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05 July 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

Under Valued ..................................................7

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

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

Over 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

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

05 July 2013
+44 20 3239 8994

Page 2 of 17

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

120.0%

110.0%

110.0%

100.0%

100.0%

90.0%

90.0%

80.0%

80.0%

70.0%

70.0%

60.0%

60.0%

50.0%

50.0%

40.0%

40.0%

30.0%

30.0%

20.0%

20.0%
1

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

Trend

Source: Intellisys

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

05 July 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 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

05 July 2013
+44 20 3239 8994

Page 4 of 17

How to use the report

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

Longer term action based

upon implied target price
Todays action
Sector

Implied target
price based upon
49 valuation
metrics

Closing price

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

Company

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

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

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

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

Latest 12 month Hi/Lo for

the share price

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

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

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

eta measures a shares

volatility/risk relative to
market (see below)

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

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

eta =1.0

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

eta >1.0

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

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

05 July 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

408.50

292.90

427.00

Neutral

Buy

Target
591

Beta
0.68

CHEMRING GROUP

297.60

217.00

414.70

Neutral

Buy

349

0.66

COBHAM

278.90

190.10

293.40

Neutral

Neutral

294

0.83

MEGGITT

550.00

366.20

550.00

Sell

Sell

522

1.30

ROLLS-ROYCE HOLDINGS

1191.00

799.39

1225.00

Neutral

Neutral

1157

1.01

SMITHS GROUP

1359.00

1011.00

1390.00

Neutral

Sell

1136

0.77

ULTRA ELECTRONICS HDG.

1770.00

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

322.10

200.70

322.10

Neutral

Neutral

314

1.96

INCHCAPE

518.00

344.70

577.50

Neutral

Neutral

551

1.42

LOOKERS

107.00

64.00

110.00

Neutral

Sell

95

1.23

25.50

13.50

26.75

Neutral

Buy

37

1.11

PENDRAGON

Target

Over Valued

Banks
Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

BARCLAYS

292.70

150.55

333.85

Neutral

Sell

-838

1.94

HSBC HDG. (ORD $0.50)

711.40

510.60

769.90

Neutral

Buy

845

1.16

65.86

28.76

65.86

Sell

Sell

1.86

LLOYDS BANKING GROUP

ROYAL BANK OF SCTL.GP.

284.10

196.60

367.80

Neutral

Sell

-163

1.37

STANDARD CHARTERED

1496.50

1228.50

1837.50

Neutral

Strong Buy

3332

1.65

Under Valued

Beverages
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

515.00

413.50

588.50

Neutral

Sell

464

0.58

DIAGEO

1967.50

1648.50

2085.00

Neutral

Neutral

2121

0.53

SABMILLER

3249.00

2599.00

3657.00

Neutral

Buy

4247

0.93

BARR (AG)

Target

Beta

Under Valued

Chemicals
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ALENT

353.60

305.00

397.50

Neutral

Buy

438

#NA

AZ ELECTRONIC MATS.(DI)

333.40

240.00

406.40

Neutral

Strong Buy

543

1.21

CARCLO

362.25

342.75

503.00

Neutral

Sell

145

0.76

2546.00

2164.00

2841.00

Neutral

Buy

3314

1.06

226.00

179.00

275.00

Neutral

Buy

310

1.04
1.44

CRODA INTERNATIONAL
ELEMENTIS

Target

Beta

JOHNSON MATTHEY

2786.00

2080.27

2786.00

Neutral

Strong Buy

4434

VICTREX

1577.00

1185.00

1765.00

Neutral

Sell

1370

1.19

SYNTHOMER

192.30

127.40

225.80

Neutral

Strong Buy

379

1.11

ZOTEFOAMS

204.50

161.00

225.00

Neutral

Buy

290

0.99

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

05 July 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

92.00

61.50

104.00

Neutral

Strong Buy

Target
269

Beta

BALFOUR BEATTY

220.10

207.60

320.80

Neutral

Strong Buy

1088

0.83

BARRATT DEVELOPMENTS

333.80

132.20

346.30

Sell

Strong Buy

591

1.61
1.00

0.52

BELLWAY

1366.00

801.50

1377.00

Neutral

Strong Buy

2778

BERKELEY GROUP HDG.(THE)

2231.00

1343.00

2231.00

Neutral

Strong Buy

3406

0.57

BOOT (HENRY)

180.00

115.50

201.00

Neutral

Strong Buy

354

0.76
1.11

BOVIS HOMES GROUP

766.50

451.00

778.50

Neutral

Buy

1017

CARILLION

276.40

235.50

331.80

Neutral

Strong Buy

1493

1.10

CLARKE (T)

51.75

40.00

61.50

Neutral

Strong Buy

376

0.80

COSTAIN GROUP
CRH
GALLIFORD TRY

282.25

202.00

306.00

Neutral

Strong Buy

1094

0.51

1352.00

1090.00

1540.00

Neutral

Sell

863

1.05

997.50

606.00

999.00

Neutral

Strong Buy

2859

0.95

KELLER

1015.00

368.50

1015.00

Neutral

Strong Buy

2313

1.26

KIER GROUP

1220.00

1106.00

1408.00

Neutral

Strong Buy

5437

0.94

65.75

50.00

76.75

Neutral

Strong Buy

218

1.05
1.32

LOW & BONAR

MARSHALLS

139.00

76.00

142.00

Neutral

Buy

197

MORGAN SINDALL GROUP

610.00

508.00

695.00

Neutral

Strong Buy

4401

0.69

16.25

10.63

18.25

Neutral

Strong Buy

59

1.07

NORCROS

1266.00

565.78

1280.00

Sell

Strong Buy

1947

1.04

REDROW

PERSIMMON

237.90

125.00

238.10

Sell

Strong Buy

443

0.89

SIG

171.80

88.85

179.20

Neutral

Strong Buy

512

1.72

44.00

44.00

325.00

Neutral

Strong Buy

4157

0.88

103.80

42.72

103.80

Neutral

Strong Buy

221

1.62

SUPERGLASS HOLDINGS
TAYLOR WIMPEY
TRAVIS PERKINS

1525.00

970.50

1611.00

Neutral

Strong Buy

4278

1.92

WOLSELEY

3200.00

2237.39

3483.00

Neutral

Strong Buy

5826

1.37

Under Valued

Electronics & Electrical Equipment

Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

1130.00

994.50

1365.00

Neutral

Sell

1006

0.69

DOMINO PRINTING SCIENCES

649.00

522.00

717.00

Neutral

Buy

766

1.16

E2V TECHNOLOGIES

120.00

105.50

140.00

Neutral

Strong Buy

218

1.27

INVENSYS

426.30

217.33

426.30

Neutral

Sell

318

1.36

LAIRD

180.00

171.10

249.30

Neutral

Buy

240

2.12

OXFORD INSTRUMENTS

1270.00

1200.00

1752.00

Neutral

Sell

1074

1.11

RENISHAW

1515.00

1260.00

2081.00

Neutral

Strong Buy

2399

1.30

SPECTRIS

2021.00

1459.00

2470.00

Neutral

Buy

2386

1.52

0.08

0.07

0.13

Neutral

Sell

-0

0.75

TT ELECTRONICS

158.00

114.00

178.50

Neutral

Buy

236

1.61

XAAR

788.00

226.75

813.50

Neutral

Sell

364

1.09

DIALIGHT

BIOME TECHNOLOGIES

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

05 July 2013
+44 20 3239 8994

Page 7 of 17

Under Valued

Engineering & Machinery

Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

AGA RANGEMASTER GROUP

83.25

54.25

91.75

Neutral

Buy

119

1.18

BODYCOTE

549.50

310.30

563.00

Neutral

Buy

610

1.58

CASTINGS

385.00

291.00

394.75

Neutral

Strong Buy

636

0.94

VESUVIUS

389.60

263.19

402.10

Neutral

Strong Buy

907

2.23

FENNER

313.40

306.20

435.20

Neutral

Strong Buy

514

1.46

HALMA

525.00

395.50

538.50

Neutral

Sell

363

0.77

HILL & SMITH

438.75

297.00

480.00

Neutral

Buy

489

1.36

1324.00

776.00

1359.00

Neutral

Strong Buy

5693

1.40

263.80

220.30

305.00

Neutral

Strong Buy

1288

1.87

2800.00

2038.00

3037.00

Neutral

Sell

1413

1.03

266.50

177.00

280.80

Neutral

Sell

230

1.66
0.75

IMI
MORGAN ADVANCED MATERIAL
ROTORK
SENIOR
SEVERFIELD-ROWEN

Target

Beta

48.75

35.40

83.29

Neutral

Sell

37

SPIRAX-SARCO

2795.00

1903.48

2928.35

Neutral

Sell

2032

0.84

VITEC GROUP

576.50

574.50

740.00

Neutral

Sell

417

1.41

WEIR GROUP

2105.00

1491.00

2474.00

Neutral

Neutral

2056

1.47

Over Valued

Food & Drug Stores

Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

GREGGS

425.20

398.00

523.50

Neutral

Strong Buy

779

0.43

MORRISON(WM)SPMKTS.

272.10

248.60

296.40

Neutral

Buy

365

0.36

SAINSBURY (J)

368.60

306.50

396.50

Neutral

Buy

436

0.54

TESCO

339.90

307.90

387.75

Neutral

Sell

183

0.66

99.75

21.75

100.50

Sell

Sell

62

0.82

THORNTONS

Target

Over Valued

Food Producers & Processors

Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

ASSOCIATED BRIT.FOODS

1805.00

1243.00

2031.00

Neutral

Neutral

1814

0.59

CRANSWICK

1136.00

732.50

1178.00

Neutral

Strong Buy

1962

0.35

DAIRY CREST

479.20

327.30

503.50

Neutral

Sell

105

0.89

DEVRO

291.50

278.00

380.00

Neutral

Strong Buy

512

0.34

61.00

54.50

125.75

Neutral

Strong Buy

372

1.22

847.00

634.50

875.50

Neutral

Strong Buy

1365

0.68

2741.00

2127.00

2885.00

Neutral

Sell

1687

0.52

PREMIER FOODS
TATE & LYLE
UNILEVER (UK)

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05 July 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

25.50

20.50

29.50

Neutral

Buy

33

0.67

487.00

260.00

487.00

Neutral

Sell

376

0.47

1421.00

1000.00

1541.00

Neutral

Sell

1032

1.27

638.50

585.00

701.50

Neutral

Sell

298

0.89

41.70

14.97

42.90

Neutral

Buy

48

1.46

182.50

55.20

186.00

Neutral

Sell

67

1.05

26.75

19.50

34.00

Neutral

Strong Buy

110

1.00

HALFORDS GROUP

310.40

189.00

405.20

Neutral

Strong Buy

523

0.68

JD SPORTS FASHION

906.50

651.00

920.00

Neutral

Strong Buy

1609

0.51

BROWN (N) GROUP

BURBERRY GROUP
CARPETRIGHT
DIXONS RETAIL
FINDEL
FRENCH CONNECTN.GROUP

DARTY

Target

Beta

66.25

38.00

72.50

Neutral

Strong Buy

101

1.19

KINGFISHER

368.60

254.10

368.60

Neutral

Neutral

394

0.87

MARKS & SPENCER GROUP

459.80

312.20

485.00

Neutral

Buy

529

0.61

56.50

43.00

71.00

Neutral

Buy

67

0.98

450.00

190.50

450.00

Neutral

Neutral

481

0.38

NEXT

4730.00

3169.00

4749.00

Sell

Neutral

4663

0.59

TED BAKER

1750.00

880.00

1789.00

Sell

Sell

806

0.54

72.50

39.00

73.00

Neutral

Sell

56

1.50

MOSS BROTHERS GROUP

MOTHERCARE

TOPPS TILES

Over Valued

Heath
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BIOQUELL

135.00

129.50

160.00

Neutral

Sell

Target
118

0.39

CONSORT MEDICAL

821.50

660.50

839.00

Neutral

Sell

576

0.38

OPTOS

118.50

106.75

222.75

Neutral

Buy

159

1.23

SMITH & NEPHEW

752.50

638.00

794.50

Neutral

Sell

649

0.44

Over Valued

Household Goods & Textiles

Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

GAMES WORKSHOP

770.00

571.50

770.00

Neutral

Neutral

749

0.38

HEADLAM GROUP

358.00

265.00

378.75

Neutral

Sell

315

0.89

81.50

55.25

88.50

Neutral

Buy

108

0.71

HORNBY

Target

Over Valued

Information Technology & Hardware

Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

ARM HOLDINGS

851.00

469.00

1097.00

Neutral

Sell

432

0.70

CSR

586.50

218.30

586.50

Neutral

Strong Buy

1446

1.12

FILTRONIC
IMAGINATION TECHNOLOGIES

Target

Beta

58.50

28.38

83.25

Neutral

Sell

23

0.94

296.60

282.80

624.00

Neutral

Buy

334

1.09

SPIRENT COMMUNICATIONS

126.60

122.00

170.90

Neutral

Strong Buy

420

0.94

WOLFSON MICROELECTRONICS

153.75

152.00

230.00

Neutral

Sell

-636

0.96

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

05 July 2013
+44 20 3239 8994

Page 9 of 17

Under Valued

Insurance
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

1347.00

1019.00

1374.00

Neutral

Sell

-522

0.50

AMLIN

406.90

352.20

435.10

Neutral

Strong Buy

1609

0.39

BEAZLEY

234.90

141.40

241.30

Neutral

Strong Buy

1000

0.52

CATLIN GROUP

513.50

423.10

552.50

Neutral

Sell

472

0.22

HISCOX

589.50

425.94

600.00

Neutral

Strong Buy

1999

0.41

JARDINE LLOYD THOMPSON

904.50

693.50

917.00

Neutral

Buy

1276

0.33

RSA INSURANCE GROUP

121.50

107.30

136.30

Neutral

Strong Buy

763

0.39

NOVAE GROUP

501.00

345.00

507.50

Neutral

Strong Buy

3606

0.41

ADMIRAL GROUP

Over Valued

Leisure & Hotels

Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

2390.00

2083.00

2628.00

Neutral

Buy

3503

0.92

ENTERPRISE INNS

112.00

55.50

123.80

Neutral

Neutral

109

1.62

TUI TRAVEL

369.90

165.20

373.20

Neutral

Strong Buy

715

0.96

FULLER SMITH 'A'

900.00

700.50

925.00

Neutral

Sell

605

0.25

GREENE KING

815.00

556.50

815.00

Neutral

Sell

620

0.85

LADBROKES

206.50

153.80

243.10

Neutral

Buy

261

0.87

1916.00

1503.75

2039.00

Neutral

Sell

1667

1.12

CARNIVAL

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

567.50

456.00

582.50

Neutral

Neutral

579

1.37

MITCHELLS & BUTLERS

380.00

250.50

408.50

Neutral

Sell

273

0.96

BWIN PARTY DIGITAL ENTM.

127.20

91.90

156.00

Neutral

Sell

61

1.23

13.00

5.61

13.75

Neutral

Strong Buy

73

1.18

157.80

115.00

177.50

Neutral

Strong Buy

570

0.97
0.70

PUNCH TAVERNS
RANK GROUP
RESTAURANT GROUP

524.50

302.60

531.00

Neutral

Sell

388

WETHERSPOON (JD)

664.00

416.60

666.00

Neutral

Neutral

688

0.56

WHITBREAD

3195.00

2038.00

3195.00

Sell

Sell

2172

0.99

WILLIAM HILL

458.30

257.85

458.30

Neutral

Sell

255

0.79

MARSTON'S

146.80

104.20

154.70

Neutral

Sell

10

1.15

Under Valued

Life Assurance
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

AVIVA

351.40

268.30

388.40

Neutral

Neutral

334

1.17

CHESNARA

250.00

163.00

270.00

Neutral

Strong Buy

482

0.67

LEGAL & GENERAL

180.90

123.30

187.80

Neutral

Strong Buy

459

1.70

OLD MUTUAL

188.90

151.90

221.60

Neutral

Strong Buy

385

1.52

PRUDENTIAL

1123.00

729.50

1203.00

Neutral

Neutral

1115

1.66

565.00

318.20

640.00

Neutral

Strong Buy

6513

0.82

ST.JAMES'S PLACE

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

05 July 2013
+44 20 3239 8994

Page 10 of 17

Under Valued

Media & Entertainment

Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

BLOOMSBURY PBL.

127.50

102.00

146.50

Neutral

Strong Buy

1108

0.38

BRITISH SKY BCAST.GROUP

812.50

677.50

899.50

Neutral

Strong Buy

1275

0.47

36.50

29.00

60.00

Neutral

Sell

-15

1.02

783.00

431.50

785.50

Neutral

Strong Buy

4071

1.07
0.98

CENTAUR MEDIA
DAILY MAIL 'A'
EUROMONEY INSTL.INVESTOR

1008.00

714.00

1040.00

Neutral

Strong Buy

5741

INFORMA

516.00

350.40

537.00

Neutral

Sell

-40

1.61

ITE GROUP

302.20

183.50

307.40

Neutral

Strong Buy

319

1.49

ITV

151.20

70.40

151.20

Neutral

Strong Buy

1423

1.44

16.50

4.94

19.00

Neutral

Strong Buy

886

1.22

1206.00

1119.00

1294.00

Neutral

Strong Buy

425

0.60

88.88

36.50

88.88

Neutral

Strong Buy

2746

0.87

278.50

265.00

350.00

Neutral

Strong Buy

986

0.12

34.38

26.85

36.45

Neutral

Strong Buy

484

0.51

STV GROUP

137.00

81.50

146.88

Neutral

Sell

297

0.82

ST.IVES

151.75

67.50

166.50

Neutral

Sell

287

1.48

TRINITY MIRROR

116.25

26.00

122.25

Neutral

Sell

-406

1.60

UBM

650.00

580.50

788.00

Neutral

Strong Buy

2525

1.31
0.86

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

WILMINGTON GROUP

165.00

82.00

166.50

Neutral

Strong Buy

1294

WPP

1168.00

784.50

1190.00

Neutral

Sell

-652

1.28

HIBU

0.33

0.26

2.18

Neutral

Strong Buy

978

0.98

Under Valued

Mining
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

1263.00

1207.00

2163.00

Neutral

Sell

1076

1.84

ANGLO PACIFIC GROUP

174.00

161.00

290.00

Neutral

Neutral

177

1.07

ANTOFAGASTA

835.00

795.00

1381.00

Neutral

Sell

673

1.43

1729.50

1670.50

2236.00

Neutral

Buy

2238

1.49

GLENCORE XSTRATA

274.75

269.00

397.85

Buy

Strong Buy

840

#NA

LONMIN

281.00

240.84

411.96

Neutral

Buy

348

2.08

RANDGOLD RESOURCES

4301.00

3972.00

7775.00

Neutral

Sell

2286

0.42

RIO TINTO

2757.50

2582.00

3757.00

Neutral

Sell

2095

1.54

2.90

8.85

Buy

Strong Buy

125

0.94

832.50

1335.00

Neutral

Strong Buy

2154

2.25

ANGLO AMERICAN

BHP BILLITON

COALFIELD RESOURCES
VEDANTA RESOURCES

1048.00

Under Valued

Oil & Gas

Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

1138.00

1000.50

1350.50

Neutral

Sell

847

BP

454.75

416.60

483.30

Neutral

Strong Buy

961

1.05

CAIRN ENERGY

261.60

251.80

309.40

Neutral

Sell

-10

1.35
0.87

BG GROUP

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

Beta
0.86

7.46

7.15

12.50

Buy

Strong Buy

100

817.50

704.50

941.00

Neutral

Sell

536

1.37

55.00

48.50

110.00

Neutral

Sell

-57

1.43

341.50

321.30

401.20

Neutral

Buy

388

1.47

2192.00

2098.00

2366.50

Neutral

Strong Buy

7859

0.86

350.00

310.60

404.30

Buy

Buy

482

0.57

1072.00

977.00

1476.00

Neutral

Sell

672

1.08

849.50

716.50

879.50

Neutral

Sell

691

1.45

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

05 July 2013
+44 20 3239 8994

Page 11 of 17

Over Valued

Personal Care & Household Products

Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

MCBRIDE

117.00

101.00

144.60

Neutral

Strong Buy

255

0.79

PZ CUSSONS

395.00

297.20

415.60

Neutral

Sell

325

0.68

4762.00

3417.00

4926.00

Neutral

Neutral

4809

0.30

RECKITT BENCKISER GROUP

Beta

Under Valued

Pharmaceuticals & Biotechnology

Stock

Target

Price

12M Lo

12M Hi

ST Rec

LT Rec

0.48

0.36

3.58

Buy

Sell

-2

0.89

3238.00

2792.50

3521.50

Neutral

Strong Buy

6396

0.49

BTG

381.10

300.30

423.00

Neutral

Sell

196

0.73

DECHRA PHARMACEUTICALS

731.00

473.00

780.00

Neutral

Neutral

715

0.20

1712.00

1317.50

1782.00

Neutral

Neutral

1671

0.51

OXFORD BIOMEDICA

1.58

1.55

2.80

Buy

Sell

0.60

PHYTOPHARM SUSP - 21/05/13

1.33

1.05

12.75

Buy

Strong Buy

0.96

2159.00

1727.00

2213.00

Neutral

Sell

1421

0.66

ARK THERAPEUTICS GP.

ASTRAZENECA

GLAXOSMITHKLINE

SHIRE

Target

Beta

SKYEPHARMA

59.50

43.50

101.50

Neutral

Sell

26

0.68

VERNALIS

19.75

19.50

27.38

Neutral

Sell

10

0.88

Under Valued

Real Estate
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

BIG YELLOW GROUP

417.90

290.40

426.70

Neutral

Strong Buy

1108

1.15

BRITISH LAND

584.50

506.00

658.00

Neutral

Strong Buy

1275

1.05

33.50

22.75

37.00

Sell

Sell

-15

0.68

983.00

640.50

1004.00

Neutral

Strong Buy

4071

0.72

DERWENT LONDON

2425.00

1871.00

2542.00

Sell

Strong Buy

5741

1.21

DEVELOPMENT SECS.

193.75

135.75

203.00

Neutral

Sell

-40

0.92

GRAINGER

157.00

85.50

157.00

Neutral

Strong Buy

319

1.54

CAPITAL & REGIONAL

CLS HOLDINGS

GREAT PORTLAND ESTATES

569.00

403.80

598.00

Neutral

Strong Buy

1423

1.05

HAMMERSON

515.50

448.00

554.00

Neutral

Strong Buy

886

1.24

HELICAL BAR

264.00

178.00

297.50

Neutral

Strong Buy

425

0.77

LAND SECURITIES GROUP

926.50

751.50

994.00

Neutral

Strong Buy

2746

1.14

INTU PROPERTIES

320.30

300.60

366.00

Neutral

Strong Buy

986

1.12

MCKAY SECURITIES

147.00

129.50

155.00

Neutral

Strong Buy

484

0.66

MUCKLOW (A & J) GROUP

377.50

325.00

437.50

Neutral

Sell

297

0.36

PRIMARY HEALTH PROPS.

320.00

312.50

363.53

Neutral

Sell

287

0.30

82.75

43.25

83.25

Sell

Sell

-406

1.04

SAVILLS

598.50

355.40

610.00

Neutral

Strong Buy

2525

0.73

SHAFTESBURY

622.00

516.00

668.00

Neutral

Strong Buy

1294

1.02

SEGRO

286.50

221.60

302.80

Neutral

Sell

-652

1.80

ST MODWEN PROPS.

296.90

172.00

329.10

Neutral

Strong Buy

978

1.57

QUINTAIN ESTATES & DEV.

TOWN CENTRE SECURITIES

184.00

155.00

223.00

Neutral

Sell

26

1.03

UNITE GROUP

375.00

200.00

387.50

Neutral

Strong Buy

2158

1.78

WARNER ESTATE
WORKSPACE GROUP

1.00

1.00

2.75

Buy

Sell

-1213

0.96

435.00

235.50

435.00

Neutral

Strong Buy

1515

0.98

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

05 July 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

134.90

113.00

162.00

Neutral

Sell

128

0.73

2277.00

1697.00

2420.00

Neutral

Sell

1465

1.49

AVEVA GROUP

Target

Beta

COMPUTACENTER

485.00

298.77

564.10

Neutral

Strong Buy

1380

0.88

KOFAX

332.00

251.00

340.00

Neutral

Neutral

333

1.07

28.00

18.25

28.25

Neutral

Sell

25

0.78

MICRO FOCUS INTL.

736.50

529.08

736.50

Neutral

Buy

1075

0.80

PHOENIX IT GROUP

153.50

130.00

222.00

Neutral

Strong Buy

318

0.71

64.00

64.00

85.50

Neutral

Sell

-107

0.49

2035.00

1275.00

2047.00

Neutral

Neutral

2205

0.79

359.40

276.06

368.18

Neutral

Buy

442

0.71

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.

385.80

244.80

492.10

Neutral

Strong Buy

1202

1.12

BREWIN DOLPHIN

245.00

144.00

245.00

Sell

Strong Buy

640

0.69

8600.00

8000.00

11105.00

Neutral

Strong Buy

93030

0.85

CAMELLIA
CHARLES STANLEY GROUP

404.00

256.00

410.88

Neutral

Strong Buy

1395

0.96

CHARLES TAYLOR

181.00

147.00

195.00

Neutral

Strong Buy

1071

0.68

CLOSE BROTHERS GROUP

1020.00

729.00

1107.00

Neutral

Strong Buy

4716

0.85

F&C ASSET MANAGEMENT

96.80

79.55

110.40

Neutral

Sell

70

0.88

3.81

0.55

3.81

Sell

Sell

-125

0.65

HENDERSON GROUP

157.30

90.55

180.40

Neutral

Strong Buy

785

1.44

ICAP

388.40

280.80

388.40

Neutral

Strong Buy

800

1.04

INTERMEDIATE CAPITAL GP.

448.80

252.30

501.50

Neutral

Strong Buy

2115

1.69

HELPHIRE GROUP

INVESTEC
LONDON STOCK EX.GROUP
MAN GROUP

429.90

358.40

513.50

Neutral

Strong Buy

1642

1.56

1466.00

930.00

1466.00

Sell

Strong Buy

19363

1.08

84.70

63.25

134.40

Neutral

Sell

-4718

1.39

RATHBONE BROTHERS

1634.00

1208.00

1634.00

Neutral

Strong Buy

5376

0.75

SCHRODERS

2236.00

1266.00

2560.00

Neutral

Strong Buy

8025

1.27

SCHRODERS NV

1775.00

1016.00

2000.00

Neutral

Strong Buy

11084

1.25

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

05 July 2013
+44 20 3239 8994

Page 13 of 17

Under Valued

Support Services
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ACAL

225.00

157.75

247.50

Neutral

Strong Buy

849

0.90

AGGREKO

1734.00

1557.00

2400.00

Neutral

Strong Buy

4168

1.16

AMEC

1024.00

965.50

1172.00

Neutral

Strong Buy

3330

1.10

695.50

240.50

695.50

Neutral

Buy

990

1.65

1130.00

844.50

1205.00

Neutral

Strong Buy

2627

0.48

536.50

348.00

580.25

Neutral

Strong Buy

2081

0.80

1362.00

1009.00

1362.00

Sell

Strong Buy

2800

0.52

521.50

215.00

530.00

Neutral

Strong Buy

1440

0.41

1015.00

677.50

1018.00

Neutral

Sell

205

0.53

ASHTEAD GROUP
BABCOCK INTL.
BRITISH POLYTHENE INDS.
BUNZL
UK MAIL GROUP
CAPITA
COMMUNISIS

Target

Beta

54.00

26.83

56.50

Neutral

Strong Buy

482

0.78

COMPASS GROUP

882.50

647.50

910.50

Neutral

Strong Buy

1987

0.74

BERENDSEN

785.00

496.30

812.00

Neutral

Strong Buy

3367

1.04

DE LA RUE

958.50

891.50

1075.00

Neutral

Buy

1424

#NA
0.22

DIGNITY

1462.00

806.00

1462.00

Neutral

Strong Buy

3068

DIPLOMA

588.00

417.10

627.50

Neutral

Strong Buy

1524

0.97

ELECTROCOMP.

249.90

199.70

278.40

Neutral

Strong Buy

928

1.02

ESSENTRA PLC

729.50

454.40

750.00

Neutral

Strong Buy

1387

1.14

G4S

228.60

224.60

313.50

Buy

Strong Buy

887

0.54

HAYS

91.50

66.40

101.20

Neutral

Strong Buy

458

1.05

HOMESERVE

281.20

160.20

290.40

Neutral

Strong Buy

975

0.91

INTERSERVE

516.00

316.30

516.00

Neutral

Strong Buy

3694

1.30

2995.00

2659.00

3453.00

Neutral

Strong Buy

4809

0.81

47.38

27.13

47.38

Neutral

Strong Buy

117

1.10
0.68

INTERTEK GROUP
JOHNSON SERVICE GROUP
MANAGEMENT CNSL.GP.

27.00

21.25

32.00

Neutral

Strong Buy

217

MENZIES (JOHN)

710.00

573.00

801.00

Neutral

Strong Buy

1814

1.40

MICHAEL PAGE INTL.

396.00

341.40

451.80

Neutral

Strong Buy

843

1.37

MITIE GROUP

259.20

248.00

300.80

Neutral

Strong Buy

1059

0.50

42.50

42.50

156.00

Buy

Strong Buy

705

0.28

OFFICE2OFFICE

1090.00

670.50

1093.00

Neutral

Strong Buy

2199

0.72

PREMIER FARNELL

PAYPOINT

210.10

165.50

236.30

Neutral

Strong Buy

720

1.40

REGUS

179.60

82.65

179.60

Neutral

Sell

56

1.40

93.95

70.35

100.70

Neutral

Strong Buy

269

1.29

REXAM

491.90

420.70

547.50

Neutral

Strong Buy

1780

0.86

RICARDO

390.00

333.50

431.00

Neutral

Strong Buy

1676

0.87

ROBERT WALTERS

212.75

176.25

234.00

Neutral

Strong Buy

1015

1.19

RPC GROUP

404.60

378.00

477.00

Neutral

Strong Buy

1530

0.79

RPS GROUP

224.10

195.50

274.20

Neutral

Strong Buy

1003

1.51

SERCO GROUP

672.00

535.00

672.00

Neutral

Strong Buy

2379

0.60

SHANKS GROUP

79.50

73.00

98.00

Neutral

Strong Buy

280

1.50

RENTOKIL INITIAL

SPEEDY HIRE
TRIBAL GROUP
TRIFAST
VP
WYG

61.75

22.25

61.75

Neutral

Strong Buy

310

1.23

175.12

82.00

177.25

Neutral

Strong Buy

564

0.64

57.50

40.50

59.25

Neutral

Strong Buy

333

0.94

375.00

280.75

375.00

Neutral

Strong Buy

2122

0.80

89.50

42.00

89.50

Neutral

Strong Buy

614

0.82

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

05 July 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

329.10

210.20

329.10

Sell

Buy

396

0.89

42.07

29.45

46.29

Neutral

Strong Buy

78

0.69

669.50

468.90

749.00

Neutral

Sell

172

0.57

81.00

68.25

88.50

Neutral

Buy

110

1.23

1350.00

790.00

1350.00

Sell

Sell

625

0.03

193.90

154.45

199.90

Neutral

Sell

39

0.51

Beta

Under Valued

Transport
Stock

Target

Price

12M Lo

12M Hi

ST Rec

LT Rec

BBA AVIATION

286.40

178.00

291.00

Neutral

Sell

198

1.25

BRAEMAR SHIPPING SVS.

409.00

337.75

430.00

Neutral

Buy

520

1.06

CLARKSON

1700.00

1150.00

1717.00

Neutral

Sell

1255

0.84

EASYJET

1367.00

530.00

1367.00

Neutral

Sell

739

0.74

FIRST GROUP

Target

Beta

98.90

92.00

212.39

Neutral

Strong Buy

217

0.91

FISHER(JAMES)& SONS

1010.00

590.00

1110.00

Neutral

Sell

752

0.75

GO-AHEAD GROUP

1497.00

1220.00

1588.00

Neutral

Buy

2079

1.00

NATIONAL EXPRESS

236.00

164.50

236.00

Neutral

Buy

278

1.40
1.33

NORTHGATE

334.00

195.50

369.50

Neutral

Strong Buy

676

STAGECOACH GROUP

329.30

265.90

329.30

Neutral

Buy

409

0.97

68.50

31.00

78.50

Neutral

Sell

-51

0.94

WINCANTON

Under Valued

Utilities
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

CENTRICA

374.50

310.80

394.90

Neutral

Buy

525

0.50

NATIONAL GRID

752.00

641.00

847.50

Neutral

Buy

871

0.45

PENNON GROUP

669.50

598.00

796.00

Neutral

Neutral

731

0.61

SSE

1582.00

1294.00

1676.00

Neutral

Buy

2113

0.41

SEVERN TRENT

1737.00

1513.00

2090.00

Neutral

Sell

1451

0.34

701.50

647.00

787.50

Neutral

Neutral

689

0.48

UNITED UTILITIES GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

05 July 2013
+44 20 3239 8994

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