value indicator - uk main market 20130628

7/28/2019 value indicator - uk main market 20130628

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28 June 2013

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Intellisys Intelligent Analysis Limited 28 June 2013

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

Contents

Introduction .................................................................................................................................3 Value ...........................................................................................................................................4 Conclusion ..................................................................................................................................4 RISK WARNING Ratings and Targets ....................................................................................4 How to use the report .................................................................................................................5

Aerospace & Defence Under Valued .....................................................................6 Automobiles & Parts Under Va lued ......................................................................6

Banks Over Va lued .........................................................................................6

Beverages Under Valued ..................................................................................6

Chemicals Under Valued ..................................................................................6

Construction & Building Materials Under Valued ....................................................7

Electronics & Electrical Equipment Under Valued ..................................................7

Engineering & Machinery Over Va lued ...............................................................8

Food & Drug Stores Over Valued .......................................................................8

Food Producers & Processors Under Valued ........................................................8

General Retail Under Valued ..............................................................................9

Heath Over Va lued .........................................................................................9

Household Goods & Textiles Over Valued ..........................................................9

Information Technology & Hardware Over Valued ...............................................9

Insurance Under Va lued

................................................................................... 10 Leisure & Hotels Over Va lued ..................................................................... 10

Life Assurance Under Va lued .................................................................... 10

Media & Entertainment Under Valued ................................................................ 11

Mining Under Va lued ...................................................................................... 11

Oil & Gas Under Va lued ................................................................................... 11

Personal Care & Household Products Over Va lued .......................................... 12

Pharmaceuticals & Biotechnology Under Va lued ................................................ 12

Real Estate Under Valued ............................................................................... 12

Software & Computer Services Under Valued .................................................... 13

Speciality & Other Finance Under Va lued .......................................................... 13 Support Services Under Va lued ..................................................................... 14

Telecommunication Services Under Va lued ....................................................... 15

Transport Under Va lued ................................................................................... 15

Utilities Under Valued ....................................................................................... 15 DISCLAIMER ........................................................................................................................... 16 RISK WARNING ...................................................................................................................... 17


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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 Retail Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaASHLEY(LAURA) HOLDINGS 29.00 18.50 29.50 Neutral Neutral 30 0.72BROWN (N) GROUP 266.70 222.40 282.70 Neutral Buy 298 0.52BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94FRENCH CONNECTN.GROUP 23.50 19.50 82.00 Neutral Strong Buy 112 1.05HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67JJB SPORTS SUSP - 24/09/12 0.40 0.24 17.00 Neutral Sell -62 0.88JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56TOPPS 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 m onth 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 391.20 281.40 427.00 Neutral Buy 569 0.67

CHEMRING GROUP 282.00 217.00 414.70 Neutral Buy 331 0.66

COBHAM 266.60 190.10 293.40 Neu tral Neutra l 281 0.82

MEGGITT 518.50 366.20 534.50 Neu tral Neutra l 498 1.32

ROLLS-ROYCE HOLDINGS 1146.00 7 99.39 1 225.00 Neu tral Neutra l 1117 1.07

SMITHS GROUP 1319.00 992.50 1390.00 Neutral Sell 1090 0.71

ULTRA ELECTRONICS HDG. 1716.00 1 424.00 1843.00 Neutral Sell 1613 0.51

Automobiles & Parts Under Valued

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

GKN 302.70 174.30 313.40 Neu tral Neutra l 300 2.02INCHCAPE 507.00 321.00 577.50 Neu tral Neutra l 548 1.48

LOOKERS 105.00 62.00 110.00 Neutral Sell 97 1.23

PENDRAGON 24.00 13.50 26.50 Neutral Buy 33 1.11

Banks Over Valued


BARCLAYS 286.25 150.55 333.85 Neutral Sell -844 1.94

HSBC HDG. (ORD $0.50) 682.70 510.60 769.90 Neutral Buy 826 1.17

LLOYDS BANKING GROUP 62.86 28.76 62.96 Sell Sell 4 1.89

ROYAL BANK OF SCTL.GP. 275.80 196.60 367.80 Neutral Sell -171 1.35

STANDARD CHARTERED 1436.00 1228.50 1 837.50 Neutral Strong Buy 3278 1.70

Beverages Under Valued


BARR (AG) 509.50 399.20 588.50 Neu tral Neutra l 550 0.55

DIAGEO 1891.00 1624.00 2085.00 Neutral Sell 1664 0.55

SABMILLER 3219.00 2523.00 3657.00 Neutral Buy 3699 0.95

Chemicals Under Valued


ALENT 343.60 305.00 397.50 Neutral Buy 431 #NA

AZ ELECTRONIC MATS.(DI) 310.00 240.00 406.40 Neutral Strong Buy 534 1.23

CARCLO 375.00 342.75 503.00 Neutral Sell 144 0.73

CRODA INTERNATIONAL 2441.00 2164.00 2841.00 Neutral Buy 3209 1.04

ELEMENTIS 222.60 179.00 275.00 Neutral Buy 303 0.99

JOHNSON MATTHE Y 2610 .00 2080 .27 2750 .00 Neutral Strong Buy 4835 1.45

VICTREX 1549.00 1185.00 1765.00 Neutral Sell 1330 1.14

SYNTHOMER 196.30 127.40 225.80 Neutral Strong Buy 373 1.16

ZOTEFOAMS 204.50 161.00 225.00 Neutral Buy 275 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 92.00 61.50 104.00 Neutral Strong Buy 256 0.51

BALFOUR BEATTY 238.70 207.60 320.80 Neutral Strong Buy 1254 0.80

BARRATT DEVELOPMENTS 306.10 130.20 346.30 Neutral Strong Buy 602 1.58

BELLWAY 1270.00 786.50 1377.00 Neutral Strong Buy 2876 1.15

BE RKE LE Y GROUP HDG.(THE ) 2 12 2.0 0 1 34 3.0 0 2 20 7.0 0 Neutral Strong Buy 3309 0.66

BOOT (HENRY) 178.00 115.50 201.00 Neutral Strong Buy 410 0.83

BOVIS HOMES GROUP 760.00 451.00 778.50 Neutral Buy 1063 1.20

CARILLION 274.40 235.50 331.80 Neutral Strong Buy 1522 1.12

CLARKE (T) 51.63 40.00 61.50 Neutral Strong Buy 454 0.82

COSTAIN GROUP 273.00 202.00 306.00 Neutral Strong Buy 1122 0.57

CRH 1338.00 1090.00 1540.00 Neutral Sell 847 1.14

GALLIFORD TRY 941.00 606.00 999.00 Neutral Strong Buy 2914 1.01

KELLER 1011.00 356.00 1011.00 Sell Strong Buy 2307 1.26

KIER GROUP 1151.00 1106.00 1408.00 Neutral Strong Buy 5424 0.97

LOW & BONAR 64.75 50.00 76.75 Neutral Strong Buy 219 1.07MARSHALLS 134.75 76.00 142.00 Neutral Strong Buy 405 1.39

MORGAN SINDALL GROUP 592.50 508.00 695.00 Neutral Strong Buy 4379 0.87

NORCROS 16.25 10.63 18.25 Neutral Strong Buy 61 1.15

PERSIMMON 1158.00 532.17 1280.00 Neutral Strong Buy 2011 1.20

REDROW 215.60 113.80 238.10 Neutral Strong Buy 456 1.09

SIG 169.90 88.85 179.20 Neutral Strong Buy 506 1.79

SUPERGLASS HOLDINGS 44.00 44.00 325.00 Neutral Strong Buy 68 0.88

TAYLOR WIMPEY 94.95 42.72 103.00 Neutral Strong Buy 229 1.67

TRAVIS PERKINS 1465.00 918.00 1611.00 Neutral Strong Buy 4142 2.01

WOLSELEY 3068.00 2237.39 3483.00 Neutral Strong Buy 5829 1.46

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1127.00 994.50 1365.00 Neutral Sell 773 0.75

DOMINO PRINTING SCIENCES 615.00 511.00 717.00 Neutral Buy 844 1.18

E2V TECHNOLOGIES 122.25 105.50 144.00 Neutral Strong Buy 247 1.29

INVENSYS 418.00 217.33 418.00 Neutral Sell 367 1.41

LAIRD 178.50 171.10 249.30 Neutral Strong Buy 310 2.13

OXFORD INSTRUMENTS 1251.00 1200.00 1752.00 Neu tral Neu tral 1194 1.00

RENISHAW 1598.00 1260.00 2081.00 Neutral Strong Buy 2532 1.26

SPECTRIS 1958.00 1459.00 2470.00 Neutral Buy 2657 1.52

BIOME TECHNOLOGIES 0.08 0.07 0.13 Neutral Sell 0 0.84

TT ELECTRONICS 150.50 114.00 178.50 Neutral Strong Buy 303 1.58

XAAR 799.00 210.00 813.50 Neutral Sell 225 1.11


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Engineering & Machinery Over Value d


AGA RANGEMASTER GROUP 83.25 54.25 91.75 Neutral Buy 121 1.28

BODYCOTE 525.50 310.30 563.00 Neutral Buy 636 1.60

CASTINGS 375.50 291.00 380.00 Neutral Strong Buy 625 0.99

VESUVIUS 366.60 263.19 402.10 Neutral Strong Buy 941 2.20

FENNER 316.60 315.00 435.20 Neutral Strong Buy 509 1.42

HALMA 512.50 395.50 538.50 Neutral Sell 356 0.75

HILL & SMITH 433.75 297.00 480.00 Neutral Sell 337 1.37

IMI 1262.00 776.00 1359.00 Neutral Strong Buy 6012 1.41

MOR GAN ADVANCE D MATE RIAL 26 5.9 0 2 20 .3 0 30 5.0 0 Neutral Sell 42 1.82

ROTORK 2709.00 1876.00 3037.00 Neutral Sell 1399 1.00

SENIOR 250.80 177.00 280.80 Neutral Sell 228 1.64

SEVERFIELD-ROWEN 47.00 35.40 83.42 Neutral Sell 38 0.79

SPIRAX-SARCO 2703.00 1903.48 2928.35 Neutral Sell 1991 0.84

VITEC GROUP 575.00 575.00 740.00 Neutral Sell 412 1.39

WEIR GROUP 2202.00 1450.00 2474.00 Neutral Sell 2031 1.38

Food & Drug Stores Over Value d


GREGGS 411.00 398.00 523.50 Neutral Strong Buy 680 0.47

MORRISON(WM)SPMKTS. 261.60 248.60 296.40 Neutral Sell 154 0.39

SAINSBURY (J) 358.30 296.00 396.50 Neutral Sell 184 0.57

TESCO 333.60 307.90 387.75 Neutral Sell 250 0.68

THORNTONS 90.00 19.63 100.50 Neutral Sell 63 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1717.00 1243.00 2031.00 Neutral Buy 2014 0.62

CRANSWICK 1178.00 732.50 1178.00 Neutral Strong Buy 1992 0.43

DAIRY CREST 452.10 327.30 503.50 Neu tral Neu tral 482 0.94

DEVRO 293.50 278.00 380.00 Neutral Strong Buy 491 0.32

PREMIER FOODS 61.00 54.50 125.75 Neutral Sell -182 1.25

TATE & LYLE 820.50 634.50 875.50 Neutral Strong Buy 1479 0.71

UNILEVER (UK) 2646.00 2097.00 2885.00 Neu tral Neu tral 2635 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 27.50 20.50 29.50 Neutral Buy 34 0.69

BROWN (N) GROUP 439.20 241.20 465.60 Neutral Sell 345 0.54

BURBERRY GROUP 1335.00 1000.00 1541.00 Neutral Sell 937 1.27

CARPETRIGHT 610.50 585.00 701.50 Neutral Sell 286 0.95

DIXONS RETAIL 42.28 14.97 4 2.90 Neutral Buy 47 1.51

FINDEL 179.50 55.20 186.00 Neutral Sell 66 1.13

FRENCH CONNECTN.GROUP 27.75 19.50 34.00 Sell Strong Buy 107 0.99

HALFORDS GROUP 315.10 189.00 405.20 Neutral Strong Buy 487 0.68

JD SPORTS FASHION 885 .00 651.00 920 .00 Neutral Strong Buy 1515 0.53

DARTY 60.75 38.00 72.50 Neutral Strong Buy 103 1.25

KINGFISHER 344.00 254.10 355.10 Neu tral Neu tral 366 0.94

MARKS & SPENCER GROUP 432.70 312.20 485.00 Neutral Buy 513 0.65

MOSS BROTHERS GROUP 56.50 43.00 71.00 Neutral Buy 64 1.04

MOTHERCARE 429.50 189.25 432.00 Neutral Buy 487 0.47

NEXT 4587.00 3161.00 4749.00 Neu tral Neu tral 4487 0.67

TED BAKER 1709.00 880.00 1789.00 Neutral Sell 636 0.55

TOPPS TILES 70.50 38.75 71.75 Neutral Sell 54 1.50

Heath Over Value d


BIOQUELL 135.00 127.50 160.00 Neutral Sell 119 0.46

CONSORT MEDICAL 839.00 660.50 839.00 Neutral Sell 583 0.39

OPTOS 113.25 106.75 222.75 Neutral Buy 154 1.18

SMITH & NEPHEW 737.00 623.00 794.50 Neutral Sell 672 0.43

Household Goods & Textiles Over Value d


GAMES WORKSHOP 760.00 568.00 760.00 Neu tral Neu tral 740 0.44

HEADLAM GROUP 369.00 265.00 378.75 Neutral Sell 325 0.92

HORNBY 85.00 55.25 88.50 Sell Buy 111 0.77

Information Technology & Hardware Over Value d


ARM HOLDINGS 803.50 469.00 1097.00 Neutral Sell 430 0.74

CSR 538.00 216.10 570.00 Neutral Strong Buy 1448 1.18FILTRONIC 62.50 28.38 83.25 Neutral Sell 24 0.90

IMAGIN AT ION TE CHNOLOGIE S 29 3.5 0 2 91 .3 0 62 4.0 0 Neutral Buy 338 1.08

SPIRENT COMMUNICATIONS 141.40 122.00 170.90 Neutral Strong Buy 420 0.94

WOLFSON MICROE LE CTRONICS 16 0.7 5 1 60 .7 5 23 0.0 0 Neutral Sell -679 0.90


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Insurance Under Valued


ADMIRAL GROUP 1317.00 1019.00 1374.00 Neutral Sell -479 0.53

AMLIN 395.50 345.30 435.10 Neutral Strong Buy 1551 0.46

BEAZLEY 230.00 134.90 241.30 Neutral Strong Buy 965 0.60CATLIN GROUP 494.30 422.00 552.50 Neutral Sell 461 0.30

HISCOX 555.50 425.94 600.00 Neutral Strong Buy 1930 0.48

JARDINE LLOYD THOM PSON 900 .00 693.50 917 .00 Neutral Buy 1238 0.31

RSA INSURANCE GROUP 120.20 105.20 136.30 Neutral Strong Buy 735 0.41

NOVAE GROUP 479.00 345.00 507.50 Neutral Strong Buy 3475 0.48

Leisure & Hotels Over Value d


CARNIVAL 2311.00 2083.00 2628.00 Neutral Strong Buy 4101 1.01

ENTERPRISE INNS 106.50 55.50 123.80 Neu tral Neu tral 110 1.61

TUI TRAVEL 361.20 165.20 373.20 Neutral Strong Buy 790 1.01

FULLER SMITH 'A' 918.50 700.50 925.00 Neutral Sell 691 0.39

GREENE KING 767.00 536.00 798.00 Neutral Sell 665 0.93

LADBROKES 198.60 152.70 243.10 Neutral Buy 255 0.93

ICTL.HTLS.GP. 1795.00 1503.75 2039.00 Neutral Sell 1503 1.18

MILLENNIUM & CPTH.HTLS. 555.00 456.00 582.50 Neutral Buy 630 1.40

MITCHELLS & BUTLERS 374.60 244.10 408.50 Neutral Sell 325 1.12

BWIN PARTY DIGITAL ENTM. 112.70 91.90 156.00 Neutral Sell 36 1.25

PUNCH TAVERNS 13.50 5 .61 13.75 Neutral Strong Buy 52 1.27

RANK GROUP 159.30 115.00 177.50 Neutral Strong Buy 513 1.00

RESTAURANT GROUP 501.50 296.00 531.00 Neutral Sell 401 0.76

WETHERSPOON (JD) 650.00 416.60 666.00 Neutral Buy 756 0.69

WHITBREAD 3042.00 2018.00 3042.00 Sell Sell 2038 0.99WILLIAM HILL 443.00 257.85 452.80 Neutral Sell 262 0.87

MARSTON'S 140.50 102.40 154.70 Neutral Sell 16 1.21

Life Assurance Under Valued


AVIVA 337.40 261.90 388.40 Neu tral Neu tral 323 1.25

CHESNARA 242.75 163.00 270.00 Neutral Strong Buy 463 0.70

LEGAL & GENERAL 170.80 123.30 187.80 Neutral Strong Buy 441 1.71

OLD MUTUAL 179.50 149.80 221.60 Neutral Strong Buy 370 1.57

PRUDENTIAL 1088.00 723.00 1203.00 Neu tral Neu tral 1062 1.71

ST.JAMES'S PLACE 537.00 318.20 640.00 Neutral Strong Buy 6300 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 127.75 102.00 146.50 Neutral Sell -627 0.37

BRITISH SKY BCAST.GROUP 790.00 677.50 899.50 Neutral Strong Buy 1691 0.54

CENTAUR MEDIA 34.00 29.00 60.00 Neutral Sell -20 1.03

DAILY MAIL 'A' 746.50 412.50 785.00 Neutral Strong Buy 4066 1.14

EUR OM ON EY INSTL.IN VE STOR 1 04 0.0 0 7 14 .0 0 1 04 0.0 0 Neutral Strong Buy 7469 1.00

INFORMA 484.90 350.40 537.00 Neutral Sell -58 1.53

ITE GROUP 296.50 183.50 299.00 Neutral Strong Buy 270 1.45

ITV 142.90 70.40 142.90 Neutral Strong Buy 1257 1.54

JOHNSTON PRESS 16.50 4.88 19.00 Neutral Strong Buy 776 1.27

PEARSON 1154.00 1119.00 1294.00 Neutral Buy 336 0.63

PHOTO-ME INTL. 88.00 36.50 88.75 Neutral Strong Buy 2613 0.79

PINEWOOD SHEPPERTON 278.50 265.00 350.00 Neutral Strong Buy 895 0.16

THOMSON REUTERS 33.99 26.85 36.45 Neutral Sell -614 0.50

STV GROUP 135.50 81.50 146.88 Neutral Sell 260 0.79

ST.IVES 144.25 67.50 166.50 Neutral Sell 231 1.50TRINITY MIRROR 107.25 25.50 122.25 Neutral Sell -288 1.59

UBM 653.00 566.00 788.00 Neutral Strong Buy 1888 1.31

WILMINGTON GROUP 165.00 82.00 165.50 Neutral Strong Buy 1343 0.84

WPP 1128.00 752.50 1190.00 Neutral Sell -512 1.35

HIBU 0.37 0.26 2.18 Neutral Strong Buy 805 1.07

Mining Under Valued


ANGLO AMERICAN 1265.00 1256.00 2163.00 Buy Sell 1014 1.74

ANGLO PACIFIC GROUP 177.00 177.00 290.00 Neu tral Neu tral 190 0.96ANTOFAGASTA 816.50 801.50 1381.00 Neutral Sell 705 1.41

BHP BILLITON 1694.50 1673.00 2236.00 Neutral Buy 2366 1.43

GLENCORE XSTRATA 277.30 273.45 397.85 Buy Strong Buy 821 #NA

LONMIN 256.90 240.84 411.96 Neutral Buy 305 2.03

RANDGOLD RESOURCES 4036.00 3972.00 7 775.00 Neutral Sell 2489 0.34

RIO TINTO 2702.50 2582.00 3757.00 Neutral Sell 1980 1.50

COALFIELD RESOURCES 3.38 8.85 Neutral Strong Buy 134 0.89

VEDANTA RESOURCES 1033.00 832.50 1335.00 Neutral Strong Buy 1665 2.20

Oil & Gas Under Valued


BG GROUP 1131.50 1000.50 1350.50 Neutral Sell 835 0.80

BP 456.60 412.40 483.30 Neutral Strong Buy 940 1.03

CAIRN ENERGY 256.80 251.80 309.40 Neutral Sell -15 1.32

FORTUNE OIL 7.46 7.15 12.50 Neutral Buy 10 0.82

HUNTING 737.50 688.00 941.00 Neutral Sell 533 1.31

JKX OIL & GAS 56 .25 48 .50 115 .00 Neutral Sell -57 1.36

PREMIER OIL 341.80 321.30 401.20 Neutral Buy 381 1.43

ROYAL DUTCH SHELL B 2182.50 2098.00 2366.50 Neutral Strong Buy 7864 0.84

SOCO INTERNATIONAL 351.00 279.00 404.30 Neutral Buy 469 0.53

TULLOW OIL 1017.00 977.00 1531.00 Neutral Sell 662 1.04

WOOD GROUP (JOHN) 805.50 669.00 879.50 Neutral Sell 689 1.35


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Personal Care & Household Products Over Value d


MCBRIDE 114.50 101.00 144.60 Neutral Strong Buy 227 0.84

PZ CUSSONS 346.10 297.20 415.60 Neutral Sell 292 0.69

RE CKI TT BE NCKISE R GROUP 4 70 4.0 0 33 00 .0 0 4 92 6.0 0 Neu tral Neu tral 4729 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.42 0.36 3.58 Buy Sell -2 1.01

ASTRAZENECA 3152.00 2792.50 3521.50 Neutral Strong Buy 6397 0.47

BTG 367.60 300.30 423.00 Neutral Sell 166 0.58

DECHRA PHARMACEUTICALS 702.00 4 73.00 780.00 Neu tral Neu tral 728 0.25

GLAXOSMITHKLINE 1648.50 1317.50 1782.00 Neu tral Neu tral 1679 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 2091.00 1727.00 2213.00 Neutral Sell 1437 0.66

SKYEPHARMA 60.00 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 378.10 276.30 426.70 Neutral Sell -627 1.18

BRITISH LAND 565.00 500.00 658.00 Neutral Strong Buy 1691 1.06

CAPITAL & REGIONAL 34.00 22.75 37.00 Sell Sell -20 0.85

CLS HOLDINGS 990.00 640.50 1004.00 Neutral Strong Buy 4066 0.70

DERWENT LONDON 2268.00 1789.00 2542.00 Neutral Strong Buy 7469 1.24DEVELOPMENT SECS. 190.00 135.75 203.00 Neutral Sell -58 0.99

GRAINGER 143.90 85.50 157.00 Neutral Strong Buy 270 1.58

GREAT PORTLAND ESTATES 515.00 382.40 598.00 Neutral Strong Buy 1257 1.10

HAMMERSON 478.80 428.70 554.00 Neutral Strong Buy 776 1.19

HELICAL BAR 253.50 178.00 297.50 Neutral Buy 336 0.77

LAND SECURITIES GROUP 881.00 728.50 994.00 Neutral Strong Buy 2613 1.16

INTU PROPERTIES 312.00 300.60 366.00 Neutral Strong Buy 895 1.09

MCKAY SECURITIES 145.75 129.00 155.00 Neutral Sell -614 0.73

MUCKLOW (A & J) GROUP 370.00 325.00 437.50 Neutral Sell 260 0.42

PRIMARY HEALTH PROPS. 323.00 312.50 363.53 Neutral Sell 231 0.35

QUINTAIN ESTATES & DEV. 77.00 37.00 79.50 Sell Sell -288 1.19

SAVILLS 562.00 350.00 610.00 Neutral Strong Buy 1888 0.77

SHAFTESBURY 593.00 505.00 668.00 Neutral Strong Buy 1343 1.05

SEGRO 274.40 214.00 302.80 Neutral Sell -512 1.73

ST MODWEN PROPS. 272.80 157.75 329.10 Neutral Strong Buy 805 1.59

TOWN CENTRE SECURITIES 187.00 155.00 223.00 Neutral Sell 5 1.01

UNITE GROUP 356.00 189.00 387.50 Neutral Strong Buy 2110 1.79

WARNER ESTATE 1.00 1.00 2.75 Buy Sell -1085 1.03

WORKSPACE GROUP 385.90 225.00 418.20 Neutral Strong Buy 1283 1.05


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Software & Computer Services Under Valued


ANITE 136.70 113.00 162.00 Neutral Sell 126 0.73

AVEVA GROUP 2260.00 1569.00 2420.00 Neutral Sell 1355 1.40

COMPUTACENTER 467.60 290.91 564.10 Neutral Strong Buy 1389 1.00KOFAX 334.00 251.00 335.00 Neu tral Neu tral 332 1.11

INNOVATION GROUP 28.00 18.25 28.25 Neutral Sell 25 0.85

MICRO FOCUS INTL. 711.00 528.58 711.00 Neutral Buy 1039 0.76

PHOENIX IT GROUP 160.25 130.00 222.00 Neutral Strong Buy 318 0.74

RM 65.00 65.00 85.50 Neutral Sell -105 0.52

FIDESSA GROUP 1900.00 1275.00 2047.00 Neutral Buy 2171 0.76

SAGE GROUP 342.50 272.56 368.18 Neutral Buy 438 0.72

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 384.40 244.80 492.10 Neutral Strong Buy 1264 1.09

BREWIN DOLPHIN 225.00 136.30 244.70 Neutral Strong Buy 658 0.73

CAMELLIA 8150.00 8000.00 11105.00 Neutral Strong Buy 96305 0.84

CHARLES STANLEY GROUP 404.00 256.00 410.88 Neutral Strong Buy 1295 0.97

CHARLES TAYLOR 190.00 147.00 195.00 Neutral Strong Buy 1148 0.69

CLOSE BROTHERS GROUP 976.50 729.00 1107.00 Neutral Strong Buy 5080 0.86

F&C ASSET MANAGEMENT 95.40 79.55 110.40 Neutral Sell 68 0.89

HELPHIRE GROUP 3.69 0.55 3.75 Sell Sell -124 0.69

HENDERSON GROUP 151.00 9 0.55 1 80.40 Neutral Strong Buy 797 1.44

ICAP 357.90 280.80 386.80 Neutral Strong Buy 1779 1.07

INTERMEDIATE CAPITAL GP. 431.70 252.30 501.50 Neutral Strong Buy 3161 1.70

INVESTEC 419.10 358.40 513.50 Neutral Strong Buy 1915 1.56

LONDON STOCK EX.GROUP 1325.00 930.00 1434.00 Neutral Strong Buy 4375 1.15MAN GROUP 82.00 63.25 134.40 Neutral Sell -4438 1.32

RATHBONE BROTHERS 1560.00 1208.00 1619.00 Neutral Strong Buy 5573 0.75

SCHRODERS 2156.00 1266.00 2560.00 Neutral Strong Buy 8435 1.30

SCHRODERS NV 1680.00 1016.00 2000.00 Neutral Strong Buy 11096 1.27


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Support Services Under Valued


ACAL 236.00 157.75 247.50 Neutral Strong Buy 1246 0.92

AGGREKO 1660.00 1557.00 2400.00 Neutral Strong Buy 3432 1.05

AMEC 1011.00 965.50 1172.00 Neutral Strong Buy 3328 1.04

ASHTEAD GROUP 644.50 240.50 671.00 Neutral Buy 898 1.63

BABCOCK INTL. 1110.00 842.50 1205.00 Neutral Strong Buy 2243 0.48

BRITISH POLYTHENE INDS. 545.00 348.00 580.25 Neutral Strong Buy 2010 0.76

BUNZL 1287.00 1009.00 1342.00 Neutral Strong Buy 2821 0.55

UK MAIL GROUP 529.50 214.00 530.00 Neutral Strong Buy 1445 0.39

CAPITA 979.00 644.50 1018.00 Neutral Sell 236 0.51

COMMUNISIS 53.00 26.83 56.50 Neutral Strong Buy 476 0.78

COMPASS GROUP 852.50 647.50 910.50 Neutral Strong Buy 1989 0.74

BERENDSEN 756.50 484.40 812.00 Neutral Strong Buy 2878 1.05

DE LA RUE 952.50 891.50 1075.00 Neutral Strong Buy 1761 #NA

DIGNITY 1349.00 806.00 1462.00 Neutral Strong Buy 2103 0.22

DIPLOMA 559.50 417.10 627.50 Neutral Strong Buy 1392 0.96ELECTROCOMP. 245.60 197.70 278.40 Neutral Strong Buy 1050 1.04

ESSENTRA PLC 702.50 454.40 750.00 Neutral Strong Buy 1300 1.13

G4S 234.70 232.00 313.50 Neutral Strong Buy 906 0.58

HAYS 88.05 66.40 101.20 Neutral Strong Buy 426 1.10

HOMESERVE 281.40 151.90 290.40 Neutral Strong Buy 1256 0.94

INTERSERVE 507.50 304.90 513.50 Neutral Strong Buy 3367 1.28

INTERTEK GROUP 2966.00 2617.00 3453.00 Neutral Strong Buy 4498 0.78

JOHNSON SERVICE GROUP 45.25 26.50 47.25 Neutral Strong Buy 351 1.17

MANAGEMENT CNSL.GP. 28.50 21.25 32.00 Neutral Strong Buy 213 0.72

MENZIES (JOHN) 700.00 573.00 801.00 Neutral Strong Buy 2195 1.43

MICHAEL PAGE INTL. 372.90 341.40 451.80 Neutral Strong Buy 812 1.42

MITIE GROUP 250.60 248.00 300.80 Neutral Strong Buy 1276 0.55

OFFICE2OFFICE 81.50 81.00 156.00 Neutral Strong Buy 707 0.33

PAYPOINT 1054.00 670.50 1093.00 Neutral Strong Buy 1735 0.71

PREMIER FARNELL 200.40 165.50 236.30 Neutral Strong Buy 771 1.33

REGUS 154.00 82.65 177.50 Neutral Sell 67 1.46

RENTOKIL INITIAL 90.15 70.35 100.70 Neutral Strong Buy 312 1.25

REXAM 475.70 410.16 547.50 Neutral Strong Buy 1753 0.90

RICARDO 394.75 321.50 431.00 Neutral Strong Buy 1626 0.86

ROBERT WALTERS 220.50 176.25 234.00 Neutral Strong Buy 1148 1.24

RPC GROUP 409.50 377.30 477.00 Neutral Strong Buy 1843 0.78

RPS GROUP 202.20 195.50 274.20 Neutral Strong Buy 1036 1.51

SERCO GROUP 600.50 529.00 647.50 Neutral Strong Buy 2344 0.60

SHANKS GROUP 79.75 73.00 98.00 Neutral Strong Buy 694 1.46

SPEEDY HIRE 59.75 22.25 61.50 Neutral Strong Buy 254 1.26TRIBAL GROUP 177.25 82.00 177.25 Neutral Strong Buy 544 0.63

TRIFAST 58.38 40.50 59.25 Neutral Strong Buy 328 0.93

VP 353.25 266.50 356.50 Neutral Strong Buy 2031 0.86

WYG 88.50 42.00 89.50 Neutral Strong Buy 527 0.79


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Telecommunication Services Under Valued


BT GROUP 309.00 207.40 322.30 Neutral Buy 360 0.91

CABLE & WIRELESS COMMS. 41.16 29.22 46.29 Neutral Strong Buy 86 0.70

INMARSAT 674.50 468.90 749.00 Neutral Sell 501 0.53KCOM GROUP 81.50 68.25 88.50 Neutral Strong Buy 136 1.24

TELECOM PLUS 1246.00 790.00 1325.00 Neutral Sell 747 0.09

VODAFONE GROUP 186.35 154.45 1 99.90 Neu tral Neutra l 192 0.54

Transport Under Valued


BBA AVIATION 285.80 178.00 288.40 Neutral Sell 181 1.30

BRAEMAR SHIPPING SVS. 415.00 325.00 430.00 Neutral Buy 459 0.98

CLARKSON 1645.00 1150.00 1716.00 Neutral Sell 1177 0.80

EASYJET 1295.00 516.50 1300.00 Neutral Sell 704 0.77

FIRST GROUP 95.60 92.00 212.39 Neutral Strong Buy 493 0.91

FISHER(JAMES)& SONS 982.00 590.00 1110.00 Neutral Sell 420 0.77

GO-AHEAD GROUP 1493.00 1199.00 1588.00 Neutral Buy 1895 0.90

NATIONAL EXPRESS 225.50 164.50 230.50 Neutral Buy 264 1.35

NORTHGATE 339.00 195.50 369.50 Neutral Strong Buy 704 1.41

STAGECOACH GROUP 316.00 265.90 319.60 Neutral Buy 395 0.89

WINCANTON 64.00 31.00 78.50 Neutral Sell -46 0.90

Utilities Under Valued


CENTRICA 359.00 310.80 394.90 Neutral Strong Buy 554 0.47

NATIONAL GRID 739.00 641.00 847.50 Neutral Buy 816 0.50

PENNON GROUP 638.50 598.00 796.00 Neutral Buy 752 0.59

SSE 1519.00 1294.00 1676.00 Neutral Buy 2081 0.42

SEVERN TRENT 1656.00 1513.00 2090.00 Neutral Sell 1445 0.35

UNITED UTILITIES GROUP 680.00 647.00 787.50 Neu tral Neutra l 655 0.50


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sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internalrules.

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value indicator - uk main market 20130628

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