value indicator - uk main market 20130627

7/28/2019 value indicator - uk main market 20130627

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27 June 2013

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Intellisys Intelligent Analysis Limited 27 June 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 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 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 Under Valued ............................................................................... 12Software & Computer Services Under Valued .................................................... 13Speciality & Other Finance Under Valued .......................................................... 13Support Services Under Valued ..................................................................... 14Telecommunication Services Under 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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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

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Best Buy/Sell Trend


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Value

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

models.

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

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

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

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

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

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

Conclusion

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

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

Philip Morrish ([email protected])

RISK WARNING Ratings and Targets

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


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How to use the report

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

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

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

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

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

BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

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

HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

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

JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

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

the market. This can be summarised as:

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

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

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


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Aerospace & Defence Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 389.20 279.00 427.00 Neutral Buy 557 0.67

CHEMRING GROUP 275.70 217.00 414.70 Neutral Buy 324 0.66

COBHAM 261.30 190.10 293.40 Neu tral Neutra l 275 0.82

MEGGITT 511.50 366.20 534.50 Neu tral Neutra l 488 1.32

ROLLS-ROYCE HOLDINGS 1133.00 7 99.39 1 225.00 Neu tral Neutra l 1094 1.07

SMITHS GROUP 1270.00 992.50 1390.00 Neutral Sell 1065 0.71

ULTRA ELECTRONICS HDG. 1657.00 1 424.00 1843.00 Neu tral Neutra l 1579 0.51

Automobiles & Parts Under Valued

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

GKN 294.50 174.30 313.40 Neu tral Neutra l 292 2.02

INCHCAPE 490.20 321.00 577.50 Neutral Buy 543 1.48

LOOKERS 106.50 60.50 110.00 Neutral Sell 96 1.23

PENDRAGON 24.00 13.50 26.50 Neutral Buy 33 1.11

Banks Over Valued


BARCLAYS 288.85 150.55 333.85 Neutral Sell -843 1.94

HSBC HDG. (ORD $0.50) 677.80 510.60 769.90 Neutral Buy 823 1.17

LLOYDS BANKING GROUP 62.48 28.76 62.96 Sell Sell 4 1.89

ROYAL BANK OF SCTL.GP. 280.30 196.60 367.80 Neutral Sell -167 1.35

STANDARD CHARTERED 1430.50 1228.50 1 837.50 Neutral Strong Buy 3273 1.70

Beverages Under Valued


BARR (AG) 508.00 399.20 588.50 Neutral Neutra l 547 0.55

DIAGEO 1874.50 1624.00 2085.00 Neutral Sell 1647 0.55

SABMILLER 3152.50 2523.00 3657.00 Neutral Buy 3639 0.95

Chemicals Under Valued


ALENT 331.20 305.00 397.50 Neutral Buy 428 #NA

AZ ELECTRONIC MATS.(DI) 310.30 240.00 406.40 Neutral Strong Buy 531 1.23

CARCLO 374.75 342.75 503.00 Neutral Sell 143 0.73

CRODA INTERNATIONAL 2429.00 2164.00 2841.00 Neutral Buy 3187 1.04

ELEMENTIS 228.00 179.00 275.00 Neutral Buy 301 0.99

JOHNSON MATTHEY 2563.00 2080.27 2750.00 Neutral Strong Buy 4805 1.45

VICTREX 1534.00 1185.00 1765.00 Neutral Sell 1324 1.14

SYNTHOMER 190.50 127.40 225.80 Neutral Strong Buy 371 1.16

ZOTEFOAMS 204.50 161.00 225.00 Neutral Buy 273 1.00


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 83.50 54.25 91.75 Neutral Buy 122 1.28

BODYCOTE 514.50 310.30 563.00 Neutral Buy 629 1.60

CASTINGS 371.50 291.00 380.00 Neutral Strong Buy 614 0.99

VESUVIUS 354.30 263.19 402.10 Neutral Strong Buy 958 2.20

FENNER 315.00 315.00 435.20 Neutral Strong Buy 501 1.42

HALMA 504.50 395.50 538.50 Neutral Sell 350 0.75

HILL & SMITH 430.00 297.00 480.00 Neutral Sell 334 1.37

IMI 1235.00 776.00 1359.00 Neutral Strong Buy 7060 1.41

MORGAN ADVANCED MATERIAL 262.00 220 .30 305.00 Neutral Sell 248 1.82

ROTORK 2625.00 1876.00 3037.00 Neutral Sell 1381 1.00

SENIOR 250.10 177.00 280.80 Neutral Sell 224 1.64

SEVERFIELD-ROWEN 47.38 35.40 83.42 Neutral Sell 38 0.79

SPIRAX-SARCO 2670.00 1903.48 2928.35 Neutral Sell 1956 0.84

VITEC GROUP 581.50 581.50 740.00 Neutral Sell 409 1.39

WEIR GROUP 2124.00 1450.00 2474.00 Neutral Sell 1992 1.38

Food & Drug Stores Over Valued


GREGGS 403.90 398.00 523.50 Neutral Strong Buy 661 0.47

MORRISON(WM)SPMKTS. 261.20 248.60 296.40 Neutral Sell 156 0.39

SAINSBURY (J) 356.20 294.30 396.50 Neutral Sell 187 0.57

TESCO 327.60 307.90 387.75 Neutral Sell 249 0.68

THORNTONS 82.25 19.63 100.50 Neutral Sell 58 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1689.00 1243.00 2031.00 Neutral Buy 1982 0.62

CRANSWICK 1145.00 732.50 1164.00 Neutral Strong Buy 1961 0.43

DAIRY CREST 450.00 327.00 503.50 Neutral Neutral 474 0.94

DEVRO 295.00 278.00 380.00 Neutral Strong Buy 483 0.32

PREMIER FOODS 59.75 54.50 125.75 Neutral Sell -181 1.25

TATE & LYLE 801.50 634.50 875.50 Neutral Strong Buy 1456 0.71

UNILEVER (UK) 2591.00 2097.00 2885.00 Neutral Neutral 2601 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 27.13 20.50 29.50 Neutral Buy 33 0.69

BROWN (N) GROUP 424.90 241.20 465.60 Neutral Sell 341 0.54

BURBERRY GROUP 1324.00 1000.00 1541.00 Neutral Sell 924 1.27

CARPETRIGHT 611.00 585.00 701.50 Neutral Sell 283 0.95

DIXONS RETAIL 41.67 14.97 42.90 Neutral Buy 46 1.51

FINDEL 176.00 55.20 186.00 Neutral Sell 64 1.13

FRENCH CONNECTN.GROUP 28.00 19.50 34.00 Sell Strong Buy 106 0.99

HALFORDS GROUP 311.80 189.00 405.20 Neutral Strong Buy 481 0.68

JD SPORTS FASHION 884 .50 651.00 920 .00 Neutral Strong Buy 1499 0.53

DARTY 59.25 38.00 72.50 Neutral Strong Buy 101 1.25

KINGFISHER 342.10 254.10 355.10 Neu tral Neu tral 363 0.94

MARKS & SPENCER GROUP 427.70 312.20 485.00 Neutral Buy 507 0.65

MOSS BROTHERS GROUP 57.00 43.00 71.00 Neutral Buy 63 1.04

MOTHERCARE 432.00 189.25 432.00 Sell Buy 482 0.47

NEXT 4495.00 3142.00 4749.00 Neu tral Neu tral 4417 0.67

TED BAKER 1680.00 880.00 1789.00 Neutral Sell 629 0.55

TOPPS TILES 69.75 38.00 71.75 Neutral Sell 53 1.50

Heath Over Valued


BIOQUELL 134.00 126.50 160.00 Neutral Sell 116 0.46

CONSORT MEDICAL 810.00 660.50 831.50 Neutral Sell 569 0.39

OPTOS 117.00 106.75 222.75 Neutral Buy 153 1.18

SMITH & NEPHEW 733.50 621.00 794.50 Neutral Sell 667 0.43

Household Goods & Textiles Over Valued


GAMES WORKSHOP 750.00 567.50 750.00 Neutral Neutral 730 0.44

HEADLAM GROUP 363.50 265.00 378.75 Neutral Sell 319 0.92

HORNBY 82.50 55.25 88.50 Neutral Buy 109 0.77

Information Technology & Hardware Over Valued


ARM HOLDINGS 795.00 469.00 1097.00 Neutral Sell 428 0.74

CSR 517.00 216.10 570.00 Neutral Strong Buy 1438 1.18FILTRONIC 62.50 28.38 83.25 Neutral Sell 24 0.90

IMAGIN AT ION TECHNOLOGIES 295.50 291 .30 624.00 Neutral Buy 337 1.08

SPIRENT COMMUNICATIONS 140.30 122.00 170.90 Neutral Strong Buy 419 0.94

WOLFSON MICROELECTRONICS 160.75 160 .75 230.00 Neutral Sell -679 0.90


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Insurance Under Valued


ADMIRAL GROUP 1308.00 1019.00 1374.00 Neutral Sell -472 0.53

AMLIN 392.10 345.30 435.10 Neutral Strong Buy 1533 0.46

BEAZLEY 225.40 134.90 241.30 Neutral Strong Buy 954 0.60

CATLIN GROUP 490.00 422.00 552.50 Neutral Sell 455 0.30

HISCOX 548.00 425.94 600.00 Neutral Strong Buy 1909 0.48

JARDINE LLOYD THOMPSON 890 .00 693.50 917 .00 Neutral Buy 1226 0.31

RSA INSURANCE GROUP 119.50 105.20 136.30 Neutral Strong Buy 727 0.41

NOVAE GROUP 450.00 345.00 507.50 Neutral Strong Buy 3439 0.48

Leisure & Hotels Over Valued


CARNIVAL 2319.00 2083.00 2628.00 Neutral Strong Buy 4035 1.01

ENTERPRISE INNS 107.70 55.50 123.80 Neu tral Neu tral 106 1.61

TUI TRAVEL 351.70 165.20 373.20 Neutral Strong Buy 781 1.01

FULLER SMITH 'A' 891.00 700.00 925.00 Neutral Sell 680 0.39

GREENE KING 746.00 531.50 798.00 Neutral Sell 654 0.93

LADBROKES 194.90 152.70 243.10 Neutral Buy 251 0.93

ICTL.HTLS.GP. 1777.00 1503.75 2039.00 Neutral Sell 1487 1.18

MILLENNIUM & CPTH.HTLS. 546.00 456.00 582.50 Neutral Buy 622 1.40

MITCHELLS & BUTLERS 370.90 241.90 408.50 Sell Sell 318 1.12

BWIN PARTY DIGITAL ENTM. 112.00 91.90 156.00 Neutral Sell 37 1.25

PUNCH TAVERNS 13.00 5 .61 13.75 Neutral Strong Buy 50 1.27

RANK GROUP 160.50 115.00 177.50 Neutral Strong Buy 507 1.00

RESTAURANT GROUP 503.50 296.00 531.00 Neutral Sell 396 0.76

WETHERSPOON (JD) 648.50 416.60 666.00 Neutral Buy 745 0.69

WHITBREAD 2978.00 2018.00 3031.00 Neutral Sell 2012 0.99WILLIAM HILL 431.50 257.85 452.80 Neutral Sell 258 0.87

MARSTON'S 139.20 102.40 154.70 Neutral Sell 15 1.21

Life Assurance Under Valued


AVIVA 336.20 261.90 388.40 Neu tral Neu tral 321 1.25

CHESNARA 239.25 163.00 270.00 Neutral Strong Buy 458 0.70

LEGAL & GENERAL 169.10 123.20 187.80 Neutral Strong Buy 434 1.71

OLD MUTUAL 176.90 149.60 221.60 Neutral Strong Buy 362 1.57

PRUDENTIAL 1059.00 723.00 1203.00 Neu tral Neu tral 1042 1.71

ST.JAMES'S PLACE 528.50 318.20 640.00 Neutral Strong Buy 6140 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 124.50 102.00 146.50 Neutral Sell -634 0.37

BRITISH SKY BCAST.GROUP 777.50 677.50 899.50 Neutral Strong Buy 1697 0.54

CENTAUR MEDIA 35.00 29.00 60.00 Neutral Sell -20 1.03

DAILY MAIL 'A' 740.00 398.50 785.00 Neutral Strong Buy 4075 1.14

EUROMONEY INSTL.INVESTOR 1030.00 714 .00 1040.00 Neutral Strong Buy 7486 1.00

INFORMA 476.40 350.40 537.00 Neutral Sell -60 1.53

ITE GROUP 295.00 183.50 299.00 Sell Strong Buy 270 1.45

ITV 137.50 70.40 139.10 Neutral Strong Buy 1264 1.54

JOHNSTON PRESS 16.50 4.88 19.00 Neutral Strong Buy 779 1.27

PEARSON 1156.00 1119.00 1294.00 Neutral Buy 337 0.63

PHOTO-ME INTL. 85.00 36.50 88.75 Neutral Strong Buy 2621 0.79

PINEWOOD SHEPPERTON 278.50 265.00 350.00 Neutral Strong Buy 897 0.16

THOMSON REUTERS 33.72 26.85 36.45 Neutral Sell -620 0.50

STV GROUP 135.50 81.50 146.88 Neutral Sell 259 0.79

ST.IVES 145.00 67.50 166.50 Neutral Sell 231 1.50TRINITY MIRROR 107.00 25.50 122.25 Neutral Sell -290 1.59

UBM 644.50 561.50 788.00 Neutral Strong Buy 1889 1.31

WILMINGTON GROUP 164.00 82.00 165.50 Neutral Strong Buy 1347 0.84

WPP 1079.00 752.50 1190.00 Neutral Sell -519 1.35

HIBU 0.38 0.26 2.18 Neutral Strong Buy 808 1.07

Mining Under Valued


ANGLO AMERICAN 1256.00 1256.00 2163.00 Buy Sell 1006 1.74

ANGLO PACIFIC GROUP 183.50 183.50 290.00 Neu tral Neu tral 191 0.96

ANTOFAGASTA 801.50 801.50 1381.00 Neutral Sell 704 1.41

BHP BILLITON 1673.00 1673.00 2236.00 Neutral Buy 2362 1.43

GLENCORE XSTRATA 276.00 273.45 397.85 Buy Strong Buy 817 #NA

LONMIN 255.00 240.84 411.96 Neutral Buy 302 2.03

RANDGOLD RESOURCES 3972.00 3972.00 7 775.00 Buy Sell 2486 0.34

RIO TINTO 2649.50 2582.00 3757.00 Neutral Sell 1962 1.50

COALFIELD RESOURCES 3.38 8.85 Neutral Strong Buy 134 0.89

VEDANTA RESOURCES 1028.00 832.50 1335.00 Neutral Strong Buy 1656 2.20

Oil & Gas Under Valued


BG GROUP 1131.00 1000.50 1350.50 Neutral Sell 836 0.80

BP 452.00 408.50 483.30 Neutral Strong Buy 941 1.03

CAIRN ENERGY 254.40 250.80 309.40 Neutral Sell -19 1.32

FORTUNE OIL 7.60 7.15 12.50 Neutral Buy 10 0.82

HUNTING 735.50 688.00 941.00 Neutral Sell 536 1.31

JKX OIL & GAS 58.00 48.50 115 .00 Neutral Sell -56 1.36

PREMIER OIL 341.10 321.30 401.20 Neutral Buy 380 1.43

ROYAL DUTCH SHELL B 2140.50 2098.00 2366.50 Neutral Strong Buy 7858 0.84

SOCO INTERNATIONAL 350.00 279.00 404.30 Neutral Buy 460 0.53

TULLOW OIL 1015.00 977.00 1531.00 Neutral Sell 661 1.04

WOOD GROUP (JOHN) 781.00 666.00 879.50 Neutral Sell 691 1.35


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Personal Care & Household Products Over Valued


MCBRIDE 113.25 101.00 144.60 Neutral Strong Buy 223 0.84

PZ CUSSONS 340.70 297.20 415.60 Neutral Sell 288 0.69

RECKITT BENCKISER GROUP 4665.00 3300 .00 4926.00 Neutral Neutral 4688 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.50 0.36 3.58 Neutral Sell -2 1.01

ASTRAZENECA 3115.00 2792.50 3521.50 Neutral Strong Buy 6299 0.47

BTG 361.90 300.30 423.00 Neutral Sell 164 0.58

DECHRA PHARMACEUTICALS 695.00 4 69.50 780.00 Neu tral Neu tral 720 0.25

GLAXOSMITHKLINE 1620.00 1317.50 1782.00 Neu tral Neu tral 1654 0.49

OXFORD BIOMEDICA 1.63 1.55 2.80 Buy Sell 0 0.64

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Buy Strong Buy 2 0.95

SHIRE 2054.00 1727.00 2213.00 Neutral Sell 1420 0.66

SKYEPHARMA 63.00 43.50 101.50 Neutral Sell 32 0.73

VERNALIS 21.63 21.63 27.38 Neutral Sell 10 0.91

Real Estate Under Valued


BIG YELLOW GROUP 374.20 276.30 426.70 Neutral Sell -634 1.18

BRITISH LAND 563.50 500.00 658.00 Neutral Strong Buy 1697 1.06

CAPITAL & REGIONAL 33.50 22.75 37.00 Sell Sell -20 0.85

CLS HOLDINGS 976.50 624.00 1004.00 Neutral Strong Buy 4075 0.70

DERWENT LONDON 2251.00 1789.00 2542.00 Neutral Strong Buy 7486 1.24DEVELOPMENT SECS. 189.50 135.75 203.00 Neutral Sell -60 0.99

GRAINGER 143.00 85.50 157.00 Neutral Strong Buy 270 1.58

GREAT PORTLAND ESTATES 514.00 382.40 598.00 Neutral Strong Buy 1264 1.10

HAMMERSON 478.10 428.70 554.00 Neutral Strong Buy 779 1.19

HELICAL BAR 255.00 178.00 297.50 Neutral Buy 337 0.77

LAND SECURITIES GROUP 876.00 728.50 994.00 Neutral Strong Buy 2621 1.16

INTU PROPERTIES 311.60 300.60 366.00 Neutral Strong Buy 897 1.09

MCKAY SECURITIES 141.00 128.00 155.00 Neutral Sell -620 0.73

MUCKLOW (A & J) GROUP 378.75 325.00 437.50 Neutral Sell 259 0.42

PRIMARY HEALTH PROPS. 326.50 312.50 363.53 Neutral Sell 231 0.35

QUINTAIN ESTATES & DEV. 76.50 37.00 79.50 Sell Sell -290 1.19

SAVILLS 558.00 350.00 610.00 Neutral Strong Buy 1889 0.77

SHAFTESBURY 591.50 505.00 668.00 Neutral Strong Buy 1347 1.05

SEGRO 271.00 214.00 302.80 Neutral Sell -519 1.73

ST MODWEN PROPS. 268.00 157.75 329.10 Neutral Strong Buy 808 1.59

TOWN CENTRE SECURITIES 188.00 155.00 223.00 Neutral Sell 3 1.01

UNITE GROUP 355.70 189.00 387.50 Neutral Strong Buy 2114 1.79

WARNER ESTATE 1.00 1.00 2.75 Buy Sell -1085 1.03

WORKSPACE GROUP 391.50 225.00 418.20 Neutral Strong Buy 1287 1.05


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Software & Computer Services Under Valued


ANITE 134.00 113.00 162.00 Neutral Sell 123 0.73

AVEVA GROUP 2209.00 1569.00 2420.00 Neutral Sell 1324 1.40

COMPUTACENTER 447.20 290.91 564.10 Neutral Strong Buy 1360 1.00

KOFAX 320.00 251.00 335.00 Neu tral Neu tral 325 1.11

INNOVATION GROUP 28.00 18.25 28.25 Neutral Sell 24 0.85

MICRO FOCUS INTL. 688.00 528.58 710.00 Neutral Buy 1004 0.76

PHOENIX IT GROUP 159.75 130.00 222.00 Neutral Strong Buy 311 0.74

RM 65.00 65.00 85.50 Neutral Sell -102 0.52

FIDESSA GROUP 1868.00 1275.00 2047.00 Neutral Buy 2121 0.76

SAGE GROUP 333.60 271.46 368.18 Neutral Buy 428 0.72

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 378.30 244.80 492.10 Neutral Strong Buy 1258 1.09

BREWIN DOLPHIN 223.50 136.30 244.70 Neutral Strong Buy 655 0.73

CAMELLIA 8190.00 8000.00 11105.00 Neutral Strong Buy 95961 0.84

CHARLES STANLEY GROUP 404.00 255.50 410.88 Neutral Strong Buy 1291 0.97

CHARLES TAYLOR 185.00 147.00 195.00 Neutral Strong Buy 1145 0.69

CLOSE BROTHERS GROUP 968.50 729.00 1107.00 Neutral Strong Buy 5062 0.86

F&C ASSET MANAGEMENT 95.20 79.55 110.40 Neutral Sell 68 0.89

HELPHIRE GROUP 3.75 0.55 3.75 Sell Sell -124 0.69

HENDERSON GROUP 147.40 90.55 180.40 Neutral Strong Buy 793 1.44

ICAP 353.60 280.80 386.80 Neutral Strong Buy 1773 1.07

INTERMEDIATE CAPITAL GP. 431.40 252.30 501.50 Neutral Strong Buy 3126 1.70

INVESTEC 413.40 358.40 513.50 Neutral Strong Buy 1820 1.56

LONDON STOCK EX.GROUP 1323.00 930.00 1434.00 Neutral Strong Buy 4332 1.15MAN GROUP 84.65 63.25 134.40 Neutral Sell -4428 1.32

RATHBONE BROTHERS 1556.00 1208.00 1619.00 Neutral Strong Buy 5556 0.75

SCHRODERS 2134.00 1266.00 2560.00 Neutral Strong Buy 8408 1.30

SCHRODERS NV 1652.00 1016.00 2000.00 Neutral Strong Buy 11052 1.27


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Support Services Under Valued


ACAL 230.00 157.75 247.50 Neutral Strong Buy 1230 0.92

AGGREKO 1659.00 1557.00 2400.00 Neutral Strong Buy 3388 1.05

AMEC 1001.00 964.50 1172.00 Neutral Strong Buy 3287 1.04

ASHTEAD GROUP 632.50 240.50 671.00 Neutral Buy 886 1.63

BABCOCK INTL. 1097.00 842.50 1205.00 Neutral Strong Buy 2214 0.48

BRITISH POLYTHENE INDS. 536.00 348.00 580.25 Neutral Strong Buy 1985 0.76

BUNZL 1246.00 1009.00 1342.00 Neutral Strong Buy 2784 0.55

UK MAIL GROUP 515.50 214.00 530.00 Neutral Strong Buy 1427 0.39

CAPITA 961.00 644.50 1018.00 Neutral Sell 233 0.51

COMMUNISIS 53.75 26.83 56.50 Neutral Strong Buy 470 0.78

COMPASS GROUP 835.00 647.50 910.50 Neutral Strong Buy 1964 0.74

BERENDSEN 746.00 480.10 812.00 Neutral Strong Buy 2840 1.05

DE LA RUE 935.50 891.50 1075.00 Neutral Strong Buy 1739 #NA

DIGNITY 1348.00 806.00 1462.00 Neutral Strong Buy 2075 0.22

DIPLOMA 556.50 417.10 627.50 Neutral Strong Buy 1374 0.96ELECTROCOMP. 238.40 197.70 278.40 Neutral Strong Buy 1037 1.04

ESSENTRA PLC 685.00 454.40 750.00 Neutral Strong Buy 1284 1.13

G4S 235.70 232.00 313.50 Neutral Strong Buy 894 0.58

HAYS 86.95 66.40 101.20 Neutral Strong Buy 421 1.10

HOMESERVE 278.50 150.90 290.40 Neutral Strong Buy 1240 0.94

INTERSERVE 494.10 304.90 513.50 Neutral Strong Buy 3326 1.28

INTERTEK GROUP 2943.00 2617.00 3453.00 Neutral Strong Buy 4441 0.78

JOHNSON SERVICE GROUP 44.88 26.50 47.25 Neutral Strong Buy 347 1.17

MANAGEMENT CNSL.GP. 27.75 21.25 32.00 Neutral Strong Buy 210 0.72

MENZIES (JOHN) 697.50 573.00 801.00 Neutral Strong Buy 2167 1.43

MICHAEL PAGE INTL. 371.20 341.40 451.80 Neutral Strong Buy 802 1.42

MITIE GROUP 248.10 248.00 300.80 Neutral Strong Buy 1260 0.55

OFFICE2OFFICE 82.50 81.00 156.00 Neutral Strong Buy 698 0.33

PAYPOINT 1060.00 670.50 1093.00 Neutral Strong Buy 1714 0.71

PREMIER FARNELL 194.30 165.50 236.30 Neutral Strong Buy 761 1.33

REGUS 152.70 82.65 177.50 Neutral Sell 66 1.46

RENTOKIL INITIAL 88.80 70.35 100.70 Neutral Strong Buy 308 1.25

REXAM 460.00 407.64 547.50 Neutral Strong Buy 1731 0.90

RICARDO 381.50 321.50 431.00 Neutral Strong Buy 1606 0.86

ROBERT WALTERS 221.88 176.25 234.00 Neutral Strong Buy 1133 1.24

RPC GROUP 407.70 377.00 477.00 Neutral Strong Buy 1819 0.78

RPS GROUP 200.00 195.50 274.20 Neutral Strong Buy 1023 1.51

SERCO GROUP 597.00 526.00 647.50 Neutral Strong Buy 2314 0.60

SHANKS GROUP 80.50 73.00 98.00 Neutral Strong Buy 685 1.46

SPEEDY HIRE 57.00 22.25 61.50 Neutral Strong Buy 251 1.26TRIBAL GROUP 177.00 82.00 177.00 Neutral Strong Buy 537 0.63

TRIFAST 57.88 40.50 59.25 Neutral Strong Buy 324 0.93

VP 356.00 260.00 356.50 Neutral Strong Buy 2005 0.86

WYG 89.50 42.00 89.50 Sell Strong Buy 521 0.79


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Telecommunication Services Under Valued


BT GROUP 305.40 205.40 322.30 Neutral Buy 357 0.91

CABLE & WIRELESS COMMS. 40.57 29.22 46.29 Neutral Strong Buy 85 0.70

INMARSAT 661.00 468.90 749.00 Neutral Sell 493 0.53

KCOM GROUP 81.00 68.25 88.50 Neutral Strong Buy 135 1.24

TELECOM PLUS 1240.00 790.00 1325.00 Neutral Sell 743 0.09

VODAFONE GROUP 183.35 154.45 199.90 Neu tral Neutra l 189 0.54

Transport Under Valued


BBA AVIATION 281.00 178.00 288.40 Neutral Sell 180 1.30

BRAEMAR SHIPPING SVS. 420.00 318.00 430.00 Neutral Neutra l 457 0.98

CLARKSON 1655.00 1150.00 1716.00 Neutral Sell 1174 0.80

EASYJET 1279.00 516.50 1300.00 Neutral Sell 700 0.77

FIRST GROUP 95.25 92.00 212.39 Neutral Strong Buy 491 0.91

FISHER(JAMES)& SONS 995.00 590.00 1110.00 Neutral Sell 418 0.77

GO-AHEAD GROUP 1448.00 1194.00 1588.00 Neutral Buy 1886 0.90

NATIONAL EXPRESS 223.70 164.50 230.50 Neutral Buy 262 1.35

NORTHGATE 338.25 195.50 369.50 Neutral Strong Buy 704 1.41

STAGECOACH GROUP 310.00 261.90 319.60 Neutral Buy 393 0.89

WINCANTON 64.63 31.00 78.50 Neutral Sell -44 0.90

Utilities Under Valued


CENTRICA 354.60 310.80 394.90 Neutral Strong Buy 548 0.47

NATIONAL GRID 726.50 641.00 847.50 Neutral Buy 805 0.50

PENNON GROUP 631.50 598.00 796.00 Neutral Buy 740 0.59

SSE 1482.00 1294.00 1676.00 Neutral Buy 2047 0.42

SEVERN TRENT 1636.00 1513.00 2090.00 Neutral Sell 1423 0.35

UNITED UTILITIES GROUP 672.00 647.00 787.50 Neu tral Neutra l 645 0.50


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value indicator - uk main market 20130627

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