value indicator - uk main market 20130318

7/29/2019 value indicator - uk main market 20130318

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18 March 2013

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Intellisys Intelligent Analysis Limited 18 March 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 Valued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Over Valued ..................................................7Engineering & Machinery Over Valued ................................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Under 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 Over Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Over Valued ................................................ 12Real Estate Under Valued ............................................................................... 12Software & Computer Services Under Valued ..................................................... 13Speciality & Other Finance Over Valued .......................................................... 13Support Services Over 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 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 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 383.10 270.90 383.30 Neutral Strong Buy 578 0.66

CHEMRING GROUP 255.90 217.00 442.00 Neutral Buy 321 0.66

COBHAM 237.30 190.10 239.50 Buy Buy 286 0.83

MEGGITT 480.20 364.30 490.10 Neutral Sell 406 1.32

ROLLS-ROYCE HOLDINGS 1085.00 781.16 1088.00 Neutral Neutral 1102 1.07

SMITHS GROUP 1313.00 979.50 1314.00 Neutral Sell 1051 0.71

ULTRA ELECTRONICS HDG. 17 40.00 1424.00 1780.00 Neutral Sell 1547 0.51

Automobiles & Parts Under Valued

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

GKN 274.50 173.60 285.00 Neutral Neutral 262 2.00

INCHCAPE 509.50 305.20 530.00 Neutral Neutral 504 1.48

LOOKERS 95.50 56.50 95.50 Neutral Buy 106 1.24

PENDRAGON 25.00 13.25 25.00 Neutral Buy 34 1.12

Banks Over Valued


BARCLAYS 320.05 150.55 327.35 Neutral Sell 72 1.93

HSBC HDG. (ORD $0.50) 720.10 503.20 740.00 Neutral Strong Buy 1259 1.17

LLOYDS BANKING GROUP 50.52 25.29 55.68 Sell Strong Buy 77 1.87

ROYAL BANK OF SCTL.GP. 307.90 196.60 367.80 Neutral Sell 57 1.34

STANDARD CHARTERED 1763.00 1228.50 1837.50 Neutral Sell 1141 1.70

Beverages Under Valued


BARR (AG) 524.00 348.00 557.00 Neutral Neutral 572 0.55

DIAGEO 2012.00 1477.00 2018.50 Neutral Sell 1766 0.55

SABMILLER 3499.50 2348.50 3509.50 Sell Buy 3986 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 403.10 267.60 405.90 Neutral Strong Buy 728 #NA

CARCLO 460.75 330.00 503.00 N eu tra l Neu tral 441 0.74

CRODA INTERNATIONAL 2634.00 2050.00 2690.00 Neutral Sell 2162 1.04

ELEMENTIS 270.00 179.00 270.00 Sell Buy 375 1.00

JOHNSON MATTHE Y 2316.00 2080.27 2573.00 Neutral Strong Buy 13003 1.44

VICTREX 1736.00 1185.00 1736.00 Neutral Sell 1549 1.13

SYNTHOMER 218.00 127.40 251.00 Neutral Buy 241 1.16

ZOTEFOAMS 202.00 157.00 225.00 Neutral Strong Buy 416 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 98.00 61.50 104.00 Neutral Strong Buy 249 0.51

BALFOUR BEATTY 278.10 237.90 320.80 Neutral Strong Buy 1048 0.79

BARRATT DEVELOPMENTS 235.00 114.00 244.90 Neutral Strong Buy 482 1.50

BELLWAY 1158.00 660.00 1175.00 Neutral Strong Buy 2059 1.11

BERKELEY GROUP HDG.(THE) 1975.00 1177 .00 1975.00 Neutral Strong Buy 3484 0.64

BOOT (HENRY) 161.00 115.50 167.50 Neutral Strong Buy 360 0.83

BOVIS HOMES GROUP 650.00 399.30 681.50 Neutral Sell 597 1.14

CARILLION 294.50 235.50 331.80 Neutral Strong Buy 867 1.10

CLARKE (T) 53.25 40.00 61.50 Neutral Strong Buy 288 0.82

COSTAIN GROUP 287.50 188.00 295.00 Neutral Strong Buy 591 0.57

CRH 1527.00 1052.00 1540.00 Neutral Sell 792 1.14

GALLIFORD TRY 957.00 579.00 965.00 Neutral Strong Buy 1834 0.99

KELLER 819.00 348.25 830.00 Neutral Strong Buy 2160 1.25

KIER GROUP 1245.00 1095.00 1408.00 Neutral Strong Buy 3595 0.94

LOW & BONAR 73.00 49.00 73.50 Neutral Strong Buy 215 1.07MARSHALLS 115.50 76.00 115.50 Neutral Strong Buy 305 1.37

MORGAN SINDALL GROUP 560.00 508.00 695.00 Neutral Strong Buy 3536 0.86

NORCROS 16.00 9.25 16.75 Neutral Strong Buy 37 1.11

PERSIMMON 953.00 532.00 965.50 Neutral Buy 1211 1.15

REDROW 181.10 107.30 195.80 Neutral Strong Buy 314 1.05

SIG 155.00 82.30 155.00 Neutral Strong Buy 496 1.74

SUPERGLASS HOLDINGS 5.25 4.13 21.50 Sell Strong Buy 47 0.89

TAYLOR WIMPEY 84.10 40.28 85.20 Neutral Buy 102 1.58

TRAVIS PERKINS 1359.00 906.50 1359.00 Neutral Strong Buy 2802 1.97

WOLSELEY 3315.00 2121.32 3328.00 Neutral Strong Buy 5494 1.43

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1364.00 900.00 1364.00 Neutral Sell 785 0.78

DOMINO PRINTING SCIENCES 695.00 509.00 717.00 Neutral Buy 864 1.18

E2V TECHNOLOGIES 124.50 105.50 149.50 Neutral Strong Buy 250 1.30

INVENSYS 358.60 186.10 366.80 Neutral Neutral 348 1.42

LAIRD 229.30 177.00 249.30 Neutral Sell 86 2.12

OXFORD INSTRUMENTS 1711.00 1096.00 1 752.00 Neutral Sell 1199 1.01

RENISHAW 1900.00 1260.00 2081.00 Neutral Buy 2456 1.26

SPECTRIS 2470.00 1427.00 2470.00 Neutral Sell 2246 1.52

BIOME TECHNOLOGIES 0.08 0.08 0.22 Buy Strong Buy 0 0.84

TT ELECTRONICS 171.75 114.00 190.00 Neutral Strong Buy 403 1.59

XAAR 335.25 185.00 348.00 Neutral Sell 233 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 86.00 54.25 92.00 Neutral Buy 110 1.26

BODYCOTE 551.50 310.30 556.50 Neutral Neutral 536 1.61

CASTINGS 344.50 277.75 358.50 Neutral Strong Buy 734 0.99

VESUVIUS 402.10 263.19 402.10 Neutral Buy 518 2.19

FENNER 420.20 329.30 473.80 Neutral Buy 585 1.42

HALMA 531.50 373.10 531.50 Sell Sell 414 0.75

HILL & SMITH 450.00 297.00 480.00 Neutral Sell 353 1.37

IMI 1347.00 776.00 1347.00 Sell Neutral 1439 1.40

METALRAX GROUP 3.00 2.93 8.95 Neutral Neutral 3 0.85

MORGAN CRUCIBLE 305.00 220.30 341.00 Neutral Strong Buy 572 1.82

ROTORK 2977.00 1859.00 2977.00 Neutral Sell 2230 1.00

SENIOR 240.40 177.00 248.90 Neutral Neutral 234 1.65

SEVERFIELD-ROWEN 73.75 68.00 203.50 Neutral Neutral 76 0.73

SPIRAX-SARCO 2725.00 1900.00 2728.00 Sell Sell 2397 0.84

VITEC GROUP 654.50 586.50 740.00 Neutral Neutral 634 1.39WEIR GROUP 2457.00 1397.00 2474.00 Neutral Sell 2147 1.39

Food & Drug Stores Over Valued


GREGGS 504.50 449.00 549.50 Neutral Buy 715 0.47

MORRISON(WM)SPMKTS. 271.30 248.60 305.70 Neutral Sell 207 0.39

SAINSBURY (J) 362.80 283.50 362.80 Neutral Sell 228 0.58

TESCO 385.15 297.05 385.95 Neutral Sell 293 0.69

THORNTONS 69.00 18.88 69.00 Neutral Sell 47 0.83

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1899.00 1167.00 1 902.00 Sell Neutral 2075 0.62

CRANSWICK 1002.00 732.50 1011.00 Neutral Strong Buy 2055 0.49

DAIRY CREST 417.10 290.40 438.00 Neutral Buy 484 0.92

DEVRO 350.50 278.00 380.00 Neutral Buy 514 0.31

PREMIER FOODS 82.00 54.50 180.00 Neutral Sell -180 1.25

TATE & LYLE 818.00 633.50 840.00 Neutral Strong Buy 1540 0.70

UNILEVER (UK) 2735.00 2005.00 2750.00 Neutral Neutral 2744 0.57


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General Retail Under Valued


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

BROWN (N) GROUP 412.90 222.40 412.90 Neutral Sell 362 0.53

BURBERRY GROUP 1450.00 1000.00 1586.00 Neutral Sell 981 1.27

CARPETRIGHT 640.00 585.00 728.50 Neutral Sell 283 0.94

DIXONS RETAIL 34.81 12.67 34.95 Neutral Neutral 37 1.50

FINDEL 7.48 2.76 9.30 Neutral Sell 3 1.08

FRENCH CONNECTN.GROUP 31.13 19.50 52.25 Sell Strong Buy 111 0.98

HALFORDS GROUP 321.20 189.00 356.80 Neutral Strong Buy 500 0.67

JD SPORTS FASHION 768 .00 606 .50 841 .00 Neutral Strong Buy 1523 0.52

DARTY 40.00 38.00 77.25 Neutral Strong Buy 83 1.24

KINGFISHER 286.10 254.10 313.80 Neutral Buy 391 0.92

MARKS & SPENCER GROUP 372.50 312.20 398.80 Neutral Buy 518 0.64

MOSS BROTHERS GROUP 67.00 42.00 71.00 Neutral Sell 60 1.04

MOTHERCARE 294.25 152.00 362.00 Neutral Buy 344 0.46

NEXT 4090.00 2894.00 4247.00 Neutral Sell 3715 0.66TED BAKER 1305.00 775.00 1305.00 Sell Sell 657 0.55

TOPPS TILES 63.75 32.13 68.00 Neutral Sell 51 1.48

Heath Over Valued


BIOQUELL 136.00 119.00 160.00 Neutral Sell 107 0.45

CONSORT MEDICAL 768.00 584.00 831.50 Neutral Sell 546 0.40

OPTOS 204.00 160.00 279.25 Neutral Sell 177 1.21

SMITH & NEPHEW 746.50 580.00 751.50 Neutral Sell 663 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 625.00 530.00 720.50 Neutral Neutral 611 0.43

HEADLAM GROUP 335.00 263.00 355.00 Neutral Sell 288 0.92

HORNBY 73.50 55.25 103.00 Neutral Buy 100 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 928.50 469.00 971.50 Neutral Sell 591 0.74

CSR 473.40 194.60 492.80 Neutral Strong Buy 1336 1.17FILTRONIC 66.00 23.50 83.25 Neutral Sell 51 0.90

IMAGINATION TECHN OLOGIES 552.00 383.50 717.00 N eutral Neutral 543 1.08

SPIRENT COMMUNICATIONS 155.70 1 39.20 174.00 Neutral Strong Buy 699 0.95

WOLFSON MICROELECTR ON ICS 193.00 165.75 230.00 Neutral Sell -529 0.91


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Insurance Under Valued


ADMIRAL GROUP 1336.00 1019.00 1359.00 Neutral Sell -712 0.54

AMLIN 430.40 312.90 431.50 Neutral Sell -3072 0.46

BEAZLEY 213.00 132.50 215.40 Neutral Strong Buy 2585 0.59

CATLIN GROUP 512.00 399.00 540.00 Neutral Strong Buy 783 0.30

HISCOX 560.50 371.30 561.00 Neutral Strong Buy 2065 0.48

JARDINE LLOYD THOMPSON 862 .50 659 .00 862 .50 Neutral Strong Buy 2914 0.31

RSA INSURANCE GROUP 116.00 97.65 136.30 Neutral Strong Buy 1685 0.41

NOVAE GROUP 462.00 340.00 475.75 Neutral Strong Buy 1905 0.47

Leisure & Hotels Over Valued


CARNIVAL 2379.00 1900.00 2628.00 Neutral Strong Buy 3875 1.00

ENTERPRISE INNS 111.00 50.25 114.70 Neutral Sell 83 1.59

TUI TRAVEL 319.60 158.00 330.00 Neutral Strong Buy 784 0.99

FULLER SMITH 'A' 810.00 680.00 810.00 Neutral Sell 655 0.38

GREENE KING 711.50 474.30 716.00 Neutral Sell 621 0.90

LADBROKES 238.50 152.50 243.10 Neutral Sell 183 0.94

ICTL.HTLS.GP. 2005.00 1396.63 2022.00 Neutral Sell 1639 1.17

MILLENNIUM & CPTH.HTLS. 568.00 455.40 568.50 N eutral Neutral 614 1.38

MITCHELLS & BUTLERS 343.40 217.40 350.10 Neutral Sell 302 1.08

BWIN PARTY DIGITAL ENTM. 144.90 91.90 162.60 Neutral Sell 104 1.25

PUNCH TAVERNS 11.25 5 .61 13.12 Neutral Strong Buy 50 1.25

RANK GROUP 169.00 111.00 169.00 Neutral Strong Buy 506 1.00

RESTAURANT GROUP 449.10 269.20 449.10 Neutral Sell 319 0.74

WETHERSPOON (JD) 515.50 371.30 548.50 Neutral Buy 740 0.68

WHITBREAD 2591.00 1714.00 2692.00 Neutral Sell 1937 0.99WILLIAM HILL 405.60 243.10 443.30 Neutral Sell 278 0.86

MARSTON'S 141.00 94.40 143.00 Neutral Sell 30 1.19

Life Assurance Over Valued


AVIVA 326.20 255.30 388.40 Neutral Strong Buy 1197 1.25

CHESNARA 224.75 155.25 233.50 Neutral Strong Buy 359 0.70

LEGAL & GENERAL 173.20 106.00 173.60 Neutral Strong Buy 302 1.70

OLD MUTUAL 208.70 138.70 211.40 Neutral Sell 177 1.57

PRUDENTIAL 1154.00 660.00 1155.00 Sell Sell 981 1.70

ST.JAMES'S PLACE 519.50 303.40 537.00 Neutral Sell 437 0.85


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Media & Entertainment Under Valued


AEGIS GROUP 239.60 153.20 239.60 Neutral Sell -528 1.28

BLOOMSBURY PBL. 110.00 102.00 146.50 Neutral Strong Buy 1522 0.35

BRITISH SKY BCAST.GROUP 884.00 635.50 888.50 Neutral Strong Buy 136 0.54

CENTAUR MEDIA 45.75 28.50 60.00 Neutral Strong Buy 2959 1.01

DAILY MAIL 'A' 706.50 363.50 722.00 Neutral Strong Buy 6556 1.12

EUROMONEY INSTL.INVESTOR 910.00 672.50 951.50 Neutral Sell -63 0.98

INFORMA 511.50 340.00 525.50 Neutral Strong Buy 214 1.53

ITE GROUP 287.80 180.00 287.80 Neutral Strong Buy 1169 1.44

ITV 131.20 69.45 132.30 Neutral Strong Buy 1545 1.54

JOHNSTON PRESS 13.50 4.88 15.00 Neutral Buy 281 1.25

PEARSON 1208.00 1111.00 1294.00 Neutral Strong Buy 2317 0.63

PHOTO-ME INTL. 82.50 36.25 82.50 Neutral Strong Buy 781 0.79

PINEWOOD SHEPPERTON 274.00 260.00 377.50 Neutral Sell -529 0.16

THOMSON REUTERS 32.88 26.85 32.88 Neutral Sell 245 0.52

STV GROUP 144.00 81.50 146.88 Neutral Strong Buy 669 0.78ST.IVES 139.25 67.50 139.25 Neutral Sell -241 1.49

TRINITY MIRROR 95.00 25.50 121.25 Neutral Strong Buy 1600 1.57

UBM 719.50 511.00 788.00 Neutral Strong Buy 1185 1.31

WILMINGTON GROUP 162.00 82.00 164.00 Neutral Sell -447 0.85

WPP 1083.00 743.00 1092.00 Neutral Strong Buy 719 1.34

HIBU 0.41 0.26 4.15 Neutral Sell -10 1.06

Mining Under Valued


ANGLO AMERICAN 1892.50 1664.00 2618.00 Neutral Strong Buy 3084 1.75

ANGLO PACIFIC GROUP 263.50 221.25 340.00 Neutral Buy 294 0.99ANTOFAGASTA 1082.00 991.00 1381.00 Neutral Sell 1002 1.42

BHP BILLITON 2065.00 1681.00 2236.00 Neutral Strong Buy 3672 1.45

LONMIN 329.00 240.84 599.98 Neutral Sell 46 2.04

RANDGOLD RESOURCES 5490.00 4596.00 7775.00 Neutral Sell 3091 0.34

RIO TINTO 3312.00 2715.50 3757.00 Neutral Buy 3703 1.51

COALFIELD RESOURCES 5.63 3.75 22.50 Neutral Strong Buy 176 0.89

VEDANTA RESOURCES 832.50 1418.00 Neutral Strong Buy 2639 2.21

XSTRATA 1164.50 785.80 1205.00 Neutral Sell 1091 1.87

Oil & Gas Under Valued


BG GROUP 1178.00 1000.50 1547.00 Neutral Buy 1297 0.81

BP 449.65 391.95 491.25 Neutral Strong Buy 1640 1.05

CAIRN ENERGY 291.90 248.20 349.00 Neutral Sell -46 1.32

FORTUNE OIL 10.50 7.86 12.50 Neutral Buy 15 0.91

HUNTING 930.00 688.00 968.00 Neutral Sell 487 1.32

JKX OIL & GAS 79.00 55.00 187 .75 Sell Strong Buy 318 1.36

PREMIER OIL 395.00 321.30 429.00 Neutral Sell 309 1.44

ROYAL DUTCH SHELL B 2240.00 2039.00 2366.50 Neutral Strong Buy 12075 0.86

SOCO INTERNATIONAL 404.30 254.90 404.30 Neutral Sell 265 0.52

TULLOW OIL 1249.00 1138.00 1570.00 Neutral Sell 977 1.06

WOOD GROUP (JOHN) 869.00 651.50 875.50 Neutral Neutral 861 1.36


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Personal Care & Household Products Over Valued


MCBRIDE 139.25 102.70 146.75 Neutral Strong Buy 276 0.83

PZ CUSSONS 411.00 296.10 415.60 Neutral Sell 344 0.69

RECKITT BENCKISER GROUP 4709.00 3 300.00 4709.00 Neutral Neutral 4751 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.37 0.37 3.98 Buy Strong Buy 7 1.01

ASTRAZENECA 3069.50 2591.00 3168.00 Neutral Strong Buy 5328 0.48

BTG 343.50 300.30 423.00 Neutral Sell 201 0.62

DECHRA PHARMACEUTICALS 759.50 418.33 759.50 Neutral Buy 998 0.26

GLAXOSMITHKLINE 1496.00 1317.50 1507.50 Neutral Sell 608 0.49

OXFORD BIOMEDICA 1.93 1.85 5.80 Buy Strong Buy 3 0.64

PHYTOPHARM 1.70 1.70 12.75 Buy Neutral 2 0.94

SHIRE 2039.00 1727.00 2177.00 Neutral Sell 1129 0.65

SKYEPHARMA 57.88 33.50 101.50 Neutral Sell -127 0.72

VERNALIS 23.50 21.63 27.38 Neutral Strong Buy 57 0.89

Real Estate Under Valued


BIG YELLOW GROUP 371.30 274.50 387.50 Neutral Sell -528 1.15

BRITISH LAND 555.00 467.10 585.50 Neutral Strong Buy 1522 1.03

CAPITAL & REGIONAL 33.00 22.75 34.25 Sell Strong Buy 136 0.82

CLS HOLDINGS 808.50 595.00 859.00 Neutral Strong Buy 2959 0.69

DERWENT LONDON 2180.00 1689.00 2239.00 Neutral Strong Buy 6556 1.21DEVELOPMENT SECS. 152.50 121.75 176.00 Neutral Sell -63 0.97

GRAINGER 139.40 83.10 139.40 Neutral Strong Buy 214 1.54

GREAT PORTLAND ESTATES 504.50 345.60 514.00 Sell Strong Buy 1169 1.06

HAMMERSON 507.00 404.50 525.00 Neutral Strong Buy 1545 1.16

HELICAL BAR 235.00 164.00 249.75 Neutral Buy 281 0.75

LAND SECURITIES GROUP 826.50 704.00 849.00 Neutral Strong Buy 2317 1.15

INTU PROPERTIES 332.00 305.00 366.00 Neutral Strong Buy 781 1.08

MCKAY SECURITIES 145.00 125.00 145.00 Neutral Sell -529 0.72

MUCKLOW (A & J) GROUP 355.00 310.00 390.00 Neutral Sell 245 0.42

PRIMARY HEALTH PROPS. 324.00 311.00 364.50 Neutral Strong Buy 669 0.35

QUINTAIN ESTATES & DEV. 62.00 32.50 70.00 Neutral Sell -241 1.17

SAVILLS 599.00 300.80 599.00 Neutral Strong Buy 1600 0.74

SHAFTESBURY 597.50 482.20 597.50 Neutral Strong Buy 1185 1.03

SEGRO 271.00 209.40 271.00 Neutral Sell -447 1.70

ST MODWEN PROPS. 265.00 145.50 280.20 Neutral Strong Buy 719 1.55

TOWN CENTRE SECURITIES 206.00 147.00 215.00 Neutral Sell -10 1.04

UNITE GROUP 330.00 180.25 330.00 Neutral Sell 33 1.75

WARNER ESTATE 1.68 1.00 3.35 Sell Sell -1008 1.02

WORKSPACE GROUP 331.80 213.25 363.20 Neutral Sell 0 1.02


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Software & Computer Services Under Valued


ANITE 134.10 111.00 162.00 Neutral Sell 125 0.76

AVEVA GROUP 2277.00 1469.00 2322.00 Neutral Sell 1340 1.40

COMPUTACENTER 520.00 292.40 520.00 Neutral Strong Buy 1375 1.00

KOFAX 305.50 240.00 325.75 Neutral Neutral 328 1.12

INNOVATION GROUP 25.00 18.25 25.50 Neutral Neutral 25 0.83

MICRO FOCUS INTL. 693.50 426.17 702.00 Neutral Buy 1004 0.79

PHOENIX IT GROUP 163.00 135.00 231.75 Neutral Strong Buy 318 0.74

RM 73.00 70.25 89.00 Neutral Sell -96 0.52

FIDESSA GROUP 1939.00 1275.00 1970.00 Neutral Neutral 2124 0.77

SAGE GROUP 341.80 247.70 352.10 Neutral Buy 425 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 411.30 237.30 441.90 Neutral Sell 168 1.09

BREWIN DOLPHIN 195.70 136.30 222.00 Neutral Sell 124 0.71

CAMELLIA 10600.00 9250.00 11105.00 Neutral Sell 9883 0.83

CHARLES STANLEY GROUP 365.38 247.50 371.50 Neutral Sell 172 0.97

CHARLES TAYLOR 180.00 132.00 189.75 Neutral Sell 102 0.68

CLOSE BROTHERS GROUP 1107.00 673.50 1107.00 Sell Sell 175 0.87

F&C ASSET MANAGEMENT 106.50 64.75 110.40 Neutral Neutral 103 0.89

HELPHIRE GROUP 3.70 0.55 3.70 Sell Strong Buy 29 0.68

HENDERSON GROUP 168.80 90.55 171.00 Neutral Sell 49 1.44

ICAP 330.00 281.40 431.50 Neutral Sell 200 1.07

INTERMEDIATE CAPITAL GP. 422.00 227.30 422.00 Neutral Sell 202 1.68

INVESTEC 487.10 310.40 513.50 Neutral Sell 95 1.55

LONDON STOCK EX.GROUP 1385.00 930.00 1411.00 Neutral Strong Buy 3919 1.12MAN GROUP 100.30 63.25 145.00 Neutral Sell 94 1.32

RATHBONE BROTHERS 1532.00 1151.00 1532.00 Neutral Sell 1119 0.74

SCHRODERS 2154.00 1166.00 2160.00 Neutral Sell 1259 1.31

SCHRODERS NV 1727.00 966.00 1729.00 Sell Strong Buy 4215 1.27


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Support Services Over Valued


ACAL 233.00 157.75 242.50 Neutral Buy 305 0.93

AGGREKO 1989.00 1557.00 2400.00 Neutral Sell 1299 1.04

AMEC 1060.00 923.00 1172.00 Neutral Neutral 1138 1.04

ASHTEAD GROUP 588.50 212.20 591.50 Neutral Sell 318 1.61

BABCOCK INTL. 1071.00 743.50 1106.00 Neutral Sell 666 0.48

BRITISH POLYTHENE INDS. 505.00 317.00 508.00 Neutral Strong Buy 803 0.77

BUNZL 1298.00 990.00 1320.00 Neutral Sell 823 0.55

UK MAIL GROUP 380.00 214.00 380.00 Neutral Buy 444 0.38

CAPITA 881.50 602.00 904.50 Neutral Sell 523 0.50

COMMUNISIS 51.63 25.34 53.50 Neutral Buy 68 0.78

COMPASS GROUP 835.00 616.00 846.00 Neutral Sell 606 0.74

BERENDSEN 762.50 462.00 762.50 Sell Buy 983 1.04

DE LA RUE 925.00 885.50 1075.00 Neutral Sell 594 #NA

DIGNITY 1393.00 803.50 1435.00 Neutral Sell 810 0.21

DIPLOMA 610.00 407.00 627.50 Neutral Sell 488 0.95ELECTROCOMP. 257.10 195.20 265.00 Neutral Buy 321 1.03

FILTRONA 663.00 428.00 664.50 Neutral Sell 357 1.10

G4S 298.30 240.00 307.50 Neutral Neutral 291 0.58

HAYS 98.50 66.40 100.00 Neutral Buy 121 1.10

HOMESERVE 226.90 137.50 255.70 Neutral Strong Buy 490 0.93

INTERSERVE 485.00 270.10 501.00 Neutral Buy 692 1.27

INTERTEK GROUP 3410.00 2406.00 3440.00 Neutral Sell 1454 0.78

JOHNSON SERVICE GROUP 44.00 26.50 44.63 Neutral Strong Buy 94 1.17

MANAGEMENT CNSL.GP. 30.00 21.25 39.50 Neutral Strong Buy 55 0.71

MENZIES (JOHN) 789.00 542.00 789.00 Neutral Strong Buy 1307 1.43

MICHAEL PAGE INTL. 449.10 341.40 497.00 Neutral Sell 321 1.41

MITIE GROUP 291.00 253.90 300.80 Neutral Buy 342 0.55

OFFICE2OFFICE 99.50 91.50 163.00 Neutral Strong Buy 239 0.35

PAYPOINT 868.50 596.50 901.00 Neutral Sell 694 0.70

PREMIER FARNELL 220.00 153.20 236.30 Neutral Buy 287 1.32

REGUS 163.00 82.65 163.00 Neutral Sell 107 1.45

RENTOKIL INITIAL 99.00 69.40 99.00 Neutral Sell 55 1.25

REXAM 526.50 394.28 526.50 Neutral Buy 637 0.91

RICARDO 416.25 304.50 416.25 Neutral Buy 471 0.85

ROBERT WALTERS 215.00 176.25 264.63 Neutral Buy 309 1.23

RPC GROUP 477.00 348.30 477.00 Neutral Buy 535 0.78

RPS GROUP 264.80 197.00 264.80 Neutral Sell 248 1.50

SERCO GROUP 624.50 509.50 633.00 Neutral Sell 579 0.59

SHANKS GROUP 82.00 75.80 102.20 Neutral Strong Buy 168 1.46

SPEEDY HIRE 46.00 22.25 46.00 Sell Buy 52 1.25TRIBAL GROUP 135.00 70.00 135.00 Neutral Sell 51 0.55

TRIFAST 55.88 39.50 59.00 Neutral Neutral 61 0.92

VP 342.75 234.75 354.88 Neutral Strong Buy 623 0.86

WYG 71.00 42.00 75.00 Neutral Strong Buy 183 0.78


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Telecommunication Services Over Valued


BT GROUP 272.30 200.70 281.00 Neutral Buy 308 0.90

CABLE & WIRELESS COMMS. 41.58 27.28 42.63 Neutral Strong Buy 77 0.69

INMARSAT 686.00 390.80 696.00 Neutral Sell 578 0.53

KCOM GROUP 84.35 67.00 85.20 Neutral Buy 119 1.24

TELECOM PLUS 997.00 659.00 1010.00 Neutral Sell 664 0.11

VODAFONE GROUP 183.25 154.45 191.25 Neutral Sell 156 0.54

Transport Under Valued


BBA AVIATION 264.90 178.00 264.90 Neutral Sell 191 1.29

BRAEMAR SHIPPING SVS. 388.50 309.50 425.00 Neutral Buy 440 0.98

CLARKSON 1501.00 1150.00 1515.00 Neutral Neutral 1429 0.81

EASYJET 1072.00 443.80 1072.00 Neutral Sell 644 0.74

FIRST GROUP 204.40 175.70 297.00 Neutral Strong Buy 530 0.90

FISHER(JAMES)& SONS 970.00 535.00 970.00 Neutral Sell 376 0.77

GO-AHEAD GROUP 1511.00 1086.00 1511.00 Neutral Buy 1769 0.89

NATIONAL EXPRESS 218.00 164.50 252.00 Neutral Neutral 239 1.33

NORTHGATE 303.75 159.60 350.00 Neutral Strong Buy 583 1.40

STAGECOACH GROUP 311.50 230.40 319.60 Neutral Buy 349 0.89

WINCANTON 54.25 31.00 81.50 Sell Sell -41 0.90

Utilities Under Valued


CENTRICA 352.00 306.30 361.40 Neutral Buy 477 0.46

NATIONAL GRID 734.00 626.00 744.00 Neutral Buy 815 0.49

PENNON GROUP 635.50 598.00 796.00 Neutral Buy 761 0.58

SSE 1464.00 1294.00 1470.00 Neutral Buy 1720 0.42

SEVERN TRENT 1647.00 1507.00 1796.00 Neutral Sell 1469 0.34

UNITED UTILITIES GROUP 689.00 594.00 747.50 Neutral Sell 651 0.50


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value indicator - uk main market 20130318

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