Professional Documents
Culture Documents
Intellisys
06 August 2012
Contents
Introduction...................................................................................................................... 3
Timing .......................................................................................................................... 3
Value ........................................................................................................................... 4
Conclusion .................................................................................................................... 4
Over Valued ............................................................... 5
Aerospace & Defence
Automobiles & Parts
Banks
Beverages
Chemicals
Health
Insurance
Leisure & Hotels
Life Assurance
Real Estate
Support Services
Telecommunication Services
Transport
Utilities
DISCLAIMER ................................................................................................................... 14
RISK WARNING Ratings and Targets ............................................................................. 15
Page 2 of 15
Intellisys
06 August 2012
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
Page 3 of 15
Intellisys
06 August 2012
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 cross-border 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.
Page 4 of 15
Intellisys
Over Valued
Price 12M Lo
314.70 248.10
290.30 267.30
235.20 165.90
390.60 305.00
857.00 545.04
1094.00 869.50
1450.00 1305.00
12M Hi
333.00
560.00
239.50
413.50
890.00
1101.00
1780.00
ST Rec
LT Rec
Neutral
Buy
Neutral Strong Buy
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Price 12M Lo
210.60 157.00
385.20 268.60
65.00
47.00
15.75
6.80
12M Hi
235.50
418.20
68.00
16.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
171.35 138.85
560.50 463.50
30.61
21.84
216.00 173.40
1567.00 1169.50
12M Hi
256.75
581.70
37.50
302.80
1662.50
Target
198
374
76
23
Beta
1.93
1.43
1.31
1.12
Target
113
961
48
-232
1183
Beta
1.83
1.16
1.81
1.34
1.67
Under Valued
Price 12M Lo
432.00 343.67
1707.50 1112.00
2848.00 1979.00
12M Hi
434.10
1737.50
2848.00
ST Rec
Neutral
Neutral
Neutral
LT Rec
Buy
Sell
Buy
Target
488
1446
3331
Beta
0.49
0.55
1.00
Under Valued
Chemicals
Stock
C RODA INTERNATIONAL
ELEMENTIS
JOHNSON MATTHEY
VIC TREX
YULE C ATTO
ZOTEFOAMS
LT Rec
Sell
Neutral
Buy
Buy
ST Rec
LT Rec
Neutral
Sell
Neutral Strong Buy
Sell Strong Buy
Sell
Sell
Neutral
Sell
Beverages
Stock
BARR (AG)
DIAGEO
SABMILLER
Beta
0.66
0.56
0.88
1.32
1.09
0.73
0.57
Over Valued
Banks
Stock
BARC LAYS
HSBC HDG. (ORD $0.50)
LLOYDS BANKING GROUP
ROYAL BANK OF SC TL.GP.
STANDARD C HARTERED
Target
465
518
242
353
570
959
1262
Over Valued
06 August 2012
Price
2409.00
206.50
2184.00
1279.00
144.10
171.50
12M Lo
1597.00
107.50
1523.00
1025.00
127.40
109.00
12M Hi
2409.00
211.80
2408.00
1516.00
251.00
186.50
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Neutral
Target
3677
283
5766
1546
296
172
Page 5 of 15
Beta
1.03
1.03
1.43
1.14
1.21
0.96
Intellisys
Over Valued
Price
283.00
140.50
827.00
1430.00
461.90
253.50
48.88
215.00
631.00
445.00
1277.00
58.75
82.00
685.00
639.50
130.80
94.95
47.75
1043.00
2385.00
12M Lo
214.60
67.50
540.50
1025.00
326.50
235.50
35.50
180.00
383.75
239.25
1095.00
38.00
76.00
510.00
374.00
103.50
76.95
28.71
715.00
1404.00
12M Hi
311.00
151.50
859.50
1430.00
518.50
361.90
80.50
247.50
653.00
467.00
1489.00
73.00
103.75
725.00
706.50
135.30
123.20
52.75
1125.00
2558.00
Price 12M Lo
1045.00 643.50
571.50 434.30
113.50
86.75
245.00 180.90
222.80 128.50
1250.00 714.00
1514.00 800.00
1579.00 1039.00
0.09
0.08
159.00 120.50
235.00 185.00
12M Hi
1120.00
670.00
149.50
277.50
225.20
1310.00
1518.00
1902.00
0.24
203.50
279.00
Target
9
116
213
1274
99
-145
33
419
-13
336
1355
93
53
197
321
23
133
1
661
665
Beta
0.83
1.46
1.06
0.70
1.13
1.11
0.76
0.62
1.05
1.27
1.00
1.09
1.30
0.84
1.14
1.00
1.63
1.53
1.86
1.42
ST Rec
LT Rec
Neutral
Sell
Neutral
Buy
Neutral Strong Buy
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Target
592
720
188
266
70
820
1909
1650
0
299
174
Beta
0.75
1.17
1.27
1.38
2.09
0.99
1.21
1.44
0.81
1.57
1.10
Under Valued
ST Rec
LT Rec
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Under Valued
06 August 2012
Price
69.25
340.30
335.00
566.00
366.90
405.80
305.75
839.00
5.63
254.40
2309.00
197.50
147.00
1992.00
620.25
1694.00
12M Lo
62.50
225.60
252.50
395.80
280.00
306.30
235.00
636.50
5.63
224.00
1501.00
135.60
140.00
1649.00
488.00
1375.00
12M Hi
98.75
437.10
337.00
747.50
483.70
431.90
345.00
1022.00
9.12
360.00
2309.00
213.00
219.50
2334.00
690.00
2236.00
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Buy
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Buy
Neutral
Sell
Neutral Strong Buy
Sell
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Target
145
459
582
732
366
322
331
1072
5
444
1537
195
92
1822
580
1668
Page 6 of 15
Beta
1.20
1.55
0.97
2.20
1.44
0.77
1.32
1.37
0.85
1.78
0.97
1.68
1.00
0.85
1.44
1.37
Intellisys
Under Valued
Price 12M Lo
509.50 445.00
277.00 263.00
323.30 263.50
319.00 297.05
23.75
9.50
12M Hi
558.00
328.00
323.30
411.25
49.50
ST Rec
LT Rec
Neutral
Sell
Neutral
Buy
Neutral Strong Buy
Buy
Buy
Neutral
Neutral
Price 12M Lo
1274.00 977.00
858.00 588.50
338.60 290.40
303.00 232.00
68.25
32.90
678.00 544.50
2334.00 1892.00
12M Hi
1292.00
858.00
368.90
332.20
180.00
720.50
2334.00
ST Rec
LT Rec
Neutral
Buy
Neutral Strong Buy
Neutral
Buy
Neutral
Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Neutral
Price 12M Lo
22.50
16.00
264.20 222.40
1305.00 1092.00
605.00 375.00
16.16
9.36
3.00
2.20
20.38
20.00
207.50 189.00
5.75
5.00
692.50 570.00
42.75
38.00
276.00 217.00
341.10 301.80
44.75
31.25
200.00 127.30
3493.00 2153.00
916.00 633.00
44.00
21.50
12M Hi
24.00
291.00
1586.00
728.50
19.64
7.39
103.00
342.30
22.50
914.50
119.60
313.80
389.50
51.00
389.50
3493.00
928.50
48.50
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Target
1596
1758
393
443
-175
1321
2275
Beta
0.61
0.58
0.87
0.33
1.42
0.62
0.59
LT Rec
Buy
Neutral
Sell
Sell
Strong Buy
Buy
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Buy
Buy
Buy
Sell
Sell
Sell
Sell
Target
28
276
694
252
35
3
106
382
-45
1254
298
340
413
57
77
2619
507
26
Beta
0.70
0.50
1.34
0.96
1.53
0.92
1.02
0.65
0.88
0.50
1.24
0.97
0.73
1.03
0.43
0.73
0.52
1.28
Over Valued
Health
Stock
C ONSORT MEDIC AL
C ORIN GROUP
SMITH & NEPHEW
Beta
0.48
0.41
0.66
0.72
0.81
Under Valued
General Retail
Stock
ASHLEY(LAURA) HOLDINGS
BROWN (N) GROUP
BURBERRY GROUP
C ARPETRIGHT
DIXONS RETAIL
FINDEL
FRENC H C ONNEC TN.GROUP
HALFORDS GROUP
JJB SPORTS
JD SPORTS FASHION
DARTY
KINGFISHER
MARKS & SPENC ER GROUP
MOSS BROTHERS GROUP
MOTHERC ARE
NEXT
TED BAKER
TOPPS TILES
Target
292
377
548
413
24
Under Valued
06 August 2012
Price 12M Lo
693.50 498.00
55.00
35.25
675.00 521.00
12M Hi
721.00
55.00
675.00
ST Rec
Neutral
Neutral
Neutral
LT Rec
Sell
Neutral
Neutral
Target
619
53
694
Page 7 of 15
Beta
0.49
0.65
0.39
Intellisys
Under Valued
Price 12M Lo
610.00 405.00
275.00 233.25
85.38
70.25
12M Hi
610.00
306.00
141.50
ST Rec
Neutral
Neutral
Neutral
Price 12M Lo
570.00 464.00
323.20 154.10
29.50
14.50
517.00 296.90
87.50
41.00
144.70 105.80
188.25
96.00
12M Hi
645.00
323.20
35.00
717.00
87.75
174.00
215.00
ST Rec
LT Rec
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Neutral Strong Buy
Neutral
Sell
Price 12M Lo
1156.00 787.00
382.90 270.60
158.30 109.60
432.00 336.00
455.00 340.50
761.00 576.00
111.40
97.65
367.00 285.00
12M Hi
1548.00
385.00
160.20
449.00
455.00
764.50
119.40
380.00
Beta
0.39
0.91
0.72
Target
385
595
27
233
271
503
34
Beta
0.75
1.20
0.73
1.05
1.18
0.98
1.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
LT Rec
Sell
Sell
Strong Buy
Buy
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Target
506
-2276
1205
620
1644
2551
1344
1545
Beta
0.59
0.52
0.52
0.34
0.50
0.33
0.47
0.48
Over Valued
Target
585
281
95
Under Valued
Insurance
Stock
ADMIRAL GROUP
AMLIN
BEAZLEY
C ATLIN GROUP
HISC OX
JARDINE LLOYD THOMPSON
RSA INSURANC E GROUP
NOVAE GROUP
LT Rec
Neutral
Neutral
Buy
Over Valued
06 August 2012
Price 12M Lo
2184.00 1742.00
56.25
26.50
189.00 136.70
725.00 621.00
598.50 410.00
159.80 114.00
1626.00 955.00
473.50 371.20
265.00 215.60
97.40
95.90
6.50
5.61
120.00 109.50
316.00 254.90
468.00 371.30
2134.00 1409.00
313.30 183.30
111.60
84.60
12M Hi
2369.00
70.00
210.20
752.00
611.00
181.40
1626.00
513.00
280.90
174.00
12.50
150.90
328.30
468.00
2165.00
314.00
112.10
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Buy
Neutral
Buy
Neutral
Sell
Sell
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Buy
Target
4620
34
696
706
561
164
1390
577
347
62
-161
189
296
631
1835
262
150
Page 8 of 15
Beta
1.00
1.63
0.97
0.41
0.88
0.97
1.21
1.35
1.06
1.26
1.20
0.90
0.85
0.74
1.01
0.93
1.19
Intellisys
Over Valued
Life Assurance
Stock
AVIVA
C HESNARA
LEGAL & GENERAL
OLD MUTUAL
PRUDENTIAL
ST.JAMES'S PLAC E
Price 12M Lo
306.20 255.30
164.00 155.25
130.00
89.80
165.30
98.48
791.50 509.00
351.80 294.00
12M Hi
382.60
226.00
135.00
165.32
797.50
375.00
ST Rec
LT Rec
Neutral Strong Buy
Neutral Strong Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Price 12M Lo
236.80 116.17
132.50
91.25
743.00 618.50
31.00
28.50
463.50 343.40
725.00 522.50
383.00 313.90
197.40 157.70
78.80
51.65
5.25
4.11
1238.00 1038.00
39.00
36.25
268.88 205.87
28.36
26.21
92.50
76.25
73.50
67.50
37.50
25.50
662.00 416.00
102.00
78.50
829.50 578.00
1.32
1.08
12M Hi
236.80
135.00
766.00
46.00
473.70
828.00
451.00
240.60
89.90
7.90
1294.00
62.25
377.50
31.47
119.50
95.25
54.25
662.00
108.25
880.00
6.27
ST Rec
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Beta
1.30
0.65
1.67
1.61
1.70
0.83
LT Rec
Sell
Buy
Strong Buy
Strong Buy
Sell
Sell
Strong Buy
Buy
Strong Buy
Buy
Strong Buy
Buy
Strong Buy
Buy
Sell
Strong Buy
Neutral
Neutral
Strong Buy
Strong Buy
Sell
Target
-278
755
63
1845
1730
86
278
515
720
228
1288
439
345
491
-225
1786
537
249
480
514
19
Beta
1.29
0.46
0.56
0.97
1.11
0.95
1.56
1.41
1.55
1.28
0.66
0.82
0.28
0.54
0.79
1.31
1.40
1.32
0.79
1.29
1.11
Over Valued
Mining
Stock
ANGLO AMERIC AN
ANGLO PAC IFIC GROUP
ANTOFAGASTA
BHP BILLITON
LONMIN
RANDGOLD RESOURC ES
RIO TINTO
UK C OAL
VEDANTA RESOURC ES
XSTRATA
Target
887
269
217
133
693
321
Over Valued
06 August 2012
Price
1900.50
235.50
1089.00
1918.00
726.00
5795.00
3030.00
8.00
12M Lo
1854.00
221.25
900.50
1667.00
662.50
4596.00
2712.50
7.84
832.50
879.30 764.00
12M Hi
2910.00
340.00
1399.00
2206.50
1313.00
7565.00
3988.00
47.00
1502.00
1283.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Buy
Neutral
Neutral
LT Rec
Strong Buy
Buy
Sell
Strong Buy
Buy
Sell
Buy
Strong Buy
Strong Buy
Buy
Target
3028
277
866
3221
854
2949
3626
134
2483
1107
Page 9 of 15
Beta
1.73
1.02
1.40
1.42
1.96
0.32
1.44
0.89
2.09
1.73
Intellisys
Under Valued
Price
1260.00
437.95
301.60
9.09
778.50
90.00
121.00
382.30
2247.00
2323.00
335.50
1305.00
786.00
12M Lo
1144.00
363.20
248.20
8.30
530.00
87.00
93.00
310.00
1883.50
1890.50
254.90
945.50
469.90
12M Hi
1547.00
504.60
379.03
12.13
968.00
217.80
195.00
449.70
2402.00
2489.00
363.80
1601.00
798.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
120.00 105.00
320.30 285.00
3578.00 3100.00
12M Hi
135.12
374.20
3660.00
ST Rec
Neutral
Neutral
Neutral
Price
2.73
3096.00
360.40
485.10
1498.00
2.19
5.95
1958.00
97.88
24.13
Target
1017
1301
-11
13
466
254
602
255
7221
8974
218
608
774
Beta
0.78
1.07
1.36
0.91
1.26
1.43
1.24
1.38
0.92
0.93
0.52
1.10
1.34
LT Rec
Sell
Neutral
Sell
Target
110
346
3382
Beta
0.87
0.72
0.35
Over Valued
LT Rec
Sell
Strong Buy
Sell
Buy
Sell
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Sell
Sell
Neutral
Over Valued
06 August 2012
12M Lo
2.54
2543.50
236.80
392.50
1205.00
2.16
5.88
1743.00
31.00
18.75
12M Hi
4.40
3111.50
423.00
524.84
1498.00
6.95
9.50
2300.00
101.50
40.12
ST Rec
Buy
Neutral
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Neutral
LT Rec
Strong Buy
Strong Buy
Sell
Strong Buy
Sell
Strong Buy
Sell
Sell
Strong Buy
Strong Buy
Target
17
6468
273
1331
865
7
2
1395
175
63
Page 10 of 15
Beta
1.04
0.49
0.69
0.28
0.49
0.65
0.94
0.66
0.70
0.83
Intellisys
Under Valued
Real Estate
Stock
BIG YELLOW GROUP
BRITISH LAND
C APITAL & REGIONAL
C LS HOLDINGS
DERWENT LONDON
DEVELOPMENT SEC S.
GRAINGER
GREAT PORTLAND ESTATES
HAMMERSON
HELIC AL BAR
LAND SEC URITIES GROUP
C APITAL SHOPC TS.GROUP
MC KAY SEC URITIES
MUC KLOW (A & J) GROUP
QUINTAIN ESTATES & DEV.
SAVILLS
SHAFTESBURY
SEGRO
ST MODWEN PROPS.
TOWN C ENTRE SEC URITIES
UNITE GROUP
WARNER ESTATE
WORKSPAC E GROUP
06 August 2012
Price 12M Lo
314.00 218.00
548.50 444.00
24.00
23.00
665.00 520.00
1994.00 1400.00
141.00 121.75
92.50
77.30
443.50 312.90
474.50 345.20
200.00 163.50
808.00 612.00
330.40 288.70
133.25 108.50
370.00 270.00
49.25
32.50
375.50 256.20
542.50 441.20
241.20 195.00
183.00 103.50
171.50 130.00
216.50 152.90
2.00
1.88
252.00 210.00
12M Hi
324.80
564.00
38.13
684.00
1994.00
210.00
116.00
443.50
474.50
234.25
810.50
354.20
141.00
390.00
52.75
392.90
549.00
277.50
184.75
189.50
216.50
4.65
254.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
LT Rec
Sell
Buy
Strong Buy
Strong Buy
Sell
Sell
Strong Buy
Buy
Strong Buy
Buy
Strong Buy
Buy
Strong Buy
Buy
Sell
Strong Buy
Neutral
Neutral
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Price 12M Lo
20.63
18.25
125.00
57.75
1821.00 1298.00
359.10 292.40
285.00 225.00
18.63
16.75
104.90
58.95
544.00 242.90
189.63 154.75
77.63
41.50
1394.00 1394.00
294.80 231.70
12M Hi
27.00
132.30
1821.00
461.90
341.00
22.25
110.90
549.00
237.25
106.75
1766.00
312.40
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Neutral
Neutral Strong Buy
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Target
36
53
901
1052
241
16
128
549
397
-68
1444
261
Beta
0.72
0.84
1.40
1.05
1.14
0.86
1.13
0.79
0.85
0.51
0.80
0.73
Over Valued
Beta
1.10
1.03
0.81
0.66
1.19
0.93
1.45
1.02
1.15
0.72
1.13
1.10
0.69
0.51
1.09
0.68
0.98
1.64
1.43
1.05
1.70
1.00
1.00
Over Valued
Target
-278
755
63
1845
1730
86
278
515
720
228
1288
439
345
491
-225
1786
537
249
480
514
19
104
554
Price 12M Lo
12M Hi
264.70 167.80
283.80
150.40 113.70
177.00
9748.00 8800.00 10250.00
279.00 240.00
305.00
175.25 115.63
175.25
759.00 590.00
812.00
88.10
56.05
88.10
1.13
0.93
3.22
100.80
90.55
145.00
328.20 301.10
488.60
260.70 197.90
303.90
388.90 310.40
441.70
962.50 756.50 1093.00
81.70
63.25
240.10
1290.00 977.00 1373.00
1350.00 1166.00 1650.00
1079.00 966.00 1309.00
ST Rec
LT Rec
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Target
84
88
8697
171
101
220
90
94
51
191
99
-51
1421
88
1003
1013
3921
Page 11 of 15
Beta
1.11
0.75
0.81
0.95
0.68
0.86
0.88
0.64
1.45
1.05
1.61
1.53
1.14
1.30
0.76
1.34
1.32
Intellisys
06 August 2012
Over Valued
Support Services
Stock
AC AL
AGGREKO
AMEC
ASHTEAD GROUP
BABC OC K INTL.
BRITISH POLYTHENE INDS.
BUNZL
UK MAIL GROUP
C APITA
C OMMUNISIS
C OMPASS GROUP
BERENDSEN
DE LA RUE
DIGNITY
DIPLOMA
ELEC TROC OMP.
FILTRONA
G4S
HAYS
HOMESERVE
INTERSERVE
INTERTEK GROUP
JOHNSON SERVIC E GROUP
MANAGEMENT C NSL.GP.
MENZIES (JOHN)
MIC HAEL PAGE INTL.
MITIE GROUP
MOUC HEL GROUP
OFFIC E2OFFIC E
PAYPOINT
PREMIER FARNELL
REGUS
RENTOKIL INITIAL
REXAM
RIC ARDO
ROBERT WALTERS
RPC GROUP
RPS GROUP
SERC O GROUP
SHANKS GROUP
SPEEDY HIRE
TRIBAL GROUP
TRIFAST
VP
WYG
Price 12M Lo
190.88 166.25
2205.00 1522.00
1135.00 740.50
264.70
99.40
886.50 570.50
378.50 295.00
1146.00 676.50
227.50 192.25
739.00 602.00
30.00
23.75
702.50 512.50
510.00 402.70
1050.00 760.00
920.50 727.00
424.70 284.00
219.00 182.20
524.00 296.30
256.90 219.90
76.45
58.85
219.30 137.50
324.80 270.10
2761.00 1744.00
27.50
25.25
23.00
21.25
649.00 445.50
374.40 323.00
281.50 208.00
0.99
0.99
150.00 124.75
680.00 465.00
178.00 144.50
97.80
64.00
76.00
58.20
436.60 299.80
350.00 304.50
180.50 158.25
412.70 300.50
239.60 156.60
598.50 458.00
79.25
75.80
24.50
18.50
84.50
40.50
41.50
36.25
300.00 191.00
42.00
42.00
12M Hi
267.50
2316.00
1171.00
272.00
886.50
392.50
1146.00
275.25
767.00
39.75
702.50
540.50
1070.00
920.50
460.50
263.00
524.00
292.10
92.50
490.30
339.20
2842.00
32.50
41.25
652.00
497.00
296.70
52.00
166.50
740.00
228.80
117.50
89.90
442.10
385.00
309.00
413.20
247.30
598.50
117.50
30.50
92.63
49.50
310.00
63.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
LT Rec
Buy
Sell
Sell
Sell
Sell
Strong Buy
Sell
Strong Buy
Sell
Strong Buy
Sell
Strong Buy
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Sell
Neutral
Sell
Buy
Sell
Buy
Sell
Sell
Buy
Neutral
Buy
Neutral
Sell
Sell
Strong Buy
Strong Buy
Sell
Neutral
Strong Buy
Strong Buy
Beta
0.87
1.10
1.06
1.56
0.47
0.70
0.54
0.29
0.49
0.76
0.70
1.01
#NA
0.17
0.99
1.04
1.10
0.57
1.07
0.89
1.27
0.82
1.08
0.70
1.40
1.38
0.57
0.79
0.42
0.72
1.28
1.41
1.29
0.87
0.82
1.24
0.77
1.53
0.58
1.45
1.24
0.51
0.94
0.87
0.78
Over Valued
Telecommunication Services
Stock
BT GROUP
C ABLE & WIRELESS C OMMS.
INMARSAT
KC OM GROUP
TELEC OM PLUS
VODAFONE GROUP
Target
283
983
878
239
541
630
680
374
393
70
512
770
501
571
321
251
276
236
97
370
591
1122
75
46
1061
247
282
1
197
474
211
93
42
489
353
261
433
209
468
139
47
46
41
495
128
Price 12M Lo
216.30 161.00
30.72
27.28
537.00 389.30
77.90
65.60
840.00 550.00
190.15 155.05
12M Hi
232.10
45.16
537.00
78.35
890.00
190.15
ST Rec
LT Rec
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Target
268
65
495
102
579
143
Page 12 of 15
Beta
0.91
0.70
0.54
1.25
0.08
0.57
Intellisys
Under Valued
Transport
Stock
BBA AVIATION
BRAEMAR SHIPPING SVS.
C LARKSON
EASYJET
FIRST GROUP
FISHER(JAMES)& SONS
GO-AHEAD GROUP
NATIONAL EXPRESS
NORTHGATE
STAGEC OAC H GROUP
WINC ANTON
Price 12M Lo
185.00 156.00
375.00 282.00
1260.00 1015.00
572.50 309.27
235.40 187.40
615.00 440.50
1263.00 1086.00
211.70 180.00
205.50 159.60
280.70 219.96
45.00
31.00
12M Hi
218.80
460.00
1390.00
572.50
370.20
629.50
1583.00
252.00
296.00
288.50
107.75
ST Rec
LT Rec
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral Strong Buy
Neutral
Neutral
Neutral
Sell
Target
166
409
1282
473
420
318
1347
205
354
271
-72
Beta
1.33
0.99
0.78
0.79
1.03
0.80
0.93
1.32
1.39
0.91
0.89
Under Valued
Utilities
Stock
C ENTRIC A
NATIONAL GRID
PENNON GROUP
SSE
SEVERN TRENT
UNITED UTILITIES GROUP
06 August 2012
Price 12M Lo
323.50 278.80
677.50 569.00
768.00 623.50
1328.00 1193.00
1738.00 1407.00
686.50 560.00
12M Hi
326.10
693.00
796.00
1445.00
1796.00
701.50
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
LT Rec
Buy
Buy
Neutral
Buy
Sell
Neutral
Target
460
842
767
1658
1497
660
Page 13 of 15
Beta
0.49
0.53
0.54
0.44
0.37
0.51
Intellisys
06 August 2012
DISCLAIMER
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No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other
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Intelligent Analysis Limited (including its Directors, employees and representatives) or a connected person
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Page 14 of 15
Intellisys
06 August 2012
Subscribers, and casual reader, are reminded that the value of shares in any company may go up or down
and that past performance is not necessarily a guide to future performance.
Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authority and does
not offer, provide or purport to provide or offer investment advice.
Intellisys does not make personal recommendations. The information in this publication is provided solely to
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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
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Page 15 of 15