3 FTSE 100 Shares the Bull Market Forgot

LONDON -- Even though the market has risen 8.7% so far this year, not every share has climbed with it. Let's take a look at three whose performance has disappointed.

Aggreko
Worldwide demand for Aggreko's (LSE: AGK  ) generators saw the company's shares rise from just under 500 pence at the beginning of 2009 to a peak of 2,400 pence by last September. Enthusiasm for the stock pushed the P/E up past 20. The price then crashed at the end of 2012 as the company warned that 2013 would be tougher than expected.

The shares still trade at a slight premium to the rest of the FTSE 100. According to broker forecasts for 2013, the shares are available today at 17.7 times expected earnings. Respectable earnings growth of 7.4% is then expected the year after.

As Aggreko has apparently lost its growth record, the shares are adjusting to a more reasonable valuation. The price is down 5% in 2013.

Royal Bank of Scotland
The recent stock market setback has sent shares of Royal Bank of Scotland  (LSE: RBS  ) (NYSE: RBS  ) back to where they were at the beginning of the year. After hitting 365 pence in January, the stock fell as low as 315 pence last week. If it had not been for a late rally last week, the shares would be down on the year to date.

It seems that at times of market doubt, investors still rush to sell RBS. But that seems wrong, for three reasons. 

First, RBS is a stronger bank now than it has been in years. Second, the market cap is still at a significant discount to the company's net asset value. And third, recent statements from RBS have demonstrated just how quickly the bank is recovering. (LSE: AAL  )

Anglo American
Metals prices have been falling in 2013. Copper is down 9%, platinum is down 2% and nickel is off 14%. These falls have hurt shares in Anglo American (LSE: AAL  ) -- anyone buying at the start of the year has seen almost one quarter of their investment wiped out.

Anyone analyzing shares in a mining firm such as Anglo American must be cautioned against relying on earnings forecasts. When metal prices fall slightly, the outlook for miners' profits can decline significantly. Forecasts for Anglo American's 2013 earnings have fallen from $8.39 a share one year ago to $5.55 today.

That puts the shares on a 2013 P/E of 11.0, with an expected dividend yield of 4.1%.

Although these companies have disappointed recently, I still expect them to be around in the long term.

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