October 2013
UK Value Investor For Defensive Value Investors
Learning from mistakes
S
tock markets can be volatile places. I learned that first hand when the dot-com bubble burst. I’d started making my own investment decisions during the early 1990s because I wanted to have more control over my pension funds. From what I’d read, passive index trackers were the best investment and so that was where my money went. Month after month I paid into a FTSE All-Share index tracker and outstanding results came with little effort, courtesy of the dot-com boom. It didn’t last of course, and from 2000 to 2003 the index lost more than 40%. With no idea of what I was doing I did what many others did; I sold right at the bottom of the market, seeking comfort in cash. Of course this was entirely the wrong thing to do and that became apparent when the market shot back upwards. However, fear kept me from getting back in. My view of the market was that it should be rationally efficient (hence my position as a passive investor), but a 40% drop in the index just didn’t reflect the economic reality of that period. Compared to the current economic slow down, the 2000-2003 period was exceedingly benign. That episode led me to ask a question. Was there a way to invest in the stock market without all the uncertainty, or at least without most of it? Was it possible to get the excellent long-run returns of the stock market without those occasional and deeply unpleasant 40% - 50% declines? The answer turned out to be yes, it was possible. Reducing risk in a portfolio without reducing returns came down to two basic factors, and they’re the ones that I have written about over and over again: Defensiveness - The ability of a portfolio and the stocks within it to produce a steadily growing stream of profits and dividends. Low valuations - Important for reducing risks and increasing returns, stocks should never be held when they’re expensive, because the higher the valuation, the further there is to fall.
“Valuation Risk is the financial risk that an asset is overvalued and is worth less than expected when it matures or is sold."
John Kingham, 1st October 2013 - Wikipedia Contents Market Valuation, Forecast and Asset Allocation
Page 2
Model Portfolio Review
Page 3
Selling Go-Ahead Group PLC
Page 8
FTSE All-Share Stock Screens
Page 12
UK Value Investor provides information, not advice. It is for investors who want to make their own investment decisions and are capable of doing so without advice. If you think you need advice then you should seek a professional advisor. Please see the important notes on the back page for further information. Page 1
Market valuation, forecast and asset allocation Continuing the theme we’ve had since the FTSE 100 broke through 6,000 earlier this year, we’re currently hovering close to the market’s short-term technical “support” level of 6,400. At this level there’s little I can say about short or medium-term expected returns. We’re close to “normal” valuations, so it would be quite easy for the market to move aggressively upward or downward from here. In the short-term the market is driven by news and news is by definition unpredictable (if we knew it was coming it wouldn’t be news). So short-term market moves are unpredictable, but that’s fine because we should be focused on the long-term instead, where my model forecasts annual returns to be around 10%.
FTSE 100 at 6,462
Cyclically Adjusted P/E Ratio
Description
Ben Graham Equity Allocation (%)
7 Year Annualised Return Forecast (%)
12,800 - 14,700
26 - 30
Very expensive
25
-2.3 to -0.2
10,800 - 12,800
22 - 26
Expensive
25 to 35
-0.2 to 2.2
8,800 - 10,800
18 - 22
Slightly expensive
35 to 45
2.2 to 5.3
6,900 - 8,800
14 - 18
Normal
45 to 55
5.3 to 9.0
5,900 - 6,900
12 - 14
Slightly cheap
55 to 65
9.0 to 11.5
4,900 - 5,900
10 - 12
Cheap
65 to 75
11.5 to 14.4
3,900 - 4,900
8 - 10
Very cheap
75
14.4 to 18.2
The “fan chart” below shows how the market can become more attractively valued the longer it stays flat. That’s because, even though the market hasn’t really gone anywhere since 2010 (or 1999 for that matter), the companies that make up the market have been growing all the while. The green bands represent a smoothed view of the progress of corporate earnings over the past 25 years. This growth, which has been smooth and steady when averaged out over any 10 year period, is driven by inflation and the growth, in real terms, of the underlying companies. The longer the market stays in the 6,000 to 7,000 range the more upward pressure it will receive as earnings continue to grow.
FTSE 100 Valuations - 1988 to 2013 16,000
CAPE 30 8,000
CAPE 26 CAPE 22
4,000
CAPE 18 CAPE 14
2,000
CAPE 12 CAPE 10
1,000
CAPE 8 FTSE 100
500 1988 1990
Page 2
1992 1994 1996
1998 2000
2002 2004 2006
2008 2010
2012
Model portfolio review Last month’s buy decision was British American Tobacco, the FTSE 100 listed tobacco company. 70 shares were added at a price of 3,321.6p which made for a total investment of £2,346.82 including stamp duty and commission. This is approximately 1/30th of the portfolio total.
Vodafone and Verizon Wireless I have deliberately not made much of a fuss about the Vodafone/Verizon deal because there seems to be so little consensus on exactly what will happen once the dust settles. My own opinion is that this is effectively “money for nothing” for existing shareholders, because nobody seemed to be factoring in the value of Verizon Wireless before the deal came about. However, I know that there are many differing opinions, with some commentators suggesting that investors should sell, but I don’t like to debate how many angels can dance on the head of a pin. Instead my approach will be to wait and see and deal with whatever happens when it happens.
Dividend and capital growth Obviously dividend growth is an important aspect of defensive value investing, so it’s good to see that the model portfolio is now consistently breaking the £200 per month income figure. That level wasn’t broken in
2011 at all, and only five times in 2012. However, from May 2013 onwards it has broken through that level every single month. That’s good to know, although you can also see the impressive growth in the dividends from the benchmark passive index, where growth of the main dividend has gone from just over £1,000 in 2011 to almost £1,400 this year. It’s this continued growth of income which we all want, either directly or indirectly as a driver of capital gains, and long may it continue. In terms of capital growth, the portfolio is now just over £4,000 better off than the index benchmark. This comes after a hugely successful October, most of which is probably down to luck. I’m pleased that the portfolio is beating the market, but I know as well as anybody how fickle short-term returns can be. However, at least now the portfolio’s goal of beating the market by 3% a year (with less risk) looks more achievable. “Earnings are only a means to an end, and the means should not be mistaken for the end. Therefore we must say that a stock derives its value from its dividends, not its earnings. In short, a stock is worth only what you can get out of it. Even so spoke the old farmer to his son: A cow for her milk, a hen for her eggs, and a stock, by heck for her dividends. An orchard for fruit, bees for their honey, and stocks, besides for their dividends…” - John Burr Williams, The Theory of Investment Value, 1938 Page 3
Model portfolio performance and statistics Model Portfolio Total Return
FTSE All-Share Tracker Total Return
Average Investor
Bad Investor
£70,000 £65,000 £60,000 £55,000 £50,000 £45,000 £40,000 Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Note that the “average investor” and “bad investor” underperform the market by 3% and 6% per year respectively due to overtrading, buying high and selling low. These figures are based on research cited by Barclays and the book, Monkey with a Pin. Performance (%)
Model Portfolio (A)
FTSE All-Share Tracker Trust (B)
Difference (A) - (B)
1 Year
22.2
17
5.2
Total return from inception (March 2011)
33.1
24.8
8.3
Annualised return from inception Current cash value
11.7
8.9
2.8
£66,537
£62,377
£4,160
4
3.1
0.9
0.6
1
40% less volatile
Historic dividend yield Trailing 1 year beta (lower = less risk)
UK Revenue
International Revenue
55%
45%
Industry Allocation
Size Allocation
Industrials, 33% Consumer Services, 16% Financials, 15% Utilities, 7% Large Cap, 50 % Mid Cap, 33%
Consumer Goods, 8%
Small Cap, 17%
Basic Materials, 6% Telecommunications, 5% Health Care, 4% Oil & Gas, 3%
Page 4
Model Portfolio Current Holdings Value/growth factors: Green = better than FTSE100, Light Red = worse than FTSE100 Rank: Green = high, Amber = medium, Light Red = low - may be sold soon
Rank
Weight Name
EPIC
Index
Sector
Price
PE Ratio
Value Div.Yield
Value PE10
Growth Rate
Growth Quality
Debt Ratio
UK Focus
Purchase Date
1
1.6%
Chemring Group PLC
CHG
FTSE 250
Aerospace & Defense
£3.04
12.5
3.1%
11.7
27.1%
93%
3.7
15%
18/04/2011
2
3.9%
AstraZeneca PLC
AZN
FTSE 100
Pharmaceuticals & Biotechnology
£32.16
8.9
5.6%
10.8
13.6%
90%
0.9
21%
13/06/2011
4
3.6%
BHP Billiton PLC
BLT
FTSE 100
Mining
£18.20
12.3
4.2%
12.6
18.3%
90%
4.2
1%
12/09/2011
7
3.0%
Tesco PLC
TSCO
FTSE 100
Food & Drug Retailers
£3.59
9.5
4.1%
13.7
9.3%
95%
2.7
67%
11/06/2012
8
3.5%
Homeserve PLC
HSV
FTSE 250
Support Services
£2.57
12.6
4.4%
14.7
12.7%
93%
1.2
75%
05/08/2013
9
4.1%
Balfour Beatty PLC
BBY
FTSE 250
Construction & Materials
£2.84
10.5
5.0%
11.2
11.1%
88%
2.8
50%
09/08/2011
10
4.9%
Vodafone Group PLC
VOD
FTSE 100
Mobile Telecommunications
£2.16
13.2
4.7%
14.6
8.6%
95%
3.0
12%
02/06/2011
11
3.5%
Tullett Prebon PLC
TLPR
FTSE 250
Financial Services
£3.46
8.3
4.9%
9.2
12.2%
86%
1.8
59%
05/09/2011
12
4.0%
SSE PLC
SSE
FTSE 100
Electricity
£14.74
18.4
5.7%
16.3
12.8%
88%
4.0
98%
01/11/2011
13
2.9%
Morrison (Wm) Supermarkets PLC
MRW
FTSE 100
Food & Drug Retailers
£2.80
10.9
4.2%
17.2
17.3%
93%
3.4
100%
07/05/2013
14
4.4%
MITIE Group PLC
MTO
FTSE 250
Support Services
£2.96
13.5
3.5%
18.6
13.2%
98%
2.5
100%
16/09/2011
15
3.1%
Imperial Tobacco Group PLC
IMT
FTSE 100
Tobacco
£22.87
11.2
4.6%
18.1
13.0%
93%
4.2
19%
08/03/2013
18
3.8%
Braemar Shipping Services PLC
BMS
Small Cap Industrial Transportation
£5.00
15.0
5.2%
12.2
7.2%
88%
0.0
68%
13/05/2011
19
2.7%
Rio Tinto PLC
RIO
FTSE 100
£30.23
7.7
3.5%
9.9
18.9%
86%
2.2
10%
07/09/2012
20
4.0%
JD Sports Fashion PLC
JD.
Small Cap General Retailers
£10.54
11.6
2.5%
14.3
20.8%
93%
0.1
82%
16/03/2011
21
3.1%
Centrica PLC
CNA
FTSE 100
Gas, Water & Multiutilities
£3.70
11.1
4.4%
16.9
10.4%
93%
2.6
71%
10/08/2012
22
5.5%
BAE Systems PLC
BA.
FTSE 100
Aerospace & Defense
£4.54
13.7
4.3%
14.5
11.6%
88%
1.7
21%
21/06/2011
23
2.5%
ICAP PLC
IAP
FTSE 250
Financial Services
£3.74
13.7
5.9%
13.8
10.4%
86%
1.9
30%
10/04/2012
24
2.5%
Greggs PLC
GRG
FTSE 250
Food & Drug Retailers
£4.24
11.6
4.6%
13.1
6.7%
90%
0.0
100%
07/12/2012
27
3.4%
British American Tobacco PLC
BATS
FTSE 100
Tobacco
£32.77
15.6
4.1%
23.6
12.6%
95%
2.1
11%
09/09/2013
28
3.5%
Hill & Smith Holdings PLC
HILS
Small Cap Industrial Engineering
£4.70
13.4
3.2%
16.8
11.3%
93%
2.4
75%
07/06/2013
40
4.2%
Cranswick PLC
CWK
FTSE 250
£11.72
15.1
2.6%
19.9
9.9%
95%
0.5
97%
06/11/2012
46
5.7%
Mears Group PLC
MER
Small Cap Support Services
£4.19
17.6
1.9%
24.8
16.3%
98%
2.2
100%
24/03/2011
50
2.5%
RSA Insurance Group PLC
RSA
FTSE 100
Nonlife Insurance
£1.21
9.3
6.0%
8.9
3.2%
76%
0.0
36%
09/01/2012
55
3.3%
BP PLC
BP.
FTSE 100
Oil & Gas Producers
£4.33
11.2
5.0%
8.9
-0.5%
79%
2.1
30%
04/03/2011
64
3.0%
Amlin PLC
AML
FTSE 250
Nonlife Insurance
£4.05
7.5
5.9%
10.0
2.7%
79%
0.0
23%
08/02/2013
71
2.8%
Go-Ahead Group (The) PLC
GOG
FTSE 250
Travel & Leisure
£16.78
13.5
4.8%
11.8
5.1%
76%
3.6
100%
13/02/2012
104
2.7%
Aviva PLC
AV.
FTSE 100
Life Insurance
£3.97
8.1
4.8%
10.0
-2.6%
71%
0.0
51%
12/03/2012
2.4%
Cash
Mining
Food Producers
Recent Annual Results 5th September 2013 - Go-Ahead (joined model portfolio on 13th February 2012) “Go-Ahead is one of the UK’s leading providers of quality public transport. We employ more than 23,000 people and over a billion passengers travel on our buses and trains each year.” (www.go-ahead.com)
Revenue
10 Year average earnings
Dividend per share
Up 6% Debt ratio (max 5)
Up 12% Pension liability ratio (max 10)
Unchanged Does it still pass the buy tests?
0.3
0.6
Yes
Quotes from the annual results The new financial year has started well, with trading in line with the Board's expectations. In the bus division, we are on course to deliver our £100m target by 2015/16. This year will build on the excellent progress we have made towards this target, driving revenue through our continually innovative products and marketing, and reducing costs by sharing best practice and cost efficiency initiatives across the division. We have great confidence in our ability to deliver this target. We will also continue to assess acquisition opportunities both in and outside London. Following a challenging year in the rail industry, we continue to believe in the fundamental strengths of the UK rail market and look forward to the significant opportunities available to the Group over the coming months and years. Our focus this year will remain on delivering high quality services on our existing franchises as well as working hard to submit attractive bids in the franchise competitions for Thameslink and Crossrail. As well as thinking about the coming year, we need to look further ahead and consider how the transport industry will evolve and develop so we can respond to those changes and remain at the forefront of passenger transport. Our report 'The Future of Transport', published in partnership with Passenger Focus during the year, looked at how everyday patterns of living and working might change and what the consequences of those changes could be over the next ten to 15 years. Go-Ahead is part of that future and there are exciting opportunities ahead for us. The Board is committed to at least maintaining the current dividend per share, recognising its importance to the investment decision of many shareholders. Our target of £100m operating profit for our bus business is particularly important, creating a strong underpin for the dividend in a period of some uncertainty for our rail operations. This commitment is further supported by our robust balance sheet and strong cash flows.
Adj.Earnings (left axis)
Dividends (left axis)
Revenue (right axis)
250
3,000
P e n 200 c e
2,500 £ 2,000 M
150
i l 1,500 l i 1,000 o n 500 s
p e 100 r s h a r e
Page 6
50 0 2005
0 2006
2007
2008
2009
2010
2011
2012
2013
Recent Interim Results 12th September 2013 - Morrisons (added to model portfolio on 7th May 2012) “We are the UK’s fourth largest food retailer with over 400 stores. Uniquely we source and process most of the fresh food that we sell though our own manufacturing facilities, giving us close control over provenance and quality.” (www.morrison-corporate.com)
Revenue unchanged
Adjusted EPS down 2%
Dividend up 10%
Quotes from the interim results As the still maturing, fourth competitor in the UK grocery retail sector, we believe there remain significant growth opportunities for our business arising from four principal areas: 1) continuing to improve the trading performance of our core supermarket estate; 2) reaching the 6.4m households that do not have ready access to a Morrisons store; 3) developing a substantial presence in the convenience and online channels which will increase our accessible market by around 40%; and 4) maximising self-help measures to deliver further cost and operating efficiency across our business. By the end of the year we will have 100 M local convenience stores, around half of which will be in London and the South East, and we've secured a new distribution centre in Bury to support our convenience stores in the North. In parallel we've been working at pace on our online offer; the final pillar of our strategy. Morrisons.com will be making home deliveries of our great fresh food by the end of January 2014, supported through our long term service agreement with Ocado. In March 2011 the Group committed to a minimum annual dividend increase of 10% for three years. The current year is the final year of that commitment. From 2014/15 onwards the Board will maintain a progressive dividend policy targeting cover, over the medium term, of around two times underlying earnings.
18th September 2013 - JD Sports (added to model portfolio on 16th March 2011) “JD is acknowledged as the leading specialist multiple retailer of fashionable branded and own brand sports and casual wear in the UK and Republic of Ireland.” (www.jdplc.com)
Revenue up 2%
Adjusted EPS up 600%
Dividend up 3.5%
Quotes from the interim results The strong overall result in the first half has been driven by a record performance in our core Sports fascias in the UK. This business continues to provide the Group with a very solid platform for Group profitability and future cash generation. We are also pleased with the continued evolution of the JD fascia in mainland Europe. Elsewhere, the performance of both the Fashion and Outdoor fascias has been impacted by significant continued reorganisation activity in the period. Whilst these reorganisations have had a short term negative impact on the overall Group results, we strongly believe that the decisive actions which we have taken were necessary for these businesses to deliver returns in the longer term. The robust trading in the Sports fascias has continued since the period end although trading in the Fashion fascias continues to be more difficult. Overall, the like for like sales for the core UK and Ireland Sport and Fashion fascias in the five week period to 7 September 2013 are up by 2.8%. Given the continued robust performance in our core Sports fascias, the Board believes that the Group is well positioned to deliver results that are within the range of current expectations.
Page 7
Selling: Go-Ahead Group PLC (GOG) Purchase price and date
Current price
Holding period
1,304p on 13/02/2012 Capital gain
1,678p Dividend income
1 Year 8 months Annualised return
28%
8.1%
21.6%
“Go-Ahead is one of the UK’s leading providers of quality public transport. We employ more than 23,000 people and over a billion passengers travel on our buses and trains each year.” (www.go-ahead.com)
Overview Go-Ahead is one of the UK’s busiest public transport companies, with a focus on urban markets. There is a fairly even split between rail and bus, with most of the company’s revenues coming from rail, while most of its profits come from the regulated and deregulated bus divisions. Public transport is a relatively steady business to be in, and Go-Ahead has a reasonably steady history of revenues, profits and dividends. This defensiveness was one of the the factors that made it an attractive investment back in 2012. The other factor was the low price, which gave the company a PE ratio of 9.2 and a dividend yield of 6.2%.
Overall this investment has paid out 8.1% in dividends while the shares have appreciated in value by 28%. This has occurred over a holding period of 1 year and 8 months, which gives an annualised rate of return of 21.6%. That is well above the rate that I’d expect the model portfolio to grow at, so all in all I think this was a fairly successful investment. The pattern for this investment was the same as it has been for previous investments in the model portfolio: I found a strong, steady company where the shares appeared to be relatively cheap; I bought them without speculating about any particular outcome, other than that the company would continue to pay a sustainable dividend; and now I’m selling the share because they no longer appear to be such good value.
Page 8
Plant your investment capital in fertile ground A quick re-cap of the model portfolio’s purpose here might be helpful. The portfolio’s goal is to have a higher dividend yield, as well as higher income and capital growth than the FTSE All-Share. Just as important, it has the goal of being less risky too, as measured by “beta”, but in real terms that means it should fall less than the index when we next hit a bear market. The long-term returns that investors get from the FTSE All-Share come from a combination of dividend income and dividend growth. In aggregate the dividends from all the companies in that index are relatively stable, and growing more often than not. In contrast to the stability of dividends, the index itself is volatile (i.e. risky) over short and long time horizons. This volatility is driven not by the actual results of the underlying companies, but by the market’s sentiment towards a given company, or equities as a whole. If investors think the company will do well, valuations are driven high. If investors think the company will do badly, valuations are driven low. It is these swings between high and low valuations which makes stocks volatile, uncertain and “risky”. In order to have higher income and capital growth than the market, the model portfolio is built from a collection of companies whose aggregate earnings and dividends are expected (based on their past record) to grow faster than the market’s earnings and dividends. In order to reduce downside risk, and to produce the high dividend yield which is also a goal of the portfolio, companies are only held while their valuations are low. When Go-Ahead was added to the model portfolio in early 2012 it ranked highly on the stock screen because of the following factors: ● High 10 year growth rate: 8% compared to around 4% for the market ● Low valuation (using price to 10 year average earnings): 10.7 compared to around 13.9 for the market ● High dividend yield: 6.2% compared to 3.5% for the market In addition it had a long history of profitability and dividend payments. More generally, it had a strong position in a relatively defensive and predictable market sector, where the current economic environment wasn’t a major threat, as it was (and is) to many other sectors. On that basis I invested around 3% of the model portfolio into Go-Ahead.
Give your investment seeds time to grow Once an investment has been selected, the next thing to do is nothing, or at least, almost nothing (it’s advisable to at least read the RNS announcements so that you can see the latest financial reports and any other significant news). A plant must be left to grow, and you cannot force it to grow by staring at it. The same is true of most investments. It takes years for companies to grow by any significant amount, and so that is the time-frame over which you should expect to invest in and own a company. In Go-Ahead’s case, between the annual reports of 2011 and 2013 (respectively, the latest reports when I made the decision to buy and sell) revenues grew by 12%, 10-year average earnings grew by almost 20%, and the dividend remained unchanged. The market’s estimation of Go-Ahead’s future also changed. When the shares were purchased in 2012 they were being traded for 10.7 times the companies 10-year average earnings. Today the market rates them as being worth 11.7 times the last decade’s average earnings. That change in sentiment, driven partially by Go-Ahead’s so-far-successful project to grow its bus profits to £100m, boosted returns to shareholders by Page 9
around 9%. Combining the earnings growth, change in valuation and dividend income gives a total return of just over 36%.
Trim investments if the share price grows too fast The decision to sell investments that have had a good run is critical for boosting returns, increasing yields and reducing risks. Holding onto winners is all well and good when it is the company that is “winning”. But holding onto shares where the price has risen far faster than the sales, profits and dividends of the underlying company is a risky strategy. It is the epitome of the greater fool theory, where the investor expects other investors to bid ever higher prices for the company, just because they have in the past. This desire to buy and hold what has gone up is the driving force behind all of the investment manias, from Tulip-mania to the more recent dot-com and housing bubbles. In each case prices were held up by nothing more than wishes and crossed fingers. Gravity, and economic reality, always wins in the end. A better approach is to continuously remove those investments where the price has gone up, yields have gone down, and valuation risks have increased. By replacing those investments with others that have more attractive valuations, returns can be boosted and downside risks reduced.
Summary I will be selling all of Go-Ahead’s shares from the portfolio a few days after this issue is published. I will be adding two more companies to the portfolio over the next two months, at which point there will be 30 holdings. After that I’ll switch to alternating selling and buying months, which will mean that 6 companies, or 20% of the total, will be replaced each year. This will give a “turnover rate” for the portfolio of 20%, and so each investment will be held on average for 5 years. In my opinion that’s a good balance between being active enough to drive the portfolio forward, while being passive enough to let each company get on with the job of growing, without trying to force growth by trading too often (which typically results in reduced returns through excessive trading costs and overly short-term decisions).
Why not sell Aviva? Aviva is the lowest rated company on the stock screen. On that basis it should be my first choice to sell, and it is. However, there are a couple of reasons why I have decided to keep Aviva on, for now at least, despite its weak position on the screen. First, Aviva was unfairly hit by a change in the stock ranking system over a year ago. I added a measure for quality (consistency) which is based on revenues, earnings and dividends, but there is no revenue data available for insurance companies and banks because they don’t have revenue as such. So I make a conservative assumption for “revenue”, so that I can include these companies in the screen, but because my assumption is conservative these financial companies are ranked lower than they might otherwise be. For now I’ll keep Aviva in until it provides a decent return, or until it’s had a reasonable amount of time to perform. Second, the model portfolio has a target of generating more than 50% of its revenues from outside the UK. Currently about 55% of revenues come from the UK, so I’m looking to lower that figure. Go-Ahead is a 100% UK focused company, so by selling it I’m lowering the portfolio’s dependence on the UK more than I would if I sold Aviva, which generates around 50% of its revenues from the UK. Please remember that this investment analysis is for education only. It should not be construed as advice and should not be relied upon before investing. You should perform your own analysis and independent factual verification. If you need advice you should seek a financial advisor. Please see the important notes on the last page. Page 10
A quick guide to the model portfolio and stock screen Portfolio management policies and procedures Deliberate Diversification - To reduce the risks that come with each individual company and its shares, it is generally considered a good idea to hold a widely diversified portfolio. The model portfolio is diversified in terms of the number of companies (with a target of 30 equally weighted holdings), the industrial spread of those companies (no more than 2 or 3 from the same Sector) and their geographic spread (no more than 50% of portfolio revenue to be generated in the UK). Continuous Portfolio Improvement - A portfolio of stocks is a dynamic entity much like a garden. If it is left unmanaged (as with a pure buy-and-hold portfolio) there is a risk that over time the portfolio will drift away from its original goal. For example a high yield portfolio may become an average yield portfolio if the share prices of all the holdings increase faster than the dividends. To avoid this, the portfolio is actively managed to make sure that it only contains high quality companies with attractively valued shares. Each month a company is either added to or removed from the portfolio based on its Stock Screen rank and various other factors.
Buy and sell procedures Buy Decisions - Each buy decision starts by looking through the Stock Screen for the highest ranked stock which is not already in the portfolio and which has a debt ratio of less than five (a debt ratio of more than five is highlighted in red). The second step is to enter the companies results from the past decade into the investment analysis worksheet or spreadsheet which are available on the website. This makes it easier to see if the past results do actually match what the stock screen suggests, in terms of profitability, growth and consistency. If all of that looks okay then the next step is to check the total defined pension benefit liabilities to see if they are excessive relative to the company’s earnings power. Another step is to review the qualitative history of the company over the past decade, i.e. to read its annual reports in order to get a picture of what it has been doing and what problems it has faced in recent years. Finally, all these strands are pulled together to try to answer the questions in the investment analysis checklist about the company’s past, its present and its potential future. Sell Decisions - Sell decisions are made primarily on an existing holdings rank, with the lowest ranked shares most likely to be sold. However, there is a degree of subjectivity involved and it isn’t a purely mechanical process. For example, companies which are surrounded by a reasonable amount of good news are more likely to be sold than those which are still unloved, or which are still in the middle of a turnaround strategy.
The Stock Screen The stock screen ranks stocks based on a combination of their cyclically adjusted earnings and dividend yields, as well as the long-term growth rate and quality of that growth. Each of these factors is based on academic research and together create a unique screen which focuses high yield shares from companies which have produced high quality results in the past.
Page 11
Stock Screen - Sorted by Rank Colour key: Green = better than FTSE 100, Light Red = worse than FTSE 100, Dark Red = Debt ratio too high
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85
Name Chemring Group PLC AstraZeneca PLC FirstGroup PLC BHP Billiton PLC Vedanta Resources PLC Phoenix IT Group PLC Tesco PLC Homeserve PLC Balfour Beatty PLC Vodafone Group PLC Tullett Prebon PLC SSE PLC Morrison (Wm) Supermarkets PLC MITIE Group PLC Imperial Tobacco Group PLC Carillion PLC Sainsbury (J) PLC Braemar Shipping Services PLC Rio Tinto PLC JD Sports Fashion PLC Centrica PLC BAE Systems PLC ICAP PLC Greggs PLC Pennon Group PLC Halfords Group PLC British American Tobacco PLC Hill & Smith Holdings PLC National Grid PLC Reckitt Benckiser Group PLC Royal Dutch Shell PLC Stagecoach Group PLC Smiths News PLC Sage Group (The) PLC British Sky Broadcasting Group PLC Serco Group PLC Chesnara PLC Huntsworth PLC DCC PLC Cranswick PLC Anglo Pacific Group PLC Headlam Group PLC G4S PLC Hyder Consulting PLC Marston's PLC Mears Group PLC Morgan Sindall PLC Wood Group (John) PLC Brown (N) Group PLC RSA Insurance Group PLC BG Group PLC Charles Taylor PLC Beazley PLC GlaxoSmithKline PLC BP PLC Restaurant Group (The) PLC Atkins (W S) PLC Menzies (John) PLC Aggreko PLC Greene King PLC Management Consulting Group PLC Capita Group (The) PLC Admiral Group PLC Amlin PLC Chime Communications PLC RPC Group PLC Intermediate Capital Group PLC Catlin Group Ltd Fenner PLC Domino Printing Sciences PLC Go-Ahead Group (The) PLC Barclays PLC NCC Group PLC Cobham PLC Antofagasta PLC Fisher (James) & Sons PLC Investec PLC RPS Group PLC AMEC PLC Ladbrokes PLC Domino's Pizza UK & IRL PLC Synergy Health PLC IMI PLC Marks & Spencer Group PLC Victrex PLC
EPIC CHG AZN FGP BLT VED PNX TSCO HSV BBY VOD TLPR SSE MRW MTO IMT CLLN SBRY BMS RIO JD. CNA BA. IAP GRG PNN HFD BATS HILS NG. RB. RDSB SGC NWS SGE BSY SRP CSN HNT DCC CWK APF HEAD GFS HYC MARS MER MGNS WG. BWNG RSA BG. CTR BEZ GSK BP. RTN ATK MNZS AGK GNK MMC CPI ADM AML CHW RPC ICP CGL FENR DNO GOG BARC NCC COB ANTO FSJ INVP RPS AMEC LAD DOM SYR IMI MKS VCT
Index FTSE 250 FTSE 100 FTSE 250 FTSE 100 FTSE 100 Small Cap FTSE 100 FTSE 250 FTSE 250 FTSE 100 FTSE 250 FTSE 100 FTSE 100 FTSE 250 FTSE 100 FTSE 250 FTSE 100 Small Cap FTSE 100 Small Cap FTSE 100 FTSE 100 FTSE 250 FTSE 250 FTSE 250 FTSE 250 FTSE 100 Small Cap FTSE 100 FTSE 100 FTSE 100 FTSE 250 Small Cap FTSE 100 FTSE 100 FTSE 250 Small Cap Small Cap FTSE 250 FTSE 250 Small Cap Small Cap FTSE 100 Small Cap FTSE 250 Small Cap Small Cap FTSE 250 FTSE 250 FTSE 100 FTSE 100 Small Cap FTSE 250 FTSE 100 FTSE 100 FTSE 250 FTSE 250 FTSE 250 FTSE 100 FTSE 250 Small Cap FTSE 100 FTSE 100 FTSE 250 Small Cap FTSE 250 FTSE 250 FTSE 250 FTSE 250 FTSE 250 FTSE 250 FTSE 100 Small Cap FTSE 250 FTSE 100 FTSE 250 FTSE 250 FTSE 250 FTSE 100 FTSE 250 FTSE 250 FTSE 250 FTSE 100 FTSE 100 FTSE 250
Sector Aerospace & Defense Pharmaceuticals & Biotechnology Travel & Leisure Mining Mining Software & Computer Services Food & Drug Retailers Support Services Construction & Materials Mobile Telecommunications Financial Services Electricity Food & Drug Retailers Support Services Tobacco Support Services Food & Drug Retailers Industrial Transportation Mining General Retailers Gas, Water & Multiutilities Aerospace & Defense Financial Services Food & Drug Retailers Gas, Water & Multiutilities General Retailers Tobacco Industrial Engineering Gas, Water & Multiutilities Household Goods & Home Construction Oil & Gas Producers Travel & Leisure Support Services Software & Computer Services Media Support Services Life Insurance Media Support Services Food Producers Mining Household Goods & Home Construction Support Services Support Services Travel & Leisure Support Services Construction & Materials Oil Equipment, Services & Distribution General Retailers Nonlife Insurance Oil & Gas Producers Financial Services Nonlife Insurance Pharmaceuticals & Biotechnology Oil & Gas Producers Travel & Leisure Support Services Support Services Support Services Travel & Leisure Support Services Support Services Nonlife Insurance Nonlife Insurance Media General Industrials Financial Services Nonlife Insurance Industrial Engineering Electronic & Electrical Equipment Travel & Leisure Banks Software & Computer Services Aerospace & Defense Mining Industrial Transportation Financial Services Support Services Oil Equipment, Services & Distribution Travel & Leisure Travel & Leisure Health Care Equipment & Services Industrial Engineering General Retailers Chemicals
Share Price £3.04 £32.16 £1.20 £18.20 £10.82 £1.59 £3.59 £2.57 £2.84 £2.16 £3.46 £14.74 £2.80 £2.96 £22.87 £3.13 £3.92 £5.00 £30.23 £10.54 £3.70 £4.54 £3.74 £4.24 £6.99 £3.94 £32.77 £4.70 £7.31 £45.20 £21.35 £3.26 £2.05 £3.30 £8.70 £5.47 £2.69 £0.65 £25.27 £11.72 £1.98 £3.86 £2.54 £5.06 £1.51 £4.19 £7.50 £8.02 £5.25 £1.21 £11.81 £2.10 £2.10 £15.58 £4.33 £5.32 £11.69 £8.01 £16.04 £8.01 £0.27 £9.96 £12.33 £4.05 £3.02 £4.55 £4.46 £4.85 £3.98 £6.40 £16.78 £2.66 £1.48 £2.87 £8.19 £10.59 £4.00 £2.68 £10.74 £1.69 £5.84 £10.96 £14.55 £4.97 £15.97
PE Ratio 12.5 8.9 5.6 12.3 33.4 10.9 9.5 12.6 10.5 13.2 8.3 18.4 10.9 13.5 11.2 9.0 14.2 15.0 7.7 11.6 11.1 13.7 13.7 11.6 12.6 13.9 15.6 13.4 12.0 18.3 9.1 11.3 10.7 16.6 14.3 14.4 9.4 10.7 15.1 15.1 31.1 15.2 12.8 10.8 13.1 17.6 10.2 17.0 18.5 9.3 11.5 13.1 8.3 17.1 11.2 21.8 12.5 11.9 16.1 15.7 8.2 23.6 13.0 7.5 59.6 12.0 13.7 10.1 12.8 19.6 13.5 60.9 20.9 14.7 8.4 19.4 11.8 21.0 13.9 8.0 23.0 19.8 17.8 16.8 18.9
(Value) Div.Yield 3.1% 5.6% 5.2% 4.2% 3.4% 4.8% 4.1% 4.4% 5.0% 4.7% 4.9% 5.7% 4.2% 3.5% 4.6% 5.5% 4.3% 5.2% 3.5% 2.5% 4.4% 4.3% 5.9% 4.6% 4.1% 4.3% 4.1% 3.2% 5.6% 3.0% 5.1% 2.6% 4.2% 3.2% 3.4% 1.8% 6.4% 5.4% 2.8% 2.6% 5.2% 3.8% 3.5% 2.4% 4.0% 1.9% 3.6% 1.3% 2.6% 6.0% 1.4% 4.8% 4.0% 4.8% 5.0% 2.2% 2.7% 3.1% 1.5% 3.3% 3.1% 2.4% 3.5% 5.9% 2.4% 3.3% 4.5% 6.1% 2.6% 3.2% 4.8% 2.3% 2.1% 3.1% 1.6% 1.7% 4.5% 2.4% 3.4% 5.3% 2.5% 1.9% 2.2% 3.4% 2.3%
(Value) PE10 11.7 10.8 4.0 12.6 10.9 6.9 13.7 14.7 11.2 14.6 9.2 16.3 17.2 18.6 18.1 11.7 23.3 12.2 9.9 14.3 16.9 14.5 13.8 13.1 20.6 12.6 23.6 16.8 13.9 27.8 10.1 18.2 15.6 22.2 24.4 24.1 14.1 7.0 19.5 19.9 16.4 13.3 19.0 15.9 10.6 24.8 9.6 13.2 25.4 8.9 17.2 9.5 12.6 17.3 8.9 32.0 16.6 17.7 31.6 16.3 5.4 33.0 21.4 10.0 19.5 18.3 10.1 11.4 25.0 25.7 11.8 8.0 36.1 21.7 13.5 26.8 10.0 20.8 25.6 7.2 47.9 30.8 28.9 14.7 32.7
(Growth) (Growth) Rate Quality 27.1% 93% 13.6% 90% 6.3% 90% 18.3% 90% 15.6% 90% 11.3% 86% 9.3% 95% 12.7% 93% 11.1% 88% 8.6% 95% 12.2% 86% 12.8% 88% 17.3% 93% 13.2% 98% 13.0% 93% 11.1% 86% 23.4% 90% 7.2% 88% 18.9% 86% 20.8% 93% 10.4% 93% 11.6% 88% 10.4% 86% 6.7% 90% 10.9% 95% 6.1% 88% 12.6% 95% 11.3% 93% 7.5% 86% 17.0% 100% 8.6% 81% 14.3% 90% 11.3% 83% 13.1% 93% 10.9% 98% 17.4% 100% 4.2% 83% 5.1% 81% 14.0% 88% 9.9% 95% 9.5% 83% -2.4% 88% 12.2% 88% 22.7% 88% -1.4% 83% 16.3% 98% 6.1% 76% 29.0% 86% 11.9% 95% 3.2% 76% 14.7% 93% -1.0% 81% 9.6% 81% 3.9% 88% -0.5% 79% 13.3% 100% 9.2% 88% 4.4% 93% 26.5% 100% 5.5% 88% 1.5% 81% 14.8% 98% 12.0% 88% 2.7% 79% 13.8% 88% 11.5% 86% -2.3% 81% 3.2% 76% 12.8% 90% 12.3% 90% 5.1% 76% -10.4% 79% 23.9% 100% 12.7% 88% 16.8% 83% 12.5% 98% -1.1% 79% 11.3% 90% 14.8% 88% -4.1% 76% 25.7% 100% 16.4% 98% 10.9% 98% 2.8% 83% 15.7% 95%
Debt Ratio 3.7 0.9 4.3 4.2 22.9 2.9 2.7 1.2 2.8 3.0 1.8 4.0 3.4 2.5 4.2 4.1 4.8 0.0 2.2 0.1 2.6 1.7 1.9 0.0 11.2 1.1 2.1 2.4 8.4 1.4 1.1 4.4 2.6 0.7 2.2 3.4 0.0 1.9 4.3 0.5 0.0 0.8 6.7 0.4 8.7 2.2 0.1 0.5 2.2 0.0 2.2 2.8 0.0 2.4 2.1 0.8 0.9 2.5 2.3 7.8 1.2 4.0 0.0 0.0 0.6 3.0 4.0 0.0 3.7 0.7 3.6 0.0 1.8 2.5 1.2 2.1 0.0 0.6 0.8 1.3 1.2 5.0 0.8 2.5 0.0
Earnings Power (m) £93 £6,746 £645 £5,528 £478 £30 £4,021 £107 £308 £13,658 £141 £1,540 £706 £114 £2,278 £198 £579 £16 £7,388 £66 £2,089 £1,779 £301 £59 £236 £110 £5,026 £40 £3,362 £2,336 £21,181 £186 £40 £304 £1,108 £227 £36 £38 £191 £55 £22 £43 £367 £22 £135 £33 £52 £389 £111 £761 £4,332 £15 £141 £7,759 £14,348 £67 £124 £51 £273 £189 £39 £388 £279 £318 £23 £71 £288 £234 £56 £50 £93 £8,375 £17 £252 £994 £39 £383 £51 £220 £330 £40 £41 £310 £910 £79
Stock Screen - Sorted by Rank Colour key: Green = better than FTSE 100, Light Red = worse than FTSE 100, Dark Red = Debt ratio too high
Rank 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170
Name EPIC ITE Group PLC ITE Man Group PLC EMG Vitec Group (The) PLC VTC Fidessa Group PLC FDSA Bloomsbury Publishing PLC BMY HSBC Holdings PLC HSBA Dairy Crest Group PLC DCG Bunzl PLC BNZL Whitbread PLC WTB Speedy Hire PLC SDY Croda International PLC CRDA Darty PLC DRTY Smith & Nephew PLC SN. CRH PLC CRH Spirax-Sarco Engineering PLC SPX Anglo-Eastern Plantations PLC AEP Cable & Wireless Communications PLC CWC Rotork PLC ROR Aviva PLC AV. Diageo PLC DGE WPP Group PLC WPP KCOM Group PLC KCOM Weir Group PLC WEIR Meggitt PLC MGGT Aberdeen Asset Management PLC ADN PayPoint PLC PAY St Ives PLC SIV 4imprint Group PLC FOUR William Hill PLC WMH Laird PLC LRD Standard Chartered PLC STAN Senior PLC SNR FTSE 100 Intertek Group PLC ITRK Spectris PLC SXS SABMiller PLC SAB Computacenter PLC CCC Babcock International Group PLC BAB Interserve PLC IRV Halma PLC HLMA Pearson PLC PSON London Stock Exchange Group PLC LSE Fuller Smith & Turner PLC FSTA Diploma PLC DPLM Informa PLC INF Rexam PLC REX Communisis PLC CMS Low & Bonar PLC LWB Severn Trent PLC SVT Premier Farnell PLC PFL Telecom plus PLC TEP Paragon Group of Companies (The) PLC PAG Aveva Group PLC AVV Ultra Electronics Holdings PLC ULE Keller Group PLC KLR Kier Group PLC KIE Shanks Group PLC SKS Tate & Lyle PLC TATE Hays PLC HAS Burberry Group PLC BRBY Provident Financial PLC PFG Clarkson PLC CKN Millennium & Copthorne Hotels PLC MLC Renishaw PLC RSW United Utilities Group PLC UU. Compass Group PLC CPG Unilever PLC ULVR Barr (A G) PLC BAG PZ Cussons PLC PZC Devro PLC DVO Smiths Group PLC SMIN Electrocomponents PLC ECM Associated British Foods PLC ABF Vp PLC VP. Tarsus PLC TRS Carr's Milling Industries PLC CRM Brammer PLC BRAM F&C UK Real Estate Investment Ltd FCRE Greencore Group PLC GNC ARM Holdings PLC ARM Galliford Try PLC GFRD BT Group PLC BT.A Next PLC NXT Berendsen PLC BRSN Marshalls PLC MSLH
Index FTSE 250 FTSE 250 Small Cap FTSE 250 Small Cap FTSE 100 FTSE 250 FTSE 100 FTSE 100 Small Cap FTSE 100 Small Cap FTSE 100 FTSE 100 FTSE 250 Small Cap FTSE 250 FTSE 250 FTSE 100 FTSE 100 FTSE 100 FTSE 250 FTSE 100 FTSE 100 FTSE 100 FTSE 250 Small Cap Small Cap FTSE 100 FTSE 250 FTSE 100 FTSE 250
Sector Media Financial Services Industrial Engineering Software & Computer Services Media Banks Food Producers Support Services Travel & Leisure Support Services Chemicals General Retailers Health Care Equipment & Services Construction & Materials Industrial Engineering Food Producers Fixed Line Telecommunications Industrial Engineering Life Insurance Beverages Media Fixed Line Telecommunications Industrial Engineering Aerospace & Defense Financial Services Support Services Support Services Media Travel & Leisure Technology Hardware & Equipment Banks Aerospace & Defense
FTSE 100 FTSE 250 FTSE 100 FTSE 250 FTSE 100 FTSE 250 FTSE 250 FTSE 100 FTSE 100 Small Cap FTSE 250 FTSE 250 FTSE 100 Small Cap Small Cap FTSE 100 FTSE 250 FTSE 250 FTSE 250 FTSE 250 FTSE 250 FTSE 250 FTSE 250 Small Cap FTSE 100 FTSE 250 FTSE 100 FTSE 250 Small Cap FTSE 250 FTSE 250 FTSE 100 FTSE 100 FTSE 100 FTSE 250 FTSE 250 FTSE 250 FTSE 100 FTSE 250 FTSE 100 Small Cap Small Cap Small Cap Small Cap Small Cap FTSE 250 FTSE 100 FTSE 250 FTSE 100 FTSE 100 FTSE 250 Small Cap
Support Services Electronic & Electrical Equipment Beverages Software & Computer Services Support Services Support Services Electronic & Electrical Equipment Media Financial Services Travel & Leisure Support Services Media General Industrials Support Services Construction & Materials Gas, Water & Multiutilities Support Services Fixed Line Telecommunications Financial Services Software & Computer Services Aerospace & Defense Construction & Materials Construction & Materials Support Services Food Producers Support Services Personal Goods Financial Services Industrial Transportation Travel & Leisure Electronic & Electrical Equipment Gas, Water & Multiutilities Travel & Leisure Food Producers Beverages Personal Goods Food Producers General Industrials Support Services Food Producers Support Services Media Food Producers Support Services Real Estate Investment & Services Food Producers Technology Hardware & Equipment Construction & Materials Fixed Line Telecommunications General Retailers Support Services Construction & Materials
Share Price £2.72 £0.84 £6.82 £19.88 £1.49 £6.69 £4.56 £13.38 £29.64 £0.65 £26.55 £0.69 £7.71 £14.78 £30.15 £6.47 £0.40 £27.27 £3.97 £19.65 £12.70 £0.91 £23.30 £5.49 £3.79 £10.62 £1.73 £5.49 £4.03 £2.20 £14.81 £2.70 6,462 £33.05 £22.06 £31.44 £5.35 £11.96 £5.62 £5.67 £12.57 £15.37 £9.05 £6.53 £5.25 £4.82 £0.61 £0.74 £17.63 £2.17 £12.66 £3.12 £25.98 £18.89 £10.39 £16.86 £0.93 £7.37 £1.18 £16.34 £16.62 £22.50 £5.55 £18.03 £6.91 £8.50 £24.40 £5.28 £4.14 £3.25 £13.99 £2.76 £18.76 £4.94 £2.30 £15.65 £4.59 £0.76 £1.48 £9.86 £10.40 £3.42 £51.60 £9.08 £1.79
PE Ratio 20.9 -5.4 14.4 24.8 13.7 13.5 9.9 21.7 19.0 75.6 20.5 16.2 13.9 23.7 23.5 7.8 21.1 26.8 8.1 18.6 19.3 11.1 17.6 16.9 21.5 23.4 9.9 23.5 16.4 16.7 12.5 14.7 14.8 27.4 18.4 22.4 13.6 19.9 17.3 24.6 24.6 20.4 20.6 23.0 15.2 12.8 10.9 16.0 21.2 14.4 33.1 10.0 35.4 20.2 19.1 17.6 19.2 12.9 23.0 20.9 15.3 32.1 14.7 19.1 19.5 27.3 19.6 22.6 24.5 16.5 15.4 17.7 23.0 20.5 28.6 16.5 21.9 0.0 14.2 85.7 14.5 15.3 17.6 21.7 24.3
(Value) Div.Yield 2.4% 17.1% 3.2% 1.9% 3.7% 4.2% 4.5% 2.1% 1.9% 0.8% 2.2% 4.3% 2.2% 2.9% 1.8% 0.4% 6.5% 1.6% 4.8% 2.4% 2.2% 4.9% 1.6% 2.1% 3.0% 2.9% 3.3% 2.8% 2.6% 4.5% 3.5% 1.7% 3.6% 1.2% 1.8% 2.1% 3.2% 2.2% 3.7% 1.8% 3.6% 1.9% 1.5% 2.2% 3.5% 3.2% 2.7% 3.2% 4.3% 4.8% 2.4% 1.9% 1.0% 2.1% 2.2% 4.0% 3.7% 3.6% 2.1% 1.8% 4.6% 2.3% 2.4% 2.2% 5.0% 2.5% 3.2% 1.9% 1.8% 2.6% 2.8% 4.3% 1.5% 2.5% 3.0% 1.9% 2.0% 8.8% 2.5% 0.5% 3.6% 2.8% 2.0% 2.8% 2.9%
(Value) PE10 28.8 4.4 18.7 39.5 12.8 11.5 11.5 29.8 33.1 9.0 43.2 5.3 21.7 14.9 35.4 12.0 14.6 45.2 10.0 29.6 28.1 16.0 35.6 27.5 39.7 33.3 8.7 28.5 16.8 16.0 15.0 24.8 14.5 49.3 33.7 36.2 19.2 34.5 19.8 37.0 26.3 27.2 29.8 44.1 22.1 14.2 9.4 13.3 22.2 16.4 60.7 4.5 55.4 28.2 16.9 16.4 14.1 16.7 16.3 40.1 23.8 19.8 18.4 34.7 16.2 36.1 19.5 35.6 32.3 26.9 19.8 18.6 32.9 25.5 25.2 24.1 32.3 16.5 16.1 202.8 17.4 19.2 27.7 27.9 15.6
(Growth) (Growth) Rate Quality 12.7% 93% -8.1% 71% 7.4% 86% 21.3% 98% 1.0% 83% -1.0% 76% 1.0% 74% 9.3% 100% 14.0% 95% -25.9% 81% 24.3% 98% -10.6% 71% 13.1% 90% 3.8% 83% 12.8% 100% 15.6% 81% 1.7% 74% 17.5% 100% -2.6% 71% 8.1% 95% 12.8% 93% 8.3% 79% 21.6% 95% 11.6% 90% 20.1% 90% 12.3% 93% -10.9% 71% 7.7% 93% -8.2% 90% -2.7% 83% 5.8% 81% 18.7% 88% 3.7% 81% 18.8% 100% 13.9% 95% 13.6% 95% 9.3% 83% 21.9% 90% 6.2% 83% 9.8% 100% 6.7% 88% 13.8% 88% 10.5% 98% 15.3% 95% 7.6% 86% 0.7% 79% -9.5% 69% -1.4% 76% 2.4% 86% 4.8% 67% 25.5% 90% -13.6% 74% 27.1% 95% 13.6% 88% 5.7% 86% 4.7% 79% -1.8% 76% 2.2% 81% 0.2% 79% 17.1% 93% 4.2% 83% 7.2% 86% 9.1% 83% 12.9% 90% -4.0% 74% 11.6% 90% 5.2% 83% 8.5% 98% 10.3% 93% 10.9% 86% 6.0% 81% 1.4% 71% 8.6% 98% 7.6% 86% 10.0% 81% 9.0% 88% 11.3% 90% -4.6% 57% -3.2% 74% 21.7% 93% 3.1% 83% -2.2% 83% 8.8% 90% 5.3% 88% -10.3% 69%
Debt Ratio 0.7 1.1 2.7 0.0 0.0 0.0 4.4 2.8 1.7 1.2 1.6 1.9 0.5 3.3 0.4 0.4 11.7 0.0 0.0 3.2 4.3 2.2 4.1 2.6 11.6 0.0 0.7 0.7 1.1 2.9 0.0 1.4
Earnings Power (m) £44 £494 £28 £37 £14 £16,514 £80 £298 £308 £61 £163 £98 £577 £1,208 £128 £35 £102 £105 £1,676 £3,176 £1,122 £46 £265 £285 £207 £40 £34 £10 £376 £61 £3,862 £80
3.3 1.9 4.6 0.3 3.1 0.8 1.4 3.3 3.0 7.2 0.1 3.4 5.3 2.4 3.9 14.8 4.5 0.1 29.2 0.0 0.9 1.4 0.4 8.8 2.7 1.1 0.4 7.4 0.0 2.2 0.0 14.4 2.3 3.0 0.8 1.0 0.9 2.2 1.9 1.6 4.1 1.8 2.5 1.8 5.9 5.3 0.0 0.9 4.3 1.4 5.4 2.5
£216 £148 £2,654 £64 £227 £61 £116 £689 £270 £19 £32 £245 £421 £17 £28 £325 £65 £27 £314 £57 £82 £75 £88 £40 £333 £161 £335 £162 £37 £163 £68 £428 £770 £2,732 £34 £102 £35 £452 £93 £881 £13 £14 £10 £30 £11 £54 £126 £81 £2,354 £527 £99 £31
Stock Screen - Sorted by Rank Colour key: Green = better than FTSE 100, Light Red = worse than FTSE 100, Dark Red = Debt ratio too high
Rank 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218
Name United Drug PLC Old Mutual PLC Rolls-Royce Group PLC Ricardo PLC Reed Elsevier PLC De La Rue PLC Goodwin PLC Close Brothers Group PLC Jardine Lloyd Thompson Group PLC Lavendon Group PLC Johnson Matthey PLC S & U PLC Dignity PLC British Polythene Industries PLC Genus PLC Ted Baker PLC InterContinental Hotels Group PLC Rathbone Brothers PLC Brewin Dolphin Holdings PLC BBA Aviation PLC Bodycote PLC Euromoney Institutional Investor PLC Prudential PLC Legal & General Group PLC Savills PLC Bellway PLC F&C Asset Management PLC Daejan Holdings PLC Kingfisher PLC Robert Walters PLC Dechra Pharmaceuticals PLC UK Mail Group PLC Hunting PLC Schroders PLC Dialight PLC Michael Page International PLC Porvair PLC Boot (Henry) PLC Consort Medical PLC Smith (DS) PLC Tullow Oil PLC Wilmington Group PLC Tribal Group PLC Oxford Instruments PLC St James's Place PLC Xaar PLC Helical Bar PLC Carclo PLC
EPIC UDG OML RR. RCDO REL DLAR GDWN CBG JLT LVD JMAT SUS DTY BPI GNS TED IHG RAT BRW BBA BOY ERM PRU LGEN SVS BWY FCAM DJAN KGF RWA DPH UKM HTG SDR DIA MPI PRV BHY CSRT SMDS TLW WIL TRB OXIG STJ XAR HLCL CAR
Index FTSE 250 FTSE 100 FTSE 100 Small Cap FTSE 100 FTSE 250 Small Cap FTSE 250 FTSE 250 Small Cap FTSE 100 Small Cap FTSE 250 Small Cap FTSE 250 FTSE 250 FTSE 100 FTSE 250 FTSE 250 FTSE 250 FTSE 250 FTSE 250 FTSE 100 FTSE 100 FTSE 250 FTSE 250 FTSE 250 FTSE 250 FTSE 100 Small Cap FTSE 250 Small Cap FTSE 250 FTSE 100 FTSE 250 FTSE 250 Small Cap Small Cap Small Cap FTSE 250 FTSE 100 Small Cap Small Cap FTSE 250 FTSE 250 FTSE 250 Small Cap Small Cap
Sector Food & Drug Retailers Life Insurance Aerospace & Defense Support Services Media Support Services Industrial Engineering Financial Services Nonlife Insurance Support Services Chemicals Financial Services General Retailers General Industrials Pharmaceuticals & Biotechnology Personal Goods Travel & Leisure Financial Services Financial Services Industrial Transportation Industrial Engineering Media Life Insurance Life Insurance Real Estate Investment & Services Household Goods & Home Construction Financial Services Real Estate Investment & Services General Retailers Support Services Pharmaceuticals & Biotechnology Industrial Transportation Oil Equipment, Services & Distribution Financial Services Electronic & Electrical Equipment Support Services Alternative Energy Construction & Materials Health Care Equipment & Services General Industrials Oil & Gas Producers Media Support Services Electronic & Electrical Equipment Life Insurance Electronic & Electrical Equipment Real Estate Investment & Services Chemicals
Share Price £3.20 £1.88 £11.12 £5.55 £8.33 £9.94 £34.00 £11.69 £9.45 £1.97 £28.08 £14.10 £14.50 £6.37 £14.32 £19.17 £18.02 £15.51 £2.71 £3.05 £6.50 £11.60 £11.51 £1.96 £6.18 £13.15 £0.98 £39.15 £3.86 £3.23 £7.18 £5.80 £7.98 £25.76 £11.35 £4.92 £2.43 £1.82 £8.70 £2.88 £10.24 £2.05 £1.97 £12.60 £6.15 £7.98 £2.97 £3.80
PE Ratio 19.0 14.6 13.5 16.9 18.3 19.6 16.1 14.3 17.9 19.7 19.8 15.4 23.1 14.6 32.0 36.5 15.5 23.1 29.7 17.3 16.7 20.5 12.9 14.0 19.2 20.2 19.3 7.1 15.4 48.1 45.3 23.2 17.7 25.3 28.2 34.6 24.5 25.4 22.4 18.4 24.3 49.2 22.6 29.4 31.3 40.6 59.4 54.5
(Value) Div.Yield 0.5% 3.7% 1.8% 2.5% 2.8% 4.3% 1.0% 3.8% 2.7% 1.4% 2.0% 3.3% 1.1% 2.1% 1.1% 1.4% 2.3% 3.0% 2.6% 3.0% 1.9% 1.9% 2.5% 3.9% 1.6% 1.5% 3.1% 2.0% 2.5% 1.6% 1.9% 3.2% 2.3% 1.7% 1.2% 2.0% 1.1% 2.6% 2.3% 2.8% 1.2% 3.4% 0.6% 0.9% 1.7% 0.5% 1.9% 0.7%
(Value) PE10 21.5 13.5 31.1 21.2 26.6 21.8 35.7 17.9 27.0 13.0 27.6 23.0 35.4 15.8 43.9 52.2 26.3 24.9 28.3 19.1 29.1 31.2 27.5 18.9 21.6 17.6 24.7 21.6 21.1 28.0 45.9 27.7 30.1 33.7 65.2 30.1 41.6 25.1 21.3 29.3 50.8 30.1 18.0 60.9 44.0 88.5 30.7 46.8
(Growth) (Growth) Rate Quality 6.4% 86% -4.3% 76% 10.5% 90% 5.2% 83% 6.9% 83% 5.5% 76% 13.9% 90% 0.5% 76% 8.2% 81% 4.8% 74% 11.1% 83% 4.1% 81% 11.2% 93% -1.4% 74% 9.8% 95% 9.7% 95% 11.1% 81% 2.5% 81% 6.7% 79% 1.1% 71% 7.0% 88% 6.7% 88% 6.6% 83% 0.4% 74% 0.8% 83% -10.9% 83% -11.4% 57% 2.6% 81% 2.8% 76% 6.2% 86% 5.7% 93% 3.3% 74% 2.5% 90% 9.6% 86% 12.4% 88% 7.4% 81% 7.0% 90% -1.5% 79% 0.9% 67% 3.7% 81% 14.6% 81% 0.7% 64% -8.7% 74% 16.9% 74% 7.3% 81% 9.6% 79% -12.0% 74% 5.3% 79%
Debt Ratio 3.7 0.0 1.7 0.1 3.4 1.5 1.5 0.0 2.0 2.9 2.7 1.8 8.3 1.5 2.0 0.7 2.7 0.0 0.0 3.3 0.6 0.5 0.0 0.1 0.0 0.5 9.8 6.0 0.7 1.0 4.5 0.1 3.8 6.1 0.0 0.1 2.4 1.7 0.0 6.5 2.5 5.3 1.2 0.0 0.0 0.1 15.4 3.0
Earnings Power (m) £61 £1,041 £1,218 £23 £612 £69 £12 £147 £124 £38 £347 £12 £40 £16 £38 £30 £290 £47 £41 £109 £75 £83 £1,785 £906 £64 £152 £26 £48 £660 £15 £25 £17 £71 £360 £10 £85 £5 £15 £16 £148 £297 £7 £15 £17 £116 £11 £17 £8
Stock Screen - Sorted by Name Colour key: Green = better than FTSE 100, Light Red = worse than FTSE 100, Dark Red = Debt ratio too high
Rank 113 110 63 59 79 64 41 101 75 165 158 2 57 138 104 123 22 9 72 153 190 53 196 169 51 4 90 191 208 55 18 162 189 27 184 35 49 167 93 145 102 62 218 16 161 68 21 52 1 37 65 147 178 74 132 151 122 209 40 99 96 198 92 97 39 176 201 155 105 205 183 129 70 81 157 192 197 163 69 89 3 76 118 128 43
Name 4imprint Group PLC Aberdeen Asset Management PLC Admiral Group PLC Aggreko PLC AMEC PLC Amlin PLC Anglo Pacific Group PLC Anglo-Eastern Plantations PLC Antofagasta PLC ARM Holdings PLC Associated British Foods PLC AstraZeneca PLC Atkins (W S) PLC Aveva Group PLC Aviva PLC Babcock International Group PLC BAE Systems PLC Balfour Beatty PLC Barclays PLC Barr (A G) PLC BBA Aviation PLC Beazley PLC Bellway PLC Berendsen PLC BG Group PLC BHP Billiton PLC Bloomsbury Publishing PLC Bodycote PLC Boot (Henry) PLC BP PLC Braemar Shipping Services PLC Brammer PLC Brewin Dolphin Holdings PLC British American Tobacco PLC British Polythene Industries PLC British Sky Broadcasting Group PLC Brown (N) Group PLC BT Group PLC Bunzl PLC Burberry Group PLC Cable & Wireless Communications PLC Capita Group (The) PLC Carclo PLC Carillion PLC Carr's Milling Industries PLC Catlin Group Ltd Centrica PLC Charles Taylor PLC Chemring Group PLC Chesnara PLC Chime Communications PLC Clarkson PLC Close Brothers Group PLC Cobham PLC Communisis PLC Compass Group PLC Computacenter PLC Consort Medical PLC Cranswick PLC CRH PLC Croda International PLC Daejan Holdings PLC Dairy Crest Group PLC Darty PLC DCC PLC De La Rue PLC Dechra Pharmaceuticals PLC Devro PLC Diageo PLC Dialight PLC Dignity PLC Diploma PLC Domino Printing Sciences PLC Domino's Pizza UK & IRL PLC Electrocomponents PLC Euromoney Institutional Investor PLC F&C Asset Management PLC F&C UK Real Estate Investment Ltd Fenner PLC Fidessa Group PLC FirstGroup PLC Fisher (James) & Sons PLC FTSE 100 Fuller Smith & Turner PLC G4S PLC
EPIC FOUR ADN ADM AGK AMEC AML APF AEP ANTO ARM ABF AZN ATK AVV AV. BAB BA. BBY BARC BAG BBA BEZ BWY BRSN BG. BLT BMY BOY BHY BP. BMS BRAM BRW BATS BPI BSY BWNG BT.A BNZL BRBY CWC CPI CAR CLLN CRM CGL CNA CTR CHG CSN CHW CKN CBG COB CMS CPG CCC CSRT CWK CRH CRDA DJAN DCG DRTY DCC DLAR DPH DVO DGE DIA DTY DPLM DNO DOM ECM ERM FCAM FCRE FENR FDSA FGP FSJ
Index Small Cap FTSE 100 FTSE 100 FTSE 100 FTSE 100 FTSE 250 Small Cap Small Cap FTSE 100 FTSE 100 FTSE 100 FTSE 100 FTSE 250 FTSE 250 FTSE 100 FTSE 100 FTSE 100 FTSE 250 FTSE 100 FTSE 250 FTSE 250 FTSE 250 FTSE 250 FTSE 250 FTSE 100 FTSE 100 Small Cap FTSE 250 Small Cap FTSE 100 Small Cap Small Cap FTSE 250 FTSE 100 Small Cap FTSE 100 FTSE 250 FTSE 100 FTSE 100 FTSE 100 FTSE 250 FTSE 100 Small Cap FTSE 250 Small Cap FTSE 250 FTSE 100 Small Cap FTSE 250 Small Cap Small Cap Small Cap FTSE 250 FTSE 250 Small Cap FTSE 100 FTSE 250 Small Cap FTSE 250 FTSE 100 FTSE 100 FTSE 250 FTSE 250 Small Cap FTSE 250 FTSE 250 FTSE 250 FTSE 250 FTSE 100 FTSE 250 FTSE 250 FTSE 250 FTSE 250 FTSE 250 FTSE 250 FTSE 250 FTSE 250 Small Cap FTSE 250 FTSE 250 FTSE 250 FTSE 250
Sector Media Financial Services Nonlife Insurance Support Services Oil Equipment, Services & Distribution Nonlife Insurance Mining Food Producers Mining Technology Hardware & Equipment Food Producers Pharmaceuticals & Biotechnology Support Services Software & Computer Services Life Insurance Support Services Aerospace & Defense Construction & Materials Banks Beverages Industrial Transportation Nonlife Insurance Household Goods & Home Construction Support Services Oil & Gas Producers Mining Media Industrial Engineering Construction & Materials Oil & Gas Producers Industrial Transportation Support Services Financial Services Tobacco General Industrials Media General Retailers Fixed Line Telecommunications Support Services Personal Goods Fixed Line Telecommunications Support Services Chemicals Support Services Food Producers Nonlife Insurance Gas, Water & Multiutilities Financial Services Aerospace & Defense Life Insurance Media Industrial Transportation Financial Services Aerospace & Defense Support Services Travel & Leisure Software & Computer Services Health Care Equipment & Services Food Producers Construction & Materials Chemicals Real Estate Investment & Services Food Producers General Retailers Support Services Support Services Pharmaceuticals & Biotechnology Food Producers Beverages Electronic & Electrical Equipment General Retailers Support Services Electronic & Electrical Equipment Travel & Leisure Support Services Media Financial Services Real Estate Investment & Services Industrial Engineering Software & Computer Services Travel & Leisure Industrial Transportation
FSTA GFS
Small Cap Travel & Leisure FTSE 100 Support Services
Share Price £5.49 £3.79 £12.33 £16.04 £10.74 £4.05 £1.98 £6.47 £8.19 £9.86 £18.76 £32.16 £11.69 £25.98 £3.97 £11.96 £4.54 £2.84 £2.66 £5.28 £3.05 £2.10 £13.15 £9.08 £11.81 £18.20 £1.49 £6.50 £1.82 £4.33 £5.00 £4.59 £2.71 £32.77 £6.37 £8.70 £5.25 £3.42 £13.38 £16.34 £0.40 £9.96 £3.80 £3.13 £15.65 £4.85 £3.70 £2.10 £3.04 £2.69 £3.02 £22.50 £11.69 £2.87 £0.61 £8.50 £5.35 £8.70 £11.72 £14.78 £26.55 £39.15 £4.56 £0.69 £25.27 £9.94 £7.18 £3.25 £19.65 £11.35 £14.50 £6.53 £6.40 £5.84 £2.76 £11.60 £0.98 £0.76 £3.98 £19.88 £1.20 £10.59 6,462 £9.05 £2.54
PE Ratio 23.5 21.5 13.0 16.1 13.9 7.5 31.1 7.8 8.4 85.7 23.0 8.9 12.5 35.4 8.1 19.9 13.7 10.5 60.9 22.6 17.3 8.3 20.2 21.7 11.5 12.3 13.7 16.7 25.4 11.2 15.0 21.9 29.7 15.6 14.6 14.3 18.5 15.3 21.7 20.9 21.1 23.6 54.5 9.0 16.5 10.1 11.1 13.1 12.5 9.4 59.6 32.1 14.3 14.7 10.9 27.3 13.6 22.4 15.1 23.7 20.5 7.1 9.9 16.2 15.1 19.6 45.3 16.5 18.6 28.2 23.1 23.0 19.6 23.0 17.7 20.5 19.3 0.0 12.8 24.8 5.6 19.4 14.8 20.6 12.8
(Value) Div.Yield 2.8% 3.0% 3.5% 1.5% 3.4% 5.9% 5.2% 0.4% 1.6% 0.5% 1.5% 5.6% 2.7% 1.0% 4.8% 2.2% 4.3% 5.0% 2.3% 1.9% 3.0% 4.0% 1.5% 2.8% 1.4% 4.2% 3.7% 1.9% 2.6% 5.0% 5.2% 2.0% 2.6% 4.1% 2.1% 3.4% 2.6% 2.8% 2.1% 1.8% 6.5% 2.4% 0.7% 5.5% 1.9% 6.1% 4.4% 4.8% 3.1% 6.4% 2.4% 2.3% 3.8% 3.1% 2.7% 2.5% 3.2% 2.3% 2.6% 2.9% 2.2% 2.0% 4.5% 4.3% 2.8% 4.3% 1.9% 2.6% 2.4% 1.2% 1.1% 2.2% 3.2% 2.5% 4.3% 1.9% 3.1% 8.8% 2.6% 1.9% 5.2% 1.7% 3.6% 1.5% 3.5%
(Value) PE10 28.5 39.7 21.4 31.6 25.6 10.0 16.4 12.0 13.5 202.8 32.9 10.8 16.6 55.4 10.0 34.5 14.5 11.2 8.0 35.6 19.1 12.6 17.6 27.9 17.2 12.6 12.8 29.1 25.1 8.9 12.2 32.3 28.3 23.6 15.8 24.4 25.4 19.2 29.8 40.1 14.6 33.0 46.8 11.7 24.1 11.4 16.9 9.5 11.7 14.1 19.5 19.8 17.9 21.7 9.4 36.1 19.2 21.3 19.9 14.9 43.2 21.6 11.5 5.3 19.5 21.8 45.9 26.9 29.6 65.2 35.4 44.1 25.7 47.9 18.6 31.2 24.7 16.5 25.0 39.5 4.0 26.8 14.5 29.8 19.0
(Growth) (Growth) Rate Quality 7.7% 93% 20.1% 90% 12.0% 88% 26.5% 100% 14.8% 88% 2.7% 79% 9.5% 83% 15.6% 81% 16.8% 83% 21.7% 93% 8.6% 98% 13.6% 90% 9.2% 88% 27.1% 95% -2.6% 71% 21.9% 90% 11.6% 88% 11.1% 88% -10.4% 79% 8.5% 98% 1.1% 71% 9.6% 81% -10.9% 83% 5.3% 88% 14.7% 93% 18.3% 90% 1.0% 83% 7.0% 88% -1.5% 79% -0.5% 79% 7.2% 88% 11.3% 90% 6.7% 79% 12.6% 95% -1.4% 74% 10.9% 98% 11.9% 95% -2.2% 83% 9.3% 100% 17.1% 93% 1.7% 74% 14.8% 98% 5.3% 79% 11.1% 86% 9.0% 88% 3.2% 76% 10.4% 93% -1.0% 81% 27.1% 93% 4.2% 83% 13.8% 88% 7.2% 86% 0.5% 76% 12.7% 88% -9.5% 69% 11.6% 90% 9.3% 83% 0.9% 67% 9.9% 95% 3.8% 83% 24.3% 98% 2.6% 81% 1.0% 74% -10.6% 71% 14.0% 88% 5.5% 76% 5.7% 93% 10.9% 86% 8.1% 95% 12.4% 88% 11.2% 93% 15.3% 95% 12.3% 90% 25.7% 100% 1.4% 71% 6.7% 88% -11.4% 57% -4.6% 57% 12.8% 90% 21.3% 98% 6.3% 90% 12.5% 98% 3.7% 81% 10.5% 98% 12.2% 88%
Debt Ratio 0.7 11.6 0.0 2.3 0.8 0.0 0.0 0.4 1.2 0.0 1.6 0.9 0.9 0.0 0.0 3.1 1.7 2.8 0.0 0.8 3.3 0.0 0.5 5.4 2.2 4.2 0.0 0.6 1.7 2.1 0.0 1.8 0.0 2.1 1.5 2.2 2.2 4.3 2.8 0.4 11.7 4.0 3.0 4.1 2.5 0.0 2.6 2.8 3.7 0.0 0.6 0.0 0.0 2.5 2.4 2.3 0.3 0.0 0.5 3.3 1.6 6.0 4.4 1.9 4.3 1.5 4.5 0.9 3.2 0.0 8.3 0.1 0.7 1.2 1.9 0.5 9.8 5.9 3.7 0.0 4.3 2.1
Earnings Power (m) £10 £207 £279 £273 £220 £318 £22 £35 £994 £126 £881 £6,746 £124 £57 £1,676 £227 £1,779 £308 £8,375 £34 £109 £141 £152 £99 £4,332 £5,528 £14 £75 £15 £14,348 £16 £30 £41 £5,026 £16 £1,108 £111 £2,354 £298 £335 £102 £388 £8 £198 £10 £234 £2,089 £15 £93 £36 £23 £37 £147 £252 £17 £770 £64 £16 £55 £1,208 £163 £48 £80 £98 £191 £69 £25 £35 £3,176 £10 £40 £32 £50 £40 £93 £83 £26 £11 £56 £37 £645 £39
7.2 6.7
£19 £367
Stock Screen - Sorted by Name Colour key: Green = better than FTSE 100, Light Red = worse than FTSE 100, Dark Red = Debt ratio too high
Rank 166 185 54 71 177 164 60 24 26 125 144 42 217 28 8 91 203 38 44 23 83 15 130 187 67 124 119 77 86 179 20 181 107 140 141 199 80 115 180 194 127 133 87 61 84 170 45 46 109 58 206 148 14 47 13 29 73 168 172 214 137 111 126 25 6 207 135 146 193 154 188 30 175 149 56 131 174 19 200 173 103 31 66 78 50
Name EPIC Galliford Try PLC GFRD Genus PLC GNS GlaxoSmithKline PLC GSK Go-Ahead Group (The) PLC GOG Goodwin PLC GDWN Greencore Group PLC GNC Greene King PLC GNK Greggs PLC GRG Halfords Group PLC HFD Halma PLC HLMA Hays PLC HAS Headlam Group PLC HEAD Helical Bar PLC HLCL Hill & Smith Holdings PLC HILS Homeserve PLC HSV HSBC Holdings PLC HSBA Hunting PLC HTG Huntsworth PLC HNT Hyder Consulting PLC HYC ICAP PLC IAP IMI PLC IMI Imperial Tobacco Group PLC IMT Informa PLC INF InterContinental Hotels Group PLC IHG Intermediate Capital Group PLC ICP Interserve PLC IRV Intertek Group PLC ITRK Investec PLC INVP ITE Group PLC ITE Jardine Lloyd Thompson Group PLC JLT JD Sports Fashion PLC JD. Johnson Matthey PLC JMAT KCOM Group PLC KCOM Keller Group PLC KLR Kier Group PLC KIE Kingfisher PLC KGF Ladbrokes PLC LAD Laird PLC LRD Lavendon Group PLC LVD Legal & General Group PLC LGEN London Stock Exchange Group PLC LSE Low & Bonar PLC LWB Man Group PLC EMG Management Consulting Group PLC MMC Marks & Spencer Group PLC MKS Marshalls PLC MSLH Marston's PLC MARS Mears Group PLC MER Meggitt PLC MGGT Menzies (John) PLC MNZS Michael Page International PLC MPI Millennium & Copthorne Hotels PLC MLC MITIE Group PLC MTO Morgan Sindall PLC MGNS Morrison (Wm) Supermarkets PLC MRW National Grid PLC NG. NCC Group PLC NCC Next PLC NXT Old Mutual PLC OML Oxford Instruments PLC OXIG Paragon Group of Companies (The) PLC PAG PayPoint PLC PAY Pearson PLC PSON Pennon Group PLC PNN Phoenix IT Group PLC PNX Porvair PLC PRV Premier Farnell PLC PFL Provident Financial PLC PFG Prudential PLC PRU PZ Cussons PLC PZC Rathbone Brothers PLC RAT Reckitt Benckiser Group PLC RB. Reed Elsevier PLC REL Renishaw PLC RSW Restaurant Group (The) PLC RTN Rexam PLC REX Ricardo PLC RCDO Rio Tinto PLC RIO Robert Walters PLC RWA Rolls-Royce Group PLC RR. Rotork PLC ROR Royal Dutch Shell PLC RDSB RPC Group PLC RPC RPS Group PLC RPS RSA Insurance Group PLC RSA
Index FTSE 250 FTSE 250 FTSE 100 FTSE 250 Small Cap FTSE 250 FTSE 250 FTSE 250 FTSE 250 FTSE 250 FTSE 250 Small Cap Small Cap Small Cap FTSE 250 FTSE 100 FTSE 250 Small Cap Small Cap FTSE 250 FTSE 100 FTSE 100 FTSE 250 FTSE 100 FTSE 250 FTSE 250 FTSE 100 FTSE 250 FTSE 250 FTSE 250 Small Cap FTSE 100 FTSE 250 FTSE 250 FTSE 250 FTSE 100 FTSE 250 FTSE 250 Small Cap FTSE 100 FTSE 100 Small Cap FTSE 250 Small Cap FTSE 100 Small Cap FTSE 250 Small Cap FTSE 100 FTSE 250 FTSE 250 FTSE 250 FTSE 250 Small Cap FTSE 100 FTSE 100 Small Cap FTSE 100 FTSE 100 FTSE 250 FTSE 250 FTSE 250 FTSE 100 FTSE 250 Small Cap Small Cap FTSE 250 FTSE 250 FTSE 100 FTSE 250 FTSE 250 FTSE 100 FTSE 100 FTSE 250 FTSE 250 FTSE 100 Small Cap FTSE 100 Small Cap FTSE 100 FTSE 250 FTSE 100 FTSE 250 FTSE 250 FTSE 100
Sector Construction & Materials Pharmaceuticals & Biotechnology Pharmaceuticals & Biotechnology Travel & Leisure Industrial Engineering Food Producers Travel & Leisure Food & Drug Retailers General Retailers Electronic & Electrical Equipment Support Services Household Goods & Home Construction Real Estate Investment & Services Industrial Engineering Support Services Banks Oil Equipment, Services & Distribution Media Support Services Financial Services Industrial Engineering Tobacco Media Travel & Leisure Financial Services Support Services Support Services Financial Services Media Nonlife Insurance General Retailers Chemicals Fixed Line Telecommunications Construction & Materials Construction & Materials General Retailers Travel & Leisure Technology Hardware & Equipment Support Services Life Insurance Financial Services Construction & Materials Financial Services Support Services General Retailers Construction & Materials Travel & Leisure Support Services Aerospace & Defense Support Services Support Services Travel & Leisure Support Services Construction & Materials Food & Drug Retailers Gas, Water & Multiutilities Software & Computer Services General Retailers Life Insurance Electronic & Electrical Equipment Financial Services Support Services Media Gas, Water & Multiutilities Software & Computer Services Alternative Energy Support Services Financial Services Life Insurance Personal Goods Financial Services Household Goods & Home Construction Media Electronic & Electrical Equipment Travel & Leisure General Industrials Support Services Mining Support Services Aerospace & Defense Industrial Engineering Oil & Gas Producers General Industrials Support Services Nonlife Insurance
Share Price £10.40 £14.32 £15.58 £16.78 £34.00 £1.48 £8.01 £4.24 £3.94 £5.67 £1.18 £3.86 £2.97 £4.70 £2.57 £6.69 £7.98 £0.65 £5.06 £3.74 £14.55 £22.87 £5.25 £18.02 £4.46 £5.62 £33.05 £4.00 £2.72 £9.45 £10.54 £28.08 £0.91 £10.39 £16.86 £3.86 £1.69 £2.20 £1.97 £1.96 £15.37 £0.74 £0.84 £0.27 £4.97 £1.79 £1.51 £4.19 £5.49 £8.01 £4.92 £5.55 £2.96 £7.50 £2.80 £7.31 £1.48 £51.60 £1.88 £12.60 £3.12 £10.62 £12.57 £6.99 £1.59 £2.43 £2.17 £16.62 £11.51 £4.14 £15.51 £45.20 £8.33 £18.03 £5.32 £4.82 £5.55 £30.23 £3.23 £11.12 £27.27 £21.35 £4.55 £2.68 £1.21
PE Ratio 14.5 32.0 17.1 13.5 16.1 14.2 15.7 11.6 13.9 24.6 23.0 15.2 59.4 13.4 12.6 13.5 17.7 10.7 10.8 13.7 17.8 11.2 15.2 15.5 13.7 17.3 27.4 11.8 20.9 17.9 11.6 19.8 11.1 19.1 17.6 15.4 8.0 16.7 19.7 14.0 20.4 16.0 -5.4 8.2 16.8 24.3 13.1 17.6 16.9 11.9 34.6 14.7 13.5 10.2 10.9 12.0 20.9 17.6 14.6 29.4 10.0 23.4 24.6 12.6 10.9 24.5 14.4 15.3 12.9 24.5 23.1 18.3 18.3 19.1 21.8 12.8 16.9 7.7 48.1 13.5 26.8 9.1 12.0 21.0 9.3
(Value) Div.Yield 3.6% 1.1% 4.8% 4.8% 1.0% 2.5% 3.3% 4.6% 4.3% 1.8% 2.1% 3.8% 1.9% 3.2% 4.4% 4.2% 2.3% 5.4% 2.4% 5.9% 2.2% 4.6% 3.5% 2.3% 4.5% 3.7% 1.2% 4.5% 2.4% 2.7% 2.5% 2.0% 4.9% 2.2% 4.0% 2.5% 5.3% 4.5% 1.4% 3.9% 1.9% 3.2% 17.1% 3.1% 3.4% 2.9% 4.0% 1.9% 2.1% 3.1% 2.0% 2.4% 3.5% 3.6% 4.2% 5.6% 2.1% 2.0% 3.7% 0.9% 1.9% 2.9% 3.6% 4.1% 4.8% 1.1% 4.8% 4.6% 2.5% 1.8% 3.0% 3.0% 2.8% 2.2% 2.2% 3.2% 2.5% 3.5% 1.6% 1.8% 1.6% 5.1% 3.3% 2.4% 6.0%
(Value) PE10 17.4 43.9 17.3 11.8 35.7 16.1 16.3 13.1 12.6 37.0 16.3 13.3 30.7 16.8 14.7 11.5 30.1 7.0 15.9 13.8 28.9 18.1 22.1 26.3 10.1 19.8 49.3 10.0 28.8 27.0 14.3 27.6 16.0 16.9 16.4 21.1 7.2 16.0 13.0 18.9 27.2 13.3 4.4 5.4 14.7 15.6 10.6 24.8 27.5 17.7 30.1 18.4 18.6 9.6 17.2 13.9 36.1 27.7 13.5 60.9 4.5 33.3 26.3 20.6 6.9 41.6 16.4 23.8 27.5 32.3 24.9 27.8 26.6 34.7 32.0 14.2 21.2 9.9 28.0 31.1 45.2 10.1 18.3 20.8 8.9
(Growth) (Growth) Rate Quality 3.1% 83% 9.8% 95% 3.9% 88% 5.1% 76% 13.9% 90% -3.2% 74% 5.5% 88% 6.7% 90% 6.1% 88% 9.8% 100% 0.2% 79% -2.4% 88% -12.0% 74% 11.3% 93% 12.7% 93% -1.0% 76% 2.5% 90% 5.1% 81% 22.7% 88% 10.4% 86% 10.9% 98% 13.0% 93% 7.6% 86% 11.1% 81% -2.3% 81% 6.2% 83% 18.8% 100% -1.1% 79% 12.7% 93% 8.2% 81% 20.8% 93% 11.1% 83% 8.3% 79% 5.7% 86% 4.7% 79% 2.8% 76% -4.1% 76% -2.7% 83% 4.8% 74% 0.4% 74% 13.8% 88% -1.4% 76% -8.1% 71% 1.5% 81% 2.8% 83% -10.3% 69% -1.4% 83% 16.3% 98% 11.6% 90% 4.4% 93% 7.4% 81% 9.1% 83% 13.2% 98% 6.1% 76% 17.3% 93% 7.5% 86% 23.9% 100% 8.8% 90% -4.3% 76% 16.9% 74% -13.6% 74% 12.3% 93% 6.7% 88% 10.9% 95% 11.3% 86% 7.0% 90% 4.8% 67% 4.2% 83% 6.6% 83% 10.3% 93% 2.5% 81% 17.0% 100% 6.9% 83% 12.9% 90% 13.3% 100% 0.7% 79% 5.2% 83% 18.9% 86% 6.2% 86% 10.5% 90% 17.5% 100% 8.6% 81% 11.5% 86% 11.3% 90% 3.2% 76%
Debt Ratio 0.9 2.0 2.4 3.6 1.5 5.3 7.8 0.0 1.1 1.4 1.1 0.8 15.4 2.4 1.2 0.0 3.8 1.9 0.4 1.9 0.8 4.2 3.4 2.7 4.0 0.8 3.3 0.0 0.7 2.0 0.1 2.7 2.2 1.4 0.4 0.7 1.3 2.9 2.9 0.1 3.0 3.9 1.1 1.2 2.5 2.5 8.7 2.2 2.6 2.5 0.1 2.2 2.5 0.1 3.4 8.4 1.8 1.4 0.0 0.0 29.2 0.0 3.3 11.2 2.9 2.4 4.5 7.4 0.0 1.0 0.0 1.4 3.4 0.0 0.8 5.3 0.1 2.2 1.0 1.7 0.0 1.1 3.0 0.6 0.0
Earnings Power (m) £81 £38 £7,759 £93 £12 £54 £189 £59 £110 £116 £161 £43 £17 £40 £107 £16,514 £71 £38 £22 £301 £310 £2,278 £245 £290 £288 £61 £216 £383 £44 £124 £66 £347 £46 £75 £88 £660 £330 £61 £38 £906 £270 £28 £494 £39 £910 £31 £135 £33 £285 £51 £85 £163 £114 £52 £706 £3,362 £17 £527 £1,041 £17 £314 £40 £689 £236 £30 £5 £65 £162 £1,785 £102 £47 £2,336 £612 £68 £67 £421 £23 £7,388 £15 £1,218 £105 £21,181 £71 £51 £761
Stock Screen - Sorted by Name Colour key: Green = better than FTSE 100, Light Red = worse than FTSE 100, Dark Red = Debt ratio too high
Rank 182 121 34 17 195 204 117 36 134 142 98 210 156 33 120 95 100 12 112 215 32 116 82 160 143 186 136 7 213 11 211 202 139 152 171 150 5 85 88 10 159 108 94 114 212 48 106 216
Name S & U PLC SABMiller PLC Sage Group (The) PLC Sainsbury (J) PLC Savills PLC Schroders PLC Senior PLC Serco Group PLC Severn Trent PLC Shanks Group PLC Smith & Nephew PLC Smith (DS) PLC Smiths Group PLC Smiths News PLC Spectris PLC Speedy Hire PLC Spirax-Sarco Engineering PLC SSE PLC St Ives PLC St James's Place PLC Stagecoach Group PLC Standard Chartered PLC Synergy Health PLC Tarsus PLC Tate & Lyle PLC Ted Baker PLC Telecom plus PLC Tesco PLC Tribal Group PLC Tullett Prebon PLC Tullow Oil PLC UK Mail Group PLC Ultra Electronics Holdings PLC Unilever PLC United Drug PLC United Utilities Group PLC Vedanta Resources PLC Victrex PLC Vitec Group (The) PLC Vodafone Group PLC Vp PLC Weir Group PLC Whitbread PLC William Hill PLC Wilmington Group PLC Wood Group (John) PLC WPP Group PLC Xaar PLC
EPIC SUS SAB SGE SBRY SVS SDR SNR SRP SVT SKS SN. SMDS SMIN NWS SXS SDY SPX SSE SIV STJ SGC STAN SYR TRS TATE TED TEP TSCO TRB TLPR TLW UKM ULE ULVR UDG UU. VED VCT VTC VOD VP. WEIR WTB WMH WIL WG. WPP XAR
Index Small Cap FTSE 100 FTSE 100 FTSE 100 FTSE 250 FTSE 100 FTSE 250 FTSE 250 FTSE 100 Small Cap FTSE 100 FTSE 250 FTSE 100 Small Cap FTSE 250 Small Cap FTSE 250 FTSE 100 Small Cap FTSE 250 FTSE 250 FTSE 100 FTSE 250 Small Cap FTSE 100 FTSE 250 FTSE 250 FTSE 100 Small Cap FTSE 250 FTSE 100 Small Cap FTSE 250 FTSE 100 FTSE 250 FTSE 100 FTSE 100 FTSE 250 Small Cap FTSE 100 Small Cap FTSE 100 FTSE 100 FTSE 100 Small Cap FTSE 250 FTSE 100 FTSE 250
Sector Financial Services Beverages Software & Computer Services Food & Drug Retailers Real Estate Investment & Services Financial Services Aerospace & Defense Support Services Gas, Water & Multiutilities Support Services Health Care Equipment & Services General Industrials General Industrials Support Services Electronic & Electrical Equipment Support Services Industrial Engineering Electricity Support Services Life Insurance Travel & Leisure Banks Health Care Equipment & Services Media Food Producers Personal Goods Fixed Line Telecommunications Food & Drug Retailers Support Services Financial Services Oil & Gas Producers Industrial Transportation Aerospace & Defense Food Producers Food & Drug Retailers Gas, Water & Multiutilities Mining Chemicals Industrial Engineering Mobile Telecommunications Support Services Industrial Engineering Travel & Leisure Travel & Leisure Media Oil Equipment, Services & Distribution Media Electronic & Electrical Equipment
Share Price £14.10 £31.44 £3.30 £3.92 £6.18 £25.76 £2.70 £5.47 £17.63 £0.93 £7.71 £2.88 £13.99 £2.05 £22.06 £0.65 £30.15 £14.74 £1.73 £6.15 £3.26 £14.81 £10.96 £2.30 £7.37 £19.17 £12.66 £3.59 £1.97 £3.46 £10.24 £5.80 £18.89 £24.40 £3.20 £6.91 £10.82 £15.97 £6.82 £2.16 £4.94 £23.30 £29.64 £4.03 £2.05 £8.02 £12.70 £7.98
PE Ratio 15.4 22.4 16.6 14.2 19.2 25.3 14.7 14.4 21.2 19.2 13.9 18.4 15.4 10.7 18.4 75.6 23.5 18.4 9.9 31.3 11.3 12.5 19.8 28.6 12.9 36.5 33.1 9.5 22.6 8.3 24.3 23.2 20.2 19.6 19.0 19.5 33.4 18.9 14.4 13.2 20.5 17.6 19.0 16.4 49.2 17.0 19.3 40.6
(Value) Div.Yield 3.3% 2.1% 3.2% 4.3% 1.6% 1.7% 1.7% 1.8% 4.3% 3.7% 2.2% 2.8% 2.8% 4.2% 1.8% 0.8% 1.8% 5.7% 3.3% 1.7% 2.6% 3.5% 1.9% 3.0% 3.6% 1.4% 2.4% 4.1% 0.6% 4.9% 1.2% 3.2% 2.1% 3.2% 0.5% 5.0% 3.4% 2.3% 3.2% 4.7% 2.5% 1.6% 1.9% 2.6% 3.4% 1.3% 2.2% 0.5%
(Value) PE10 23.0 36.2 22.2 23.3 21.6 33.7 24.8 24.1 22.2 14.1 21.7 29.3 19.8 15.6 33.7 9.0 35.4 16.3 8.7 44.0 18.2 15.0 30.8 25.2 16.7 52.2 60.7 13.7 18.0 9.2 50.8 27.7 28.2 19.5 21.5 16.2 10.9 32.7 18.7 14.6 25.5 35.6 33.1 16.8 30.1 13.2 28.1 88.5
(Growth) (Growth) Rate Quality 4.1% 81% 13.6% 95% 13.1% 93% 23.4% 90% 0.8% 83% 9.6% 86% 18.7% 88% 17.4% 100% 2.4% 86% -1.8% 76% 13.1% 90% 3.7% 81% 6.0% 81% 11.3% 83% 13.9% 95% -25.9% 81% 12.8% 100% 12.8% 88% -10.9% 71% 7.3% 81% 14.3% 90% 5.8% 81% 16.4% 98% 10.0% 81% 2.2% 81% 9.7% 95% 25.5% 90% 9.3% 95% -8.7% 74% 12.2% 86% 14.6% 81% 3.3% 74% 13.6% 88% 5.2% 83% 6.4% 86% -4.0% 74% 15.6% 90% 15.7% 95% 7.4% 86% 8.6% 95% 7.6% 86% 21.6% 95% 14.0% 95% -8.2% 90% 0.7% 64% 29.0% 86% 12.8% 93% 9.6% 79%
Debt Ratio 1.8 4.6 0.7 4.8 0.0 6.1 1.4 3.4 14.8 8.8 0.5 6.5 2.2 2.6 1.9 1.2 0.4 4.0 0.7 0.0 4.4 0.0 5.0 1.8 2.7 0.7 0.1 2.7 1.2 1.8 2.5 0.1 0.9 3.0 3.7 14.4 22.9 0.0 2.7 3.0 4.1 4.1 1.7 1.1 5.3 0.5 4.3 0.1
Earnings Power (m) £12 £2,654 £304 £579 £64 £360 £80 £227 £325 £40 £577 £148 £452 £40 £148 £61 £128 £1,540 £34 £116 £186 £3,862 £41 £14 £333 £30 £27 £4,021 £15 £141 £297 £17 £82 £2,732 £61 £428 £478 £79 £28 £13,658 £13 £265 £308 £376 £7 £389 £1,122 £11
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