value indicator - uk main market 20130730

7/27/2019 value indicator - uk main market 20130730

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30 July 2013

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Intellisys Intelligent Analysis Limited 30 July 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 Under Valued ..................................................7Engineering & Machinery Under Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Over Valued ........................................................8General Retail Under Valued ..............................................................................9Health Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Under Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Under Valued ................................................ 12Real Estate - REIT Under Valued ..................................................................... 12Real Estate REIS Under Valued ..................................................................... 13Software & Computer Services Under Valued .................................................... 13Speciality & Other Finance Under Valued .......................................................... 13Support Services Under Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 14Transport Over Valued ................................................................................... 15Utilities Under Valued ....................................................................................... 15DISCLAIMER ........................................................................................................................... 16RISK WARNING ...................................................................................................................... 17


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Introduction

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

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

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

Timing

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

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

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

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

Individual Stock Rating & Trend Accuracy Scores

Source: Intellisys

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

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Best Buy/Sell Trend


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Value

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

models.

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

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

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

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

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

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

Conclusion

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

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

Philip Morrish ([email protected])

RISK WARNING Ratings and Targets

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


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How to use the report

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

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

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

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

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

BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

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

HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

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

JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

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

the market. This can be summarised as:

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

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

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


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Aerospace & Defence Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 444.10 300.80 444.10 Neutral Buy 608 0.68

CHEMRING GROUP 307.70 217.00 414.70 Neutral Buy 360 0.66

COBHAM 285.00 190.10 293.40 N eu tra l Neu tral 300 0.83

MEGGITT 543.00 366.20 562.00 N eu tra l Neu tral 527 1.30

ROLLS-ROYCE HOLDINGS 1197.00 7 99.39 1 240.00 N eu tra l Neu tral 1167 1.01

SMITHS GROUP 1359.00 1011.00 1396.00 Neutral Sell 1162 0.77

ULTRA ELECTRONICS HDG. 1807.00 1 424.00 1843.00 Neutral Sell 1713 0.51

Automobiles & Parts Under Valued

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

GKN 327.10 201.00 341.90 N eu tra l Neu tral 321 1.96

INCHCAPE 557.00 353.30 577.50 N eu tra l Neu tral 596 1.42

LOOKERS 118.25 64.50 118.25 Neutral Sell 105 1.23

PENDRAGON 28.75 13.50 28.75 Neutral Buy 41 1.11

Banks Over Valued


BARCLAYS 309.05 162.30 333.85 Neutral Sell -828 1.94

HSBC HDG. (ORD $0.50) 728.40 533.90 769.90 Neutral Buy 880 1.16

LLOYDS BANKING GROUP 68.70 29.39 70.03 Sell Sell 1 1.86

ROYAL BANK OF SCTL.GP. 325.60 204.50 367.80 Neutral Sell -124 1.37

STANDARD CHARTERED 1485.50 1228.50 1 837.50 Neutral Strong Buy 3460 1.65

Beverages Under Valued


BARR (AG) 542.00 415.00 588.50 Neutral Sell 481 0.58

DIAGEO 1996.50 1672.50 2085.00 Neutra l Neutral 2163 0.53

SABMILLER 3134.00 2599.00 3657.00 Neutral Buy 4224 0.93

Chemicals Under Valued


ALENT 365.10 305.00 397.50 Neutral Buy 444 #NA

AZ ELECTRONIC MATS.(DI) 305.90 240.00 406.40 Neutral Strong Buy 545 1.21

CARCLO 352.75 342.75 503.00 Neutral Sell 143 0.76

CRODA INTERNATIONAL 2419.00 2164.00 2841.00 Neutral Buy 3092 1.06

ELEMENTIS 232.50 200.00 275.00 Neutral Buy 303 1.04

JOHNSON MATTHEY 2778.00 2102.27 2836.00 Neutral Strong Buy 4219 1.44

VICTREX 1506.00 1239.00 1765.00 Neutral Sell 1300 1.19

SYNTHOMER 194.10 139.10 225.80 Neutral Strong Buy 390 1.11

ZOTEFOAMS 207.50 166.00 225.00 Neutral Buy 293 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 118.50 61.50 118.50 Sell Strong Buy 273 0.52

BALFOUR BEATTY 248.90 207.60 320.80 Neutral Strong Buy 1125 0.83

BARRATT DEVELOPMENTS 330.80 132.20 352.00 Neutral Strong Buy 599 1.61

BELLWAY 1381.00 802.00 1455.00 Neutral Strong Buy 2814 1.00

BERKELEY GROUP HDG.(THE) 2240.00 1368.00 2325.00 Neutral Strong Buy 3431 0.57

BOOT (HENRY) 188.50 116.00 201.00 Neutral Strong Buy 359 0.76

BOVIS HOMES GROUP 810.00 451.00 851.50 Neutral Strong Buy 1413 1.11

CARILLION 296.00 244.80 331.80 Neutral Strong Buy 1517 1.10

CLARKE (T) 54.25 40.00 61.50 Neutral Strong Buy 380 0.80

COSTAIN GROUP 277.50 207.00 306.00 Neutral Strong Buy 1117 0.51

CRH 1357.00 1090.00 1540.00 Neutral Sell 902 1.05

GALLIFORD TRY 987.00 610.00 1019.00 Neutral Strong Buy 2905 0.95

KELLER 1089.00 443.75 1161.00 Neutral Strong Buy 2351 1.26

KIER GROUP 1435.00 1106.00 1486.00 Neutral Strong Buy 5255 0.94

LOW & BONAR 65.50 50.00 76.75 Neutral Strong Buy 222 1.05MARSHALLS 150.00 77.00 150.25 Neutral Buy 200 1.32

MORGAN SINDALL GROUP 661.00 508.00 695.00 Neutral Strong Buy 4465 0.69

NORCROS 16.13 10.88 18.25 Neutral Strong Buy 60 1.07

PERSIMMON 1225.00 574.65 1305.00 Neutral Strong Buy 1968 1.04

REDROW 244.70 125.00 253.30 Neutral Strong Buy 448 0.89

SIG 179.50 93.05 183.00 Neutral Strong Buy 519 1.72

SUPERGLASS HOLDINGS 45.50 43.00 287.50 Neutral Strong Buy 4177 0.88

TAYLOR WIMPEY 105.60 44.15 108.00 Neutral Strong Buy 223 1.62

TRAVIS PERKINS 1698.00 1005.00 1710.00 Neutral Strong Buy 4340 1.92

WOLSELEY 3132.00 2287.42 3483.00 Neutral Strong Buy 5909 1.37

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1100.00 999.50 1365.00 Neutral Sell 1004 0.69

DOMINO PRINTING SCIENCES 631.00 522.00 717.00 Neutral Buy 843 1.16

E2V TECHNOLOGIES 128.00 105.50 137.75 Neutral Strong Buy 262 1.27

INVENSYS 484.00 217.33 509.50 Neutral Sell 263 1.36

LAIRD 188.90 171.10 249.30 Neutral Strong Buy 424 2.12

OXFORD INSTRUMENTS 1350.00 1209.00 1752.00 Neutral Sell 1237 1.11

RENISHAW 1530.00 1494.00 2081.00 Neutral Buy 1972 1.30

SPECTRIS 2053.00 1506.00 2470.00 Neutral Buy 2686 1.52

BIOME TECHNOLOGIES 85.00 77.50 303.67 Neutral Sell -484 0.75

TT ELECTRONICS 174.00 114.00 178.50 Neutral Strong Buy 412 1.61

XAAR 835.00 227.00 898.00 Neutral Sell 402 1.09


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Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 94.00 54.25 94.00 Neutral Buy 136 1.18

BODYCOTE 607.00 323.70 613.00 Neutral Neutral 607 1.58

CASTINGS 417.00 291.00 417.00 Neutral Strong Buy 639 0.94

VESUVIUS 417.20 263.19 417.20 Neutral Strong Buy 1102 2.23

FENNER 349.00 305.90 435.20 Neutral Strong Buy 527 1.46

HALMA 545.50 395.50 545.50 Neutral Sell 396 0.77

HILL & SMITH 436.75 302.00 480.00 Neutral Buy 512 1.36

IMI 1358.00 802.50 1400.00 Neutral Strong Buy 4684 1.40

MORGAN ADVANCED MATERIAL 304 .40 220 .30 305 .00 Neutral Strong Buy 530 1.87

ROTORK 2649.00 2157.00 3037.00 Neutral Sell 1024 1.03

SENIOR 258.50 185.90 281.80 Neutral Sell 234 1.66

SEVERFIELD-ROWEN 59.38 35.40 80.16 Neutral Sell 44 0.75

SPIRAX-SARCO 2826.00 1932.53 2928.35 Neutral Sell 2029 0.84

VITEC GROUP 574.00 559.00 740.00 Neutral Sell 454 1.41

WEIR GROUP 2077.00 1566.00 2474.00 Neutral Neutral 2078 1.47

Food & Drug Stores Over Valued


GREGGS 430.40 398.00 523.50 Neutral Strong Buy 782 0.43

MORRISON(WM)SPMKTS. 284.00 248.60 296.40 Neutral Buy 387 0.36

SAINSBURY (J) 387.00 320.10 398.50 Neutral Buy 470 0.54

TESCO 361.00 307.90 387.75 Neutral Sell 194 0.66

THORNTONS 84.00 22.50 100.50 Neutral Sell 53 0.82

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1896.00 1255.00 2 031.00 Neutral Sell 1631 0.59

CRANSWICK 1158.00 732.50 1178.00 Neutral Strong Buy 1776 0.35

DAIRY CREST 491.90 332.90 503.50 Neutral Sell 365 0.89

DEVRO 304.10 289.90 380.00 Neutral Strong Buy 520 0.34

PREMIER FOODS 92.00 54.50 125.75 Neutral Strong Buy 242 1.22

TATE & LYLE 828.00 634.50 883.00 Neutral Strong Buy 1368 0.68

UNILEVER (UK) 2641.00 2235.00 2885.00 Neutral Sell 2209 0.52


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 25.63 21.38 29.50 Neutral Buy 38 0.67

BROWN (N) GROUP 509.00 261.70 510.00 Sell Sell 452 0.47

BURBERRY GROUP 1513.00 1000.00 1541.00 Neutral Sell 1214 1.27

CARPETRIGHT 651.00 585.00 701.50 Neutral Sell 347 0.89

DIXONS RETAIL 45.89 15.32 46.16 Neu tral Neu tral 46 1.46

FINDEL 202.50 58.50 205.00 Neutral Sell 58 1.05

FRENCH CONNECTN.GROUP 30.25 19.50 34.00 Sell Strong Buy 109 1.00

HALFORDS GROUP 364.20 203.00 405.20 Neutral Buy 506 0.68

JD SPORTS FASHION 892.00 651.00 925.00 Neutral Strong Buy 1738 0.51

DARTY 79.00 39.00 80.00 Neutral Buy 110 1.19

KINGFISHER 387.20 262.20 396.60 Neutral Buy 442 0.87

MARKS & SPENCER GROUP 472.60 333.70 485.40 Neutral Buy 632 0.61

MOSS BROTHERS GROUP 60.75 44.75 71.00 Neutral Buy 73 0.98

MOTHERCARE 436.25 194.75 492.75 Neutral Sell 156 0.38

NEXT 4902.00 3219.00 4902.00 Sell Neutral 5227 0.59

TED BAKER 1882.00 880.00 1909.00 Neutral Sell 957 0.54

TOPPS TILES 87.25 43.25 89.00 Neutral Sell 75 1.50

Health Over Valued


BIOQUELL 134.00 129.50 160.00 Neutral Sell 112 0.39

CONSORT MEDICAL 792.00 660.50 839.00 Neutral Sell 564 0.38

OPTOS 157.00 106.75 222.75 Neu tral Neu tral 169 1.23

SMITH & NEPHEW 776.50 638.00 795.00 Neutral Sell 657 0.44

Household Goods & Textiles Over Valued


GAMES WORKSHOP 790.00 577.00 791.50 Neutral Neutral 774 0.38

HEADLAM GROUP 363.00 272.50 378.75 Neutral Sell 318 0.89

HORNBY 82.50 55.25 88.50 Neutral Buy 109 0.71

Information Technology & Hardware Over Valued


ARM HOLDINGS 858.50 528.00 1097.00 Neutral Sell 271 0.70

CSR 581.00 308.10 607.00 Neutral Strong Buy 1526 1.12FILTRONIC 63.00 28.38 83.25 Neutral Sell 52 0.94

IMAGIN AT ION TECHNOLOGIES 243 .60 243 .60 624 .00 Buy Buy 309 1.09

SPIRENT COMMUNICATIONS 130.00 118.00 170.00 Neutral Strong Buy 232 0.94

WOLFSON M ICR OELECTR ONICS 149 .00 140 .00 230 .00 Neutral Sell -197 0.96


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Insurance Under Valued


ADMIRAL GROUP 1402.00 1019.00 1402.00 Neutral Sell -434 0.50

AMLIN 400.10 364.10 435.10 Neutral Strong Buy 1578 0.39

BEAZLEY 224.00 156.70 242.70 Neutral Strong Buy 983 0.52

CATLIN GROUP 500.00 424.00 552.50 Neutral Sell 469 0.22

HISCOX 643.00 445.35 643.00 Sell Strong Buy 1965 0.41

JARDINE LLOYD THOMPSON 891.00 723.00 917.00 Neutral Buy 1273 0.33

RSA INSURANCE GROUP 125.70 107.70 136.30 Neutral Strong Buy 745 0.39

NOVAE GROUP 485.00 345.00 507.50 Neutral Strong Buy 3523 0.41

Leisure & Hotels Over Valued


CARNIVAL 2533.00 2092.00 2628.00 Neutral Buy 3628 0.92

ENTERPRISE INNS 130.00 55.50 132.00 Neutral Sell 116 1.62

TUI TRAVEL 370.10 181.30 377.30 Neutral Strong Buy 737 0.96

FULLER SMITH 'A' 940.00 700.50 940.00 Neutral Sell 624 0.25

GREENE KING 873.50 556.50 886.00 Neutral Sell 641 0.85

LADBROKES 209.70 153.80 243.10 Neutral Buy 266 0.87

ICTL.HTLS.GP. 1907.00 1524.00 2039.00 Neutral Sell 1682 1.12

MILLENNIUM & CPTH.HTLS. 553.00 456.00 582.50 Neu tral Neu tral 596 1.37

MITCHELLS & BUTLERS 409.00 260.70 426.80 Neutral Sell 284 0.96

BWIN PARTY DIGITAL ENTM. 130.80 91.90 156.00 Neutral Sell 63 1.23

PUNCH TAVERNS 12.75 5 .85 13.75 Neutral Strong Buy 76 1.18

RANK GROUP 158.30 115.00 177.50 Neutral Strong Buy 576 0.97

RESTAURANT GROUP 532.00 315.50 557.50 Neutral Sell 396 0.70

WETHERSPOON (JD) 741.00 447.90 767.00 Neu tral Neu tral 707 0.56

WHITBREAD 3155.00 2067.00 3225.00 Neutral Sell 2220 0.99WILLIAM HILL 470.00 271.02 471.30 Neutral Sell 261 0.79

MARSTON'S 154.50 109.70 164.50 Neutral Sell 15 1.15

Life Assurance Under Valued


AVIVA 372.00 285.20 388.40 Neutral Sell 349 1.17

CHESNARA 259.00 163.00 270.00 Neutral Strong Buy 503 0.67

LEGAL & GENERAL 190.80 126.60 191.10 Sell Strong Buy 478 1.70

OLD MUTUAL 191.70 157.70 221.60 Neutral Strong Buy 396 1.52

PRUDENTIAL 1149.00 746.00 1203.00 Neu tral Neu tral 1161 1.66

ST.JAMES'S PLACE 594.00 336.20 640.00 Neutral Strong Buy 6674 0.82


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 137.00 102.00 146.50 Neutral Strong Buy 922 0.38

BRITISH SKY BCAST.GROUP 834.00 709.00 899.50 Neutral Strong Buy 1056 0.47

CENTAUR MEDIA 41.00 29.25 60.00 Neutral Sell -42 1.02

DAILY MAIL 'A' 778.50 451.25 818.00 Neutral Strong Buy 3556 1.07

EUROMONEY INSTL.INVESTOR 1053.00 714 .00 1105.00 Neutral Strong Buy 5566 0.98

INFORMA 501.00 369.90 537.00 Neutral Strong Buy 327 1.61

ITE GROUP 287.50 183.50 307.40 Neutral Buy 201 1.49

ITV 157.10 75.50 161.30 Neutral Strong Buy 1369 1.44

JOHNSTON PRESS 16.25 5.15 19.00 Neutral Buy 720 1.22

PEARSON 1312.00 1119.00 1329.00 Neutral Neutral 309 0.60

PHOTO-ME INTL. 93.50 37.00 95.00 Neutral Strong Buy 2283 0.87

PINEWOOD SHEPPERTON 286.50 265.00 290.75 Neutral Strong Buy 732 0.12

THOMSON REUTERS 36.37 26.85 36.45 Neutral Strong Buy 346 0.51

STV GROUP 156.50 81.50 156.50 Neutral Sell 240 0.82

ST.IVES 159.00 70.25 166.50 Neutral Sell 159 1.48TRINITY MIRROR 115.00 26.50 122.25 Neutral Sell -289 1.60

UBM 685.00 636.00 788.00 Neutral Strong Buy 1421 1.31

WILMINGTON GROUP 164.00 93.00 166.50 Neutral Strong Buy 1390 0.86

WPP 1182.00 788.00 1210.00 Neutral Sell -827 1.28

Mining Under Valued


ANGLO AMERICAN 1422.00 1207.00 2084.00 Neutral Sell 1217 1.84

ANGLO PACIFIC GROUP 189.00 161.00 290.00 Neu tral Neu tral 208 1.07

ANTOFAGASTA 876.00 784.50 1381.00 Neu tral Neu tral 840 1.43

BHP BILLITON 1892.50 1666.50 2236.00 Neutral Strong Buy 2919 1.49

GLENCORE XSTRATA 280.80 256.85 397.85 Neutral Strong Buy 996 #NA

LONMIN 319.10 240.84 411.96 Sell Buy 424 2.08

RANDGOLD RESOURCES 4839.00 3972.00 7 775.00 Neutral Sell 2852 0.42

RIO TINTO 2939.50 2582.00 3757.00 Neutral Sell 2377 1.54

VEDANTA RESOURCES 861.00 1335.00 Neutral Strong Buy 2724 2.25

Oil & Gas Under Valued


BG GROUP 1179.50 1000.50 1350.50 Neutral Sell 889 0.86

BP 467.40 416.60 483.30 Neutral Strong Buy 1009 1.05

CAIRN ENERGY 264.00 251.80 309.40 Neutral Sell -28 1.35

FORTUNE OIL 7.56 7.15 12.50 Buy Strong Buy 112 0.87

HUNTING 837.50 716.00 941.00 Neutral Sell 575 1.37

JKX OIL & GAS 65.50 48.50 96.00 Sell Sell -55 1.43

PREMIER OIL 360.30 321.30 401.20 Neutral Buy 403 1.47

ROYAL DUTCH SHELL B 2295.50 2098.00 2366.50 Neutral Strong Buy 8180 0.86

SOCO INTERNATIONAL 364.50 319.90 404.30 Buy Buy 452 0.57

TULLOW OIL 1019.00 977.00 1468.00 Neutral Sell 688 1.08

WOOD GROUP (JOHN) 888.50 720.50 906.50 Neutral Sell 723 1.45


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Personal Care & Household Products Over Valued


MCBRIDE 130.75 101.00 144.60 Neutral Strong Buy 260 0.79

PZ CUSSONS 392.10 297.20 415.60 Neutral Sell 328 0.68

RECKITT BENCKISE R GROUP 4588.00 3507.00 4950.00 Neutral Neutral 4632 0.30

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.49 0.36 3.58 Buy Sell -3 0.89

ASTRAZENECA 3273.00 2792.50 3521.50 Neutral Strong Buy 8987 0.49

BTG 378.70 300.30 397.90 Neutral Sell 213 0.73

DECHRA PHARMACEUTICALS 685.00 4 73.00 780.00 Neutral Buy 916 0.20

GLAXOSMITHKLINE 1675.00 1317.50 1782.00 Neutral Buy 1908 0.51

OXFORD BIOMEDICA 1.50 1.33 2.80 Buy Sell -2 0.60

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Buy Sell -6 0.96

SHIRE 2382.00 1727.00 2382.00 Neutral Sell 1522 0.66

SKYEPHARMA 64.50 43.50 100.50 Neutral Strong Buy 101 0.68

VERNALIS 22.00 19.38 27.38 Neutral Sell 11 0.88

Real Estate - REIT Under Valued


BIG YELLOW GROUP 436.70 300.00 440.00 Neutral Strong Buy 665 1.15

BRITISH LAND 598.00 506.00 658.00 Neutral Buy 781 1.05

DERWENT LONDON 2366.00 1890.00 2542.00 Neutral Strong Buy 4574 1.21

GREAT PORTLAND ESTATES 553.50 42 5.00 598.00 Neutral Strong Buy 1059 1.05

HAMMERSON 520.50 448.60 554.00 Neutral Neutral 518 1.24

INTU PROPERTIES 331.40 300.60 366.00 Neutral Strong Buy 510 1.12

LAND SECURITIES GROUP 935.50 761.50 994.00 Neutral Strong Buy 1642 1.14

LOCAL SHOP.REIT (THE) 25.88 24.25 40.75 Neutral Sell -149 0.87

LONDONMETRIC PROPERTY 113.10 1 03.20 121.40 Neutral Sell -4 0.30

MCKAY SECURITIES 149.00 131.50 155.00 Neutral Strong Buy 253 0.66

MUCKLOW (A & J) GROUP 419.00 325.00 437.50 Neutral Sell 235 0.36

PRIMARY HEALTH PROPS. 342.00 312.50 363.53 Neutral Sell 98 0.30

REDEFINE INTL.REIT 42.00 26.11 43.25 Neutral Sell -362 0.64

SEGRO 297.60 221.60 306.60 Neutral Sell -258 1.80

SHAFTESBURY 618.00 516.00 668.00 Neutral Buy 798 1.02

TOWN CENTRE SECURITIES 196.00 167.50 223.00 Neutral Sell 12 1.03

WARNER ESTATE 1.00 0.95 2.52 Neutral Sell -958 0.96

WORKSPACE GROUP 450.00 245.00 454.10 Neutral Strong Buy 1171 0.98


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 345.80 209.70 358.50 Neutral Strong Buy 739 0.65

CAPITAL & REGIONAL 34.75 22.75 37.50 Sell Sell -49 0.68

CLS HOLDINGS 1086.00 645.00 1086.00 Neutral Strong Buy 2921 0.72

DAEJAN HOLDINGS 3954.00 2706.00 4085.00 Neutral Strong Buy 7052 0.42

DEVELOPMENT SECS. 200.25 135.75 209.00 Neutral Neutral 192 0.92

GRAINGER 171.10 89.15 174.00 Sell Sell 112 1.54

HELICAL BAR 300.50 178.00 302.50 Neutral Sell 198 0.77

LONDON & ASSOCS.PROPS. 25.00 20.25 29.75 Neutral Strong Buy 226 0.65

MOUNTVIEW ESTATES 5765.00 4150.00 5950.00 Neutral Strong Buy 14460 0.72

QUINTAIN ESTATES & DEV. 88.00 49.25 90.50 Sell Sell -197 1.04

RAVEN RUSSIA 71.00 61.50 79.75 Neutral Strong Buy 212 1.51

SAVILLS 610.50 365.70 621.00 Neutral Strong Buy 2185 0.73

SMART (J) 85.75 71.50 88.00 Neutral Strong Buy 387 0.35

ST MODWEN PROPS. 314.30 174.00 329.10 Neutral Strong Buy 614 1.57

UNITE GROUP 384.40 210.50 389.00 Neutral Strong Buy 1636 1.78

Software & Computer Services Under Valued


ANITE 128.00 113.00 162.00 Neutral Neutral 125 0.73

AVEVA GROUP 2385.00 1776.97 2588.15 Neutral Sell 1481 1.49

COMPUTACENTER 501.00 333.29 564.10 Neutral Strong Buy 1160 0.88

KOFAX 340.00 260.75 347.25 Neutral Sell 305 1.07

INNOVATION GROUP 29.00 18.25 29.50 Neutral Sell 22 0.78

MICRO FOCUS INTL. 764.00 529.08 767.00 Neutral Buy 882 0.80

PHOENIX IT GROUP 159.00 130.00 222.00 Neutral Strong Buy 246 0.71

RM 83.50 64.00 85.50 Neutral Strong Buy 236 0.49

FIDESSA GROUP 2000.00 1275.00 2137.00 Neutral Neutral 2165 0.79

SAGE GROUP 351.50 287.56 368.18 Neutral Buy 435 0.71

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 402.50 257.80 492.10 Neutral Strong Buy 1187 1.12

BREWIN DOLPHIN 243.70 144.60 249.50 Neutral Strong Buy 628 0.69

CAMELLIA 9099.50 8000.00 11105.00 Neutral Strong Buy 91286 0.85

CHARLES STANLEY GROUP 420.00 260.00 420.00 Neutral Strong Buy 1366 0.96

CHARLES TAYLOR 187.00 155.00 195.00 Neutral Strong Buy 1573 0.68

CLOSE BROTHERS GROUP 1054.00 743.00 1107.00 Neutral Strong Buy 4609 0.85

F&C ASSET MANAGEMENT 95.10 87.00 110.40 Neutral Sell 68 0.88

HELPHIRE GROUP 4.26 0.55 4.57 Sell Sell -123 0.65

HENDERSON GROUP 168.60 9 7.50 180.40 Neutral Strong Buy 779 1.44

ICAP 401.80 280.80 405.80 Neutral Strong Buy 781 1.04

INTERMEDIATE CAPITAL GP. 478.00 25 2.70 501.50 Neutral Strong Buy 2180 1.69

INVESTEC 446.20 358.40 513.50 Neutral Strong Buy 1609 1.56

LONDON STOCK EX.GROUP 1 54 5.00 93 0.00 1 590 .0 0 Neutral Strong Buy 6556 1.08

MAN GROUP 82.70 71.30 134.40 Neutral Sell -4672 1.39

RATHBONE BROTHERS 1656.00 1208.00 1691.00 Neutral Strong Buy 5280 0.75

SCHRODERS 2445.00 1283.00 2560.00 Neutral Strong Buy 7853 1.27

SCHRODERS NV 1885.00 1040.00 2000.00 Neutral Strong Buy 10540 1.25


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Support Services Under Valued


ACAL 252.50 157.75 252.50 Neutral Strong Buy 868 0.90

AGGREKO 1750.00 1557.00 2400.00 Neutral Strong Buy 4249 1.16

AMEC 1067.00 965.50 1172.00 Neutral Strong Buy 3361 1.10

ASHTEAD GROUP 700.00 250.30 730.00 Neutral Buy 1012 1.65

BABCOCK INTL. 1176.00 858.50 1209.00 Neutral Strong Buy 2660 0.48

BRITISH POLYTHENE INDS. 591.75 358.00 604.00 Neutral Strong Buy 2390 0.80

BUNZL 1382.00 1009.00 1396.00 Neutral Strong Buy 2823 0.52

UK MAIL GROUP 586.50 224.00 593.00 Neutral Strong Buy 1686 0.41

CAPITA 1024.00 711.00 1057.00 Neutral Sell 208 0.53

COMMUNISIS 67.25 28.57 68.00 Neutral Strong Buy 490 0.78

COMPASS GROUP 884.00 671.50 910.50 Neutral Strong Buy 2011 0.74

BERENDSEN 810.00 509.00 823.50 Neutral Strong Buy 3422 1.04

DE LA RUE 983.50 891.50 1075.00 Neutral Buy 1444 #NA

DIGNITY 1531.00 845.00 1568.00 Neutral Strong Buy 3109 0.22

DIPLOMA 569.00 417.10 627.50 Neutral Strong Buy 1550 0.97

ELECTROCOMP. 246.90 200.00 278.40 Neutral Strong Buy 943 1.02ESSENTRA PLC 740.00 465.00 768.00 Neutral Strong Buy 1410 1.14

G4S 226.20 207.50 313.50 Neutral Strong Buy 900 0.54

HAYS 102.90 68.20 106.00 Neutral Strong Buy 466 1.05

HOMESERVE 266.30 185.60 293.60 Neutral Strong Buy 992 0.91

INTERSERVE 515.00 319.00 519.00 Neutral Strong Buy 3738 1.30

INTERTEK GROUP 2977.00 2697.00 3453.00 Neutral Strong Buy 4863 0.81

JOHNSON SERVICE GROUP 49.50 27 .13 50.00 Neutral Strong Buy 118 1.10

MANAGEMENT CNSL.GP. 26.38 21.25 32.00 Neutral Strong Buy 221 0.68

MENZIES (JOHN) 729.50 573.00 801.00 Neutral Strong Buy 1793 1.40

MICHAEL PAGE INTL. 432.40 346.40 451.80 Neutral Strong Buy 855 1.37

MITIE GROUP 269.40 248.00 300.80 Neutral Strong Buy 1075 0.50

OFFICE2OFFICE 41.50 40.50 156.00 Buy Strong Buy 718 0.28

PAYPOINT 1097.00 670.50 1110.00 Neutral Strong Buy 2235 0.72PREMIER FARNELL 227.20 165.50 236.30 Neutral Strong Buy 735 1.40

REGUS 184.30 91.75 186.70 Neutral Sell 56 1.40

RENTOKIL INITIAL 96.60 70.75 100.70 Neutral Strong Buy 272 1.29

REXAM 481.30 420.70 547.50 Neutral Strong Buy 1805 0.86

RICARDO 433.50 340.00 433.50 Neutral Strong Buy 1700 0.87

ROBERT WALTERS 223.00 176.25 234.00 Neutral Strong Buy 1032 1.19

RPC GROUP 449.00 378.00 477.00 Neutral Strong Buy 1550 0.79

RPS GROUP 230.80 195.50 274.20 Neutral Strong Buy 1020 1.51

SERCO GROUP 619.50 535.00 683.50 Neutral Strong Buy 2409 0.60

SHANKS GROUP 86.50 73.00 98.00 Neutral Strong Buy 274 1.50

SPEEDY HIRE 58.00 23.50 64.75 Neutral Strong Buy 315 1.23

TRIBAL GROUP 192.25 82.00 193.25 Sell Strong Buy 573 0.64

TRIFAST 54.00 40.50 59.25 Neutral Strong Buy 338 0.94

VP 404.00 295.25 412.50 Neutral Strong Buy 2344 0.80

WYG 89.50 42.00 91.00 Neutral Strong Buy 630 0.82

Telecommunication Services Over Valued


BT GROUP 336.60 212.50 344.00 Neutral Buy 417 0.89

CABLE & WIRELESS COMMS. 40.66 29.64 46.29 Neutral Strong Buy 78 0.69

INMARSAT 703.50 484.30 749.00 Neutral Sell 253 0.57

KCOM GROUP 84.20 68.25 88.50 Neutral Buy 116 1.23

TELECOM PLUS 1315.00 799.50 1390.00 Neutral Sell 788 0.03

VODAFONE GROUP 194.40 154.45 199.90 Neutral Sell 100 0.51


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Transport Over Valued


BBA AVIATION 297.00 178.00 297.70 Neutral Sell 230 1.25

BRAEMAR SHIPPING SVS. 432.00 350.00 452.00 Neutral Buy 589 1.06

CLARKSON 1880.00 1150.00 1884.00 Sell Sell 1326 0.84

EASYJET 1368.00 530.00 1406.00 Neutral Sell 856 0.74

FIRST GROUP 96.65 92.00 212.39 Neutral Strong Buy 278 0.91

FISHER(JAMES)& SONS 1050.00 603.25 1110.00 Neutral Sell 779 0.75

GO-AHEAD GROUP 1562.00 1220.00 1595.00 Neutral Strong Buy 2695 1.00

NATIONAL EXPRESS 250.70 164.50 2 54.80 Neutral Neutral 245 1.40

NORTHGATE 382.00 198.50 382.00 Neutral Strong Buy 632 1.33

STAGECOACH GROUP 332.10 265.90 335.90 Neutral Buy 442 0.97

WINCANTON 74.00 40.00 78.50 Neutral Strong Buy 230 0.94

Utilities Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaCENTRICA 377.80 310.80 394.90 Neutral Strong Buy 580 0.50

NATIONAL GRID 763.00 662.50 847.50 Neutral Buy 989 0.45

PENNON GROUP 683.00 598.00 771.50 Neutral Sell 633 0.61

SSE 1601.00 1310.00 1676.00 Neutral Buy 2278 0.41

SEVERN TRENT 1756.00 1513.00 2090.00 Neutral Sell 1514 0.34

UNITED UTILITIES GROUP 714.00 647.00 787.50 Neutral Neutral 755 0.48


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value indicator - uk main market 20130730

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