value indicator - uk main market 20130409

7/28/2019 value indicator - uk main market 20130409

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09 April 2013

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Intellisys Intelligent Analysis Limited 09 April 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 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 Under 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 388.40 270.90 396.00 Neutral Buy 564 0.66

CHEMRING GROUP 252.10 217.00 414.70 Neutral Buy 314 0.66

COBHAM 236.30 190.10 248.10 Neutral Buy 280 0.83

MEGGITT 471.40 364.30 494.20 Neutral Sell 397 1.32

ROLLS-ROYCE HOLDINGS 1090.00 781.16 1135.00 Neutral Neutral 1073 1.08

SMITHS GROUP 1215.00 979.50 1328.00 Neutral Sell 1023 0.71

ULTRA ELECTRONICS HDG. 16 61.00 1424.00 1745.00 Neutral Sell 1508 0.50

Automobiles & Parts Under Valued

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

GKN 257.20 173.60 285.00 Neutral Neutral 248 2.00

INCHCAPE 492.80 305.20 530.00 Neutral Neutral 486 1.48

LOOKERS 95.00 56.50 100.50 Neutral Neutral 102 1.24

PENDRAGON 22.00 13.25 25.00 Neutral Buy 32 1.12

Banks Over Valued


BARCLAYS 277.20 150.55 327.35 Neutral Sell 39 1.93

HSBC HDG. (ORD $0.50) 679.70 503.20 740.00 Neutral Strong Buy 1204 1.17

LLOYDS BANKING GROUP 46.30 25.29 55.68 Neutral Strong Buy 73 1.87

ROYAL BANK OF SCTL.GP. 266.10 196.60 367.80 Neutral Sell 21 1.34

STANDARD CHARTERED 1645.00 1228.50 1837.50 Neutral Sell 1043 1.70

Beverages Under Valued


BARR (AG) 537.00 348.00 572.00 Neutral Neutral 581 0.55

DIAGEO 2017.00 1477.00 2085.00 Neutral Sell 1769 0.55

SABMILLER 3405.00 2348.50 3552.50 Neutral Buy 3924 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 369.00 267.60 406.40 Neutral Strong Buy 672 #NA

CARCLO 381.25 345.75 503.00 N eu tra l Neu tral 405 0.74

CRODA INTERNATIONAL 2699.00 2050.00 2841.00 Neutral Sell 2145 1.04

ELEMENTIS 252.90 179.00 275.00 Neutral Buy 355 1.00

JOHNSON MATTHEY 2279.00 2080.27 2573.00 Neutral Strong Buy 12088 1.44

VICTREX 1595.00 1185.00 1736.00 Neutral Sell 1496 1.13

SYNTHOMER 202.00 127.40 239.50 N eu tra l Neu tral 218 1.16

ZOTEFOAMS 222.50 157.00 225.00 Neutral Strong Buy 385 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 86.50 61.50 104.00 Neutral Strong Buy 233 0.52

BALFOUR BEATTY 225.70 225.70 320.80 Neutral Strong Buy 965 0.79

BARRATT DEVELOPMENTS 264.40 114.00 280.30 Neutral Strong Buy 444 1.50

BELLWAY 1234.00 660.00 1301.00 Neutral Strong Buy 1902 1.10

BERKELEY GROUP HDG.(THE) 1941.00 1177 .00 2093.00 Neutral Strong Buy 3297 0.63

BOOT (HENRY) 168.00 115.50 174.00 Neutral Strong Buy 341 0.83

BOVIS HOMES GROUP 691.50 399.30 751.00 Neutral Sell 553 1.14

CARILLION 268.40 235.50 331.80 Buy Strong Buy 788 1.10

CLARKE (T) 55.38 40.00 61.50 Neutral Strong Buy 265 0.82

COSTAIN GROUP 276.00 188.00 306.00 Neutral Strong Buy 557 0.56

CRH 1373.00 1052.00 1540.00 Neutral Sell 792 1.14

GALLIFORD TRY 910.00 579.00 965.00 Neutral Strong Buy 1684 0.99

KELLER 787.00 348.25 830.00 Neutral Strong Buy 2007 1.25

KIER GROUP 1165.00 1095.00 1408.00 Neutral Strong Buy 3333 0.94

LOW & BONAR 74.25 49.00 76.75 Neutral Strong Buy 202 1.07MARSHALLS 125.00 76.00 127.25 Neutral Strong Buy 282 1.37

MORGAN SINDALL GROUP 549.50 508.00 695.00 Neutral Strong Buy 3274 0.86

NORCROS 17.50 9.25 18.25 Neutral Strong Buy 34 1.11

PERSIMMON 1004.00 532.00 1073.00 Neutral Buy 1116 1.15

REDROW 184.60 107.30 195.80 Neutral Strong Buy 288 1.05

SIG 151.50 82.30 162.50 Neutral Strong Buy 466 1.74

SUPERGLASS HOLDINGS 3.88 3.88 19.50 Neutral Strong Buy 47 0.89

TAYLOR WIMPEY 85.75 40.28 93.50 Neutral Neutral 93 1.58

TRAVIS PERKINS 1380.00 906.50 1465.00 Neutral Strong Buy 2575 1.97

WOLSELEY 3089.00 2121.32 3337.00 Neutral Strong Buy 5147 1.43

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1282.00 927.50 1364.00 Neutral Sell 756 0.78

DOMINO PRINTING SCIENCES 640.00 509.00 717.00 Neutral Buy 830 1.18

E2V TECHNOLOGIES 114.50 105.50 149.50 Neutral Strong Buy 241 1.31

INVENSYS 344.30 186.10 366.80 Neutral Neutral 337 1.42

LAIRD 208.50 177.00 249.30 Neutral Sell 78 2.12

OXFORD INSTRUMENTS 1596.00 1096.00 1 752.00 Neutral Sell 1155 1.01

RENISHAW 1729.00 1260.00 2081.00 Neutral Buy 2343 1.26

SPECTRIS 2293.00 1427.00 2470.00 Neutral Sell 2161 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.21 Neutral Strong Buy 0 0.83

TT ELECTRONICS 165.75 114.00 190.00 Neutral Strong Buy 393 1.59

XAAR 405.00 185.00 425.00 Neutral Sell 227 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 82.00 54.25 91.75 Neutral Neutral 89 1.26

BODYCOTE 501.00 310.30 556.50 Neutral Neutral 497 1.61

CASTINGS 333.50 277.75 358.50 Neutral Strong Buy 694 0.99

VESUVIUS 330.00 263.19 402.10 Neutral Buy 484 2.19

FENNER 369.80 329.30 456.50 Neutral Buy 541 1.42

HALMA 496.60 373.10 531.50 Neutral Sell 393 0.76

HILL & SMITH 423.75 297.00 480.00 Neutral Sell 312 1.37

IMI 1237.00 776.00 1347.00 Neutral Buy 1397 1.40

MORGAN ADVANCED MATERIAL 281.00 220.30 333.90 Neutral Strong Buy 538 1.82

ROTORK 2824.00 1859.00 3037.00 Neutral Sell 2609 0.99

SENIOR 243.20 177.00 251.80 Neutral Sell 207 1.65

SEVERFIELD-ROWEN 41.63 35.40 104.11 Neutral Neutral 44 0.73

SPIRAX-SARCO 2616.00 1900.00 2734.00 Neutral Sell 2292 0.84

VITEC GROUP 630.00 586.50 740.00 Neutral Sell 569 1.40

WEIR GROUP 2276.00 1397.00 2474.00 Neutral Sell 2012 1.39

Food & Drug Stores Over Valued


GREGGS 460.00 449.00 523.50 Neutral Buy 684 0.47

MORRISON(WM)SPMKTS. 274.90 248.60 298.30 Neutral Sell 201 0.39

SAINSBURY (J) 373.60 283.50 385.50 Neutral Sell 225 0.58

TESCO 374.15 297.05 385.95 Neutral Sell 283 0.69

THORNTONS 66.00 18.88 78.75 Neutral Sell 47 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1873.00 1167.00 1 931.00 Neutral Buy 2079 0.61

CRANSWICK 1015.00 732.50 1023.00 Neutral Strong Buy 2061 0.49

DAIRY CREST 414.80 290.40 444.00 Neutral Buy 481 0.92

DEVRO 347.90 278.00 380.00 Neutral Buy 517 0.31

PREMIER FOODS 68.25 54.50 170.00 Neutral Sell -188 1.25

TATE & LYLE 852.50 633.50 870.50 Sell Strong Buy 1548 0.70

UNILEVER (UK) 2745.00 2005.00 2831.00 Neutral Neutral 2754 0.57


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 29.00 20.50 29.50 Neutral Buy 33 0.68

BROWN (N) GROUP 408.90 222.40 429.30 Neutral Sell 349 0.53

BURBERRY GROUP 1256.00 1000.00 1586.00 Neutral Sell 947 1.27

CARPETRIGHT 620.00 585.00 728.50 Neutral Sell 271 0.94

DIXONS RETAIL 31.18 12.67 35.00 Neutral Buy 35 1.50

FINDEL 5.40 2.76 9.30 Neutral Sell 3 1.08

FRENCH CONNECTN.GROUP 31.00 19.50 44.75 Sell Strong Buy 107 0.99

HALFORDS GROUP 311.80 189.00 356.80 Neutral Strong Buy 484 0.67

JD SPORTS FASHION 721 .00 606 .50 841 .00 Neutral Strong Buy 1471 0.52

DARTY 46.50 38.00 65.55 Neutral Strong Buy 79 1.24

KINGFISHER 290.00 254.10 306.10 Neutral Buy 378 0.92

MARKS & SPENCER GROUP 375.30 312.20 398.80 Neutral Buy 498 0.64

MOSS BROTHERS GROUP 59.50 42.00 71.00 Buy Neutral 58 1.04

MOTHERCARE 294.00 152.00 362.00 Neutral Neutral 309 0.47

NEXT 4175.00 2896.00 4408.00 Neutral Sell 3578 0.66TED BAKER 1278.00 810.50 1354.00 Neutral Sell 635 0.55

TOPPS TILES 64.63 32.13 68.00 Neutral Sell 49 1.48

Heath Over Valued


BIOQUELL 147.50 124.00 160.00 Neutral Sell 118 0.45

CONSORT MEDICAL 788.50 584.00 831.50 Neutral Sell 582 0.40

OPTOS 145.75 145.75 279.25 Neutral Buy 165 1.20

SMITH & NEPHEW 752.00 580.00 768.50 Neutral Sell 676 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 645.00 557.00 720.50 Neutral Neutral 631 0.43

HEADLAM GROUP 330.00 263.00 355.00 Neutral Sell 296 0.92

HORNBY 81.50 55.25 97.00 Neutral Buy 104 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 885.50 469.00 971.50 Neutral Sell 539 0.74

CSR 467.90 194.60 492.80 Neutral Strong Buy 1255 1.16FILTRONIC 62.50 23.50 83.25 Neutral Sell 47 0.90

IMAGINATION TECHN OLOGIES 449 .90 383 .50 705 .00 Neutral Buy 497 1.09

SPIRENT COMMUNICATIONS 134.60 134.60 174.00 Buy Strong Buy 632 0.94

WOLFSON MICROELECTR ON ICS 170 .00 165 .75 230 .00 Neutral Sell -504 0.91


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Insurance Under Valued


ADMIRAL GROUP 1315.00 1019.00 1374.00 Neutral Sell -719 0.54

AMLIN 416.50 312.90 431.50 Neutral Sell -3030 0.46

BEAZLEY 211.20 132.50 219.10 Neutral Strong Buy 2550 0.59

CATLIN GROUP 509.50 399.00 540.00 Neutral Buy 754 0.29

HISCOX 539.00 379.26 574.05 Neutral Strong Buy 2061 0.48

JARDINE LLOYD THOMPSON 830 .50 659 .00 864 .50 Neutral Strong Buy 2868 0.31

RSA INSURANCE GROUP 108.70 97.65 136.30 Neutral Strong Buy 1659 0.40

NOVAE GROUP 455.00 345.00 475.75 Neutral Strong Buy 1878 0.47

Leisure & Hotels Over Valued


CARNIVAL 2233.00 1900.00 2628.00 Neutral Strong Buy 3661 1.00

ENTERPRISE INNS 99.50 55.50 114.70 Neutral Sell 71 1.59

TUI TRAVEL 302.40 158.00 330.00 Neutral Strong Buy 748 0.99

FULLER SMITH 'A' 815.00 700.00 820.00 Neutral Sell 620 0.38

GREENE KING 657.00 474.30 723.50 Neutral Sell 581 0.91

LADBROKES 207.90 152.70 243.10 Neutral Sell 173 0.93

ICTL.HTLS.GP. 1938.00 1396.63 2039.00 Neutral Sell 1565 1.17

MILLENNIUM & CPTH.HTLS. 557.50 455.40 582.50 Neutral Neutral 585 1.38

MITCHELLS & BUTLERS 312.60 217.40 350.10 Neutral Sell 282 1.09

BWIN PARTY DIGITAL ENTM. 134.00 91.90 162.60 Neutral Sell 98 1.25

PUNCH TAVERNS 10.25 5 .61 13.12 Neutral Strong Buy 44 1.25

RANK GROUP 156.00 111.00 177.50 Neutral Strong Buy 485 1.00

RESTAURANT GROUP 451.20 269.20 468.00 Neutral Sell 304 0.74

WETHERSPOON (JD) 534.00 371.30 548.50 Neutral Buy 702 0.69

WHITBREAD 2439.00 1786.00 2692.00 Neutral Sell 1845 0.99WILLIAM HILL 376.70 239.02 411.17 Neutral Sell 264 0.86

MARSTON'S 131.00 94.40 143.00 Neutral Sell 25 1.20

Life Assurance Over Valued


AVIVA 296.70 255.30 388.40 Neutral Strong Buy 1128 1.24

CHESNARA 242.25 155.25 244.00 Neutral Buy 344 0.70

LEGAL & GENERAL 167.80 106.00 175.70 Neutral Strong Buy 283 1.70

OLD MUTUAL 195.70 138.70 211.40 Neutral Sell 170 1.57

PRUDENTIAL 1029.00 660.00 1155.00 Neutral Sell 919 1.70

ST.JAMES'S PLACE 481.10 303.40 537.00 Neutral Sell 413 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 115.63 102.00 146.50 Neutral Sell -538 0.36

BRITISH SKY BCAST.GROUP 874.00 635.50 899.50 Neutral Strong Buy 1509 0.54

CENTAUR MEDIA 44.50 28.50 60.00 Neutral Strong Buy 135 1.01

DAILY MAIL 'A' 698.50 363.50 722.00 Neutral Strong Buy 2930 1.12

EUROMONEY INSTL.INVESTOR 956.50 672.50 970.00 Neutral Strong Buy 6455 0.98

INFORMA 501.00 340.00 537.00 Neutral Sell -64 1.53

ITE GROUP 272.20 180.00 289.40 Neutral Strong Buy 215 1.44

ITV 121.20 69.45 132.30 Neutral Strong Buy 1164 1.54

JOHNSTON PRESS 14.75 4.88 15.75 Neutral Strong Buy 1530 1.26

PEARSON 1141.00 1111.00 1294.00 Neutral Buy 281 0.62

PHOTO-ME INTL. 73.50 36.25 82.50 Neutral Strong Buy 2299 0.79

PINEWOOD SHEPPERTON 274.00 265.00 377.50 Neutral Strong Buy 776 0.15

THOMSON REUTERS 32.64 26.85 33.32 Neutral Sell -538 0.52

STV GROUP 133.50 81.50 146.88 Neutral Sell 241 0.78

ST.IVES 135.00 67.50 139.25 Neutral Strong Buy 663 1.49TRINITY MIRROR 93.75 25.50 121.25 Neutral Sell -245 1.57

UBM 687.50 511.00 788.00 Neutral Strong Buy 1587 1.31

WILMINGTON GROUP 156.50 82.00 164.00 Neutral Strong Buy 1175 0.85

WPP 1034.00 743.00 1092.00 Neutral Sell -453 1.34

HIBU 0.36 0.26 3.91 Neutral Strong Buy 715 1.07

Mining Under Valued


ANGLO AMERICAN 1644.50 1639.50 2412.00 Neutral Strong Buy 2798 1.75

ANGLO PACIFIC GROUP 229.00 221.25 320.00 Neutral Buy 267 0.99ANTOFAGASTA 990.50 952.50 1381.00 Neutral Sell 919 1.43

BHP BILLITON 1878.00 1681.00 2236.00 Neutral Strong Buy 3328 1.45

LONMIN 273.80 240.84 564.35 Neutral Sell 28 2.03

RANDGOLD RESOURCES 5295.00 4596.00 7775.00 Neutral Sell 2817 0.34

RIO TINTO 2991.50 2715.50 3757.00 Neutral Buy 3334 1.51

COALFIELD RESOURCES 5.00 3.75 22.50 Neutral Strong Buy 161 0.89

VEDANTA RESOURCES 832.50 1298.00 Neutral Strong Buy 2309 2.21

XSTRATA 1033.50 785.80 1205.00 Neutral Neutral 983 1.88

Oil & Gas Under Valued


BG GROUP 1127.50 1000.50 1451.00 Neutral Neutral 1217 0.81

BP 448.05 391.95 475.90 Neutral Strong Buy 1542 1.05

CAIRN ENERGY 282.00 248.20 349.00 Neutral Sell -36 1.32

FORTUNE OIL 7.86 7.66 12.50 Neutral Strong Buy 14 0.90

HUNTING 865.00 688.00 954.00 Neutral Sell 455 1.32

JKX OIL & GAS 76.38 55.00 158 .00 Neutral Strong Buy 299 1.36

PREMIER OIL 385.00 321.30 401.20 Neutral Sell 289 1.45

ROYAL DUTCH SHELL B 2137.00 2039.00 2366.50 Neutral Strong Buy 11424 0.86

SOCO INTERNATIONAL 374.40 254.90 404.30 Neutral Sell 250 0.52

TULLOW OIL 1191.00 1138.00 1557.00 Neutral Sell 911 1.05

WOOD GROUP (JOHN) 848.00 651.50 879.50 Neutral Neutral 809 1.36


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Personal Care & Household Products Over Valued


MCBRIDE 112.50 102.70 146.75 Neutral Strong Buy 247 0.83

PZ CUSSONS 380.40 297.20 415.60 Neutral Sell 313 0.69

RECKITT BENCKISER GROUP 4603.00 3 300.00 4812.00 Neutral Neutral 4642 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.39 0.37 3.88 Buy Sell 0 1.01

ASTRAZENECA 3302.50 2591.00 3340.00 Neutral Strong Buy 7192 0.47

BTG 351.80 300.30 423.00 Neutral Sell 165 0.62

DECHRA PHARMACEUTICALS 776.00 444.50 780.00 Neutral Neutral 741 0.26

GLAXOSMITHKLINE 1530.00 1317.50 1550.00 Neutral Neutral 1523 0.49

OXFORD BIOMEDICA 1.70 1.55 5.80 Buy Sell 0 0.65

PHYTOPHARM 1.33 1.33 12.75 Strong Buy Neutral 1 0.94

SHIRE 1945.00 1727.00 2153.00 Neutral Sell 1314 0.65

SKYEPHARMA 44.75 33.50 101.50 Neutral Sell -97 0.71

VERNALIS 22.38 21.63 27.38 Neutral Strong Buy 37 0.90

Real Estate Under Valued


BIG YELLOW GROUP 356.70 274.50 387.50 Neutral Sell -538 1.15

BRITISH LAND 549.50 467.10 585.50 Neutral Strong Buy 1509 1.03

CAPITAL & REGIONAL 33.25 22.75 34.25 Sell Strong Buy 135 0.82

CLS HOLDINGS 847.00 595.00 865.00 Neutral Strong Buy 2930 0.69

DERWENT LONDON 2141.00 1689.00 2239.00 Neutral Strong Buy 6455 1.20DEVELOPMENT SECS. 155.00 121.75 176.00 Neutral Sell -64 0.97

GRAINGER 131.50 83.10 140.60 Neutral Strong Buy 215 1.54

GREAT PORTLAND ESTATES 491.80 345.60 514.00 Sell Strong Buy 1164 1.06

HAMMERSON 484.80 404.50 525.00 Neutral Strong Buy 1530 1.16

HELICAL BAR 237.75 164.00 249.75 Neutral Buy 281 0.75

LAND SECURITIES GROUP 820.00 704.00 849.00 Neutral Strong Buy 2299 1.15

INTU PROPERTIES 327.00 305.00 366.00 Neutral Strong Buy 776 1.08

MCKAY SECURITIES 141.50 125.00 145.00 Neutral Sell -538 0.72

MUCKLOW (A & J) GROUP 373.00 315.00 390.00 Neutral Sell 241 0.41

PRIMARY HEALTH PROPS. 330.00 312.00 364.50 Neutral Strong Buy 663 0.35

QUINTAIN ESTATES & DEV. 62.75 32.50 70.00 Neutral Sell -245 1.17

SAVILLS 516.50 300.80 599.00 Neutral Strong Buy 1587 0.74

SHAFTESBURY 574.50 482.20 597.50 Neutral Strong Buy 1175 1.03

SEGRO 252.30 209.40 271.00 Neutral Sell -453 1.70

ST MODWEN PROPS. 256.70 145.50 280.20 Neutral Strong Buy 715 1.55

TOWN CENTRE SECURITIES 198.00 147.00 215.00 Neutral Sell -12 1.05

UNITE GROUP 314.30 180.25 330.00 Neutral Sell 31 1.75

WARNER ESTATE 1.38 1.00 3.00 Sell Sell -976 1.01

WORKSPACE GROUP 348.00 213.25 363.20 Neutral Sell 0 1.02


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Software & Computer Services Under Valued


ANITE 114.30 111.00 162.00 Neutral Neutral 117 0.76

AVEVA GROUP 2135.00 1469.00 2322.00 Neutral Sell 1260 1.40

COMPUTACENTER 536.00 292.40 544.00 Neutral Strong Buy 1299 1.01

KOFAX 306.00 240.00 325.75 Neutral Neutral 310 1.12

INNOVATION GROUP 25.00 18.25 25.50 Neutral Sell 23 0.83

MICRO FOCUS INTL. 644.00 426.17 706.00 Neutral Buy 924 0.79

PHOENIX IT GROUP 138.00 135.00 231.75 Neutral Strong Buy 300 0.74

RM 76.00 70.25 89.00 Neutral Sell -85 0.53

FIDESSA GROUP 1866.00 1275.00 1970.00 Neutral Neutral 1995 0.77

SAGE GROUP 330.20 247.70 352.10 Neutral Buy 398 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 408.50 237.30 441.90 Neutral Sell 163 1.08

BREWIN DOLPHIN 206.90 136.30 222.00 Neutral Sell 120 0.72

CAMELLIA 10637.50 9250.00 11105.00 Neutral Sell 9820 0.83

CHARLES STANLEY GROUP 375.00 247.50 377.50 Neutral Sell 167 0.97

CHARLES TAYLOR 173.50 132.00 190.00 Neutral Sell 97 0.69

CLOSE BROTHERS GROUP 1018.00 673.50 1107.00 Neutral Sell 162 0.87

F&C ASSET MANAGEMENT 97.50 64.75 110.40 Neutral Neutral 98 0.89

HELPHIRE GROUP 3.00 0.55 3.70 Neutral Strong Buy 27 0.68

HENDERSON GROUP 153.40 90.55 171.00 Neutral Sell 48 1.44

ICAP 292.70 281.40 384.00 Neutral Sell 190 1.07

INTERMEDIATE CAPITAL GP. 403.90 227.30 427.60 Neutral Sell 197 1.68

INVESTEC 439.20 310.40 513.50 Neutral Sell 73 1.55

LONDON STOCK EX.GROUP 1258.00 930.00 1411.00 Neutral Strong Buy 3759 1.12MAN GROUP 88.10 63.25 119.70 Neutral Neutral 91 1.32

RATHBONE BROTHERS 1465.00 1151.00 1532.00 Neutral Sell 1105 0.73

SCHRODERS 2083.00 1166.00 2165.00 Neutral Sell 1241 1.31

SCHRODERS NV 1696.00 966.00 1745.00 Neutral Strong Buy 4100 1.27


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Support Services Over Valued


ACAL 222.50 157.75 242.50 Neutral Buy 289 0.93

AGGREKO 1746.00 1557.00 2400.00 Neutral Sell 1259 1.03

AMEC 1056.00 923.00 1172.00 Neutral Neutral 1110 1.04

ASHTEAD GROUP 584.00 212.20 635.00 Neutral Sell 308 1.62

BABCOCK INTL. 1068.00 793.50 1106.00 Neutral Sell 648 0.48

BRITISH POLYTHENE INDS. 519.00 317.00 530.00 Neutral Strong Buy 785 0.78

BUNZL 1290.00 990.00 1320.00 Neutral Sell 803 0.55

UK MAIL GROUP 375.63 214.00 380.00 Neutral Buy 435 0.38

CAPITA 869.50 602.00 913.50 Neutral Sell 506 0.50

COMMUNISIS 51.00 25.34 53.50 Neutral Buy 66 0.78

COMPASS GROUP 824.00 616.00 852.50 Neutral Sell 592 0.74

BERENDSEN 776.00 462.00 812.00 Neutral Buy 954 1.04

DE LA RUE 925.00 885.50 1075.00 Neutral Sell 587 #NA

DIGNITY 1353.00 803.50 1435.00 Neutral Sell 768 0.21

DIPLOMA 546.00 417.00 627.50 Neutral Sell 473 0.95ELECTROCOMP. 238.70 195.20 265.00 Neutral Buy 313 1.02

FILTRONA 708.50 428.00 744.00 Neutral Sell 338 1.10

G4S 288.70 240.00 307.50 Neutral Neutral 284 0.58

HAYS 94.50 66.40 100.00 Neutral Buy 118 1.09

HOMESERVE 192.20 137.50 252.50 Neutral Strong Buy 474 0.93

INTERSERVE 465.80 270.10 510.50 Neutral Buy 677 1.27

INTERTEK GROUP 3373.00 2406.00 3451.00 Neutral Sell 1410 0.77

JOHNSON SERVICE GROUP 43.50 26.50 44.63 Neutral Strong Buy 92 1.18

MANAGEMENT CNSL.GP. 30.63 21.25 39.38 Neutral Strong Buy 54 0.72

MENZIES (JOHN) 700.00 542.00 789.00 Neutral Strong Buy 1274 1.43

MICHAEL PAGE INTL. 402.70 341.40 471.50 Neutral Sell 311 1.41

MITIE GROUP 273.10 253.90 300.80 Neutral Buy 335 0.55

OFFICE2OFFICE 92.00 91.50 160.50 Neutral Strong Buy 234 0.34

PAYPOINT 880.00 605.00 901.00 Neutral Sell 672 0.70

PREMIER FARNELL 209.30 153.20 236.30 Neutral Buy 276 1.32

REGUS 160.70 82.65 167.40 Neutral Sell 105 1.44

RENTOKIL INITIAL 95.85 69.40 100.70 Neutral Sell 54 1.24

REXAM 518.50 394.28 547.50 Neutral Buy 619 0.91

RICARDO 411.50 304.50 431.00 Neutral Buy 459 0.85

ROBERT WALTERS 220.75 176.25 264.63 Neutral Buy 304 1.23

RPC GROUP 378.00 348.30 477.00 Neutral Buy 522 0.77

RPS GROUP 265.00 197.00 272.40 Neutral Sell 242 1.50

SERCO GROUP 611.50 509.50 635.50 Neutral Sell 566 0.59

SHANKS GROUP 74.50 74.50 98.00 Neutral Strong Buy 164 1.46

SPEEDY HIRE 47.50 22.25 50.00 Neutral Neutral 51 1.25TRIBAL GROUP 144.00 70.88 149.00 Neutral Sell 50 0.56

TRIFAST 56.13 39.50 59.00 Neutral Neutral 60 0.92

VP 332.00 234.75 354.88 Neutral Strong Buy 606 0.86

WYG 74.50 42.00 75.00 Sell Strong Buy 178 0.79


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Telecommunication Services Over Valued


BT GROUP 265.70 200.70 281.70 Neutral Buy 310 0.90

CABLE & WIRELESS COMMS. 40.40 27.28 42.63 Neutral Strong Buy 77 0.69

INMARSAT 677.00 390.80 710.50 Neutral Sell 572 0.53

KCOM GROUP 81.15 67.00 85.20 Neutral Buy 120 1.24

TELECOM PLUS 1040.00 677.00 1065.00 Neutral Sell 672 0.11

VODAFONE GROUP 184.80 154.45 192.00 Neutral Sell 157 0.54

Transport Under Valued


BBA AVIATION 255.50 178.00 269.00 Neutral Sell 189 1.30

BRAEMAR SHIPPING SVS. 395.00 309.50 425.00 Neutral Buy 436 0.99

CLARKSON 1580.00 1150.00 1585.00 Sell Sell 1433 0.81

EASYJET 1023.00 471.00 1128.00 Neutral Sell 638 0.74

FIRST GROUP 200.90 175.70 260.50 Neutral Strong Buy 523 0.90

FISHER(JAMES)& SONS 1025.00 535.00 1045.00 Neutral Sell 372 0.77

GO-AHEAD GROUP 1444.00 1086.00 1513.00 Neutral Buy 1750 0.89

NATIONAL EXPRESS 192.60 164.50 236.50 Neutral Buy 236 1.34

NORTHGATE 311.25 159.60 350.00 Neutral Strong Buy 588 1.41

STAGECOACH GROUP 296.10 230.40 319.60 Neutral Buy 344 0.90

WINCANTON 57.13 31.00 78.50 Sell Sell -38 0.90

Utilities Under Valued


CENTRICA 369.80 306.30 375.60 Neutral Buy 494 0.46

NATIONAL GRID 785.00 633.00 785.00 N eu tra l Neu tral 842 0.49

PENNON GROUP 645.00 598.00 796.00 Neutral Buy 785 0.58

SSE 1517.00 1294.00 1517.00 Neutral Buy 1770 0.42

SEVERN TRENT 1665.00 1507.00 1796.00 Neutral Sell 1518 0.34

UNITED UTILITIES GROUP 706.00 594.00 747.50 N eu tra l Neu tral 673 0.50


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value indicator - uk main market 20130409

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