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10 May 2013

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

Automobiles & Parts


Banks
Beverages

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


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

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


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

Chemicals

Electronics & Electrical Equipment


Engineering & Machinery
Food & Drug Stores

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


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

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


Under Valued ........................................................8

Food Producers & Processors


Under Valued ..............................................................................9
General Retail
Over Valued .........................................................................................9
Heath
Over Valued ..........................................................9
Over Valued ...............................................9

Household Goods & Textiles

Information Technology & Hardware


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

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


Under Valued ................................................................ 11

Media & Entertainment


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

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


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

Pharmaceuticals & Biotechnology


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

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


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

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


Telecommunication Services
Under
Valued
Transport
................................................................................... 15
Under
Valued
Utilities
....................................................................................... 15

DISCLAIMER ........................................................................................................................... 16
RISK WARNING ...................................................................................................................... 17

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

10 May 2013
+44 20 3239 8994

Page 2 of 17

Introduction
The overriding purpose of this daily report is to provide users with a quick guide that will identify those
shares that merit their investment attention in an increasingly time critical and information noisy trading
environment.
The report is published daily and delivered to the subscribers personal email box, typically, before the
official open of the London Stock Markets.
Putting aside luck, Intellisys recognises that the timing and value of an investment are the two primary
drivers behind a successful portfolio performance.
Timing
Intellisys has invested considerably in identifying what it believes are the key factors that influence
investment timing. Having identified the key parameters, these have been established as rules that reflect
market dynamics and cut through the daily investment noise.
Through this discipline, Intellisys has removed the emotional and sentimental factors as well as the daily
pressures exerted upon primary stock promoters (analysts and traders) to find stories for their investment
meetings.
From an analysis of a years data for 40 stocks within Intellisys stock coverage, the trading indicators
appear to be, on average, about 77% accurate in identifying good trading points as well as some 74%
accurate for overall trend correlation.
The following chart provides an indication the accuracy scores for each of the 40 stocks analysed.
Individual Stock Rating & Trend Accuracy Scores
120.0%

120.0%

110.0%

110.0%

100.0%

100.0%

90.0%

90.0%

80.0%

80.0%

70.0%

70.0%

60.0%

60.0%

50.0%

50.0%

40.0%

40.0%

30.0%

30.0%

20.0%

20.0%
1

9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40
Best Buy/Sell

Trend

Source: Intellisys

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

10 May 2013
+44 20 3239 8994

Page 3 of 17

Value
A similar discipline has been applied to the process of establishing Target Indications. On a daily basis,
Intellisys analyses as broad an array of historic data from not only the Consolidated Income Statement but
also the Balance Sheet and Cash Flow Statement and then utilises this data within its proprietary valuation
models.
Intellisys architect, Philip Morrish, has successfully applied these disciplines to his investment research for
the last 15+ years. Additionally, these investment valuation techniques lend themselves to accurate crossborder analysis.
The resultant Target is also discounted to a Net Present Value to make the Target as realistically valid as
possible.
Nevertheless, Intellisys recognises that Target Indication delivery is not only a function of market levels but
a management teams ability to establish and maintain a value generating operating environment set
against a constantly changing global background.
The typical investment analysts approach to determining target prices is to start with a modest range of
some 6 8 valuation measures and remove those that are not providing the intuitive result. Intellysis
approach is the opposite we use as many valuation methodologies as possible.
Further, Intellisys recognises that some target Indications may appear strange or extreme. However,
subscribers should not dismiss these outcomes but use them as starting points to challenge their
established or perceived valuation opinion of a stock.
In short, this disciplined approach provides an investment reality check to assist investors from falling in
love with a stock or becoming mesmerised by management cults.
Conclusion
No investment methodology is 100% successful and like all trading and investment systems active position
monitoring is critical for maximised investment performance.
Therefore, Intellisys recommends that its products should be used in conjunction with, and not separate
from subscribers existing investment systems as well as discussing investment options with their financial
advisers.
Philip Morrish (philip.morrish@intellisys.uk.com)

RISK WARNING Ratings and Targets


Intellisys does not make personal recommendations. The information in this publication is provided solely to
enable you to make your own investment decisions. If you are unsure about dealing in shares and other
equity investments, you should contact your financial adviser as these types of investments may not be
suitable for everyone. The value of stocks and shares, and the income from them, can fall as well as rise
and you may not get back the full amount you originally invested. If denominated in a foreign currency,
fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them.
Past performance is not necessarily a guide to future performance.

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

10 May 2013
+44 20 3239 8994

Page 4 of 17

How to use the report


This daily report is typically available for download as a PDF from 7am - well in advance of the markets
open - and is based upon previous days closing prices.
We have kept the report deliberately simple for quick reading and identification of the shares most likely to
be active as can be seen from the following:

Longer term action based


upon implied target price
Todays action
Sector

Implied target
price based upon
49 valuation
metrics

Closing price

General Retail
Stock
ASHLEY(LAURA) HOLDINGS
BROWN (N) GROUP
BURBERRY GROUP
CARPETRIGHT
DIXONS RETAIL
FINDEL
FRENCH CONNECTN.GROUP
HALFORDS GROUP
JJB SPORTS SUSP - 24/09/12
JD SPORTS FASHION
DARTY
KINGFISHER
MARKS & SPENCER GROUP
MOSS BROTHERS GROUP
MOTHERCARE
NEXT
TED BAKER
TOPPS TILES

Company

Price
29.00
266.70
1136.00
675.00
21.16
6.36
23.50
324.70
0.40
731.00
57.25
269.80
377.90
55.00
212.00
3576.00
951.50
49.25

12M Lo
18.50
222.40
1000.00
375.00
9.36
2.20
19.50
189.00
0.24
570.00
38.00
237.20
302.70
31.25
127.30
2540.00
633.00
21.50

12M Hi
29.50
282.70
1586.00
728.50
21.69
6.55
82.00
342.30
17.00
863.00
110.60
313.80
389.50
55.00
227.00
3644.00
1017.00
51.75

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral

Latest 12 month Hi/Lo for


the share price

LT Rec
Neutral
Buy
Sell
Sell
Strong Buy
Sell
Strong Buy
Buy
Sell
Strong Buy
Strong Buy
Buy
Buy
Buy
Sell
Sell
Sell
Sell

Target
30
298
739
268
38
4
112
415
-62
1341
321
365
448
61
97
2798
542
29

Beta
0.72
0.52
1.30
0.97
1.56
0.94
1.05
0.67
0.88
0.47
1.28
0.97
0.74
1.04
0.44
0.72
0.56
1.31

eta measures a shares


volatility/risk relative to
market (see below)

Beta is a measure of a stock's volatility or risk relative to its market. The market has a beta
of 1.0 and individual shares are attributed a beta according to how much they deviate from
the market. This can be summarised as:
eta <1.0

Share should move by less than market (i.e., less risk/lower reward)

eta =1.0

Share should move in line with the market (i.e., market neutral)

eta >1.0

Share should move by more than market (i.e., higher risk/higher reward)

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

10 May 2013
+44 20 3239 8994

Page 5 of 17

Over Valued

Aerospace & Defence


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BAE SYSTEMS

381.30

270.90

397.30

Neutral

Buy

Target
570

Beta
0.67

CHEMRING GROUP

287.30

217.00

414.70

Neutral

Buy

347

0.66

COBHAM

270.50

190.10

270.50

Neutral

Buy

301

0.82

MEGGITT

499.60

364.30

499.60

Neutral

Sell

433

1.32

ROLLS-ROYCE HOLDINGS

1172.00

780.75

1172.00

Neutral

Neutral

1131

1.07

SMITHS GROUP

1286.00

979.50

1328.00

Neutral

Sell

1092

0.71

ULTRA ELECTRONICS HDG.

1710.00

1424.00

1745.00

Neutral

Sell

1610

0.51

Unde r V a lue d

Automobiles & Parts


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

GKN

290.10

173.60

290.10

Neutral

Neutral

277

2.02

INCHCAPE

521.00

305.20

530.00

Neutral

Neutral

519

1.48

LOOKERS

102.00

56.50

102.00

Neutral

Neutral

110

1.23

23.25

13.50

25.00

Neutral

Strong Buy

35

1.11

PENDRAGON

Target

Over Valued

Banks
Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

BARCLAYS

310.00

150.55

327.35

Neutral

Sell

-808

1.94

HSBC HDG. (ORD $0.50)

730.50

503.20

740.00

Neutral

Buy

936

1.17

58.06

25.29

58.06

Sell

Sell

1.89

LLOYDS BANKING GROUP


ROYAL BANK OF SCTL.GP.

293.80

196.60

367.80

Neutral

Sell

-168

1.35

STANDARD CHARTERED

1584.00

1228.50

1837.50

Neutral

Strong Buy

3205

1.70

Under Valued

Beverages
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

550.50

348.00

572.00

Neutral

Neutral

590

0.55

DIAGEO

1993.50

1477.00

2085.00

Neutral

Sell

1782

0.55

SABMILLER

3581.00

2348.50

3655.50

Neutral

Buy

4045

0.95

BARR (AG)

Beta

Under Valued

Chemicals
Stock

Target

Price

12M Lo

12M Hi

ST Rec

LT Rec

AZ ELECTRONIC MATS.(DI)

295.00

240.00

406.40

Neutral

Strong Buy

663

1.23

CARCLO

383.75

345.75

503.00

Neutral

Neutral

408

0.73

2468.00

2094.00

2841.00

Neutral

Sell

2025

1.04

256.00

179.00

275.00

Neutral

Buy

346

0.99

CRODA INTERNATIONAL
ELEMENTIS

Target

Beta

JOHNSON MATTHEY

2576.00

2080.27

2593.00

Neutral

Strong Buy

12131

1.45

VICTREX

1574.00

1185.00

1736.00

Neutral

Sell

1423

1.14

SYNTHOMER

206.60

127.40

225.80

Neutral

Neutral

216

1.16

ZOTEFOAMS

216.50

157.00

225.00

Neutral

Strong Buy

383

1.00

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

10 May 2013
+44 20 3239 8994

Page 6 of 17

Under Valued

Construction & Building Materials


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ALUMASC GROUP

82.50

61.50

104.00

Neutral

Strong Buy

239

0.51

BALFOUR BEATTY

213.40

207.60

320.80

Neutral

Strong Buy

915

0.80

BARRATT DEVELOPMENTS

319.90

114.00

320.90

Neutral

Buy

436

1.58

BELLWAY

1310.00

660.00

1377.00

Neutral

Buy

1780

1.15

BERKELEY GROUP HDG.(THE)

2120.00

1180.00

2140.00

Neutral

Strong Buy

3221

0.66

BOOT (HENRY)

181.00

115.50

181.00

Neutral

Strong Buy

332

0.83

BOVIS HOMES GROUP

764.50

399.30

778.50

Neutral

Sell

530

1.20

CARILLION

278.60

235.50

331.80

Neutral

Strong Buy

727

1.12

CLARKE (T)

51.38

40.00

61.50

Neutral

Strong Buy

247

0.82

278.25

188.00

306.00

Neutral

Strong Buy

543

0.57

1370.00

1052.00

1540.00

Neutral

Sell

815

1.14

GALLIFORD TRY

949.00

579.00

995.50

Neutral

Strong Buy

1561

1.01

KELLER

890.00

348.25

890.00

Neutral

Strong Buy

1991

1.26

1195.00

1106.00

1408.00

Neutral

Strong Buy

3143

0.97

70.00

49.00

76.75

Neutral

Strong Buy

206

1.07
1.39

COSTAIN GROUP
CRH

KIER GROUP
LOW & BONAR

Target

Beta

MARSHALLS

127.00

76.00

130.00

Neutral

Strong Buy

272

MORGAN SINDALL GROUP

543.00

508.00

695.00

Neutral

Strong Buy

3152

0.87

16.25

9.25

18.25

Neutral

Strong Buy

31

1.15

NORCROS

1109.00

496.69

1109.00

Neutral

Buy

1351

1.20

REDROW

PERSIMMON

215.90

107.30

215.90

Neutral

Buy

269

1.09

SIG

170.20

82.30

170.20

Neutral

Strong Buy

485

1.79

2.00

2.00

15.25

Neutral

Strong Buy

49

0.88

SUPERGLASS HOLDINGS

94.05

40.28

96.55

Neutral

Buy

120

1.67

TRAVIS PERKINS

TAYLOR WIMPEY

1459.00

906.50

1511.00

Neutral

Strong Buy

2408

2.01

WOLSELEY

3310.00

2121.32

3337.00

Neutral

Strong Buy

5254

1.46

Over Valued

Electronics & Electrical Equipment


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

1295.00

935.00

1364.00

Neutral

Sell

799

0.75

DOMINO PRINTING SCIENCES

670.00

509.00

717.00

Neutral

Buy

876

1.18

E2V TECHNOLOGIES

116.50

105.50

144.00

Neutral

Strong Buy

256

1.29

INVENSYS

399.00

198.90

399.00

Neutral

Sell

357

1.41

LAIRD

203.50

177.00

249.30

Neutral

Sell

75

2.13

DIALIGHT

Target

Beta

OXFORD INSTRUMENTS

1565.00

1096.00

1752.00

Neutral

Sell

1222

1.00

RENISHAW

1710.00

1260.00

2081.00

Neutral

Buy

2459

1.26

SPECTRIS

2136.00

1427.00

2470.00

Neutral

Neutral

2296

1.52

0.07

0.07

0.16

Neutral

Strong Buy

0.84

TT ELECTRONICS

174.00

114.00

178.50

Neutral

Strong Buy

422

1.58

XAAR

540.00

185.00

540.00

Sell

Sell

242

1.11

BIOME TECHNOLOGIES

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

10 May 2013
+44 20 3239 8994

Page 7 of 17

Over Valued

Engineering & Machinery


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

AGA RANGEMASTER GROUP

86.13

54.25

91.75

Neutral

Buy

98

1.28

BODYCOTE

537.50

310.30

556.50

Neutral

Neutral

527

1.60

CASTINGS

344.50

277.75

358.50

Neutral

Strong Buy

726

0.99

VESUVIUS

369.10

263.19

402.10

Neutral

Buy

517

2.20

FENNER

367.40

329.30

435.20

Neutral

Strong Buy

573

1.42

HALMA

520.00

373.10

531.50

Neutral

Sell

409

0.75

HILL & SMITH

448.00

297.00

480.00

Neutral

Sell

342

1.37

1337.00

776.00

1347.00

Neutral

Neutral

1423

1.41

271.90

220.30

305.00

Neutral

Strong Buy

559

1.82

2952.00

1859.00

3037.00

Neutral

Sell

2276

1.00

263.30

177.00

263.30

Sell

Sell

219

1.64
0.79

IMI
MORGAN ADVANCED MATERIAL
ROTORK
SENIOR
SEVERFIELD-ROWEN

Target

Beta

40.50

35.40

104.11

Neutral

Sell

30

SPIRAX-SARCO

2753.00

1900.00

2758.00

Sell

Sell

2374

0.84

VITEC GROUP

617.00

586.50

740.00

Neutral

Neutral

616

1.39

WEIR GROUP

2290.00

1397.00

2474.00

Neutral

Sell

2112

1.38

Over Valued

Food & Drug Stores


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

GREGGS

400.10

398.50

523.50

Buy

Strong Buy

680

0.47

MORRISON(WM)SPMKTS.

288.40

248.60

296.40

Neutral

Sell

186

0.39

SAINSBURY (J)

378.80

283.50

396.50

Neutral

Sell

208

0.57

TESCO

376.65

297.05

387.75

Neutral

Sell

266

0.68

81.50

18.88

82.25

Neutral

Sell

60

0.84

THORNTONS

Beta

Under Valued

Food Producers & Processors


Stock

Target

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

ASSOCIATED BRIT.FOODS

1986.00

1167.00

1999.00

Neutral

Neutral

2122

0.62

CRANSWICK

1070.00

732.50

1080.00

Neutral

Strong Buy

2095

0.43

DAIRY CREST

467.90

307.00

468.30

Neutral

Neutral

510

0.94

DEVRO

330.70

278.00

380.00

Neutral

Strong Buy

518

0.32

74.00

54.50

135.00

Neutral

Sell

-181

1.25

PREMIER FOODS
TATE & LYLE
UNILEVER (UK)

857.50

633.50

870.50

Neutral

Strong Buy

1561

0.71

2758.00

2007.00

2845.00

Neutral

Neutral

2800

0.58

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

10 May 2013
+44 20 3239 8994

Page 8 of 17

Under Valued

General Retail
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ASHLEY(LAURA) HOLDINGS

27.75

20.50

29.50

Neutral

Buy

35

0.69

450.00

224.40

450.00

Neutral

Sell

378

0.54

1377.00

1000.00

1467.00

Neutral

Sell

1023

1.27

659.50

585.00

728.50

Neutral

Sell

292

0.95

37.21

12.67

37.50

Neutral

Neutral

40

1.51

141.75

55.20

186.00

Neutral

Sell

51

1.13

29.50

19.50

42.50

Sell

Strong Buy

106

0.99

HALFORDS GROUP

390.00

189.00

390.00

Neutral

Buy

523

0.68

JD SPORTS FASHION

835.00

606.50

855.00

Neutral

Strong Buy

1576

0.53

BROWN (N) GROUP


BURBERRY GROUP
CARPETRIGHT
DIXONS RETAIL
FINDEL
FRENCH CONNECTN.GROUP

DARTY

Target

Beta

51.00

38.00

65.00

Neutral

Strong Buy

91

1.25

KINGFISHER

320.80

254.10

329.70

Neutral

Buy

406

0.94

MARKS & SPENCER GROUP

421.60

312.20

421.60

Neutral

Buy

539

0.65

55.00

42.00

71.00

Neutral

Buy

62

1.04

314.75

160.00

362.00

Neutral

Buy

366

0.47

NEXT

4560.00

2899.00

4601.00

Neutral

Sell

3904

0.67

TED BAKER

1340.00

830.00

1397.00

Neutral

Sell

685

0.55

67.88

32.13

70.00

Neutral

Sell

52

1.50

MOSS BROTHERS GROUP


MOTHERCARE

TOPPS TILES

Over Valued

Heath
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BIOQUELL

141.50

126.00

160.00

Neutral

Sell

Target
115

0.46

CONSORT MEDICAL

794.00

584.00

831.50

Neutral

Sell

573

0.39

OPTOS

157.62

145.75

257.75

Neutral

Neutral

167

1.18

SMITH & NEPHEW

765.50

580.00

768.50

Neutral

Sell

688

0.43

Over Valued

Household Goods & Textiles


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

GAMES WORKSHOP

740.00

557.00

742.00

Neutral

Neutral

721

0.44

HEADLAM GROUP

326.50

263.00

355.00

Neutral

Sell

297

0.92

84.00

55.25

95.00

Neutral

Buy

105

0.77

HORNBY

Target

Over Valued

Information Technology & Hardware


Stock
ARM HOLDINGS
CSR
FILTRONIC
IMAGINATION TECHNOLOGIES

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

1069.00

469.00

1069.00

Neutral

Sell

Target
559

Beta
0.74

538.00

200.30

541.50

Neutral

Strong Buy

1296

1.18

64.00

23.50

83.25

Neutral

Sell

48

0.90

315.20

296.00

632.00

Neutral

Strong Buy

526

1.08

SPIRENT COMMUNICATIONS

138.00

122.00

170.90

Neutral

Strong Buy

695

0.94

WOLFSON MICROELECTRONICS

200.00

170.00

230.00

Neutral

Sell

-516

0.90

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

10 May 2013
+44 20 3239 8994

Page 9 of 17

Under Valued

Insurance
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

1261.00

1019.00

1374.00

Neutral

Neutral

1242

0.53

AMLIN

425.40

312.90

431.50

Neutral

Sell

96

0.46

BEAZLEY

230.50

132.50

230.50

Neutral

Strong Buy

1287

0.60

CATLIN GROUP

536.50

399.00

540.00

Neutral

Strong Buy

1991

0.30

HISCOX

566.00

385.08

574.05

Neutral

Strong Buy

2565

0.48

JARDINE LLOYD THOMPSON

880.00

659.00

880.00

Neutral

Strong Buy

1713

0.31

RSA INSURANCE GROUP

112.30

97.65

136.30

Neutral

Strong Buy

926

0.41

NOVAE GROUP

485.00

345.00

485.00

Neutral

Strong Buy

2918

0.48

ADMIRAL GROUP

Over Valued

Leisure & Hotels


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

2388.00

1962.00

2628.00

Neutral

Strong Buy

4036

1.01

98.00

55.50

114.70

Neutral

Neutral

107

1.61

TUI TRAVEL

340.60

158.00

340.60

Neutral

Strong Buy

789

1.01

FULLER SMITH 'A'

800.00

700.00

820.00

Neutral

Sell

682

0.39

GREENE KING

741.00

474.30

741.00

Neutral

Sell

657

0.93

LADBROKES

205.10

152.70

243.10

Neutral

Buy

256

0.93

1909.00

1396.63

2039.00

Neutral

Sell

1502

1.18

CARNIVAL
ENTERPRISE INNS

ICTL.HTLS.GP.
MILLENNIUM & CPTH.HTLS.

555.50

455.40

582.50

Neutral

Buy

654

1.40

MITCHELLS & BUTLERS

349.00

217.40

350.10

Neutral

Sell

318

1.12

BWIN PARTY DIGITAL ENTM.

136.80

91.90

156.00

Neutral

Sell

50

1.25

10.50

5.61

13.12

Neutral

Strong Buy

50

1.27

165.80

115.00

177.50

Neutral

Strong Buy

512

1.00
0.76

PUNCH TAVERNS
RANK GROUP
RESTAURANT GROUP

482.40

272.70

488.10

Neutral

Sell

327

WETHERSPOON (JD)

597.50

371.30

607.50

Neutral

Buy

751

0.69

WHITBREAD

2671.00

1786.00

2692.00

Neutral

Sell

2019

0.99

WILLIAM HILL

425.30

245.24

430.70

Neutral

Sell

260

0.87

MARSTON'S

148.80

94.40

148.80

Neutral

Sell

19

1.21

Over Valued

Life Assurance
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

AVIVA

322.90

255.30

388.40

Neutral

Strong Buy

710

1.25

CHESNARA

235.00

155.25

250.00

Neutral

Strong Buy

394

0.70

LEGAL & GENERAL

180.50

106.00

181.00

Neutral

Strong Buy

359

1.71

OLD MUTUAL

220.40

138.70

220.40

Sell

Sell

206

1.57

PRUDENTIAL

1177.00

660.00

1177.00

Sell

Sell

1024

1.71

585.00

303.40

585.00

Neutral

Strong Buy

1503

0.85

ST.JAMES'S PLACE

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

10 May 2013
+44 20 3239 8994

Page 10 of 17

Under Valued

Media & Entertainment


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BLOOMSBURY PBL.

117.50

102.00

146.50

Neutral

Sell

-598

0.37

BRITISH SKY BCAST.GROUP

809.00

656.00

899.50

Neutral

Strong Buy

1780

0.54

CENTAUR MEDIA
DAILY MAIL 'A'
EUROMONEY INSTL.INVESTOR

Target

Beta

46.50

28.50

60.00

Neutral

Strong Buy

160

1.03

732.00

363.50

732.00

Sell

Strong Buy

4158

1.14
1.00

1002.00

672.50

1002.00

Neutral

Strong Buy

7808

INFORMA

504.00

340.00

537.00

Neutral

Sell

-82

1.53

ITE GROUP

291.10

180.00

291.10

Neutral

Strong Buy

238

1.45

ITV

128.00

69.45

132.30

Neutral

Strong Buy

1295

1.54

17.25

4.88

17.50

Sell

Buy

792

1.27

1186.00

1115.00

1294.00

Neutral

Buy

320

0.63

79.25

36.25

82.50

Neutral

Strong Buy

2670

0.79

277.50

265.00

377.50

Neutral

Strong Buy

882

0.16

34.42

26.85

34.42

Neutral

Sell

-596

0.50

STV GROUP

133.50

81.50

146.88

Neutral

Sell

270

0.79

ST.IVES

149.75

67.50

149.75

Neutral

Sell

226

1.50

90.25

25.50

121.25

Neutral

Sell

-260

1.59

724.50

511.00

788.00

Neutral

Strong Buy

1757

1.31
0.84

JOHNSTON PRESS
PEARSON
PHOTO-ME INTL.
PINEWOOD SHEPPERTON
THOMSON REUTERS

TRINITY MIRROR
UBM
WILMINGTON GROUP

154.00

82.00

164.00

Neutral

Strong Buy

1377

WPP

1108.00

743.00

1119.00

Neutral

Sell

-519

1.35

HIBU

0.39

0.26

3.50

Neutral

Strong Buy

825

1.07

Under Valued

Mining
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

1667.00

1553.00

2215.00

Neutral

Sell

1246

1.74

ANGLO PACIFIC GROUP

225.25

215.00

290.30

Neutral

Neutral

229

0.96

ANTOFAGASTA

931.50

884.00

1381.00

Neutral

Sell

854

1.41

1927.50

1681.00

2236.00

Neutral

Buy

2888

1.43

GLENCORE XSTRATA

355.05

293.55

397.85

Buy

Strong Buy

1014

#NA

LONMIN

300.20

240.84

504.24

Neutral

Buy

379

2.03

RANDGOLD RESOURCES

5225.00

4545.00

7775.00

Neutral

Sell

2999

0.34

RIO TINTO

3091.00

2715.50

3757.00

Neutral

Sell

2457

1.50

3.63

16.25

Neutral

Strong Buy

167

0.89

832.50

1298.00

Neutral

Strong Buy

2142

2.20

ANGLO AMERICAN

BHP BILLITON

COALFIELD RESOURCES
VEDANTA RESOURCES

1298.00

Under Valued

Oil & Gas


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

1202.00

1000.50

1350.50

Neutral

Neutral

1251

0.80

BP

465.50

391.95

475.90

Neutral

Strong Buy

1568

1.03

CAIRN ENERGY

282.90

248.20

314.30

Neutral

Sell

-16

1.32

BG GROUP

FORTUNE OIL
HUNTING
JKX OIL & GAS
PREMIER OIL
ROYAL DUTCH SHELL B
SOCO INTERNATIONAL
TULLOW OIL
WOOD GROUP (JOHN)

7.80

7.66

12.50

Buy

Strong Buy

14

0.82

826.00

688.00

941.00

Neutral

Sell

449

1.31
1.36

71.00

55.00

120.00

Neutral

Strong Buy

304

397.70

321.30

401.20

Neutral

Sell

288

1.43

2321.00

2039.00

2366.50

Neutral

Strong Buy

9490

0.84

391.90

254.90

404.30

Neutral

Sell

251

0.53

1038.00

977.00

1531.00

Neutral

Sell

918

1.04

811.50

651.50

879.50

Neutral

Neutral

798

1.35

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

10 May 2013
+44 20 3239 8994

Page 11 of 17

Over Valued

Personal Care & Household Products


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

MCBRIDE

117.00

101.20

144.60

Neutral

Strong Buy

256

0.84

PZ CUSSONS

392.50

297.20

415.60

Neutral

Sell

323

0.69

4625.00

3300.00

4812.00

Neutral

Neutral

4668

0.36

RECKITT BENCKISER GROUP

Target

Over Valued

Pharmaceuticals & Biotechnology


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

0.44

0.36

3.80

Buy

Sell

-0

1.01

3326.50

2591.00

3390.00

Neutral

Strong Buy

6445

0.47

BTG

353.20

300.30

423.00

Neutral

Sell

166

0.58

DECHRA PHARMACEUTICALS

692.50

444.50

780.00

Neutral

Neutral

719

0.25

1644.50

1317.50

1687.50

Neutral

Sell

1552

0.49

OXFORD BIOMEDICA

2.10

1.55

4.08

Neutral

Sell

0.64

PHYTOPHARM

1.33

1.05

12.75

Buy

Strong Buy

0.95

1934.00

1727.00

2153.00

Neutral

Sell

1356

0.66

ARK THERAPEUTICS GP.


ASTRAZENECA

GLAXOSMITHKLINE

SHIRE

Target

Beta

SKYEPHARMA

43.63

43.50

101.50

Neutral

Sell

-133

0.73

VERNALIS

22.75

21.63

27.38

Neutral

Strong Buy

36

0.91

Under Valued

Real Estate
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BIG YELLOW GROUP

417.50

274.50

417.80

Neutral

Sell

-598

1.18

BRITISH LAND

623.50

475.40

623.50

Neutral

Strong Buy

1780

1.06

CAPITAL & REGIONAL

Target

Beta

35.50

22.75

35.50

Sell

Strong Buy

160

0.85

959.50

595.00

959.50

Neutral

Strong Buy

4158

0.70

DERWENT LONDON

2401.00

1708.00

2401.00

Neutral

Strong Buy

7808

1.24

DEVELOPMENT SECS.

151.75

121.75

175.00

Neutral

Sell

-82

0.99

GRAINGER

147.80

83.10

147.80

Neutral

Strong Buy

238

1.58

CLS HOLDINGS

GREAT PORTLAND ESTATES

565.00

367.00

565.00

Strong Sell

Strong Buy

1295

1.10

HAMMERSON

540.00

409.20

545.00

Neutral

Buy

792

1.19

HELICAL BAR

260.00

164.00

260.00

Neutral

Buy

320

0.77

LAND SECURITIES GROUP

920.00

704.00

920.00

Sell

Strong Buy

2670

1.16

INTU PROPERTIES

344.30

305.00

366.00

Neutral

Strong Buy

882

1.09

MCKAY SECURITIES

144.50

127.00

145.00

Neutral

Sell

-596

0.73

MUCKLOW (A & J) GROUP

409.00

325.00

409.00

Sell

Sell

270

0.42

PRIMARY HEALTH PROPS.

333.00

312.00

364.50

Neutral

Sell

226

0.35

68.50

32.50

70.00

Sell

Sell

-260

1.19

SAVILLS

580.00

300.80

601.50

Neutral

Strong Buy

1757

0.77

SHAFTESBURY

630.00

492.00

630.00

Neutral

Strong Buy

1377

1.05

SEGRO

281.20

209.40

281.20

Neutral

Sell

-519

1.73

ST MODWEN PROPS.

285.90

145.50

285.90

Neutral

Strong Buy

825

1.59

QUINTAIN ESTATES & DEV.

TOWN CENTRE SECURITIES

202.00

147.00

215.00

Neutral

Sell

-19

1.01

UNITE GROUP

363.90

180.25

363.90

Neutral

Sell

52

1.79

WARNER ESTATE
WORKSPACE GROUP

1.41

1.00

2.75

Sell

Sell

-1182

1.03

388.00

213.25

390.00

Neutral

Strong Buy

1338

1.05

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

10 May 2013
+44 20 3239 8994

Page 12 of 17

Under Valued

Software & Computer Services


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ANITE

129.20

111.00

162.00

Neutral

Sell

122

0.73

2244.00

1469.00

2322.00

Neutral

Sell

1316

1.40

AVEVA GROUP

Target

Beta

COMPUTACENTER

445.30

292.40

567.00

Neutral

Strong Buy

1353

1.00

KOFAX

324.75

240.00

335.00

Neutral

Neutral

323

1.11

26.50

18.25

26.50

Sell

Sell

24

0.85

MICRO FOCUS INTL.

679.50

431.48

706.00

Neutral

Buy

981

0.76

PHOENIX IT GROUP

147.00

131.00

222.00

Neutral

Strong Buy

311

0.74

74.00

70.25

85.50

Neutral

Sell

-91

0.52

1846.00

1275.00

1970.00

Neutral

Buy

2081

0.76

348.00

247.70

352.10

Neutral

Buy

418

0.72

INNOVATION GROUP

RM
FIDESSA GROUP
SAGE GROUP

Over Valued

Speciality & Other Finance


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ABERDEEN ASSET MAN.

465.10

237.30

468.00

Neutral

Sell

140

BREWIN DOLPHIN

209.00

136.30

222.00

Neutral

Sell

117

0.73

9900.00

9250.00

11105.00

Neutral

Sell

8666

0.84

CAMELLIA

Target

Beta
1.09

CHARLES STANLEY GROUP

406.25

247.50

406.25

Neutral

Sell

196

0.97

CHARLES TAYLOR

175.00

135.87

190.00

Neutral

Sell

125

0.69

CLOSE BROTHERS GROUP

1060.00

673.50

1107.00

Neutral

Sell

195

0.86

F&C ASSET MANAGEMENT

100.80

65.90

110.40

Neutral

Neutral

102

0.89

3.26

0.55

3.70

Sell

Strong Buy

26

0.69

HENDERSON GROUP

174.20

90.55

179.60

Neutral

Sell

60

1.44

ICAP

301.00

280.80

376.60

Neutral

Sell

224

1.07

HELPHIRE GROUP

INTERMEDIATE CAPITAL GP.

430.50

227.30

430.50

Neutral

Sell

144

1.70

INVESTEC

494.10

310.40

513.50

Neutral

Sell

110

1.56

1352.00

930.00

1411.00

Neutral

Sell

-362

1.15

124.10

63.25

125.50

Neutral

Strong Buy

512

1.32

LONDON STOCK EX.GROUP


MAN GROUP
RATHBONE BROTHERS

1511.00

1151.00

1551.00

Neutral

Sell

1085

0.75

SCHRODERS

2436.00

1166.00

2436.00

Sell

Sell

1153

1.30

SCHRODERS NV

1910.00

966.00

1910.00

Sell

Strong Buy

3774

1.27

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

10 May 2013
+44 20 3239 8994

Page 13 of 17

Over Valued

Support Services
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ACAL

211.00

157.75

242.50

Neutral

Buy

291

0.92

AGGREKO

1756.00

1557.00

2400.00

Neutral

Sell

1303

1.05

AMEC

1067.00

923.00

1172.00

Neutral

Neutral

1133

1.04

596.00

212.20

635.00

Neutral

Sell

320

1.63

1071.00

793.50

1106.00

Neutral

Sell

663

0.48

552.00

324.00

557.00

Neutral

Buy

801

0.76

1283.00

990.00

1320.00

Neutral

Sell

985

0.55

UK MAIL GROUP

425.00

214.00

445.00

Neutral

Neutral

442

0.39

CAPITA

913.50

602.00

913.50

Neutral

Sell

524

0.51

56.00

25.34

56.50

Neutral

Buy

67

0.78
0.74

ASHTEAD GROUP
BABCOCK INTL.
BRITISH POLYTHENE INDS.
BUNZL

COMMUNISIS

Target

Beta

COMPASS GROUP

840.00

616.00

856.50

Neutral

Sell

605

BERENDSEN

754.50

462.00

812.00

Neutral

Buy

981

1.05

DE LA RUE

939.50

891.50

1075.00

Neutral

Sell

595

#NA

DIGNITY

1436.00

803.50

1436.00

Neutral

Sell

822

0.22

DIPLOMA

596.50

417.00

627.50

Neutral

Sell

488

0.96

ELECTROCOMP.

257.30

195.20

265.00

Neutral

Buy

322

1.04

FILTRONA

750.00

428.00

750.00

Sell

Sell

348

1.13

G4S

255.00

240.00

313.50

Buy

Buy

291

0.58

95.00

66.40

101.20

Neutral

Buy

121

1.10

HOMESERVE

214.30

137.50

249.00

Neutral

Strong Buy

492

0.94

INTERSERVE

492.80

271.40

510.50

Neutral

Buy

684

1.28

3342.00

2440.00

3451.00

Neutral

Sell

1452

0.78

43.50

26.50

45.75

Neutral

Strong Buy

94

1.17
0.72

HAYS

INTERTEK GROUP
JOHNSON SERVICE GROUP
MANAGEMENT CNSL.GP.

30.63

21.25

36.00

Neutral

Strong Buy

55

MENZIES (JOHN)

776.50

542.00

789.00

Neutral

Strong Buy

1293

1.43

MICHAEL PAGE INTL.

385.20

341.40

451.80

Neutral

Sell

320

1.42

MITIE GROUP

272.70

253.90

300.80

Neutral

Buy

342

0.55

93.50

87.50

156.00

Neutral

Strong Buy

238

0.33

PAYPOINT

841.50

605.00

912.50

Neutral

Sell

694

0.71

PREMIER FARNELL

224.80

153.20

236.30

Neutral

Buy

289

1.33

REGUS

170.20

82.65

170.20

Neutral

Sell

107

1.46

92.20

69.40

100.70

Neutral

Sell

55

1.25

OFFICE2OFFICE

RENTOKIL INITIAL
REXAM

522.50

394.28

547.50

Neutral

Neutral

532

0.90

RICARDO

387.25

304.50

431.00

Neutral

Buy

471

0.86

ROBERT WALTERS

218.87

176.25

232.00

Neutral

Buy

308

1.24

RPC GROUP

398.00

351.00

477.00

Neutral

Buy

534

0.78

RPS GROUP

232.00

197.00

274.20

Neutral

Neutral

247

1.51

SERCO GROUP

620.50

509.50

635.50

Neutral

Sell

578

0.60

SHANKS GROUP

83.50

73.00

98.00

Neutral

Strong Buy

168

1.46

SPEEDY HIRE

47.00

22.25

50.00

Neutral

Buy

52

1.26

150.12

73.25

153.00

Neutral

Sell

51

0.63

51.25

39.50

59.00

Neutral

Buy

61

0.93

333.00

234.75

354.88

Neutral

Strong Buy

623

0.86

78.88

42.00

78.88

Sell

Strong Buy

184

0.79

TRIBAL GROUP
TRIFAST
VP
WYG

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

10 May 2013
+44 20 3239 8994

Page 14 of 17

Over Valued

Telecommunication Services
Stock
BT GROUP
CABLE & WIRELESS COMMS.
INMARSAT
KCOM GROUP
TELECOM PLUS
VODAFONE GROUP

Price

12M Lo

12M Hi

ST Rec

LT Rec

275.70

200.70

288.70

Neutral

Buy

337

42.75

27.28

43.08

Neutral

Strong Buy

83

0.70

670.00

390.80

749.00

Neutral

Sell

588

0.53

Beta
0.91

86.50

67.00

86.50

Neutral

Strong Buy

132

1.24

1239.00

695.00

1239.00

Sell

Sell

752

0.09

192.40

154.45

197.20

Neutral

Sell

167

0.54

Under Valued

Transport
Stock

Target

Price

12M Lo

12M Hi

ST Rec

LT Rec

BBA AVIATION

260.90

178.00

269.00

Neutral

Sell

Target
177

Beta
1.30

BRAEMAR SHIPPING SVS.

409.50

309.50

425.00

Neutral

Buy

457

0.98

CLARKSON

1600.00

1150.00

1673.00

Neutral

Sell

1477

0.80

EASYJET

1153.00

481.20

1153.00

Neutral

Sell

673

0.77

FIRST GROUP

216.00

175.70

260.50

Neutral

Strong Buy

563

0.91

FISHER(JAMES)& SONS

960.00

535.00

1110.00

Neutral

Sell

397

0.77

GO-AHEAD GROUP

1515.00

1086.00

1558.00

Neutral

Buy

1861

0.90

NATIONAL EXPRESS

214.90

164.50

230.50

Neutral

Buy

252

1.35
1.41

NORTHGATE

331.00

159.60

350.00

Neutral

Strong Buy

611

STAGECOACH GROUP

311.70

230.40

319.60

Neutral

Buy

364

0.89

54.50

31.00

78.50

Sell

Sell

-43

0.90

WINCANTON

Under Valued

Utilities
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

CENTRICA

378.00

306.30

393.10

Neutral

Buy

511

0.47

NATIONAL GRID

821.00

641.00

825.50

Neutral

Neutral

889

0.50

PENNON GROUP

679.00

598.00

796.00

Neutral

Buy

827

0.59

SSE

1576.00

1294.00

1576.00

Neutral

Buy

1838

0.42

SEVERN TRENT

1821.00

1513.00

1828.00

Neutral

Sell

1610

0.35

743.50

617.50

747.50

Neutral

Neutral

715

0.50

UNITED UTILITIES GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

10 May 2013
+44 20 3239 8994

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