Value Indicator - Uk Main Market 20130524

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24 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
24 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
24 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.
24 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)
24 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
415.20
270.90
427.00
Neutral
Buy
Target
594
Beta
0.67
CHEMRING GROUP
286.10
217.00
414.70
Neutral
Buy
361
0.66
COBHAM
282.00
190.10
287.20
Neutral
Buy
313
0.82
MEGGITT
522.00
364.30
532.50
Neutral
Sell
449
1.32
ROLLS-ROYCE HOLDINGS
1190.00
780.75
1225.00
Neutral
Neutral
1182
1.07
SMITHS GROUP
1335.00
979.50
1370.00
Neutral
Sell
1142
0.71
ULTRA ELECTRONICS HDG.
1810.00
1424.00
1843.00
Neutral
Sell
1679
0.51
Unde r V a lue d
Automobiles & Parts

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
GKN
299.20
173.60
311.90
Neutral
Neutral
286
2.02
INCHCAPE
548.50
305.20
577.50
Neutral
Neutral
542
1.48
LOOKERS
106.25
56.50
110.00
Neutral
Neutral
115
1.23
25.00
13.50
26.50
Neutral
Buy
37
1.11
PENDRAGON
Target
Over Valued
Banks
Stock
Beta
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
BARCLAYS
321.45
150.55
333.85
Neutral
Sell
-797
1.94
HSBC HDG. (ORD $0.50)
741.80
503.20
769.90
Neutral
Buy
928
1.17
60.62
25.29
62.96
Sell
Sell
1.89
LLOYDS BANKING GROUP

ROYAL BANK OF SCTL.GP.
337.20
196.60
367.80
Neutral
Sell
-136
1.35
STANDARD CHARTERED
1539.00
1228.50
1837.50
Neutral
Strong Buy
3185
1.70
Under Valued
Beverages
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
570.50
348.00
588.50
Neutral
Neutral
605
0.55
DIAGEO
2013.00
1498.00
2085.00
Neutral
Sell
1794
0.55
SABMILLER
3462.00
2348.50
3657.00
Neutral
Buy
3977
0.95
BARR (AG)
Beta
Under Valued
Chemicals
Stock
Target
Price
12M Lo
12M Hi
ST Rec
LT Rec
AZ ELECTRONIC MATS.(DI)
323.70
240.00
406.40
Neutral
Strong Buy
645
1.23
CARCLO
368.00
356.00
503.00
Neutral
Neutral
387
0.73
2538.00
2125.00
2841.00
Neutral
Sell
2096
1.04
241.60
179.00
275.00
Neutral
Buy
344
0.99
CRODA INTERNATIONAL
ELEMENTIS
Target
Beta
JOHNSON MATTHEY
2637.00
2080.27
2696.00
Neutral
Strong Buy
11550
1.45
VICTREX
1639.00
1185.00
1736.00
Neutral
Sell
1455
1.14
SYNTHOMER
192.50
127.40
225.80
Neutral
Neutral
208
1.16
ZOTEFOAMS
198.50
157.00
225.00
Neutral
Strong Buy
370
1.00
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Page 6 of 17
Under Valued
Construction & Building Materials

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
ALUMASC GROUP
93.00
61.50
104.00
Neutral
Strong Buy
245
0.51
BALFOUR BEATTY
236.20
207.60
320.80
Neutral
Strong Buy
939
0.80
BARRATT DEVELOPMENTS
330.70
114.00
346.30
Neutral
Buy
448
1.58
BELLWAY
1301.00
660.00
1377.00
Neutral
Buy
1826
1.15
BERKELEY GROUP HDG.(THE)
2157.00
1190.00
2207.00
Neutral
Strong Buy
3295
0.66
BOOT (HENRY)
183.75
115.50
201.00
Neutral
Strong Buy
339
0.83
BOVIS HOMES GROUP
755.00
399.30
778.50
Neutral
Sell
544
1.20
CARILLION
251.20
235.50
331.80
Buy
Strong Buy
747
1.12
CLARKE (T)
53.50
40.00
61.50
Neutral
Strong Buy
253
0.82
271.25
188.00
306.00
Neutral
Strong Buy
551
0.57
1399.00
1052.00
1540.00
Neutral
Sell
842
1.14
GALLIFORD TRY
970.00
579.00
999.00
Neutral
Strong Buy
1602
1.01
KELLER
969.00
348.25
978.50
Neutral
Strong Buy
2043
1.26
1241.00
1106.00
1408.00
Neutral
Strong Buy
3215
0.97
65.00
49.75
76.75
Neutral
Strong Buy
211
1.07
1.39
COSTAIN GROUP
CRH
KIER GROUP
LOW & BONAR
Target
Beta
MARSHALLS
139.00
76.00
139.00
Neutral
Strong Buy
279
MORGAN SINDALL GROUP
557.00
508.00
695.00
Neutral
Strong Buy
3231
0.87
15.63
9.25
18.25
Neutral
Strong Buy
32
1.15
NORCROS
1233.00
496.69
1272.00
Neutral
Buy
1385
1.20
REDROW
PERSIMMON
228.80
107.30
238.10
Neutral
Buy
276
1.09
SIG
173.40
82.30
174.00
Neutral
Strong Buy
497
1.79
2.00
1.88
14.50
Sell
Strong Buy
50
0.88
SUPERGLASS HOLDINGS
99.55
40.28
103.00
Neutral
Buy
123
1.67
TRAVIS PERKINS
TAYLOR WIMPEY
1582.00
906.50
1604.00
Sell
Strong Buy
2473
2.01
WOLSELEY
3346.00
2121.32
3483.00
Neutral
Strong Buy
5384
1.46
Over Valued
Electronics & Electrical Equipment

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
1320.00
972.00
1365.00
Neutral
Sell
826
0.75
DOMINO PRINTING SCIENCES
670.00
509.00
717.00
Neutral
Buy
906
1.18
E2V TECHNOLOGIES
125.00
105.50
144.00
Neutral
Strong Buy
266
1.29
INVENSYS
390.60
198.90
402.70
Neutral
Sell
370
1.41
LAIRD
208.40
177.00
249.30
Neutral
Sell
77
2.13
DIALIGHT
Target
Beta
OXFORD INSTRUMENTS
1589.00
1120.00
1752.00
Neutral
Sell
1265
1.00
RENISHAW
1732.00
1260.00
2081.00
Neutral
Buy
2535
1.26
SPECTRIS
2068.00
1427.00
2470.00
Neutral
Buy
2383
1.52
0.07
0.07
0.14
Neutral
Strong Buy
0.84
TT ELECTRONICS
173.00
114.00
178.50
Neutral
Strong Buy
440
1.58
XAAR
630.00
185.00
695.00
Neutral
Sell
252
1.11
BIOME TECHNOLOGIES
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Page 7 of 17
Over Valued
Engineering & Machinery

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
AGA RANGEMASTER GROUP
82.00
54.25
91.75
Neutral
Buy
108
1.28
BODYCOTE
554.50
310.30
560.50
Neutral
Neutral
532
1.60
CASTINGS
337.50
277.75
358.50
Neutral
Strong Buy
724
0.99
VESUVIUS
370.10
263.19
402.10
Neutral
Buy
530
2.20
FENNER
345.80
329.30
435.20
Neutral
Strong Buy
575
1.42
HALMA
529.00
375.00
538.50
Neutral
Sell
408
0.75
HILL & SMITH
456.75
297.00
480.00
Neutral
Sell
351
1.37
1325.00
776.00
1359.00
Neutral
Neutral
1411
1.41
290.00
220.30
305.00
Neutral
Strong Buy
558
1.82
2828.00
1859.00
3037.00
Neutral
Sell
2230
1.00
273.50
177.00
280.80
Neutral
Sell
220
1.64
0.79
IMI
MORGAN ADVANCED MATERIAL
ROTORK
SENIOR
SEVERFIELD-ROWEN
Target
Beta
44.50
35.40
91.10
Neutral
Sell
33
SPIRAX-SARCO
2804.00
1900.00
2865.00
Neutral
Sell
2357
0.84
VITEC GROUP
601.00
586.50
740.00
Neutral
Neutral
628
1.39
WEIR GROUP
2320.00
1397.00
2474.00
Neutral
Sell
2108
1.38
Over Valued
Food & Drug Stores

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
GREGGS
412.00
398.00
523.50
Neutral
Strong Buy
710
0.47
MORRISON(WM)SPMKTS.
281.30
248.60
296.40
Neutral
Sell
180
0.39
SAINSBURY (J)
382.30
283.50
396.50
Neutral
Sell
198
0.57
TESCO
383.30
297.05
387.75
Neutral
Sell
263
0.68
96.13
18.88
100.50
Sell
Sell
69
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
1940.00
1167.00
2031.00
Neutral
Buy
2165
0.62
CRANSWICK
1100.00
732.50
1115.00
Neutral
Strong Buy
2139
0.43
DAIRY CREST
470.00
312.70
480.70
Neutral
Neutral
516
0.94
DEVRO
336.60
278.00
380.00
Neutral
Strong Buy
530
0.32
72.50
54.50
125.75
Neutral
Sell
-183
1.25
PREMIER FOODS
TATE & LYLE
UNILEVER (UK)
871.00
633.50
874.00
Neutral
Strong Buy
1597
0.71
2866.00
2013.00
2885.00
Neutral
Neutral
2832
0.58
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Page 8 of 17
Under Valued
General Retail
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
ASHLEY(LAURA) HOLDINGS
28.25
20.50
29.50
Neutral
Buy
36
0.69
460.40
224.40
465.60
Neutral
Sell
393
0.54
1522.00
1000.00
1541.00
Neutral
Sell
1059
1.27
644.00
585.00
728.50
Neutral
Sell
302
0.95
42.25
12.67
42.90
Neutral
Neutral
43
1.51
153.00
55.20
186.00
Neutral
Sell
59
1.13
31.00
19.50
34.00
Sell
Strong Buy
110
0.99
HALFORDS GROUP
333.30
189.00
405.20
Neutral
Strong Buy
542
0.68
JD SPORTS FASHION
880.00
606.50
900.00
Neutral
Strong Buy
1630
0.53
BROWN (N) GROUP

BURBERRY GROUP
CARPETRIGHT
DIXONS RETAIL
FINDEL
FRENCH CONNECTN.GROUP
DARTY
Target
Beta
67.00
38.00
72.50
Neutral
Buy
99
1.25
KINGFISHER
327.40
254.10
335.50
Neutral
Buy
421
0.94
MARKS & SPENCER GROUP
472.10
312.20
475.20
Sell
Buy
560
0.65
55.50
42.75
71.00
Neutral
Buy
64
1.04
355.00
189.25
364.00
Neutral
Buy
406
0.47
NEXT
4691.00
2976.00
4749.00
Sell
Sell
4023
0.67
TED BAKER
1468.00
840.00
1470.00
Sell
Sell
709
0.55
65.25
32.13
70.00
Neutral
Sell
54
1.50
MOSS BROTHERS GROUP

MOTHERCARE
TOPPS TILES
Over Valued
Heath
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
BIOQUELL
141.00
126.50
160.00
Neutral
Sell
Target
115
0.46
CONSORT MEDICAL
774.50
584.00
831.50
Neutral
Sell
567
0.39
OPTOS
132.25
122.25
222.75
Neutral
Buy
159
1.18
SMITH & NEPHEW
785.00
590.50
794.50
Neutral
Sell
708
0.43
Over Valued
Household Goods & Textiles

Stock
Beta
Price
12M Lo
12M Hi
ST Rec
LT Rec
GAMES WORKSHOP
722.50
557.00
742.00
Neutral
Neutral
704
0.44
HEADLAM GROUP
372.50
263.00
372.50
Neutral
Sell
315
0.92
79.50
55.25
90.00
Neutral
Buy
111
0.77
HORNBY
Target
Over Valued
Information Technology & Hardware

Stock
Beta
Price
12M Lo
12M Hi
ST Rec
LT Rec
ARM HOLDINGS
995.00
469.00
1097.00
Neutral
Sell
542
0.74
CSR
550.00
200.30
570.00
Neutral
Strong Buy
1276
1.18
FILTRONIC
IMAGINATION TECHNOLOGIES
Target
Beta
61.50
25.00
83.25
Neutral
Sell
47
0.90
350.00
296.00
624.00
Neutral
Buy
509
1.08
SPIRENT COMMUNICATIONS
134.40
122.00
170.90
Neutral
Strong Buy
677
0.94
WOLFSON MICROELECTRONICS
221.50
170.00
230.00
Neutral
Sell
-481
0.90
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Page 9 of 17
Under Valued
Insurance
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
1286.00
1019.00
1374.00
Neutral
Neutral
1236
0.53
AMLIN
421.20
312.90
435.10
Neutral
Sell
59
0.46
BEAZLEY
235.00
132.50
240.80
Neutral
Strong Buy
1297
0.60
CATLIN GROUP
533.00
399.00
552.50
Neutral
Strong Buy
2041
0.30
HISCOX
573.50
386.10
600.00
Neutral
Strong Buy
2585
0.48
JARDINE LLOYD THOMPSON
898.00
671.00
914.50
Neutral
Strong Buy
1727
0.31
RSA INSURANCE GROUP
114.20
97.65
136.30
Neutral
Strong Buy
935
0.41
NOVAE GROUP
494.75
345.00
500.00
Neutral
Strong Buy
2904
0.48
ADMIRAL GROUP
Over Valued
Leisure & Hotels

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
2233.00
2061.00
2628.00
Neutral
Strong Buy
4224
1.01
ENTERPRISE INNS
117.40
55.50
123.80
Neutral
Neutral
118
1.61
TUI TRAVEL
362.60
158.00
373.20
Neutral
Strong Buy
813
1.01
FULLER SMITH 'A'
820.00
700.00
820.00
Neutral
Sell
712
0.39
GREENE KING
780.00
478.20
789.50
Neutral
Sell
688
0.93
LADBROKES
209.40
152.70
243.10
Neutral
Buy
264
0.93
1918.00
1407.64
2039.00
Neutral
Sell
1539
1.18
CARNIVAL
ICTL.HTLS.GP.
MILLENNIUM & CPTH.HTLS.
551.00
455.40
582.50
Neutral
Buy
679
1.40
MITCHELLS & BUTLERS
395.20
217.40
408.50
Sell
Sell
336
1.12
BWIN PARTY DIGITAL ENTM.
133.90
91.90
156.00
Neutral
Sell
45
1.25
11.25
5.61
13.12
Neutral
Strong Buy
55
1.27
152.50
115.00
177.50
Neutral
Strong Buy
526
1.00
0.76
PUNCH TAVERNS
RANK GROUP
RESTAURANT GROUP
531.00
279.90
531.00
Neutral
Sell
338
WETHERSPOON (JD)
646.50
385.00
661.50
Neutral
Buy
778
0.69
WHITBREAD
2855.00
1821.00
2887.00
Sell
Sell
2090
0.99
WILLIAM HILL
445.30
246.35
452.80
Neutral
Sell
269
0.87
MARSTON'S
152.50
94.70
154.70
Neutral
Sell
21
1.21
Over Valued
Life Assurance
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
AVIVA
329.50
255.30
388.40
Neutral
Strong Buy
707
1.25
CHESNARA
255.25
155.25
270.00
Neutral
Strong Buy
398
0.70
LEGAL & GENERAL
182.60
106.00
187.80
Neutral
Strong Buy
358
1.71
OLD MUTUAL
214.90
138.70
221.60
Neutral
Neutral
208
1.57
PRUDENTIAL
1158.00
660.00
1203.00
Neutral
Sell
1027
1.71
573.00
303.40
640.00
Neutral
Strong Buy
1527
0.85
ST.JAMES'S PLACE
Target
Beta
24 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.
121.00
102.00
146.50
Neutral
Sell
-618
0.37
BRITISH SKY BCAST.GROUP
791.50
656.00
899.50
Neutral
Strong Buy
1837
0.54
CENTAUR MEDIA
Target
Beta
33.00
28.50
60.00
Neutral
Strong Buy
164
1.03
DAILY MAIL 'A'
766.00
363.50
768.00
Sell
Strong Buy
4341
1.14
EUROMONEY INSTL.INVESTOR
921.00
693.50
1030.00
Neutral
Strong Buy
8087
1.00
INFORMA
522.50
340.00
537.00
Neutral
Sell
-78
1.53
ITE GROUP
296.00
180.00
299.00
Neutral
Strong Buy
260
1.45
ITV
132.40
69.45
134.70
Neutral
Strong Buy
1341
1.54
17.75
4.88
19.00
Neutral
Strong Buy
824
1.27
1217.00
1119.00
1294.00
Neutral
Buy
338
0.63
78.50
36.25
84.50
Neutral
Strong Buy
2779
0.79
272.50
265.00
377.50
Neutral
Strong Buy
929
0.16
36.10
26.85
36.21
Neutral
Sell
-615
0.50
STV GROUP
136.50
81.50
146.88
Neutral
Sell
281
0.79
ST.IVES
161.50
67.50
166.50
Neutral
Sell
239
1.50
TRINITY MIRROR
108.25
25.50
121.25
Neutral
Sell
-273
1.59
UBM
731.00
511.00
788.00
Neutral
Strong Buy
1816
1.31
0.84
JOHNSTON PRESS
PEARSON
PHOTO-ME INTL.
PINEWOOD SHEPPERTON
THOMSON REUTERS
WILMINGTON GROUP
160.00
82.00
164.00
Neutral
Strong Buy
1433
WPP
1162.00
743.00
1178.00
Neutral
Sell
-529
1.35
HIBU
0.40
0.26
2.18
Neutral
Strong Buy
856
1.07
Under Valued
Mining
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
1570.00
1544.00
2215.00
Neutral
Sell
1180
1.74
ANGLO PACIFIC GROUP
225.50
215.00
290.00
Neutral
Neutral
229
0.96
ANTOFAGASTA
958.00
884.00
1381.00
Neutral
Sell
853
1.41
1942.50
1694.50
2236.00
Neutral
Buy
2876
1.43
GLENCORE XSTRATA
336.90
293.55
397.85
Buy
Strong Buy
976
#NA
LONMIN
270.00
240.84
421.26
Neutral
Buy
348
2.03
RANDGOLD RESOURCES
5030.00
4545.00
7775.00
Neutral
Sell
2981
0.34
RIO TINTO
2913.00
2715.50
3757.00
Neutral
Sell
2311
1.50
3.38
13.00
Neutral
Strong Buy
166
0.89
832.50
1335.00
Neutral
Strong Buy
2087
2.20
ANGLO AMERICAN
BHP BILLITON
COALFIELD RESOURCES
VEDANTA RESOURCES
1286.00
Under Valued
Oil & Gas

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
1216.50
1000.50
1350.50
Neutral
Neutral
1248
0.80
BP
477.50
394.90
483.30
Neutral
Strong Buy
1574
1.03
CAIRN ENERGY
281.30
248.20
309.40
Neutral
Sell
-22
1.32
BG GROUP
FORTUNE OIL
HUNTING
JKX OIL & GAS
PREMIER OIL
ROYAL DUTCH SHELL B
SOCO INTERNATIONAL
TULLOW OIL
WOOD GROUP (JOHN)
7.90
7.66
12.50
Buy
Strong Buy
14
0.82
868.00
688.00
941.00
Neutral
Sell
452
1.31
1.36
56.00
55.00
120.00
Neutral
Strong Buy
303
365.30
321.30
401.20
Neutral
Sell
288
1.43
2312.50
2059.00
2366.50
Neutral
Strong Buy
9505
0.84
392.70
270.30
404.30
Neutral
Sell
249
0.53
1038.00
977.00
1531.00
Neutral
Sell
911
1.04
838.00
651.50
879.50
Neutral
Neutral
809
1.35
24 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
108.25
101.20
144.60
Neutral
Strong Buy
244
0.84
PZ CUSSONS
379.70
297.20
415.60
Neutral
Sell
312
0.69
4869.00
3300.00
4926.00
Neutral
Neutral
4903
0.36
RECKITT BENCKISER GROUP
Target
Over Valued
Pharmaceuticals & Biotechnology

Stock
Beta
Price
12M Lo
12M Hi
ST Rec
LT Rec
0.41
0.36
3.58
Buy
Sell
1.01
3426.50
2592.00
3485.50
Neutral
Strong Buy
6672
0.47
BTG
339.50
300.30
423.00
Neutral
Sell
172
0.58
DECHRA PHARMACEUTICALS
711.50
468.75
780.00
Neutral
Neutral
739
0.25
1742.00
1317.50
1773.00
Neutral
Sell
1608
0.49
OXFORD BIOMEDICA
2.30
1.55
3.15
Buy
Sell
0.64
PHYTOPHARM SUSP - 21/05/13
1.33
1.05
12.75
Buy
Strong Buy
0.95
2134.00
1727.00
2155.00
Neutral
Sell
1395
0.66
ARK THERAPEUTICS GP.

ASTRAZENECA
GLAXOSMITHKLINE
SHIRE
Target
Beta
SKYEPHARMA
49.13
43.50
101.50
Neutral
Sell
-136
0.73
VERNALIS
22.50
21.63
27.38
Neutral
Strong Buy
37
0.91
Under Valued
Real Estate
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
BIG YELLOW GROUP
405.90
274.50
426.70
Neutral
Sell
-618
1.18
BRITISH LAND
632.00
475.40
658.00
Neutral
Strong Buy
1837
1.06
CAPITAL & REGIONAL
Target
Beta
36.25
22.75
37.00
Sell
Strong Buy
164
0.85
980.00
595.00
995.00
Neutral
Strong Buy
4341
0.70
DERWENT LONDON
2449.00
1740.00
2542.00
Neutral
Strong Buy
8087
1.24
DEVELOPMENT SECS.
186.50
121.75
192.00
Neutral
Sell
-78
0.99
GRAINGER
155.60
83.10
156.50
Neutral
Strong Buy
260
1.58
CLS HOLDINGS
GREAT PORTLAND ESTATES
566.00
367.80
598.00
Neutral
Strong Buy
1341
1.10
HAMMERSON
521.50
409.20
554.00
Neutral
Strong Buy
824
1.19
HELICAL BAR
272.00
164.00
297.50
Neutral
Buy
338
0.77
LAND SECURITIES GROUP
967.00
704.00
994.00
Neutral
Strong Buy
2779
1.16
INTU PROPERTIES
345.80
305.00
366.00
Neutral
Strong Buy
929
1.09
MCKAY SECURITIES
150.12
127.00
153.00
Neutral
Sell
-615
0.73
MUCKLOW (A & J) GROUP
399.00
325.00
437.50
Neutral
Sell
281
0.42
PRIMARY HEALTH PROPS.
324.00
311.17
363.53
Neutral
Sell
239
0.35
74.00
32.50
79.25
Sell
Sell
-273
1.19
SAVILLS
575.00
303.00
601.50
Neutral
Strong Buy
1816
0.77
SHAFTESBURY
642.00
492.00
668.00
Neutral
Strong Buy
1433
1.05
SEGRO
288.70
209.40
302.80
Neutral
Sell
-529
1.73
ST MODWEN PROPS.
299.10
145.50
329.10
Neutral
Strong Buy
856
1.59
QUINTAIN ESTATES & DEV.
TOWN CENTRE SECURITIES
216.50
147.00
223.00
Neutral
Sell
-9
1.01
UNITE GROUP
370.90
180.75
387.50
Neutral
Sell
52
1.79
WARNER ESTATE
WORKSPACE GROUP
1.41
1.00
2.75
Sell
Sell
-1213
1.03
415.00
215.50
415.00
Neutral
Strong Buy
1391
1.05
24 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
126.00
112.25
162.00
Neutral
Neutral
125
0.73
2303.00
1481.00
2324.00
Neutral
Sell
1345
1.40
AVEVA GROUP
Target
Beta
COMPUTACENTER
442.10
292.40
567.00
Neutral
Strong Buy
1379
1.00
KOFAX
326.00
242.00
335.00
Neutral
Neutral
329
1.11
27.25
18.25
27.50
Sell
Sell
25
0.85
MICRO FOCUS INTL.
699.00
431.48
710.00
Neutral
Buy
1011
0.76
PHOENIX IT GROUP
150.00
130.00
222.00
Neutral
Strong Buy
317
0.74
74.00
68.00
85.50
Neutral
Sell
-95
0.52
1924.00
1275.00
2047.00
Neutral
Buy
2126
0.76
364.20
247.70
368.10
Neutral
Buy
427
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.
475.00
237.30
484.10
Neutral
Sell
152
BREWIN DOLPHIN
211.80
136.30
222.00
Neutral
Sell
123
0.73
9825.50
9250.00
11105.00
Neutral
Neutral
9408
0.84
CAMELLIA
Target
Beta
1.09
CHARLES STANLEY GROUP
388.50
247.50
406.25
Neutral
Sell
207
0.97
CHARLES TAYLOR
175.00
141.00
190.00
Neutral
Sell
136
0.69
CLOSE BROTHERS GROUP
1090.00
673.50
1107.00
Neutral
Sell
238
0.86
F&C ASSET MANAGEMENT
95.50
70.00
110.40
Neutral
Neutral
103
0.89
3.30
0.55
3.70
Sell
Strong Buy
25
0.69
HENDERSON GROUP
173.70
90.55
180.40
Neutral
Sell
66
1.44
ICAP
346.50
280.80
376.60
Neutral
Sell
240
1.07
1.70
HELPHIRE GROUP
INTERMEDIATE CAPITAL GP.
488.00
241.10
501.50
Neutral
Sell
179
INVESTEC
493.70
325.90
513.50
Neutral
Sell
133
1.56
1398.00
930.00
1426.00
Neutral
Strong Buy
4355
1.15
LONDON STOCK EX.GROUP

MAN GROUP
124.90
63.25
134.40
Neutral
Strong Buy
486
1.32
RATHBONE BROTHERS
1525.00
1183.00
1557.00
Neutral
Sell
1125
0.75
SCHRODERS
2449.00
1180.00
2560.00
Neutral
Sell
1215
1.30
SCHRODERS NV
1906.00
966.00
2000.00
Neutral
Strong Buy
3859
1.27
24 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
223.50
157.75
242.50
Neutral
Buy
301
0.92
AGGREKO
1758.00
1557.00
2400.00
Neutral
Sell
1335
1.05
AMEC
1056.00
923.00
1172.00
Neutral
Neutral
1162
1.04
639.50
212.20
671.00
Neutral
Sell
329
1.63
1154.00
839.50
1182.00
Neutral
Sell
684
0.48
560.00
324.00
580.25
Neutral
Buy
819
0.76
1309.00
999.50
1342.00
Neutral
Sell
1010
0.55
510.00
214.00
510.00
Neutral
Sell
454
0.39
1007.00
605.50
1018.00
Neutral
Sell
539
0.51
54.25
25.34
56.50
Neutral
Buy
70
0.78
0.74
ASHTEAD GROUP
BABCOCK INTL.
BRITISH POLYTHENE INDS.
BUNZL
UK MAIL GROUP
CAPITA
COMMUNISIS
Target
Beta
COMPASS GROUP
893.00
622.00
910.50
Neutral
Sell
623
BERENDSEN
762.00
462.00
812.00
Neutral
Buy
1011
1.05
DE LA RUE
986.00
891.50
1075.00
Neutral
Sell
622
#NA
DIGNITY
1370.00
803.50
1462.00
Neutral
Sell
818
0.22
DIPLOMA
573.00
417.10
627.50
Neutral
Sell
500
0.96
ELECTROCOMP.
265.50
195.20
278.40
Neutral
Buy
331
1.04
FILTRONA
730.00
428.00
750.00
Neutral
Sell
358
1.13
G4S
245.40
240.00
313.50
Neutral
Buy
302
0.58
93.30
66.40
101.20
Neutral
Buy
124
1.10
HOMESERVE
256.00
137.50
256.20
Neutral
Strong Buy
503
0.94
INTERSERVE
488.90
277.60
513.50
Neutral
Buy
705
1.28
3216.00
2551.00
3453.00
Neutral
Sell
1488
0.78
47.25
26.50
47.25
Neutral
Strong Buy
98
1.17
0.72
HAYS
INTERTEK GROUP
JOHNSON SERVICE GROUP
MANAGEMENT CNSL.GP.
30.38
21.25
32.00
Neutral
Strong Buy
57
MENZIES (JOHN)
737.00
542.00
801.00
Neutral
Strong Buy
1310
1.43
MICHAEL PAGE INTL.
380.10
341.40
451.80
Neutral
Sell
327
1.42
MITIE GROUP
261.70
253.90
300.80
Neutral
Buy
353
0.55
86.00
86.00
156.00
Neutral
Strong Buy
246
0.33
PAYPOINT
914.50
606.00
914.50
Neutral
Sell
710
0.71
PREMIER FARNELL
224.10
153.20
236.30
Neutral
Buy
292
1.33
REGUS
164.20
82.65
177.50
Neutral
Sell
110
1.46
92.75
69.40
100.70
Neutral
Sell
56
1.25
OFFICE2OFFICE
RENTOKIL INITIAL
REXAM
526.00
394.28
547.50
Neutral
Neutral
548
0.90
RICARDO
404.00
304.50
431.00
Neutral
Buy
485
0.86
ROBERT WALTERS
213.63
176.25
232.00
Neutral
Buy
318
1.24
RPC GROUP
401.80
365.40
477.00
Neutral
Buy
551
0.78
RPS GROUP
222.70
197.00
274.20
Neutral
Buy
256
1.51
SERCO GROUP
627.50
516.50
647.50
Neutral
Neutral
597
0.60
SHANKS GROUP
85.25
73.00
98.00
Neutral
Strong Buy
174
1.46
SPEEDY HIRE
58.25
22.25
61.50
Neutral
Sell
54
1.26
165.50
78.75
166.00
Neutral
Sell
53
0.63
57.88
39.50
59.25
Neutral
Neutral
64
0.93
343.50
237.00
354.88
Neutral
Strong Buy
642
0.86
80.38
42.00
80.38
Sell
Strong Buy
187
0.79
TRIBAL GROUP
TRIFAST
VP
WYG
24 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
314.10
200.70
322.30
Neutral
Buy
353
42.71
27.28
45.00
Neutral
Strong Buy
84
0.70
672.50
397.00
749.00
Neutral
Sell
606
0.53
Beta
0.91
86.70
67.00
88.30
Neutral
Strong Buy
135
1.24
1250.00
703.00
1285.00
Neutral
Sell
770
0.09
193.55
154.45
199.90
Neutral
Sell
173
0.54
Under Valued
Transport
Stock
Target
Price
12M Lo
12M Hi
ST Rec
LT Rec
BBA AVIATION
286.50
178.00
288.40
Sell
Sell
Target
177
Beta
1.30
BRAEMAR SHIPPING SVS.
417.50
309.50
428.00
Neutral
Neutral
454
0.98
CLARKSON
1600.00
1150.00
1673.00
Neutral
Sell
1479
0.80
EASYJET
1266.00
484.90
1285.00
Neutral
Sell
676
0.77
FIRST GROUP
134.60
134.60
260.50
Neutral
Strong Buy
566
0.91
FISHER(JAMES)& SONS
970.00
540.50
1110.00
Neutral
Sell
398
0.77
GO-AHEAD GROUP
1538.00
1086.00
1588.00
Neutral
Buy
1862
0.90
NATIONAL EXPRESS
210.00
164.50
230.50
Neutral
Buy
253
1.35
1.41
NORTHGATE
325.75
159.60
350.00
Neutral
Strong Buy
622
STAGECOACH GROUP
308.90
230.40
319.60
Neutral
Buy
363
0.89
58.25
31.00
78.50
Sell
Sell
-41
0.90
WINCANTON
Under Valued
Utilities
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
CENTRICA
391.50
306.30
394.90
Neutral
Buy
530
0.47
NATIONAL GRID
829.50
641.00
847.50
Neutral
Buy
937
0.50
PENNON GROUP
704.00
598.00
796.00
Neutral
Buy
869
0.59
SSE
1624.00
1294.00
1676.00
Neutral
Buy
1909
0.42
SEVERN TRENT
2042.00
1513.00
2090.00
Neutral
Sell
1706
0.35
787.50
637.00
787.50
Neutral
Neutral
759
0.50
UNITED UTILITIES GROUP
Target
Beta
24 May 2013
+44 20 3239 8994
Page 15 of 17
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24 May 2013
+44 20 3239 8994
Page 16 of 17
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24 May 2013
+44 20 3239 8994
Page 17 of 17

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Automobiles & Parts

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

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

Electronics & Electrical Equipment

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

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

Food Producers & Processors

Household Goods & Textiles

Information Technology & Hardware

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

Media & Entertainment

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

Pharmaceuticals & Biotechnology

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

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

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RISK WARNING Ratings and Targets

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How to use the report

Longer term action based

Latest 12 month Hi/Lo for

eta measures a shares

Intellisys Intelligent Analysis Limited

Aerospace & Defence

ULTRA ELECTRONICS HDG.

Automobiles & Parts

HSBC HDG. (ORD $0.50)

LLOYDS BANKING GROUP

Intellisys Intelligent Analysis Limited

Construction & Building Materials

BERKELEY GROUP HDG.(THE)

BOVIS HOMES GROUP

MORGAN SINDALL GROUP

Electronics & Electrical Equipment

DOMINO PRINTING SCIENCES

Intellisys Intelligent Analysis Limited

Engineering & Machinery

AGA RANGEMASTER GROUP

HILL & SMITH

Food & Drug Stores

Food Producers & Processors

Intellisys Intelligent Analysis Limited

BROWN (N) GROUP

MARKS & SPENCER GROUP

MOSS BROTHERS GROUP

SMITH & NEPHEW

Household Goods & Textiles

Information Technology & Hardware

Intellisys Intelligent Analysis Limited

JARDINE LLOYD THOMPSON

RSA INSURANCE GROUP

Leisure & Hotels

FULLER SMITH 'A'

MITCHELLS & BUTLERS

BWIN PARTY DIGITAL ENTM.

LEGAL & GENERAL

Intellisys Intelligent Analysis Limited

Media & Entertainment

BRITISH SKY BCAST.GROUP

DAILY MAIL 'A'

ANGLO PACIFIC GROUP