value indicator - uk main market 20130423

7/28/2019 value indicator - uk main market 20130423

1/17

23 April 2013

Powered by


2/17

Intellisys Intelligent Analysis Limited 23 April 2013

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

Contents

Introduction .................................................................................................................................3Value ...........................................................................................................................................4Conclusion ..................................................................................................................................4RISK WARNING Ratings and Targets ....................................................................................4How to use the report .................................................................................................................5Aerospace & Defence Over 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 Under Valued ..............................................................................9Heath Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Over Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Over Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Under Valued ................................................ 12Real Estate Under Valued ............................................................................... 12Software & Computer Services Under Valued ..................................................... 13Speciality & Other Finance Over Valued .......................................................... 13Support Services Over Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 15Transport Under Valued ................................................................................... 15Utilities Under Valued ....................................................................................... 15DISCLAIMER ........................................................................................................................... 16RISK WARNING ...................................................................................................................... 17


3/17



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

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

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

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

Best Buy/Sell Trend


4/17



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.


5/17



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)


6/17



Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 373.30 270.90 397.30 Neutral Buy 535 0.66

CHEMRING GROUP 257.50 217.00 414.70 Neutral Buy 318 0.66

COBHAM 237.90 190.10 248.10 Neutral Buy 280 0.83

MEGGITT 466.00 364.30 494.20 Neutral Sell 398 1.32

ROLLS-ROYCE HOLDINGS 1113.00 7 88.92 1 135.00 Neutra l Neu tral 1068 1.08

SMITHS GROUP 1210.00 979.50 1328.00 Neutral Sell 1019 0.71

ULTRA ELECTRONICS HDG. 16 02.00 1424.00 1745.00 Neutral Sell 1507 0.50

Automobiles & Parts Under Valued

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

GKN 254.50 173.60 285.00 Neutra l Neu tral 245 2.00

INCHCAPE 493.10 305.20 530.00 Neutra l Neu tral 486 1.48

LOOKERS 93.75 56.50 100.50 Neutra l Neu tral 102 1.24

PENDRAGON 23.25 13.25 25.00 Neutral Buy 33 1.12

Banks Over Valued


BARCLAYS 289.50 150.55 327.35 Neutral Sell -813 1.93

HSBC HDG. (ORD $0.50) 679.20 503.20 740.00 Neutral Buy 932 1.17

LLOYDS BANKING GROUP 49.13 25.29 55.68 Sell Sell 4 1.87

ROYAL BANK OF SCTL.GP. 286.20 196.60 367.80 Neutral Sell -182 1.34

STANDARD CHARTERED 1608.00 1228.50 1837.50 Neutral Strong Buy 3192 1.70

Beverages Under Valued


BARR (AG) 541.00 348.00 572.00 Neutra l Neu tral 579 0.55

DIAGEO 1965.00 1477.00 2085.00 Neutral Sell 1739 0.55

SABMILLER 3360.50 2348.50 3552.50 Neutral Buy 3861 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 290.00 240.00 406.40 Neutral Strong Buy 618 #NA

CARCLO 370.00 345.75 503.00 Neutra l Neu tral 369 0.74

CRODA INTERNATIONAL 2536.00 2094.00 2841.00 Neutral Sell 2036 1.04

ELEMENTIS 242.50 179.00 275.00 Neutral Buy 333 1.00

JOHNSON MATTHEY 2341.00 2080.27 2573.00 Neutral Strong Buy 11004 1.44

VICTREX 1499.00 1185.00 1736.00 Neutral Sell 1401 1.13

SYNTHOMER 178.90 127.40 238.60 Neutral Buy 203 1.16

ZOTEFOAMS 222.50 157.00 225.00 Neutral Strong Buy 356 0.99


7/17



Construction & Building Materials Under Valued


ALUMASC GROUP 86.00 61.50 104.00 Neutral Strong Buy 231 0.52

BALFOUR BEATTY 248.60 225.70 320.80 Neutral Strong Buy 946 0.79

BARRATT DEVELOPMENTS 303.70 114.00 303.70 Sell Buy 435 1.50

BELLWAY 1306.00 660.00 1327.00 Neutral Buy 1828 1.10

BERKELEY GROUP HDG.(THE) 2066.00 1177 .00 2093.00 Neutral Strong Buy 3111 0.63

BOOT (HENRY) 173.50 115.50 177.00 Neutral Strong Buy 329 0.83

BOVIS HOMES GROUP 735.00 399.30 751.00 Neutral Sell 538 1.14

CARILLION 282.80 235.50 331.80 Neutral Strong Buy 778 1.10

CLARKE (T) 52.50 40.00 61.50 Neutral Strong Buy 259 0.82

COSTAIN GROUP 279.00 188.00 306.00 Neutral Strong Buy 539 0.56

CRH 1315.00 1052.00 1540.00 Neutral Sell 784 1.14

GALLIFORD TRY 936.50 579.00 965.00 Neutral Strong Buy 1641 0.99

KELLER 816.50 348.25 848.00 Neutral Strong Buy 1982 1.25

KIER GROUP 1260.00 1106.00 1408.00 Neutral Strong Buy 3238 0.94

LOW & BONAR 69.38 49.00 76.75 Neutral Strong Buy 200 1.07MARSHALLS 127.25 76.00 130.00 Neutral Strong Buy 275 1.37

MORGAN SINDALL GROUP 580.50 508.00 695.00 Neutral Strong Buy 3223 0.86

NORCROS 15.75 9.25 18.25 Neutral Strong Buy 33 1.11

PERSIMMON 1055.00 496.69 1056.87 Neutral Buy 1379 1.15

REDROW 202.60 107.30 206.00 Neutral Buy 277 1.05

SIG 147.60 82.30 162.50 Neutral Strong Buy 464 1.74

SUPERGLASS HOLDINGS 5.88 3.88 17.75 Sell Strong Buy 47 0.89

TAYLOR WIMPEY 91.05 40.28 93.50 Neutral Buy 126 1.58

TRAVIS PERKINS 1436.00 906.50 1465.00 Neutral Strong Buy 2487 1.97

WOLSELEY 3086.00 2121.32 3337.00 Neutral Strong Buy 5123 1.43

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1211.00 935.00 1364.00 Neutral Sell 734 0.78

DOMINO PRINTING SCIENCES 638.50 509.00 717.00 Neutral Buy 806 1.18

E2V TECHNOLOGIES 119.00 105.50 149.50 Neutral Strong Buy 235 1.31

INVENSYS 346.00 186.10 366.80 Neutral Neu tral 329 1.42

LAIRD 199.90 177.00 249.30 Neutral Sell 78 2.12

OXFORD INSTRUMENTS 1479.00 1096.00 1 752.00 Neutral Sell 1123 1.01

RENISHAW 1494.00 1260.00 2081.00 Neutral Strong Buy 2264 1.26

SPECTRIS 1880.00 1427.00 2470.00 Neutral Buy 2099 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.19 Neutral Strong Buy 0 0.83

TT ELECTRONICS 157.25 114.00 190.00 Neutral Strong Buy 387 1.59

XAAR 500.00 185.00 500.00 Neutral Sell 222 1.11


8/17



Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 78.13 54.25 91.75 Neutral Buy 101 1.26

BODYCOTE 464.50 310.30 556.50 Neutral Neutral 483 1.61

CASTINGS 327.50 277.75 358.50 Neutral Strong Buy 657 0.99

VESUVIUS 326.80 263.19 402.10 Neutral Buy 480 2.19

FENNER 340.00 329.30 450.80 Neutral Strong Buy 520 1.42

HALMA 470.60 373.10 531.50 Neutral Sell 369 0.76

HILL & SMITH 425.00 297.00 480.00 Neutral Sell 317 1.37

IMI 1164.00 776.00 1347.00 Neutral Neutral 1269 1.40

MORGAN ADVANCED MATERIAL 240 .30 220 .30 332 .80 Neutral Strong Buy 501 1.82

ROTORK 2626.00 1859.00 3037.00 Neutral Sell 2001 0.99

SENIOR 235.00 177.00 253.10 Neutral Sell 199 1.65

SEVERFIELD-ROWEN 40.63 35.40 104.11 Neutral Sell 30 0.73

SPIRAX-SARCO 2467.00 1900.00 2734.00 Neutral Sell 2131 0.84

VITEC GROUP 625.00 586.50 740.00 Neutral Sell 570 1.40

WEIR GROUP 2074.00 1397.00 2474.00 Neutral Sell 1895 1.39

Food & Drug Stores Over Valued


GREGGS 462.00 449.00 523.50 Neutral Strong Buy 701 0.47

MORRISON(WM)SPMKTS. 283.20 248.60 296.40 Neutral Sell 198 0.39

SAINSBURY (J) 380.00 283.50 387.20 Neutral Sell 220 0.58

TESCO 368.10 297.05 387.75 Neutral Sell 282 0.69

THORNTONS 75.25 18.88 78.75 Neutral Sell 54 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1850.00 1167.00 1 931.00 Neutral Buy 2071 0.61

CRANSWICK 1048.00 732.50 1057.00 Neutral Strong Buy 2048 0.49

DAIRY CREST 451.60 290.40 451.60 Neutral Neu tral 492 0.92

DEVRO 309.00 278.00 380.00 Neutral Strong Buy 508 0.31

PREMIER FOODS 71.50 54.50 165.00 Neutral Sell -179 1.25

TATE & LYLE 853.00 633.50 870.50 Neutral Strong Buy 1527 0.70

UNILEVER (UK) 2764.00 2007.00 2831.00 Neutral Neu tral 2712 0.57


9/17



General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.63 20.50 29.50 Neutral Buy 33 0.68

BROWN (N) GROUP 420.00 224.40 429.30 Neutral Sell 354 0.53

BURBERRY GROUP 1279.00 1000.00 1536.00 Neutral Sell 965 1.27

CARPETRIGHT 630.00 585.00 728.50 Neutral Sell 275 0.94

DIXONS RETAIL 37.01 12.67 37.01 Neutral Neu tral 39 1.50

FINDEL 147.00 55.20 186.00 Neutral Sell 45 1.08

FRENCH CONNECTN.GROUP 27.50 19.50 44.25 Neutral Strong Buy 101 0.99

HALFORDS GROUP 332.20 189.00 356.80 Neutral Buy 491 0.67

JD SPORTS FASHION 734 .00 606 .50 841 .00 Neutral Strong Buy 1489 0.52

DARTY 49.00 38.00 65.00 Neutral Strong Buy 87 1.24

KINGFISHER 291.50 254.10 297.20 Neutral Buy 382 0.92

MARKS & SPENCER GROUP 400.10 312.20 400.40 Neutral Buy 506 0.64

MOSS BROTHERS GROUP 57.38 42.00 71.00 Buy Neutral 60 1.04

MOTHERCARE 300.50 160.00 362.00 Neutral Buy 369 0.47

NEXT 4299.00 2896.00 4408.00 Neutral Sell 3665 0.66TED BAKER 1277.00 830.00 1354.00 Neutral Sell 645 0.55

TOPPS TILES 69.75 32.13 69.75 Neutral Sell 49 1.48

Heath Over Valued


BIOQUELL 143.00 124.00 160.00 Neutral Sell 115 0.45

CONSORT MEDICAL 782.50 584.00 831.50 Neutral Sell 568 0.40

OPTOS 163.00 145.75 264.00 Neutral Neu tral 167 1.20

SMITH & NEPHEW 719.00 580.00 768.50 Neutral Sell 644 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 667.50 557.00 720.50 Neutral Neu tral 652 0.43

HEADLAM GROUP 337.00 263.00 355.00 Neutral Sell 301 0.92

HORNBY 83.00 55.25 95.00 Neutral Buy 106 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 869.00 469.00 971.50 Neutral Sell 528 0.74

CSR 472.00 194.60 502.50 Neutral Strong Buy 1282 1.16FILTRONIC 68.00 23.50 83.25 Neutral Sell 46 0.90

IMAGINATION TECHN OLOGIES 424.60 383.50 696.00 Neutral Buy 501 1.09

SPIRENT COMMUNICATIONS 122.40 1 22.00 174.00 Neutral Strong Buy 651 0.94

WOLFSON MICROELECTRON ICS 193.25 165.75 230.00 Neutral Sell -558 0.91


10/17



Insurance Under Valued


ADMIRAL GROUP 1327.00 1019.00 1374.00 Neutral Neu tral 1323 0.54

AMLIN 413.40 312.90 431.50 Neutral Sell 133 0.46

BEAZLEY 208.50 132.50 219.10 Neutral Strong Buy 1216 0.59

CATLIN GROUP 512.00 399.00 540.00 Neutral Strong Buy 1821 0.29

HISCOX 543.50 379.26 574.05 Neutral Strong Buy 2425 0.48

JARDINE LLOYD THOMPSON 836 .50 659 .00 864 .50 Neutral Strong Buy 1643 0.31

RSA INSURANCE GROUP 109.40 97.65 136.30 Neutral Strong Buy 870 0.40

NOVAE GROUP 451.50 345.00 475.75 Neutral Strong Buy 2771 0.47

Leisure & Hotels Over Valued


CARNIVAL 2261.00 1944.00 2628.00 Neutral Strong Buy 3810 1.00

ENTERPRISE INNS 102.50 55.50 114.70 Neutral Sell 93 1.59

TUI TRAVEL 304.80 158.00 330.00 Neutral Strong Buy 756 0.99

FULLER SMITH 'A' 775.50 700.00 820.00 Neutral Sell 645 0.38

GREENE KING 669.50 474.30 723.50 Neutral Sell 615 0.91

LADBROKES 186.40 152.70 243.10 Neutral Buy 244 0.93

ICTL.HTLS.GP. 1850.00 1396.63 2039.00 Neutral Sell 1440 1.17

MILLENNIUM & CPTH.HTLS. 548.50 455.40 582.50 Neutral Buy 622 1.38

MITCHELLS & BUTLERS 318.20 217.40 350.10 Neutral Sell 297 1.09

BWIN PARTY DIGITAL ENTM. 134.30 91.90 158.00 Neutral Sell 51 1.25

PUNCH TAVERNS 9.29 5.61 13.12 Neutral Strong Buy 44 1.25

RANK GROUP 164.40 111.00 177.50 Neutral Strong Buy 491 1.00

RESTAURANT GROUP 468.60 269.20 474.80 Neutral Sell 312 0.74

WETHERSPOON (JD) 553.50 371.30 553.50 Neutral Buy 713 0.69

WHITBREAD 2434.00 1786.00 2692.00 Neutral Sell 1923 0.99WILLIAM HILL 410.20 243.75 411.17 Neutral Sell 247 0.86

MARSTON'S 136.40 94.40 143.00 Neutral Sell 15 1.20

Life Assurance Over Valued


AVIVA 295.30 255.30 388.40 Neutral Strong Buy 633 1.24

CHESNARA 230.00 155.25 250.00 Neutral Strong Buy 358 0.70

LEGAL & GENERAL 169.60 106.00 175.70 Neutral Strong Buy 319 1.70

OLD MUTUAL 198.70 138.70 211.40 N eutral Neutral 189 1.57

PRUDENTIAL 1032.00 660.00 1155.00 Neutral Sell 917 1.70

ST.JAMES'S PLACE 500.00 303.40 537.00 Neutral Strong Buy 1365 0.85


11/17



Media & Entertainment Under Valued


BLOOMSBURY PBL. 113.12 102.00 146.50 Neutral Sell -572 0.36

BRITISH SKY BCAST.GROUP 836.00 656.00 899.50 Neutral Strong Buy 1687 0.54

CENTAUR MEDIA 45.75 28.50 60.00 Neutral Strong Buy 151 1.01

DAILY MAIL 'A' 691.50 363.50 722.00 Neutral Strong Buy 3937 1.12

EUROMONEY INSTL.INVESTOR 933.00 672.50 1001.00 Neutral Strong Buy 7421 0.98

INFORMA 479.30 340.00 537.00 Neutral Sell -73 1.53

ITE GROUP 258.50 180.00 289.40 Neutral Strong Buy 233 1.44

ITV 124.30 69.45 132.30 Neutral Strong Buy 1224 1.54

JOHNSTON PRESS 15.00 4.88 16.00 Neutral Buy 752 1.26

PEARSON 1124.00 1111.00 1294.00 Neutral Buy 307 0.62

PHOTO-ME INTL. 75.50 36.25 82.50 Neutral Strong Buy 2548 0.79

PINEWOOD SHEPPERTON 279.50 265.00 377.50 Neutral Strong Buy 846 0.15

THOMSON REUTERS 33.25 26.85 33.35 Neutral Sell -570 0.52

STV GROUP 133.50 81.50 146.88 Neutral Sell 258 0.78

ST.IVES 135.00 67.50 139.25 Neutral Sell 218 1.49TRINITY MIRROR 93.25 25.50 121.25 Neutral Sell -253 1.57

UBM 671.50 511.00 788.00 Neutral Strong Buy 1701 1.31

WILMINGTON GROUP 147.75 82.00 164.00 Neutral Strong Buy 1313 0.85

WPP 1034.00 743.00 1092.00 Neutral Sell -492 1.34

HIBU 0.38 0.26 3.91 Neutral Strong Buy 787 1.07

Mining Over Valued


ANGLO AMERICAN 1592.50 1553.00 2412.00 Neutral Sell 1261 1.75

ANGLO PACIFIC GROUP 216.00 215.00 320.00 Neutral Neu tral 213 0.99ANTOFAGASTA 892.50 889.50 1381.00 Neutral Sell 772 1.43

BHP BILLITON 1762.50 1681.00 2236.00 Neutral Buy 2441 1.45

LONMIN 257.10 240.84 564.35 Neutral Strong Buy 529 2.03

RANDGOLD RESOURCES 4870.00 4545.00 7775.00 Neutral Sell 2189 0.34

RIO TINTO 2888.50 2715.50 3757.00 Neutral Sell 2691 1.51

COALFIELD RESOURCES 5.63 3.75 22.50 Neutral Strong Buy 148 0.89

VEDANTA RESOURCES 832.50 1298.00 Neutral Buy 1631 2.21

XSTRATA 937.00 785.80 1205.00 Neutral Sell 667 1.88

Oil & Gas Under Valued


BG GROUP 1030.50 1000.50 1451.00 Buy Buy 1183 0.81

BP 446.65 391.95 475.90 Neutral Strong Buy 1485 1.05

CAIRN ENERGY 279.30 248.20 349.00 Neutral Sell -10 1.32

FORTUNE OIL 8.05 7.66 12.50 Neutral Strong Buy 14 0.90

HUNTING 790.00 688.00 954.00 Buy Sell 424 1.32

JKX OIL & GAS 68.00 55.00 137 .00 Neutral Strong Buy 289 1.36

PREMIER OIL 351.10 321.30 401.20 Buy Sell 272 1.45

ROYAL DUTCH SHELL B 2150.50 2039.00 2366.50 Neutral Strong Buy 8988 0.86

SOCO INTERNATIONAL 368.30 254.90 404.30 Neutral Sell 238 0.52

TULLOW OIL 1046.00 982.50 1557.00 Neutral Sell 867 1.05

WOOD GROUP (JOHN) 789.50 651.50 879.50 Neutral Neu tral 756 1.36


12/17



Personal Care & Household Products Over Valued


MCBRIDE 109.00 102.70 146.75 Neutral Strong Buy 251 0.83

PZ CUSSONS 391.00 297.20 415.60 Neutral Sell 318 0.69

RECKITT BENCKISER GROUP 4646.00 3300.00 4812.00 Neutral Neu tral 4690 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.39 0.37 3.88 Buy Sell -3 1.01

ASTRAZENECA 3350.00 2591.00 3350.00 Neutral Strong Buy 6898 0.47

BTG 341.40 300.30 423.00 Neutral Sell 153 0.62

DECHRA PHARMACEUTICALS 753.00 444.50 780.00 Neutral Sell 626 0.26

GLAXOSMITHKLINE 1654.00 1317.50 1658.00 Neutral Buy 2059 0.49

OXFORD BIOMEDICA 1.63 1.55 4.20 Buy Sell -1 0.65

PHYTOPHARM 1.15 1.15 12.75 Strong Buy Strong Buy 2 0.94

SHIRE 1982.00 1727.00 2153.00 Neutral Sell 1406 0.65

SKYEPHARMA 46.25 44.25 101.50 Neutral Sell -106 0.71

VERNALIS 22.63 21.63 27.38 Neutral Buy 27 0.90

Real Estate Under Valued


BIG YELLOW GROUP 389.00 274.50 393.00 Neutral Sell -572 1.15

BRITISH LAND 581.00 475.40 586.00 Neutral Strong Buy 1687 1.03

CAPITAL & REGIONAL 33.63 22.75 34.50 Sell Strong Buy 151 0.82

CLS HOLDINGS 895.00 595.00 895.00 Neutral Strong Buy 3937 0.69

DERWENT LONDON 2297.00 1708.00 2297.00 Neutral Strong Buy 7421 1.20DEVELOPMENT SECS. 155.00 121.75 175.00 Neutral Sell -73 0.97

GRAINGER 137.10 83.10 140.60 Neutral Strong Buy 233 1.54

GREAT PORTLAND ESTATES 522.00 345.60 523.00 Sell Strong Buy 1224 1.06

HAMMERSON 513.00 408.00 525.00 Neutral Buy 752 1.16

HELICAL BAR 250.00 164.00 251.00 Neutral Buy 307 0.75

LAND SECURITIES GROUP 870.00 704.00 870.00 Neutral Strong Buy 2548 1.15

INTU PROPERTIES 343.10 305.00 366.00 Neutral Strong Buy 846 1.08

MCKAY SECURITIES 139.00 127.00 145.00 Neutral Sell -570 0.72

MUCKLOW (A & J) GROUP 377.25 320.00 390.00 Neutral Sell 258 0.41

PRIMARY HEALTH PROPS. 330.00 312.00 364.50 Neutral Sell 218 0.35

QUINTAIN ESTATES & DEV. 65.00 32.50 70.00 Sell Sell -253 1.17

SAVILLS 511.00 300.80 599.00 Neutral Strong Buy 1701 0.74

SHAFTESBURY 607.00 492.00 608.50 Neutral Strong Buy 1313 1.03

SEGRO 255.90 209.40 271.00 Neutral Sell -492 1.70

ST MODWEN PROPS. 263.60 145.50 280.20 Neutral Strong Buy 787 1.55

TOWN CENTRE SECURITIES 203.00 147.00 215.00 Neutral Sell -14 1.05

UNITE GROUP 320.20 180.25 330.00 Neutral Sell 43 1.75

WARNER ESTATE 1.38 1.00 2.75 Sell Sell -1110 1.01

WORKSPACE GROUP 371.20 213.25 374.10 Neutral Strong Buy 1274 1.02


13/17



Software & Computer Services Under Valued


ANITE 115.00 111.00 162.00 Neutral Neu tral 118 0.76

AVEVA GROUP 2063.00 1469.00 2322.00 Neutral Sell 1265 1.40

COMPUTACENTER 531.00 292.40 567.00 Neutral Strong Buy 1305 1.01

KOFAX 334.50 240.00 335.00 Neutral Sell 312 1.12

INNOVATION GROUP 25.25 18.25 25.50 Neutral Sell 24 0.83

MICRO FOCUS INTL. 659.50 426.17 706.00 Neutral Buy 931 0.79

PHOENIX IT GROUP 142.00 131.00 231.75 Neutral Strong Buy 301 0.74

RM 74.00 70.25 89.00 Neutral Sell -89 0.53

FIDESSA GROUP 1801.00 1275.00 1970.00 Neutral Buy 2004 0.77

SAGE GROUP 336.60 247.70 352.10 Neutral Buy 400 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 398.20 2 37.30 441.90 Neutral Sell 130 1.08

BREWIN DOLPHIN 221.00 136.30 222.00 Neutral Sell 107 0.72

CAMELLIA 10300.00 9250.00 11105.00 Neutral Sell 7994 0.83

CHARLES STANLEY GROUP 404.00 247.50 404.00 Sell Sell 178 0.97

CHARLES TAYLOR 169.00 132.00 190.00 Neutral Sell 111 0.69

CLOSE BROTHERS GROUP 1022.00 673.50 1107.00 Neutral Sell 147 0.87

F&C ASSET MANAGEMENT 95.25 65.90 110.40 Neutral Neu tral 96 0.89

HELPHIRE GROUP 3.00 0.55 3.70 Neutral Strong Buy 24 0.68

HENDERSON GROUP 154.70 90.55 171.00 Neutral Sell 54 1.44

ICAP 280.80 280.80 384.00 Buy Sell 200 1.07

INTERMEDIATE CAPITAL GP. 403.20 227.30 427.60 Neutral Sell 157 1.68

INVESTEC 435.40 310.40 513.50 Neutral Sell 69 1.55

LONDON STOCK EX.GROUP 1295.00 930.00 1411.00 Neutral Buy 1607 1.12MAN GROUP 106.10 63.25 111.10 Neutral Strong Buy 478 1.32

RATHBONE BROTHERS 1452.00 1151.00 1551.00 Neutral Sell 1045 0.73

SCHRODERS 2144.00 1166.00 2212.00 Neutral Sell 1092 1.31

SCHRODERS NV 1725.00 966.00 1785.00 Neutral Strong Buy 3605 1.27


14/17



Support Services Over Valued


ACAL 214.00 157.75 242.50 Neutral Buy 284 0.93

AGGREKO 1762.00 1557.00 2400.00 Neutral Sell 1263 1.03

AMEC 965.50 923.00 1172.00 Neutral Buy 1097 1.04

ASHTEAD GROUP 585.00 212.20 635.00 Neutral Sell 308 1.62

BABCOCK INTL. 1046.00 793.50 1106.00 Neutral Sell 641 0.48

BRITISH POLYTHENE INDS. 531.00 317.00 539.00 Neutral Buy 773 0.78

BUNZL 1247.00 990.00 1320.00 Neutral Sell 951 0.55

UK MAIL GROUP 433.00 214.00 445.00 Neutral Neu tral 430 0.38

CAPITA 851.50 602.00 913.50 Neutral Sell 504 0.50

COMMUNISIS 51.38 25.34 53.50 Neutral Buy 65 0.78

COMPASS GROUP 816.50 616.00 852.50 Neutral Sell 585 0.74

BERENDSEN 760.00 462.00 812.00 Neutral Buy 950 1.04

DE LA RUE 917.50 891.50 1075.00 Neutral Sell 585 #NA

DIGNITY 1356.00 803.50 1435.00 Neutral Sell 772 0.21

DIPLOMA 550.00 417.00 627.50 Neutral Sell 473 0.95ELECTROCOMP. 228.80 195.20 265.00 Neutral Buy 311 1.02

FILTRONA 717.50 428.00 744.00 Neutral Sell 336 1.10

G4S 306.00 240.00 307.50 Neutral Sell 281 0.58

HAYS 90.40 66.40 101.20 Neutral Buy 117 1.09

HOMESERVE 192.60 137.50 252.50 Neutral Strong Buy 476 0.93

INTERSERVE 473.70 271.40 510.50 Neutral Buy 662 1.27

INTERTEK GROUP 3334.00 2406.00 3451.00 Neutral Sell 1402 0.77

JOHNSON SERVICE GROUP 43.63 26.50 45.75 Neutral Strong Buy 91 1.18

MANAGEMENT CNSL.GP. 31.50 21.25 39.25 Neutral Strong Buy 53 0.72

MENZIES (JOHN) 672.00 542.00 789.00 Neutral Strong Buy 1249 1.43

MICHAEL PAGE INTL. 358.60 341.40 451.80 Neutral Sell 309 1.41

MITIE GROUP 272.70 253.90 300.80 Neutral Buy 331 0.55

OFFICE2OFFICE 92.00 91.00 156.00 Neutral Strong Buy 231 0.34

PAYPOINT 885.00 605.00 912.50 Neutral Sell 672 0.70

PREMIER FARNELL 205.20 153.20 236.30 Neutral Buy 275 1.32

REGUS 156.40 82.65 169.00 Neutral Sell 104 1.44

RENTOKIL INITIAL 94.40 69.40 100.70 Neutral Sell 53 1.24

REXAM 512.50 394.28 547.50 Neutral Neu tral 514 0.91

RICARDO 389.00 304.50 431.00 Neutral Buy 457 0.85

ROBERT WALTERS 225.25 176.25 259.50 Neutral Buy 299 1.23

RPC GROUP 389.80 348.30 477.00 Neutral Buy 517 0.77

RPS GROUP 245.00 197.00 274.20 Neutral Neu tral 240 1.50

SERCO GROUP 601.50 509.50 635.50 Neutral Sell 559 0.59

SHANKS GROUP 73.00 73.00 98.00 Neutral Strong Buy 163 1.46

SPEEDY HIRE 47.75 22.25 50.00 Neutral Neu tral 51 1.25TRIBAL GROUP 143.25 73.25 149.00 Neutral Sell 49 0.56

TRIFAST 53.13 39.50 59.00 Neutral Buy 59 0.92

VP 334.00 234.75 354.88 Neutral Strong Buy 604 0.86

WYG 74.50 42.00 75.00 Sell Strong Buy 177 0.79


15/17



Telecommunication Services Over Valued


BT GROUP 276.60 200.70 281.70 Neutral Buy 336 0.90

CABLE & WIRELESS COMMS. 41.87 27.28 42.81 Neutral Strong Buy 82 0.69

INMARSAT 697.00 390.80 710.50 Neutral Sell 597 0.53

KCOM GROUP 83.25 67.00 85.20 Neutral Strong Buy 130 1.24

TELECOM PLUS 1199.00 682.50 1199.00 Sell Sell 735 0.11

VODAFONE GROUP 194.80 154.45 194.80 Neutral Sell 168 0.54

Transport Under Valued


BBA AVIATION 246.50 178.00 269.00 Neutral Sell 179 1.30

BRAEMAR SHIPPING SVS. 384.50 309.50 425.00 Neutral Buy 460 0.99

CLARKSON 1660.00 1150.00 1660.00 Sell Sell 1491 0.81

EASYJET 1124.00 481.20 1149.00 Neutral Sell 679 0.74

FIRST GROUP 212.50 175.70 260.50 Neutral Strong Buy 567 0.90

FISHER(JAMES)& SONS 1110.00 535.00 1110.00 Sell Sell 400 0.77

GO-AHEAD GROUP 1529.00 1086.00 1540.00 Neutral Buy 1877 0.89

NATIONAL EXPRESS 196.50 164.50 230.50 Neutral Buy 254 1.34

NORTHGATE 313.50 159.60 350.00 Neutral Strong Buy 620 1.41

STAGECOACH GROUP 297.60 230.40 319.60 Neutral Buy 359 0.90

WINCANTON 54.50 31.00 78.50 Sell Sell -43 0.90

Utilities Under Valued


CENTRICA 385.10 306.30 385.10 Neutral Buy 507 0.46

NATIONAL GRID 797.50 641.00 803.00 Neutral Buy 879 0.49

PENNON GROUP 661.50 598.00 796.00 Neutral Buy 814 0.58

SSE 1531.00 1294.00 1536.00 Neutral Buy 1812 0.42

SEVERN TRENT 1788.00 1513.00 1796.00 Neutral Sell 1585 0.34

UNITED UTILITIES GROUP 742.00 614.50 747.50 Neutral Sell 702 0.50


16/17



DISCLAIMER

Intellisys Intelligent Analysis Limited has prepared this report. IntelliSys is the trading name of IntellisysIntelligent Analysis Limited.

IntelliSys is a provider of financial research reports that indicate the possible value of quoted companyshares. The information contained within any and all of IntelliSys reports are designed to present anobjective assessment of the possible value or relative value of a company and/or an actuarial sector orstock market index. IntelliSys utilises as extensive as possible range of valuation tools and proprietarysystems to derive its outputs. The base data for the models are derived from sources believed to beaccurate but Intellisys Intelligent Analysis Limited does not warrant or guarantee the accuracy or reliability ofthe source data or its models and proprietary systems. Subscribers, and casual readers, should not relyupon the IntelliSys research outputs when forming specific investment decisions but should seek advicespecific to their situation and investment requirements from a person authorized under the FinancialServices and Markets Act 2000, before entering into any investment agreement.

Intellisys Intelligent Analysis Limited has used reasonable care and skill in compiling the content of thisreport. No representation or warranty, expressed or implied, is given by any person as to the accuracy or

completeness or accuracy of the information and no responsibility or liability is accepted to the accuracy orsufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. Inno event will Intellisys Intelligent Analysis Limited, IntelliSys or any of its officers, employees or agents beliable to any other party for any direct, indirect, special or other consequential damages arising from the useof this report.

The Intellisys Intelligent Analysis Limited and/or IntelliSys reports are not directed to any person in anyjurisdiction where (by reason of that persons nationality, residence or otherwise) the publication oravailability of the Intellisys Intelligent Analysis Limited and/or IntelliSys information may be prohibited.Persons in respect of whom such prohibitions apply must not access the Intellisys Intelligent AnalysisLimited and/or IntelliSys reports. Neither this document, nor any copy in whatever form of media, may betaken or transmitted into the United States, Canada, Australia, Ireland, South Africa or Japan or into any

jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may constitute aviolation of relevant local securities laws. Recipients of Intellisys Intelligent Analysis Limited and/or IntelliSysreports outside the UK are not covered by the rules and regulations made for the protection of investors inthe UK.

Any user distributing information taken from any IntelliSys reports and/or the IntelliSys website, in whateverform, to any other person, agrees to attach a copy of this Disclaimer and the Terms and Conditions of Usepages and obtain the agreement of such other person to comply with the terms set forth.

IntelliSys' published reports are published for information purposes and only available to marketcounterparties, high net-worth and sophisticated individual investors.

No IntelliSys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other

financial instruments in any company or any interest therein, nor shall it form the basis of any contractentered into for the sale of shares or any other financial instrument in any company.

IntelliSys believes that the information within each and any of its reports to be correct, but its accuracy orcompleteness cannot be guaranteed. No representation or warranty, expressed or implied, is given by anyperson as to the accuracy or completeness of the information and no responsibility or liability is accepted forthe accuracy or sufficiency of any of the information, for any errors, omissions or mis-statements, negligentor otherwise.

IntelliSys (including its Directors, employees and representatives) or a connected person may havepositions in or options or other financial instruments on any of the securities mentioned within a report, and


17/17



may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed byinternal rules.

Subscribers, and casual reader, are reminded that the value of shares in any company may go up or downand that past performance is not necessarily a guide to future performance.

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.

RISK WARNING

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 other equity investments, you should contact your financialadviser as these types of investments may not be suitable for everyone.

The value of stocks and shares, and the income from them, can fall as well as rise and you may not getback the full amount you originally invested. If denominated in a foreign currency, fluctuations in theexchange rate will also affect the value of stocks and shares and the income from them. Past performanceis not necessarily a guide to future performance.

value indicator - uk main market 20130423

Documents