Value Indicator - Uk Main Market 20130430

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30 April 2013
Contents
Introduction .................................................................................................................................3
Value ...........................................................................................................................................4
Conclusion ..................................................................................................................................4
RISK WARNING Ratings and Targets ....................................................................................4
How to use the report .................................................................................................................5
Over Valued .....................................................................6
Aerospace & Defence
Under Valued ......................................................................6
Automobiles & Parts

Banks
Beverages
Over Valued .........................................................................................6

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

Under Valued ....................................................7
Construction & Building Materials
Chemicals
Electronics & Electrical Equipment

Engineering & Machinery
Food & Drug Stores
Over Valued ..................................................7

Over Valued ...............................................................8
Over Valued .......................................................................8

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

Under Valued ..............................................................................9
General Retail
Over Valued .........................................................................................9
Heath
Over Valued ..........................................................9
Over Valued ...............................................9
Household Goods & Textiles
Information Technology & Hardware

Under Valued ................................................................................... 10
Insurance
Over Valued ..................................................................... 10
Leisure & Hotels
Life Assurance
Over Valued .................................................................... 10

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

Over Valued ...................................................................................... 11
Mining
Under Valued ................................................................................... 11
Oil & Gas
Personal Care & Household Products
Over Valued .......................................... 12

Over Valued ................................................ 12
Pharmaceuticals & Biotechnology

Under Valued ............................................................................... 12
Real Estate
Under Valued .................................................... 13
Software & Computer Services
Speciality & Other Finance
Support Services
Over Valued .......................................................... 13

Over Valued ..................................................................... 14
Over Valued ....................................................... 15

Telecommunication Services
Under
Valued
Transport
................................................................................... 15
Under
Valued
Utilities
....................................................................................... 15
DISCLAIMER ........................................................................................................................... 16
RISK WARNING ...................................................................................................................... 17
Intellisys Intelligent Analysis Limited
www.intellisys.uk.com
30 April 2013
+44 20 3239 8994
Page 2 of 17
Introduction
The overriding purpose of this daily report is to provide users with a quick guide that will identify those
shares that merit their investment attention in an increasingly time critical and information noisy trading
environment.
The report is published daily and delivered to the subscribers personal email box, typically, before the
official open of the London Stock Markets.
Putting aside luck, Intellisys recognises that the timing and value of an investment are the two primary
drivers behind a successful portfolio performance.
Timing
Intellisys has invested considerably in identifying what it believes are the key factors that influence
investment timing. Having identified the key parameters, these have been established as rules that reflect
market dynamics and cut through the daily investment noise.
Through this discipline, Intellisys has removed the emotional and sentimental factors as well as the daily
pressures exerted upon primary stock promoters (analysts and traders) to find stories for their investment
meetings.
From an analysis of a years data for 40 stocks within Intellisys stock coverage, the trading indicators
appear 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
120.0%
120.0%
110.0%
110.0%
100.0%
100.0%
90.0%
90.0%
80.0%
80.0%
70.0%
70.0%
60.0%
60.0%
50.0%
50.0%
40.0%
40.0%
30.0%
30.0%
20.0%
20.0%
1
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
Best Buy/Sell
Trend
Source: Intellisys
30 April 2013
+44 20 3239 8994
Page 3 of 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 but
also 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 for
the last 15+ years. Additionally, these investment valuation techniques lend themselves to accurate crossborder analysis.
The resultant Target is also discounted to a Net Present Value to make the Target as realistically valid as
possible.
Nevertheless, Intellisys recognises that Target Indication delivery is not only a function of market levels but
a management teams ability to establish and maintain a value generating operating environment set
against a constantly changing global background.
The typical investment analysts approach to determining target prices is to start with a modest range of
some 6 8 valuation measures and remove those that are not providing the intuitive result. Intellysis
approach 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 their
established or perceived valuation opinion of a stock.
In short, this disciplined approach provides an investment reality check to assist investors from falling in
love with a stock or becoming mesmerised by management cults.
Conclusion
No investment methodology is 100% successful and like all trading and investment systems active position
monitoring is critical for maximised investment performance.
Therefore, Intellisys recommends that its products should be used in conjunction with, and not separate
from subscribers existing investment systems as well as discussing investment options with their financial
advisers.
Philip Morrish (philip.morrish@intellisys.uk.com)
RISK WARNING Ratings and Targets

Intellisys does not make personal recommendations. The information in this publication is provided solely to
enable you to make your own investment decisions. If you are unsure about dealing in shares and other
equity investments, you should contact your financial adviser 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 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.
30 April 2013
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Page 4 of 17
How to use the report

This daily report is typically available for download as a PDF from 7am - well in advance of the markets
open - 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 to
be active as can be seen from the following:
Longer term action based

upon implied target price
Todays action
Sector
Implied target
price based upon
49 valuation
metrics
Closing price
General Retail
Stock
ASHLEY(LAURA) HOLDINGS
BROWN (N) GROUP
BURBERRY GROUP
CARPETRIGHT
DIXONS RETAIL
FINDEL
FRENCH CONNECTN.GROUP
HALFORDS GROUP
JJB SPORTS SUSP - 24/09/12
JD SPORTS FASHION
DARTY
KINGFISHER
MARKS & SPENCER GROUP
MOSS BROTHERS GROUP
MOTHERCARE
NEXT
TED BAKER
TOPPS TILES
Company
Price
29.00
266.70
1136.00
675.00
21.16
6.36
23.50
324.70
0.40
731.00
57.25
269.80
377.90
55.00
212.00
3576.00
951.50
49.25
12M Lo
18.50
222.40
1000.00
375.00
9.36
2.20
19.50
189.00
0.24
570.00
38.00
237.20
302.70
31.25
127.30
2540.00
633.00
21.50
12M Hi
29.50
282.70
1586.00
728.50
21.69
6.55
82.00
342.30
17.00
863.00
110.60
313.80
389.50
55.00
227.00
3644.00
1017.00
51.75
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Latest 12 month Hi/Lo for

the share price
LT Rec
Neutral
Buy
Sell
Sell
Strong Buy
Sell
Strong Buy
Buy
Sell
Strong Buy
Strong Buy
Buy
Buy
Buy
Sell
Sell
Sell
Sell
Target
30
298
739
268
38
4
112
415
-62
1341
321
365
448
61
97
2798
542
29
Beta
0.72
0.52
1.30
0.97
1.56
0.94
1.05
0.67
0.88
0.47
1.28
0.97
0.74
1.04
0.44
0.72
0.56
1.31
eta measures a shares

volatility/risk relative to
market (see below)
Beta is a measure of a stock's volatility or risk relative to its market. The market has a beta
of 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 less than market (i.e., less risk/lower reward)
eta =1.0
Share should move in line with the market (i.e., market neutral)
eta >1.0
Share should move by more than market (i.e., higher risk/higher reward)
30 April 2013
+44 20 3239 8994
Page 5 of 17
Over Valued
Aerospace & Defence

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
BAE SYSTEMS
379.00
270.90
397.30
Neutral
Buy
Target
551
Beta
0.66
CHEMRING GROUP
276.50
217.00
414.70
Neutral
Buy
333
0.66
COBHAM
248.30
190.10
250.80
Neutral
Buy
288
0.83
MEGGITT
476.60
364.30
494.20
Neutral
Sell
412
1.32
ROLLS-ROYCE HOLDINGS
1130.00
780.75
1138.10
Neutral
Neutral
1086
1.08
SMITHS GROUP
1245.00
979.50
1328.00
Neutral
Sell
1050
0.71
ULTRA ELECTRONICS HDG.
1652.00
1424.00
1745.00
Neutral
Sell
1549
0.50
Unde r V a lue d
Automobiles & Parts

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
GKN
274.70
173.60
285.00
Neutral
Neutral
Target
262
2.00
INCHCAPE
510.00
305.20
530.00
Neutral
Neutral
501
1.48
LOOKERS
95.00
56.50
100.50
Neutral
Buy
106
1.24
PENDRAGON
23.75
13.50
25.00
Neutral
Buy
34
1.12
Over Valued
Banks
Stock
Beta
Price
12M Lo
12M Hi
ST Rec
LT Rec
BARCLAYS
289.90
150.55
327.35
Neutral
Sell
Target
-811
Beta
1.93
HSBC HDG. (ORD $0.50)
703.60
503.20
740.00
Neutral
Buy
943
1.17
1.87
LLOYDS BANKING GROUP
53.50
25.29
55.68
Sell
Sell
ROYAL BANK OF SCTL.GP.
294.00
196.60
367.80
Neutral
Sell
-176
1.34
STANDARD CHARTERED
1636.00
1228.50
1837.50
Neutral
Strong Buy
3216
1.70
Under Valued
Beverages
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
545.00
348.00
572.00
Neutral
Neutral
582
0.55
DIAGEO
1957.00
1477.00
2085.00
Neutral
Sell
1749
0.55
SABMILLER
3486.50
2348.50
3552.50
Neutral
Buy
3951
0.95
BARR (AG)
Beta
Under Valued
Chemicals
Stock
Target
Price
12M Lo
12M Hi
ST Rec
LT Rec
AZ ELECTRONIC MATS.(DI)
289.30
240.00
406.40
Neutral
Strong Buy
659
#NA
CARCLO
413.00
345.75
503.00
Neutral
Neutral
400
0.74
2449.00
2094.00
2841.00
Neutral
Sell
2024
1.04
263.20
179.00
275.00
Neutral
Buy
346
1.00
CRODA INTERNATIONAL
ELEMENTIS
Target
Beta
JOHNSON MATTHEY
2462.00
2080.27
2573.00
Neutral
Strong Buy
11851
1.44
VICTREX
1568.00
1185.00
1736.00
Neutral
Sell
1421
1.13
SYNTHOMER
196.60
127.40
238.60
Neutral
Buy
219
1.16
ZOTEFOAMS
217.00
157.00
225.00
Neutral
Strong Buy
380
0.99
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Page 6 of 17
Under Valued
Construction & Building Materials

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
ALUMASC GROUP
85.00
61.50
104.00
Neutral
Strong Buy
245
0.52
BALFOUR BEATTY
222.90
222.90
320.80
Buy
Strong Buy
983
0.79
BARRATT DEVELOPMENTS
320.90
114.00
320.90
Sell
Buy
458
1.50
BELLWAY
1377.00
660.00
1377.00
Neutral
Buy
1906
1.10
BERKELEY GROUP HDG.(THE)
2134.00
1177.00
2140.00
Neutral
Strong Buy
3293
0.63
BOOT (HENRY)
177.50
115.50
179.00
Neutral
Strong Buy
346
0.83
BOVIS HOMES GROUP
778.50
399.30
778.50
Neutral
Sell
562
1.14
CARILLION
272.70
235.50
331.80
Buy
Strong Buy
802
1.10
CLARKE (T)
52.00
40.00
61.50
Neutral
Strong Buy
268
0.82
277.00
188.00
306.00
Neutral
Strong Buy
552
0.56
1416.00
1052.00
1540.00
Neutral
Sell
818
1.14
GALLIFORD TRY
995.50
579.00
995.50
Neutral
Strong Buy
1696
0.99
KELLER
842.00
348.25
848.00
Neutral
Strong Buy
2082
1.25
1185.00
1106.00
1408.00
Neutral
Strong Buy
3338
0.94
71.63
49.00
76.75
Neutral
Strong Buy
211
1.07
1.37
COSTAIN GROUP
CRH
KIER GROUP
LOW & BONAR
Target
Beta
MARSHALLS
125.75
76.00
130.00
Neutral
Strong Buy
288
MORGAN SINDALL GROUP
570.00
508.00
695.00
Neutral
Strong Buy
3353
0.86
16.00
9.25
18.25
Neutral
Strong Buy
34
1.11
NORCROS
1097.00
496.69
1097.00
Neutral
Buy
1443
1.15
REDROW
PERSIMMON
213.00
107.30
214.40
Neutral
Buy
290
1.05
SIG
159.80
82.30
162.50
Neutral
Strong Buy
493
1.74
5.75
3.88
15.25
Sell
Strong Buy
49
0.89
SUPERGLASS HOLDINGS
95.95
40.28
96.55
Neutral
Buy
131
1.58
TRAVIS PERKINS
TAYLOR WIMPEY
1459.00
906.50
1511.00
Neutral
Strong Buy
2593
1.97
WOLSELEY
3235.00
2121.32
3337.00
Neutral
Strong Buy
5401
1.43
Over Valued
Electronics & Electrical Equipment

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
1273.00
935.00
1364.00
Neutral
Sell
764
0.78
DOMINO PRINTING SCIENCES
662.50
509.00
717.00
Neutral
Buy
838
1.18
E2V TECHNOLOGIES
118.50
105.50
148.00
Neutral
Strong Buy
245
1.31
INVENSYS
364.80
198.90
366.80
Neutral
Sell
343
1.42
LAIRD
214.90
177.00
249.30
Neutral
Sell
87
2.12
OXFORD INSTRUMENTS
1520.00
1096.00
1752.00
Neutral
Sell
1169
1.01
RENISHAW
1558.00
1260.00
2081.00
Neutral
Strong Buy
2348
1.26
SPECTRIS
2100.00
1427.00
2470.00
Neutral
Neutral
2192
1.52
0.07
0.07
0.18
Neutral
Strong Buy
0.83
TT ELECTRONICS
159.25
114.00
190.00
Neutral
Strong Buy
404
1.59
XAAR
509.50
185.00
523.00
Neutral
Sell
232
1.11
DIALIGHT
BIOME TECHNOLOGIES
Target
Beta
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Page 7 of 17
Over Valued
Engineering & Machinery

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
AGA RANGEMASTER GROUP
78.88
54.25
91.75
Neutral
Buy
96
1.26
BODYCOTE
512.50
310.30
556.50
Neutral
Neutral
506
1.61
CASTINGS
335.00
277.75
358.50
Neutral
Strong Buy
696
0.99
VESUVIUS
345.20
263.19
402.10
Neutral
Buy
496
2.19
FENNER
359.00
329.30
450.80
Neutral
Strong Buy
549
1.42
HALMA
496.50
373.10
531.50
Neutral
Sell
392
0.76
HILL & SMITH
432.50
297.00
480.00
Neutral
Sell
327
1.37
1243.00
776.00
1347.00
Neutral
Neutral
1360
1.40
258.90
220.30
332.80
Neutral
Strong Buy
534
1.82
2870.00
1859.00
3037.00
Neutral
Sell
2173
0.99
251.80
177.00
253.10
Neutral
Sell
210
1.65
0.73
IMI
MORGAN ADVANCED MATERIAL
ROTORK
SENIOR
SEVERFIELD-ROWEN
Target
Beta
40.00
35.40
104.11
Neutral
Sell
29
SPIRAX-SARCO
2551.00
1900.00
2734.00
Neutral
Sell
2274
0.84
VITEC GROUP
622.00
586.50
740.00
Neutral
Sell
591
1.40
WEIR GROUP
2224.00
1397.00
2474.00
Neutral
Sell
2018
1.39
Over Valued
Food & Drug Stores

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
GREGGS
422.70
422.70
523.50
Buy
Strong Buy
690
0.47
MORRISON(WM)SPMKTS.
288.40
248.60
296.40
Neutral
Sell
189
0.39
SAINSBURY (J)
382.10
283.50
388.70
Neutral
Sell
210
0.58
TESCO
366.90
297.05
387.75
Neutral
Sell
270
0.69
81.50
18.88
82.25
Neutral
Sell
59
0.84
THORNTONS
Beta
Under Valued
Food Producers & Processors

Stock
Target
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
ASSOCIATED BRIT.FOODS
1937.00
1167.00
1999.00
Neutral
Neutral
2115
0.61
CRANSWICK
1054.00
732.50
1057.00
Neutral
Strong Buy
2091
0.49
DAIRY CREST
454.30
301.00
456.00
Neutral
Buy
502
0.92
DEVRO
328.00
278.00
380.00
Neutral
Strong Buy
519
0.31
72.25
54.50
162.50
Neutral
Sell
-182
1.25
PREMIER FOODS
TATE & LYLE
UNILEVER (UK)
850.00
633.50
870.50
Neutral
Strong Buy
1560
0.70
2805.00
2007.00
2845.00
Neutral
Neutral
2778
0.57
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Page 8 of 17
Under Valued
General Retail
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
ASHLEY(LAURA) HOLDINGS
28.50
20.50
29.50
Neutral
Buy
34
0.68
446.00
224.40
449.40
Neutral
Sell
370
0.53
1344.00
1000.00
1536.00
Neutral
Sell
1006
1.27
631.00
585.00
728.50
Neutral
Sell
286
0.94
BROWN (N) GROUP

BURBERRY GROUP
CARPETRIGHT
DIXONS RETAIL
Target
Beta
36.41
12.67
37.50
Neutral
Buy
40
1.50
153.50
55.20
186.00
Neutral
Sell
50
1.08
28.25
19.50
43.00
Sell
Strong Buy
104
0.99
HALFORDS GROUP
342.00
189.00
356.80
Neutral
Buy
512
0.67
JD SPORTS FASHION
845.00
606.50
845.00
Sell
Strong Buy
1547
0.52
49.75
38.00
65.00
Neutral
Strong Buy
91
1.24
KINGFISHER
314.80
254.10
315.90
Neutral
Buy
398
0.92
MARKS & SPENCER GROUP
413.20
312.20
415.30
Neutral
Buy
528
0.64
56.00
42.00
71.00
Neutral
Neutral
61
1.04
0.47
FINDEL
FRENCH CONNECTN.GROUP
DARTY
MOSS BROTHERS GROUP
302.00
160.00
362.00
Neutral
Buy
377
NEXT
MOTHERCARE
4420.00
2896.00
4420.00
Neutral
Sell
3834
0.66
TED BAKER
1397.00
830.00
1397.00
Sell
Sell
672
0.55
67.00
32.13
70.00
Neutral
Sell
51
1.48
TOPPS TILES
Over Valued
Heath
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
BIOQUELL
141.00
125.50
160.00
Neutral
Sell
Target
114
0.45
CONSORT MEDICAL
790.50
584.00
831.50
Neutral
Sell
568
0.40
OPTOS
167.25
145.75
264.00
Neutral
Neutral
169
1.20
SMITH & NEPHEW
750.00
580.00
768.50
Neutral
Sell
672
0.41
Over Valued
Household Goods & Textiles

Stock
Beta
Price
12M Lo
12M Hi
ST Rec
LT Rec
GAMES WORKSHOP
667.50
557.00
720.50
Neutral
Neutral
652
0.43
HEADLAM GROUP
342.00
263.00
355.00
Neutral
Sell
302
0.92
81.38
55.25
95.00
Neutral
Buy
106
0.75
HORNBY
Target
Over Valued
Information Technology & Hardware

Stock
Beta
Price
12M Lo
12M Hi
ST Rec
LT Rec
ARM HOLDINGS
979.00
469.00
988.50
Neutral
Sell
561
CSR
498.40
200.30
502.50
Neutral
Strong Buy
1283
1.16
64.00
23.50
83.25
Neutral
Sell
48
0.90
IMAGINATION TECHNOLOGIES
445.90
383.50
687.50
Neutral
Buy
531
1.09
SPIRENT COMMUNICATIONS
130.70
122.00
174.00
Neutral
Strong Buy
700
0.94
WOLFSON MICROELECTRONICS
206.00
170.00
230.00
Neutral
Sell
-515
0.91
FILTRONIC
Target
Beta
0.74
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Page 9 of 17
Under Valued
Insurance
Stock
ADMIRAL GROUP
AMLIN
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
1325.00
1019.00
1374.00
Neutral
Neutral
1336
Beta
0.54
426.30
312.90
431.50
Neutral
Sell
150
0.46
BEAZLEY
223.60
132.50
225.80
Neutral
Strong Buy
1263
0.59
CATLIN GROUP
535.50
399.00
540.00
Neutral
Strong Buy
1878
0.29
HISCOX
562.50
379.26
574.05
Neutral
Strong Buy
2516
0.48
JARDINE LLOYD THOMPSON
842.00
659.00
868.00
Neutral
Strong Buy
1696
0.31
RSA INSURANCE GROUP
112.30
97.65
136.30
Neutral
Strong Buy
904
0.40
NOVAE GROUP
462.00
345.00
475.75
Neutral
Strong Buy
2896
0.47
Over Valued
Leisure & Hotels

Stock
CARNIVAL
ENTERPRISE INNS
Price
12M Lo
12M Hi
ST Rec
LT Rec
2353.00
1944.00
2628.00
Neutral
Strong Buy
Target
3978
Beta
1.00
98.10
55.50
114.70
Neutral
Neutral
103
1.59
TUI TRAVEL
318.70
158.00
330.00
Neutral
Strong Buy
781
0.99
FULLER SMITH 'A'
800.00
700.00
820.00
Neutral
Sell
672
0.38
GREENE KING
722.50
474.30
723.50
Neutral
Sell
646
0.91
LADBROKES
191.00
152.70
243.10
Neutral
Buy
253
0.93
1889.00
1396.63
2039.00
Neutral
Sell
1487
1.17
MILLENNIUM & CPTH.HTLS.
561.00
455.40
582.50
Neutral
Buy
645
1.38
MITCHELLS & BUTLERS
341.40
217.40
350.10
Neutral
Sell
313
1.09
BWIN PARTY DIGITAL ENTM.
135.00
91.90
158.00
Neutral
Sell
50
1.25
ICTL.HTLS.GP.
PUNCH TAVERNS
10.00
5.61
13.12
Neutral
Strong Buy
49
1.25
RANK GROUP
170.00
111.00
177.50
Neutral
Strong Buy
507
1.00
RESTAURANT GROUP
488.10
269.20
488.10
Neutral
Sell
323
0.74
WETHERSPOON (JD)
585.50
371.30
585.50
Neutral
Buy
741
0.69
WHITBREAD
2611.00
1786.00
2692.00
Neutral
Sell
1994
0.99
WILLIAM HILL
430.50
243.75
430.70
Neutral
Sell
257
0.86
MARSTON'S
144.80
94.40
144.80
Neutral
Sell
18
1.20
Over Valued
Life Assurance
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
AVIVA
308.40
255.30
388.40
Neutral
Strong Buy
676
1.24
CHESNARA
237.25
155.25
250.00
Neutral
Strong Buy
377
0.70
LEGAL & GENERAL
168.30
106.00
175.70
Neutral
Strong Buy
339
1.70
OLD MUTUAL
205.30
138.70
211.40
Neutral
Neutral
196
1.57
PRUDENTIAL
1109.00
660.00
1155.00
Neutral
Sell
967
1.70
549.50
303.40
550.50
Neutral
Strong Buy
1433
0.85
ST.JAMES'S PLACE
Target
Beta
30 April 2013
+44 20 3239 8994
Page 10 of 17
Under Valued
Media & Entertainment

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
BLOOMSBURY PBL.
114.00
102.00
146.50
Neutral
Sell
-569
0.36
BRITISH SKY BCAST.GROUP
846.00
656.00
899.50
Neutral
Strong Buy
1702
0.54
45.88
28.50
60.00
Neutral
Strong Buy
152
1.01
DAILY MAIL 'A'
696.50
363.50
722.00
Neutral
Strong Buy
3991
1.12
EUROMONEY INSTL.INVESTOR
963.50
672.50
1001.00
Neutral
Strong Buy
7505
0.98
INFORMA
478.40
340.00
537.00
Neutral
Sell
-74
1.53
ITE GROUP
261.00
180.00
289.40
Neutral
Strong Buy
230
1.44
ITV
127.10
69.45
132.30
Neutral
Strong Buy
1232
1.54
1.26
CENTAUR MEDIA
JOHNSTON PRESS
15.37
4.88
16.00
Neutral
Buy
757
1150.00
1115.00
1294.00
Neutral
Buy
307
0.62
76.63
36.25
82.50
Neutral
Strong Buy
2563
0.79
278.38
265.00
377.50
Neutral
Strong Buy
847
0.15
34.10
26.85
34.10
Neutral
Sell
-568
0.52
STV GROUP
134.00
81.50
146.88
Neutral
Sell
260
0.78
ST.IVES
138.38
67.50
139.25
Neutral
Sell
216
1.49
90.00
25.50
121.25
Neutral
Sell
-251
1.57
UBM
742.50
511.00
788.00
Neutral
Strong Buy
1713
1.31
WILMINGTON GROUP
147.00
82.00
164.00
Neutral
Strong Buy
1322
0.85
WPP
1060.00
743.00
1092.00
Neutral
Sell
-493
1.34
HIBU
0.40
0.26
3.90
Neutral
Strong Buy
792
1.07
PEARSON
PHOTO-ME INTL.
PINEWOOD SHEPPERTON
THOMSON REUTERS
TRINITY MIRROR
Over Valued
Mining
Stock
ANGLO AMERICAN
ANGLO PACIFIC GROUP
ANTOFAGASTA
Price
12M Lo
12M Hi
ST Rec
LT Rec
1609.00
1553.00
2412.00
Neutral
Sell
Target
1322
Beta
1.75
219.75
215.00
320.00
Neutral
Neutral
224
0.99
1.43
910.00
884.00
1381.00
Neutral
Sell
811
1832.00
1681.00
2236.00
Neutral
Buy
2599
1.45
285.30
240.84
564.35
Neutral
Strong Buy
540
2.03
RANDGOLD RESOURCES
5275.00
4545.00
7775.00
Neutral
Sell
2307
0.34
RIO TINTO
2972.00
2715.50
3757.00
Neutral
Sell
2805
1.51
5.13
3.75
22.50
Neutral
Strong Buy
156
0.89
832.50
1298.00
Neutral
Buy
1778
2.21
989.60
785.80
1205.00
Neutral
Sell
712
1.88
BHP BILLITON
LONMIN
COALFIELD RESOURCES
VEDANTA RESOURCES
XSTRATA
Under Valued
Oil & Gas

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
1083.00
1000.50
1451.00
Neutral
Buy
1205
0.81
BP
456.75
391.95
475.90
Neutral
Strong Buy
1516
1.05
CAIRN ENERGY
287.40
248.20
349.00
Neutral
Sell
-11
1.32
BG GROUP
FORTUNE OIL
7.98
7.66
12.50
Buy
Strong Buy
14
0.90
814.00
688.00
951.00
Neutral
Sell
434
1.32
JKX OIL & GAS
68.00
55.00
137.00
Neutral
Strong Buy
294
1.36
PREMIER OIL
368.90
321.30
401.20
Neutral
Sell
277
1.45
ROYAL DUTCH SHELL B
2243.00
2039.00
2366.50
Neutral
Strong Buy
9154
0.86
SOCO INTERNATIONAL
378.00
254.90
404.30
Neutral
Sell
242
0.52
1021.00
982.50
1557.00
Neutral
Sell
877
1.05
797.00
651.50
879.50
Neutral
Neutral
773
1.36
HUNTING
TULLOW OIL
WOOD GROUP (JOHN)
30 April 2013
+44 20 3239 8994
Page 11 of 17
Over Valued
Personal Care & Household Products

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
MCBRIDE
115.50
101.20
144.60
Neutral
Strong Buy
257
PZ CUSSONS
396.00
297.20
415.60
Neutral
Sell
325
0.69
4731.00
3300.00
4812.00
Neutral
Neutral
4774
0.36
RECKITT BENCKISER GROUP
Target
ARK THERAPEUTICS GP.

ASTRAZENECA
BTG
DECHRA PHARMACEUTICALS
GLAXOSMITHKLINE
OXFORD BIOMEDICA
PHYTOPHARM
0.83
Over Valued
Pharmaceuticals & Biotechnology

Stock
Beta
Price
12M Lo
12M Hi
ST Rec
LT Rec
0.42
0.36
3.88
Buy
Sell
Target
-0
Beta
3362.50
2591.00
3390.00
Neutral
Strong Buy
6579
0.47
352.40
300.30
423.00
Neutral
Sell
168
0.62
0.26
1.01
715.50
444.50
780.00
Neutral
Neutral
724
1687.50
1317.50
1687.50
Neutral
Sell
1596
0.49
1.66
1.55
4.08
Buy
Sell
0.65
0.94
1.33
1.05
12.75
Buy
Strong Buy
2017.00
1727.00
2153.00
Neutral
Sell
1376
0.65
SKYEPHARMA
43.88
43.50
101.50
Neutral
Sell
-135
0.71
VERNALIS
22.75
21.63
27.38
Neutral
Strong Buy
36
0.90
SHIRE
Under Valued
Real Estate
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
BIG YELLOW GROUP
407.90
274.50
407.90
Neutral
Sell
-569
1.15
BRITISH LAND
601.00
475.40
601.00
Neutral
Strong Buy
1702
1.03
CAPITAL & REGIONAL
Target
Beta
34.25
22.75
34.50
Sell
Strong Buy
152
0.82
918.00
595.00
930.00
Neutral
Strong Buy
3991
0.69
DERWENT LONDON
2307.00
1708.00
2327.00
Neutral
Strong Buy
7505
1.20
DEVELOPMENT SECS.
147.25
121.75
175.00
Neutral
Sell
-74
0.97
GRAINGER
142.00
83.10
142.00
Neutral
Strong Buy
230
1.54
CLS HOLDINGS
GREAT PORTLAND ESTATES
528.00
360.10
534.50
Sell
Strong Buy
1232
1.06
HAMMERSON
526.00
409.20
528.50
Neutral
Buy
757
1.16
HELICAL BAR
247.75
164.00
251.00
Neutral
Buy
307
0.75
LAND SECURITIES GROUP
886.00
704.00
886.00
Neutral
Strong Buy
2563
1.15
INTU PROPERTIES
341.80
305.00
366.00
Neutral
Strong Buy
847
1.08
MCKAY SECURITIES
142.00
127.00
145.00
Neutral
Sell
-568
0.72
MUCKLOW (A & J) GROUP
377.00
325.00
390.00
Neutral
Sell
260
0.41
PRIMARY HEALTH PROPS.
328.00
312.00
364.50
Neutral
Sell
216
0.35
65.00
32.50
70.00
Sell
Sell
-251
1.17
SAVILLS
569.50
300.80
599.00
Neutral
Strong Buy
1713
0.74
SHAFTESBURY
599.00
492.00
611.00
Neutral
Strong Buy
1322
1.03
SEGRO
264.90
209.40
271.00
Neutral
Sell
-493
1.70
ST MODWEN PROPS.
270.50
145.50
280.20
Neutral
Strong Buy
792
1.55
QUINTAIN ESTATES & DEV.
TOWN CENTRE SECURITIES
199.00
147.00
215.00
Neutral
Sell
-16
1.05
UNITE GROUP
338.90
180.25
338.90
Neutral
Sell
47
1.75
WARNER ESTATE
WORKSPACE GROUP
1.38
1.00
2.75
Sell
Sell
-1132
1.01
370.00
213.25
374.10
Neutral
Strong Buy
1285
1.02
30 April 2013
+44 20 3239 8994
Page 12 of 17
Under Valued
Software & Computer Services

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
ANITE
123.60
111.00
162.00
Neutral
Neutral
121
0.76
2225.00
1469.00
2322.00
Neutral
Sell
1297
1.40
AVEVA GROUP
Target
Beta
COMPUTACENTER
457.10
292.40
567.00
Neutral
Strong Buy
1333
1.01
KOFAX
325.00
240.00
335.00
Neutral
Neutral
318
1.12
26.25
18.25
26.25
Sell
Sell
24
0.83
MICRO FOCUS INTL.
671.00
426.17
706.00
Neutral
Buy
963
0.79
PHOENIX IT GROUP
144.37
131.00
231.75
Neutral
Strong Buy
306
0.74
74.00
70.25
89.00
Neutral
Sell
-90
0.53
1798.00
1275.00
1970.00
Neutral
Buy
2052
0.77
340.50
247.70
352.10
Neutral
Buy
411
0.72
INNOVATION GROUP
RM
FIDESSA GROUP
SAGE GROUP
Over Valued
Speciality & Other Finance

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
ABERDEEN ASSET MAN.
450.50
237.30
450.50
Sell
Sell
138
BREWIN DOLPHIN
208.40
136.30
222.00
Neutral
Sell
113
0.72
10250.00
9250.00
11105.00
Neutral
Sell
8405
0.83
CAMELLIA
Target
Beta
1.08
CHARLES STANLEY GROUP
404.50
247.50
405.00
Neutral
Sell
185
0.97
CHARLES TAYLOR
171.00
134.75
190.00
Neutral
Sell
117
0.69
CLOSE BROTHERS GROUP
1037.00
673.50
1107.00
Neutral
Sell
171
0.87
F&C ASSET MANAGEMENT
97.40
65.90
110.40
Neutral
Neutral
98
0.89
3.30
0.55
3.70
Sell
Strong Buy
24
0.68
HENDERSON GROUP
165.60
90.55
171.00
Neutral
Sell
58
1.44
ICAP
290.20
280.80
384.00
Neutral
Sell
211
1.07
1.68
HELPHIRE GROUP
INTERMEDIATE CAPITAL GP.
420.10
227.30
427.60
Neutral
Sell
258
INVESTEC
454.70
310.40
513.50
Neutral
Sell
96
1.55
1343.00
930.00
1411.00
Neutral
Strong Buy
3016
1.12
LONDON STOCK EX.GROUP

MAN GROUP
103.10
63.25
111.10
Neutral
Strong Buy
485
1.32
RATHBONE BROTHERS
1460.00
1151.00
1551.00
Neutral
Sell
1069
0.73
SCHRODERS
2338.00
1166.00
2338.00
Sell
Sell
1124
1.31
SCHRODERS NV
1839.00
966.00
1839.00
Sell
Strong Buy
3683
1.27
30 April 2013
+44 20 3239 8994
Page 13 of 17
Over Valued
Support Services
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
ACAL
210.13
157.75
242.50
Neutral
Buy
289
0.93
AGGREKO
1779.00
1557.00
2400.00
Neutral
Sell
1285
1.03
AMEC
1012.00
923.00
1172.00
Neutral
Buy
1118
1.04
596.50
212.20
635.00
Neutral
Sell
315
1.62
1073.00
793.50
1106.00
Neutral
Sell
654
0.48
542.50
317.00
545.00
Neutral
Buy
788
0.78
1274.00
990.00
1320.00
Neutral
Sell
970
0.55
UK MAIL GROUP
430.00
214.00
445.00
Neutral
Neutral
437
0.38
CAPITA
907.00
602.00
913.50
Neutral
Sell
515
0.50
51.75
25.34
53.50
Neutral
Buy
66
0.78
0.74
ASHTEAD GROUP
BABCOCK INTL.
BRITISH POLYTHENE INDS.
BUNZL
COMMUNISIS
Target
Beta
COMPASS GROUP
855.00
616.00
855.00
Neutral
Sell
597
BERENDSEN
778.50
462.00
812.00
Neutral
Buy
969
1.04
DE LA RUE
943.00
891.50
1075.00
Neutral
Sell
596
#NA
DIGNITY
1388.00
803.50
1435.00
Neutral
Sell
792
0.21
DIPLOMA
574.50
417.00
627.50
Neutral
Sell
481
0.95
ELECTROCOMP.
244.60
195.20
265.00
Neutral
Buy
317
1.02
FILTRONA
702.00
428.00
744.00
Neutral
Sell
343
1.10
G4S
313.50
240.00
313.50
Neutral
Sell
287
0.58
94.00
66.40
101.20
Neutral
Buy
119
1.09
HOMESERVE
206.80
137.50
252.50
Neutral
Strong Buy
485
0.93
INTERSERVE
471.00
271.40
510.50
Neutral
Buy
675
1.27
3306.00
2406.00
3451.00
Neutral
Sell
1430
0.77
42.88
26.50
45.75
Neutral
Strong Buy
93
1.18
0.72
HAYS
INTERTEK GROUP
JOHNSON SERVICE GROUP
MANAGEMENT CNSL.GP.
31.38
21.25
38.50
Neutral
Strong Buy
54
MENZIES (JOHN)
724.00
542.00
789.00
Neutral
Strong Buy
1274
1.43
MICHAEL PAGE INTL.
374.90
341.40
451.80
Neutral
Sell
315
1.41
MITIE GROUP
280.10
253.90
300.80
Neutral
Buy
338
0.55
88.00
87.50
156.00
Neutral
Strong Buy
235
0.34
PAYPOINT
839.00
605.00
912.50
Neutral
Sell
684
0.70
PREMIER FARNELL
212.80
153.20
236.30
Neutral
Buy
281
1.32
REGUS
165.00
82.65
169.00
Neutral
Sell
106
1.44
96.00
69.40
100.70
Neutral
Sell
54
1.24
OFFICE2OFFICE
RENTOKIL INITIAL
REXAM
513.50
394.28
547.50
Neutral
Neutral
524
0.91
RICARDO
377.00
304.50
431.00
Neutral
Buy
465
0.85
ROBERT WALTERS
226.50
176.25
255.50
Neutral
Buy
305
1.23
RPC GROUP
394.90
348.30
477.00
Neutral
Buy
527
0.77
RPS GROUP
253.00
197.00
274.20
Neutral
Neutral
244
1.50
SERCO GROUP
614.50
509.50
635.50
Neutral
Sell
571
0.59
SHANKS GROUP
79.75
73.00
98.00
Neutral
Strong Buy
166
1.46
SPEEDY HIRE
49.50
22.25
50.00
Neutral
Neutral
52
1.25
144.13
73.25
149.00
Neutral
Sell
50
0.56
54.63
39.50
59.00
Neutral
Buy
60
0.92
334.13
234.75
354.88
Neutral
Strong Buy
615
0.86
75.00
42.00
75.00
Sell
Strong Buy
180
0.79
TRIBAL GROUP
TRIFAST
VP
WYG
30 April 2013
+44 20 3239 8994
Page 14 of 17
Over Valued
Telecommunication Services
Stock
BT GROUP
CABLE & WIRELESS COMMS.
INMARSAT
KCOM GROUP
TELECOM PLUS
VODAFONE GROUP
Price
12M Lo
12M Hi
ST Rec
LT Rec
280.90
200.70
288.70
Neutral
Buy
342
0.90
42.44
27.28
42.91
Neutral
Strong Buy
84
0.69
728.00
390.80
728.00
Neutral
Sell
614
0.53
84.50
67.00
85.20
Neutral
Strong Buy
132
1.24
1212.00
683.50
1212.00
Neutral
Sell
745
0.11
196.85
154.45
197.20
Neutral
Sell
172
0.54
Beta
Under Valued
Transport
Stock
Target
Price
12M Lo
12M Hi
ST Rec
LT Rec
BBA AVIATION
250.40
178.00
269.00
Neutral
Sell
177
1.30
BRAEMAR SHIPPING SVS.
395.00
309.50
425.00
Neutral
Buy
457
0.99
CLARKSON
1619.00
1150.00
1673.00
Neutral
Sell
1475
0.81
EASYJET
1135.00
481.20
1150.00
Neutral
Sell
672
0.74
FIRST GROUP
Target
Beta
220.10
175.70
260.50
Neutral
Strong Buy
560
0.90
FISHER(JAMES)& SONS
1015.00
535.00
1110.00
Neutral
Sell
395
0.77
GO-AHEAD GROUP
1558.00
1086.00
1558.00
Neutral
Buy
1855
0.89
NATIONAL EXPRESS
193.90
164.50
230.50
Neutral
Buy
251
1.34
1.41
NORTHGATE
318.50
159.60
350.00
Neutral
Strong Buy
609
STAGECOACH GROUP
306.90
230.40
319.60
Neutral
Buy
359
0.90
53.88
31.00
78.50
Sell
Sell
-45
0.90
WINCANTON
Under Valued
Utilities
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
CENTRICA
379.60
306.30
393.10
Neutral
Buy
511
0.46
NATIONAL GRID
817.00
641.00
817.00
Neutral
Neutral
890
0.49
PENNON GROUP
686.00
598.00
796.00
Neutral
Buy
826
0.58
SSE
1562.00
1294.00
1562.00
Neutral
Buy
1832
0.42
SEVERN TRENT
1818.00
1513.00
1818.00
Neutral
Sell
1610
0.34
741.00
617.50
747.50
Neutral
Neutral
714
0.50
UNITED UTILITIES GROUP
Target
Beta
30 April 2013
+44 20 3239 8994
Page 15 of 17
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30 April 2013
+44 20 3239 8994
Page 16 of 17
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30 April 2013
+44 20 3239 8994
Page 17 of 17

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Automobiles & Parts

Over Valued .........................................................................................6

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

Electronics & Electrical Equipment

Over Valued ..................................................7

Over Valued .......................................................................8

Food Producers & Processors

Household Goods & Textiles

Information Technology & Hardware

Over Valued .................................................................... 10

Media & Entertainment

Over Valued .......................................... 12

Pharmaceuticals & Biotechnology

Over Valued .......................................................... 13

Over Valued ....................................................... 15

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RISK WARNING Ratings and Targets

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How to use the report

Longer term action based

Latest 12 month Hi/Lo for

eta measures a shares

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Aerospace & Defence

ULTRA ELECTRONICS HDG.

Automobiles & Parts

HSBC HDG. (ORD $0.50)

LLOYDS BANKING GROUP

ROYAL BANK OF SCTL.GP.

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Construction & Building Materials

BERKELEY GROUP HDG.(THE)

BOVIS HOMES GROUP

MORGAN SINDALL GROUP

Electronics & Electrical Equipment

DOMINO PRINTING SCIENCES

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Engineering & Machinery

AGA RANGEMASTER GROUP

HILL & SMITH

Food & Drug Stores

Food Producers & Processors

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BROWN (N) GROUP

MARKS & SPENCER GROUP

MOSS BROTHERS GROUP

SMITH & NEPHEW

Household Goods & Textiles

Information Technology & Hardware

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JARDINE LLOYD THOMPSON

RSA INSURANCE GROUP

Leisure & Hotels

FULLER SMITH 'A'

MILLENNIUM & CPTH.HTLS.

MITCHELLS & BUTLERS

BWIN PARTY DIGITAL ENTM.

LEGAL & GENERAL

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Media & Entertainment

BRITISH SKY BCAST.GROUP