21 August 2012

Intellisys

Value Indicator UK Main market

21 August 2012

Contents
Introduction...................................................................................................................... 3
Timing .......................................................................................................................... 3
Value ........................................................................................................................... 4
Conclusion .................................................................................................................... 4
Over Valued ............................................................... 5
Aerospace & Defence
Automobiles & Parts
Banks

Over Valued ................................................................. 5

Over Valued ................................................................................ 5
Under Valued .......................................................................... 5
Under Valued .......................................................................... 5

Beverages
Chemicals

Construction & Building Materials

Over Valued ................................................ 6

Under Valued ............................................... 6

Electronics & Electrical Equipment
Under Valued .......................................................... 6
Engineering & Machinery
Under Valued ................................................................. 7
Under Valued ..................................................... 7
Food Producers & Processors
Under Valued ....................................................................... 7
General Retail

Food & Drug Stores

Over Valued ................................................................................. 7

Under Valued ...................................................... 8
Household Goods & Textiles
Over Valued ........................................... 8
Information Technology & Hardware

Health

Insurance
Leisure & Hotels
Life Assurance

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

Under Valued ................................................................. 8
Over Valued ....................................................................... 9
Over Valued ............................................................ 9

Media & Entertainment

Over Valued .................................................................................. 9
Mining
Under Valued ............................................................................ 10
Over Valued ......................................... 10
Personal Care & Household Products
Over Valued .............................................. 10
Pharmaceuticals & Biotechnology

Oil & Gas

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

Over Valued ................................................ 11
Software & Computer Services
Over Valued ....................................................... 11
Speciality & Other Finance

Real Estate

Support Services
Telecommunication Services
Transport

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

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

Over Valued ............................................................................ 13

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

Utilities
DISCLAIMER ................................................................................................................... 14
RISK WARNING Ratings and Targets ............................................................................. 15

Intelligent Analysis Limited www.intellisys.uk.com

Page 2 of 15

Intellisys

Value Indicator UK Main market

21 August 2012

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

120.0%

110.0%

110.0%

100.0%

100.0%

90.0%

90.0%

80.0%

80.0%

70.0%

70.0%

60.0%

60.0%

50.0%

50.0%

40.0%

40.0%

30.0%

30.0%

20.0%

20.0%
1

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

Trend

Source: Intellisys

Intelligent Analysis Limited www.intellisys.uk.com

Page 3 of 15

Intellisys

Value Indicator UK Main market

21 August 2012

Value
A similar discipline has been applied to the process of establishing Target Indications. On a
daily basis, Intellisys analyses as broad an array of historic data from not only the
Consolidated Income Statement but also the Balance Sheet and Cash Flow Statement and
then utilises this data within its proprietary valuation models.
Intellisys architect, Philip Morrish, has successfully applied these disciplines to his investment
research for the last 15+ years. Additionally, these investment valuation techniques lend
themselves to accurate cross-border analysis.
The resultant Target is also discounted to a Net Present Value to make the Target as
realistically valid as possible.
Nevertheless, Intellisys recognises that Target Indication delivery is not only a function of
market levels but a management teams ability to establish and maintain a value generating
operating environment set against a constantly changing global background.
The typical investment analysts approach to determining target prices is to start with a
modest range of some 6 8 valuation measures and remove those that are not providing the
intuitive result. Intellysis approach is the opposite we use as many valuation methodologies
as possible.
Further, Intellisys recognises that some target Indications may appear strange or extreme.
However, subscribers should not dismiss these outcomes but use them as starting points to
challenge their established or perceived valuation opinion of a stock.
In short, this disciplined approach provides an investment reality check to assist investors
from falling in love with a stock or becoming mesmerised by management cults.
Conclusion
No investment methodology is 100% successful and like all trading and investment systems
active position monitoring is critical for maximised investment performance.
Therefore, Intellisys recommends that its products should be used in conjunction with, and
not separate from subscribers existing investment systems as well as discussing investment
options with their financial advisers.

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 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.

Intelligent Analysis Limited www.intellisys.uk.com

Page 4 of 15

Intellisys

Value Indicator UK Main market

Over Valued

Aerospace & Defence

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

Price 12M Lo
318.30 251.40
373.90 267.30
224.40 165.90
406.20 305.00
849.00 558.24
1060.00 869.50
1558.00 1327.00

12M Hi
333.00
560.00
239.50
413.50
890.00
1113.00
1780.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

Price 12M Lo
224.00 157.00
387.50 268.60
69.25
48.00
14.75
6.80

12M Hi
235.50
418.20
70.00
16.25

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

Price 12M Lo
190.90 138.85
563.10 463.50
34.43
21.84
231.70 173.40
1399.50 1169.50

12M Hi
256.75
581.70
37.50
291.70
1662.50

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

Price 12M Lo
446.60 348.00
1687.00 1118.00
2798.00 2005.00

12M Hi
462.30
1737.50
2868.50

Target
209
384
79
23

Beta
1.95
1.44
1.30
1.12

Target
101
940
50
-210
1119

Beta
1.86
1.16
1.84
1.34
1.69

ST Rec
Neutral
Neutral
Neutral

LT Rec
Buy
Sell
Buy

Target
496
1439
3288

Beta
0.49
0.55
1.01

Under Valued

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

Beta
0.68
0.56
0.87
1.33
1.09
0.71
0.57

Under Valued

Beverages
Stock
BARR (AG)
DIAGEO
SABMILLER

Target
475
538
250
371
585
987
1293

Over Valued

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

LT Rec
Buy
Buy
Buy
Sell
Sell
Sell
Sell

Over Valued

Automobiles & Parts

Stock
GKN
INC HC APE
LOOKERS
PENDRAGON

21 August 2012

Price
2425.00
215.70
2344.00
1350.00
155.40
178.50

12M Lo
1597.00
107.50
1522.47
1025.00
127.40
109.00

12M Hi
2466.00
215.70
2407.16
1516.00
251.00
186.50

Intelligent Analysis Limited www.intellisys.uk.com

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

Target
3744
291
6075
1593
305
178

Page 5 of 15

Beta
1.05
1.04
1.44
1.15
1.22
0.97

Intellisys

Value Indicator UK Main market

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
287.30
152.20
892.00
1462.00
491.60
268.10
42.50
220.25
645.00
495.00
1323.00
58.00
81.00
654.00
705.00
142.30
96.05
51.85
1052.00
2483.00

12M Lo
214.60
68.60
559.00
1039.00
330.00
235.50
35.50
180.00
395.00
239.25
1095.00
38.00
76.00
510.00
383.10
103.50
76.95
28.90
715.00
1425.00

12M Hi
311.00
152.20
898.00
1464.00
518.50
361.90
79.75
247.50
653.00
500.00
1489.00
67.00
103.75
725.00
706.50
142.30
123.20
52.75
1125.00
2558.00

Price 12M Lo
1083.00 685.00
592.00 434.30
120.12
86.75
255.00 180.90
220.90 128.50
1299.00 714.00
1565.00 800.00
1730.00 1039.00
0.10
0.08
165.25 120.50
237.00 185.00

12M Hi
1120.00
670.00
149.50
277.50
225.20
1310.00
1579.00
1902.00
0.24
203.50
275.00

Target
23
121
235
1321
108
-134
37
422
5
369
1401
98
58
241
341
26
140
2
707
731

Beta
0.83
1.46
1.06
0.69
1.10
1.11
0.76
0.62
1.04
1.27
1.00
1.10
1.30
0.87
1.14
1.00
1.64
1.53
1.88
1.41

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

Target
613
750
195
275
64
852
2002
1716
0
308
179

Beta
0.74
1.18
1.28
1.39
2.12
0.98
1.26
1.44
0.81
1.59
1.11

Under 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

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

Under Valued

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

21 August 2012

Price
67.75
359.80
334.00
611.50
395.70
424.90
338.00
914.00
5.50
270.10
2242.00
212.40
146.00
2050.00
646.50
1750.00

12M Lo
62.50
225.60
252.50
395.80
280.00
306.30
235.00
636.50
5.13
224.00
1511.00
135.60
140.00
1665.00
488.00
1375.00

12M Hi
97.00
437.10
338.50
747.50
483.70
431.90
345.00
1022.00
9.12
360.00
2322.00
213.00
219.50
2334.00
690.00
2236.00

Intelligent Analysis Limited www.intellisys.uk.com

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

Target
154
474
598
765
380
331
348
1102
6
458
1574
201
100
1870
605
1722

Page 6 of 15

Beta
1.25
1.56
0.97
2.22
1.45
0.76
1.35
1.38
0.82
1.79
1.02
1.70
1.00
0.85
1.46
1.39

Intellisys

Value Indicator UK Main market

Under Valued

Food & Drug Stores

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

Price 12M Lo
499.10 457.00
285.00 263.00
331.90 263.50
338.95 297.05
24.00
9.50

12M Hi
558.00
328.00
332.50
411.25
48.50

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

Price 12M Lo
1313.00 1038.00
837.00 588.50
344.60 290.40
307.00 232.00
64.50
32.90
652.00 569.00
2274.00 1922.00

12M Hi
1314.00
858.00
368.90
332.20
180.00
720.50
2334.00

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

Price 12M Lo
22.50
17.38
279.90 222.40
1375.00 1092.00
622.00 375.00
17.25
9.36
4.93
2.20
21.25
19.50
237.80 189.00
3.00
3.00
686.00 570.00
50.50
38.00
292.60 223.30
363.10 301.80
44.75
31.25
221.50 127.30
3641.00 2214.00
980.50 633.00
48.00
21.50

12M Hi
24.00
291.00
1586.00
728.50
19.64
7.39
103.00
342.30
21.00
874.00
110.60
313.80
389.50
51.00
374.00
3641.00
990.00
49.00

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

Target
1579
1739
391
437
-177
1305
2260

Beta
0.60
0.59
0.89
0.31
1.41
0.62
0.59

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

Target
29
290
725
264
38
4
110
402
-30
1311
315
356
436
59
98
2741
532
27

Beta
0.70
0.52
1.33
0.96
1.54
0.93
1.02
0.65
0.85
0.48
1.25
0.96
0.73
1.02
0.44
0.73
0.55
1.29

Over Valued

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

Beta
0.48
0.41
0.67
0.72
0.83

Under Valued

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

Target
294
383
556
419
25

Under Valued

Food Producers & Processors

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

21 August 2012

Price 12M Lo
735.00 498.00
57.88
35.25
665.00 540.50

12M Hi
743.50
57.88
678.50

Intelligent Analysis Limited www.intellisys.uk.com

ST Rec
Sell
Neutral
Neutral

LT Rec
Sell
Neutral
Neutral

Target
630
57
701

Page 7 of 15

Beta
0.49
0.68
0.38

Intellisys

Value Indicator UK Main market

Under Valued

Household Goods & Textiles

Stock
GAMES WORKSHOP
HEADLAM GROUP
HORNBY

Price 12M Lo
632.50 405.00
298.50 233.25
85.00
70.25

12M Hi
647.50
306.00
141.50

ST Rec
Neutral
Neutral
Neutral

Price 12M Lo
584.00 469.00
326.00 154.10
31.25
14.50
547.00 309.80
87.50
41.00
153.60 105.80
227.50
96.00

12M Hi
645.00
338.40
35.00
717.00
87.75
174.00
230.00

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

Price 12M Lo
1179.00 787.00
389.10 270.60
168.80 111.00
459.40 336.00
459.40 340.50
780.00 606.50
113.20
97.65
382.00 285.00

12M Hi
1535.00
389.10
168.90
462.00
462.00
790.00
115.80
388.50

Beta
0.40
0.92
0.74

Target
397
618
35
240
282
521
45

Beta
0.76
1.20
0.78
1.08
1.33
0.97
0.99

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

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

Target
478
-2424
1277
645
1739
2687
1424
1627

Beta
0.57
0.51
0.56
0.33
0.49
0.30
0.45
0.48

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
607
294
99

Under Valued

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

LT Rec
Neutral
Neutral
Buy

Over Valued

Information Technology & Hardware

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

21 August 2012

Price 12M Lo
2179.00 1750.00
56.50
26.50
207.10 136.70
715.00 621.00
576.50 411.40
175.50 114.00
1655.00 955.00
484.00 371.20
272.90 215.60
97.00
93.20
6.80
5.61
130.70 111.00
320.30 264.40
469.50 371.30
2117.00 1432.00
303.60 183.30
111.20
84.60

12M Hi
2369.00
70.00
211.40
740.00
611.00
181.40
1725.00
513.00
280.90
174.00
12.50
150.90
328.30
474.00
2165.00
314.60
112.50

Intelligent Analysis Limited www.intellisys.uk.com

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

Target
4703
38
703
718
574
168
1417
587
355
60
-164
193
301
642
1867
267
154

Page 8 of 15

Beta
0.99
1.65
0.97
0.41
0.90
0.96
1.19
1.35
1.05
1.24
1.21
0.89
0.85
0.77
1.01
0.93
1.20

Intellisys

Value Indicator UK Main market

Over Valued

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

Price 12M Lo
325.00 255.30
169.00 155.25
132.00
89.80
171.20
98.48
808.00 509.00
364.80 294.00

12M Hi
382.60
226.00
135.00
171.20
824.00
375.00

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

Price 12M Lo
237.20 116.17
140.75
91.25
770.00 618.50
34.50
28.50
483.50 343.40
765.00 522.50
404.50 313.90
201.30 157.70
84.70
51.65
6.31
4.11
1226.00 1060.00
43.00
36.25
275.00 205.87
29.40
26.21
89.00
76.25
73.50
67.50
41.50
25.50
685.50 416.00
104.00
78.50
856.50 578.00
1.15
1.08

12M Hi
237.60
144.00
773.00
45.13
485.00
828.00
451.00
240.60
89.90
7.90
1294.00
62.25
377.50
30.32
119.50
95.25
54.25
690.50
106.00
880.00
6.27

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

Beta
1.29
0.66
1.67
1.62
1.72
0.85

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

Target
-293
775
65
1903
1704
88
290
520
735
237
1322
459
357
503
-236
1798
544
259
494
527
18

Beta
1.30
0.42
0.57
0.98
1.05
0.96
1.56
1.42
1.54
1.28
0.66
0.81
0.26
0.54
0.78
1.31
1.41
1.34
0.82
1.30
1.12

Over Valued

Mining
Stock
ANGLO AMERIC AN
ANGLO PAC IFIC GROUP
ANTOFAGASTA
BHP BILLITON
LONMIN
RANDGOLD RESOURC ES
RIO TINTO
UK C OAL
VEDANTA RESOURC ES
XSTRATA

Target
916
278
225
137
716
332

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
HIBU

21 August 2012

Price
1914.50
265.00
1105.00
1950.50
610.00
6165.00
3000.00
5.12

12M Lo
1854.00
221.25
900.50
1667.00
610.00
4596.00
2712.50
5.12
832.50
907.50 764.00

12M Hi
2910.00
340.00
1399.00
2206.50
1313.00
7565.00
3988.00
47.00
1502.00
1283.00

Intelligent Analysis Limited www.intellisys.uk.com

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

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

Target
3070
290
894
3352
857
3003
3657
135
2507
1119

Page 9 of 15

Beta
1.72
1.01
1.44
1.43
1.95
0.31
1.43
0.90
2.14
1.76

Intellisys

Value Indicator UK Main market

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)

Price
1310.50
452.00
294.90
9.00
802.00
83.75
134.00
391.50
2249.50
2339.50
349.10
1383.00
835.50

12M Lo
1144.00
363.20
248.20
8.30
530.00
83.75
93.00
310.00
1919.00
1936.00
254.90
945.50
469.90

12M Hi
1547.00
504.60
379.03
12.13
968.00
196.50
180.00
449.70
2402.00
2489.00
363.80
1601.00
837.50

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

Price 12M Lo
128.50 105.00
306.50 285.00
3579.00 3100.00

12M Hi
135.12
374.20
3660.00

ST Rec
Neutral
Neutral
Neutral

Price
3.29
2986.50
326.60
480.20
1471.00
2.15
6.50
1952.00
98.00
25.25

Target
1055
1344
-20
14
483
263
626
265
7459
9272
226
634
804

Beta
0.77
1.06
1.37
0.91
1.27
1.45
1.26
1.39
0.92
0.92
0.53
1.10
1.36

LT Rec
Sell
Buy
Sell

Target
112
347
3309

Beta
0.84
0.72
0.35

Over Valued

Pharmaceuticals & Biotechnology

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

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

Over Valued

Personal Care & Household Products

Stock
MC BRIDE
PZ C USSONS
REC KITT BENC KISER GROUP

21 August 2012

12M Lo
2.54
2591.00
238.00
392.50
1264.50
2.15
5.88
1743.00
31.00
18.75

12M Hi
4.40
3111.50
423.00
524.84
1507.50
6.40
9.50
2300.00
101.50
38.25

Intelligent Analysis Limited www.intellisys.uk.com

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

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

Target
20
5971
291
1431
664
8
3
1373
197
72

Page 10 of 15

Beta
1.02
0.49
0.65
0.28
0.49
0.67
0.93
0.67
0.70
0.84

Intellisys

Under Valued

Real Estate
Stock
BIG YELLOW GROUP
BRITISH LAND
C APITAL & REGIONAL
C LS HOLDINGS
DERWENT LONDON
DEVELOPMENT SEC S.
GRAINGER
GREAT PORTLAND ESTATES
HAMMERSON
HELIC AL BAR
LAND SEC URITIES GROUP
C APITAL SHOPC TS.GROUP
MC KAY SEC URITIES
MUC KLOW (A & J) GROUP
QUINTAIN ESTATES & DEV.
SAVILLS
SHAFTESBURY
SEGRO
ST MODWEN PROPS.
TOWN C ENTRE SEC URITIES
UNITE GROUP
WARNER ESTATE
WORKSPAC E GROUP

21 August 2012

Value Indicator UK Main market

Price 12M Lo
303.80 218.00
543.50 444.00
23.25
23.00
700.00 520.00
1986.00 1400.00
156.00 121.75
101.50
77.30
434.90 312.90
459.00 345.20
200.00 163.50
810.50 612.00
332.20 288.70
137.00 108.50
361.25 280.25
53.00
32.50
388.00 256.20
525.50 445.20
245.70 195.00
210.00 103.50
182.00 130.00
215.50 152.90
2.25
1.75
255.00 212.50

12M Hi
330.00
549.50
38.13
725.00
2021.00
204.75
116.00
443.50
474.50
234.25
812.00
354.20
141.00
390.00
53.50
392.90
549.00
259.50
220.00
189.50
228.00
4.13
257.00

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

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

Price 12M Lo
20.75
18.25
124.10
57.75
1830.00 1298.00
368.10 292.40
275.00 225.00
19.25
16.75
104.90
58.95
561.00 257.71
209.75 154.75
80.25
41.50
1440.00 1394.00
302.60 240.30

12M Hi
27.00
132.30
1869.00
461.90
341.00
22.25
110.90
561.00
231.75
105.00
1766.00
312.40

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

Target
37
53
916
1066
244
16
130
561
404
-70
1469
266

Beta
0.69
0.86
1.41
1.04
1.13
0.85
1.14
0.81
0.87
0.52
0.82
0.74

Over Valued

Speciality & Other Finance

Stock
ABERDEEN ASSET MAN.
BREWIN DOLPHIN
C AMELLIA
C HARLES STANLEY GROUP
C HARLES TAYLOR
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

Beta
1.11
1.03
0.78
0.67
1.19
0.94
1.44
1.04
1.12
0.71
1.13
1.09
0.70
0.47
1.12
0.66
0.98
1.63
1.44
0.96
1.71
1.00
0.99

Over Valued

Software & Computer Services

Stock
TIMEWEAVE
ANITE
AVEVA GROUP
C OMPUTAC ENTER
KOFAX
INNOVATION GROUP
LOGIC A SUSP - 20/08/12
MIC RO FOC US INTL.
PHOENIX IT GROUP
RM
FIDESSA GROUP
SAGE GROUP

Target
-293
775
65
1903
1704
88
290
520
735
237
1322
459
357
503
-236
1798
544
259
494
527
18
111
565

Price 12M Lo
12M Hi
278.60 167.80
283.80
155.80 113.70
177.00
9918.00 8800.00 10250.00
295.50 240.00
297.50
170.00 115.63
187.00
790.00 590.00
812.00
90.95
56.05
90.95
0.92
0.87
3.22
111.70
90.55
131.10
333.70 301.10
488.60
286.70 197.90
303.90
395.60 310.40
441.70
1013.00 756.50 1093.00
80.95
63.25
240.10
1274.00 989.00 1373.00
1435.00 1166.00 1650.00
1156.00 966.00 1309.00

Intelligent Analysis Limited www.intellisys.uk.com

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

Target
89
92
9065
179
108
241
92
96
53
202
111
-35
1473
92
1022
1043
4023

Page 11 of 15

Beta
1.11
0.75
0.81
0.95
0.69
0.85
0.89
0.65
1.46
1.05
1.60
1.53
1.15
1.29
0.77
1.34
1.28

Intellisys

21 August 2012

Value Indicator UK Main market

Over Valued

Support Services
Stock
AC AL
AGGREKO
AMEC
ASHTEAD GROUP
BABC OC K INTL.
BRITISH POLYTHENE INDS.
BUNZL
UK MAIL GROUP
C APITA
C OMMUNISIS
C OMPASS GROUP
BERENDSEN
DE LA RUE
DIGNITY
DIPLOMA
ELEC TROC OMP.
FILTRONA
G4S
HAYS
HOMESERVE
INTERSERVE
INTERTEK GROUP
JOHNSON SERVIC E GROUP
MANAGEMENT C NSL.GP.
MENZIES (JOHN)
MIC HAEL PAGE INTL.
MITIE GROUP
MOUC HEL GROUP
OFFIC E2OFFIC E
PAYPOINT
PREMIER FARNELL
REGUS
RENTOKIL INITIAL
REXAM
RIC ARDO
ROBERT WALTERS
RPC GROUP
RPS GROUP
SERC O GROUP
SHANKS GROUP
SPEEDY HIRE
TRIBAL GROUP
TRIFAST
VP
WYG

Price 12M Lo
179.50 166.25
2276.00 1522.00
1113.00 740.50
267.10
99.40
894.00 581.00
358.00 295.00
1108.00 703.00
236.50 192.25
739.00 602.00
35.50
23.75
719.50 512.50
525.00 402.70
1064.00 772.00
921.50 727.00
427.00 284.00
230.10 182.20
530.00 311.70
268.70 219.90
82.80
58.85
227.70 137.50
355.00 270.10
2800.00 1744.00
28.00
25.25
24.50
21.25
621.00 475.00
371.10 323.00
282.00 208.00
1.00
0.96
155.00 124.75
695.00 465.00
194.00 144.50
101.60
64.00
78.80
58.20
436.70 299.80
360.00 304.50
186.13 158.25
422.50 300.50
237.30 156.60
577.00 458.00
84.60
75.80
25.00
18.50
88.50
40.50
46.50
36.25
310.25 191.00
47.00
42.00

12M Hi
248.00
2316.00
1171.00
272.00
899.50
392.50
1167.00
275.25
767.00
39.75
719.50
540.50
1070.00
929.00
460.50
263.00
540.00
292.10
92.50
490.30
355.00
2842.00
32.00
41.25
652.00
497.00
296.70
50.50
166.50
740.00
228.80
117.50
89.90
444.60
385.00
264.63
424.40
250.00
602.00
115.90
30.50
92.63
49.50
311.50
63.00

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

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

Beta
0.86
1.10
1.10
1.56
0.45
0.77
0.53
0.29
0.50
0.77
0.70
1.01
#NA
0.19
0.98
1.04
1.11
0.58
1.06
0.91
1.26
0.82
1.08
0.70
1.41
1.40
0.56
0.80
0.43
0.71
1.28
1.42
1.30
0.88
0.81
1.23
0.79
1.55
0.58
1.45
1.26
0.51
0.93
0.90
0.77

Over Valued

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

Target
288
1002
893
245
552
639
691
381
402
72
521
786
511
585
327
257
282
242
100
378
600
1142
76
47
1068
252
287
1
201
484
216
95
43
499
360
265
441
213
476
142
48
47
42
505
130

Price 12M Lo
218.40 161.00
34.10
27.28
568.50 389.30
77.15
65.60
825.00 612.00
186.75 157.50

12M Hi
232.10
45.16
568.50
79.00
890.00
191.25

Intelligent Analysis Limited www.intellisys.uk.com

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

Target
265
67
503
102
572
140

Page 12 of 15

Beta
0.90
0.67
0.55
1.27
0.03
0.55

Intellisys

21 August 2012

Value Indicator UK Main market

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
189.10 156.00
382.50 282.00
1317.00 1015.00
545.00 309.27
245.40 187.40
645.50 460.00
1328.00 1086.00
224.10 180.00
219.50 159.60
296.30 230.40
50.75
31.00

12M Hi
218.80
423.00
1390.00
572.50
370.20
646.50
1583.00
252.00
276.50
296.70
102.00

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

Beta
1.31
0.99
0.79
0.80
1.02
0.82
0.95
1.36
1.41
0.96
0.89

Under Valued

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

Target
172
421
1318
486
436
330
1388
213
370
281
-75

Price 12M Lo
329.10 278.80
700.50 589.50
741.50 638.00
1342.00 1209.00
1745.00 1420.00
719.00 579.50

12M Hi
330.10
703.50
796.00
1445.00
1796.00
728.00

Intelligent Analysis Limited www.intellisys.uk.com

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rec
Buy
Buy
Neutral
Buy
Sell
Sell

Target
466
848
777
1672
1520
671

Page 13 of 15

Beta
0.47
0.53
0.55
0.44
0.35
0.50

Intellisys

Value Indicator UK Main market

21 August 2012

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report, and may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions
imposed by internal rules.

Intelligent Analysis Limited www.intellisys.uk.com

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Intellisys

Value Indicator UK Main market

21 August 2012

Subscribers, and casual reader, are reminded that the value of shares in any company may go up or down
and that past performance is not necessarily a guide to future performance.
Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authority and does
not offer, provide or purport to provide or offer investment advice.

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 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.

Intelligent Analysis Limited www.intellisys.uk.com

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