UK Trading &

Value
Indicator
17 January 2012

Intellisys

www.intellisys.uk.com

17 January 2012

Contents
Market Pictures - Indices ......................................................................... 5
FTSE 100 ................................................................................................ 5
FTSE 250 ................................................................................................ 6
FTSE All Share Index ................................................................................ 7
FTSE AIM All Share .................................................................................. 8
Market Pictures Interest Rates ............................................................ 10
UK Bank Lending Rates ........................................................................... 10
Eurozone Lending Rates.......................................................................... 11
US Federal Funds Rate ........................................................................... 12
Market Pictures Exchange Rates ......................................................... 13
Market Pictures - Oil............................................................................... 15
Over Valued 16
Aerospace & Defence
.............................................
Automobiles & Parts
Banks

..............................................

.............................................................

Beverages

........................................................

Chemicals

........................................................

Construction & Building Materials

..............................

Electronics & Electrical Equipment

.............................

Engineering & Machinery

........................................

Food & Drug Stores

...............................................

Food Producers & Processors

General Retail
Health

...................................

.....................................................
..............................................................

Household Goods & Textiles

....................................

Information Technology & Hardware

Insurance

..........................

........................................................

Leisure & Hotels

..................................................

Life Assurance

..................................................

Media & Entertainment

Mining

..........................................

..............................................................

Oil & Gas

...........................................................

Personal Care & Household Products

Pharmaceuticals & Biotechnology
Software & Computer Services
Speciality & Other Finance
Support Services

..............................
.................................
......................................

..................................................

Telecommunication Services
Transport

..........................

....................................

........................................................

Over Valued 16
Over Valued 16
Over Valued 16
Over Valued 16
Over Valued 17
Under Valued 17
Over Valued 17
Under Valued 18
Over Valued 18
Over Valued 18
Over Valued 18
Under Valued 18
Over Valued 19
Over Valued 19
Under Valued 19
Over Valued 19
Over Valued 20
Under Valued 20
Under Valued 20
Over Valued 20
Under Valued 21
Under Valued 21
Over Valued 21
Under Valued 22
Under Valued 22
Over Valued 23

Under Valued 23
Utilities
.............................................................
DISCLAIMER ............................................................................................. 24

Page 2 of 25

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17 January 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 Recommendation & 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 25

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17 January 2012

Value
A similar discipline has been applied to the process of establishing Target Prices.
On a daily basis, Intellisys analyses as broad an array of historic data from not
only the Profit & Loss Account but also the Balance Sheet and Cashflow
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 Price 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 10 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 prices 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 Recommendations and Target Prices

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

Page 4 of 25

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17 January 2012

Market Pictures - Indices

FTSE 100
PE

Index
FTSE 100

5Y Hi

FTSE 100 PE

6,732.4

5Y Hi

18.2
18.2

3Y Hi

6,091.3

3Y Hi

1Y Hi

6,091.3

1Y Hi

Last Close

5,657.4

1Y Lo

14.1

Last Close

10.2

1Y Lo

4,944.4

7.9

3Y Lo

3,512.1

3Y Lo

7.0

5Y Lo

3,512.1

5Y Lo

7.0

2000

4000

6000

8000

% change
1M

5.0; 3M

10

15

20

% change

3.5; 12M

-5.7

1M

6.1; 3M

18.0; 12M

Yield

-17.3

RSI

FTSE 100 DY

FTSE 100 RSI

5Y Hi

6.2
Hi

3Y Hi

74.8

6.0
3.9

1Y Hi
Last Close

3.5

1Y Lo

2.9

3Y Lo

2.9

Last Close

59.2

Lo 11.1
2.9

5Y Lo
1.0

3.0

5.0

7.0

20

40

60

80

% change
1M

-5.1; 3M

Page 5 of 25

-0.6; 12M

20.0

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17 January 2012

Market Pictures - Indices

FTSE 250
PE

Index
FTSE 250

FTSE 250 PE

5Y Hi

12,220.2

5Y Hi

27.8

3Y Hi

12,167.8

3Y Hi

27.8

1Y Hi

12,167.8

1Y Hi

Last Close

Last Close

10,478.6

1Y Lo

3Y Lo 7.1

5,769.8

5Y Lo

5Y Lo 7.1

5,491.5

500

15.9

1Y Lo 7.1

9,425.9

3Y Lo

19.3

5500

10500

15500

% change
1M

6.9; 3M

10

15

20

25

30

% change

1.4; 12M

-10.8

1M

5.0; 3M

Yield

5.1; 12M

-18.0

RSI
FTSE 250 RSI

FTSE 250 DY

5Y Hi

5.7

Hi
3Y Hi

72.5

5.1

1Y Hi

3.3

Last Close

Last Close

3.0

1Y Lo

2.2

3Y Lo

2.2

70.5

Lo 7.9
5Y Lo

1.9
1.0

2.0

3.0

4.0

5.0

6.0

20

40

60

80

% change
1M

-5.9; 3M

Page 6 of 25

4.5; 12M

38.1

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17 January 2012

Market Pictures - Indices

FTSE All Share Index
PE

Index
FTSE ALL SHARE

5Y Hi

FTSE ALL SHARE PE

3,479.0

5Y Hi

19.5
19.5

3Y Hi

3,160.9

3Y Hi

1Y Hi

3,160.9

1Y Hi

Last Close

Last Close

2,910.0

1Y Lo

14.6
10.8

1Y Lo

2,557.8

8.5

3Y Lo

1,781.6

3Y Lo 7.4

5Y Lo

1,781.6

5Y Lo 7.4

500

1500

2500

3500

4500

% change
1M

5.2; 3M

10

15

20

25

% change

3.2; 12M

-6.6

1M

6.3; 3M

Yield

16.6; 12M

-17.7

RSI
FTSE ALL SHARE RSI

FTSE ALL SHARE DY

5Y Hi

6.1

Hi
3Y Hi

74.8

5.8

1Y Hi

3.8

Last Close

3.5

Last Close
1Y Lo

2.8

3Y Lo

2.8

61.4

Lo 10.4
5Y Lo

2.7
1.0

3.0

5.0

7.0

20

40

60

80

% change
1M

-5.2; 3M

Page 7 of 25

0.0; 12M

21.8

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17 January 2012

Market Pictures - Indices

FTSE AIM All Share
PE

Index
FTSE AIM ALL-SHARE

5Y Hi

FTSE AIM ALL-SHARE PE

1,236.6

1,439.5
5Y
Hi

3Y Hi

968.3

1,240.8
3Y
Hi

1Y Hi

968.3

1Y211.5
Hi

Last Close

734.3

1Y Lo

97.4
Last Close

657.8

1Y Lo

-203,906.0

3Y Lo373.8

3Y Lo

-203,906.0

5Y Lo373.8

5Y Lo

-203,906.0

200

700

1200

1700

-250000

-200000

% change
1M

8.6; 3M

-150000

-100000

-50000

50000

% change

2.6; 12M

-23.4

1M -7.8; 3M 23.9; 12M -165.7

Yield

RSI

FTSE AIM ALL-SHARE DY

FTSE AIM ALL-SHARE RSI

5Y Hi

2.1

3Y Hi

2.1

Hi

1Y Hi

86.4

0.8

Last Close

Last Close

0.7

1Y Lo

0.5

3Y Lo

0.5

82.9

Lo6.9
5Y Lo 0.4
0.2

0.7

1.2

1.7

2.2

50

100

% change
1M

-6.6; 3M

Page 8 of 25

-1.4; 12M

34.0

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17 January 2012

Market Pictures - Indices

S&P 500
PE

Index
S&P 500 COMPOSITE

5Y Hi

S&P 500 COMPOSITE PE

1,565.2

5Y Hi

146.3
146.3

3Y Hi

1,363.6

3Y Hi

1Y Hi

1,363.6

1Y Hi
18.4

Last Close

Last Close
14.9

1,289.1

1Y Lo

1Y13.4
Lo

1,099.2

3Y Lo

676.5

3Y13.4
Lo

5Y Lo

676.5

5Y13.4
Lo

400

900

1400

10

1900

60

% change
1M

5.7; 3M

110

160

% change

5.3; 12M

-0.3

1M

5.5; 3M

Yield

4.2; 12M

-17.0

RSI
S&P 500 COMPOSITE RSI

S&P 500 COMPOSITE DY

5Y Hi

3.4
Hi

3Y Hi

71.1

3.2

1Y Hi

2.4
2.2

Last Close
1Y Lo

1.8

3Y Lo

1.8

64.6

Last Close

Lo 11.2
5Y Lo

1.8
0.5

1.5

2.5

3.5

4.5

20

40

60

80

% change
1M

-4.8; 3M

Page 9 of 25

-4.4; 12M

17.9

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17 January 2012

Market Pictures Interest Rates

UK Bank Lending Rates
UK

UK CLEARING BANKS BASE RATE

5Y Hi

5.75

3Y Hi

1.50

1Y Hi 0.50
Last Close 0.50
1Y Lo 0.50
3Y Lo 0.50
5Y Lo 0.50
0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

% change
1M

0.0; 3M

0.0; 12M

0.0

UK Lending PE

UK CLEARING BANKS BASE RATE PE

5Y Lo
17.4
3Y Lo

66.7

1Y Lo

200.0

Last Close

200.0

1Y Hi

200.0

3Y Hi

200.0

5Y Hi

200.0
10

Page 10 of 25

60

110

160

210

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17 January 2012

Market Pictures Interest Rates

Eurozone Lending Rates
Eurozone

EUROZONE MARGINAL LENDING RATE

5Y Hi

5.25

3Y Hi

3.00

1Y Hi

2.25

Last Close

1.75

1Y Lo

1.75

3Y Lo

1.75

5Y Lo

1.75

0.00

1.00

2.00

3.00

4.00

5.00

6.00

% change
1M

0.0; 3M

-22.2; 12M

0.0

Eurozone Lending PE

EUROZONE MARGINAL LENDING RATE - PE

5Y Lo

19.0

3Y Lo

33.3

1Y Lo

44.4

Last Close

57.1

1Y Hi

57.1

3Y Hi

57.1

5Y Hi

57.1
10

Page 11 of 25

20

30

40

50

60

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17 January 2012

Market Pictures Interest Rates

US Federal Funds Rate
US

US FEDERAL FUNDS RATE

5Y Hi

5.41

3Y Hi
0.25
1Y Hi
0.19
Last Close
0.08
1Y0.04
Lo
3Y0.04
Lo
5Y0.04
Lo
0.00

1.00

2.00

3.00

4.00

5.00

6.00

2510

3010

% change
1M

14.3; 3M

14.3; 12M

-50.0

US Lending PE

US FEDERAL FUNDS RATE - PE

5Y18.5
Lo
3Y Lo

400.0

1Y Lo

526.3

Last Close

1,250.0

1Y Hi

2,500.0

3Y Hi

2,500.0

5Y Hi

2,500.0
10

Page 12 of 25

510

1010

1510

2010

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17 January 2012

Market Pictures Exchange Rates

US$/

US$/
5Y Hi

2.11

3Y Hi

1.70

1Y Hi

1.67

Last Close

1.53

1Y Lo

1.53

3Y Lo

1.37

5Y Lo

1.37

1.00

1.20

1.40

1.60

1.80

2.00

2.20

% change
1M

-1.3; 3M

-3.0; 12M

-3.5

EURO/
5Y Hi

1.53

3Y Hi

1.24

1Y Hi

1.21

Last Close

1.21

1Y Lo
3Y Lo

1.11
1.06

5Y Lo
1.02
1.00

1.10

1.20

1.30

1.40

1.50

1.60

% change
1M

Page 13 of 25

1.6; 3M

6.1; 12M

1.8

Intellisys 17 January 2012

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17 January 2012

Market Pictures Exchange Rates

US$/

US$/EURO
5Y Hi

1.60

3Y Hi

1.51

1Y Hi

1.48

Last Close

1.27

1Y Lo

1.27

3Y Lo

1.19

5Y Lo

1.19

0.80

1.00

1.20

1.40

1.60

1.80

% change
1M

-2.9; 3M

-8.7; 12M

-5.3

YEN/
5Y Hi

250.1

3Y Hi
1Y Hi

162.5
139.4

Last Close 117.6

1Y Lo 117.1
3Y Lo 117.1
5Y Lo 117.1
100.0

150.0

200.0

250.0

300.0

% change
1M

Page 14 of 25

-2.6; 3M

-3.8; 12M

-10.6

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17 January 2012

Market Pictures - Oil

Brent Monthly FOB US$/bbl

Oil (Brent) Monthly FOB U$/bbl

5Y Hi

145.6

3Y Hi

126.6

1Y Hi

126.6

Last Close

111.6

1Y Lo

95.9

3Y Lo

39.1

5Y Lo

34.6
0

50

100

150

200

% change
1M

6.35; 3M

-2.27; 12M

12.95

RISK WARNING Recommendations and Target Prices

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

Page 15 of 25

Intellisys 17 January 2012

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17 January 2012
Over Valued

Aerospace & Defence

Stock
BAE SYSTEMS
C HEMRING GROUP
C OBHAM
MEGGITT
ROLLS-ROYC E HOLDINGS
SMITHS GROUP
ULTRA ELEC TRONIC S HDG.
UMEC O

Price 12M Lo
304.90 248.10
436.30 368.80
188.10 165.90
371.10 305.00
764.00 552.19
937.50 869.50
1540.00 1305.00
359.50 243.50

12M Hi
361.10
736.50
236.50
397.60
769.00
1429.00
1830.00
512.50

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

Price 12M Lo
202.70 157.00
306.40 268.60
51.00
47.00
7.32
6.80

12M Hi
245.00
425.40
72.75
19.71

ST Rec
Neutral
Neutral
Neutral
Neutral

Price 12M Lo
199.10 138.85
507.70 463.50
29.46
21.84
24.42
17.34
1468.00 1169.50

12M Hi
333.55
730.90
69.30
49.00
1725.50

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

Price
1180.00
1406.00
2327.00

12M Lo
1031.00
1112.00
1979.00

12M Hi
1395.00
1428.00
2354.50

ST Rec
Neutral
Neutral
Neutral

Page 16 of 25

Beta
1.93
1.40
1.34
1.08

Target
64
848
146
-26
1317

Beta
1.81
1.12
1.72
1.23
1.69

LT Rec
Neutral
Sell
Buy

Target
1204
1260
2720

Beta
0.42
0.55
0.97

Over Valued

Chemicals
Stock
C RODA INTERNATIONAL
ELEMENTIS
JOHNSON MATTHEY
VIC TREX
YULE C ATTO
ZOTEFOAMS

Target
160
273
61
7

Over Valued

Beverages
Stock
BARR (AG)
DIAGEO
SABMILLER

LT Rec
Sell
Sell
Buy
Neutral

Over Valued

Banks
Stock
BARC LAYS
HSBC HDG. (ORD $0.50)
LLOYDS BANKING GROUP
ROYAL BANK OF SC TL.GP.
STANDARD C HARTERED

Beta
0.63
0.53
0.94
1.34
1.09
0.71
0.59
0.80

Over Valued

Automobiles & Parts

Stock
GKN
INC HC APE
LOOKERS
PENDRAGON

Target
600
467
234
330
590
996
1202
363

Price
1907.00
147.00
2025.00
1199.00
179.30
117.00

12M Lo
1456.00
107.50
1523.00
1025.00
148.00
109.00

12M Hi
2081.00
187.40
2119.00
1590.00
253.00
158.00

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

Target
1571
147
1671
1121
294
193

Intellisys 17 January 2012

Beta
1.06
1.06
1.43
1.20
1.25
1.01

Intellisys

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17 January 2012
Over Valued

Construction & Building Materials

Stock
BALFOUR BEATTY
BARRATT DEVELOPMENTS
BELLWAY
BERKELEY GROUP HDG.(THE)
BOVIS HOMES GROUP
C ARILLION
C LARKE (T)
C OSTAIN GROUP
GALLIFORD TRY
KELLER
KIER GROUP
LOW & BONAR
MARSHALLS
MORGAN SINDALL GROUP
PERSIMMON
REDROW
SIG
TAYLOR WIMPEY
TRAVIS PERKINS
WOLSELEY

Price 12M Lo
282.30 214.60
108.00
67.50
735.50 540.50
1296.00 884.50
453.60 326.50
303.40 281.00
40.38
35.50
201.75 180.00
480.00 307.50
308.75 239.25
1390.00 1097.00
43.00
38.00
90.00
83.25
627.00 510.00
519.50 374.00
114.20 103.50
102.50
76.95
40.75
28.71
855.50 715.00
2100.00 1404.00

12M Hi
357.30
119.00
776.50
1360.00
499.60
403.20
105.00
265.00
530.00
679.50
1458.00
76.75
124.50
720.00
519.50
136.20
153.50
43.31
1101.00
2261.00

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

Price 12M Lo
778.00 540.00
540.00 434.30
110.50
86.75
183.00 180.90
156.00 127.90
918.50 600.50
1061.00 800.00
1466.00 1039.00
0.16
0.14
170.00 120.50
252.50 207.50

12M Hi
847.00
705.00
146.00
359.90
207.00
1010.00
1886.00
1679.00
0.34
208.00
295.00

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

Page 17 of 25

Beta
0.85
1.39
1.00
0.69
1.07
1.10
0.84
0.58
1.02
1.26
1.05
1.04
1.35
0.88
1.05
0.95
1.56
1.48
1.85
1.41

Target
394
556
137
330
163
703
1631
1058
0
216
113

Beta
0.73
1.15
1.30
1.51
2.20
0.97
1.22
1.37
0.65
1.55
1.13

Over Valued

Engineering & Machinery

Stock
AGA RANGEMASTER GROUP
BODYC OTE
C ASTINGS
C OOKSON GROUP
FENNER
HALMA
HILL & SMITH
IMI
METALRAX GROUP
MORGAN C RUC IBLE
ROTORK
SENIOR
SEVERFIELD-ROWEN
SPIRAX-SARC O
VITEC GROUP
WEIR GROUP

Target
255
55
629
1307
187
433
186
745
501
322
2968
54
57
1290
611
78
2
11
999
1588

Under Valued

Electronics & Electrical Equipment

Stock
DIALIGHT
DOMINO PRINTING SC IENC ES
E2V TEC HNOLOGIES
INVENSYS
LAIRD
OXFORD INSTRUMENTS
RENISHAW
SPEC TRIS
BIOME TEC HNOLOGIES
TT ELEC TRONIC S
XAAR

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

Price
77.00
290.10
265.00
556.00
438.80
344.50
268.00
869.50
7.37
301.90
1913.00
180.40
180.00
1900.00
555.00
2098.00

12M Lo
62.50
225.60
250.50
395.80
280.00
306.30
235.00
636.50
7.37
224.00
1501.00
132.60
150.00
1649.00
488.00
1375.00

12M Hi
138.00
397.70
358.00
724.50
446.30
429.60
393.50
1119.00
12.00
357.10
1979.00
190.60
297.00
2063.00
661.75
2218.00

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

Target
288
341
491
741
272
349
560
1296
8
326
1686
177
164
2140
704
767

Intellisys 17 January 2012

Beta
1.31
1.56
0.96
2.26
1.39
0.74
1.36
1.40
0.85
1.73
1.01
1.75
1.03
0.84
1.51
1.41

Intellisys

www.intellisys.uk.com

17 January 2012
Under Valued

Food & Drug Stores

Stock
GREGGS
MORRISON(WM)SPMKTS.
SAINSBURY (J)
TESC O
THORNTONS

Price 12M Lo
513.00 445.00
288.20 262.70
283.20 263.50
312.35 312.35
9.88
9.88

12M Hi
550.50
328.00
391.20
420.05
100.75

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

Price 12M Lo
1131.00 940.00
742.50 588.50
322.80 315.00
250.30 223.50
5.74
3.29
387.50 233.25
697.00 520.00
2077.00 1793.00

12M Hi
1143.00
862.00
410.40
296.90
35.12
387.50
720.50
2189.00

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

Price 12M Lo
20.88
16.00
227.90 227.00
1300.00 1030.00
529.50 375.00
10.50
7.50
9.89
9.36
3.44
2.20
39.63
36.00
3.48
3.35
295.60 269.50
11.75
5.20
695.50 570.00
68.45
60.20
246.50 217.00
316.50 301.80
34.50
23.75
176.00 127.30
2607.00 1868.00
730.00 572.50
35.00
21.50

12M Hi
25.25
311.20
1600.00
829.00
27.00
22.31
10.72
134.00
73.25
416.00
52.70
1030.00
152.90
287.10
402.20
40.00
551.50
2810.00
830.00
84.50

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

Price 12M Lo
535.00 498.00
43.25
36.50
596.00 521.00

12M Hi
590.00
59.00
742.00

ST Rec
Neutral
Neutral
Neutral

Page 18 of 25

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

Target
22
185
420
144
7
22
0
81
130
303
1110
962
224
222
284
18
261
1677
359
20

Beta
0.73
0.50
1.34
0.98
0.64
1.40
0.96
0.91
0.91
0.62
0.86
0.46
1.27
0.98
0.73
1.02
0.51
0.81
0.52
1.30

LT Rec
Sell
Sell
Neutral

Target
474
41
611

Beta
0.39
0.70
0.39

Under Valued

Household Goods & Textiles

Stock
HARVARD INTL.
GAMES WORKSHOP
HEADLAM GROUP
HORNBY

Beta
0.59
0.58
0.96
0.31
1.43
0.38
0.65
0.63

Over Valued

Health
Stock
C ONSORT MEDIC AL
C ORIN GROUP
SMITH & NEPHEW

Target
557
727
359
404
-4
515
398
1796

Over Valued

General Retail
Stock
ASHLEY(LAURA) HOLDINGS
BROWN (N) GROUP
BURBERRY GROUP
C ARPETRIGHT
C LINTON C ARDS
DIXONS RETAIL
FINDEL
FRENC H C ONNEC TN.GROUP
GAME GROUP
HALFORDS GROUP
JJB SPORTS
JD SPORTS FASHION
KESA ELEC TRIC ALS
KINGFISHER
MARKS & SPENC ER GROUP
MOSS BROTHERS GROUP
MOTHERC ARE
NEXT
TED BAKER
TOPPS TILES

Beta
0.54
0.50
0.65
0.81
0.80

Over Valued

Food Producers & Processors

Stock
ASSOC IATED BRIT.FOODS
C RANSWIC K
DAIRY C REST
DEVRO
PREMIER FOODS
ROBERT WISEMAN DAIRIES
TATE & LYLE
UNILEVER (UK)

Target
102
323
482
383
12

Price 12M Lo
37.88
21.75
537.50 347.50
262.00 233.25
124.00 105.00

12M Hi
40.00
537.50
354.00
145.00

ST Rec
Neutral
Neutral
Neutral
Neutral

LT Rec
Sell
Sell
Buy
Buy

Target
31
475
342
143

Intellisys 17 January 2012

Beta
0.47
0.34
0.91
0.70

Intellisys

www.intellisys.uk.com

17 January 2012
Over Valued

Information Technology & Hardware

Stock
ARM HOLDINGS
C SR
FILTRONIC
IMAGINATION TEC HNOLOGIES
PSION
SPIRENT C OMMUNIC ATIONS
WOLFSON MIC ROELEC TRONIC S

Price 12M Lo
581.00 464.00
207.00 154.10
24.00
14.50
536.00 296.90
46.00
43.88
120.00 105.80
145.00
96.00

12M Hi
651.00
447.00
62.00
575.50
102.75
160.00
312.00

ST Rec
Neutral
Sell
Sell
Neutral
Neutral
Neutral
Neutral

Price 12M Lo
878.00 787.00
330.00 270.60
137.20 109.60
404.00 334.00
387.00 340.50
689.00 576.00
109.90
99.60
342.75 285.00

12M Hi
1754.00
427.00
139.20
421.40
424.70
764.50
143.50
410.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

Price 12M Lo
43.50
26.00
1878.00 1742.00
27.75
26.50
164.90 136.70
687.50 590.00
485.80 410.00
134.00 114.00
1220.00 955.00
394.30 371.20
250.50 215.60
164.10 100.60
11.00
9.14
129.80 109.50
286.70 254.90
415.90 380.50
1616.00 1409.00
209.00 169.70
91.20
84.60

12M Hi
43.50
3119.00
110.20
271.90
752.00
518.00
155.30
1435.00
600.50
357.00
212.10
15.70
153.70
335.00
468.30
1863.00
244.10
112.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

Page 19 of 25

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

Target
351
2351
1227
66
2330
1849
986
2244

Beta
0.50
0.45
0.51
0.32
0.49
0.32
0.45
0.49

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

Target
18
3726
92
588
738
744
240
864
523
102
137
-177
198
345
718
1853
309
173

Beta
0.76
1.13
1.69
0.95
0.45
0.87
0.99
1.29
1.39
1.02
1.29
1.28
0.97
0.88
0.75
1.04
0.93
1.24

Over Valued

Life Assurance
Stock
AVIVA
C HESNARA
LEGAL & GENERAL
OLD MUTUAL
PRUDENTIAL
ST.JAMES'S PLAC E

Beta
0.77
1.13
0.59
0.96
1.19
1.01
1.02

Under Valued

Leisure & Hotels

Stock
ARENA LEISURE
C ARNIVAL
ENTERPRISE INNS
TUI TRAVEL
FULLER SMITH 'A'
GREENE KING
LADBROKES
IC TL.HTLS.GP.
MILLENNIUM & C PTH.HTLS.
MITC HELLS & BUTLERS
BWIN PARTY DIGITAL ENTM.
PUNC H TAVERNS
RANK GROUP
RESTAURANT GROUP
WETHERSPOON (JD)
WHITBREAD
WILLIAM HILL
MARSTON'S

Target
1369
5620
-211
1193
2572
1261
22

Over Valued

Insurance
Stock
ADMIRAL GROUP
AMLIN
BEAZLEY
C ATLIN GROUP
HISC OX
JARDINE LLOYD THOMPSON
RSA INSURANC E GROUP
NOVAE GROUP

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

Price 12M Lo
324.50 275.30
190.00 161.75
112.70
89.80
142.40
98.05
670.00 509.00
341.00 275.00

12M Hi
477.90
264.00
123.80
144.80
777.00
376.00

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

Target
435
177
83
160
316
121

Intellisys 17 January 2012

Beta
1.22
0.60
1.65
1.62
1.72
0.79

Intellisys

www.intellisys.uk.com

17 January 2012
Over Valued

Media & Entertainment

Stock
AEGIS GROUP
BLOOMSBURY PBL.
BRITISH SKY BC AST.GROUP
C ENTAUR MEDIA
DAILY MAIL 'A'
EUROMONEY INSTL.INVESTOR
INFORMA
ITE GROUP
ITV
JOHNSTON PRESS
PEARSON
PHOTO-ME INTL.
PINEWOOD SHEPPERTON
THOMSON REUTERS
STV GROUP
ST.IVES
TRINITY MIRROR
UBM
WILMINGTON GROUP
WPP
YELL GROUP

Price 12M Lo
149.20 116.17
99.00
91.25
683.50 618.50
35.25
32.50
428.20 343.40
645.00 522.50
373.40 313.90
213.60 157.70
73.95
51.65
6.10
4.11
1250.00 1001.00
52.25
39.50
275.00 132.75
28.50
26.21
86.13
76.25
74.00
68.50
48.50
37.50
515.50 416.00
83.75
82.50
738.00 578.00
5.13
3.35

12M Hi
159.08
138.00
850.00
73.00
594.50
736.00
461.10
258.20
93.45
12.75
1250.00
67.00
292.00
41.49
168.00
108.50
93.00
725.00
183.00
846.50
12.50

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

Price
2595.00
271.80
1301.00
2080.00
969.50
7215.00
3589.00
30.50

12M Lo
2138.50
237.90
900.50
1667.00
941.00
4425.00
2712.50
28.50
928.00
1073.00 764.00

12M Hi
3437.00
369.25
1531.00
2631.50
1896.00
7555.00
4712.00
54.00
2518.00
1550.00

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

Price
1456.00
478.00
291.40
11.13
798.00
126.50
111.00
414.00
2258.50
2338.00
293.10
1428.00
661.50

12M Lo
1144.00
363.20
257.80
9.00
530.00
120.50
95.25
310.00
1883.50
1890.50
278.00
945.50
469.90

12M Hi
1564.50
509.00
469.70
14.75
818.00
335.10
297.00
535.00
2402.00
2489.00
400.00
1493.00
715.75

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

Page 20 of 25

Target
6504
368
1092
4655
850
1883
5359
-73
5422
1204

Beta
1.74
0.92
1.38
1.40
1.90
0.30
1.41
1.05
2.05
1.76

Price 12M Lo
114.00 110.75
320.00 308.70
3319.00 3015.00

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

Target
1876
1237
339
23
918
359
622
518
6287
6348
196
452
755

Beta
0.70
1.06
1.34
0.87
1.31
1.35
1.12
1.34
0.94
0.95
0.50
1.07
1.34

Over Valued

Personal Care & Household Products

Stock
MC BRIDE
PZ C USSONS
REC KITT BENC KISER GROUP

Beta
1.30
0.48
0.64
1.00
1.08
1.04
1.50
1.39
1.49
1.45
0.70
0.86
0.37
0.52
0.77
1.31
1.58
1.28
0.86
1.27
1.32

Under Valued

Oil & Gas

Stock
BG GROUP
BP
C AIRN ENERGY
FORTUNE OIL
HUNTING
JKX OIL & GAS
MELROSE RESOURC ES
PREMIER OIL
ROYAL DUTC H SHELL A(LON)
ROYAL DUTC H SHELL B
SOC O INTERNATIONAL
TULLOW OIL
WOOD GROUP (JOHN)

Target
86
119
639
-54
546
628
305
145
76
58
1028
84
142
25
106
212
449
1581
105
788
43

Under 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

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

12M Hi
153.18
401.10
3578.00

ST Rec
Neutral
Neutral
Neutral

LT Rec
Sell
Neutral
Sell

Target
101
351
3130

Intellisys 17 January 2012

Beta
0.85
0.80
0.32

Intellisys

www.intellisys.uk.com

17 January 2012
Under Valued

Pharmaceuticals & Biotechnology

Stock
ARK THERAPEUTIC S GP.
ASTRAZENEC A
BTG
DEC HRA PHARMAC EUTIC ALS
GLAXOSMITHKLINE
OXFORD BIOMEDIC A
PHYTOPHARM
SHIRE
SKYEPHARMA
VERNALIS

Price
3.63
3070.50
321.00
526.50
1445.50
3.09
9.25
2186.00
34.50
19.50

12M Lo
3.13
2543.50
210.10
433.00
1127.50
2.91
6.40
1627.00
31.50
18.75

12M Hi
5.68
3194.00
331.30
532.00
1497.00
7.20
9.75
2243.00
66.13
50.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Buy
Neutral
Neutral
Neutral
Neutral

Price 12M Lo
23.13
21.50
93.00
57.75
1535.00 1298.00
359.70 324.70
269.00 225.00
20.13
15.25
74.40
58.95
421.50 242.90
265.70 214.90
166.00 154.75
65.25
41.50
1623.00 1444.00
301.70 231.70

12M Hi
27.00
95.00
1799.00
490.00
535.00
23.00
147.20
432.43
420.20
290.00
175.00
2109.00
302.00

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

Page 21 of 25

Beta
0.92
0.46
0.72
0.32
0.49
0.60
0.89
0.64
0.71
0.81

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

Target
44
55
878
827
251
16
168
397
348
416
340
1536
288

Beta
0.73
0.82
1.44
1.07
1.05
0.91
1.33
0.71
1.29
0.85
0.39
0.79
0.65

Over Valued

Speciality & Other Finance

Stock
ABERDEEN ASSET MAN.
BREWIN DOLPHIN
C AMELLIA
C HARLES STANLEY GROUP
C HARLES TAYLOR C NSL.
C LOSE BROTHERS GROUP
F&C ASSET MANAGEMENT
HELPHIRE GROUP
HENDERSON GROUP
IC AP
INTERMEDIATE C APITAL GP.
INVESTEC
LONDON STOC K EX.GROUP
MAN GROUP
RATHBONE BROTHERS
SC HRODERS
SC HRODERS NV

Target
11
10921
124
1027
1503
-1
-2
1432
302
-16

Under Valued

Software & Computer Services

Stock
TIMEWEAVE
ANITE
AVEVA GROUP
C OMPUTAC ENTER
KOFAX
INNOVATION GROUP
LOGIC A
MIC RO FOC US INTL.
MISYS
PHOENIX IT GROUP
RM
FIDESSA GROUP
SAGE GROUP

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

Price 12M Lo
12M Hi
218.90 167.80
240.00
140.00 113.70
185.40
9310.00 8800.00 10950.00
270.00 240.00
350.00
127.50 115.63
165.00
615.50 590.00
887.00
64.40
56.05
92.50
1.87
1.36
17.38
103.80
95.05
173.10
331.40 311.60
569.50
246.90 197.90
360.30
351.70 318.40
525.50
841.50 756.50 1076.00
110.30 104.50
311.00
1095.00 977.00 1257.00
1348.00 1183.00 1906.00
1115.00 970.00 1554.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

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

Target
90
131
16194
270
192
302
81
3
87
288
240
222
683
168
1147
1531
1531

Intellisys 17 January 2012

Beta
1.07
0.70
0.87
0.94
0.70
0.80
0.91
0.64
1.41
1.08
1.62
1.53
1.15
1.27
0.73
1.30
1.29

Intellisys

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17 January 2012
Under 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
WSP GROUP

Price 12M Lo
178.75 166.25
2035.00 1394.48
977.00 740.50
221.10
99.40
743.50 542.00
352.50 230.00
880.00 676.50
231.00 192.25
647.50 611.50
26.50
23.75
610.00 512.50
422.40 402.70
935.00 667.00
815.50 648.50
369.90 263.50
209.10 182.20
397.60 273.10
268.70 219.90
65.05
58.85
301.00 218.50
307.00 239.75
2085.00 1715.00
25.75
25.25
32.25
27.75
535.00 425.00
375.70 323.00
266.50 195.90
5.15
4.75
136.00 112.50
545.00 327.25
188.50 144.50
86.10
64.00
72.75
58.20
373.70 299.80
355.00 314.00
181.75 158.25
378.00 231.50
202.80 156.60
513.00 458.00
99.90
90.80
19.75
18.50
61.25
36.25
38.50
36.25
216.50 191.00
51.00
48.38
236.25 160.00

12M Hi
367.50
2131.00
1251.00
230.20
744.00
357.00
906.50
318.50
786.50
37.00
616.00
568.00
936.00
854.50
414.25
294.90
404.50
291.00
130.00
532.00
341.25
2148.00
36.00
45.50
550.00
567.00
271.00
154.75
166.50
570.00
308.80
119.00
104.90
400.00
410.00
341.00
387.90
253.00
618.50
130.90
34.00
61.25
52.88
253.75
1237.51
385.00

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

Page 22 of 25

Target
322
1186
1201
116
652
1012
945
512
658
90
686
659
990
916
304
350
404
363
134
443
744
1532
63
52
1150
415
378
-268
265
696
332
67
48
492
512
331
415
277
630
153
-7
-269
59
546
-8107
539

Beta
0.93
1.18
1.01
1.50
0.56
0.70
0.55
0.28
0.42
0.72
0.75
1.03
#NA
0.22
0.98
0.99
1.13
0.60
0.95
0.67
1.40
0.86
1.16
0.67
1.44
1.33
0.60
0.84
0.36
0.76
1.18
1.39
1.29
0.87
0.83
1.18
0.81
1.55
0.57
1.44
1.27
0.54
0.86
0.89
0.77
0.92

Under Valued

Telecommunication Services
Stock
BT GROUP
C ABLE & WIRELESS C OMMS.
INMARSAT
KC OM GROUP
TELEC OM PLUS
VODAFONE GROUP

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

Price 12M Lo
207.60 161.00
38.00
31.25
397.70 389.30
69.00
57.50
730.00 440.00
175.85 155.05

12M Hi
207.60
51.20
719.50
84.00
802.00
182.75

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

Target
261
137
350
84
490
185

Intellisys 17 January 2012

Beta
0.92
0.65
0.52
1.27
0.06
0.65

Intellisys

www.intellisys.uk.com

17 January 2012
Over 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
186.80 156.00
332.50 282.00
1138.00 1015.00
401.00 301.00
315.90 301.80
502.50 440.50
1293.00 1190.00
219.50 201.60
205.00 190.90
275.60 199.97
66.50
56.00

12M Hi
240.80
521.00
1355.00
455.80
398.40
574.00
1598.00
270.20
346.70
281.20
159.75

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

Page 23 of 25

Beta
1.40
0.90
0.81
0.76
1.10
0.83
0.97
1.30
1.34
0.90
0.86

Under Valued

Utilities
Stock
C ENTRIC A
NATIONAL GRID
PENNON GROUP
SEVERN TRENT
UNITED UTILITIES GROUP

Target
169
658
1559
377
426
342
1784
186
372
208
167

Price 12M Lo
283.70 278.80
628.50 531.00
705.00 584.50
1549.00 1368.00
610.50 543.50

12M Hi
345.80
649.50
737.50
1600.00
637.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rec
Neutral
Buy
Sell
Sell
Neutral

Target
289
783
625
1356
621

Intellisys 17 January 2012

Beta
0.50
0.57
0.63
0.47
0.60

Intellisys

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17 January 2012

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Intellisys 17 January 2012

to
or
of
of

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17 January 2012

Intelligent Analysis Limited (including its Directors, employees and representatives) or a

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Intellisys 17 January 2012