UK Trading &

Value
Indicator

03 April 2012

Intellisys

www.intellisys.uk.com

03 April 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

Over Valued 18
Over Valued 18

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

Under Valued 18
Under Valued 18

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

Information Technology & Hardware

Insurance

Over Valued 19
Over Valued 19

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

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

Leisure & Hotels

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

Life Assurance

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

Media & Entertainment

Under Valued 19
Over Valued 19
Over Valued 20
Under Valued 20

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

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

Oil & Gas

Pharmaceuticals & Biotechnology

Software & Computer Services
Speciality & Other Finance
Support Services

Under Valued 20
Over Valued 20

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

Personal Care & Household Products

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

Under Valued 21
Under Valued 21

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

Over Valued 21
Under Valued 22

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

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

Telecommunication Services
Transport

Over Valued 17
Under Valued 18

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

Household Goods & Textiles

Mining

Over Valued 17
Over Valued 17

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

Food Producers & Processors

General Retail

Over Valued 16
Under Valued 16

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

Food & Drug Stores

Health

Over Valued 16
Under Valued 16

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

Under Valued 22
Under Valued 23

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

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

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

Page 2 of 25

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03 April 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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03 April 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 Cash flow
Statement and then utilises this data within its proprietary valuation models.
Intellisys architect, Philip Morrish, has successfully applied these disciplines to his
investment research for the last 15+ years. Additionally, these investment
valuation techniques lend themselves to accurate cross-border analysis.
The resultant Target is also discounted to a Net Present Value to make the
Target as realistically valid as possible.
Nevertheless, Intellisys recognises that Target 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

Intellisys 03 April 2012

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03 April 2012

Market Pictures - Indices

FTSE 100
PE

Index
FTSE 100

FTSE 100 PE

6,732.4

5Y Hi

5Y Hi

18.2
18.2

3Y Hi

6,091.3

3Y Hi

1Y Hi

6,082.9

1Y Hi

Last Close

5,874.9

1Y Lo

Last Close

4,944.4

3Y Lo

3,925.5

5Y Lo

14.1
9.9

1Y Lo

7.9

3Y Lo

7.9

5Y Lo

3,512.1

2000

4000

6000

7.0
5

8000

% change
1M

-0.6; 3M

10

15

20

% change

5.4; 12M

-2.3

1M

-1.0; 3M

Yield

-1.3; 12M

-28.7

RSI

FTSE 100 DY

FTSE 100 RSI

5Y Hi

6.2
74.8

Hi
3Y Hi

5.2

1Y Hi

3.9

Last Close

3.5

1Y Lo

Last Close

51.9

3.0

3Y Lo

2.9
Lo

25.5

2.9

5Y Lo
1.0

3.0

5.0

7.0

20

40

60

80

% change
1M

2.0; 3M

Page 5 of 25

-2.0; 12M

17.3

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03 April 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

11,655.1

1Y Lo

3Y Lo 7.1

6,718.4

5Y Lo

5Y Lo 7.1

5,491.5

500

19.1

1Y Lo 7.1

9,425.9

3Y Lo

19.5

5500

10500

15500

% change
1M

1.0; 3M

10

15

20

25

30

% change

15.4; 12M

-0.5

1M

10.2; 3M

Yield

25.0; 12M

10.6

RSI
FTSE 250 RSI

FTSE 250 DY

5Y Hi

5.7

Hi
3Y Hi

83.4

4.0

1Y Hi

3.3

Last Close

Last Close

2.7

1Y Lo

54.5

2.3

3Y Lo

2.2

Lo
5Y Lo

25.6

1.9
1.0

2.0

3.0

4.0

5.0

6.0

20

40

60

80

100

% change
1M

-0.4; 3M

Page 6 of 25

-12.2; 12M

15.7

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03 April 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

3,053.4

1Y Lo

2,557.8

3Y Lo

1,998.7

5Y Lo

10.7

1Y Lo

8.5

3Y Lo

8.5

5Y Lo 7.4

1,781.6

500

14.6

1500

2500

3500

4500

% change
1M

-0.4; 3M

10

15

20

25

% change

6.8; 12M

-2.0

1M

-0.1; 3M

Yield

1.3; 12M

-25.5

RSI
FTSE ALL SHARE RSI

FTSE ALL SHARE DY

5Y Hi

6.1

Hi
3Y Hi

74.8

5.1

1Y Hi

3.8

Last Close

Last Close

3.4

1Y Lo

52.3

2.9

3Y Lo

2.8

Lo
5Y Lo

25.4

2.7
1.0

3.0

5.0

7.0

20

40

60

80

% change
1M

1.5; 3M

Page 7 of 25

-3.7; 12M

16.5

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03 April 2012

Market Pictures - Indices

FTSE AIM All Share
PE

Index
FTSE AIM ALL-SHARE

5Y Hi

FTSE AIM ALL-SHARE PE

1,236.6

3Y Hi

5Y1,439.5
Hi

968.3

1Y Hi

3Y1,240.8
Hi

921.6

Last Close

1Y304.6
Hi

798.6

1Y Lo

-431.1
Last Close

657.8

1Y Lo

-203,906.0

3Y Lo 421.2

3Y Lo

-203,906.0

5Y Lo373.8

5Y Lo

-203,906.0

200

700

1200

1700

-250000

-200000

-150000

% change
1M

-3.7; 3M

-100000

-50000

50000

% change

15.2; 12M

-11.8

1M -241.5; 3M -548.2; 12M 19.1

Yield

RSI

FTSE AIM ALL-SHARE DY

FTSE AIM ALL-SHARE RSI

5Y Hi

2.1
Hi

3Y Hi

91.9

1.9

1Y Hi

0.8

Last Close

0.7

1Y Lo

Last Close

48.9

0.6

3Y Lo

0.5
Lo

16.5

5Y Lo 0.4
0.2

0.7

1.2

1.7

2.2

50

100

% change
1M

8.1; 3M

Page 8 of 25

-8.2; 12M

11.7

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03 April 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

1,419.0

3Y Hi

1Y Hi

1,419.0

1Y 17.5
Hi

Last Close

1,419.0

Last Close
16.3

1Y Lo
3Y Lo
5Y Lo

1Y13.4
Lo

1,099.2

3Y13.4
Lo

815.6

5Y13.4
Lo

676.5

400

900

1400

10

1900

% change
1M

3.6; 3M

60

110

160

% change

12.8; 12M

6.5

1M

3.6; 3M

Yield

11.7; 12M

-5.6

RSI
S&P 500 COMPOSITE RSI

S&P 500 COMPOSITE DY

5Y Hi

3.4
Hi

3Y Hi

81.6

2.7

1Y Hi

2.4

Last Close

2.1

1Y Lo

Last Close

67.4

1.9

3Y Lo

1.8
Lo

5Y Lo

30.0

1.8
0.5

1.5

2.5

3.5

4.5

20

40

60

80

100

% change
1M

-1.9; 3M

Page 9 of 25

-7.2; 12M

7.9

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03 April 2012

Market Pictures Interest Rates

UK Bank Lending Rates
UK

UK CLEARING BANKS BASE RATE

5Y Hi

5.75

3Y Hi 0.50
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

200.0

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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03 April 2012

Market Pictures Interest Rates

Eurozone Lending Rates
Eurozone

EUROZONE MARGINAL LENDING RATE

5Y Hi

5.25

3Y Hi

2.50

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

0.0; 12M

0.0

Eurozone Lending PE

EUROZONE MARGINAL LENDING RATE - PE

5Y Lo

19.0

3Y Lo

40.0

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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03 April 2012

Market Pictures Interest Rates

US Federal Funds Rate
US

US FEDERAL FUNDS RATE

5Y Hi

5.41

3Y Hi0.25
1Y 0.17
Hi
Last Close
0.09
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

-18.2; 3M

125.0; 12M

-18.2

US Lending PE

US FEDERAL FUNDS RATE - PE

5Y18.5
Lo
3Y Lo

400.0

1Y Lo

588.2

Last Close

1,111.1

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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03 April 2012

Market Pictures Exchange Rates

US$/

US$/
5Y Hi

2.11

3Y Hi

1.70

1Y Hi

1.67

Last Close

1.60

1Y Lo

1.53

3Y Lo

1.43

5Y Lo

1.37

1.00

1.20

1.40

1.60

1.80

2.00

2.20

1.50

1.60

% change
1M

1.0; 3M

3.0; 12M

-0.1

EURO/
5Y Hi

1.50

3Y Hi

1.24

1Y Hi

1.21

Last Close

1.20

1Y Lo
3Y Lo

1.11
1.07

5Y Lo
1.02
1.00

1.10

1.20

1.30

1.40

% change
1M

Page 13 of 25

0.3; 3M

0.6; 12M

6.2

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03 April 2012

Market Pictures Exchange Rates

US$/

US$/EURO
5Y Hi

1.60

3Y Hi

1.51

1Y Hi

1.48

Last Close

1.33

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

0.9; 3M

3.0; 12M

-6.4

YEN/
5Y Hi

250.1

3Y Hi
1Y Hi
Last Close

162.5
139.4
131.4

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

1.6; 3M

9.9; 12M

-2.8

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03 April 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

124.4

1Y Lo

104.0

3Y Lo

48.3

5Y Lo

34.6
0

50

100

150

200

% change
1M

-0.10; 3M

14.84; 12M

5.03

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

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03 April 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
303.00 248.10
413.90 368.80
232.20 165.90
412.00 305.00
842.50 552.19
1064.00 869.50
1780.00 1305.00
387.50 243.50

12M Hi
340.80
712.00
236.50
412.00
842.50
1340.00
1780.00
499.88

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

Price 12M Lo
210.60 157.00
376.50 268.60
62.75
47.00
13.75
6.80

12M Hi
245.00
425.40
72.75
19.71

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

Price 12M Lo
236.45 138.85
558.70 463.50
33.58
21.84
27.75
17.34
1574.50 1169.50

12M Hi
308.85
667.20
62.36
44.43
1690.00

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

Price
1135.00
1547.00
2602.50

12M Lo
1031.00
1112.00
1979.00

12M Hi
1395.00
1553.00
2660.00

ST Rec
Neutral
Neutral
Neutral

Page 16 of 25

Target
421
1080
87
11
787

Beta
1.85
1.13
1.76
1.28
1.70

LT Rec
Neutral
Sell
Buy

Target
1215
1362
2967

Beta
0.41
0.55
0.98

Under Valued

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

Beta
1.98
1.42
1.36
1.14

Over Valued

Beverages
Stock
BARR (AG)
DIAGEO
SABMILLER

Target
166
312
64
22

Under Valued

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

Beta
0.65
0.53
0.92
1.34
1.10
0.72
0.60
0.79

Over Valued

Automobiles & Parts

Stock
GKN
INC HC APE
LOOKERS
PENDRAGON

Target
620
607
248
360
691
1093
1333
350

Price
2150.00
189.70
2408.00
1384.00
247.20
186.50

12M Lo
1597.00
107.50
1523.00
1025.00
148.00
109.00

12M Hi
2238.00
196.10
2408.00
1590.00
253.00
186.50

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rec
Sell
Neutral
Neutral
Neutral
Buy
Buy

Target
1741
182
2519
1420
356
242

Intellisys 03 April 2012

Beta
1.08
1.08
1.47
1.23
1.28
1.04

Intellisys

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03 April 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
288.40
139.00
813.00
1343.00
485.90
299.90
51.75
233.00
610.00
450.00
1137.00
60.00
95.50
677.50
644.50
129.00
116.00
52.10
1113.00
2443.00

12M Lo
214.60
67.50
540.50
1019.00
326.50
281.00
35.50
180.00
383.75
239.25
1097.00
38.00
83.25
510.00
374.00
103.50
76.95
28.71
715.00
1404.00

12M Hi
340.20
151.50
859.50
1414.00
518.50
403.20
104.00
262.00
628.00
671.50
1489.00
76.75
124.50
725.00
706.50
135.30
153.50
52.75
1113.00
2558.00

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

Price 12M Lo
930.00 643.50
561.50 434.30
121.00
86.75
203.10 180.90
217.00 127.90
1186.00 711.50
1336.00 800.00
1837.00 1039.00
0.18
0.14
165.50 120.50
236.25 212.00

12M Hi
930.00
701.50
146.50
351.80
217.60
1262.00
1886.00
1837.00
0.28
208.00
295.00

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

Page 17 of 25

Beta
0.85
1.43
1.02
0.69
1.08
1.10
0.83
0.59
1.05
1.33
1.04
1.10
1.35
0.89
1.10
0.97
1.60
1.51
1.89
1.42

Target
439
683
152
376
189
796
1897
1173
0
234
122

Beta
0.75
1.18
1.34
1.47
2.21
0.98
1.28
1.43
0.63
1.60
1.12

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
323
71
710
1343
217
387
209
813
591
451
3324
152
73
1528
650
92
12
14
1137
1862

Over 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
Buy
Sell
Sell
Neutral
Sell
Buy
Strong Buy
Strong Buy
Neutral
Neutral
Strong Buy
Strong Buy
Sell
Strong Buy
Neutral
Sell
Sell
Sell
Neutral
Sell

Price
90.25
393.10
299.00
732.50
442.50
392.30
332.00
995.00
8.37
327.50
2064.00
203.00
176.75
2152.00
690.00
1813.00

12M Lo
62.50
225.60
252.50
395.80
280.00
306.30
235.00
636.50
7.25
224.00
1501.00
135.60
150.00
1649.00
488.00
1375.00

12M Hi
126.75
426.50
358.00
732.50
483.70
429.60
393.50
1119.00
12.00
360.00
2099.00
203.00
262.50
2184.00
690.00
2236.00

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

Target
270
323
476
703
424
339
540
1266
6
314
1646
220
156
2077
681
1465

Intellisys 03 April 2012

Beta
1.33
1.60
0.98
2.29
1.41
0.76
1.42
1.42
0.86
1.76
1.00
1.77
1.06
0.86
1.52
1.39

Intellisys

www.intellisys.uk.com

03 April 2012

Under Valued

Food & Drug Stores

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

Price 12M Lo
523.00 445.00
302.40 277.00
314.00 263.50
334.00 310.45
29.50
9.50

12M Hi
558.00
328.00
362.80
420.05
82.00

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

Price 12M Lo
1233.00 977.00
810.00 588.50
332.10 311.00
315.90 232.00
17.00
3.29
713.00 544.50
2098.00 1885.00

12M Hi
1233.00
841.00
409.70
332.20
35.12
720.50
2189.00

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

Price 12M Lo
23.00
16.00
234.00 227.00
1528.00 1092.00
698.00 375.00
9.75
7.50
18.92
9.36
3.50
2.20
45.00
36.00
317.70 269.50
10.25
5.20
771.00 570.00
68.25
60.20
313.50 217.00
384.00 301.80
46.25
25.50
161.00 127.30
3041.00 2031.00
825.00 633.00
38.50
21.50

12M Hi
23.75
304.50
1600.00
741.00
21.25
19.91
8.70
107.75
405.90
31.00
1030.00
151.40
313.50
402.20
48.25
448.50
3041.00
830.00
77.00

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

Price 12M Lo
636.50 498.00
41.00
36.50
640.00 521.00

12M Hi
636.50
59.00
715.00

ST Rec
Neutral
Neutral
Neutral

Page 18 of 25

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

Target
30
260
544
209
10
28
3
102
422
1162
1221
293
293
400
22
370
2181
481
23

Beta
0.72
0.49
1.36
1.03
0.65
1.46
0.97
0.93
0.64
0.87
0.49
1.27
0.99
0.74
1.05
0.55
0.80
0.55
1.34

LT Rec
Sell
Buy
Buy

Target
428
50
786

Beta
0.40
0.75
0.37

Under Valued

Household Goods & Textiles

Stock
HARVARD INTL.
GAMES WORKSHOP
HEADLAM GROUP
HORNBY

Beta
0.60
0.59
0.94
0.32
1.42
0.63
0.61

Under Valued

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

Target
1034
1542
742
675
-30
834
1017

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
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
0.53
0.46
0.65
0.74
0.78

Over Valued

Food Producers & Processors

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

Target
310
373
572
429
28

Price 12M Lo
41.88
21.75
570.00 370.00
301.50 233.25
93.00
93.00

12M Hi
41.88
577.50
310.00
145.00

ST Rec
LT
Sell
Neutral
Neutral
Neutral Strong

Rec
Sell
Sell
Buy
Buy

Target
31
472
353
146

Intellisys 03 April 2012

Beta
0.47
0.38
0.93
0.65

Intellisys

www.intellisys.uk.com

03 April 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
607.50 464.00
230.80 154.10
31.50
14.50
716.00 296.90
62.00
41.00
162.20 105.80
188.00
96.00

12M Hi
645.00
391.40
35.00
717.00
102.75
162.20
260.00

ST Rec
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral

Price 12M Lo
1189.00 787.00
336.40 270.60
142.40 109.60
420.00 336.00
408.50 340.50
710.00 576.00
105.80
99.60
361.25 285.00

12M Hi
1754.00
427.00
151.80
449.00
424.70
764.50
139.80
385.25

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

Price 12M Lo
2006.00 1742.00
59.00
26.50
196.80 136.70
717.00 600.00
514.50 410.00
164.00 114.00
1480.00 955.00
481.10 371.20
267.80 215.60
159.40 100.60
11.00
9.14
128.80 109.50
301.10 254.90
414.30 380.50
1866.00 1409.00
265.00 179.30
100.10
84.60

12M Hi
2642.00
96.15
250.00
752.00
523.50
164.00
1497.00
540.00
336.80
201.00
15.70
153.70
335.00
468.30
1866.00
265.00
112.00

Page 19 of 25

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

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

Target
-8479
7205
2346
85
6502
4494
2773
6237

Beta
0.54
0.47
0.52
0.31
0.50
0.33
0.44
0.51

Target
3167
31
681
575
565
164
1686
428
341
118
-205
179
312
587
1586
270
156

Beta
1.07
1.74
0.97
0.45
0.87
0.99
1.31
1.41
1.04
1.30
1.30
0.98
0.87
0.73
1.05
0.95
1.25

Over Valued

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

Beta
0.76
1.18
0.65
0.97
1.20
1.02
1.06

Under Valued

Leisure & Hotels

Stock
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
423
627
60
272
357
397
82

Over Valued

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

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

Price 12M Lo
333.10 275.30
190.50 161.75
131.90
89.80
162.80
98.05
764.00 509.00
356.00 294.00

12M Hi
452.70
264.00
135.00
164.60
797.50
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 03 April 2012

Beta
1.24
0.59
1.67
1.64
1.73
0.81

Intellisys

www.intellisys.uk.com

03 April 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
187.40 116.17
112.00
91.25
681.00 618.50
38.50
32.50
457.00 343.40
758.00 522.50
451.00 313.90
224.20 157.70
89.80
51.65
6.45
4.11
1221.00 1038.00
45.25
39.50
276.00 158.00
29.13
26.21
117.50
76.25
83.00
68.50
37.50
35.25
641.50 416.00
96.00
78.50
873.50 578.00
4.15
3.35

12M Hi
187.40
138.00
850.00
56.25
505.50
809.50
451.00
258.00
89.90
8.40
1255.00
67.00
292.00
39.25
168.00
102.25
54.25
641.50
154.75
880.00
11.00

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

Price
2368.50
305.80
1153.00
1965.00
1040.00
5420.00
3556.00
17.25
1260.00
1097.00

12M Lo
2138.50
237.90
900.50
1667.00
941.00
4580.00
2712.50
16.50
928.00
764.00

12M Hi
3344.00
340.00
1491.00
2631.50
1760.00
7565.00
4595.00
47.00
2518.00
1550.00

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

Price
1478.50
471.45
320.40
10.00
940.50
156.00
123.00
392.30
2219.00
2242.00
307.50
1552.00
733.50

12M Lo
1144.00
363.20
291.86
9.00
530.00
120.50
95.25
310.00
1883.50
1890.50
278.00
945.50
469.90

12M Hi
1564.00
504.60
531.75
14.75
968.00
328.60
297.00
520.50
2402.00
2489.00
400.00
1601.00
763.50

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

Page 20 of 25

Target
5827
325
1034
4345
894
1628
4856
-59
4836
1054

Beta
1.76
0.95
1.39
1.41
1.92
0.31
1.43
0.96
2.10
1.79

Price 12M Lo
122.00 108.75
311.60 285.00
3586.00 3100.00

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

Target
2010
1355
418
25
827
386
676
559
6792
6853
208
490
819

Beta
0.71
1.06
1.35
0.85
1.33
1.36
1.13
1.36
0.91
0.92
0.51
1.06
1.34

Over Valued

Personal Care & Household Products

Stock
MC BRIDE
PZ C USSONS
REC KITT BENC KISER GROUP

Beta
1.32
0.50
0.61
1.03
1.09
1.06
1.52
1.40
1.52
1.47
0.68
0.84
0.35
0.51
0.80
1.45
1.57
1.31
0.87
1.29
1.31

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
101
144
670
-79
512
623
359
187
83
72
1196
92
174
9
30
239
522
1804
123
918
56

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
Neutral
Sell
Buy
Sell
Sell
Sell
Sell
Strong Buy
Neutral
Strong Buy
Sell
Sell
Sell
Strong Buy
Strong Buy
Strong Buy
Buy
Neutral
Strong Buy

12M Hi
151.06
387.90
3599.00

ST Rec
Neutral
Neutral
Neutral

LT Rec
Sell
Buy
Sell

Target
99
365
3299

Intellisys 03 April 2012

Beta
0.88
0.75
0.34

Intellisys

www.intellisys.uk.com

03 April 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
3.58
2825.00
341.50
482.00
1429.00
3.07
7.52
2039.00
36.00
24.63

12M Lo
3.13
2543.50
231.60
433.00
1205.00
2.88
6.40
1791.00
31.00
18.75

12M Hi
5.35
3194.00
365.00
579.00
1497.00
7.20
9.50
2300.00
66.13
49.00

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

Price 12M Lo
22.63
21.75
125.50
57.75
1674.00 1298.00
428.00 324.70
301.75 225.00
20.00
16.50
100.00
58.95
472.40 242.90
349.00 214.90
195.50 154.75
77.50
41.50
1647.00 1444.00
299.60 231.70

12M Hi
27.00
129.75
1799.00
490.00
524.00
23.00
144.80
473.00
420.20
262.75
156.63
2109.00
312.40

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

Page 21 of 25

Beta
0.95
0.45
0.72
0.30
0.48
0.60
0.92
0.62
0.72
0.82

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

Target
50
65
1000
1146
304
20
224
493
445
514
-25
1809
332

Beta
0.72
0.84
1.46
1.09
1.09
0.90
1.37
0.74
1.33
0.88
0.47
0.81
0.64

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
-7
10364
214
1822
1912
14
1
1905
266
88

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
Sell
Strong Buy
Sell
Strong Buy
Buy
Strong Buy
Sell
Sell
Strong Buy
Strong Buy

Price 12M Lo
12M Hi
259.10 167.80
265.80
174.50 113.70
177.00
9552.00 8800.00 10950.00
294.75 240.00
350.00
152.00 115.63
160.50
787.00 590.00
829.50
65.80
56.05
81.70
1.90
1.36
14.25
127.20
95.05
171.90
392.80 311.60
541.50
283.50 197.90
345.00
383.10 318.40
522.00
1051.00 756.50 1076.00
133.30 104.50
259.60
1288.00 977.00 1316.00
1562.00 1183.00 1906.00
1225.00 970.00 1554.00

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

Target
181
133
18600
313
229
396
89
0
103
344
305
313
829
165
1243
1724
1724

Intellisys 03 April 2012

Beta
1.09
0.72
0.86
0.95
0.72
0.82
0.92
0.67
1.43
1.08
1.65
1.56
1.17
1.27
0.75
1.33
1.32

Intellisys

www.intellisys.uk.com

03 April 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
215.00 166.25
2275.00 1522.00
1141.00 740.50
264.70
99.40
828.00 570.50
341.00 270.00
1028.00 676.50
237.00 192.25
747.00 611.50
34.38
23.75
671.00 512.50
525.50 402.70
913.00 730.00
829.50 693.00
453.00 284.00
249.90 182.20
479.10 296.30
275.10 219.90
85.25
58.85
234.70 214.70
290.50 252.75
2570.00 1744.00
31.75
25.25
39.00
27.75
610.00 445.50
485.00 323.00
284.10 196.10
8.00
4.75
160.50 122.00
639.50 410.25
218.80 144.50
114.00
64.00
87.55
58.20
432.40 299.80
355.00 325.00
245.75 158.25
366.40 290.00
245.20 156.60
556.00 458.00
98.95
90.80
27.50
18.50
73.50
37.75
45.50
36.25
245.00 191.00
54.50
47.00
253.25 160.00

12M Hi
344.00
2316.00
1207.00
271.10
828.00
392.50
1028.00
318.50
767.00
39.75
671.00
568.00
1001.00
854.50
453.00
294.90
479.10
292.10
119.60
532.00
341.25
2570.00
36.00
45.50
614.00
567.00
288.30
86.75
166.50
639.50
301.00
117.70
100.90
436.00
410.00
326.00
393.20
253.00
597.50
130.90
34.00
79.75
52.88
258.00
956.25
366.75

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

Page 22 of 25

Target
363
1324
1372
136
752
1153
1052
578
751
104
827
1125
1087
1041
509
398
458
416
153
499
850
1730
72
61
1305
467
431
-317
307
780
376
74
54
564
583
373
478
317
718
176
-8
-354
67
621
-9816
614

Beta
0.93
1.18
1.03
1.50
0.55
0.72
0.56
0.32
0.45
0.75
0.74
1.04
#NA
0.21
1.01
1.03
1.13
0.60
0.99
0.65
1.36
0.87
1.16
0.67
1.46
1.37
0.61
0.92
0.38
0.75
1.20
1.42
1.31
0.88
0.82
1.23
0.82
1.59
0.59
1.47
1.31
0.62
0.88
0.90
0.77
0.96

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
Buy
Buy
Buy
Strong Buy
Neutral
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Neutral
Strong Buy
Sell
Strong Buy
Buy
Strong Buy
Sell
Sell
Buy
Strong Buy
Strong Buy
Buy
Buy
Buy
Strong Buy
Sell
Sell
Buy
Strong Buy
Sell
Strong Buy

Price 12M Lo
228.60 161.00
32.59
31.25
460.30 389.30
72.00
59.75
702.00 461.00
175.65 155.05

12M Hi
232.10
48.92
628.50
84.00
802.00
182.70

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

Target
266
140
373
85
481
194

Intellisys 03 April 2012

Beta
0.93
0.65
0.53
1.26
0.04
0.62

Intellisys

www.intellisys.uk.com

03 April 2012

Under Valued

Transport
Stock
BBA AVIATION
BRAEMAR SHIPPING SVS.
C LARKSON
EASYJET
FIRST GROUP
FISHER(JAMES)& SONS
GO-AHEAD GROUP
NATIONAL EXPRESS
NORTHGATE
STAGEC OAC H GROUP
WINC ANTON

Price 12M Lo
216.00 156.00
407.00 282.00
1330.00 1015.00
487.10 302.54
225.00 225.00
596.00 440.50
1248.00 1190.00
236.40 201.60
211.00 190.90
248.20 215.90
73.50
56.00

12M Hi
223.40
505.00
1355.00
495.80
370.20
605.00
1598.00
270.20
346.70
287.40
123.25

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

Page 23 of 25

Target
170
671
1656
558
431
349
1827
185
399
214
170

Beta
1.40
0.95
0.82
0.78
1.08
0.82
0.95
1.30
1.38
0.90
0.84

Under Valued

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

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

Price 12M Lo
323.00 278.80
643.50 569.00
719.00 620.00
1570.00 1375.00
614.00 560.00

12M Hi
333.00
659.00
737.50
1610.00
637.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rec
Neutral
Buy
Sell
Sell
Neutral

Target
337
815
613
1403
624

Intellisys 03 April 2012

Beta
0.50
0.56
0.61
0.47
0.58

Intellisys

www.intellisys.uk.com

03 April 2012

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Page 24 of 25

Intellisys 03 April 2012

to
or
of
of

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03 April 2012

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

connected person may have positions in or options or other financial instruments on any of the
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RISK WARNING Recommendations and Target Prices

Intellisys does not make personal recommendations. The information in this publication is
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If you are unsure about dealing in shares and other equity investments, you should contact
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Page 25 of 25

Intellisys 03 April 2012