ukvalueinvestor.com UKValueInvestor
High quality value investing for income & growth May 2012
Back in recession again Contents Although we’ve managed to avoid it for quite some time, the UK is back in recession. I don’t Market Overview think this is much of a surprise to most people; the UK economy has gone pretty much With the FTSE 100 at 5,700 the nowhere since the credit crunch started back in 2007/8. market is once again back in the ‘cheap’ range, with 7-year total As always though, it isn’t the end of the world just yet. The US is starting to show signs of returns expected to be around recovery and in the past most recessions ended when the US pulled us out. With any luck, 10% per annum. the same process will apply this time round.
Model Portfolio Obviously most people would much prefer that we got back to growth sooner rather than Annual results are in from JD later, but from an investing point of view it shouldn’t matter too much one way or the other. Sports One of the basic assumptions of sound investing is that the future will always hold unpleasant Buy Alert surprises and that prudent and rational investors should be prepared for them at all times. A leading home shopping retailer This means sticking to the basics of being diversified, picking high quality companies, buying will be joining the portfolio. them when they are attractively valued and selling them when they’re not.
FTSE 350 Sorted by Rating Find the top rated stocks in next New name, new rating system to no time. This month I’m pleased to announce that we have a new name and a new rating system, all in the name of clarity. The Defensive Value Report is now the UK Value Investor and the old FTSE 350 Sorted by Name colour-coded stock rating system has changed to something which is hopefully a little more Compare one stock to another user friendly. Although the underlying mechanics of the rating system are the same as with ease. before, the end result is a more intuitive 1-to-5 star rating for each eligible stock in the FTSE 350. You can read more about it in the UKVI Rating System: A Quick Guide section on page 10. John Kingham, Editor [email protected] 7-Year forecast If you look at a chart of the FTSE 100 going back to 2009 you’ll see that since the tail end of that year we’ve been in a trading range between 5,000 and 6,000, so it should come as no surprise that we’re still hovering in that zone today.
Current Level 7 Year Forecast Total 1 Description CAPE FTSE 100 “The fact that people will (5,700) Annual Returns be full of greed, fear or Bubble -3% to 0% 25 - 30 11,600 - 13,900 Bull Top 0% to 3% 20 - 25 9,300 - 11,600 folly is predictable; the Expensive 3% to 8% 15 - 20 6,900 - 9,300 sequence is not” Normal 8% to 10% 12.5 - 15 5,800 - 6,900 Cheap 10% to 14% 10 - 12.5 4,600 - 5,800 – Warren Buffett Bear Bottom 14% to 19% 7.5 - 10 3,500 - 4,600 Depression 19% to 26% 5 - 7.5 2,300 - 3,500
1 CAPE is the ratio between the current price or index level and the 10 year inflation adjusted average earnings 1
UK Value Investor May 2012
I recently read The Little Book of Sideways Markets by Vitaliy Katsenelson because his valuation approach has many similarities to the ones used here, and the name ‘sideways market’ certainly applies to the one we have now. In fact, Vitaliy is referring to the sideways market that we’ve been in since 1999 which gives you some indication of how long these things can go on for.
You can see from the 7-year forecast table that we’re back into the ‘Cheap’ range once again, with forecast future returns (including dividends) of around 10% a year over that period. The Valuation System return from equities over the long-term has been nearer 8% a year, so this forecast expects Various studies have shown an the medium-term future to be better than average, which means that equities are more inverse relationship between the attractive than usual. value of stock market indices and their future returns. Target asset allocation The equity valuation system used This is a counter-cyclical asset allocation strategy to give index investors and multi-asset class here is based around a central investors some ideas on asset allocation. The default split is 1/3rd bonds and 2/3rds stocks, valuation of 15 times the 10 year which is similar to many pension funds. Since stocks are currently cheaper than their historic average earnings, which is a average the target allocation is overweight stocks and underweight bonds. historically average figure.
You can see below that stocks are overweight by an additional 13%, taking the target Returns over 5 – 30 years are typically average from an allocation up to 79% from the default 66%. averagely valued starting point. The higher the valuation, the lower the future returns, and vice Asset Allocation - Overweight Stocks versa. In the long-term it seems that markets can swing from around half to double their long- term average valuation. Default Stocks (66%)
The table to the right reflects Overweight Stocks (13%) those findings. Bonds (21%) Target Asset Allocation Actively adjusting asset allocations may lead to a reduction of volatility, especially Distinctive, simple and repeatable during speculative booms. Successful investing has more to do with a sound strategy than it has to do with skill. The The mathematical model used type of strategy focused on in UKValueInvestor is neatly summed up by three major here has a default stock guidelines from a new book “Repeatability”, by Chris Zook and James Allen. allocation of 66% when the market is normally valued. The book is about building an enduring business which can thrive in a changing world, but the key lessons apply to building a high quality investment approach: When the market moves below its average valuation the stock 1. Distinctive – If an investor expects to beat the market he has to do something different allocation increases as future to what the market is doing. Value investing’s approach to measuring the market is returns are expected to be higher. distinctive because it’s counter-cyclical and contrarian.
2. Simple – An approach to investing which is too complex will be too hard to follow for When the market reaches half its most investors. Many of the most important measures and metrics used to value average valuation the stock allocation is 100%. Alternatively, companies are relatively simple, requiring no more maths than simple algebra. No Greek when the market reaches double letters or mathematicians required. its normal valuation the stock 3. Repeatable – by using investment checklists an investor can easily repeat the process of allocation is 0% and the portfolio valuing a market or a company, while those that rely on news and gut feel are often would be 100% in bonds or cash. making it up as they go along.
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UK Value Investor May 2012
Model Portfolio
Earnings season has been surprisingly upbeat What are the goals of For the first time in a couple of months there is only one annual report to go over; so I’ll use this portfolio? this space to review the earnings season now that it’s mostly over. Dividend yield: 1% - 3% more The avalanche of annual reports began in February with Chemring and ended in April with than the current yield of the UTV Media. All in all there were 11 companies up for review and the good news is that in FTSE 100. every single case the 10-year average earnings (sometimes called the earnings-power of the Dividend growth rate: 1% - 3% company) and the dividend increased from the previous year. higher than the FTSE 100 over This may be an indicator that the intrinsic value of the businesses increased in each case, the medium term. although intrinsic value is not something that can ever be calculated with much accuracy. Capital growth rate: 1% - 3% It’s inconceivable that a portfolio of stocks can run on forever without having any bad news, higher than the FTSE 100 over so it’s especially important, when everything is going to plan, that investors steel themselves the medium term (with for trouble ahead. dividends reinvested). Exactly where and in what form that trouble will come from is unknown. The only thing we Volatility: Another goal of the can know is that at some point in the years ahead there will be trouble of some sort, and it’s portfolio is to be less volatile then the FTSE 100 in the at that point that the real investor is separated from the speculator. Speculators run at the medium term. first sign of a problem while investors tend to hold tight for the long-term.
However, for now I think we can say the portfolio has done pretty well out of this earnings season.
ICAP shares added to the portfolio After last month’s buy alert for ICAP I added 450 shares to the model portfolio at a price of 365.2p each for a total amount, including commissions and taxes of £1,661.78.
JD Sport annual report – Still expanding at full steam "The leading retailer of sport inspired fashion apparel and footwear" - jdplc.com
JD Sport had a positive 2011, despite all the gloom which surrounds the retail industry at the moment. Results were ahead of expectations, even when including the £2.2m loss from the company's latest acquisition, Blacks (which includes the Millett's brand). Further acquisitions included Sprinter in Spain, Champion in Ireland, Cecil Gee and the Fenchurch brand. The company is continuing to pursue its relatively aggressive international expansion program, and this is combined with further investment into exclusive brand licences and distribution infrastructure.
The expansion and investment for future growth is reflected in the increase in long-term earnings power, with the 10-year earnings average rising by over 15% and the dividend increasing by 10%.
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Revenue 953 981 1,012 1,045 1,112 1,229 1,378 1,584 1,815 2,176 Adj. earnings 26.5 8.6 21.8 25.3 36.4 57.1 72.3 93.6 116.9 105.9 Dividends 7.8 6.5 6.6 6.9 7.2 8.5 12.0 18.0 23.0 25.3 JD Sport per s hare results
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UK Value Investor May 2012
Model Portfolio Current Holdings and Ratings
Share Weight EPIC Index Sector Price (p) Rating Buy/Hold/Sell2 Growth Yield
CASH 7.6%
UTV MEDIA 7.1% UTV SMALLCAP MEDIA 152.1 Hold -1.0% 4.2%
MITIE GROUP 5.7% MTO FTSE250 SUPPORT SERVICES 291.6 Sell 12.4% 3.3%
INTERSERVE 5.6% IRV FTSE250 SUPPORT SERVICES 286.1 Buy 7.3% 6.8% HOUSEHOLD GOODS AND HOME RECKITT BENCKISER 5.3% RB. FTSE100 3585.6 Hold 14.9% 3.5% CONSTRUCTION UK MAIL GROUP 5.3% UKM SMALLCAP INDUSTRIAL TRANSPORTATION 236.4 Hold 1.4% 7.7%
BHP BILLITON 5.0% BLT FTSE100 MINING 1973.7 Hold 22.8% 3.5%
VODAFONE GROUP 5.0% VOD FTSE100 MOBILE TELECOMMUNICATIONS 170.5 Buy 12.1% 7.9%
BALFOUR BEATTY 4.9% BBY FTSE250 CONSTRUCTION AND MATERIALS 260.8 Hold 9.3% 5.4%
SSE 4.7% SSE FTSE100 ELECTRICITY 1320.4 Hold 7.8% 6.0%
BAE SYSTEMS 4.6% BA. FTSE100 AEROSPACE AND DEFENCE 295.3 Buy 8.4% 6.4%
MEARS GROUP 4.6% MER SMALLCAP SUPPORT SERVICES 261.5 Hold 17.1% 3.0%
TULLETT PREBON 4.6% TLPR FTSE250 FINANCIAL SERVICES 343.6 Buy 14.2% 4.9%
BP 4.4% BP. FTSE100 OIL AND GAS PRODUCERS 444.7 Buy 12.1% 4.4%
ASTRAZENECA 4.2% AZN FTSE100 PHARMACEUTICALS AND BIOTECHNOLOGY 2698.5 Buy 13.8% 6.7%
JD SPORTS FASHION 4.0% JD. FTSE250 GENERAL RETAILERS 820.4 Hold 17.1% 3.1% BRAEMAR SHIPPING 3.8% BMS SMALLCAP INDUSTRIAL TRANSPORTATION 387.4 Buy 12.7% 6.7% SERVICES ICAP 3.3% IAP FTSE100 FINANCIAL SERVICES 379.5 Hold 11.7% 5.5%
RSA INSURANCE 2.9% RSA FTSE100 NONLIFE INSURANCE 104.9 Buy 29.7% 8.9%
AVIVA 2.7% AV. FTSE100 LIFE INSURANCE 308 Hold 1.1% 8.6%
GO-AHEAD GROUP 2.5% GOG FTSE250 TRAVEL AND LEISURE 1140.1 Buy 7.7% 7.1%
CHEMRING GROUP 2.2% CHG FTSE250 AEROSPACE AND DEFENCE 326.6 Buy 27.9% 4.8%
Buy/Hold/Sell – This label depends on the stock’s UKVI “The defensive investor must confine himself star rating. The 10 most highest rated stocks are labelled to the shares of important companies with a ‘buy’, the middle 10 stocks are labelled ‘hold’, and the long record of profitable operations and in lowest 10 rated stocks are labelled ‘sell’ (once there are 30 holdings in the portfolio). strong financial condition” - Ben Graham This is for readers who want to follow the model portfolio so that they can avoid researching stocks which will are more likely to be sold soon.
2 Buy/Hold/Sell refers to the action that the model portfolio would take if it were making a decision on a particular holding today. This is not a recommendation to invest in, or not to invest in, any particular investment. This newsletter is for information purposes only. See the disclaimer on the back pages.
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UK Value Investor May 2012
Model Portfolio Performance, Value & Composition
Model Portfolio Total Return Index Tracker Total Return
15.0%
10.0%
5.0%
0.0%
-5.0%
-10.0%
-15.0%
Performance (%) Yield 1y YTD 20113 From inception4 Model Portfolio +5.1 +2.7 +9.8 -6.9 +2.2 Index Tracker5 +3.5 -3.0 +3.6 -3.4 +0.1 Relative to Index Tracker +1.6 +5.7 +6.2 -3.5 +2.1
Cash Results (£) Current Value 2012 Income 2011 Income Income From Inception Model Portfolio 51,101 555 825 1,380 Index Tracker 50,027 £0 1,540 1,540 Relative +1,060 +555 -715 -160
3 2011 was the inception year and not a full year for these portfolios. 4 Inception date was 1st March 2011 5 The index tracker is the Edinburgh UK Tracker Trust
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UK Value Investor May 2012
Buy Alert: N Brown PLC
Overview Snapshot N Brown is one of the country’s leading direct home shopping companies, although with Price online sales now reaching 50% it may be more accurate to call the company a multi-channel 229p retailer.
Index With over 20 separate distribution brands, from JD Williams to Simply Be and Figleaves.com, FTSE 250 the company gets about 50% of its revenues from ladieswear, with the remainder coming from footwear, menswear and home & leisure. Market Cap £650 million The focus is often on older customers who may find it difficult to buy from high street stores due to their size requirements. These customers are broken down into a number of niches Revenue and the marketing effort is targeted accordingly. £753 million In order to continue growth, there are fledgling projects underway to grow the business Industry internationally, with new web sites for parts of continental Europe and the US. With the Retailer acquisition of High & Mighty there is now also a high street presence.
Price to earnings 8 Investment Checklist Each investment analysis is done by checklist to assess the risk and potential returns in each Price to 10yr earnings case. This helps to ensure that the process used can be repeated consistently and accurately. 13 1. Is the company diverse and does it add diversity to the Dividend yield 5.6% portfolio?
Dividend cover Industrial diversity 2.2 N brown is predominantly a clothing and furniture retailer. This is the same sector as the existing holding JD Sport, although the two companies operate in very different ways in very 10yr EPS growth rate different segments of the clothing market. This means that adding N Brown doesn’t increase 7% the industrial diversity of the portfolio. Now that the portfolio has two clothing retailers I won’t be adding any more until one of these is sold. UKVI Rating
Geographic diversity N Brown is a UK-centric company. There are international operations with plans to expand, but for now these are all in the early stages, so N Brown does not add to the geographic diversity of the portfolio.
Operational diversity For a retailer, the company has a very diverse range of customers and brands. In fact, the diverse range of customers is one of its main competitive advantages. With a wide range of brands from Simply Be to Figleaves.com and Fashion World, the customers are more diverse across height, girth and age than at most retailers.
Sales are generated across more than 20 separate distribution brands, partly online, partly via catalogue and with some high street stores as well. Income is also split into profit from sales and profit from supplying credit to customers, which is often a feature of the home shopping business model.
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2. Is it a high quality business?
Is it large? N Brown is listed in the FTSE 250, it has a market valuation of over £600 million and sales of over £700 million.
Is it in the market leading group? Yes, it’s one of the country’s leading home shopping and multi-channel retailers.
Does it have a long history of economic prosperity? The table below shows how the company’s per share results have changed over last decade:
Per Share Results 140.0% 120.0% 100.0% 80.0% 60.0% Revenue 40.0% Adj. Earnings 20.0% Dividends 0.0% -20.0% -40.0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
“What always impressed The slow growth at the beginning is where the business adapted to the mild economic me, is how much better slowdown in the early 2000s and the rapid adoption of online retailing by its customers. the relaxed long-term Since then things have gone very well over the last few years. owner of stocks do with The past – does it have a consistent operating history? their portfolios than the Yes, the company has been in the direct home shopping business for many, many years. In traders do with their the 2000s there was a brief foray into a TV shopping channel, but in 2006/7 this and other switching” non-core businesses were sold or re-structured. The present – is it free of current problems that might materially impact the – Lucien Hooper company’s intrinsic value? Other than the current recession and slow economic environment, there are no obvious threats to the company’s existence.
The future – Is there virtually no chance that its economic engine will become obsolete in the next 20 years? The industry in which they operate is unlikely to vanish overnight; we will all need clothing for the foreseeable future. However, there are many changes afoot, but so far N Brown has coped with them admirably, especially the move to online selling which is now 50% of sales.
Does it have a low-cost, durable competitive advantage? There are various competitive advantages that N Brown has, but none of them are strong enough to be called a wide economic moat. For example:
Brands: some of the brands are very well known, like figleaves.com and Simply Be.
Inventory: The sales model is very different from a high street retailer, where N Brown is looking to sell a few items each from a vastly diverse range of sizes, while high street retailers
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UK Value Investor May 2012
prefer to sell lots of items from a few lines, which means that a high street retailer is not competing directly with N Brown.
Lower costs: With very few high street outlets, costs can be kept down.
Profit from credit: The profits generated by offering credit to customers is a useful additional income stream which most retailers don’t push as a core part of their business.
So while there are various ways in which N Brown is well positioned, none of them seem to offer a wide moat against attack from competitors.
3. Is it conservatively financed?
Is the interest cover above 5 and preferably above 10? Interest payments are covered more than 15 times over by earnings.
Are total borrowings less than 5 times adjusted net profit? Total borrowings are around £250 million with earnings at about £80 million, so borrowings are just over three times earnings. This is a reasonable amount for most companies to have.
"Buy when most 4. Is there a fair chance of market beating returns? people…including Is the dividend yield above average and likely to be sustainable? experts…are pessimistic, The dividend yield is very attractive at more than 5%. This dividend is well covered by and sell when they are earnings and the company does not have a history of cutting its dividend. In comparison, the actively optimistic" FTSE 100’s dividend yield is closer to 3.6%. Is the company cheaper than average relative to past earnings? – Ben Graham The company is currently trading around a PE of 10, while the price to 10-year earnings average (the ‘earnings power’ of the company) is about 12, both of which are lower, and therefore more attractive, than for the average company.
Is the company growing faster than average? N Brown has a solid history of relatively consistent growth, the rate of which has been something around 7% a year for the past decade which is above the 5% growth rate achieved by the FTSE 100 companies as a group.
Benchmark comparison Comparing N Brown directly against the FTSE 100 for dividends, valuation and growth should help to make the investment case clearer:
Growth Investment PE10 Dividend Yield Rating (10yr EPS) N Brown 12 7% 5.6%
FTSE 100 (at 5,700) 13.9 5% 3.6%
Comparison to benchmark
These measures of a company’s performance; the dividend yield, the earnings growth rate and the price to earnings ratio, are the major drivers of shareholder returns. By investing at lower valuations, with higher growth and higher dividend yields, investors can increase the odds that their portfolio will outperform the market and N Brown scores on all three counts.
Conclusion N Brown is a leading, multi-channel retailer which has successfully moved from a direct home shopping catalogue business model to one that includes a significant amount of online sales.
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It has a long and relatively steady history of revenue, earnings and dividend growth in recent years and is currently available with a single digit PE ratio and a dividend yield over 5%.
There are no obvious threats to the company, other than that it’s in the retail sector in the middle of a long and drawn out economic downturn.
I will be buying shares in N Brown for the model portfolio in the days after this issue is published. As usual the initial weighting will be 1/30th (3.3%) of the total portfolio value at the time of purchase.
Higher rated companies that were rejected Amlin, Hiscox – These are insurance companies and the portfolio already owns two insurance companies (Aviva and RSA).
First Group – First is the market leading public transport company. However, it carries too much debt to get into the portfolio. It also has high interest payments relative to earnings with interest payments covered only 2.5 times.
Carillion, Kier Group, Atkins (WS) – These companies operate in the design, engineering, construction and support services industries. The portfolio already owns several similar companies (MITIE, Interserve, Balfour Beatty).
Ladbrokes –This company has a somewhat inconsistent history and is currently undergoing ‘significant change’ which is something that is often best avoided.
Man Group – This is an investment management business which is not what the model portfolio is after.
Dairy Crest – This leading dairy produce company currently has an interest cover of less than 5, which means that there is too much debt relative to earnings for our model portfolio.
15 Rules for Investment Success by John Templeton
1. Invest for maximum real return 2. Invest – don’t trade or speculate 3. Remain flexible and open minded about types of investment 4. Buy low 5. When buying stocks, search for bargains among quality stocks 6. Buy value, not market trends or the economic outlook 7. Diversify. In stocks and bonds, as in much else, there is safety in numbers 8. Do your homework or hire wise experts to help you 9. Aggressively monitor your investments 10. Don’t panic 11. Learn from your mistakes 12. Outperforming the market is a difficult task 13. An investor who has all the answers doesn’t even know all the questions 14. There is no free lunch 15. Do not be fearful or negative too often
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UK Value Investor May 2012
UKVI Ratings: A Quick Guide
UK Value Investor has a unique rating system to sort all of the stocks in the FTSE 350. It’s based 5-Star Rating System around the three long term drivers of equity returns which are earnings growth, dividends and changes to PE ratios. The goal of this rating system is to make it easy to find companies which The UKVI rating system is have good combinations of high growth, high yield and an attractive valuation. based around the long-term drivers of shareholder returns. Companies which are high quality, as measured by long term growth and consistent dividend These are dividend yield, payments, which are also available at a low price, as measured by a high long term earnings yield earnings growth rates and and a high dividend yield, will tend to have a 4 or 5-star rating. changes to PE ratios. Companies which are low quality, as measured by low or negative long term growth (i.e. they’re The ratings are made up of a shrinking) and with short or inconsistent dividend histories, that are available at a high price, multi-step process which measured by a low long term earnings yield and a low dividend yield, will tend to have a 1 or 2- combines these three factors star rating. into a single measure, which allows one company to be Companies which are merely average, whether in terms of the underlying company or the compared directly to another valuation of the shares, will typically have a 3 star rating. in a single step. Looking at 10 year data rather than just last year’s results The rating is purely The rating system relies on 10 years of data in order to make reasonable assumptions about a quantitative, which means company’s reliable earnings power, the likelihood of dividends being paid and other important that it is not based on the factors. FTSE 350 companies that have not been listed for 10 years will not be in the tables. opinion of anybody, but instead relies purely on the Above average companies numbers. It sounds obvious, but good companies that can generate consistently growing profits tend to 4 or 5 stars – These shares make better investments. The rating system measures growth using earnings per share growth have the highest growth rates over the last ten years. and dividend yields. The model portfolio will only buy At below average prices shares from this group. The total return of any stock market investment is highly dependent on this initial purchase 3 stars – This is where shares price. The higher the price paid the lower the returns will be and the lower the price, the higher with average growth rates the returns (all else being equal). and/or yields live. The model The rating system measures price as being high and low in relation to the long-term earnings portfolio may hold some 3 star power of the company as well as the dividend. shares. The proven long-term earnings power is taken to be the average earnings of the last 10 years. 1 or 2 stars – These are the This is the ‘baseline’ level of earnings that is assumed to be possible going forward. The lower the shares that have low growth price is compared to this figure, the better. rates and low yields. Finally, the lower the price is relative to the dividend the higher the dividend yield, and a higher Ratings Table Key the yield is generally better. XXXXX – Light blue rows are for those companies that are Combining above average companies with below average prices already held in the model Shares with the best combination of long term growth (good company) and high earnings and portfolio. dividend yields (good price) get the best rating which makes it much easier to find these kinds of XXXXXX – Orange in the shares. Interest Cover column indicates a cover of between 5 FURTHER ANALYSIS IS STILL REQUIRED AND YOU SHOULD SEEK A PROFESSIONAL and 10 which is a little low for FINANCIAL ADVISOR IF YOU THINK YOU NEED ONE. PLEASE SEE THE DISCLAIMER some companies. Red in this ON THE LAST PAGE column indicates a cover of . less than 5 which is low for all but the most stable utility type companies.
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UK Value Investor May 2012
FTSE 350: Sorted by the UKVI Rating System
If you’re looking for stocks with the best combination of long term growth, earnings yield and dividend yield, then this is the table for you (includes an entry for the FTSE 100 index for comparison). Note that some FTSE 350 stocks will be missing from the list if they do not have 10 years of data available.
Interest Share EPIC Index Sector Price (p) Rating PE10 Growth Yield Cover RSA INSURANCE RSA FTSE100 NONLIFE INSURANCE 104.9 9.2 29.7% 8.9%
AMLIN AML FTSE250 NONLIFE INSURANCE 329.9 10.1 44.4% 7.1%
ASTRAZENECA AZN FTSE100 PHARMACEUTICALS AND BIOTECHNOLOGY 2,698.5 11.1 13.8% 6.7% 26.43 BRAEMAR SHIPPING SERVICES BMS SMALLCAP INDUSTRIAL TRANSPORTATION 387.4 10.9 12.7% 6.7%
FIRSTGROUP FGP FTSE250 TRAVEL AND LEISURE 194.8 5.7 5.5% 12.1% 2.51 BP BP. FTSE100 OIL AND GAS PRODUCERS 444.7 8.4 12.1% 4.4% 63.51 TULLETT PREBON TLPR FTSE250 FINANCIAL SERVICES 343.6 11.0 14.2% 4.9% 12.07 CHEMRING GROUP CHG FTSE250 AEROSPACE AND DEFENCE 326.6 14.0 27.9% 4.8% 8.7 CARILLION CLLN FTSE250 SUPPORT SERVICES 291.7 10.5 10.3% 5.9% 42.87 INTERSERVE IRV FTSE250 SUPPORT SERVICES 286.1 8.5 7.3% 6.8% 45.9 VODAFONE GROUP VOD FTSE100 MOBILE TELECOMMUNICATIONS 170.5 14.7 12.1% 7.9%
GO-AHEAD GROUP GOG FTSE250 TRAVEL AND LEISURE 1,140.1 9.4 7.7% 7.1% 6.58 HISCOX HSX FTSE250 NONLIFE INSURANCE 398.6 13.0 19.9% 4.4%
BAE SYSTEMS BA. FTSE100 AEROSPACE AND DEFENCE 295.3 10.4 8.4% 6.4% 17.76 BALFOUR BEATTY BBY FTSE250 CONSTRUCTION AND MATERIALS 260.8 9.8 9.3% 5.4%
MAN GROUP EMG FTSE100 FINANCIAL SERVICES 103.5 4.3 1.5% 11.2%
KIER GROUP KIE FTSE250 CONSTRUCTION AND MATERIALS 1,165.6 10.3 8.0% 5.6% 132 AVIVA AV. FTSE100 LIFE INSURANCE 308.0 5.4 1.1% 8.6%
LADBROKES LAD FTSE250 TRAVEL AND LEISURE 179.5 7.6 7.9% 4.4% 5.72 ICAP IAP FTSE100 FINANCIAL SERVICES 379.5 15.5 11.7% 5.5% 13.39 ATKINS (W S) ATK FTSE250 SUPPORT SERVICES 726.9 13.6 13.4% 4.1% 8.42 DAIRY CREST DCG FTSE250 FOOD PRODUCERS 301.0 6.5 0.9% 6.8% 4.84 BROWN (N) BWNG FTSE250 GENERAL RETAILERS 229.1 12.2 7.2% 5.8% 15.94 TESCO TSCO FTSE100 FOOD AND DRUG RETAILERS 317.3 12.6 9.5% 4.7% 14.98 UBM UBM FTSE250 MEDIA 589.5 14.1 11.0% 4.6% 7.32 CAPE CIU FTSE250 OIL EQUIPMENT - SERVICES AND DISTRIBUTION 377.3 16.7 22.7% 3.8% 9.24 MARSTONS MARS FTSE250 TRAVEL AND LEISURE 97.6 7.0 -0.2% 6.0% 2.09 LEGAL AND GENERAL LGEN FTSE100 LIFE INSURANCE 117.7 12.0 5.3% 5.6%
BREWIN DOLPHIN BRW FTSE250 FINANCIAL SERVICES 163.5 16.7 12.5% 4.3%
GREENE KING GNK FTSE250 TRAVEL AND LEISURE 510.3 12.0 6.8% 4.7% 2.73 MARKS AND SPENCER MKS FTSE100 GENERAL RETAILERS 357.1 12.2 6.8% 4.8% 14.65 SSE SSE FTSE100 ELECTRICITY 1,320.4 16.2 7.8% 6.0% 6.67 HOMESERVE HSV FTSE250 SUPPORT SERVICES 252.5 16.9 11.2% 4.5% 56.28 UK MAIL GROUP UKM SMALLCAP INDUSTRIAL TRANSPORTATION 236.4 11.4 1.4% 7.7% 162 JD SPORTS FASHION JD. FTSE250 GENERAL RETAILERS 820.4 14.5 17.1% 3.1% 190.2 ROYAL DUTCH SHELL RDSB FTSE100 OIL AND GAS PRODUCERS 2,247.1 12.3 6.2% 4.7%
SEGRO SGRO FTSE250 REAL ESTATE INVESTMENT TRUSTS 221.1 6.9 -6.7% 6.7% 4.89 RIO TINTO RIO FTSE100 MINING 3,432.4 14.0 20.5% 2.8% 59.79 CLOSE BROTHERS CBG FTSE250 FINANCIAL SERVICES 737.0 12.1 4.1% 5.6%
HSBC HOLDINGS HSBA FTSE100 BANKS 555.1 9.7 2.2% 4.8%
BHP BILLITON BLT FTSE100 MINING 1,973.7 20.2 22.8% 3.5% 56.71 INTERMEDIATE CAPITAL ICP FTSE250 FINANCIAL SERVICES 256.8 7.0 -11.1% 7.2%
PRUDENTIAL PRU FTSE100 LIFE INSURANCE 754.7 17.6 16.9% 3.4%
CENTRICA CNA FTSE100 GAS - WATER AND MULTIUTILITIES 307.0 15.5 6.7% 5.2% 16.54 DAILY MAIL AND GENERAL TRUST DMGT FTSE250 MEDIA 416.2 9.8 3.7% 4.2% 5.24 REED ELSEVIER REL FTSE100 MEDIA 510.2 15.2 8.2% 4.3% 6.92 NATIONAL EXPRESS NEX FTSE250 TRAVEL AND LEISURE 216.7 6.1 -2.3% 4.5% 4.85 XSTRATA XTA FTSE100 MINING 1,177.3 13.0 20.5% 2.2% 36.98 BT GROUP BT.A FTSE100 FIXED LINE TELECOMMUNICATIONS 210.6 11.6 4.7% 4.2% 3.44 BRITISH LAND CO BLND FTSE100 REAL ESTATE INVESTMENT TRUSTS 489.2 16.3 6.0% 5.3% 4.66 UTV MEDIA UTV SMALLCAP MEDIA 152.1 7.4 -1.0% 4.2% 7.66 MEARS GROUP MER SMALLCAP SUPPORT SERVICES 261.5 17.1 17.1% 3.0% 15.64 UNITED UTILITIES UU. FTSE100 GAS - WATER AND MULTIUTILITIES 618.6 12.8 2.2% 5.2% 2.36 IMPERIAL TOBACCO IMT FTSE100 TOBACCO 2,464.2 20.3 10.8% 4.1% 6.37 BERENDSEN BRSN FTSE250 SUPPORT SERVICES 515.0 14.3 4.7% 4.6% 4.99 GLAXOSMITHKLINE GSK FTSE100 PHARMACEUTICALS AND BIOTECHNOLOGY 1,424.2 14.8 4.3% 5.0% 11.88 F AND C ASSET MANAGEMENT FCAM FTSE250 FINANCIAL SERVICES 67.3 6.8 -8.0% 4.5% 3.58 PROVIDENT FINANCIAL PFG FTSE250 FINANCIAL SERVICES 1,155.8 15.6 1.4% 6.1% 3.33 STANDARD CHARTERED STAN FTSE100 BANKS 1,505.7 17.5 11.5% 3.3%
RESTAURANT GROUP RTN FTSE250 TRAVEL AND LEISURE 280.8 20.7 11.3% 3.8% 67.83 SAVILLS SVS FTSE250 REAL ESTATE INVESTMENT AND SERVICES 357.7 13.8 5.1% 3.9%
STAGECOACH SGC FTSE250 TRAVEL AND LEISURE 247.9 18.4 12.5% 3.1% 5.82 PREMIER FARNELL PFL FTSE250 SUPPORT SERVICES 214.8 16.6 4.2% 4.9% 5.68 CAPITA GROUP CPI FTSE100 SUPPORT SERVICES 663.1 24.4 16.2% 3.3% 10.18 GALLIFORD TRY GFRD FTSE250 CONSTRUCTION AND MATERIALS 652.9 9.2 -4.2% 4.2% 21.65 ANGLO AMERICAN AAL FTSE100 MINING 2,368.0 13.3 12.1% 2.1% 483.4 BBA AVIATION BBA FTSE250 INDUSTRIAL TRANSPORTATION 197.4 11.4 -1.6% 4.4% 6.93 RECKITT BENCKISER RB. FTSE100 HOUSEHOLD GOODS AND HOME CONSTRUCTION 3,585.6 26.6 14.9% 3.5% 130.89 WH SMITH SMWH FTSE250 GENERAL RETAILERS 527.0 15.6 3.5% 4.7%
SCHRODERS SDR FTSE100 FINANCIAL SERVICES 1,417.5 21.7 19.8% 2.8%
11
UK Value Investor May 2012
Interest Share EPIC Index Sector Price (p) Rating PE10 Growth Yield Cover CRANSWICK CWK FTSE250 FOOD PRODUCERS 804.9 16.4 7.9% 3.5% 30.02 NEXT NXT FTSE100 GENERAL RETAILERS 2,928.9 19.4 11.1% 3.1% 21.03 FTSE 100 at 5,700 13.9 5.0% 3.6%
GREGGS GRG FTSE250 FOOD AND DRUG RETAILERS 501.4 16.9 6.0% 4.0%
OLD MUTUAL OML FTSE100 LIFE INSURANCE 147.9 10.8 0.8% 3.7%
CRH CRH FTSE100 CONSTRUCTION AND MATERIALS 1,245.3 12.0 -2.2% 4.4% 3.8 MITIE GROUP MTO FTSE250 SUPPORT SERVICES 291.6 23.2 12.4% 3.3% 41.65 SAINSBURY (J) SBRY FTSE100 FOOD AND DRUG RETAILERS 308.1 15.0 -0.3% 5.1% 10.13 BRITISH AMERICAN TOBACCO BATS FTSE100 TOBACCO 3,158.7 27.3 10.2% 4.1% 12 PEARSON PSON FTSE100 MEDIA 1,159.7 23.3 10.6% 3.7% 13.27 SEVERN TRENT SVT FTSE100 GAS - WATER AND MULTIUTILITIES 1,689.8 21.6 7.7% 4.1% 2.34 LAIRD LRD FTSE250 ELECTRONIC AND ELECTRICAL EQUIPMENT 216.3 10.6 -2.9% 4.0% 8.37 MORRISON (WM) SUPERMARKETS MRW FTSE100 FOOD AND DRUG RETAILERS 280.6 19.7 6.9% 3.9% 37.42 SAGE GROUP SGE FTSE100 SOFTWARE AND COMPUTER SERVICES 286.2 21.6 10.0% 3.6% 27.46 ELECTROCOMPONENTS ECM FTSE250 SUPPORT SERVICES 227.6 15.2 -2.3% 5.2% 20.66 HAYS HAS FTSE250 SUPPORT SERVICES 89.3 11.8 -4.1% 4.3% 15.21 INCHCAPE INCH FTSE250 GENERAL RETAILERS 366.1 8.6 0.8% 3.0% 17.84 TELECOM PLUS TEP FTSE250 FIXED LINE TELECOMMUNICATIONS 683.4 48.4 15.9% 3.8%
COBHAM COB FTSE250 AEROSPACE AND DEFENCE 226.5 16.5 8.8% 3.0% 4.82 WETHERSPOON (J D) JDW FTSE250 TRAVEL AND LEISURE 405.6 16.4 8.1% 3.1% 2.88 SHANKS GROUP SKS FTSE250 SUPPORT SERVICES 92.5 11.0 -1.4% 3.7% 3.43 LAND SECURITIES LAND FTSE100 REAL ESTATE INVESTMENT TRUSTS 727.3 13.9 0.4% 4.0% 2.01 ITE GROUP ITE FTSE250 MEDIA 225.8 26.0 15.2% 2.8% 56.18 BARCLAYS BARC FTSE100 BANKS 218.4 5.1 -5.8% 2.9%
LONDON STOCK EXCHANGE LSE FTSE250 FINANCIAL SERVICES 1,088.1 24.0 14.3% 2.7% 7.61 EASYJET EZJ FTSE250 TRAVEL AND LEISURE 495.9 20.5 7.9% 3.5% 12.81 MILLENNIUM AND COPTHORNE MLC FTSE250 TRAVEL AND LEISURE 485.7 22.5 10.6% 3.1% 29.82 HOTELS COMPUTACENTER CCC FTSE250 SOFTWARE AND COMPUTER SERVICES 415.2 18.1 5.0% 3.8%
PENNON GROUP PNN FTSE250 GAS - WATER AND MULTIUTILITIES 735.9 25.6 9.4% 3.6% 3.4 DOMINO PRINTING SCIENCES DNO FTSE250 ELECTRONIC AND ELECTRICAL EQUIPMENT 598.8 27.1 12.0% 3.1% 587.64 ANGLO PACIFIC APF FTSE250 MINING 319.9 37.2 17.1% 3.1% 8.91 DOMINOS PIZZA UK AND IRL DOM FTSE250 TRAVEL AND LEISURE 439.8 49.9 24.1% 2.9% 195.27 CAPITAL SHOPPING CENTRES CSCG FTSE100 REAL ESTATE INVESTMENT TRUSTS 325.0 16.3 -2.5% 4.6% 1.76 INTERNATIONAL CONSOLIDATED IAG FTSE100 TRAVEL AND LEISURE 176.4 11.9 10.4% 0.0% 3.59 AIRLINES DE LA RUE DLAR FTSE250 SUPPORT SERVICES 975.1 24.3 5.4% 4.3% 10.63 TATE AND LYLE TATE FTSE100 FOOD PRODUCERS 690.4 18.4 5.0% 3.6% 5.53 WPP GROUP WPP FTSE100 MEDIA 833.4 19.2 7.1% 3.1% 5.96 IMI IMI FTSE100 INDUSTRIAL ENGINEERING 989.3 22.5 9.3% 3.1% 23.24 GKN GKN FTSE100 AUTOMOBILES AND PARTS 203.6 12.1 0.2% 3.2% 11.14 ANTOFAGASTA ANTO FTSE100 MINING 1,180.9 24.4 25.0% 1.8% 43.97 BABCOCK INTERNATIONAL BAB FTSE250 SUPPORT SERVICES 831.2 31.5 19.2% 2.6% 5.43 COOKSON GROUP CKSN FTSE250 GENERAL INDUSTRIALS 725.6 14.2 3.3% 3.1% 10.11 REXAM REX FTSE100 GENERAL INDUSTRIALS 429.9 13.3 -0.1% 3.4% 7.96 MORGAN CRUCIBLE COMPANY MGCR FTSE250 ELECTRONIC AND ELECTRICAL EQUIPMENT 325.0 20.6 8.4% 2.9% 6.58 RPC GROUP RPC FTSE250 GENERAL INDUSTRIALS 369.3 21.1 5.3% 3.7% 17.44 SMITHS GROUP SMIN FTSE100 GENERAL INDUSTRIALS 1,069.8 16.9 3.9% 3.4% 8.84 RPS GROUP RPS FTSE250 SUPPORT SERVICES 236.8 18.5 8.8% 2.5% 23.76 ULTRA ELECTRONICS ULE FTSE250 AEROSPACE AND DEFENCE 1,683.0 24.4 12.3% 2.4% 15.19 UNILEVER ULVR FTSE100 FOOD PRODUCERS 2,102.5 19.4 3.9% 3.7% 17.06 HAMMERSON HMSO FTSE100 REAL ESTATE INVESTMENT TRUSTS 417.7 19.9 1.5% 4.0% 2.32 MEGGITT MGGT FTSE100 AEROSPACE AND DEFENCE 408.4 19.6 8.0% 2.7% 9.85 PARAGON GROUP OF COMPANIES PAG FTSE250 FINANCIAL SERVICES 179.9 4.4 -9.2% 2.4%
CRODA INTERNATIONAL CRDA FTSE100 CHEMICALS 2,231.3 47.6 17.7% 2.5% 1212 DIPLOMA DPLM FTSE250 SUPPORT SERVICES 458.7 33.8 12.9% 2.8% 33.67 SIG SHI FTSE250 SUPPORT SERVICES 105.3 2.7 -12.0% 2.3% 6.93 INTERNATIONAL POWER IPR FTSE100 GAS - WATER AND MULTIUTILITIES 416.9 24.3 11.4% 2.3% 4.15 SMITH AND NEPHEW SN. FTSE100 HEALTH CARE EQUIPMENT AND SERVICES 606.1 20.0 10.7% 1.8% 121.12 FIDESSA GROUP FDSA FTSE250 SOFTWARE AND COMPUTER SERVICES 1,549.9 35.2 14.9% 2.4%
RATHBONE BROTHERS RAT FTSE250 FINANCIAL SERVICES 1,322.6 23.0 4.8% 3.5%
AQUARIUS PLATINUM AQP FTSE250 MINING 130.0 13.0 -2.4% 3.1% 5.56 SERCO GROUP SRP FTSE100 SUPPORT SERVICES 542.3 27.1 15.5% 1.6% 10.4 WEIR GROUP WEIR FTSE100 INDUSTRIAL ENGINEERING 1,705.4 33.1 16.3% 2.0% 27.33 BARR (A G) BAG FTSE250 BEVERAGES 1,162.9 28.1 10.6% 2.5%
WHITBREAD WTB FTSE100 TRAVEL AND LEISURE 1,927.2 23.4 8.0% 2.7% 8.62 KINGFISHER KGF FTSE100 GENERAL RETAILERS 290.4 17.9 2.3% 3.1% 81.9 EUROMONEY INSTITUTIONAL ERM FTSE250 MEDIA 784.9 21.2 7.5% 2.5% 15.13 INVESTOR TRAVIS PERKINS TPK FTSE250 SUPPORT SERVICES 1,049.7 11.7 1.0% 2.1% 18.98 BUNZL BNZL FTSE100 SUPPORT SERVICES 1,023.0 22.4 7.6% 2.6% 11.34 DEVRO DVO FTSE250 FOOD PRODUCERS 308.4 30.0 10.0% 2.7% 51.31 AVOCET MINING AVM FTSE250 MINING 172.6 26.9 6.8% 3.1% 13.48 JARDINE LLOYD THOMPSON JLT FTSE250 NONLIFE INSURANCE 702.7 21.3 1.7% 3.5% 32.24 AMEC AMEC FTSE100 OIL EQUIPMENT - SERVICES AND DISTRIBUTION 1,135.3 30.9 9.0% 2.8%
ROLLS-ROYCE RR. FTSE100 AEROSPACE AND DEFENCE 823.7 29.3 11.3% 2.2% 14.12 BG GROUP BG. FTSE100 OIL AND GAS PRODUCERS 1,450.1 28.7 17.4% 1.1% 48.04 COMPASS GROUP CPG FTSE100 TRAVEL AND LEISURE 644.0 27.7 5.7% 3.2% 15.28 WOLSELEY WOS FTSE100 SUPPORT SERVICES 2,343.0 9.6 -7.3% 2.3% 7.7 SABMILLER SAB FTSE100 BEVERAGES 2,587.4 38.5 11.5% 2.4% 6.79 VICTREX VCT FTSE250 CHEMICALS 1,451.9 37.1 11.6% 2.3%
12
UK Value Investor May 2012
Interest Share EPIC Index Sector Price (p) Rating PE10 Growth Yield Cover SMITH (DS) SMDS FTSE250 GENERAL INDUSTRIALS 167.7 16.7 0.4% 2.9% 6.87 RENTOKIL INITIAL RTO FTSE250 SUPPORT SERVICES 86.5 8.2 -7.7% 1.8% 5.04 SPIRAX-SARCO ENGINEERING SPX FTSE250 INDUSTRIAL ENGINEERING 2,305.2 33.4 11.1% 2.2%
AVEVA GROUP AVV FTSE250 SOFTWARE AND COMPUTER SERVICES 1,665.9 53.7 23.0% 1.3%
NORTHGATE NTG FTSE250 INDUSTRIAL ENGINEERING 198.9 1.9 -6.7% 0.0% 2.04 ROTORK ROR FTSE250 INDUSTRIAL ENGINEERING 2,207.8 44.8 14.8% 1.8%
BELLWAY BWY FTSE250 HOUSEHOLD GOODS AND HOME CONSTRUCTION 787.3 8.6 -9.6% 1.9% 9.35 AEGIS GROUP AGS FTSE250 MEDIA 177.7 23.3 8.5% 1.9% 4.77 ABERDEEN ASSET MANAGEMENT ADN FTSE100 FINANCIAL SERVICES 283.6 31.3 4.7% 3.4% 40.17 HUNTING HTG FTSE250 OIL EQUIPMENT - SERVICES AND DISTRIBUTION 951.5 41.2 12.9% 1.7% 36.82 RANK GROUP RNK FTSE250 TRAVEL AND LEISURE 117.1 9.9 -6.3% 1.8% 10.86 ELEMENTIS ELM FTSE250 CHEMICALS 208.1 35.3 10.6% 2.1% 52.73 DIAGEO DGE FTSE100 BEVERAGES 1,551.0 27.0 5.1% 2.8% 7.82 AGGREKO AGK FTSE100 SUPPORT SERVICES 2,251.6 60.4 20.1% 1.0% 18.31 PERSIMMON PSN FTSE250 HOUSEHOLD GOODS AND HOME CONSTRUCTION 628.3 8.3 -11.1% 1.6% 31.22 ASSOCIATED BRITISH FOODS ABF FTSE100 FOOD PRODUCERS 1,218.8 22.4 5.9% 2.2% 10 FENNER FENR FTSE250 INDUSTRIAL ENGINEERING 451.0 33.6 10.3% 2.0% 7.09 SPECTRIS SXS FTSE250 ELECTRONIC AND ELECTRICAL EQUIPMENT 1,885.3 34.0 10.5% 1.9% 20.35 MICHAEL PAGE INTERNATIONAL MPI FTSE250 SUPPORT SERVICES 415.8 28.2 5.9% 2.5%
PZ CUSSONS PZC FTSE250 PERSONAL GOODS 332.5 32.6 8.7% 2.1%
SENIOR SNR FTSE250 AEROSPACE AND DEFENCE 213.0 29.1 8.5% 1.9% 8.09 BERKELEY GROUP HOLDINGS BKG FTSE250 HOUSEHOLD GOODS AND HOME CONSTRUCTION 1,281.4 14.0 0.5% 1.4% 92.66 HALMA HLMA FTSE250 ELECTRONIC AND ELECTRICAL EQUIPMENT 405.3 32.1 6.9% 2.4% 96.27 SHAFTESBURY SHB FTSE250 REAL ESTATE INVESTMENT TRUSTS 511.8 69.3 8.9% 2.4% 2.05 PREMIER OIL PMO FTSE250 OIL AND GAS PRODUCERS 373.9 34.5 13.4% 0.0% 2.58 SOCO INTERNATIONAL SIA FTSE250 OIL AND GAS PRODUCERS 299.9 49.7 15.4% 0.0% 97.85 DIXONS RETAIL DXNS FTSE250 GENERAL RETAILERS 17.8 2.9 -16.9% 0.0% 3.02 BODYCOTE BOY FTSE250 INDUSTRIAL ENGINEERING 425.3 28.2 3.7% 2.6% 18.59 BOVIS HOMES BVS FTSE250 HOUSEHOLD GOODS AND HOME CONSTRUCTION 462.4 9.5 -15.9% 1.2% 8.07 TULLOW OIL TLW FTSE100 OIL AND GAS PRODUCERS 1,534.5 109.4 12.8% 0.7% 13.09 RENISHAW RSW FTSE250 ELECTRONIC AND ELECTRICAL EQUIPMENT 1,448.5 41.4 5.6% 2.5%
DERWENT LONDON DLN FTSE250 REAL ESTATE INVESTMENT TRUSTS 1,742.2 31.4 7.5% 1.8% 2.2 YULE CATTO AND CO YULC FTSE250 CHEMICALS 232.8 17.7 0.6% 1.7% 8.33 ARM HOLDINGS ARM FTSE100 TECHNOLOGY HARDWARE AND EQUIPMENT 523.8 95.8 12.0% 0.7%
JOHNSON MATTHEY JMAT FTSE100 CHEMICALS 2,313.8 29.5 5.2% 2.1% 17.69 INVENSYS ISYS FTSE250 SOFTWARE AND COMPUTER SERVICES 222.1 14.0 -12.0% 2.0% 52.4 HOWDEN JOINERY HWDN FTSE250 SUPPORT SERVICES 122.0 16.2 1.0% 0.6% 95.25 LONMIN LMI FTSE250 MINING 1,041.8 12.1 -10.6% 1.0% 62.2 GENUS GNS FTSE250 PHARMACEUTICALS AND BIOTECHNOLOGY 1,412.1 53.4 9.1% 1.0% 6.7 CARPETRIGHT CPR FTSE250 GENERAL RETAILERS 600.3 12.6 -7.1% 0.3% 4.93 OXFORD INSTRUMENTS OXIG FTSE250 ELECTRONIC AND ELECTRICAL EQUIPMENT 1,223.6 81.6 8.4% 0.8% 35.12 GREAT PORTLAND ESTATES GPOR FTSE250 REAL ESTATE INVESTMENT TRUSTS 359.9 35.2 0.8% 2.3% 4.01 SHIRE SHP FTSE100 PHARMACEUTICALS AND BIOTECHNOLOGY 2,009.8 44.4 7.1% 0.5% 31 SPIRENT COMMUNICATIONS SPT FTSE250 TECHNOLOGY HARDWARE AND EQUIPMENT 170.1 37.2 5.0% 1.1%
DAEJAN DJAN FTSE250 REAL ESTATE INVESTMENT AND SERVICES 3,238.9 30.8 -2.8% 2.3% 3.03 MISYS MSY FTSE250 SOFTWARE AND COMPUTER SERVICES 348.5 21.6 -3.6% 0.0% 8.09 ASHTEAD GROUP AHT FTSE250 SUPPORT SERVICES 248.5 37.7 -2.4% 1.3% 1.46
FTSE 350: Sorted by Company Name
Use this table if you’re looking for a particular company and you want to know its UKVI Rating in order to find out how it compares to other shares and the FTSE 100 index. Note that some FTSE 350 stocks will be missing from the list if they do not have 10 years of data available.
Interest Share EPIC Index Sector Price (p) Rating PE10 Growth Yield Cover ABERDEEN ASSET MANAGEMENT ADN FTSE100 FINANCIAL SERVICES 283.6 31.3 4.7% 3.4% 40.17 AEGIS GROUP AGS FTSE250 MEDIA 177.7 23.3 8.5% 1.9% 4.77 AGGREKO AGK FTSE100 SUPPORT SERVICES 2,251.6 60.4 20.1% 1.0% 18.31 OIL EQUIPMENT - SERVICES AND AMEC AMEC FTSE100 1,135.3 30.9 9.0% 2.8% DISTRIBUTION AMLIN AML FTSE250 NONLIFE INSURANCE 329.9 10.1 44.4% 7.1%
ANGLO AMERICAN AAL FTSE100 MINING 2,368.0 13.3 12.1% 2.1% 483.4 ANGLO PACIFIC APF FTSE250 MINING 319.9 37.2 17.1% 3.1% 8.91 ANTOFAGASTA ANTO FTSE100 MINING 1,180.9 24.4 25.0% 1.8% 43.97 AQUARIUS PLATINUM AQP FTSE250 MINING 130.0 13.0 -2.4% 3.1% 5.56 ARM HOLDINGS ARM FTSE100 TECHNOLOGY HARDWARE AND EQUIPMENT 523.8 95.8 12.0% 0.7%
ASHTEAD GROUP AHT FTSE250 SUPPORT SERVICES 248.5 37.7 -2.4% 1.3% 1.46 ASSOCIATED BRITISH FOODS ABF FTSE100 FOOD PRODUCERS 1,218.8 22.4 5.9% 2.2% 10 ASTRAZENECA AZN FTSE100 PHARMACEUTICALS AND BIOTECHNOLOGY 2,698.5 11.1 13.8% 6.7% 26.43 ATKINS (W S) ATK FTSE250 SUPPORT SERVICES 726.9 13.6 13.4% 4.1% 8.42 AVEVA GROUP AVV FTSE250 SOFTWARE AND COMPUTER SERVICES 1,665.9 53.7 23.0% 1.3%
AVIVA AV. FTSE100 LIFE INSURANCE 308.0 5.4 1.1% 8.6%
AVOCET MINING AVM FTSE250 MINING 172.6 26.9 6.8% 3.1% 13.48 BABCOCK INTERNATIONAL BAB FTSE250 SUPPORT SERVICES 831.2 31.5 19.2% 2.6% 5.43
13
UK Value Investor May 2012
Interest Share EPIC Index Sector Price (p) Rating PE10 Growth Yield Cover BAE SYSTEMS BA. FTSE100 AEROSPACE AND DEFENCE 295.3 10.4 8.4% 6.4% 17.76 BALFOUR BEATTY BBY FTSE250 CONSTRUCTION AND MATERIALS 260.8 9.8 9.3% 5.4%
BARCLAYS BARC FTSE100 BANKS 218.4 5.1 -5.8% 2.9%
BARR (A G) BAG FTSE250 BEVERAGES 1,162.9 28.1 10.6% 2.5%
BBA AVIATION BBA FTSE250 INDUSTRIAL TRANSPORTATION 197.4 11.4 -1.6% 4.4% 6.93 HOUSEHOLD GOODS AND HOME BELLWAY BWY FTSE250 787.3 8.6 -9.6% 1.9% 9.35 CONSTRUCTION BERENDSEN BRSN FTSE250 SUPPORT SERVICES 515.0 14.3 4.7% 4.6% 4.99 HOUSEHOLD GOODS AND HOME BERKELEY GROUP HOLDINGS BKG FTSE250 1,281.4 14.0 0.5% 1.4% 92.66 CONSTRUCTION BG GROUP BG. FTSE100 OIL AND GAS PRODUCERS 1,450.1 28.7 17.4% 1.1% 48.04 BHP BILLITON BLT FTSE100 MINING 1,973.7 20.2 22.8% 3.5% 56.71 BODYCOTE BOY FTSE250 INDUSTRIAL ENGINEERING 425.3 28.2 3.7% 2.6% 18.59 HOUSEHOLD GOODS AND HOME BOVIS HOMES BVS FTSE250 462.4 9.5 -15.9% 1.2% 8.07 CONSTRUCTION BP BP. FTSE100 OIL AND GAS PRODUCERS 444.7 8.4 12.1% 4.4% 63.51 BRAEMAR SHIPPING SERVICES BMS SMALLCAP INDUSTRIAL TRANSPORTATION 387.4 10.9 12.7% 6.7%
BREWIN DOLPHIN BRW FTSE250 FINANCIAL SERVICES 163.5 16.7 12.5% 4.3%
BRITISH AMERICAN TOBACCO BATS FTSE100 TOBACCO 3,158.7 27.3 10.2% 4.1% 12 BRITISH LAND CO BLND FTSE100 REAL ESTATE INVESTMENT TRUSTS 489.2 16.3 6.0% 5.3% 4.66 BROWN (N) BWNG FTSE250 GENERAL RETAILERS 229.1 12.2 7.2% 5.8% 15.94 BT GROUP BT.A FTSE100 FIXED LINE TELECOMMUNICATIONS 210.6 11.6 4.7% 4.2% 3.44 BUNZL BNZL FTSE100 SUPPORT SERVICES 1,023.0 22.4 7.6% 2.6% 11.34 OIL EQUIPMENT - SERVICES AND CAPE CIU FTSE250 377.3 16.7 22.7% 3.8% 9.24 DISTRIBUTION CAPITA GROUP CPI FTSE100 SUPPORT SERVICES 663.1 24.4 16.2% 3.3% 10.18 CAPITAL SHOPPING CENTRES CSCG FTSE100 REAL ESTATE INVESTMENT TRUSTS 325.0 16.3 -2.5% 4.6% 1.76 CARILLION CLLN FTSE250 SUPPORT SERVICES 291.7 10.5 10.3% 5.9% 42.87 CARPETRIGHT CPR FTSE250 GENERAL RETAILERS 600.3 12.6 -7.1% 0.3% 4.93 CENTRICA CNA FTSE100 GAS - WATER AND MULTIUTILITIES 307.0 15.5 6.7% 5.2% 16.54 CHEMRING GROUP CHG FTSE250 AEROSPACE AND DEFENCE 326.6 14.0 27.9% 4.8% 8.7 CLOSE BROTHERS CBG FTSE250 FINANCIAL SERVICES 737.0 12.1 4.1% 5.6%
COBHAM COB FTSE250 AEROSPACE AND DEFENCE 226.5 16.5 8.8% 3.0% 4.82 COMPASS GROUP CPG FTSE100 TRAVEL AND LEISURE 644.0 27.7 5.7% 3.2% 15.28 COMPUTACENTER CCC FTSE250 SOFTWARE AND COMPUTER SERVICES 415.2 18.1 5.0% 3.8%
COOKSON GROUP CKSN FTSE250 GENERAL INDUSTRIALS 725.6 14.2 3.3% 3.1% 10.11 CRANSWICK CWK FTSE250 FOOD PRODUCERS 804.9 16.4 7.9% 3.5% 30.02 CRH CRH FTSE100 CONSTRUCTION AND MATERIALS 1,245.3 12.0 -2.2% 4.4% 3.8 CRODA INTERNATIONAL CRDA FTSE100 CHEMICALS 2,231.3 47.6 17.7% 2.5% 1212 DAEJAN DJAN FTSE250 REAL ESTATE INVESTMENT AND SERVICES 3,238.9 30.8 -2.8% 2.3% 3.03 DAILY MAIL AND GENERAL TRUST DMGT FTSE250 MEDIA 416.2 9.8 3.7% 4.2% 5.24 DAIRY CREST DCG FTSE250 FOOD PRODUCERS 301.0 6.5 0.9% 6.8% 4.84 DE LA RUE DLAR FTSE250 SUPPORT SERVICES 975.1 24.3 5.4% 4.3% 10.63 DERWENT LONDON DLN FTSE250 REAL ESTATE INVESTMENT TRUSTS 1,742.2 31.4 7.5% 1.8% 2.2 DEVRO DVO FTSE250 FOOD PRODUCERS 308.4 30.0 10.0% 2.7% 51.31 DIAGEO DGE FTSE100 BEVERAGES 1,551.0 27.0 5.1% 2.8% 7.82 DIPLOMA DPLM FTSE250 SUPPORT SERVICES 458.7 33.8 12.9% 2.8% 33.67 DIXONS RETAIL DXNS FTSE250 GENERAL RETAILERS 17.8 2.9 -16.9% 0.0% 3.02 DOMINO PRINTING SCIENCES DNO FTSE250 ELECTRONIC AND ELECTRICAL EQUIPMENT 598.8 27.1 12.0% 3.1% 587.64 DOMINOS PIZZA UK AND IRL DOM FTSE250 TRAVEL AND LEISURE 439.8 49.9 24.1% 2.9% 195.27 EASYJET EZJ FTSE250 TRAVEL AND LEISURE 495.9 20.5 7.9% 3.5% 12.81 ELECTROCOMPONENTS ECM FTSE250 SUPPORT SERVICES 227.6 15.2 -2.3% 5.2% 20.66 ELEMENTIS ELM FTSE250 CHEMICALS 208.1 35.3 10.6% 2.1% 52.73 EUROMONEY INSTITUTIONAL ERM FTSE250 MEDIA 784.9 21.2 7.5% 2.5% 15.13 INVESTOR F AND C ASSET MANAGEMENT FCAM FTSE250 FINANCIAL SERVICES 67.3 6.8 -8.0% 4.5% 3.58 FENNER FENR FTSE250 INDUSTRIAL ENGINEERING 451.0 33.6 10.3% 2.0% 7.09 FIDESSA GROUP FDSA FTSE250 SOFTWARE AND COMPUTER SERVICES 1,549.9 35.2 14.9% 2.4%
FIRSTGROUP FGP FTSE250 TRAVEL AND LEISURE 194.8 5.7 5.5% 12.1% 2.51 FTSE 100 at 5,700 13.9 5.0% 3.6%
GALLIFORD TRY GFRD FTSE250 CONSTRUCTION AND MATERIALS 652.9 9.2 -4.2% 4.2% 21.65 GENUS GNS FTSE250 PHARMACEUTICALS AND BIOTECHNOLOGY 1,412.1 53.4 9.1% 1.0% 6.7 GKN GKN FTSE100 AUTOMOBILES AND PARTS 203.6 12.1 0.2% 3.2% 11.14 GLAXOSMITHKLINE GSK FTSE100 PHARMACEUTICALS AND BIOTECHNOLOGY 1,424.2 14.8 4.3% 5.0% 11.88 GO-AHEAD GROUP GOG FTSE250 TRAVEL AND LEISURE 1,140.1 9.4 7.7% 7.1% 6.58 GREAT PORTLAND ESTATES GPOR FTSE250 REAL ESTATE INVESTMENT TRUSTS 359.9 35.2 0.8% 2.3% 4.01 GREENE KING GNK FTSE250 TRAVEL AND LEISURE 510.3 12.0 6.8% 4.7% 2.73 GREGGS GRG FTSE250 FOOD AND DRUG RETAILERS 501.4 16.9 6.0% 4.0%
HALMA HLMA FTSE250 ELECTRONIC AND ELECTRICAL EQUIPMENT 405.3 32.1 6.9% 2.4% 96.27 HAMMERSON HMSO FTSE100 REAL ESTATE INVESTMENT TRUSTS 417.7 19.9 1.5% 4.0% 2.32 HAYS HAS FTSE250 SUPPORT SERVICES 89.3 11.8 -4.1% 4.3% 15.21 HISCOX HSX FTSE250 NONLIFE INSURANCE 398.6 13.0 19.9% 4.4%
HOMESERVE HSV FTSE250 SUPPORT SERVICES 252.5 16.9 11.2% 4.5% 56.28 HOWDEN JOINERY HWDN FTSE250 SUPPORT SERVICES 122.0 16.2 1.0% 0.6% 95.25 HSBC HOLDINGS HSBA FTSE100 BANKS 555.1 9.7 2.2% 4.8%
OIL EQUIPMENT - SERVICES AND HUNTING HTG FTSE250 951.5 41.2 12.9% 1.7% 36.82 DISTRIBUTION ICAP IAP FTSE100 FINANCIAL SERVICES 379.5 15.5 11.7% 5.5% 13.39 IMI IMI FTSE100 INDUSTRIAL ENGINEERING 989.3 22.5 9.3% 3.1% 23.24 IMPERIAL TOBACCO IMT FTSE100 TOBACCO 2,464.2 20.3 10.8% 4.1% 6.37 INCHCAPE INCH FTSE250 GENERAL RETAILERS 366.1 8.6 0.8% 3.0% 17.84
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UK Value Investor May 2012
Interest Share EPIC Index Sector Price (p) Rating PE10 Growth Yield Cover INTERMEDIATE CAPITAL ICP FTSE250 FINANCIAL SERVICES 256.8 7.0 -11.1% 7.2%
INTERNATIONAL CONSOLIDATED IAG FTSE100 TRAVEL AND LEISURE 176.4 11.9 10.4% 0.0% 3.59 AIRLINES INTERNATIONAL POWER IPR FTSE100 GAS - WATER AND MULTIUTILITIES 416.9 24.3 11.4% 2.3% 4.15 INTERSERVE IRV FTSE250 SUPPORT SERVICES 286.1 8.5 7.3% 6.8% 45.9 INVENSYS ISYS FTSE250 SOFTWARE AND COMPUTER SERVICES 222.1 14.0 -12.0% 2.0% 52.4 ITE GROUP ITE FTSE250 MEDIA 225.8 26.0 15.2% 2.8% 56.18 JARDINE LLOYD THOMPSON JLT FTSE250 NONLIFE INSURANCE 702.7 21.3 1.7% 3.5% 32.24 JD SPORTS FASHION JD. FTSE250 GENERAL RETAILERS 820.4 14.5 17.1% 3.1% 190.2 JOHNSON MATTHEY JMAT FTSE100 CHEMICALS 2,313.8 29.5 5.2% 2.1% 17.69 KIER GROUP KIE FTSE250 CONSTRUCTION AND MATERIALS 1,165.6 10.3 8.0% 5.6% 132 KINGFISHER KGF FTSE100 GENERAL RETAILERS 290.4 17.9 2.3% 3.1% 81.9 LADBROKES LAD FTSE250 TRAVEL AND LEISURE 179.5 7.6 7.9% 4.4% 5.72 LAIRD LRD FTSE250 ELECTRONIC AND ELECTRICAL EQUIPMENT 216.3 10.6 -2.9% 4.0% 8.37 LAND SECURITIES LAND FTSE100 REAL ESTATE INVESTMENT TRUSTS 727.3 13.9 0.4% 4.0% 2.01 LEGAL AND GENERAL LGEN FTSE100 LIFE INSURANCE 117.7 12.0 5.3% 5.6%
LONDON STOCK EXCHANGE LSE FTSE250 FINANCIAL SERVICES 1,088.1 24.0 14.3% 2.7% 7.61 LONMIN LMI FTSE250 MINING 1,041.8 12.1 -10.6% 1.0% 62.2 MAN GROUP EMG FTSE100 FINANCIAL SERVICES 103.5 4.3 1.5% 11.2%
MARKS AND SPENCER MKS FTSE100 GENERAL RETAILERS 357.1 12.2 6.8% 4.8% 14.65 MARSTONS MARS FTSE250 TRAVEL AND LEISURE 97.6 7.0 -0.2% 6.0% 2.09 MEARS GROUP MER SMALLCAP SUPPORT SERVICES 261.5 17.1 17.1% 3.0% 15.64 MEGGITT MGGT FTSE100 AEROSPACE AND DEFENCE 408.4 19.6 8.0% 2.7% 9.85 MICHAEL PAGE INTERNATIONAL MPI FTSE250 SUPPORT SERVICES 415.8 28.2 5.9% 2.5%
MILLENNIUM AND COPTHORNE MLC FTSE250 TRAVEL AND LEISURE 485.7 22.5 10.6% 3.1% 29.82 HOTELS MISYS MSY FTSE250 SOFTWARE AND COMPUTER SERVICES 348.5 21.6 -3.6% 0.0% 8.09 MITIE GROUP MTO FTSE250 SUPPORT SERVICES 291.6 23.2 12.4% 3.3% 41.65 MORGAN CRUCIBLE COMPANY MGCR FTSE250 ELECTRONIC AND ELECTRICAL EQUIPMENT 325.0 20.6 8.4% 2.9% 6.58 MORRISON (WM) SUPERMARKETS MRW FTSE100 FOOD AND DRUG RETAILERS 280.6 19.7 6.9% 3.9% 37.42 NATIONAL EXPRESS NEX FTSE250 TRAVEL AND LEISURE 216.7 6.1 -2.3% 4.5% 4.85 NEXT NXT FTSE100 GENERAL RETAILERS 2,928.9 19.4 11.1% 3.1% 21.03 NORTHGATE NTG FTSE250 INDUSTRIAL ENGINEERING 198.9 1.9 -6.7% 0.0% 2.04 OLD MUTUAL OML FTSE100 LIFE INSURANCE 147.9 10.8 0.8% 3.7%
OXFORD INSTRUMENTS OXIG FTSE250 ELECTRONIC AND ELECTRICAL EQUIPMENT 1,223.6 81.6 8.4% 0.8% 35.12 PARAGON GROUP OF COMPANIES PAG FTSE250 FINANCIAL SERVICES 179.9 4.4 -9.2% 2.4%
PEARSON PSON FTSE100 MEDIA 1,159.7 23.3 10.6% 3.7% 13.27 PENNON GROUP PNN FTSE250 GAS - WATER AND MULTIUTILITIES 735.9 25.6 9.4% 3.6% 3.4 HOUSEHOLD GOODS AND HOME PERSIMMON PSN FTSE250 628.3 8.3 -11.1% 1.6% 31.22 CONSTRUCTION PREMIER FARNELL PFL FTSE250 SUPPORT SERVICES 214.8 16.6 4.2% 4.9% 5.68 PREMIER OIL PMO FTSE250 OIL AND GAS PRODUCERS 373.9 34.5 13.4% 0.0% 2.58 PROVIDENT FINANCIAL PFG FTSE250 FINANCIAL SERVICES 1,155.8 15.6 1.4% 6.1% 3.33 PRUDENTIAL PRU FTSE100 LIFE INSURANCE 754.7 17.6 16.9% 3.4%
PZ CUSSONS PZC FTSE250 PERSONAL GOODS 332.5 32.6 8.7% 2.1%
RANK GROUP RNK FTSE250 TRAVEL AND LEISURE 117.1 9.9 -6.3% 1.8% 10.86 RATHBONE BROTHERS RAT FTSE250 FINANCIAL SERVICES 1,322.6 23.0 4.8% 3.5%
HOUSEHOLD GOODS AND HOME RECKITT BENCKISER RB. FTSE100 3,585.6 26.6 14.9% 3.5% 130.89 CONSTRUCTION REED ELSEVIER REL FTSE100 MEDIA 510.2 15.2 8.2% 4.3% 6.92 RENISHAW RSW FTSE250 ELECTRONIC AND ELECTRICAL EQUIPMENT 1,448.5 41.4 5.6% 2.5%
RENTOKIL INITIAL RTO FTSE250 SUPPORT SERVICES 86.5 8.2 -7.7% 1.8% 5.04 RESTAURANT GROUP RTN FTSE250 TRAVEL AND LEISURE 280.8 20.7 11.3% 3.8% 67.83 REXAM REX FTSE100 GENERAL INDUSTRIALS 429.9 13.3 -0.1% 3.4% 7.96 RIO TINTO RIO FTSE100 MINING 3,432.4 14.0 20.5% 2.8% 59.79 ROLLS-ROYCE RR. FTSE100 AEROSPACE AND DEFENCE 823.7 29.3 11.3% 2.2% 14.12 ROTORK ROR FTSE250 INDUSTRIAL ENGINEERING 2,207.8 44.8 14.8% 1.8%
ROYAL DUTCH SHELL RDSB FTSE100 OIL AND GAS PRODUCERS 2,247.1 12.3 6.2% 4.7%
RPC GROUP RPC FTSE250 GENERAL INDUSTRIALS 369.3 21.1 5.3% 3.7% 17.44 RPS GROUP RPS FTSE250 SUPPORT SERVICES 236.8 18.5 8.8% 2.5% 23.76 RSA INSURANCE RSA FTSE100 NONLIFE INSURANCE 104.9 9.2 29.7% 8.9%
SABMILLER SAB FTSE100 BEVERAGES 2,587.4 38.5 11.5% 2.4% 6.79 SAGE GROUP SGE FTSE100 SOFTWARE AND COMPUTER SERVICES 286.2 21.6 10.0% 3.6% 27.46 SAINSBURY (J) SBRY FTSE100 FOOD AND DRUG RETAILERS 308.1 15.0 -0.3% 5.1% 10.13 SAVILLS SVS FTSE250 REAL ESTATE INVESTMENT AND SERVICES 357.7 13.8 5.1% 3.9%
SCHRODERS SDR FTSE100 FINANCIAL SERVICES 1,417.5 21.7 19.8% 2.8%
SEGRO SGRO FTSE250 REAL ESTATE INVESTMENT TRUSTS 221.1 6.9 -6.7% 6.7% 4.89 SENIOR SNR FTSE250 AEROSPACE AND DEFENCE 213.0 29.1 8.5% 1.9% 8.09 SERCO GROUP SRP FTSE100 SUPPORT SERVICES 542.3 27.1 15.5% 1.6% 10.4 SEVERN TRENT SVT FTSE100 GAS - WATER AND MULTIUTILITIES 1,689.8 21.6 7.7% 4.1% 2.34 SHAFTESBURY SHB FTSE250 REAL ESTATE INVESTMENT TRUSTS 511.8 69.3 8.9% 2.4% 2.05 SHANKS GROUP SKS FTSE250 SUPPORT SERVICES 92.5 11.0 -1.4% 3.7% 3.43 SHIRE SHP FTSE100 PHARMACEUTICALS AND BIOTECHNOLOGY 2,009.8 44.4 7.1% 0.5% 31 SIG SHI FTSE250 SUPPORT SERVICES 105.3 2.7 -12.0% 2.3% 6.93 SMITH (DS) SMDS FTSE250 GENERAL INDUSTRIALS 167.7 16.7 0.4% 2.9% 6.87 SMITH AND NEPHEW SN. FTSE100 HEALTH CARE EQUIPMENT AND SERVICES 606.1 20.0 10.7% 1.8% 121.12 SMITHS GROUP SMIN FTSE100 GENERAL INDUSTRIALS 1,069.8 16.9 3.9% 3.4% 8.84 SOCO INTERNATIONAL SIA FTSE250 OIL AND GAS PRODUCERS 299.9 49.7 15.4% 0.0% 97.85 SPECTRIS SXS FTSE250 ELECTRONIC AND ELECTRICAL EQUIPMENT 1,885.3 34.0 10.5% 1.9% 20.35 SPIRAX-SARCO ENGINEERING SPX FTSE250 INDUSTRIAL ENGINEERING 2,305.2 33.4 11.1% 2.2%
SPIRENT COMMUNICATIONS SPT FTSE250 TECHNOLOGY HARDWARE AND EQUIPMENT 170.1 37.2 5.0% 1.1%
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UK Value Investor May 2012
Interest Share EPIC Index Sector Price (p) Rating PE10 Growth Yield Cover SSE SSE FTSE100 ELECTRICITY 1,320.4 16.2 7.8% 6.0% 6.67 STAGECOACH SGC FTSE250 TRAVEL AND LEISURE 247.9 18.4 12.5% 3.1% 5.82 STANDARD CHARTERED STAN FTSE100 BANKS 1,505.7 17.5 11.5% 3.3%
TATE AND LYLE TATE FTSE100 FOOD PRODUCERS 690.4 18.4 5.0% 3.6% 5.53 TELECOM PLUS TEP FTSE250 FIXED LINE TELECOMMUNICATIONS 683.4 48.4 15.9% 3.8%
TESCO TSCO FTSE100 FOOD AND DRUG RETAILERS 317.3 12.6 9.5% 4.7% 14.98 TRAVIS PERKINS TPK FTSE250 SUPPORT SERVICES 1,049.7 11.7 1.0% 2.1% 18.98 TULLETT PREBON TLPR FTSE250 FINANCIAL SERVICES 343.6 11.0 14.2% 4.9% 12.07 TULLOW OIL TLW FTSE100 OIL AND GAS PRODUCERS 1,534.5 109.4 12.8% 0.7% 13.09 UBM UBM FTSE250 MEDIA 589.5 14.1 11.0% 4.6% 7.32 UK MAIL GROUP UKM SMALLCAP INDUSTRIAL TRANSPORTATION 236.4 11.4 1.4% 7.7% 162 ULTRA ELECTRONICS ULE FTSE250 AEROSPACE AND DEFENCE 1,683.0 24.4 12.3% 2.4% 15.19 UNILEVER ULVR FTSE100 FOOD PRODUCERS 2,102.5 19.4 3.9% 3.7% 17.06 UNITED UTILITIES UU. FTSE100 GAS - WATER AND MULTIUTILITIES 618.6 12.8 2.2% 5.2% 2.36 UTV MEDIA UTV SMALLCAP MEDIA 152.1 7.4 -1.0% 4.2% 7.66 VICTREX VCT FTSE250 CHEMICALS 1,451.9 37.1 11.6% 2.3%
VODAFONE GROUP VOD FTSE100 MOBILE TELECOMMUNICATIONS 170.5 14.7 12.1% 7.9%
WEIR GROUP WEIR FTSE100 INDUSTRIAL ENGINEERING 1,705.4 33.1 16.3% 2.0% 27.33 WETHERSPOON (J D) JDW FTSE250 TRAVEL AND LEISURE 405.6 16.4 8.1% 3.1% 2.88 WH SMITH SMWH FTSE250 GENERAL RETAILERS 527.0 15.6 3.5% 4.7%
WHITBREAD WTB FTSE100 TRAVEL AND LEISURE 1,927.2 23.4 8.0% 2.7% 8.62 WOLSELEY WOS FTSE100 SUPPORT SERVICES 2,343.0 9.6 -7.3% 2.3% 7.7 WPP GROUP WPP FTSE100 MEDIA 833.4 19.2 7.1% 3.1% 5.96 XSTRATA XTA FTSE100 MINING 1,177.3 13.0 20.5% 2.2% 36.98 YULE CATTO AND CO YULC FTSE250 CHEMICALS 232.8 17.7 0.6% 1.7% 8.33
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UK Value Investor May 2012
About UK Value Investor: UK Value Investor is a monthly newsletter provided to enable sophisticated investors to make their own investment decisions. Subscribers may download content to their computers and store and print materials for their own use only. Any other transmission, display, reproduction or editing of the content by any means is strictly prohibited.
Editor: John Kingham
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IMPORTANT DISCLAIMER: The author is not registered as an investment advisor or as an independent financial advisor and does not provide individual advice. This document and the author are not regulated by the Financial Services Authority. No information provided in this document should ever be construed as investment advice. It is prepared for education and information only. The specific needs, investment objectives and financial situation of any particular reader have not been taken into consideration and the investments mentioned may not be suitable for any individual. The information contained in this document is not intended to be an offer to buy or sell or a solicitation of an offer to buy or sell any securities. Readers must not base any investment decision solely on the basis of this document; instead seek independent financial advice. The information in this document and any expression of opinion by the author have been obtained from or are based on sources believed to be reliable but the accuracy or completeness of any such sources or the author’s interpretation of them cannot be guaranteed although the author believes the document to be clear, fair and not misleading. The author receives no compensation from and is not affiliated with any company mentioned in this report other than possibly being a shareholder. The views reflected in this document may be wrong and may change without notice. To the maximum extent possible at law, the author does not accept any liability whatsoever arising from the use of the material or information contained herein.
INVESTMENT RISK: The value of shares can fall as well as rise. Dividend payments can fall as well as rise. Any information relating to past performance of an investment or investment service is not necessarily a guide to future performance. There is an additional risk of making a loss when you buy shares in certain smaller companies. There is a big difference between the buying price and the selling price of some shares and if you have to sell quickly you may get back much less than you paid. Share prices may go down as well as up and you may not get back the original amount invested. It may be difficult to sell or realize an investment. You should not buy shares with money you cannot afford to lose.
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Copyright © 2011 John Kingham
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