value indicator - uk main market 20130604

7/28/2019 value indicator - uk main market 20130604

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04 June 2013

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Intellisys Intelligent Analysis Limited 04 June 2013

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

Contents

Introduction .................................................................................................................................3Value ...........................................................................................................................................4Conclusion ..................................................................................................................................4RISK WARNING Ratings and Targets ....................................................................................4How to use the report .................................................................................................................5Aerospace & Defence Under Valued .....................................................................6Automobiles & Parts Under Va lued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Under Valued ..................................................7Engineering & Machinery Over Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Under Valued ........................................................8General Retail Over Valued ..............................................................................9Heath Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Under Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Under Valued ................................................ 12Real Estate Under Valued ............................................................................... 12Software & Computer Services Under Valued .................................................... 13Speciality & Other Finance Under Valued .......................................................... 13Support Services Under Valued ..................................................................... 14Telecommunication Services Under 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 405.70 270.90 427.00 Neutral Buy 584 0.67

CHEMRING GROUP 274.20 217.00 414.70 Neutral Buy 336 0.66

COBHAM 286.10 190.10 293.40 Neu tral Neutra l 289 0.82

MEGGITT 530.00 364.30 534.50 Sell Neutral 514 1.32

ROLLS-ROYCE HOLDINGS 1187.00 7 80.75 1 225.00 Neu tral Neutra l 1171 1.07

SMITHS GROUP 1371.00 979.50 1390.00 Neutral Sell 1129 0.71

ULTRA ELECTRONICS HDG. 1750.00 1 424.00 1843.00 Neutral Sell 1662 0.51

Automobiles & Parts Under Valued

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

GKN 298.30 173.60 311.90 Neu tral Neutra l 297 2.02

INCHCAPE 544.50 305.20 577.50 Neu tral Neutra l 561 1.48

LOOKERS 102.00 56.50 110.00 Neu tral Neutra l 99 1.23

PENDRAGON 25.50 13.50 26.50 Neutral Buy 35 1.11

Banks Over Valued


BARCLAYS 317.10 150.55 333.85 Neutral Sell -819 1.94

HSBC HDG. (ORD $0.50) 718.30 503.20 769.90 Neutral Buy 859 1.17

LLOYDS BANKING GROUP 61.62 25.72 62.96 Sell Sell 6 1.89

ROYAL BANK OF SCTL.GP. 332.60 196.60 367.80 Neutral Sell -129 1.35

STANDARD CHARTERED 1534.00 1228.50 1 837.50 Neutral Strong Buy 3376 1.70

Beverages Under Valued


BARR (AG) 547.00 348.00 588.50 Neutral Neutra l 581 0.55

DIAGEO 1940.00 1516.50 2085.00 Neutral Sell 1724 0.55

SABMILLER 3310.00 2348.50 3657.00 Neutral Buy 3811 0.95

Chemicals Under Valued


ALENT 365.80 305.00 397.50 Neutral Strong Buy 3432 #NA

AZ ELECTRONIC MATS.(DI) 312.50 240.00 406.40 Neutral Strong Buy 491 1.23

CARCLO 372.00 356.00 503.00 Neutral Sell 121 0.73

CRODA INTERNATIONAL 2440.00 2125.00 2841.00 Neutral Buy 3312 1.04

ELEMENTIS 236.00 179.00 275.00 Neutral Buy 295 0.99

JOHNSON MATTHEY 2613.00 2080.27 2696.00 Neutral Strong Buy 4468 1.45

VICTREX 1680.00 1185.00 1765.00 Neutral Sell 1345 1.14

SYNTHOMER 198.90 127.40 225.80 Neutral Strong Buy 338 1.16

ZOTEFOAMS 200.00 157.00 225.00 Neutral Buy 252 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 94.00 61.50 104.00 Neutral Strong Buy 282 0.51

BALFOUR BEATTY 232.50 207.60 320.80 Neutral Strong Buy 822 0.80

BARRATT DEVELOPMENTS 316.00 114.00 346.30 Neutral Strong Buy 625 1.58

BELLWAY 1265.00 693.00 1377.00 Neutral Strong Buy 2864 1.15

BERKELEY GROUP HDG.(THE) 2097.00 1205.00 2207.00 Neutral Strong Buy 3268 0.66

BOOT (HENRY) 185.00 115.50 201.00 Neutral Strong Buy 406 0.83

BOVIS HOMES GROUP 755.00 399.30 778.50 Neutral Buy 1049 1.20

CARILLION 255.00 235.50 331.80 Neutral Strong Buy 1562 1.12

CLARKE (T) 53.50 40.00 61.50 Neutral Strong Buy 464 0.82

COSTAIN GROUP 254.00 188.00 306.00 Neutral Strong Buy 1065 0.57

CRH 1401.00 1052.00 1540.00 Neutral Sell 860 1.14

GALLIFORD TRY 948.00 583.00 999.00 Neutral Strong Buy 2994 1.01

KELLER 944.00 348.25 978.50 Neutral Strong Buy 2441 1.26

KIER GROUP 1243.00 1106.00 1408.00 Neutral Strong Buy 5431 0.97

LOW & BONAR 66.50 50.00 76.75 Neutral Strong Buy 227 1.07MARSHALLS 142.00 76.00 142.00 Neutral Strong Buy 417 1.39

MORGAN SINDALL GROUP 560.00 508.00 695.00 Neutral Strong Buy 4615 0.87

NORCROS 17.00 10.38 18.25 Neutral Strong Buy 61 1.15

PERSIMMON 1174.00 496.69 1280.00 Neutral Strong Buy 1987 1.20

REDROW 221.90 107.30 238.10 Neutral Strong Buy 461 1.09

SIG 175.20 82.30 179.20 Neutral Strong Buy 539 1.79

SUPERGLASS HOLDINGS 1.95 1.88 14.50 Sell Strong Buy 36 0.88

TAYLOR WIMPEY 95.95 40.28 103.00 Neutral Strong Buy 227 1.67

TRAVIS PERKINS 1570.00 906.50 1611.00 Neutral Strong Buy 4236 2.01

WOLSELEY 3357.00 2121.32 3483.00 Neutral Strong Buy 6116 1.46

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1305.00 978.00 1365.00 Neutral Sell 812 0.75

DOMINO PRINTING SCIENCES 668.00 509.00 717.00 Neutral Buy 884 1.18

E2V TECHNOLOGIES 124.00 105.50 144.00 Neutral Strong Buy 259 1.29

INVENSYS 397.50 198.90 402.70 Neutral Sell 347 1.41

LAIRD 207.70 177.00 249.30 Neutral Strong Buy 324 2.13

OXFORD INSTRUMENTS 1606.00 1135.00 1752.00 Neutral Sell 1255 1.00

RENISHAW 1765.00 1260.00 2081.00 Neutral Buy 2616 1.26

SPECTRIS 2079.00 1427.00 2470.00 Neutral Buy 2780 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.13 Neutral Sell 0 0.84

TT ELECTRONICS 170.50 114.00 178.50 Neutral Strong Buy 314 1.58

XAAR 646.00 185.00 695.00 Neutral Sell 233 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 83.00 54.25 91.75 Neutral Strong Buy 125 1.28

BODYCOTE 548.00 310.30 563.00 Neutral Buy 649 1.60

CASTINGS 340.00 277.75 358.50 Neutral Strong Buy 646 0.99

VESUVIUS 382.10 263.19 402.10 Neutral Strong Buy 977 2.20

FENNER 336.50 329.30 435.20 Neutral Strong Buy 528 1.42

HALMA 513.50 375.00 538.50 Neutral Sell 367 0.75

HILL & SMITH 431.00 297.00 480.00 Neutral Sell 351 1.37

IMI 1277.00 776.00 1359.00 Neutral Strong Buy 5506 1.41

MORGAN ADVANCED MATERIAL 290.50 220 .30 305.00 Neutral Strong Buy 2686 1.82

ROTORK 2829.00 1859.00 3037.00 Neutral Sell 1397 1.00

SENIOR 271.00 177.00 280.80 Neutral Sell 236 1.64

SEVERFIELD-ROWEN 50.00 35.40 89.40 Neutral Sell 39 0.79

SPIRAX-SARCO 2860.00 1903.48 2928.35 Sell Sell 2052 0.84

VITEC GROUP 604.00 586.50 740.00 Neutral Sell 428 1.39

WEIR GROUP 2323.00 1397.00 2474.00 Neutral Sell 2106 1.38

Food & Drug Stores Over Valued


GREGGS 405.40 398.00 523.50 Neutral Strong Buy 696 0.47

MORRISON(WM)SPMKTS. 270.30 248.60 296.40 Buy Sell 159 0.39

SAINSBURY (J) 371.50 283.50 396.50 Neutral Sell 191 0.57

TESCO 358.45 299.25 387.75 Neutral Sell 257 0.68

THORNTONS 94.88 18.88 100.50 Neutral Sell 67 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1837.00 1167.00 2031.00 Neutral Buy 2095 0.62

CRANSWICK 1112.00 732.50 1127.00 Neutral Strong Buy 2070 0.43

DAIRY CREST 469.50 316.00 503.50 Neutral Neutral 501 0.94

DEVRO 326.60 278.00 380.00 Neutral Strong Buy 512 0.32

PREMIER FOODS 68.75 54.50 125.75 Neutral Sell -181 1.25

TATE & LYLE 824.00 633.50 875.50 Neutral Strong Buy 1542 0.71

UNILEVER (UK) 2756.00 2013.00 2885.00 Neutral Neutral 2745 0.58


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Insurance Under Valued


ADMIRAL GROUP 1324.00 1019.00 1374.00 Neutral Sell -473 0.53

AMLIN 410.90 312.90 435.10 Neutral Strong Buy 1554 0.46

BEAZLEY 235.10 132.50 241.30 Neutral Strong Buy 965 0.60

CATLIN GROUP 495.00 399.00 552.50 Neutral Sell 462 0.30

HISCOX 550.00 398.36 600.00 Neutral Strong Buy 1931 0.48

JARDINE LLOYD THOMPSON 896 .00 671.00 914 .50 Neutral Buy 1240 0.31

RSA INSURANCE GROUP 114.00 97.65 136.30 Neutral Strong Buy 736 0.41

NOVAE GROUP 491.75 345.00 507.50 Neutral Strong Buy 3476 0.48

Leisure & Hotels Over Valued


CARNIVAL 2163.00 2062.00 2628.00 Neutral Strong Buy 4079 1.01

ENTERPRISE INNS 113.50 55.50 123.80 Neu tral Neu tral 110 1.61

TUI TRAVEL 353.90 158.00 373.20 Neutral Strong Buy 793 1.01

FULLER SMITH 'A' 868.00 700.00 868.00 Sell Sell 688 0.39

GREENE KING 758.00 478.20 789.50 Neutral Sell 663 0.93

LADBROKES 204.10 152.70 243.10 Neutral Buy 254 0.93

ICTL.HTLS.GP. 1887.00 1471.72 2039.00 Neutral Sell 1505 1.18

MILLENNIUM & CPTH.HTLS. 552.50 455.40 582.50 Neutral Buy 629 1.40

MITCHELLS & BUTLERS 373.80 217.40 408.50 Neutral Sell 324 1.12

BWIN PARTY DIGITAL ENTM. 127.30 91.90 156.00 Neutral Sell 44 1.25

PUNCH TAVERNS 13.50 5 .61 13.75 Neutral Strong Buy 52 1.27

RANK GROUP 149.50 115.00 177.50 Neutral Strong Buy 512 1.00

RESTAURANT GROUP 511.00 280.80 531.00 Neutral Sell 399 0.76

WETHERSPOON (JD) 647.50 385.00 661.50 Neutral Buy 756 0.69

WHITBREAD 2867.00 1824.00 2897.00 Sell Sell 2031 0.99WILLIAM HILL 433.40 246.35 452.80 Neutral Sell 261 0.87

MARSTON'S 142.00 94.70 154.70 Neutral Sell 18 1.21

Life Assurance Under Valued


AVIVA 332.90 255.30 388.40 Neu tral Neu tral 324 1.25

CHESNARA 255.00 155.25 270.00 Neutral Strong Buy 473 0.70

LEGAL & GENERAL 178.40 106.00 187.80 Neutral Strong Buy 451 1.71

OLD MUTUAL 202.20 138.70 221.60 Neutral Strong Buy 394 1.57

PRUDENTIAL 1103.00 660.00 1203.00 Neu tral Neu tral 1134 1.71

ST.JAMES'S PLACE 589.00 307.50 640.00 Neutral Strong Buy 6429 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 128.62 102.00 146.50 Neutral Sell -649 0.37

BRITISH SKY BCAST.GROUP 777.00 656.00 899.50 Neutral Strong Buy 1762 0.54

CENTAUR MEDIA 34.50 28.50 60.00 Neutral Sell -21 1.03

DAILY MAIL 'A' 761.50 363.50 770.00 Sell Strong Buy 4235 1.14

EUROMONEY INSTL.INVESTOR 955.00 708 .00 1030.00 Neutral Strong Buy 7770 1.00

INFORMA 503.00 340.00 537.00 Neutral Sell -61 1.53

ITE GROUP 287.10 180.00 299.00 Neutral Strong Buy 282 1.45

ITV 128.70 69.45 134.70 Neutral Strong Buy 1313 1.54

JOHNSTON PRESS 17.38 4.88 19.00 Neutral Strong Buy 811 1.27

PEARSON 1203.00 1119.00 1294.00 Neutral Buy 350 0.63

PHOTO-ME INTL. 80.00 36.25 84.50 Neutral Strong Buy 2719 0.79

PINEWOOD SHEPPERTON 277.00 265.00 350.00 Neutral Strong Buy 938 0.16

THOMSON REUTERS 34.72 26.85 36.45 Neutral Sell -636 0.50

STV GROUP 135.50 81.50 146.88 Neutral Sell 272 0.79

ST.IVES 158.00 67.50 166.50 Neutral Sell 257 1.50TRINITY MIRROR 113.00 25.50 122.25 Neutral Sell -298 1.59

UBM 724.50 511.00 788.00 Neutral Strong Buy 1951 1.31

WILMINGTON GROUP 163.50 82.00 164.00 Neutral Strong Buy 1397 0.84

WPP 1112.00 743.00 1190.00 Neutral Sell -529 1.35

HIBU 0.38 0.26 2.18 Neutral Strong Buy 836 1.07

Mining Under Valued


ANGLO AMERICAN 1540.00 1526.50 2215.00 Neutral Sell 1186 1.74

ANGLO PACIFIC GROUP 240.00 215.00 290.00 Neu tral Neu tral 236 0.96

ANTOFAGASTA 970.50 884.00 1381.00 Neutral Sell 857 1.41

BHP BILLITON 1903.00 1694.50 2236.00 Neutral Strong Buy 2960 1.43

GLENCORE XSTRATA 326.55 293.55 397.85 Buy Strong Buy 988 #NA

LONMIN 282.40 240.84 421.26 Neutral Buy 354 2.03

RANDGOLD RESOURCES 5210.00 4545.00 7 775.00 Neutral Sell 3049 0.34

RIO TINTO 2880.00 2715.50 3757.00 Neutral Sell 2320 1.50

COALFIELD RESOURCES 3.38 10.00 Neutral Strong Buy 169 0.89

VEDANTA RESOURCES 1291.00 832.50 1335.00 Neutral Strong Buy 2119 2.20

Oil & Gas Under Valued


BG GROUP 1207.50 1000.50 1350.50 Neutral Sell 895 0.80

BP 469.00 401.60 483.30 Neutral Strong Buy 1004 1.03

CAIRN ENERGY 272.90 248.20 309.40 Buy Sell -20 1.32

FORTUNE OIL 7.99 7.66 12.50 Neutral Buy 11 0.82

HUNTING 855.50 688.00 941.00 Neutral Sell 570 1.31

JKX OIL & GAS 60.00 55.00 120 .00 Neutral Sell -61 1.36

PREMIER OIL 363.00 321.30 401.20 Neutral Buy 410 1.43

ROYAL DUTCH SHELL B 2254.50 2068.00 2366.50 Neutral Strong Buy 8364 0.84

SOCO INTERNATIONAL 389.90 276.50 404.30 Neutral Buy 503 0.53

TULLOW OIL 1062.00 977.00 1531.00 Neutral Sell 708 1.04

WOOD GROUP (JOHN) 851.00 651.50 879.50 Neutral Sell 737 1.35


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Personal Care & Household Products Over Valued


MCBRIDE 106.50 101.00 144.60 Neutral Strong Buy 238 0.84

PZ CUSSONS 373.10 297.20 415.60 Neutral Sell 306 0.69

RECKITT BENCKISER GROUP 4681.00 3300 .00 4926.00 Neutral Neutral 4723 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.40 0.36 3.58 Buy Sell -2 1.01

ASTRAZENECA 3353.50 2592.00 3521.50 Neutral Strong Buy 6448 0.47

BTG 360.00 300.30 423.00 Neutral Sell 167 0.58

DECHRA PHARMACEUTICALS 680.00 4 69.50 780.00 Neu tral Neu tral 734 0.25

GLAXOSMITHKLINE 1703.50 1317.50 1782.00 Neu tral Neu tral 1681 0.49

OXFORD BIOMEDICA 1.65 1.55 2.88 Strong Buy Sell 1 0.64

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Buy Strong Buy 2 0.95

SHIRE 2149.00 1727.00 2213.00 Neutral Sell 1434 0.66

SKYEPHARMA 48.25 43.50 101.50 Neutral Sell 30 0.73

VERNALIS 22.63 21.75 27.38 Neutral Sell 10 0.91

Real Estate Under Valued


BIG YELLOW GROUP 404.80 276.30 426.70 Neutral Sell -649 1.18

BRITISH LAND 609.50 475.40 658.00 Neutral Strong Buy 1762 1.06

CAPITAL & REGIONAL 34.50 22.75 37.00 Neutral Sell -21 0.85

CLS HOLDINGS 972.50 595.00 995.00 Neutral Strong Buy 4235 0.70

DERWENT LONDON 2367.00 1740.00 2542.00 Neutral Strong Buy 7770 1.24DEVELOPMENT SECS. 201.00 121.75 203.00 Neutral Sell -61 0.99

GRAINGER 151.50 83.10 157.00 Neutral Strong Buy 282 1.58

GREAT PORTLAND ESTATES 541.50 367.80 598.00 Neutral Strong Buy 1313 1.10

HAMMERSON 504.00 409.20 554.00 Neutral Strong Buy 811 1.19

HELICAL BAR 259.25 173.00 297.50 Neutral Buy 350 0.77

LAND SECURITIES GROUP 928.00 706.00 994.00 Neutral Strong Buy 2719 1.16

INTU PROPERTIES 341.20 305.00 366.00 Neutral Strong Buy 938 1.09

MCKAY SECURITIES 155.00 127.00 155.00 Neutral Sell -636 0.73

MUCKLOW (A & J) GROUP 388.00 325.00 437.50 Neutral Sell 272 0.42

PRIMARY HEALTH PROPS. 317.75 311.17 363.53 Neutral Sell 257 0.35

QUINTAIN ESTATES & DEV. 75.50 32.50 79.25 Sell Sell -298 1.19

SAVILLS 591.00 315.80 601.50 Neutral Strong Buy 1951 0.77

SHAFTESBURY 611.00 492.00 668.00 Neutral Strong Buy 1397 1.05

SEGRO 278.00 209.40 302.80 Neutral Sell -529 1.73

ST MODWEN PROPS. 285.10 145.50 329.10 Neutral Strong Buy 836 1.59

TOWN CENTRE SECURITIES 211.50 147.00 223.00 Neutral Sell 7 1.01

UNITE GROUP 365.40 180.75 387.50 Neutral Strong Buy 2261 1.79

WARNER ESTATE 1.41 1.00 2.75 Sell Sell -1128 1.03

WORKSPACE GROUP 401.60 220.00 418.20 Neutral Strong Buy 1336 1.05


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Software & Computer Services Under Valued


ANITE 125.90 112.25 162.00 Neu tral Neu tral 127 0.73

AVEVA GROUP 2406.00 1550.00 2420.00 Neutral Sell 1361 1.40

COMPUTACENTER 465.90 292.40 567.00 Neutral Strong Buy 1345 1.00

KOFAX 330.00 242.00 335.00 Neu tral Neu tral 335 1.11

INNOVATION GROUP 28.00 18.25 28.00 Sell Sell 25 0.85

MICRO FOCUS INTL. 683.50 431.48 710.00 Neutral Buy 1021 0.76

PHOENIX IT GROUP 163.00 130.00 222.00 Neutral Strong Buy 324 0.74

RM 70.00 68.00 85.50 Neutral Sell -100 0.52

FIDESSA GROUP 1923.00 1275.00 2047.00 Neutral Buy 2186 0.76

SAGE GROUP 355.40 247.70 368.10 Neutral Buy 433 0.72

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 456.50 237.30 492.10 Neutral Strong Buy 1275 1.09

BREWIN DOLPHIN 238.70 136.30 244.70 Sell Strong Buy 668 0.73

CAMELLIA 9814.50 9250.00 11105.00 Neutral Strong Buy 97524 0.84

CHARLES STANLEY GROUP 392.00 247.50 406.25 Neutral Strong Buy 1320 0.97

CHARLES TAYLOR 191.50 141.00 191.50 Neutral Strong Buy 1170 0.69

CLOSE BROTHERS GROUP 983.00 673.50 1107.00 Neutral Strong Buy 5158 0.86

F&C ASSET MANAGEMENT 95.30 71.50 110.40 Neutral Sell 75 0.89

HELPHIRE GROUP 3.20 0.55 3.70 Sell Sell -122 0.69

HENDERSON GROUP 166.70 90.55 180.40 Neutral Strong Buy 803 1.44

ICAP 366.60 280.80 376.60 Neutral Strong Buy 1814 1.07

INTERMEDIATE CAPITAL GP. 449.10 241.10 501.50 Neutral Strong Buy 3347 1.70

INVESTEC 459.00 326.50 513.50 Neutral Strong Buy 1820 1.56

LONDON STOCK EX.GROUP 1381.00 930.00 1434.00 Neutral Strong Buy 3395 1.15MAN GROUP 113.60 63.25 134.40 Neutral Sell -4416 1.32

RATHBONE BROTHERS 1577.00 1186.00 1577.00 Neutral Strong Buy 5639 0.75

SCHRODERS 2337.00 1180.00 2560.00 Neutral Strong Buy 8536 1.30

SCHRODERS NV 1807.00 966.00 2000.00 Neutral Strong Buy 11338 1.27


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Support Services Under Valued


ACAL 220.00 157.75 242.50 Neutral Strong Buy 1289 0.92

AGGREKO 1706.00 1557.00 2400.00 Neutral Strong Buy 3494 1.05

AMEC 1025.00 923.00 1172.00 Neutral Strong Buy 3425 1.04

ASHTEAD GROUP 640.50 212.20 671.00 Neutral Buy 918 1.63

BABCOCK INTL. 1150.00 840.50 1205.00 Neutral Strong Buy 2309 0.48

BRITISH POLYTHENE INDS. 550.00 324.00 580.25 Neutral Strong Buy 2062 0.76

BUNZL 1283.00 999.50 1342.00 Neutral Strong Buy 2903 0.55

UK MAIL GROUP 511.75 214.00 525.00 Neutral Strong Buy 1491 0.39

CAPITA 964.00 605.50 1018.00 Neutral Sell 238 0.51

COMMUNISIS 53.75 25.34 56.50 Neutral Strong Buy 492 0.78

COMPASS GROUP 853.50 622.00 910.50 Neutral Strong Buy 2049 0.74

BERENDSEN 757.50 462.00 812.00 Neutral Strong Buy 2952 1.05

DE LA RUE 945.00 891.50 1075.00 Neutral Strong Buy 1819 #NA

DIGNITY 1350.00 803.50 1462.00 Neutral Strong Buy 2130 0.22

DIPLOMA 530.00 417.10 627.50 Neutral Strong Buy 1426 0.96ELECTROCOMP. 271.00 195.20 278.40 Neutral Strong Buy 1080 1.04

FILTRONA 693.00 428.00 750.00 Neutral Strong Buy 1336 1.13

G4S 247.00 240.00 313.50 Neutral Strong Buy 935 0.58

HAYS 92.15 66.40 101.20 Neutral Strong Buy 439 1.10

HOMESERVE 266.00 137.50 266.00 Neutral Strong Buy 1282 0.94

INTERSERVE 489.40 296.00 513.50 Neutral Strong Buy 3451 1.28

INTERTEK GROUP 3215.00 2558.00 3453.00 Neutral Buy 4605 0.78

JOHNSON SERVICE GROUP 46.63 26.50 47.25 Neutral Strong Buy 361 1.17

MANAGEMENT CNSL.GP. 30.00 21.25 32.00 Neutral Strong Buy 220 0.72

MENZIES (JOHN) 720.00 542.00 801.00 Neutral Strong Buy 2250 1.43

MICHAEL PAGE INTL. 381.20 341.40 451.80 Neutral Strong Buy 841 1.42

MITIE GROUP 249.00 249.00 300.80 Neutral Strong Buy 1315 0.55

OFFICE2OFFICE 86.00 86.00 156.00 Neutral Strong Buy 733 0.33

PAYPOINT 970.00 642.00 970.00 Neutral Strong Buy 1774 0.71

PREMIER FARNELL 215.00 153.20 236.30 Neutral Strong Buy 786 1.33

REGUS 166.90 82.65 177.50 Neutral Sell 67 1.46

RENTOKIL INITIAL 88.45 69.40 100.70 Neutral Strong Buy 324 1.25

REXAM 526.50 395.69 547.50 Neutral Strong Buy 1801 0.90

RICARDO 413.00 304.50 431.00 Neutral Strong Buy 1673 0.86

ROBERT WALTERS 234.00 176.25 234.00 Neutral Strong Buy 1185 1.24

RPC GROUP 401.10 365.40 477.00 Neutral Strong Buy 1898 0.78

RPS GROUP 207.60 197.00 274.20 Neutral Strong Buy 1068 1.51

SERCO GROUP 607.00 516.50 647.50 Neutral Strong Buy 2412 0.60

SHANKS GROUP 86.00 73.00 98.00 Neutral Strong Buy 715 1.46

SPEEDY HIRE 57.00 22.25 61.50 Neutral Strong Buy 263 1.26TRIBAL GROUP 170.75 82.00 170.75 Neutral Strong Buy 560 0.63

TRIFAST 58.50 39.50 59.25 Neutral Strong Buy 339 0.93

VP 338.00 245.50 354.88 Neutral Strong Buy 2086 0.86

WYG 81.00 42.00 81.00 Sell Strong Buy 539 0.79


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Telecommunication Services Under Valued


BT GROUP 294.30 200.70 322.30 Neutral Buy 353 0.91

CABLE & WIRELESS COMMS. 42.92 27.30 46.29 Neutral Strong Buy 87 0.70

INMARSAT 609.50 436.00 749.00 Neutral Sell 473 0.53

KCOM GROUP 84.40 67.00 88.30 Neutral Strong Buy 137 1.24

TELECOM PLUS 1308.00 735.00 1325.00 Neutral Sell 768 0.09

VODAFONE GROUP 188.60 154.45 199.90 Neu tral Neutra l 185 0.54

Transport Under Valued


BBA AVIATION 279.00 178.00 288.40 Neutral Sell 181 1.30

BRAEMAR SHIPPING SVS. 424.00 309.50 429.75 Neutral Neutra l 460 0.98

CLARKSON 1661.00 1150.00 1716.00 Neutral Sell 1181 0.80

EASYJET 1221.00 484.90 1300.00 Neutral Sell 697 0.77

FIRST GROUP 124.40 118.00 260.50 Neutral Strong Buy 579 0.91

FISHER(JAMES)& SONS 970.50 545.00 1110.00 Neutral Sell 417 0.77

GO-AHEAD GROUP 1523.00 1110.00 1588.00 Neutral Buy 1862 0.90

NATIONAL EXPRESS 199.40 164.50 230.50 Neutral Buy 261 1.35

NORTHGATE 345.75 159.60 350.00 Neutral Strong Buy 699 1.41

STAGECOACH GROUP 299.80 230.40 319.60 Neutral Buy 383 0.89

WINCANTON 71.50 31.00 78.50 Sell Sell -46 0.90

Utilities Under Valued


CENTRICA 371.20 306.30 394.90 Neutral Strong Buy 592 0.47

NATIONAL GRID 782.50 641.00 847.50 Neutral Buy 895 0.50

PENNON GROUP 685.00 598.00 796.00 Neutral Buy 817 0.59

SSE 1528.00 1294.00 1676.00 Neutral Buy 2182 0.42

SEVERN TRENT 2042.00 1513.00 2090.00 Neutral Sell 1603 0.35

UNITED UTILITIES GROUP 755.50 646.00 787.50 Neu tral Neutra l 729 0.50


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Intellisys Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authorityand does not offer, provide or purport to provide or offer investment advice.

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value indicator - uk main market 20130604

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