value indicator - uk main market 20130819

7/27/2019 value indicator - uk main market 20130819

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19 August 2013

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Intellisys Intelligent Analysis Limited 19 August 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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Aerospace & Defence Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 437.40 300.80 455.40 Neutral Buy 604 0.71

CHEMRING GROUP 306.80 217.00 414.70 Neutral Buy 365 0.66

COBHAM 286.80 190.10 307.70 N eu tra l Neu tral 298 0.85

MEGGITT 533.00 366.20 562.00 N eu tra l Neu tral 523 1.28

ROLLS-ROYCE HOLDINGS 1121.00 7 99.39 1 240.00 N eu tra l Neu tral 1138 1.00

SMITHS GROUP 1310.00 1011.00 1397.00 Neutral Sell 1149 0.77

ULTRA ELECTRONICS HDG. 1938.00 1 505.00 1981.00 Neutral Sell 1701 0.52

Automobiles & Parts Under Valued

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

GKN 342.30 201.00 354.00 N eu tra l Neu tral 338 1.97

INCHCAPE 624.50 353.30 645.00 N eu tra l Neu tral 643 1.42

LOOKERS 122.50 68.75 128.50 Neutral Sell 113 1.22

PENDRAGON 32.00 13.50 32.00 Neutral Buy 44 1.09

Banks Over Valued


BARCLAYS 288.05 181.25 333.85 Neutral Sell -837 1.95

HSBC HDG. (ORD $0.50) 709.10 541.00 769.90 Neutral Buy 878 1.18

LLOYDS BANKING GROUP 76.40 32.89 77.14 Sell Sell 2 1.86

ROYAL BANK OF SCTL.GP. 343.00 220.70 367.80 Neutral Sell -117 1.39

STANDARD CHARTERED 1552.00 1364.00 1 837.50 Neutral Strong Buy 3465 1.64

Beverages Under Valued


BARR (AG) 556.00 415.00 588.50 Neutral Sell 490 0.58

DIAGEO 2011.00 1672.50 2136.50 Neutra l Neutral 2186 0.54

SABMILLER 3091.00 2599.00 3657.00 Neutral Buy 4225 0.91

Chemicals Under Valued


ALENT 339.10 305.00 397.50 Neutral Buy 456 #NA

AZ ELECTRONIC MATS.(DI) 317.80 240.00 406.40 Neutral Strong Buy 559 1.12

CARCLO 357.75 342.75 501.00 Neutral Sell 144 0.74

CRODA INTERNATIONAL 2566.00 2164.00 2841.00 Neutral Buy 3248 1.05

ELEMENTIS 261.20 204.20 275.00 Neutral Buy 313 1.07

JOHNSON MATTHEY 2776.00 2190.00 2887.00 Neutral Strong Buy 4331 1.43

VICTREX 1549.00 1309.00 1765.00 Neutral Sell 1361 1.16

SYNTHOMER 230.00 141.80 230.00 Neutral Strong Buy 399 1.10

ZOTEFOAMS 198.00 178.50 225.00 Neutral Strong Buy 300 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 116.00 72.50 118.50 Neutral Strong Buy 283 0.56

BALFOUR BEATTY 245.70 207.60 320.80 Neutral Strong Buy 1135 0.83

BARRATT DEVELOPMENTS 312.90 149.00 355.20 Neutral Strong Buy 623 1.70

BELLWAY 1425.00 869.00 1502.00 Neutral Strong Buy 2919 1.02

BERKELEY GROUP HDG.(THE) 2203.00 1387.00 2340.00 Neutral Strong Buy 3550 0.58

BOOT (HENRY) 187.50 123.50 201.00 Neutral Strong Buy 371 0.75

BOVIS HOMES GROUP 778.50 473.20 851.50 Neutral Strong Buy 1467 1.11

CARILLION 291.60 244.80 331.80 Neutral Strong Buy 1573 1.09

CLARKE (T) 62.00 40.00 62.00 Sell Strong Buy 394 0.80

COSTAIN GROUP 277.25 220.00 306.00 Neutral Strong Buy 1152 0.52

CRH 1449.00 1090.00 1540.00 Neutral Sell 899 1.04

GALLIFORD TRY 966.00 621.00 1020.00 Neutral Strong Buy 3010 0.97

KELLER 1007.00 491.00 1161.00 Neutral Strong Buy 2432 1.29

KIER GROUP 1511.00 1106.00 1528.00 Neutral Strong Buy 5442 1.01

LOW & BONAR 69.00 50.00 76.75 Neutral Strong Buy 230 1.06MARSHALLS 152.00 81.00 155.00 Neutral Buy 208 1.33

MORGAN SINDALL GROUP 671.00 508.00 695.00 Neutral Strong Buy 4626 0.71

NORCROS 17.00 11.25 18.25 Neutral Strong Buy 62 1.05

PERSIMMON 1188.00 644.20 1305.00 Neutral Strong Buy 2040 1.02

REDROW 236.40 140.00 255.10 Neutral Strong Buy 465 0.90

SIG 181.40 94.15 188.00 Neutral Strong Buy 539 1.70

SUPERGLASS HOLDINGS 46.50 43.00 287.50 Sell Strong Buy 4345 0.89

TAYLOR WIMPEY 108.30 50.25 113.80 Neutral Strong Buy 232 1.61

TRAVIS PERKINS 1578.00 1013.00 1713.00 Neutral Strong Buy 4501 1.95

WOLSELEY 3157.00 2484.55 3483.00 Neutral Strong Buy 6131 1.35

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1338.00 999.50 1365.00 Neutral Sell 1093 0.69

DOMINO PRINTING SCIENCES 685.00 522.00 717.00 Neutral Buy 916 1.14

E2V TECHNOLOGIES 131.50 105.50 137.75 Neutral Strong Buy 285 1.27

INVENSYS 495.80 217.33 509.50 Neutral Sell 283 1.40

LAIRD 214.20 171.10 249.30 Neutral Strong Buy 459 2.10

OXFORD INSTRUMENTS 1500.00 1209.00 1752.00 Neutral Sell 1343 1.11

RENISHAW 1730.00 1494.00 2081.00 Neutral Buy 2156 1.29

SPECTRIS 2255.00 1549.00 2470.00 Neutral Buy 2924 1.53

BIOME TECHNOLOGIES 99.00 65.00 303.67 Neutral Sell -478 0.77

TT ELECTRONICS 186.00 114.00 191.50 Neutral Strong Buy 444 1.61

XAAR 850.00 227.00 898.00 Neutral Sell 435 1.06


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 26.63 22.13 29.50 Neutral Buy 38 0.66

BROWN (N) GROUP 531.00 266.40 542.50 Neutral Sell 457 0.51

BURBERRY GROUP 1588.00 1000.00 1593.00 Neutral Sell 1228 1.29

CARPETRIGHT 650.00 585.00 701.50 Neutral Sell 349 0.90

DIXONS RETAIL 42.53 17.00 46.33 Neu tral Neu tral 46 1.46

FINDEL 215.50 98.00 220.00 Neutral Sell 59 1.06

FRENCH CONNECTN.GROUP 31.75 20.63 34.00 Sell Strong Buy 110 1.01

HALFORDS GROUP 357.00 234.50 405.20 Neutral Buy 511 0.71

JD SPORTS FASHION 963.50 651.00 963.50 Neutral Strong Buy 1751 0.49

DARTY 76.50 39.00 81.75 Neutral Buy 110 1.23

KINGFISHER 385.80 262.20 404.90 Neutral Buy 446 0.91

MARKS & SPENCER GROUP 453.30 352.70 488.80 Neutral Buy 638 0.60

MOSS BROTHERS GROUP 63.50 44.75 71.00 Neutral Buy 74 0.97

MOTHERCARE 429.00 202.00 492.75 Neutral Sell 157 0.38

NEXT 4832.00 3320.00 5030.00 Neutral Buy 5321 0.61

TED BAKER 1898.00 899.00 1973.00 Neutral Sell 966 0.56

TOPPS TILES 79.25 46.00 89.75 Neutral Sell 75 1.51

Health Over Valued


BIOQUELL 130.00 129.50 160.00 Neutral Sell 111 0.39

CONSORT MEDICAL 817.50 660.50 839.00 Neutral Sell 565 0.35

OPTOS 162.75 106.75 222.75 Neu tral Neu tral 170 1.17

SMITH & NEPHEW 779.50 638.00 800.00 Neutral Sell 665 0.45

Household Goods & Textiles Over Valued


GAMES WORKSHOP 775.50 601.00 794.50 Neutral Neutral 760 0.42

HEADLAM GROUP 392.00 293.00 415.00 Neutral Sell 331 0.88

HORNBY 81.50 55.25 88.50 Neutral Buy 113 0.70

Information Technology & Hardware Over Valued


ARM HOLDINGS 870.00 528.00 1097.00 Neutral Sell 285 0.73

CSR 511.00 308.10 607.00 Neutral Strong Buy 1569 1.13FILTRONIC 65.00 30.50 83.25 Neutral Sell 56 0.94

IMAGIN AT ION TECHNOLOGIES 283 .00 235 .10 624 .00 Neutral Buy 326 1.04

SPIRENT COMMUNICATIONS 133.00 118.00 170.00 Neutral Strong Buy 246 0.94

WOLFSON M ICR OELECTR ONICS 159 .50 140 .00 230 .00 Neutral Sell -200 0.94


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Insurance Under Valued


ADMIRAL GROUP 1293.00 1019.00 1416.00 Neutral Sell -420 0.52

AMLIN 391.30 364.10 435.10 Neutral Strong Buy 1510 0.40

BEAZLEY 208.80 162.20 242.70 Neutral Strong Buy 938 0.50

CATLIN GROUP 475.00 450.10 552.50 Neu tral Neu tral 466 0.22

HISCOX 632.50 459.54 660.00 Neutral Strong Buy 1879 0.46

JARDINE LLOYD THOMPSON 910.00 723.00 921.50 Neutral Buy 1218 0.32

RSA INSURANCE GROUP 121.60 107.70 136.30 Neutral Strong Buy 713 0.39

NOVAE GROUP 500.00 345.00 507.50 Neutral Strong Buy 3372 0.38

Leisure & Hotels Over Valued


CARNIVAL 2456.00 2092.00 2628.00 Neutral Buy 3491 0.95

ENTERPRISE INNS 139.50 55.75 152.20 Neutral Sell 110 1.64

TUI TRAVEL 359.40 207.10 401.50 Neutral Strong Buy 716 0.96

FULLER SMITH 'A' 955.25 700.50 965.00 Neutral Sell 604 0.26

GREENE KING 811.00 556.50 897.50 Neutral Sell 620 0.88

LADBROKES 187.70 169.70 243.10 Neutral Buy 260 0.87

ICTL.HTLS.GP. 1939.00 1524.00 2039.00 Neutral Sell 1666 1.10

MILLENNIUM & CPTH.HTLS. 555.50 456.00 582.50 Neu tral Neu tral 580 1.34

MITCHELLS & BUTLERS 410.90 262.70 430.40 Neutral Sell 272 1.00

BWIN PARTY DIGITAL ENTM. 129.10 91.90 156.00 Neutral Sell 61 1.24

PUNCH TAVERNS 13.00 6 .15 13.75 Neutral Strong Buy 74 1.16

RANK GROUP 161.00 128.60 177.50 Neutral Strong Buy 569 0.96

RESTAURANT GROUP 529.00 320.30 570.00 Neutral Sell 387 0.70

WETHERSPOON (JD) 717.00 447.90 767.00 Neu tral Neu tral 687 0.57

WHITBREAD 3092.00 2096.00 3303.00 Neutral Sell 2169 0.97WILLIAM HILL 422.00 271.02 494.50 Neutral Sell 255 0.80

MARSTON'S 152.20 109.90 164.50 Neutral Sell 11 1.16

Life Assurance Under Valued


AVIVA 402.10 294.10 404.90 Neutral Sell 366 1.18

CHESNARA 258.00 169.00 270.00 Neutral Strong Buy 528 0.64

LEGAL & GENERAL 199.80 128.00 201.90 Neutral Strong Buy 503 1.69

OLD MUTUAL 197.50 165.10 221.60 Neutral Strong Buy 409 1.52

PRUDENTIAL 1199.00 770.00 1232.00 Neu tral Neu tral 1212 1.66

ST.JAMES'S PLACE 620.50 336.20 641.50 Neutral Strong Buy 6959 0.84


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 141.00 102.00 146.50 Neutral Strong Buy 922 0.42

BRITISH SKY BCAST.GROUP 834.50 709.00 899.50 Neutral Strong Buy 1056 0.47

CENTAUR MEDIA 41.50 31.00 60.00 Neutral Sell -42 1.06

DAILY MAIL 'A' 788.00 451.25 835.00 Neutral Strong Buy 3556 1.07

EUROMONEY INSTL.INVESTOR 1115.00 747 .50 1115.00 Sell Strong Buy 5566 0.96

INFORMA 514.00 380.50 541.50 Neutral Strong Buy 327 1.63

ITE GROUP 284.00 183.50 307.40 Neutral Buy 201 1.44

ITV 160.00 82.00 168.60 Neutral Strong Buy 1369 1.46

JOHNSTON PRESS 17.50 5.20 19.00 Neutral Buy 720 1.20

PEARSON 1314.00 1119.00 1350.00 Neutral Neutral 309 0.65

PHOTO-ME INTL. 96.50 42.75 99.00 Neutral Strong Buy 2283 0.86

PINEWOOD SHEPPERTON 286.50 269.00 288.50 Neutral Strong Buy 732 0.13

THOMSON REUTERS 35.99 26.85 36.45 Neutral Strong Buy 346 0.52

STV GROUP 157.50 81.50 157.50 Neutral Sell 240 0.82

ST.IVES 164.75 73.25 170.00 Neutral Sell 159 1.48TRINITY MIRROR 111.25 36.75 122.25 Neutral Sell -289 1.59

UBM 707.50 636.00 788.00 Neutral Strong Buy 1421 1.33

WILMINGTON GROUP 193.50 103.00 193.50 Neutral Strong Buy 1390 0.85

WPP 1164.00 788.00 1210.00 Neutral Sell -827 1.27

Mining Under Valued


ANGLO AMERICAN 1547.50 1207.00 2084.00 Neutral Sell 1312 1.84

ANGLO PACIFIC GROUP 200.00 161.00 290.00 Neu tral Neu tral 219 1.07

ANTOFAGASTA 936.50 784.50 1381.00 Neutral Sell 884 1.42

BHP BILLITON 1987.50 1666.50 2236.00 Neutral Strong Buy 3100 1.48

GLENCORE XSTRATA 308.35 256.85 397.85 Neutral Strong Buy 1068 #NA

LONMIN 353.00 240.84 380.10 Sell Buy 461 2.08

RANDGOLD RESOURCES 5150.00 3972.00 7 775.00 Neutral Sell 3012 0.47

RIO TINTO 3104.50 2582.00 3757.00 Neutral Sell 2574 1.53

VEDANTA RESOURCES 861.00 1335.00 Neutral Strong Buy 2930 2.24

Oil & Gas Under Valued


BG GROUP 1182.50 1000.50 1350.50 Neutral Sell 903 0.84

BP 441.70 416.60 483.30 Neutral Strong Buy 1015 1.02

CAIRN ENERGY 276.10 251.80 300.20 Neutral Sell -30 1.33

FORTUNE OIL 8.62 7.15 12.50 Neutral Strong Buy 114 0.84

HUNTING 874.50 716.00 941.00 Neutral Sell 582 1.35

JKX OIL & GAS 68.00 48.50 88.75 Neutral Sell -59 1.35

PREMIER OIL 363.50 321.30 400.20 Neutral Buy 410 1.45

ROYAL DUTCH SHELL B 2134.50 2098.00 2365.00 Neutral Strong Buy 8318 0.83

SOCO INTERNATIONAL 373.60 319.90 404.30 Neutral Buy 461 0.53

TULLOW OIL 1057.00 977.00 1468.00 Neutral Sell 701 1.05

WOOD GROUP (JOHN) 883.00 720.50 915.50 Neutral Sell 734 1.44


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Personal Care & Household Products Over Valued


MCBRIDE 126.75 101.00 144.60 Neutral Strong Buy 265 0.84

PZ CUSSONS 404.20 297.20 415.60 Neutral Sell 334 0.70

RECKITT BENCKISE R GROUP 4460.00 3536.00 4950.00 Neutral Neutral 4514 0.30

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.42 0.36 3.58 Buy Sell -3 0.91

ASTRAZENECA 3199.50 2792.50 3521.50 Neutral Strong Buy 8943 0.51

BTG 388.20 300.30 397.90 Neutral Sell 213 0.73

DECHRA PHARMACEUTICALS 666.00 4 78.10 780.00 Neutral Buy 926 0.18

GLAXOSMITHKLINE 1655.00 1317.50 1782.00 Neutral Buy 1910 0.52

OXFORD BIOMEDICA 1.41 1.33 2.80 Buy Sell -2 0.57

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Neutral Sell -5 0.93

SHIRE 2385.00 1727.00 2442.00 Neutral Sell 1524 0.70

SKYEPHARMA 85.50 43.50 100.50 Neutral Buy 103 0.66

VERNALIS 25.13 19.38 27.38 Neutral Sell 11 0.86

Real Estate - REIT Under Valued


BIG YELLOW GROUP 435.20 300.00 445.00 Neutral Strong Buy 655 1.18

BRITISH LAND 575.00 506.00 658.00 Neutral Buy 769 1.05

DERWENT LONDON 2378.00 1890.00 2542.00 Neutral Strong Buy 4494 1.23

GREAT PORTLAND ESTATES 542.00 43 1.80 598.00 Neutral Strong Buy 1038 1.06

HAMMERSON 499.60 448.60 554.00 Neutral Neutral 511 1.24

INTU PROPERTIES 314.00 300.60 366.00 Neutral Strong Buy 502 1.13

LAND SECURITIES GROUP 904.00 761.50 994.00 Neutral Strong Buy 1617 1.15

LOCAL SHOP.REIT (THE) 25.50 24.25 40.75 Neutral Sell -146 0.81

LONDONMETRIC PROPERTY 114.40 1 03.20 121.40 Neutral Sell -4 0.33

MCKAY SECURITIES 150.00 131.50 155.00 Neutral Strong Buy 249 0.66

MUCKLOW (A & J) GROUP 415.00 325.00 454.50 Neutral Sell 233 0.39

PRIMARY HEALTH PROPS. 329.50 312.50 363.53 Neutral Sell 95 0.30

REDEFINE INTL.REIT 44.50 29.02 44.75 Neutral Sell -355 0.64

SEGRO 304.10 221.60 313.60 Neutral Sell -250 1.81

SHAFTESBURY 622.50 516.00 668.00 Neutral Buy 785 1.03

TOWN CENTRE SECURITIES 203.00 177.00 223.00 Neutral Sell 13 1.04

WARNER ESTATE 0.80 0.70 2.25 Neutral Sell -942 0.93

WORKSPACE GROUP 447.40 250.75 475.00 Neutral Strong Buy 1153 1.01


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 333.00 210.50 365.60 Neutral Strong Buy 762 0.70

CAPITAL & REGIONAL 38.50 22.75 39.25 Neutral Sell -51 0.64

CLS HOLDINGS 1162.00 656.50 1260.00 Neutral Strong Buy 2967 0.75

DAEJAN HOLDINGS 4000.00 2706.00 4179.00 Neutral Strong Buy 7180 0.48

DEVELOPMENT SECS. 195.25 143.00 209.00 Neutral Neutral 196 0.96

GRAINGER 178.50 97.45 187.50 Neutral Sell 112 1.57

HELICAL BAR 279.75 178.00 302.50 Neutral Sell 203 0.82

LONDON & ASSOCS.PROPS. 26.50 20.50 29.75 Neutral Strong Buy 232 0.64

MOUNTVIEW ESTATES 6450.00 4350.00 6512.50 Neutral Strong Buy 14675 0.69

QUINTAIN ESTATES & DEV. 91.25 51.00 92.00 Sell Sell -199 1.04

RAVEN RUSSIA 69.25 61.50 79.75 Neutral Strong Buy 213 1.48

SAVILLS 608.00 382.00 664.50 Neutral Strong Buy 2181 0.74

SMART (J) 90.50 71.50 90.50 Neutral Strong Buy 387 0.33

ST MODWEN PROPS. 312.50 193.10 333.00 Neutral Strong Buy 625 1.60

UNITE GROUP 379.50 215.00 403.00 Neutral Strong Buy 1671 1.77

Software & Computer Services Under Valued


ANITE 117.00 113.00 162.00 Neutral Neutral 127 0.67

AVEVA GROUP 2443.00 1776.97 2588.15 Neutral Sell 1499 1.49

COMPUTACENTER 525.00 333.29 564.10 Neutral Strong Buy 1152 0.89

KOFAX 338.00 260.75 347.25 Neutral Sell 305 1.06

INNOVATION GROUP 29.75 19.25 30.25 Neutral Sell 21 0.78

MICRO FOCUS INTL. 793.00 541.11 812.50 Neutral Buy 911 0.82

PHOENIX IT GROUP 154.00 130.00 222.00 Neutral Strong Buy 241 0.69

RM 81.00 64.00 85.50 Neutral Strong Buy 237 0.54

FIDESSA GROUP 2105.00 1275.00 2156.00 Neutral Neutral 2186 0.79

SAGE GROUP 353.00 289.36 368.18 Neutral Buy 439 0.69

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 380.60 274.60 492.10 Neutral Strong Buy 1277 1.11

BREWIN DOLPHIN 261.00 144.60 283.00 Neutral Strong Buy 677 0.70

CAMELLIA 9070.50 8000.00 11105.00 Neutral Strong Buy 99177 0.84

CHARLES STANLEY GROUP 469.00 260.00 472.00 Neutral Strong Buy 1484 0.96

CHARLES TAYLOR 190.00 155.00 195.00 Neutral Strong Buy 1680 0.67

CLOSE BROTHERS GROUP 1062.00 771.00 1107.00 Neutral Strong Buy 5018 0.86

F&C ASSET MANAGEMENT 105.60 88.90 110.40 Neutral Sell 69 0.84

HELPHIRE GROUP 4.90 0.55 4.90 Sell Sell -137 0.63

HENDERSON GROUP 174.70 101.70 180.40 Neutral Strong Buy 844 1.46

ICAP 378.30 280.80 406.80 Neutral Strong Buy 842 1.04

INTERMEDIATE CAPITAL GP. 452.90 28 0.00 501.50 Neutral Strong Buy 2360 1.69

INVESTEC 439.60 358.40 513.50 Neutral Strong Buy 1754 1.57

LONDON STOCK EX.GROUP 1 56 4.00 93 0.00 1 622 .0 0 Neutral Strong Buy 6618 1.11

MAN GROUP 85.40 71.30 134.40 Neutral Sell -5185 1.36

RATHBONE BROTHERS 1605.00 1208.00 1691.00 Neutral Strong Buy 5701 0.73

SCHRODERS 2387.00 1407.00 2560.00 Neutral Strong Buy 8500 1.30

SCHRODERS NV 1890.00 1131.00 2000.00 Neutral Strong Buy 11177 1.28


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Support Services Under Valued


ACAL 266.75 157.75 266.75 Neutral Strong Buy 861 0.88

AGGREKO 1656.00 1557.00 2400.00 Neutral Strong Buy 4201 1.13

AMEC 1084.00 965.50 1172.00 Neutral Strong Buy 3331 1.09

ASHTEAD GROUP 634.00 267.10 730.00 Neutral Strong Buy 998 1.65

BABCOCK INTL. 1142.00 893.50 1209.00 Neutral Strong Buy 2629 0.49

BRITISH POLYTHENE INDS. 555.50 358.00 604.00 Neutral Strong Buy 2367 0.80

BUNZL 1333.00 1009.00 1409.00 Neutral Strong Buy 2799 0.53

UK MAIL GROUP 610.00 233.50 628.00 Neutral Strong Buy 1671 0.42

CAPITA 981.00 713.00 1057.00 Neutral Sell 208 0.54

COMMUNISIS 57.50 33.67 68.00 Neutral Strong Buy 483 0.81

COMPASS GROUP 857.00 671.50 910.50 Neutral Strong Buy 1991 0.74

BERENDSEN 849.00 514.00 853.00 Neutral Strong Buy 3372 1.03

DE LA RUE 991.50 891.50 1075.00 Neutral Buy 1430 #NA

DIGNITY 1471.00 899.82 1567.68 Neutral Strong Buy 3118 0.24

DIPLOMA 625.00 420.10 635.00 Neutral Strong Buy 1530 0.96

ELECTROCOMP. 264.20 200.00 278.40 Neutral Strong Buy 932 1.01ESSENTRA PLC 795.00 500.50 830.00 Neutral Strong Buy 1392 1.16

G4S 249.50 207.50 313.50 Neutral Strong Buy 889 0.53

HAYS 103.80 68.20 107.60 Neutral Strong Buy 461 1.06

HOMESERVE 241.90 185.60 293.60 Neutral Strong Buy 978 0.88

INTERSERVE 556.00 347.10 557.50 Neutral Strong Buy 3706 1.26

INTERTEK GROUP 3170.00 2697.00 3453.00 Neutral Strong Buy 4806 0.80

JOHNSON SERVICE GROUP 48.25 28 .00 50.00 Neutral Strong Buy 115 1.11

MANAGEMENT CNSL.GP. 27.00 21.25 32.00 Neutral Strong Buy 218 0.63

MENZIES (JOHN) 735.50 573.00 801.00 Neutral Strong Buy 1795 1.38

MICHAEL PAGE INTL. 460.00 346.40 474.40 Neutral Strong Buy 846 1.41

MITIE GROUP 275.70 248.00 300.80 Neutral Strong Buy 1064 0.52

OFFICE2OFFICE 40.00 38.00 156.00 Neutral Strong Buy 712 0.28

PAYPOINT 1133.00 690.00 1185.00 Neutral Strong Buy 2212 0.73PREMIER FARNELL 227.70 165.50 236.30 Neutral Strong Buy 725 1.42

REGUS 183.40 96.00 193.40 Neutral Sell 56 1.40

RENTOKIL INITIAL 103.30 76.10 103.50 Neutral Strong Buy 269 1.26

REXAM 502.00 420.70 547.50 Neutral Strong Buy 1780 0.85

RICARDO 468.00 340.00 468.00 Neutral Strong Buy 1679 0.89

ROBERT WALTERS 285.00 176.25 285.00 Neutral Strong Buy 1022 1.19

RPC GROUP 456.10 378.00 477.00 Neutral Strong Buy 1530 0.80

RPS GROUP 250.30 195.50 274.20 Neutral Strong Buy 1006 1.51

SERCO GROUP 607.00 535.00 683.50 Neutral Strong Buy 2382 0.59

SHANKS GROUP 90.25 73.00 98.00 Neutral Strong Buy 268 1.49

SPEEDY HIRE 58.50 23.50 64.75 Neutral Strong Buy 309 1.20

TRIBAL GROUP 201.00 88.25 202.25 Neutral Strong Buy 565 0.65

TRIFAST 56.38 40.50 59.25 Neutral Strong Buy 334 0.91

VP 431.00 295.25 431.00 Sell Strong Buy 2310 0.81

WYG 100.00 47.00 101.00 Sell Strong Buy 623 0.80

Telecommunication Services Over Valued


BT GROUP 325.80 212.50 344.00 Neutral Buy 412 0.88

CABLE & WIRELESS COMMS. 40.61 33.55 46.29 Neutral Strong Buy 77 0.68

INMARSAT 690.50 542.50 749.00 Neutral Sell 257 0.55

KCOM GROUP 82.75 68.25 88.50 Neutral Buy 117 1.21

TELECOM PLUS 1351.00 814.00 1399.00 Neutral Sell 795 0.05

VODAFONE GROUP 192.30 154.45 200.20 Neutral Sell 104 0.51


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Transport Over Valued


BBA AVIATION 292.40 187.20 307.50 Neutral Sell 229 1.24

BRAEMAR SHIPPING SVS. 452.38 350.00 460.00 Neutral Buy 585 1.05

CLARKSON 1925.00 1150.00 1925.00 Sell Sell 1314 0.85

EASYJET 1257.00 530.00 1448.00 Neutral Sell 851 0.76

FIRST GROUP 116.50 92.00 212.39 Neutral Strong Buy 276 0.91

FISHER(JAMES)& SONS 988.50 645.50 1110.00 Neutral Sell 768 0.74

GO-AHEAD GROUP 1485.00 1220.00 1595.00 Neutral Strong Buy 2679 0.99

NATIONAL EXPRESS 257.10 164.50 2 60.50 Neutral Sell 243 1.40

NORTHGATE 392.00 217.25 395.75 Neutral Strong Buy 624 1.34

STAGECOACH GROUP 319.00 265.90 337.60 Neutral Buy 436 0.98

WINCANTON 79.00 43.75 81.25 Neutral Strong Buy 231 0.96

Utilities Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaCENTRICA 383.00 310.80 394.90 Neutral Buy 571 0.52

NATIONAL GRID 736.00 678.00 847.50 Neutral Buy 965 0.46

PENNON GROUP 670.50 598.00 749.50 Neutral Sell 614 0.62

SSE 1546.00 1335.00 1676.00 Neutral Buy 2234 0.41

SEVERN TRENT 1710.00 1513.00 2090.00 Neutral Sell 1471 0.36

UNITED UTILITIES GROUP 686.50 647.00 787.50 Neutral Neutral 732 0.48


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value indicator - uk main market 20130819

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