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25 June 2013

Contents
Introduction .................................................................................................................................3
Value ...........................................................................................................................................4
Conclusion ..................................................................................................................................4
RISK WARNING – Ratings and Targets ....................................................................................4
How to use the report .................................................................................................................5
Under 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

Under 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

Under Valued .................................................................... 10
Under Valued ................................................................ 11

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

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

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

Under Valued .......................................................... 13
Under Valued ..................................................................... 14

Under 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

25 June 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 subscriber’s 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 year’s 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

2

3

4

5

6

7

8

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

Trend

Source: Intellisys
©

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

25 June 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 team’s ability to establish and maintain a value generating operating environment set
against a constantly changing global background.
The typical investment analyst’s 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 subscriber’s 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 must 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

25 June 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 market’s
open - and is based upon previous day’s 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
Today’s 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

ßeta measures a share’s
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:
ßeta <1.0

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

ßeta =1.0

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

ßeta >1.0

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

©

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

25 June 2013
+44 20 3239 8994

Page 5 of 17

Under Valued

Aerospace & Defence
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BAE SYSTEMS

381.90

277.00

427.00

Neutral

Buy

Target
547

Beta
0.67

CHEMRING GROUP

271.00

217.00

414.70

Neutral

Buy

317

0.66

COBHAM

258.00

190.10

293.40

Neutral

Neutral

270

0.82

MEGGITT

502.00

366.20

534.50

Neutral

Neutral

479

1.32

ROLLS-ROYCE HOLDINGS

1113.00

799.39

1225.00

Neutral

Neutral

1073

1.07

SMITHS GROUP

1245.00

979.50

1390.00

Neutral

Sell

1044

0.71

ULTRA ELECTRONICS HDG.

1609.00

1424.00

1843.00

Neutral

Neutral

1549

0.51

Unde r V a lue d

Automobiles & Parts
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

GKN

282.10

173.60

313.40

Neutral

Neutral

279

2.02

INCHCAPE

458.60

321.00

577.50

Neutral

Buy

524

1.48

LOOKERS

105.00

56.50

110.00

Neutral

Sell

93

1.23

23.75

13.50

26.50

Neutral

Buy

32

1.11

PENDRAGON

Target

Over Valued

Banks
Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

BARCLAYS

279.05

150.55

333.85

Neutral

Sell

-848

1.94

HSBC HDG. (ORD $0.50)

655.60

510.60

769.90

Neutral

Buy

810

1.17

60.40

28.76

62.96

Sell

Sell

2

1.89

LLOYDS BANKING GROUP
ROYAL BANK OF SCTL.GP.

280.90

196.60

367.80

Neutral

Sell

-171

1.35

STANDARD CHARTERED

1395.00

1228.50

1837.50

Neutral

Strong Buy

3237

1.70

Under Valued

Beverages
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

505.00

399.20

588.50

Neutral

Neutral

540

0.55

DIAGEO

1822.50

1587.00

2085.00

Neutral

Sell

1603

0.55

SABMILLER

3011.00

2462.50

3657.00

Neutral

Buy

3502

0.95

BARR (AG)

Target

Beta

Under Valued

Chemicals
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ALENT

332.30

305.00

397.50

Neutral

Buy

413

#NA

AZ ELECTRONIC MATS.(DI)

297.60

240.00

406.40

Neutral

Strong Buy

512

1.23

CARCLO

358.00

342.75

503.00

Neutral

Sell

141

0.73

2260.00

2125.00

2841.00

Neutral

Buy

3000

1.04

210.20

179.00

275.00

Neutral

Buy

288

0.99
1.45

CRODA INTERNATIONAL
ELEMENTIS

Target

Beta

JOHNSON MATTHEY

2485.00

2080.27

2750.00

Neutral

Strong Buy

4638

VICTREX

1459.00

1185.00

1765.00

Neutral

Sell

1253

1.14

SYNTHOMER

192.50

127.40

225.80

Neutral

Strong Buy

359

1.16

ZOTEFOAMS

204.50

161.00

225.00

Neutral

Buy

264

1.00

©

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

25 June 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

93.00

61.50

104.00

Neutral

Strong Buy

Target
241

Beta

BALFOUR BEATTY

220.50

207.60

320.80

Neutral

Strong Buy

1218

0.80

BARRATT DEVELOPMENTS

282.10

130.20

346.30

Neutral

Strong Buy

570

1.58
1.15

0.51

BELLWAY

1227.00

777.50

1377.00

Neutral

Strong Buy

2734

BERKELEY GROUP HDG.(THE)

2015.00

1325.00

2207.00

Neutral

Strong Buy

3138

0.66

BOOT (HENRY)

171.50

115.50

201.00

Neutral

Strong Buy

389

0.83
1.20

BOVIS HOMES GROUP

709.00

448.90

778.50

Neutral

Buy

1012

CARILLION

257.60

235.50

331.80

Neutral

Strong Buy

1445

1.12

CLARKE (T)

50.50

40.00

61.50

Neutral

Strong Buy

431

0.82

COSTAIN GROUP

261.00

202.00

306.00

Neutral

Strong Buy

1075

0.57

1259.00

1078.00

1540.00

Neutral

Sell

804

1.14

GALLIFORD TRY

891.00

599.00

999.00

Neutral

Strong Buy

2768

1.01

KELLER

960.00

348.25

988.50

Neutral

Strong Buy

2188

1.26

1144.00

1106.00

1408.00

Neutral

Strong Buy

5164

0.97

64.00

50.00

76.75

Neutral

Strong Buy

207

1.07
1.39

CRH

KIER GROUP
LOW & BONAR
MARSHALLS

125.00

76.00

142.00

Neutral

Strong Buy

384

MORGAN SINDALL GROUP

580.00

508.00

695.00

Neutral

Strong Buy

4148

0.87

15.88

10.63

18.25

Neutral

Strong Buy

58

1.15

NORCROS

1088.00

532.17

1280.00

Neutral

Strong Buy

1913

1.20

REDROW

PERSIMMON

211.80

113.60

238.10

Neutral

Strong Buy

432

1.09

SIG

162.10

88.85

179.20

Neutral

Strong Buy

479

1.79

45.00

45.00

325.00

Neutral

Buy

64

0.88

SUPERGLASS HOLDINGS

87.40

42.72

103.00

Neutral

Strong Buy

218

1.67

TRAVIS PERKINS

TAYLOR WIMPEY

1410.00

916.00

1611.00

Neutral

Strong Buy

3927

2.01

WOLSELEY

2938.00

2214.38

3483.00

Neutral

Strong Buy

5520

1.46

Under Valued

Electronics & Electrical Equipment
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

1089.00

994.50

1365.00

Neutral

Sell

753

0.75

DOMINO PRINTING SCIENCES

598.00

509.00

717.00

Neutral

Buy

821

1.18

E2V TECHNOLOGIES

118.00

105.50

144.00

Neutral

Strong Buy

241

1.29

INVENSYS

394.80

214.92

417.20

Neutral

Sell

359

1.41

LAIRD

171.10

171.10

249.30

Neutral

Strong Buy

306

2.13

OXFORD INSTRUMENTS

1255.00

1200.00

1752.00

Neutral

Sell

1162

1.00

RENISHAW

1580.00

1260.00

2081.00

Neutral

Strong Buy

2435

1.26

SPECTRIS

1834.00

1459.00

2470.00

Neutral

Buy

2581

1.52

0.07

0.07

0.13

Neutral

Sell

0

0.84

TT ELECTRONICS

151.75

114.00

178.50

Neutral

Strong Buy

299

1.58

XAAR

781.50

187.50

813.50

Neutral

Sell

221

1.11

DIALIGHT

BIOME TECHNOLOGIES

©

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

25 June 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

83.38

54.25

91.75

Neutral

Buy

121

1.28

BODYCOTE

497.00

310.30

563.00

Neutral

Buy

608

1.60

CASTINGS

368.50

291.00

380.00

Neutral

Strong Buy

596

0.99

VESUVIUS

346.00

263.19

402.10

Neutral

Strong Buy

946

2.20

FENNER

317.00

316.40

435.20

Neutral

Strong Buy

486

1.42

HALMA

484.20

395.50

538.50

Neutral

Sell

339

0.75

HILL & SMITH

410.00

297.00

480.00

Neutral

Sell

325

1.37

1198.00

776.00

1359.00

Neutral

Strong Buy

6604

1.41

260.30

220.30

305.00

Neutral

Sell

226

1.82

2542.00

1859.00

3037.00

Neutral

Sell

1323

1.00

236.70

177.00

280.80

Neutral

Sell

217

1.64
0.79

IMI
MORGAN ADVANCED MATERIAL
ROTORK
SENIOR
SEVERFIELD-ROWEN

Target

Beta

46.00

35.40

83.42

Neutral

Sell

37

SPIRAX-SARCO

2548.00

1903.48

2928.35

Neutral

Sell

1894

0.84

VITEC GROUP

588.00

584.50

740.00

Neutral

Sell

399

1.39

WEIR GROUP

2036.00

1414.00

2474.00

Neutral

Sell

1927

1.38

Over Valued

Food & Drug Stores
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

GREGGS

401.30

398.00

523.50

Neutral

Strong Buy

657

0.47

MORRISON(WM)SPMKTS.

255.90

248.60

296.40

Neutral

Sell

153

0.39

SAINSBURY (J)

349.40

291.30

396.50

Neutral

Sell

183

0.57

TESCO

326.00

307.90

387.75

Neutral

Sell

245

0.68

82.50

19.63

100.50

Neutral

Sell

58

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

1680.00

1235.00

2031.00

Neutral

Buy

1964

0.62

CRANSWICK

1135.00

732.50

1164.00

Neutral

Strong Buy

1940

0.43

DAIRY CREST

462.00

324.70

503.50

Neutral

Neutral

473

0.94

DEVRO

296.00

278.00

380.00

Neutral

Strong Buy

476

0.32

59.75

54.50

125.75

Neutral

Sell

-179

1.25

PREMIER FOODS
TATE & LYLE
UNILEVER (UK)

©

803.50

634.50

875.50

Neutral

Strong Buy

1438

0.71

2516.00

2071.00

2885.00

Neutral

Neutral

2590

0.58

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

25 June 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

26.50

20.50

29.50

Neutral

Buy

33

0.69

422.60

241.20

465.60

Neutral

Sell

336

0.54

1280.00

1000.00

1541.00

Neutral

Sell

914

1.27

605.50

585.00

701.50

Neutral

Sell

279

0.95

38.10

14.97

42.90

Neutral

Buy

46

1.51

175.00

55.20

186.00

Neutral

Sell

62

1.13

26.88

19.50

34.00

Neutral

Strong Buy

105

0.99

HALFORDS GROUP

299.00

189.00

405.20

Neutral

Strong Buy

474

0.68

JD SPORTS FASHION

866.50

630.00

920.00

Neutral

Strong Buy

1479

0.53

BROWN (N) GROUP
BURBERRY GROUP
CARPETRIGHT
DIXONS RETAIL
FINDEL
FRENCH CONNECTN.GROUP

DARTY

Target

Beta

59.75

38.00

72.50

Neutral

Strong Buy

100

1.25

KINGFISHER

332.50

254.10

355.10

Neutral

Neutral

357

0.94

MARKS & SPENCER GROUP

417.80

312.20

485.00

Neutral

Buy

499

0.65

57.00

43.00

71.00

Neutral

Neutral

62

1.04

421.00

189.25

421.00

Sell

Buy

476

0.47

NEXT

4425.00

3142.00

4749.00

Neutral

Neutral

4362

0.67

TED BAKER

1728.00

880.00

1789.00

Sell

Sell

620

0.55

69.75

38.00

71.75

Neutral

Sell

53

1.50

MOSS BROTHERS GROUP
MOTHERCARE

TOPPS TILES

Over Valued

Heath
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BIOQUELL

134.50

126.50

160.00

Neutral

Sell

Target
117

0.46

CONSORT MEDICAL

809.50

660.50

831.50

Neutral

Sell

570

0.39

OPTOS

110.50

106.75

222.75

Neutral

Buy

151

1.18

SMITH & NEPHEW

729.00

617.50

794.50

Neutral

Sell

664

0.43

Over Valued

Household Goods & Textiles
Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

GAMES WORKSHOP

739.00

565.00

742.00

Neutral

Neutral

719

0.44

HEADLAM GROUP

364.75

263.00

378.75

Neutral

Sell

320

0.92

82.50

55.25

88.50

Sell

Buy

109

0.77

HORNBY

Target

Over Valued

Information Technology & Hardware
Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

ARM HOLDINGS

758.50

469.00

1097.00

Neutral

Sell

419

0.74

CSR

493.10

213.30

570.00

Neutral

Strong Buy

1412

1.18

FILTRONIC
IMAGINATION TECHNOLOGIES

Target

Beta

62.50

27.63

83.25

Neutral

Sell

24

0.90

301.10

291.30

624.00

Neutral

Buy

333

1.08

SPIRENT COMMUNICATIONS

140.00

122.00

170.90

Neutral

Strong Buy

412

0.94

WOLFSON MICROELECTRONICS

162.00

160.75

230.00

Neutral

Sell

-677

0.90

©

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

25 June 2013
+44 20 3239 8994

Page 9 of 17

Under Valued

Insurance
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

1293.00

1019.00

1374.00

Neutral

Sell

-440

0.53

AMLIN

373.40

342.10

435.10

Neutral

Strong Buy

1492

0.46

BEAZLEY

214.90

132.50

241.30

Neutral

Strong Buy

930

0.60

CATLIN GROUP

476.50

415.00

552.50

Neutral

Sell

447

0.30

HISCOX

532.00

424.92

600.00

Neutral

Strong Buy

1861

0.48

JARDINE LLOYD THOMPSON

881.50

693.50

917.00

Neutral

Buy

1201

0.31

RSA INSURANCE GROUP

117.70

104.10

136.30

Neutral

Strong Buy

706

0.41

NOVAE GROUP

455.75

345.00

507.50

Neutral

Strong Buy

3347

0.48

ADMIRAL GROUP

Over Valued

Leisure & Hotels
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

2175.00

2083.00

2628.00

Neutral

Strong Buy

3934

1.01

ENTERPRISE INNS

107.30

55.50

123.80

Neutral

Sell

100

1.61

TUI TRAVEL

335.60

165.20

373.20

Neutral

Strong Buy

768

1.01

FULLER SMITH 'A'

897.00

700.00

925.00

Neutral

Sell

664

0.39

GREENE KING

729.50

524.00

798.00

Neutral

Sell

635

0.93

LADBROKES

190.60

152.70

243.10

Neutral

Buy

246

0.93

1737.00

1503.75

2039.00

Neutral

Sell

1455

1.18

CARNIVAL

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

541.00

456.00

582.50

Neutral

Buy

609

1.40

MITCHELLS & BUTLERS

355.60

241.90

408.50

Neutral

Sell

309

1.12

BWIN PARTY DIGITAL ENTM.

112.40

91.90

156.00

Neutral

Sell

39

1.25

13.37

5.61

13.75

Neutral

Strong Buy

47

1.27

158.50

115.00

177.50

Neutral

Strong Buy

497

1.00
0.76

PUNCH TAVERNS
RANK GROUP
RESTAURANT GROUP

488.20

296.00

531.00

Neutral

Sell

387

WETHERSPOON (JD)

650.00

409.50

666.00

Neutral

Buy

728

0.69

WHITBREAD

2909.00

1986.00

3031.00

Neutral

Sell

1968

0.99

WILLIAM HILL

415.20

257.85

452.80

Neutral

Sell

253

0.87

MARSTON'S

136.50

101.50

154.70

Neutral

Sell

14

1.21

Under Valued

Life Assurance
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

AVIVA

320.00

261.70

388.40

Neutral

Neutral

313

1.25

CHESNARA

245.75

163.00

270.00

Neutral

Strong Buy

443

0.70

LEGAL & GENERAL

163.00

120.40

187.80

Neutral

Strong Buy

419

1.71

OLD MUTUAL

170.80

149.60

221.60

Neutral

Strong Buy

352

1.57

PRUDENTIAL

1018.00

712.00

1203.00

Neutral

Neutral

1006

1.71

509.50

318.20

640.00

Neutral

Strong Buy

5909

0.85

ST.JAMES'S PLACE

©

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

25 June 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.

124.00

102.00

146.50

Neutral

Sell

-620

0.37

BRITISH SKY BCAST.GROUP

764.50

656.00

899.50

Neutral

Strong Buy

1670

0.54

CENTAUR MEDIA
DAILY MAIL 'A'
EUROMONEY INSTL.INVESTOR

Target

Beta

35.50

29.00

60.00

Neutral

Sell

-20

1.03

724.50

390.75

785.00

Neutral

Strong Buy

4006

1.14
1.00

1040.00

708.00

1040.00

Sell

Strong Buy

7380

INFORMA

468.40

350.40

537.00

Neutral

Sell

-59

1.53

ITE GROUP

287.10

183.50

299.00

Neutral

Strong Buy

263

1.45

ITV

131.90

70.40

139.10

Neutral

Strong Buy

1238

1.54

16.00

4.88

19.00

Neutral

Strong Buy

764

1.27

1152.00

1119.00

1294.00

Neutral

Buy

330

0.63

83.25

36.50

88.75

Neutral

Strong Buy

2577

0.79

278.00

265.00

350.00

Neutral

Strong Buy

879

0.16

33.14

26.85

36.45

Neutral

Sell

-607

0.50

STV GROUP

135.50

81.50

146.88

Neutral

Sell

255

0.79

ST.IVES

144.25

67.50

166.50

Neutral

Sell

225

1.50

TRINITY MIRROR

104.00

25.50

122.25

Neutral

Sell

-284

1.59

UBM

636.00

551.50

788.00

Neutral

Strong Buy

1868

1.31
0.84

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

WILMINGTON GROUP

161.25

82.00

164.50

Neutral

Strong Buy

1325

WPP

1056.00

743.00

1190.00

Neutral

Sell

-509

1.35

HIBU

0.38

0.26

2.18

Neutral

Strong Buy

795

1.07

Under Valued

Mining
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

1297.50

1297.50

2163.00

Buy

Sell

1012

1.74

ANGLO PACIFIC GROUP

190.75

190.75

290.00

Neutral

Neutral

193

0.96

ANTOFAGASTA

813.00

813.00

1381.00

Neutral

Sell

711

1.41

1674.00

1674.00

2236.00

Neutral

Buy

2383

1.43

GLENCORE XSTRATA

273.45

273.45

397.85

Buy

Strong Buy

827

#NA

LONMIN

256.50

240.84

411.96

Neutral

Buy

312

2.03

RANDGOLD RESOURCES

4087.00

4087.00

7775.00

Buy

Sell

2509

0.34

RIO TINTO

2582.00

2582.00

3757.00

Neutral

Sell

1981

1.50

3.38

8.85

Neutral

Strong Buy

136

0.89

832.50

1335.00

Neutral

Strong Buy

1656

2.20

ANGLO AMERICAN

BHP BILLITON

COALFIELD RESOURCES
VEDANTA RESOURCES

1026.00

Under Valued

Oil & Gas
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

1123.50

1000.50

1350.50

Neutral

Sell

820

BP

444.95

401.60

483.30

Neutral

Strong Buy

924

1.03

CAIRN ENERGY

251.80

248.20

309.40

Buy

Sell

-15

1.32

BG GROUP

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

Beta
0.80

7.50

7.23

12.50

Neutral

Buy

10

0.82

726.00

688.00

941.00

Buy

Sell

524

1.31
1.36

55.50

48.50

115.00

Neutral

Sell

-56

336.80

321.30

401.20

Neutral

Buy

374

1.43

2120.50

2098.00

2366.50

Neutral

Strong Buy

7733

0.84

346.90

276.50

404.30

Buy

Buy

461

0.53

1002.00

977.00

1531.00

Neutral

Sell

652

1.04

766.00

651.50

879.50

Neutral

Sell

678

1.35

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

25 June 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

113.00

101.00

144.60

Neutral

Strong Buy

222

0.84

PZ CUSSONS

338.50

297.20

415.60

Neutral

Sell

286

0.69

4580.00

3300.00

4926.00

Neutral

Neutral

4604

0.36

RECKITT BENCKISER GROUP

Beta

Under Valued

Pharmaceuticals & Biotechnology
Stock

Target

Price

12M Lo

12M Hi

ST Rec

LT Rec

0.50

0.36

3.58

Neutral

Sell

-2

1.01

3052.50

2745.00

3521.50

Neutral

Strong Buy

6172

0.47

BTG

353.60

300.30

423.00

Neutral

Sell

162

0.58

DECHRA PHARMACEUTICALS

707.00

469.50

780.00

Neutral

Neutral

709

0.25

1583.50

1317.50

1782.00

Neutral

Neutral

1618

0.49

OXFORD BIOMEDICA

1.65

1.55

2.80

Buy

Sell

1

0.64

PHYTOPHARM SUSP - 21/05/13

1.33

1.05

12.75

Buy

Strong Buy

2

0.95

1995.00

1727.00

2213.00

Neutral

Sell

1396

0.66

ARK THERAPEUTICS GP.
ASTRAZENECA

GLAXOSMITHKLINE

SHIRE

Target

Beta

SKYEPHARMA

60.63

43.50

101.50

Neutral

Sell

31

0.73

VERNALIS

21.75

21.75

27.38

Neutral

Sell

10

0.91

Under Valued

Real Estate
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BIG YELLOW GROUP

367.40

276.30

426.70

Neutral

Sell

-620

1.18

BRITISH LAND

555.00

497.10

658.00

Neutral

Strong Buy

1670

1.06

CAPITAL & REGIONAL

Target

Beta

33.50

22.75

37.00

Sell

Sell

-20

0.85

975.00

622.50

1004.00

Neutral

Strong Buy

4006

0.70

DERWENT LONDON

2158.00

1771.00

2542.00

Neutral

Strong Buy

7380

1.24

DEVELOPMENT SECS.

181.75

135.75

203.00

Neutral

Sell

-59

0.99

GRAINGER

143.50

85.50

157.00

Neutral

Strong Buy

263

1.58

CLS HOLDINGS

GREAT PORTLAND ESTATES

499.00

376.50

598.00

Neutral

Strong Buy

1238

1.10

HAMMERSON

471.10

424.20

554.00

Neutral

Strong Buy

764

1.19

HELICAL BAR

243.75

178.00

297.50

Neutral

Buy

330

0.77

LAND SECURITIES GROUP

852.50

727.50

994.00

Neutral

Strong Buy

2577

1.16

INTU PROPERTIES

300.60

300.60

366.00

Neutral

Strong Buy

879

1.09

MCKAY SECURITIES

145.00

128.00

155.00

Neutral

Sell

-607

0.73

MUCKLOW (A & J) GROUP

367.00

325.00

437.50

Neutral

Sell

255

0.42

PRIMARY HEALTH PROPS.

324.25

312.17

363.53

Neutral

Sell

225

0.35

78.00

36.00

79.50

Sell

Sell

-284

1.19

SAVILLS

558.00

340.00

610.00

Neutral

Strong Buy

1868

0.77

SHAFTESBURY

579.00

500.00

668.00

Neutral

Strong Buy

1325

1.05

SEGRO

265.80

214.00

302.80

Neutral

Sell

-509

1.73

ST MODWEN PROPS.

264.00

153.00

329.10

Neutral

Strong Buy

795

1.59

QUINTAIN ESTATES & DEV.

TOWN CENTRE SECURITIES

186.50

155.00

223.00

Neutral

Sell

2

1.01

UNITE GROUP

338.00

182.50

387.50

Neutral

Strong Buy

2088

1.79

WARNER ESTATE
WORKSPACE GROUP

©

1.00

1.00

2.75

Buy

Sell

-1078

1.03

399.60

222.75

418.20

Neutral

Strong Buy

1267

1.05

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

25 June 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

133.30

113.00

162.00

Neutral

Sell

122

0.73

2160.00

1550.00

2420.00

Neutral

Sell

1311

1.40

AVEVA GROUP

Target

Beta

COMPUTACENTER

415.00

290.91

564.10

Neutral

Strong Buy

1344

1.00

KOFAX

322.00

251.00

335.00

Neutral

Neutral

322

1.11

28.00

18.25

28.25

Sell

Sell

24

0.85

MICRO FOCUS INTL.

688.50

508.04

710.00

Neutral

Buy

989

0.76

PHOENIX IT GROUP

160.50

130.00

222.00

Neutral

Strong Buy

307

0.74

66.00

66.00

85.50

Neutral

Sell

-101

0.52

1818.00

1275.00

2047.00

Neutral

Buy

2098

0.76

330.60

265.56

368.18

Neutral

Buy

423

0.72

INNOVATION GROUP

RM
FIDESSA GROUP
SAGE GROUP

Under Valued

Speciality & Other Finance
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

ABERDEEN ASSET MAN.

348.90

244.80

492.10

Neutral

Strong Buy

1206

1.09

BREWIN DOLPHIN

222.30

136.30

244.70

Neutral

Strong Buy

627

0.73

8025.00

8000.00

11105.00

Neutral

Strong Buy

91949

0.84

CAMELLIA
CHARLES STANLEY GROUP

410.88

255.50

410.88

Sell

Strong Buy

1237

0.97

CHARLES TAYLOR

185.25

147.00

195.00

Neutral

Strong Buy

1095

0.69

CLOSE BROTHERS GROUP

908.00

729.00

1107.00

Neutral

Strong Buy

4836

0.86

F&C ASSET MANAGEMENT

90.95

79.55

110.40

Neutral

Sell

66

0.89

3.51

0.55

3.70

Sell

Sell

-118

0.69

HENDERSON GROUP

139.80

90.55

180.40

Neutral

Strong Buy

760

1.44

HELPHIRE GROUP
ICAP

378.00

280.80

379.40

Neutral

Strong Buy

1697

1.07

INTERMEDIATE CAPITAL GP.

408.30

252.30

501.50

Neutral

Strong Buy

2991

1.70

INVESTEC

386.70

358.40

513.50

Neutral

Strong Buy

1745

1.56

1292.00

930.00

1434.00

Neutral

Strong Buy

4211

1.15

81.05

63.25

134.40

Neutral

Sell

-4231

1.32

RATHBONE BROTHERS

1518.00

1208.00

1619.00

Neutral

Strong Buy

5342

0.75

SCHRODERS

2056.00

1266.00

2560.00

Neutral

Strong Buy

8076

1.30

SCHRODERS NV

1614.00

1016.00

2000.00

Neutral

Strong Buy

10681

1.27

LONDON STOCK EX.GROUP
MAN GROUP

©

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

25 June 2013
+44 20 3239 8994

Page 13 of 17

Under Valued

Support Services
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

ACAL

228.50

157.75

247.50

Neutral

Strong Buy

1215

0.92

1643.00

1557.00

2400.00

Neutral

Strong Buy

3340

1.05

AMEC

990.50

933.00

1172.00

Neutral

Strong Buy

3248

1.04

ASHTEAD GROUP

598.00

240.50

671.00

Neutral

Buy

874

1.63

1073.00

842.50

1205.00

Neutral

Strong Buy

2186

0.48

532.00

348.00

580.25

Sell

Strong Buy

1962

0.76

1244.00

1009.00

1342.00

Neutral

Strong Buy

2751

0.55

UK MAIL GROUP

523.00

214.00

530.00

Neutral

Strong Buy

1411

0.39

CAPITA

945.50

644.50

1018.00

Neutral

Sell

230

0.51

AGGREKO

BABCOCK INTL.
BRITISH POLYTHENE INDS.
BUNZL

COMMUNISIS

54.00

25.59

56.50

Neutral

Strong Buy

464

0.78

COMPASS GROUP

811.50

647.50

910.50

Neutral

Strong Buy

1940

0.74

BERENDSEN

745.50

470.00

812.00

Neutral

Strong Buy

2802

1.05

DE LA RUE

931.00

891.50

1075.00

Neutral

Strong Buy

1719

#NA

DIGNITY

1341.00

803.50

1462.00

Neutral

Strong Buy

2043

0.22

DIPLOMA

552.00

417.10

627.50

Neutral

Strong Buy

1357

0.96

ELECTROCOMP.

233.50

197.70

278.40

Neutral

Strong Buy

1024

1.04

FILTRONA

665.00

454.40

750.00

Neutral

Strong Buy

1267

1.13

G4S

233.50

232.00

313.50

Neutral

Strong Buy

882

0.58

HAYS

82.90

66.40

101.20

Neutral

Strong Buy

416

1.10

HOMESERVE

277.10

150.90

290.40

Neutral

Strong Buy

1223

0.94

INTERSERVE

490.80

299.50

513.50

Neutral

Strong Buy

3287

1.28

2922.00

2561.00

3453.00

Neutral

Strong Buy

4385

0.78

44.25

26.50

47.25

Neutral

Strong Buy

342

1.17
0.72

INTERTEK GROUP
JOHNSON SERVICE GROUP
MANAGEMENT CNSL.GP.

27.75

21.25

32.00

Neutral

Strong Buy

208

MENZIES (JOHN)

702.00

573.00

801.00

Neutral

Strong Buy

2146

1.43

MICHAEL PAGE INTL.

366.20

341.40

451.80

Neutral

Strong Buy

793

1.42

MITIE GROUP

253.00

248.00

300.80

Neutral

Strong Buy

1244

0.55

82.50

81.00

156.00

Neutral

Strong Buy

689

0.33

OFFICE2OFFICE

1060.00

670.50

1093.00

Neutral

Strong Buy

1692

0.71

PREMIER FARNELL

PAYPOINT

191.00

165.50

236.30

Neutral

Strong Buy

750

1.33

REGUS

151.10

82.65

177.50

Neutral

Sell

65

1.46

87.05

70.35

100.70

Neutral

Strong Buy

304

1.25

REXAM

465.10

403.43

547.50

Neutral

Strong Buy

1709

0.90

RICARDO

387.00

311.25

431.00

Neutral

Strong Buy

1586

0.86

ROBERT WALTERS

223.00

176.25

234.00

Neutral

Strong Buy

1120

1.24

RPC GROUP

398.00

374.80

477.00

Neutral

Strong Buy

1796

0.78

RPS GROUP

195.50

195.50

274.20

Neutral

Strong Buy

1010

1.51

SERCO GROUP

587.50

526.00

647.50

Neutral

Strong Buy

2285

0.60

SHANKS GROUP

80.50

73.00

98.00

Neutral

Strong Buy

676

1.46

RENTOKIL INITIAL

SPEEDY HIRE
TRIBAL GROUP
TRIFAST
VP
WYG

©

54.75

22.25

61.50

Neutral

Strong Buy

248

1.26

173.75

82.00

176.50

Neutral

Strong Buy

530

0.63

58.00

40.50

59.25

Neutral

Strong Buy

320

0.93

353.00

260.00

356.50

Neutral

Strong Buy

1978

0.86

89.50

42.00

89.50

Sell

Strong Buy

515

0.79

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

25 June 2013
+44 20 3239 8994

Page 14 of 17

Under 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

300.20

200.70

322.30

Neutral

Buy

351

0.91

39.66

29.01

46.29

Neutral

Strong Buy

83

0.70

640.00

468.80

749.00

Neutral

Sell

481

0.53

83.20

68.25

88.50

Neutral

Strong Buy

133

1.24

1216.00

790.00

1325.00

Neutral

Sell

736

0.09

175.90

154.45

199.90

Neutral

Neutral

185

0.54

Beta

Under Valued

Transport
Stock

Target

Price

12M Lo

12M Hi

ST Rec

LT Rec

BBA AVIATION

285.00

178.00

288.40

Sell

Sell

177

1.30

BRAEMAR SHIPPING SVS.

425.00

318.00

430.00

Neutral

Neutral

450

0.98

CLARKSON

1650.00

1150.00

1716.00

Sell

Sell

1164

0.80

EASYJET

1209.00

516.50

1300.00

Neutral

Sell

690

0.77

FIRST GROUP

Target

Beta

98.00

92.00

212.39

Neutral

Strong Buy

482

0.91

980.00

590.00

1110.00

Neutral

Sell

411

0.77

GO-AHEAD GROUP

1372.00

1165.00

1588.00

Neutral

Buy

1854

0.90

NATIONAL EXPRESS

212.80

164.50

230.50

Neutral

Buy

258

1.35
1.41

FISHER(JAMES)& SONS

NORTHGATE

353.00

175.75

369.50

Neutral

Strong Buy

698

STAGECOACH GROUP

299.50

249.80

319.60

Neutral

Buy

387

0.89

64.88

31.00

78.50

Neutral

Sell

-41

0.90

WINCANTON

Under Valued

Utilities
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

CENTRICA

353.10

308.60

394.90

Neutral

Strong Buy

544

0.47

NATIONAL GRID

717.50

641.00

847.50

Neutral

Buy

797

0.50

PENNON GROUP

631.00

598.00

796.00

Neutral

Buy

733

0.59

SSE

1470.00

1294.00

1676.00

Neutral

Buy

2030

0.42

SEVERN TRENT

1628.00

1513.00

2090.00

Neutral

Sell

1408

0.35

655.50

647.00

787.50

Neutral

Neutral

637

0.50

UNITED UTILITIES GROUP

©

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

25 June 2013
+44 20 3239 8994

Page 15 of 17

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