value indicator - uk main market 20130426

7/30/2019 value indicator - uk main market 20130426

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26 April 2013

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Intellisys Intelligent Analysis Limited 26 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 Valued ......................................................................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


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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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Best Buy/Sell Trend


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Value

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

models.

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

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

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

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

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

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

Conclusion

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

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

Philip Morrish ([email protected])

RISK WARNING Ratings and Targets

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


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How to use the report

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

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

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

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

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

BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

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

HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

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

JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

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

the market. This can be summarised as:

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

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

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


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Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 382.60 270.90 397.30 Neutral Buy 546 0.66

CHEMRING GROUP 267.80 217.00 414.70 Neutral Buy 325 0.66

COBHAM 242.50 190.10 248.10 Neutral Buy 285 0.83

MEGGITT 466.70 364.30 494.20 Neutral Sell 404 1.32

ROLLS-ROYCE HOLDINGS 1131.00 7 80.75 1 138.10 N eu tra l Neu tral 1083 1.08

SMITHS GROUP 1228.00 979.50 1328.00 Neutral Sell 1040 0.71

ULTRA ELECTRONICS HDG. 16 48.00 1 424.00 1745.00 Neutral Sell 1536 0.50

Automobiles & Parts Under Valued

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

GKN 270.40 173.60 285.00 N eu tra l Neu tral 259 2.00

INCHCAPE 494.80 305.20 530.00 N eu tra l Neu tral 495 1.48

LOOKERS 96.25 56.50 100.50 N eu tra l Neu tral 104 1.24

PENDRAGON 23.25 13.50 25.00 Neutral Buy 33 1.12

Banks Over Valued


BARCLAYS 294.55 150.55 327.35 Neutral Sell -809 1.93

HSBC HDG. (ORD $0.50) 695.00 503.20 740.00 Neutral Buy 941 1.17

LLOYDS BANKING GROUP 51.95 25.29 55.68 Sell Sell 6 1.87

ROYAL BANK OF SCTL.GP. 296.40 196.60 367.80 Neutral Sell -174 1.34

STANDARD CHARTERED 1635.50 1228.50 1837.50 Neutral Strong Buy 3213 1.70

Beverages Under Valued


BARR (AG) 549.50 348.00 572.00 Neutra l Neu tral 588 0.55

DIAGEO 1993.00 1477.00 2085.00 Neutral Sell 1767 0.55

SABMILLER 3441.00 2348.50 3552.50 Neutral Buy 3941 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 283.90 240.00 406.40 Neutral Strong Buy 636 #NA

CARCLO 385.00 345.75 503.00 N eu tra l Neu tral 384 0.74

CRODA INTERNATIONAL 2589.00 2094.00 2841.00 Neutral Sell 2064 1.04

ELEMENTIS 247.40 179.00 275.00 Neutral Buy 340 1.00

JOHNSON MATTHEY 2411.00 2080.27 2573.00 Neutral Strong Buy 11458 1.44

VICTREX 1528.00 1185.00 1736.00 Neutral Sell 1419 1.13

SYNTHOMER 189.30 127.40 238.60 Neutral Buy 208 1.16

ZOTEFOAMS 217.50 157.00 225.00 Neutral Strong Buy 367 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 86.00 61.50 104.00 Neutral Strong Buy 244 0.52

BALFOUR BEATTY 245.30 225.70 320.80 Neutral Strong Buy 997 0.79

BARRATT DEVELOPMENTS 314.50 114.00 315.30 Sell Buy 461 1.50

BELLWAY 1342.00 660.00 1342.00 Neutral Buy 1925 1.10

BERKELEY GROUP HDG.(THE) 2140.00 1177 .00 2140.00 Neutral Strong Buy 3268 0.63

BOOT (HENRY) 173.50 115.50 177.00 Neutral Strong Buy 345 0.83

BOVIS HOMES GROUP 763.00 399.30 763.00 Neutral Sell 567 1.14

CARILLION 289.00 235.50 331.80 Neutral Strong Buy 820 1.10

CLARKE (T) 52.50 40.00 61.50 Neutral Strong Buy 272 0.82

COSTAIN GROUP 278.50 188.00 306.00 Neutral Strong Buy 549 0.56

CRH 1410.00 1052.00 1540.00 Neutral Sell 809 1.14

GALLIFORD TRY 951.50 579.00 965.00 Neutral Strong Buy 1726 0.99

KELLER 840.00 348.25 848.00 Neutral Strong Buy 2089 1.25

KIER GROUP 1199.00 1106.00 1408.00 Neutral Strong Buy 3375 0.94

LOW & BONAR 69.75 49.00 76.75 Neutral Strong Buy 211 1.07MARSHALLS 125.00 76.00 130.00 Neutral Strong Buy 290 1.37

MORGAN SINDALL GROUP 586.00 508.00 695.00 Neutral Strong Buy 3390 0.86

NORCROS 16.00 9.25 18.25 Neutral Strong Buy 35 1.11

PERSIMMON 1086.00 496.69 1086.00 Neutral Buy 1454 1.15

REDROW 214.40 107.30 214.40 Neutral Buy 293 1.05

SIG 153.70 82.30 162.50 Neutral Strong Buy 490 1.74

SUPERGLASS HOLDINGS 5.75 3.88 15.25 Sell Strong Buy 49 0.89

TAYLOR WIMPEY 94.05 40.28 94.15 Neutral Buy 133 1.58

TRAVIS PERKINS 1464.00 906.50 1465.00 Neutral Strong Buy 2626 1.97

WOLSELEY 3198.00 2121.32 3337.00 Neutral Strong Buy 5391 1.43

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1246.00 935.00 1364.00 Neutral Sell 757 0.78

DOMINO PRINTING SCIENCES 654.00 509.00 717.00 Neutral Buy 830 1.18

E2V TECHNOLOGIES 120.00 105.50 149.50 Neutral Strong Buy 242 1.31

INVENSYS 350.80 196.50 366.80 Neutral Neu tral 340 1.42

LAIRD 212.80 177.00 249.30 Neutral Sell 87 2.12

OXFORD INSTRUMENTS 1532.00 1096.00 1 752.00 Neutral Sell 1158 1.01

RENISHAW 1520.00 1260.00 2081.00 Neutral Strong Buy 2327 1.26

SPECTRIS 2029.00 1427.00 2470.00 Neutral Neu tral 2171 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.18 Neutral Strong Buy 0 0.83

TT ELECTRONICS 160.00 114.00 190.00 Neutral Strong Buy 401 1.59

XAAR 522.00 185.00 522.00 Sell Sell 230 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 79.38 54.25 91.75 Neutral Buy 103 1.26

BODYCOTE 497.00 310.30 556.50 Neutral Neutral 496 1.61

CASTINGS 330.00 277.75 358.50 Neutral Strong Buy 676 0.99

VESUVIUS 340.00 263.19 402.10 Neutral Buy 493 2.19

FENNER 379.00 329.30 450.80 Neutral Buy 535 1.42

HALMA 486.10 373.10 531.50 Neutral Sell 380 0.76

HILL & SMITH 428.00 297.00 480.00 Neutral Sell 326 1.37

IMI 1208.00 776.00 1347.00 Neutral Neutral 1309 1.40

MORGAN ADVANCED MATERIAL 248 .00 220 .30 332 .80 Neutral Strong Buy 517 1.82

ROTORK 2675.00 1859.00 3037.00 Neutral Sell 2077 0.99

SENIOR 240.00 177.00 253.10 Neutral Sell 205 1.65

SEVERFIELD-ROWEN 39.50 35.40 104.11 Neutral Sell 31 0.73

SPIRAX-SARCO 2530.00 1900.00 2734.00 Neutral Sell 2196 0.84

VITEC GROUP 619.00 586.50 740.00 Neutral Sell 585 1.40

WEIR GROUP 2175.00 1397.00 2474.00 Neutral Sell 1954 1.39

Food & Drug Stores Over Valued


GREGGS 466.70 449.00 523.50 Neutral Strong Buy 712 0.47

MORRISON(WM)SPMKTS. 284.00 248.60 296.40 Neutral Sell 197 0.39

SAINSBURY (J) 386.90 283.50 388.70 Neutral Sell 218 0.58

TESCO 365.20 297.05 387.75 Neutral Sell 282 0.69

THORNTONS 80.00 18.88 80.00 Neutral Sell 57 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1950.00 1167.00 1 999.00 Neutral Neu tral 2129 0.61

CRANSWICK 1048.00 732.50 1057.00 Neutral Strong Buy 2105 0.49

DAIRY CREST 456.00 294.50 456.00 Neutral Buy 505 0.92

DEVRO 325.00 278.00 380.00 Neutral Strong Buy 523 0.31

PREMIER FOODS 73.75 54.50 165.00 Neutral Sell -182 1.25

TATE & LYLE 859.00 633.50 870.50 Neutral Strong Buy 1571 0.70

UNILEVER (UK) 2845.00 2007.00 2845.00 Neutral Neu tral 2788 0.57


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.50 20.50 29.50 Neutral Buy 34 0.68

BROWN (N) GROUP 446.70 224.40 446.70 Sell Sell 364 0.53

BURBERRY GROUP 1345.00 1000.00 1536.00 Neutral Sell 991 1.27

CARPETRIGHT 646.50 585.00 728.50 Neutral Sell 282 0.94

DIXONS RETAIL 37.50 12.67 37.50 N eu tral Neu tral 40 1.50

FINDEL 150.00 55.20 186.00 Neutral Sell 48 1.08

FRENCH CONNECTN.GROUP 28.25 19.50 43.25 Sell Strong Buy 103 0.99

HALFORDS GROUP 335.00 189.00 356.80 Neutral Strong Buy 503 0.67

JD SPORTS FASHION 774.00 606.50 841.00 Neutral Strong Buy 1523 0.52

DARTY 49.75 38.00 65.00 Neutral Strong Buy 90 1.24

KINGFISHER 310.00 254.10 310.00 Neutral Buy 392 0.92

MARKS & SPENCER GROUP 410.00 312.20 410.70 Neutral Buy 519 0.64

MOSS BROTHERS GROUP 53.50 42.00 71.00 Buy Buy 61 1.04

MOTHERCARE 304.25 160.00 362.00 Neutral Buy 380 0.47

NEXT 4401.00 2896.00 4408.00 Neutral Sell 3775 0.66TED BAKER 1300.00 830.00 1354.00 Neutral Sell 661 0.55

TOPPS TILES 68.38 32.13 69.75 Neutral Sell 50 1.48

Heath Over Valued


BIOQUELL 141.00 125.50 160.00 Neutral Sell 113 0.45

CONSORT MEDICAL 779.50 584.00 831.50 Neutral Sell 563 0.40

OPTOS 171.00 145.75 264.00 N eu tral Neu tral 169 1.20

SMITH & NEPHEW 748.00 580.00 768.50 Neutral Sell 669 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 675.00 557.00 720.50 Neutral Neu tral 659 0.43

HEADLAM GROUP 336.75 263.00 355.00 Neutral Sell 298 0.92

HORNBY 80.50 55.25 95.00 Neutral Buy 105 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 985.00 469.00 985.00 Sell Sell 564 0.74

CSR 484.40 200.30 502.50 Neutral Strong Buy 1287 1.16FILTRONIC 65.50 23.50 83.25 Neutral Sell 48 0.90

IMAGINATION TECHN OLOGIES 445.70 383.50 696.00 Neutral Buy 534 1.09

SPIRENT COMMUNICATIONS 128.90 1 22.00 174.00 Neutral Strong Buy 702 0.94

WOLFSON MICROELECTRON ICS 194.00 170.00 230.00 Neutral Sell -535 0.91


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Insurance Under Valued


ADMIRAL GROUP 1349.00 1019.00 1374.00 N eu tral Neu tral 1389 0.54

AMLIN 426.00 312.90 431.50 Neutral Sell 162 0.46

BEAZLEY 221.50 132.50 221.50 Neutral Strong Buy 1241 0.59

CATLIN GROUP 525.00 399.00 540.00 Neutral Strong Buy 1826 0.29

HISCOX 568.00 379.26 574.05 Neutral Strong Buy 2473 0.48

JARDINE LLOYD THOMPSON 868.00 659.00 868.00 Neutral Strong Buy 1680 0.31

RSA INSURANCE GROUP 112.20 97.65 136.30 Neutral Strong Buy 886 0.40

NOVAE GROUP 450.75 345.00 475.75 Neutral Strong Buy 2844 0.47

Leisure & Hotels Over Valued


CARNIVAL 2301.00 1944.00 2628.00 Neutral Strong Buy 3909 1.00

ENTERPRISE INNS 102.30 55.50 114.70 N eu tral Neu tral 100 1.59

TUI TRAVEL 314.80 158.00 330.00 Neutral Strong Buy 768 0.99

FULLER SMITH 'A' 782.75 700.00 820.00 Neutral Sell 661 0.38

GREENE KING 696.00 474.30 723.50 Neutral Sell 634 0.91

LADBROKES 192.00 152.70 243.10 Neutral Buy 250 0.93

ICTL.HTLS.GP. 1888.00 1396.63 2039.00 Neutral Sell 1479 1.17

MILLENNIUM & CPTH.HTLS. 569.50 455.40 582.50 Neutral Buy 636 1.38

MITCHELLS & BUTLERS 332.30 217.40 350.10 Neutral Sell 307 1.09

BWIN PARTY DIGITAL ENTM. 130.00 91.90 158.00 Neutral Sell 48 1.25

PUNCH TAVERNS 10.25 5.61 13.12 Neutral Strong Buy 48 1.25

RANK GROUP 173.80 111.00 177.50 Neutral Strong Buy 503 1.00

RESTAURANT GROUP 475.90 269.20 475.90 Neutral Sell 319 0.74

WETHERSPOON (JD) 564.50 371.30 564.50 Neutral Buy 730 0.69

WHITBREAD 2503.00 1786.00 2692.00 Neutral Sell 1970 0.99WILLIAM HILL 421.10 243.75 426.70 Neutral Sell 253 0.86

MARSTON'S 140.70 94.40 143.00 Neutral Sell 15 1.20

Life Assurance Over Valued


AVIVA 306.80 255.30 388.40 Neutral Strong Buy 658 1.24

CHESNARA 235.00 155.25 250.00 Neutral Strong Buy 370 0.70

LEGAL & GENERAL 167.30 106.00 175.70 Neutral Strong Buy 331 1.70

OLD MUTUAL 201.30 138.70 211.40 N eutral Neutral 194 1.57

PRUDENTIAL 1097.00 660.00 1155.00 Neutral Sell 951 1.70

ST.JAMES'S PLACE 527.00 303.40 537.00 Neutral Strong Buy 1417 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 116.00 102.00 146.50 Neutral Sell -578 0.36

BRITISH SKY BCAST.GROUP 847.00 656.00 899.50 Neutral Strong Buy 1710 0.54

CENTAUR MEDIA 46.25 28.50 60.00 Neutral Strong Buy 153 1.01

DAILY MAIL 'A' 703.00 363.50 722.00 Neutral Strong Buy 3989 1.12

EUROMONEY INSTL.INVESTOR 945.00 672.50 1001.00 Neutral Strong Buy 7526 0.98

INFORMA 481.90 340.00 537.00 Neutral Sell -75 1.53

ITE GROUP 260.00 180.00 289.40 Neutral Strong Buy 235 1.44

ITV 127.30 69.45 132.30 Neutral Strong Buy 1242 1.54

JOHNSTON PRESS 15.50 4.88 16.00 Neutral Buy 762 1.26

PEARSON 1140.00 1115.00 1294.00 Neutral Buy 311 0.62

PHOTO-ME INTL. 75.00 36.25 82.50 Neutral Strong Buy 2580 0.79

PINEWOOD SHEPPERTON 278.50 265.00 377.50 Neutral Strong Buy 856 0.15

THOMSON REUTERS 33.66 26.85 33.66 Neutral Sell -576 0.52

STV GROUP 133.50 81.50 146.88 Neutral Sell 261 0.78

ST.IVES 135.50 67.50 139.25 Neutral Sell 220 1.49TRINITY MIRROR 92.50 25.50 121.25 Neutral Sell -255 1.57

UBM 690.00 511.00 788.00 Neutral Strong Buy 1711 1.31

WILMINGTON GROUP 144.00 82.00 164.00 Neutral Strong Buy 1330 0.85

WPP 1066.00 743.00 1092.00 Neutral Sell -498 1.34

HIBU 0.39 0.26 3.91 Neutral Strong Buy 796 1.07

Mining Over Valued


ANGLO AMERICAN 1625.50 1553.00 2412.00 Neutral Sell 1311 1.75

ANGLO PACIFIC GROUP 219.50 215.00 320.00 N eu tral Neu tral 220 0.99

ANTOFAGASTA 911.50 884.00 1381.00 Neutral Sell 796 1.43

BHP BILLITON 1812.50 1681.00 2236.00 Neutral Buy 2536 1.45

LONMIN 273.80 240.84 564.35 Neutral Strong Buy 542 2.03

RANDGOLD RESOURCES 5045.00 4545.00 7 775.00 Neutral Sell 2264 0.34

RIO TINTO 3000.50 2715.50 3757.00 Neutral Sell 2790 1.51

COALFIELD RESOURCES 5.63 3.75 22.50 Neutral Strong Buy 153 0.89

VEDANTA RESOURCES 832.50 1298.00 Neutral Buy 1728 2.21

XSTRATA 993.00 785.80 1205.00 Neutral Sell 697 1.88

Oil & Gas Under Valued


BG GROUP 1076.00 1000.50 1451.00 Neutral Buy 1211 0.81

BP 458.15 391.95 475.90 Neutral Strong Buy 1524 1.05

CAIRN ENERGY 285.00 248.20 349.00 Neutral Sell -14 1.32

FORTUNE OIL 8.20 7.66 12.50 Neutral Strong Buy 14 0.90

HUNTING 811.50 688.00 954.00 Neutral Sell 437 1.32

JKX OIL & GAS 66.50 55.00 137.00 Neutral Strong Buy 295 1.36

PREMIER OIL 369.70 321.30 401.20 Neutral Sell 279 1.45

ROYAL DUTCH SHELL B 2240.00 2039.00 2366.50 Neutral Strong Buy 9201 0.86

SOCO INTERNATIONAL 376.90 254.90 404.30 Neutral Sell 243 0.52

TULLOW OIL 1041.00 982.50 1557.00 Neutral Sell 882 1.05

WOOD GROUP (JOHN) 815.00 651.50 879.50 N eu tral Neu tral 779 1.36


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Personal Care & Household Products Over Valued


MCBRIDE 113.00 102.70 146.75 Neutral Strong Buy 257 0.83

PZ CUSSONS 398.90 297.20 415.60 Neutral Sell 325 0.69

RECKITT BENCKISER GROUP 4703.00 3300.00 4812.00 Neutral Neu tral 4749 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.38 0.37 3.88 Buy Sell -5 1.01

ASTRAZENECA 3390.00 2591.00 3390.00 Neutral Strong Buy 7207 0.47

BTG 352.00 300.30 423.00 Neutral Sell 147 0.62

DECHRA PHARMACEUTICALS 747.50 444.50 780.00 Neutral Sell 584 0.26

GLAXOSMITHKLINE 1678.00 1317.50 1678.50 Neutral Buy 2356 0.49

OXFORD BIOMEDICA 1.64 1.55 4.20 Buy Sell -2 0.65

PHYTOPHARM 1.05 1.05 12.75 Strong Buy Strong Buy 2 0.94

SHIRE 2012.00 1727.00 2153.00 Neutral Sell 1448 0.65

SKYEPHARMA 45.25 43.50 101.50 Neutral Sell -89 0.71

VERNALIS 23.00 21.63 27.38 Neutral Sell 21 0.90

Real Estate Under Valued


BIG YELLOW GROUP 398.50 274.50 398.50 Neutral Sell -578 1.15

BRITISH LAND 590.00 475.40 590.00 Neutral Strong Buy 1710 1.03

CAPITAL & REGIONAL 33.50 22.75 34.50 Sell Strong Buy 153 0.82

CLS HOLDINGS 885.00 595.00 895.00 Neutral Strong Buy 3989 0.69

DERWENT LONDON 2325.00 1708.00 2325.00 Neutral Strong Buy 7526 1.20DEVELOPMENT SECS. 156.75 121.75 175.00 Neutral Sell -75 0.97

GRAINGER 141.20 83.10 141.20 Neutral Strong Buy 235 1.54

GREAT PORTLAND ESTATES 534.50 358.10 534.50 Sell Strong Buy 1242 1.06

HAMMERSON 528.50 409.20 528.50 Neutral Buy 762 1.16

HELICAL BAR 248.00 164.00 251.00 Neutral Buy 311 0.75

LAND SECURITIES GROUP 877.50 704.00 878.00 Neutral Strong Buy 2580 1.15

INTU PROPERTIES 339.20 305.00 366.00 Neutral Strong Buy 856 1.08

MCKAY SECURITIES 140.00 127.00 145.00 Neutral Sell -576 0.72

MUCKLOW (A & J) GROUP 380.00 320.00 390.00 Neutral Sell 261 0.41

PRIMARY HEALTH PROPS. 328.25 312.00 364.50 Neutral Sell 220 0.35

QUINTAIN ESTATES & DEV. 65.50 32.50 70.00 Sell Sell -255 1.17

SAVILLS 535.00 300.80 599.00 Neutral Strong Buy 1711 0.74

SHAFTESBURY 611.00 492.00 611.00 Neutral Strong Buy 1330 1.03

SEGRO 264.90 209.40 271.00 Neutral Sell -498 1.70

ST MODWEN PROPS. 265.50 145.50 280.20 Neutral Strong Buy 796 1.55

TOWN CENTRE SECURITIES 202.50 147.00 215.00 Neutral Sell -15 1.05

UNITE GROUP 335.70 180.25 335.70 Neutral Sell 45 1.75

WARNER ESTATE 1.38 1.00 2.75 Sell Sell -1132 1.01

WORKSPACE GROUP 370.50 213.25 374.10 Neutral Strong Buy 1291 1.02


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Software & Computer Services Under Valued


ANITE 122.00 111.00 162.00 N eu tral Neu tral 121 0.76

AVEVA GROUP 2228.00 1469.00 2322.00 Neutral Sell 1306 1.40

COMPUTACENTER 470.10 292.40 567.00 Neutral Strong Buy 1338 1.01

KOFAX 334.75 240.00 335.00 N eu tral Neu tral 319 1.12

INNOVATION GROUP 25.25 18.25 25.50 N eu tral Neu tral 24 0.83

MICRO FOCUS INTL. 683.00 426.17 706.00 Neutral Buy 974 0.79

PHOENIX IT GROUP 144.00 131.00 231.75 Neutral Strong Buy 307 0.74

RM 74.00 70.25 89.00 Neutral Sell -91 0.53

FIDESSA GROUP 1817.00 1275.00 1970.00 Neutral Buy 2064 0.77

SAGE GROUP 345.80 247.70 352.10 Neutral Buy 413 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 416.00 237.30 441.90 Neutral Sell 133 1.08

BREWIN DOLPHIN 220.00 136.30 222.00 Neutral Sell 110 0.72

CAMELLIA 10362.50 9250.00 11105.00 Neutral Sell 8077 0.83

CHARLES STANLEY GROUP 404.50 247.50 404.50 Sell Sell 180 0.97

CHARLES TAYLOR 169.00 134.75 190.00 Neutral Sell 113 0.69

CLOSE BROTHERS GROUP 1034.00 673.50 1107.00 Neutral Sell 153 0.87

F&C ASSET MANAGEMENT 98.75 65.90 110.40 N eu tral Neu tral 97 0.89

HELPHIRE GROUP 3.10 0.55 3.70 Sell Strong Buy 25 0.68

HENDERSON GROUP 162.90 90.55 171.00 Neutral Sell 55 1.44

ICAP 294.30 280.80 384.00 Neutral Sell 203 1.07

INTERMEDIATE CAPITAL GP. 418.00 227.30 427.60 Neutral Sell 209 1.68

INVESTEC 452.00 310.40 513.50 Neutral Sell 82 1.55

LONDON STOCK EX.GROUP 1314.00 930.00 1411.00 Neutral Strong Buy 2777 1.12MAN GROUP 104.00 63.25 111.10 Neutral Strong Buy 493 1.32

RATHBONE BROTHERS 1426.00 1151.00 1551.00 Neutral Sell 1052 0.73

SCHRODERS 2255.00 1166.00 2255.00 Sell Sell 1098 1.31

SCHRODERS NV 1796.00 966.00 1796.00 Sell Strong Buy 3643 1.27


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Support Services Over Valued


ACAL 208.00 157.75 242.50 Neutral Buy 287 0.93

AGGREKO 1757.00 1557.00 2400.00 Neutral Sell 1282 1.03

AMEC 1012.00 923.00 1172.00 Neutral Neu tral 1111 1.04

ASHTEAD GROUP 591.50 212.20 635.00 Neutral Sell 313 1.62

BABCOCK INTL. 1078.00 793.50 1106.00 Neutral Sell 650 0.48

BRITISH POLYTHENE INDS. 539.50 317.00 539.50 Neutral Buy 784 0.78

BUNZL 1255.00 990.00 1320.00 Neutral Sell 964 0.55

UK MAIL GROUP 433.38 214.00 445.00 Neutral Neu tral 434 0.38

CAPITA 869.00 602.00 913.50 Neutral Sell 512 0.50

COMMUNISIS 50.75 25.34 53.50 Neutral Buy 66 0.78

COMPASS GROUP 840.00 616.00 852.50 Neutral Sell 593 0.74

BERENDSEN 776.00 462.00 812.00 Neutral Buy 963 1.04

DE LA RUE 935.50 891.50 1075.00 Neutral Sell 590 #NA

DIGNITY 1397.00 803.50 1435.00 Neutral Sell 794 0.21

DIPLOMA 580.00 417.00 627.50 Neutral Sell 479 0.95ELECTROCOMP. 241.90 195.20 265.00 Neutral Buy 315 1.02

FILTRONA 718.50 428.00 744.00 Neutral Sell 341 1.10

G4S 313.00 240.00 313.50 Neutral Sell 285 0.58

HAYS 92.80 66.40 101.20 Neutral Buy 119 1.09

HOMESERVE 201.70 137.50 252.50 Neutral Strong Buy 483 0.93

INTERSERVE 477.90 271.40 510.50 Neutral Buy 671 1.27

INTERTEK GROUP 3360.00 2406.00 3451.00 Neutral Sell 1423 0.77

JOHNSON SERVICE GROUP 44.38 26.50 45.75 Neutral Strong Buy 93 1.18

MANAGEMENT CNSL.GP. 31.25 21.25 39.00 Neutral Strong Buy 54 0.72

MENZIES (JOHN) 719.00 542.00 789.00 Neutral Strong Buy 1269 1.43

MICHAEL PAGE INTL. 369.00 341.40 451.80 Neutral Sell 313 1.41

MITIE GROUP 280.90 253.90 300.80 Neutral Buy 335 0.55

OFFICE2OFFICE 88.00 88.00 156.00 Neutral Strong Buy 233 0.34

PAYPOINT 860.00 605.00 912.50 Neutral Sell 681 0.70

PREMIER FARNELL 214.00 153.20 236.30 Neutral Buy 280 1.32

REGUS 161.30 82.65 169.00 Neutral Sell 105 1.44

RENTOKIL INITIAL 97.10 69.40 100.70 Neutral Sell 54 1.24

REXAM 509.50 394.28 547.50 Neutral Neu tral 521 0.91

RICARDO 378.00 304.50 431.00 Neutral Buy 462 0.85

ROBERT WALTERS 224.50 176.25 259.50 Neutral Buy 303 1.23

RPC GROUP 395.00 348.30 477.00 Neutral Buy 524 0.77

RPS GROUP 251.40 197.00 274.20 Neutral Neu tral 242 1.50

SERCO GROUP 612.00 509.50 635.50 Neutral Sell 566 0.59

SHANKS GROUP 73.00 73.00 98.00 Neutral Strong Buy 165 1.46

SPEEDY HIRE 48.25 22.25 50.00 Neutral Neu tral 51 1.25TRIBAL GROUP 143.25 73.25 149.00 Neutral Sell 49 0.56

TRIFAST 53.38 39.50 59.00 Neutral Buy 60 0.92

VP 334.00 234.75 354.88 Neutral Strong Buy 612 0.86

WYG 74.50 42.00 75.00 Sell Strong Buy 180 0.79


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Telecommunication Services Over Valued


BT GROUP 284.30 200.70 284.30 Neutral Buy 337 0.90

CABLE & WIRELESS COMMS. 42.59 27.28 42.81 Neutral Strong Buy 83 0.69

INMARSAT 714.00 390.80 716.50 Neutral Sell 604 0.53

KCOM GROUP 82.15 67.00 85.20 Neutral Strong Buy 130 1.24

TELECOM PLUS 1191.00 682.50 1199.00 Neutral Sell 733 0.11

VODAFONE GROUP 193.20 154.45 195.05 Neutral Sell 169 0.54

Transport Under Valued


BBA AVIATION 254.30 178.00 269.00 Neutral Sell 180 1.30

BRAEMAR SHIPPING SVS. 384.13 309.50 425.00 Neutral Buy 462 0.99

CLARKSON 1653.00 1150.00 1673.00 Neutral Sell 1493 0.81

EASYJET 1144.00 481.20 1150.00 Neutral Sell 682 0.74

FIRST GROUP 217.70 175.70 260.50 Neutral Strong Buy 570 0.90

FISHER(JAMES)& SONS 1095.00 535.00 1110.00 Neutral Sell 402 0.77

GO-AHEAD GROUP 1531.00 1086.00 1546.00 Neutral Buy 1888 0.89

NATIONAL EXPRESS 194.00 164.50 230.50 Neutral Buy 256 1.34

NORTHGATE 314.75 159.60 350.00 Neutral Strong Buy 621 1.41

STAGECOACH GROUP 298.70 230.40 319.60 Neutral Buy 360 0.90

WINCANTON 53.25 31.00 78.50 Sell Sell -44 0.90

Utilities Under Valued


CENTRICA 376.90 306.30 393.10 Neutral Buy 507 0.46

NATIONAL GRID 807.00 641.00 807.50 N eutral Neutral 882 0.49

PENNON GROUP 676.00 598.00 796.00 Neutral Buy 819 0.58

SSE 1549.00 1294.00 1549.00 Neutral Buy 1818 0.42

SEVERN TRENT 1808.00 1513.00 1808.00 Neutral Sell 1596 0.34

UNITED UTILITIES GROUP 738.50 617.00 747.50 N eutral Neutral 708 0.50


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value indicator - uk main market 20130426

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