174 1.42

VEDANTA RESOURCES 847.50 847.50 1335.00 Buy Strong Buy 2685 2.22

Oil & Gas Under Valued


BG GROUP 1225.00 1007.50 1283.00 Neutral Sell 876 0.80

BP 473.60 424.30 493.45 Neutral Strong Buy 988 1.21

CAIRN ENERGY 271.40 251.80 296.10 Neutral Sell -39 1.18

FORTUNE OIL 9.48 5.44 10.75 Neutral Strong Buy 85 0.69

HUNTING 775.00 726.00 941.00 Neutral Sell 572 1.13

JKX OIL & GAS 71.75 48.50 79.75 Neutral Sell -59 1.01

PREMIER OIL 300.10 300.10 400.20 Buy Buy 395 1.43

ROYAL DUTCH SHELL B 2106.50 2077.50 2365.00 Neutral Strong Buy 8128 0.91

SOCO INTERNATIONAL 392.50 314.63 417.00 N eutral N eutral 382 0.54

TULLOW OIL 854.00 854.00 1292.00 Neutral Sell 664 0.97

WOOD GROUP (JOHN) 754.00 720.50 915.50 Neutral Sell 709 1.22


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Personal Care & Household Products Over Valued


MCBRIDE 107.75 98.05 140.38 Neutral Buy 148 1.00

PZ CUSSONS 384.80 338.50 432.50 Neutral Sell 324 0.57

RECKITT BENCKISER GROUP 4865.00 3879.00 4950.00 Neutra l Neutral 5027 0.35

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.34 0.30 3.43 Buy Sell -1 0.76

ASTRAZENECA 3506.50 2909.50 3521.50 Neutral Strong Buy 10544 0.55

BTG 551.00 317.50 559.50 Neutral Sell 285 0.37

DECHRA PHARMACEUTICALS 678.00 575.00 780.00 Neutral Strong Buy 1426 0.10

GLAXOSMITHKLINE 1598.50 1335.00 1782.00 Neutral Strong Buy 2506 0.55

OXFORD BIOMEDICA 2.26 1.33 2.83 Buy Sell -2 0.40

IXICO 55.00 42.50 568.75 Neutral Sell -185 0.67SHIRE 2680.00 1855.00 2858.00 Neutral Sell 2131 0.70

SKYEPHARMA 110.00 43.50 119.50 Neutral Strong Buy 182 0.61

VERNALIS 33.50 19.38 34.25 Neutral Sell 13 0.69

Real Estate - REIT Under Valued


BIG YELLOW GROUP 470.00 337.50 489.00 Neutral Strong Buy 796 1.19

BRITISH LAND 600.00 540.00 658.00 Neutral Strong Buy 915 1.10

DERWENT LONDON 2396.00 2088.00 2574.00 Neutral Strong Buy 5405 1.20

GREAT PORTLAND ESTATES 571.00 472.80 598.00 Neutral Strong Buy 1219 1.05

HAMMERSON 500.00 470.50 554.00 Neutral Buy 621 1.31

INTU PROPERTIES 312.80 300.60 366.00 Neutral Strong Buy 635 1.12

LAND SECURITIES GROUP 941.50 799.00 999.00 Neutral Strong Buy 1964 1.22

LOCAL SHOP.REIT (THE) 32.38 24.25 32.38 Neutral Sell -190 0.57

LONDONMETRIC PROPERTY 130.80 103.20 132.90 Neutral Sell -9 0.26

MCKAY SECURITIES 192.00 131.50 200.00 Neutral Strong Buy 314 0.46

MUCKLOW (A & J) GROUP 499.75 350.25 515.00 Neutral Sell 262 0.33

PRIMARY HEALTH PROPS. 336.00 312.50 363.53 Neutral Sell 132 0.27

REDEFINE INTL.REIT 49.50 33.75 50.50 Neutral Sell -442 0.42

SEGRO 331.70 239.40 336.70 Neutral Sell -356 1.84

SHAFTESBURY 605.00 552.50 668.00 Neutral Strong Buy 944 1.03

TOWN CENTRE SECURITIES 241.50 179.00 241.50 Sell Sell 2 0.84

WORKSPACE GROUP 493.10 296.00 508.00 Neutral Strong Buy 1501 1.02


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 323.00 239.50 365.60 Neutral Strong Buy 716 0.69

CAPITAL & REGIONAL 43.38 27.50 45.25 Neutral Sell -61 0.50

CLS HOLDINGS 1215.00 704.50 1260.00 Neutral Strong Buy 3154 0.66

DAEJAN HOLDINGS 4389.00 2930.00 4389.00 Sell Strong Buy 15855 0.56

DEVELOPMENT SECS. 231.25 143.00 244.00 Neutral Sell 215 1.03

GRAINGER 200.40 113.00 206.10 Neutral Sell 120 1.67

HELICAL BAR 326.75 226.50 332.50 Neutral Sell 228 0.89

LONDON & ASSOCS.PROPS. 40.50 21.50 43.00 Neutral Strong Buy 247 0.56

MOUNTVIEW ESTATES 7075.00 4662.50 7075.00 Sell Strong Buy 19983 0.57

QUINTAIN ESTATES & DEV. 96.00 53.00 100.00 Sell Sell -234 1.07

RAVEN RUSSIA 80.00 61.50 80.50 Neutral Strong Buy 222 1.39

SAVILLS 641.00 445.00 664.50 Neutral Strong Buy 1161 0.65

SMART (J) 89.50 72.50 91.00 Neutral Strong Buy 394 0.26

ST MODWEN PROPS. 352.10 221.50 361.50 Neutral Strong Buy 688 1.59

UNITE GROUP 391.00 267.70 408.50 Neutral Strong Buy 1754 1.81

Software & Computer Services Under Valued


ANITE 89.50 76.75 162.00 Neutral Strong Buy 144 0.50

AVEVA GROUP 2181.00 2032.97 2650.00 Neutral Sell 1516 1.34

COMPUTACENTER 640.00 387.01 670.00 Neutral Strong Buy 1468 0.85

KOFAX 390.00 260.75 395.75 Neutral Sell 315 0.97

INNOVATION GROUP 34.50 22.75 35.00 Sell Sell 27 0.80

MICRO FOCUS INTL. 816.50 544.73 848.50 Neutral Buy 1086 0.79

PHOENIX IT GROUP 132.50 130.00 184.00 Neutral Sell -308 0.49

RM 111.50 64.00 124.00 Neutral Strong Buy 268 0.55

FIDESSA GROUP 2136.00 1400.00 2190.00 N eutral N eutral 2176 0.48

SAGE GROUP 347.40 289.36 368.18 Neutral Buy 444 0.68

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 483.70 334.30 492.30 Neutral Strong Buy 1198 1.01

BREWIN DOLPHIN 280.60 185.00 287.20 Sell Strong Buy 623 0.82

CAMELLIA 8600.00 8000.00 11105.00 Neutral Strong Buy 78183 0.76

CHARLES STANLEY GROUP 486.50 298.50 488.50 Neutral Strong Buy 1354 0.98

CHARLES TAYLOR 235.00 155.00 235.00 Sell Strong Buy 1573 0.56

CLOSE BROTHERS GROUP 1322.00 860.50 1348.00 Neutral Strong Buy 4580 0.87

F&C ASSET MANAGEMENT 90.00 90.00 110.40 Neutral Sell 80 0.53

HELPHIRE GROUP 5.20 1.42 5.70 Neutral Sell -115 0.65

HENDERSON GROUP 206.50 120.50 223.40 Neutral Strong Buy 751 1.15

ICAP 412.60 280.80 422.20 Neutral Strong Buy 797 0.97

INTERMEDIATE CAPITAL GP. 427.10 287.20 501.50 Neutral Strong Buy 2067 1.74

INVESTEC 413.00 384.40 513.50 Neutral Strong Buy 2458 1.60

LONDON STOCK EX.GROUP 1596.00 971.00 1682.00 Neutral Strong Buy 6345 1.11

MAN GROUP 85.70 73.65 134.40 Neutral Sell -4465 1.32

RATHBONE BROTHERS 1548.00 1208.00 1691.00 Neutral Strong Buy 5191 0.70

SCHRODERS 2391.00 1630.00 2690.00 Neutral Strong Buy 7741 1.37

SCHRODERS NV 1891.00 1303.00 2217.00 Neutral Strong Buy 11074 1.32


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Support Services Under Valued


ACAL 354.13 170.62 373.00 Neutral Strong Buy 617 0.76

AGGREKO 1585.00 1442.00 2254.00 Neutral Strong Buy 4252 0.99

AMEC 1097.00 965.50 1207.00 Neutral Strong Buy 3179 0.95

ASHTEAD GROUP 673.50 380.90 730.00 Neutral Buy 947 1.55

BABCOCK INTL. 1294.00 965.50 1333.00 Neutral Strong Buy 2492 0.22

BRITISH POLYTHENE INDS. 725.00 383.00 737.50 Neutral Strong Buy 2241 0.81

BUNZL 1371.00 1009.00 1414.00 Neutral Strong Buy 2650 0.49

UK MAIL GROUP 607.50 292.00 645.00 Neutral Strong Buy 1572 0.45

CAPITA 990.00 754.00 1057.00 Neutral Strong Buy 1826 0.55

COMMUNISIS 56.00 34.54 68.00 Neutral Strong Buy 423 0.78

COMPASS GROUP 914.50 723.00 938.50 Neutral Strong Buy 1909 0.69

BERENDSEN 902.00 576.00 980.00 Neutral Strong Buy 3278 0.95

DE LA RUE 913.00 823.50 1046.00 Neutral Strong Buy 2224 #NA

DIGNITY 1333.00 1006.79 1567.68 Neutral Buy 1743 0.08

DIPLOMA 687.00 488.30 734.50 Neutral Strong Buy 1296 0.94ELECTROCOMP. 280.60 204.30 301.00 Neutral Strong Buy 856 1.00

ESSENTRA PLC 802.00 543.00 830.00 Neutral Strong Buy 1237 1.05

G4S 261.10 207.50 313.50 Neutral Strong Buy 883 0.40

HAYS 119.80 77.25 125.70 Neutral Strong Buy 376 0.97

HOMESERVE 264.70 185.60 293.60 Neutral Strong Buy 904 0.88

INTERSERVE 635.00 357.00 657.50 Neutral Strong Buy 3012 0.90

INTERTEK GROUP 3001.00 2922.00 3453.00 Neutral Buy 4303 0.72

JOHNSON SERVICE GROUP 48.75 33.63 53.50 Neutral Strong Buy 226 0.93

MANAGEMENT CNSL.GP. 26.63 21.25 32.00 Neutral Strong Buy 181 0.45

MENZIES (JOHN) 769.00 597.00 841.50 Neutral Strong Buy 1933 1.17

MICHAEL PAGE INTL. 459.90 356.00 502.50 Neutral Strong Buy 779 1.19

MITIE GROUP 305.30 248.00 317.00 Neutral Strong Buy 995 0.47

OFFICE2OFFICE 40.00 33.75 126.00 Neutral Strong Buy 634 0.08

PAYPOINT 1054.00 814.50 1185.00 Neutral Strong Buy 1809 0.74

PREMIER FARNELL 212.90 174.50 238.40 Neutral Strong Buy 544 1.35

REGUS 193.90 96.40 214.10 Neutral Sell 67 1.30

RENTOKIL INITIAL 106.70 87.00 112.80 Neutral Strong Buy 434 1.13

REXAM 487.50 437.98 547.50 Neutral Strong Buy 1737 0.94

RICARDO 588.00 359.00 661.50 Neutral Strong Buy 1809 0.99

ROBERT WALTERS 316.50 193.00 336.00 Neutral Strong Buy 921 1.04

RPC GROUP 506.00 378.00 517.00 Neutral Strong Buy 1570 0.71

RPS GROUP 311.20 195.50 313.00 Neutral Strong Buy 880 1.31

SERCO GROUP 445.20 418.60 683.50 Neutral Strong Buy 2159 0.57

SHANKS GROUP 108.00 73.00 110.25 Neutral Strong Buy 352 1.43

SPEEDY HIRE 51.75 34.75 70.00 Neutral Strong Buy 324 1.01

TRIBAL GROUP 176.00 97.25 206.50 Neutral Strong Buy 515 0.45

TRIFAST 79.25 47.75 87.25 Neutral Strong Buy 312 0.78

VP 566.50 313.00 566.50 Sell Strong Buy 2205 0.42

WYG 108.50 71.00 111.38 Neutral Strong Buy 192 0.62


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Telecommunication Services Over Valued


BT GROUP 366.90 231.10 382.00 Neutral Buy 477 0.76

CABLE & WIRELESS COMMS. 47.40 35.35 48.35 Neutral Strong Buy 89 0.55

INMARSAT 671.00 584.50 749.00 Neutral Sell 274 0.49

KCOM GROUP 98.50 69.30 105.10 Neutral Buy 140 0.86

TELECOM PLUS 1771.00 861.99 1929.00 Neutral Sell 971 0.04

VODAFONE GROUP 225.80 154.45 2 34.35 Neutral Sell 148 0.45

Transport Over Valued


BBA AVIATION 326.50 213.40 343.60 Neutral Sell 215 1.14

BRAEMAR SHIPPING SVS. 516.75 350.00 559.00 N eu tral Neutral 544 0.91

CLARKSON 1941.00 1150.00 2370.00 Neutral Sell 1217 0.30

EASYJET 1386.00 727.00 1448.00 Neutral Sell 826 0.78

FIRST GROUP 113.00 92.00 182.47 Sell Strong Buy 261 0.72

FISHER(JAMES)& SONS 1162.00 783.75 1162.00 Sell Sell 761 0.49

GO-AHEAD GROUP 1600.00 1232.00 1738.00 Neutral Strong Buy 2850 0.85

NATIONAL EXPRESS 256.40 175.20 274.90 Neutral Sell 236 1.17

NORTHGATE 430.00 254.25 458.75 Neutral Sell 343 1.07

STAGECOACH GROUP 358.40 286.50 369.80 Neutral Buy 459 0.75

WINCANTON 120.25 43.75 139.00 Neutral Strong Buy 286 0.86

Utilities Under Valued


CENTRICA 337.00 331.60 402.20 Neutral Strong Buy 524 0.51

NATIONAL GRID 764.00 682.00 847.50 Neutral Buy 893 0.52

PENNON GROUP 631.00 601.00 727.50 Neutral Sell 522 0.63

SSE 1326.00 1320.00 1676.00 Neutral Strong Buy 2398 0.33

SEVERN TRENT 1703.00 1550.00 2090.00 Neutral Sell 1376 0.42

UNITED UTILITIES GROUP 651.50 649.00 787.50 N eu tral Neutral 688 0.57


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Documents

Value Indicator - UK Main Market 20131204