value indicator - uk main market 20130904

7/30/2019 value indicator - uk main market 20130904

1/17

04 September 2013

Powered by


2/17

Intellisys Intelligent Analysis Limited 04 September 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


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 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.


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 Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 438.90 300.80 455.40 Neutral Buy 603 0.71

CHEMRING GROUP 308.00 217.00 360.60 Neutral Buy 364 0.66

COBHAM 291.30 190.10 307.70 N eu tra l Neu tral 297 0.85

MEGGITT 526.50 366.20 562.00 N eu tra l Neu tral 520 1.28

ROLLS-ROYCE HOLDINGS 1128.00 7 99.39 1 240.00 N eu tra l Neu tral 1133 1.00

SMITHS GROUP 1309.00 1011.00 1397.00 Neutral Sell 1145 0.77

ULTRA ELECTRONICS HDG. 1870.00 1 505.00 1981.00 Neutral Sell 1694 0.52

Automobiles & Parts Under Valued

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

GKN 334.90 201.00 354.00 N eu tra l Neu tral 330 1.97

INCHCAPE 610.50 353.30 645.00 N eu tra l Neu tral 634 1.42

LOOKERS 120.50 68.75 128.50 Neutral Sell 112 1.22

PENDRAGON 32.25 13.50 33.50 Neutral Buy 44 1.09

Banks Over Valued


BARCLAYS 285.10 181.25 333.85 Neutral Sell -842 1.95

HSBC HDG. (ORD $0.50) 687.60 541.00 769.90 Neutral Buy 854 1.18

LLOYDS BANKING GROUP 72.68 32.89 77.14 Neutral Sell 0 1.86

ROYAL BANK OF SCTL.GP. 331.30 220.70 367.80 Neutral Sell -125 1.39

STANDARD CHARTERED 1446.00 1364.00 1 837.50 Neutral Strong Buy 3395 1.64

Beverages Under Valued


BARR (AG) 550.00 415.60 588.50 Neutral Sell 485 0.58

DIAGEO 1980.00 1672.50 2136.50 Sell Neutral 2159 0.54

SABMILLER 3095.00 2599.00 3657.00 Neutral Buy 4203 0.91

Chemicals Under Valued


ALENT 361.00 305.00 397.50 Neutral Buy 462 #NA

AZ ELECTRONIC MATS.(DI) 313.80 240.00 406.40 Neutral Strong Buy 567 1.12

CARCLO 359.50 342.75 501.00 Neutral Sell 144 0.74

CRODA INTERNATIONAL 2646.00 2164.00 2841.00 Neutral Buy 3338 1.05

ELEMENTIS 253.00 204.20 275.00 Neutral Buy 319 1.07

JOHNSON MATTHEY 2917.00 2190.00 2917.00 Sell Strong Buy 4378 1.43

VICTREX 1594.00 1309.00 1765.00 Neutral Sell 1387 1.16

SYNTHOMER 231.10 146.00 231.10 Neutral Strong Buy 404 1.10

ZOTEFOAMS 197.50 184.50 225.00 Neutral Strong Buy 304 1.00


7/17



Construction & Building Materials Under Valued


ALUMASC GROUP 129.00 76.00 129.00 Neutral Strong Buy 276 0.56

BALFOUR BEATTY 258.20 207.60 320.80 Neutral Strong Buy 1117 0.83

BARRATT DEVELOPMENTS 315.00 158.70 355.20 Neutral Strong Buy 607 1.70

BELLWAY 1364.00 890.00 1502.00 Neutral Strong Buy 2853 1.02

BERKELEY GROUP HDG.(THE) 2159.00 1387.00 2340.00 Neutral Strong Buy 3453 0.58

BOOT (HENRY) 198.00 123.50 201.00 Neutral Strong Buy 364 0.75

BOVIS HOMES GROUP 775.00 487.00 851.50 Neutral Strong Buy 1432 1.11

CARILLION 291.50 244.80 331.80 Neutral Strong Buy 1541 1.09

CLARKE (T) 61.13 40.00 62.50 Neutral Strong Buy 385 0.80

COSTAIN GROUP 270.00 226.25 306.00 Neutral Strong Buy 1131 0.52

CRH 1375.00 1090.00 1540.00 Neutral Sell 908 1.04

GALLIFORD TRY 984.50 639.50 1020.00 Neutral Strong Buy 2950 0.97

KELLER 1130.00 507.00 1161.00 Neutral Strong Buy 2384 1.29

KIER GROUP 1539.00 1106.00 1539.00 Neutral Strong Buy 5333 1.01

LOW & BONAR 72.00 50.00 76.75 Neutral Strong Buy 225 1.06MARSHALLS 153.50 85.00 155.75 Neutral Buy 203 1.33

MORGAN SINDALL GROUP 675.00 508.00 695.00 Neutral Strong Buy 4526 0.71

NORCROS 19.00 11.25 19.00 Neutral Strong Buy 60 1.05

PERSIMMON 1142.00 685.28 1305.00 Neutral Strong Buy 1990 1.02

REDROW 229.40 149.70 255.10 Neutral Strong Buy 454 0.90

SIG 179.00 99.00 188.00 Neutral Strong Buy 526 1.70

SUPERGLASS HOLDINGS 46.00 43.00 287.50 Neutral Strong Buy 4182 0.89

TAYLOR WIMPEY 103.10 52.15 113.80 Neutral Strong Buy 226 1.61

TRAVIS PERKINS 1596.00 1020.00 1713.00 Neutral Strong Buy 4402 1.95

WOLSELEY 3332.00 2563.60 3483.00 Neutral Strong Buy 5991 1.35

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1394.00 999.50 1394.00 Neutral Sell 1093 0.69

DOMINO PRINTING SCIENCES 683.50 522.00 717.00 Neutral Buy 918 1.14

E2V TECHNOLOGIES 138.50 105.50 138.50 Neutral Strong Buy 284 1.27

INVENSYS 491.00 217.33 509.50 Neutral Sell 283 1.40

LAIRD 218.00 171.10 249.30 Neutral Strong Buy 459 2.10

OXFORD INSTRUMENTS 1490.00 1209.00 1752.00 Neutral Sell 1343 1.11

RENISHAW 1745.00 1494.00 2081.00 Neutral Buy 2160 1.29

SPECTRIS 2280.00 1549.00 2470.00 Neutral Buy 2925 1.53

BIOME TECHNOLOGIES 109.00 65.00 303.67 Neutral Sell -446 0.77

TT ELECTRONICS 190.00 114.00 191.50 Neutral Strong Buy 444 1.61

XAAR 808.00 227.00 898.00 Neutral Sell 434 1.06


8/17



Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 116.75 54.25 116.75 Sell Buy 146 1.19

BODYCOTE 635.00 345.10 644.00 Neutral Neutral 630 1.60

CASTINGS 425.00 291.00 443.50 Neutral Strong Buy 667 0.95

VESUVIUS 473.00 263.19 480.00 Neutral Strong Buy 1184 2.23

FENNER 362.70 305.90 435.20 Neutral Strong Buy 553 1.45

HALMA 562.50 405.80 578.00 Neutral Sell 407 0.78

HILL & SMITH 435.25 345.00 480.00 Neutral Buy 541 1.32

IMI 1471.00 837.50 1504.00 Neutral Strong Buy 4372 1.41

MORGAN ADVANCED MATERIAL 304 .40 220 .30 318 .00 Neutral Strong Buy 500 1.90

ROTORK 2728.00 2183.00 3037.00 Neutral Strong Buy 6455 1.00

SENIOR 278.10 185.90 288.40 Neutral Sell 246 1.66

SEVERFIELD-ROWEN 55.50 35.40 76.91 Neutral Sell 47 0.79

SPIRAX-SARCO 3017.00 1932.53 3041.00 Neutral Sell 2110 0.84

VITEC GROUP 637.00 559.00 740.00 Neutral Sell 479 1.37

WEIR GROUP 2230.00 1566.00 2474.00 Neutral Neutral 2179 1.44

Food & Drug Stores Over Valued


GREGGS 423.70 392.10 523.50 Neutral Strong Buy 778 0.44

MORRISON(WM)SPMKTS. 289.80 248.60 296.90 Neutral Buy 393 0.39

SAINSBURY (J) 386.00 321.90 398.70 Neutral Buy 480 0.56

TESCO 369.85 307.90 387.75 Neutral Sell 197 0.68

THORNTONS 78.25 26.50 100.50 Neutral Sell 50 0.79

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1901.00 1267.00 2 031.00 Neutral Sell 1667 0.61

CRANSWICK 1133.00 732.50 1178.00 Neutral Strong Buy 1786 0.33

DAIRY CREST 505.00 332.90 528.50 Neutral Sell 397 0.91

DEVRO 329.60 289.90 380.00 Neutral Strong Buy 508 0.37

PREMIER FOODS 137.00 54.50 137.00 Neutral Strong Buy 259 1.26

TATE & LYLE 819.50 634.50 883.00 Neutral Strong Buy 1346 0.67

UNILEVER (UK) 2460.00 2235.00 2885.00 Neutral Sell 2191 0.50


9/17



General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 27.25 22.25 29.50 Neutral Buy 39 0.66

BROWN (N) GROUP 555.50 266.40 577.00 Neutral Sell 465 0.51

BURBERRY GROUP 1560.00 1000.00 1593.00 Neutral Sell 1248 1.29

CARPETRIGHT 656.50 585.00 701.50 Neutral Sell 357 0.90

DIXONS RETAIL 44.18 18.70 46.33 Neutral Buy 49 1.46

FINDEL 246.25 108.00 246.25 Neutral Sell 66 1.06

FRENCH CONNECTN.GROUP 30.50 22.75 34.00 Sell Strong Buy 113 1.01

HALFORDS GROUP 363.00 236.10 405.20 Neutral Buy 522 0.71

JD SPORTS FASHION 960.00 660.00 963.50 Neutral Strong Buy 1788 0.49

DARTY 79.75 39.00 88.25 Neutral Buy 117 1.23

KINGFISHER 396.00 262.20 404.90 Neutral Buy 457 0.91

MARKS & SPENCER GROUP 480.00 352.70 488.80 Neutral Buy 653 0.60

MOSS BROTHERS GROUP 68.50 45.00 71.00 Neutral Buy 76 0.97

MOTHERCARE 449.25 202.00 492.75 Neutral Sell 168 0.38

NEXT 4974.00 3320.00 5030.00 Neu tral Neu tral 5401 0.61

TED BAKER 1914.00 899.00 1973.00 Neutral Sell 983 0.56

TOPPS TILES 80.50 46.00 89.75 Neu tral Neu tral 77 1.51

Health Over Valued


BIOQUELL 148.00 130.00 160.00 Neutral Sell 126 0.39

CONSORT MEDICAL 856.00 660.50 856.00 Neutral Sell 607 0.35

OPTOS 156.75 106.75 222.75 Neutral Buy 177 1.17

SMITH & NEPHEW 761.00 638.00 800.00 Neutral Sell 641 0.45

Household Goods & Textiles Over Valued


GAMES WORKSHOP 771.50 601.00 794.50 Neutral Neutral 756 0.42

HEADLAM GROUP 405.00 295.00 415.00 Neutral Sell 338 0.88

HORNBY 81.25 55.25 88.50 Neutral Buy 115 0.70

Information Technology & Hardware Over Valued


ARM HOLDINGS 884.00 528.00 1097.00 Neutral Sell 284 0.73

CSR 493.00 308.10 607.00 Neutral Strong Buy 1554 1.13FILTRONIC 63.50 30.75 83.25 Neutral Sell 57 0.94

IMAGIN AT ION TECHNOLOGIES 257 .90 235 .10 624 .00 Neutral Buy 324 1.04

SPIRENT COMMUNICATIONS 134.60 118.00 170.00 Neutral Strong Buy 246 0.94

WOLFSON M ICR OELECTR ONICS 169 .00 140 .00 226 .25 Neutral Sell -191 0.94


10/17



Insurance Under Valued


ADMIRAL GROUP 1265.00 1019.00 1416.00 Neutral Sell -444 0.52

AMLIN 389.90 364.10 435.10 Neutral Strong Buy 1509 0.40

BEAZLEY 203.10 162.20 242.70 Neutral Strong Buy 938 0.50

CATLIN GROUP 475.70 455.30 552.50 Neu tral Neu tral 466 0.22

HISCOX 635.00 463.32 660.00 Neutral Strong Buy 1878 0.46

JARDINE LLOYD THOMPSON 911.00 723.00 949.50 Neutral Buy 1211 0.32

RSA INSURANCE GROUP 119.00 107.70 136.30 Neutral Strong Buy 714 0.39

NOVAE GROUP 508.50 345.00 515.00 Neutral Strong Buy 3376 0.38

Leisure & Hotels Over Valued


CARNIVAL 2385.00 2125.00 2628.00 Neutral Buy 3473 0.95

ENTERPRISE INNS 144.50 57.00 152.20 Neutral Sell 109 1.64

TUI TRAVEL 345.70 211.10 401.50 Neutral Strong Buy 716 0.96

FULLER SMITH 'A' 942.50 700.50 969.00 Neutral Sell 603 0.26

GREENE KING 843.00 573.50 897.50 Neutral Sell 616 0.88

LADBROKES 189.80 171.00 243.10 Neutral Buy 258 0.87

ICTL.HTLS.GP. 1829.00 1524.00 2039.00 Neutral Sell 1637 1.10

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

MITCHELLS & BUTLERS 447.20 269.80 447.20 Sell Sell 271 1.00

BWIN PARTY DIGITAL ENTM. 111.00 91.90 156.00 Neutral Sell 60 1.24

PUNCH TAVERNS 12.75 6 .15 13.75 Neutral Strong Buy 72 1.16

RANK GROUP 157.30 128.60 177.50 Neutral Strong Buy 563 0.96

RESTAURANT GROUP 556.00 330.30 570.00 Neutral Sell 384 0.70

WETHERSPOON (JD) 721.00 451.40 767.00 Neutral Sell 681 0.57

WHITBREAD 3118.00 2099.00 3303.00 Neutral Sell 2157 0.97WILLIAM HILL 414.90 277.33 494.50 Neutral Sell 253 0.80

MARSTON'S 159.00 112.50 164.50 Neutral Sell 12 1.16

Life Assurance Under Valued


AVIVA 388.50 294.10 404.90 Neutral Sell 359 1.18

CHESNARA 262.25 176.50 270.00 Neutral Strong Buy 508 0.64

LEGAL & GENERAL 188.90 128.00 201.90 Neutral Strong Buy 477 1.69

OLD MUTUAL 182.60 166.10 221.60 Neutral Strong Buy 384 1.52

PRUDENTIAL 1102.00 770.00 1232.00 Neu tral Neu tral 1150 1.66

ST.JAMES'S PLACE 606.50 350.80 641.50 Neutral Strong Buy 6423 0.84


11/17



Media & Entertainment Under Valued


BLOOMSBURY PBL. 144.25 102.00 144.25 Neutral Strong Buy 922 0.42

BRITISH SKY BCAST.GROUP 855.00 709.00 899.50 Neutral Strong Buy 1056 0.47

CENTAUR MEDIA 42.75 31.00 60.00 Neutral Sell -42 1.06

DAILY MAIL 'A' 793.00 451.25 835.00 Neutral Strong Buy 3556 1.07

EUROMONEY INSTL.INVESTOR 1200.00 747 .50 1209.00 Neutral Strong Buy 5566 0.96

INFORMA 518.00 380.50 541.50 Neutral Strong Buy 327 1.63

ITE GROUP 283.70 183.50 307.40 Neutral Buy 201 1.44

ITV 167.80 82.00 168.80 Neutral Strong Buy 1369 1.46

JOHNSTON PRESS 14.75 5.20 19.00 Neutral Buy 720 1.20

PEARSON 1278.00 1119.00 1350.00 Neutral Neutral 309 0.65

PHOTO-ME INTL. 99.50 43.00 99.50 Neutral Strong Buy 2283 0.86

PINEWOOD SHEPPERTON 289.00 269.00 289.00 Neutral Strong Buy 732 0.13

THOMSON REUTERS 34.82 26.85 36.45 Neutral Strong Buy 346 0.52

STV GROUP 215.00 81.50 215.00 Neutral Sell 240 0.82

ST.IVES 164.00 76.25 170.00 Neutral Sell 159 1.48TRINITY MIRROR 121.50 40.00 122.25 Neutral Sell -289 1.59

UBM 703.00 636.00 788.00 Neutral Strong Buy 1421 1.33

WILMINGTON GROUP 188.25 104.25 196.00 Neutral Strong Buy 1390 0.85

WPP 1233.00 788.00 1237.00 Neutral Sell -827 1.27

Mining Under Valued


ANGLO AMERICAN 1544.50 1207.00 2084.00 Neutral Sell 1293 1.84

ANGLO PACIFIC GROUP 201.75 161.00 290.00 Neu tral Neu tral 216 1.07

ANTOFAGASTA 893.50 784.50 1381.00 Neu tral Neu tral 873 1.42

BHP BILLITON 1936.00 1666.50 2236.00 Neutral Strong Buy 3054 1.48

GLENCORE XSTRATA 312.20 256.85 397.85 Neutral Strong Buy 1052 #NA

LONMIN 340.90 240.84 380.10 Sell Buy 454 2.08

RANDGOLD RESOURCES 5120.00 3972.00 7 775.00 Neutral Sell 2967 0.47

RIO TINTO 3058.50 2582.00 3757.00 Neutral Sell 2538 1.53

VEDANTA RESOURCES 876.00 1335.00 Neutral Strong Buy 2880 2.24

Oil & Gas Under Valued


BG GROUP 1247.00 1000.50 1350.50 Neutral Sell 903 0.84

BP 441.85 416.60 483.30 Neutral Strong Buy 1006 1.02

CAIRN ENERGY 276.00 251.80 297.00 Neutral Sell -30 1.33

FORTUNE OIL 9.05 7.15 12.50 Neutral Strong Buy 114 0.84

HUNTING 829.50 716.00 941.00 Neutral Sell 577 1.35

JKX OIL & GAS 68.00 48.50 83.50 Neutral Sell -61 1.35

PREMIER OIL 366.70 321.30 400.20 Neutral Buy 411 1.45

ROYAL DUTCH SHELL B 2159.50 2098.00 2365.00 Neutral Strong Buy 8346 0.83

SOCO INTERNATIONAL 399.30 319.90 404.30 Neutral Buy 472 0.53

TULLOW OIL 1043.00 977.00 1468.00 Neutral Sell 706 1.05

WOOD GROUP (JOHN) 803.50 720.50 915.50 Neutral Sell 731 1.44


12/17



Personal Care & Household Products Over Valued


MCBRIDE 131.75 101.00 144.60 Neutral Strong Buy 271 0.84

PZ CUSSONS 410.70 297.20 415.60 Neutral Sell 340 0.70

RECKITT BENCKISE R GROUP 4426.00 3565.00 4950.00 Neutral Neutral 4482 0.30

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.48 0.36 3.58 Buy Sell -3 0.91

ASTRAZENECA 3154.00 2792.50 3521.50 Neutral Strong Buy 8995 0.51

BTG 388.50 304.50 397.90 Neutral Sell 214 0.73

DECHRA PHARMACEUTICALS 688.00 5 05.50 780.00 Neutral Buy 930 0.18

GLAXOSMITHKLINE 1665.50 1317.50 1782.00 Neutral Buy 1921 0.52

OXFORD BIOMEDICA 1.60 1.33 2.80 Buy Sell -2 0.57

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Neutral Sell -6 0.93

SHIRE 2387.00 1727.00 2442.00 Neutral Sell 1537 0.70

SKYEPHARMA 84.00 43.50 100.50 Neutral Buy 103 0.66

VERNALIS 24.25 19.38 27.38 Neutral Sell 11 0.86

Real Estate - REIT Under Valued


BIG YELLOW GROUP 408.50 304.00 445.00 Neutral Strong Buy 669 1.18

BRITISH LAND 552.50 506.00 658.00 Neutral Buy 788 1.05

DERWENT LONDON 2279.00 1890.00 2542.00 Neutral Strong Buy 4544 1.23

GREAT PORTLAND ESTATES 530.50 43 5.20 598.00 Neutral Strong Buy 1054 1.06

HAMMERSON 486.00 448.60 554.00 Neutral Neutral 524 1.24

INTU PROPERTIES 301.60 300.60 366.00 Neutral Strong Buy 511 1.13

LAND SECURITIES GROUP 881.00 761.50 994.00 Neutral Strong Buy 1655 1.15

LOCAL SHOP.REIT (THE) 25.88 24.25 40.00 Neutral Sell -160 0.81

LONDONMETRIC PROPERTY 106.00 1 03.20 120.80 Neutral Sell -8 0.33

MCKAY SECURITIES 155.50 131.50 155.50 Neutral Strong Buy 248 0.66

MUCKLOW (A & J) GROUP 450.00 325.00 454.50 Neutral Sell 228 0.39

PRIMARY HEALTH PROPS. 332.00 312.50 363.53 Neutral Sell 93 0.30

REDEFINE INTL.REIT 43.75 30.69 45.00 Neutral Sell -389 0.64

SEGRO 287.60 221.60 313.60 Neutral Sell -287 1.81

SHAFTESBURY 586.50 518.00 668.00 Neutral Buy 804 1.03

TOWN CENTRE SECURITIES 197.50 177.00 223.00 Neutral Sell 0 1.04

WARNER ESTATE DEAD - 29/08/13 0.80 0.70 2.05 Neutral Sell -1013 0.93

WORKSPACE GROUP 426.00 250.75 475.00 Neutral Strong Buy 1172 1.01


13/17



Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 314.70 210.90 365.60 Neutral Strong Buy 719 0.70

CAPITAL & REGIONAL 42.00 22.75 42.00 Neutral Sell -48 0.64

CLS HOLDINGS 1187.50 656.50 1260.00 Neutral Strong Buy 2849 0.75

DAEJAN HOLDINGS 3775.00 2706.00 4179.00 Neutral Strong Buy 6947 0.48

DEVELOPMENT SECS. 191.00 143.00 209.00 Neutral Neutral 189 0.96

GRAINGER 171.00 98.40 187.50 Neutral Sell 107 1.57

HELICAL BAR 260.00 178.00 302.50 Neutral Sell 196 0.82

LONDON & ASSOCS.PROPS. 33.00 21.00 33.00 Neutral Strong Buy 223 0.64

MOUNTVIEW ESTATES 6137.50 4350.00 6512.50 Neutral Strong Buy 14173 0.69

QUINTAIN ESTATES & DEV. 84.75 51.00 92.00 Sell Sell -193 1.04

RAVEN RUSSIA 73.75 61.50 79.75 Neutral Strong Buy 205 1.48

SAVILLS 613.50 386.70 664.50 Neutral Strong Buy 2114 0.74

SMART (J) 90.50 71.50 90.50 Neutral Strong Buy 376 0.33

ST MODWEN PROPS. 287.90 193.10 333.00 Neutral Strong Buy 603 1.60

UNITE GROUP 353.20 246.00 403.00 Neutral Strong Buy 1612 1.77

Software & Computer Services Under Valued


ANITE 117.70 109.60 162.00 Neutral Neutral 125 0.67

AVEVA GROUP 2376.00 1870.33 2588.15 Neutral Sell 1480 1.49

COMPUTACENTER 515.00 333.29 564.10 Neutral Strong Buy 1151 0.89

KOFAX 351.00 260.75 360.00 Neutral Sell 303 1.06

INNOVATION GROUP 28.25 20.00 30.25 Neutral Sell 21 0.78

MICRO FOCUS INTL. 770.50 541.11 812.50 Neutral Buy 890 0.82

PHOENIX IT GROUP 153.00 130.00 184.00 Neutral Strong Buy 243 0.69

RM 83.25 64.00 85.50 Neutral Strong Buy 235 0.54

FIDESSA GROUP 2138.00 1275.00 2190.00 Neutral Neutral 2160 0.79

SAGE GROUP 350.00 289.36 368.18 Neutral Buy 434 0.69

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 365.50 278.50 492.10 Neutral Strong Buy 1201 1.11

BREWIN DOLPHIN 262.00 150.10 283.00 Neutral Strong Buy 635 0.70

CAMELLIA 8310.00 8000.00 11105.00 Neutral Strong Buy 92668 0.84

CHARLES STANLEY GROUP 471.00 260.00 474.00 Neutral Strong Buy 1387 0.96

CHARLES TAYLOR 191.50 155.00 195.00 Neutral Strong Buy 1592 0.67

CLOSE BROTHERS GROUP 1074.00 783.00 1107.00 Neutral Strong Buy 4680 0.86

F&C ASSET MANAGEMENT 97.50 88.90 110.40 Neutral Sell 67 0.84

HELPHIRE GROUP 5.34 0.55 5.40 Sell Sell -126 0.63

HENDERSON GROUP 173.30 101.70 180.40 Neutral Strong Buy 788 1.46

ICAP 376.40 280.80 406.80 Neutral Strong Buy 791 1.04

INTERMEDIATE CAPITAL GP. 444.50 28 0.80 501.50 Neutral Strong Buy 2184 1.69

INVESTEC 418.20 358.40 513.50 Neutral Strong Buy 1619 1.57

LONDON STOCK EX.GROUP 1 57 4.00 93 0.00 1 622 .0 0 Neutral Strong Buy 6333 1.11

MAN GROUP 83.75 71.80 134.40 Neutral Sell -4791 1.36

RATHBONE BROTHERS 1576.00 1208.00 1691.00 Neutral Strong Buy 5358 0.73

SCHRODERS 2372.00 1424.00 2560.00 Neutral Strong Buy 7974 1.30

SCHRODERS NV 1900.00 1163.00 2000.00 Neutral Strong Buy 10615 1.28


14/17



Support Services Under Valued


ACAL 269.50 157.75 270.00 Neutral Strong Buy 854 0.88

AGGREKO 1621.00 1557.00 2400.00 Neutral Strong Buy 4232 1.13

AMEC 1048.00 965.50 1172.00 Neutral Strong Buy 3308 1.09

ASHTEAD GROUP 687.50 315.90 730.00 Neutral Buy 993 1.65

BABCOCK INTL. 1154.00 910.00 1209.00 Neutral Strong Buy 2611 0.49

BRITISH POLYTHENE INDS. 571.50 371.50 604.00 Neutral Strong Buy 2354 0.80

BUNZL 1374.00 1009.00 1409.00 Neutral Strong Buy 2782 0.53

UK MAIL GROUP 632.50 233.50 645.00 Neutral Strong Buy 1658 0.42

CAPITA 969.00 713.00 1057.00 Neutral Sell 209 0.54

COMMUNISIS 55.75 34.16 68.00 Neutral Strong Buy 478 0.81

COMPASS GROUP 858.00 671.50 910.50 Neutral Strong Buy 1977 0.74

BERENDSEN 871.00 540.00 888.50 Neutral Strong Buy 3358 1.03

DE LA RUE 1027.00 891.50 1075.00 Neutral Buy 1421 #NA

DIGNITY 1492.00 899.82 1567.68 Neutral Strong Buy 3193 0.24

DIPLOMA 635.00 429.30 642.00 Neutral Strong Buy 1521 0.96

ELECTROCOMP. 267.60 200.00 278.40 Neutral Strong Buy 924 1.01ESSENTRA PLC 777.50 500.50 830.00 Neutral Strong Buy 1382 1.16

G4S 257.40 207.50 313.50 Neutral Strong Buy 875 0.53

HAYS 104.80 68.60 107.60 Neutral Strong Buy 457 1.06

HOMESERVE 246.60 185.60 293.60 Neutral Strong Buy 971 0.88

INTERSERVE 568.50 349.10 574.00 Sell Strong Buy 3687 1.26

INTERTEK GROUP 3240.00 2697.00 3453.00 Neutral Buy 4783 0.80

JOHNSON SERVICE GROUP 48.50 30 .00 50.00 Neutral Strong Buy 114 1.11

MANAGEMENT CNSL.GP. 26.75 21.25 32.00 Neutral Strong Buy 216 0.63

MENZIES (JOHN) 794.00 573.00 801.00 Neutral Strong Buy 1794 1.38

MICHAEL PAGE INTL. 465.00 346.40 474.40 Neutral Strong Buy 839 1.41

MITIE GROUP 280.50 248.00 300.80 Neutral Strong Buy 1055 0.52

OFFICE2OFFICE 35.25 33.75 139.00 Neutral Strong Buy 706 0.28

PAYPOINT 1086.00 702.00 1185.00 Neutral Strong Buy 2200 0.73PREMIER FARNELL 229.90 165.50 236.30 Neutral Strong Buy 721 1.42

REGUS 180.90 96.00 193.40 Neutral Sell 56 1.40

RENTOKIL INITIAL 103.20 76.80 103.50 Neutral Strong Buy 267 1.26

REXAM 499.80 420.70 547.50 Neutral Strong Buy 1768 0.85

RICARDO 473.75 344.75 485.00 Neutral Strong Buy 1665 0.89

ROBERT WALTERS 283.50 176.25 285.00 Neutral Strong Buy 1014 1.19

RPC GROUP 466.80 378.00 477.00 Neutral Strong Buy 1518 0.80

RPS GROUP 253.90 195.50 274.20 Neutral Strong Buy 997 1.51

SERCO GROUP 550.00 535.00 683.50 Neutral Strong Buy 2366 0.59

SHANKS GROUP 95.00 73.00 98.00 Neutral Strong Buy 265 1.49

SPEEDY HIRE 57.50 24.25 64.75 Neutral Strong Buy 307 1.20

TRIBAL GROUP 190.50 88.50 202.25 Neutral Strong Buy 560 0.65

TRIFAST 64.63 40.50 65.38 Neutral Strong Buy 331 0.91

VP 439.50 295.25 439.50 Neutral Strong Buy 2294 0.81

WYG 103.00 48.50 103.00 Sell Strong Buy 619 0.80

Telecommunication Services Over Valued


BT GROUP 337.90 212.50 344.00 Neutral Buy 425 0.88

CABLE & WIRELESS COMMS. 39.81 33.90 46.29 Neutral Strong Buy 80 0.68

INMARSAT 727.00 542.50 749.00 Neutral Sell 268 0.55

KCOM GROUP 89.35 68.25 89.35 Neutral Buy 120 1.21

TELECOM PLUS 1355.00 821.00 1399.00 Neutral Sell 815 0.05

VODAFONE GROUP 202.50 154.45 213.20 Neutral Sell 108 0.51


15/17



Transport Over Valued


BBA AVIATION 317.00 192.00 317.00 Sell Sell 236 1.24

BRAEMAR SHIPPING SVS. 450.00 350.00 460.00 Neutral Buy 601 1.05

CLARKSON 1955.00 1150.00 1975.00 Neutral Sell 1352 0.85

EASYJET 1280.00 530.00 1448.00 Neutral Sell 877 0.76

FIRST GROUP 117.50 92.00 212.39 Neutral Strong Buy 286 0.91

FISHER(JAMES)& SONS 1093.00 723.00 1110.00 Neutral Sell 798 0.74

GO-AHEAD GROUP 1484.00 1220.00 1595.00 Neutral Strong Buy 2768 0.99

NATIONAL EXPRESS 270.90 164.50 2 71.00 Neutral Sell 252 1.40

NORTHGATE 395.00 220.00 395.75 Neutral Strong Buy 652 1.34

STAGECOACH GROUP 321.40 265.90 337.60 Neutral Buy 450 0.98

WINCANTON 89.00 43.75 89.00 Neutral Strong Buy 241 0.96

Utilities Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaCENTRICA 393.10 310.80 394.90 Neutral Buy 579 0.52

NATIONAL GRID 747.00 678.00 847.50 Neutral Buy 975 0.46

PENNON GROUP 710.50 598.00 749.50 Neutral Sell 635 0.62

SSE 1568.00 1357.00 1676.00 Neutral Buy 2292 0.41

SEVERN TRENT 1723.00 1513.00 2090.00 Neutral Sell 1492 0.36

UNITED UTILITIES GROUP 681.50 647.00 787.50 Neutral Neutral 749 0.48


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 have positionsin or options or other financial instruments on any of the securities mentioned within a report, and may buy,sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internal

rules.


17/17


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 providedsolely to enable you to make your own investment decisions.

If you are unsure about dealing in shares and other equity investments, you must 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 20130904

Documents