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28 November 2012

Intellisys

Value Indicator UK Main market

28 November 2012

Contents
Introduction...................................................................................................................... 3
Timing .......................................................................................................................... 3
Value ........................................................................................................................... 4
Conclusion .................................................................................................................... 4
How to use the report ....................................................................................................... 5
Over Valued ............................................................... 6
Aerospace & Defence
Automobiles & Parts
Banks

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


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

Beverages
Chemicals

Construction & Building Materials


Electronics & Electrical Equipment

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


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

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


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

Engineering & Machinery


Food & Drug Stores

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


Food Producers & Processors
Under Valued ....................................................................... 8
General Retail
Over Valued ................................................................................. 8
Health

Household Goods & Textiles

Over Valued ...................................................... 9

Over Valued ........................................... 9


Information Technology & Hardware
Under Valued .............................................................................. 9
Insurance
Over Valued ................................................................. 9
Leisure & Hotels
Over Valued ..................................................................... 10
Over Valued ........................................................... 10

Life Assurance
Media & Entertainment
Mining

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

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


Over Valued ......................................... 11
Personal Care & Household Products
Over Valued .............................................. 11
Pharmaceuticals & Biotechnology

Oil & Gas

Real Estate

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

Software & Computer Services


Speciality & Other Finance
Support Services

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


Over Valued ....................................................... 12
Over Valued ............................................................... 13

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


Telecommunication Services
Over Valued ............................................................................ 14
Transport
Under Valued ............................................................................... 14
Utilities

DISCLAIMER ................................................................................................................... 15
RISK WARNING Ratings and Targets ............................................................................. 16

Intelligent Analysis Limited www.intellisys.uk.com

Page 2 of 16

Intellisys

Value Indicator UK Main market

28 November 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 16

Intellisys

Value Indicator UK Main market

28 November 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 16

Intellisys

Value Indicator UK Main market

28 November 2012

How to use the report


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

Longer term action based


upon implied target price
Todays action
Sector

Implied target price


based upon 49
valuation metrics

Closing price

General Retail
Stock
ASHLEY(LAURA) HOLDINGS
BROWN (N) GROUP
BURBERRY GROUP
CARPETRIGHT

Price
29.00
266.70
1136.00
675.00

12M Lo
18.50
222.40
1000.00
375.00

12M Hi
29.50
282.70
1586.00
728.50

ST Rec
Neutral
Neutral
Neutral
Neutral

21.16
6.36

9.36
2.20

21.69
6.55

Neutral
Neutral

FRENCH CONNECTN.GROUP
HALFORDS GROUP
JJB SPORTS SUSP - 24/09/12

23.50
324.70
0.40

19.50
189.00
0.24

82.00
342.30
17.00

Neutral
Neutral
Neutral

JD SPORTS FASHION

731.00

570.00

863.00

Neutral

57.25
269.80
377.90
55.00
212.00
3576.00
951.50
49.25

38.00
237.20
302.70
31.25
127.30
2540.00
633.00
21.50

110.60
313.80
389.50
55.00
227.00
3644.00
1017.00
51.75

Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral

DIXONS RETAIL
FINDEL

DARTY
KINGFISHER
MARKS & SPENCER GROUP
MOSS BROTHERS GROUP
MOTHERCARE
NEXT
TED BAKER
TOPPS TILES

Company

Latest 12 month
Hi/Lo for the
share price

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

Target
30
298
739
268

Beta
0.72
0.52
1.30
0.97

38
4

1.56
0.94

112
415
-62

1.05
0.67
0.88

1341

0.47

321
365
448
61
97
2798
542
29

1.28
0.97
0.74
1.04
0.44
0.72
0.56
1.31

eta measures a
shares
volatility/risk
relative to market

(see below)

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

eta <1.0

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

eta =1.0

Share should move in line with the market

eta >1.0

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

Intelligent Analysis Limited www.intellisys.uk.com

Page 5 of 16

Intellisys

Value Indicator UK Main market

Over Valued

Aerospace & Defence


Stock
BAE SYSTEMS
CHEMRING GROUP
COBHAM
MEGGITT
ROLLS-ROYCE HOLDINGS
SMITHS GROUP
ULTRA ELECTRONICS HDG.

Price 12M Lo
319.70
260.90
238.20
217.00
205.00
168.50
381.00
337.30
878.00
683.33
1070.00
881.50
1530.00 1400.00

12M Hi
363.60
460.00
239.50
414.90
882.08
1113.00
1780.00

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

Price
217.90
423.60
76.50
14.25

12M Lo
170.20
284.10
48.00
6.80

12M Hi
237.20
423.60
79.00
16.25

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

Price 12M Lo
243.65
150.55
620.90
478.25
46.41
23.18
295.10
194.00
1440.00 1228.50

12M Hi
256.75
626.10
46.52
295.10
1662.50

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

Price 12M Lo
476.50
348.00
1880.50 1326.50
2835.50 2150.50

12M Hi
481.60
1880.50
2868.50

Beta
1.96
1.45
1.32
1.14

Target
142
987
58
-145
1208

Beta
1.89
1.17
1.86
1.37
1.68

ST Rec
Neutral
Sell
Neutral

LT Rec
Neutral
Sell
Buy

Target
523
1597
3400

Beta
0.49
0.54
1.00

Under Valued

Chemicals
Stock
CRODA INTERNATIONAL
ELEMENTIS
JOHNSON MATTHEY
VICTREX
YULE CATTO
ZOTEFOAMS

Target
208
407
84
25

Under Valued

Beverages
Stock
BARR (AG)
DIAGEO
SABMILLER

Beta
0.68
0.55
0.87
1.33
1.09
0.70
0.58

Over Valued

Banks
Stock
BARCLAYS
HSBC HDG. (ORD $0.50)
LLOYDS BANKING GROUP
ROYAL BANK OF SCTL.GP.
STANDARD CHARTERED

Target
491
501
237
321
573
850
1289

Under Valued

Automobiles & Parts


Stock
GKN
INCHCAPE
LOOKERS
PENDRAGON

28 November 2012

Price 12M Lo
2336.00 1708.00
215.40
129.00
2269.00 1758.39
1543.00 1070.00
172.00
127.40
186.50
109.00

12M Hi
2501.00
240.30
2573.00
1543.00
251.00
225.00

Intelligent Analysis Limited www.intellisys.uk.com

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

Target
3810
298
6083
1665
309
181

Page 6 of 16

Beta
1.06
1.05
1.44
1.16
1.23
0.99

Intellisys

28 November 2012

Value Indicator UK Main market

Over Valued

Construction & Building Materials


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

Price
246.70
188.00
967.00
1593.00
516.00
286.70
44.75
233.75
692.50
630.00
1177.00
50.63
102.25
524.00
757.50
157.60
108.80
56.65
1144.00
2808.00

12M Lo
229.90
87.30
660.00
1177.00
399.30
235.50
35.50
180.50
441.70
240.00
1095.00
38.00
76.00
512.00
446.20
107.30
76.95
34.86
755.00
1802.00

12M Hi
320.80
194.90
1029.00
1597.00
525.00
344.00
54.50
249.50
753.00
630.00
1489.00
66.50
103.62
725.00
815.50
163.00
123.20
63.10
1149.00
2815.00

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

Price
1102.00
563.50
112.25
220.30
223.20
1302.00
1810.00
1876.00
0.08
132.25
267.63

12M Lo
685.00
436.50
99.25
181.60
139.70
905.50
827.50
1170.00
0.08
114.00
185.00

12M Hi
1244.00
670.00
149.50
257.00
243.90
1390.00
1838.00
1902.00
0.22
203.50
275.00

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

Beta
0.83
1.51
1.09
0.69
1.13
1.12
0.77
0.64
1.05
1.29
1.00
1.10
1.31
0.87
1.17
1.04
1.67
1.58
1.93
1.46

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

Target
621
756
197
275
84
953
1975
1747
0
313
184

Beta
0.76
1.18
1.30
1.41
2.13
0.99
1.27
1.46
0.83
1.60
1.12

Under Valued

Engineering & Machinery


Stock
AGA RANGEMASTER GROUP
BODYCOTE
CASTINGS
COOKSON GROUP
FENNER
HALMA
HILL & SMITH
IMI
METALRAX GROUP
MORGAN CRUCIBLE
ROTORK
SENIOR
SEVERFIELD-ROWEN
SPIRAX-SARCO
VITEC GROUP
WEIR GROUP

Target
-43
30
106
3054
64
-214
20
451
-100
269
854
79
38
76
231
30
133
-7
474
477

Over Valued

Electronics & Electrical Equipment


Stock
DIALIGHT
DOMINO PRINTING SCIENCES
E2V TECHNOLOGIES
INVENSYS
LAIRD
OXFORD INSTRUMENTS
RENISHAW
SPECTRIS
BIOME TECHNOLOGIES
TT ELECTRONICS
XAAR

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

Price
66.00
400.70
307.50
592.00
383.90
437.90
390.75
1006.00
4.50
244.00
2442.00
191.50
90.50
2164.00
654.75
1801.00

12M Lo
54.25
247.30
253.00
463.70
329.30
325.80
236.75
711.00
3.88
220.30
1676.00
162.70
90.50
1748.00
547.00
1397.00

Intelligent Analysis Limited www.intellisys.uk.com

12M Hi
92.00
437.10
358.50
747.50
483.70
448.50
403.75
1022.00
9.00
360.00
2442.00
213.00
219.50
2334.00
740.00
2236.00

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

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

Page 7 of 16

Target
127
467
613
718
373
341
323
1159
4
471
1722
201
82
1953
573
1766

Beta
1.25
1.58
0.98
2.22
1.45
0.76
1.36
1.40
0.84
1.80
1.02
1.70
1.00
0.84
1.46
1.39

Intellisys

28 November 2012

Value Indicator UK Main market

Over Valued

Food & Drug Stores


Stock
GREGGS
MORRISON(WM)SPMKTS.
SAINSBURY (J)
TESCO
THORNTONS

Price
478.30
260.90
333.60
321.20
30.13

12M Lo
457.00
256.20
283.20
297.05
9.50

12M Hi
558.00
328.00
361.10
411.25
38.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Sell

Price
1466.00
800.00
357.90
316.00
94.25
779.00
2396.00

12M Lo
1083.00
711.50
290.40
249.40
47.50
633.50
1994.00

12M Hi
1466.00
858.00
361.10
341.20
180.00
779.00
2396.00

ST Rec
Sell
Neutral
Neutral
Neutral
Neutral
Sell
Neutral

Price
26.88
355.30
1240.00
678.50
26.90
7.30
24.25
342.10
702.50
50.50
275.90
378.70
58.00
296.50
3616.00
989.00
47.25

12M Lo
18.75
222.40
1000.00
375.00
9.55
2.76
19.50
189.00
570.00
38.00
237.20
302.70
31.25
152.00
2573.00
633.00
22.00

12M Hi
29.50
358.10
1586.00
728.50
26.90
9.03
58.75
356.80
863.00
88.95
313.80
398.70
58.00
303.00
3650.00
1017.00
51.75

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

LT Rec
Sell
Strong Buy
Sell
Sell
Sell
Buy
Buy

Target
1155
1263
339
297
-147
914
3104

Beta
0.59
0.58
0.90
0.31
1.40
0.64
0.58

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

Target
30
322
882
249
35
3
101
446
1362
76
352
460
56
368
3316
589
32

Beta
0.72
0.54
1.31
0.97
1.57
1.13
1.05
0.70
0.48
1.27
0.97
0.74
1.04
0.46
0.72
0.56
1.31

Over Valued

Health
Stock
CONSORT MEDICAL
CORIN GROUP
SMITH & NEPHEW

Beta
0.48
0.42
0.67
0.71
0.84

Under Valued

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

Target
614
205
230
280
21

Under Valued

Food Producers & Processors


Stock
ASSOCIATED BRIT.FOODS
CRANSWICK
DAIRY CREST
DEVRO
PREMIER FOODS
TATE & LYLE
UNILEVER (UK)

LT Rec
Buy
Sell
Sell
Sell
Sell

Price
761.00
69.13
659.00

12M Lo
498.00
35.25
564.00

Intelligent Analysis Limited www.intellisys.uk.com

12M Hi
777.00
69.50
693.00

ST Rec
Neutral
Neutral
Neutral

LT Rec
Sell
Neutral
Neutral

Page 8 of 16

Target
633
67
708

Beta
0.49
0.68
0.37

Intellisys

28 November 2012

Value Indicator UK Main market

Over Valued

Household Goods & Textiles


Stock
GAMES WORKSHOP
HEADLAM GROUP
HORNBY

Price
676.50
313.25
64.00

12M Lo
432.50
242.50
55.25

12M Hi
720.50
319.75
139.75

ST Rec
Neutral
Neutral
Neutral

Price
758.00
363.00
37.00
427.90
153.00
188.75

12M Lo
469.00
166.00
16.25
418.60
105.80
100.25

12M Hi
758.00
363.00
47.25
717.00
174.00
230.00

ST Rec
Sell
Neutral
Neutral
Neutral
Neutral
Neutral

Price
1103.00
383.90
176.50
477.40
476.00
759.00
115.60
345.00

12M Lo
787.00
310.50
129.50
379.40
359.00
635.00
97.65
310.00

12M Hi
1231.00
405.00
177.00
489.60
489.40
790.00
121.50
388.50

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rec
Sell
Strong Buy
Neutral
Sell
Strong Buy
Sell

Target
440
738
40
388
536
-246

Beta
0.77
1.21
0.79
1.08
0.97
1.00

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

Target
447
-2422
1302
611
1785
2704
1434
1677

Beta
0.56
0.49
0.57
0.34
0.49
0.31
0.43
0.48

Over Valued

Leisure & Hotels


Stock
CARNIVAL
ENTERPRISE INNS
TUI TRAVEL
FULLER SMITH 'A'
GREENE KING
LADBROKES
ICTL.HTLS.GP.
MILLENNIUM & CPTH.HTLS.
MITCHELLS & BUTLERS
BWIN PARTY DIGITAL ENTM.
PUNCH TAVERNS
RANK GROUP
RESTAURANT GROUP
WETHERSPOON (JD)
WHITBREAD
WILLIAM HILL
MARSTON'S

Beta
0.41
0.94
0.73

Under Valued

Insurance
Stock
ADMIRAL GROUP
AMLIN
BEAZLEY
CATLIN GROUP
HISCOX
JARDINE LLOYD THOMPSON
RSA INSURANCE GROUP
NOVAE GROUP

Target
658
263
93

Over Valued

Information Technology & Hardware


Stock
ARM HOLDINGS
CSR
FILTRONIC
IMAGINATION TECHNOLOGIES
SPIRENT COMMUNICATIONS
WOLFSON MICROELECTRONICS

LT Rec
Neutral
Sell
Buy

Price
2505.00
81.75
268.80
748.50
609.00
191.50
1680.00
471.00
312.10
110.10
6.60
148.00
389.90
535.00
2361.00
333.60
122.10

12M Lo
1841.00
26.50
149.40
657.25
456.20
120.70
1045.22
388.10
217.40
91.90
5.61
111.00
269.20
371.30
1508.00
183.30
88.45

Intelligent Analysis Limited www.intellisys.uk.com

12M Hi
2544.00
82.00
268.80
798.00
625.00
194.60
1727.01
518.00
337.00
174.00
12.50
154.30
391.00
536.50
2456.00
357.50
127.70

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

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

Page 9 of 16

Target
4872
44
748
744
620
170
1427
607
369
28
-201
454
306
665
1881
271
159

Beta
1.00
1.66
1.00
0.41
0.91
0.97
1.20
1.37
1.07
1.25
1.22
0.94
0.87
0.79
1.02
0.94
1.22

Intellisys

28 November 2012

Value Indicator UK Main market

Over Valued

Life Assurance
Stock
AVIVA
CHESNARA
LEGAL & GENERAL
OLD MUTUAL
PRUDENTIAL
ST.JAMES'S PLACE

Price
344.30
191.50
143.10
170.30
882.50
398.40

12M Lo
255.30
155.25
98.25
109.78
598.00
303.40

12M Hi
382.60
207.50
144.20
177.70
889.00
400.50

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

Price
235.40
119.00
774.00
49.63
527.50
752.00
416.80
193.00
96.55
12.50
1168.00
50.63
273.50
27.01
100.88
106.50
82.00
729.50
141.50
846.00
0.28

12M Lo
127.10
91.25
635.50
28.50
363.50
625.00
333.00
180.00
60.95
4.63
1104.00
36.25
209.87
26.21
76.25
67.50
25.50
448.00
78.50
638.00
0.27

12M Hi
237.80
146.50
777.50
51.75
527.50
828.00
451.00
240.60
96.80
13.25
1294.00
56.50
377.50
30.02
119.50
106.50
82.00
733.00
143.00
880.00
6.27

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

Target
-299
800
68
1980
1772
88
299
520
758
244
1364
468
367
519
-240
1849
563
266
508
545
24

Beta
1.31
0.46
0.57
1.01
1.07
0.98
1.58
1.43
1.56
1.28
0.66
0.83
0.24
0.54
0.81
1.44
1.60
1.35
0.90
1.31
1.11

Under Valued

Mining
Stock
ANGLO AMERICAN
ANGLO PACIFIC GROUP
ANTOFAGASTA
BHP BILLITON
LONMIN
RANDGOLD RESOURCES
RIO TINTO
UK COAL
VEDANTA RESOURCES
XSTRATA

Target
988
297
243
148
781
365

Over Valued

Media & Entertainment


Stock
AEGIS GROUP
BLOOMSBURY PBL.
BRITISH SKY BCAST.GROUP
CENTAUR 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

LT Rec
Strong Buy
Strong Buy
Strong Buy
Sell
Sell
Sell

Price
1714.50
242.75
1238.00
1943.50
275.00
6565.00
2978.50
5.12
1011.50

12M Lo
1664.00
221.25
991.00
1681.00
240.84
4596.00
2715.50
3.75
832.50
785.80

12M Hi
2910.00
340.00
1399.00
2206.50
599.98
7775.00
3988.00
34.00
1502.00
1283.00

Intelligent Analysis Limited www.intellisys.uk.com

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

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

Target
3073
283
970
3574
616
3028
3568
140
2358
1110

Page 10 of 16

Beta
1.71
1.01
1.45
1.43
1.93
0.28
1.42
0.92
2.13
1.77

Beta
1.29
0.67
1.69
1.63
1.72
0.86

Intellisys

Value Indicator UK Main market

Under Valued

Oil & Gas


Stock
BG GROUP
BP
CAIRN ENERGY
FORTUNE OIL
HUNTING
JKX OIL & GAS
PREMIER OIL
ROYAL DUTCH SHELL B
SOCO INTERNATIONAL
TULLOW OIL
WOOD GROUP (JOHN)

Price
1060.00
431.25
261.60
8.52
789.00
80.00
334.50
2140.50
360.10
1360.00
814.00

12M Lo
1000.50
391.95
248.20
7.86
650.50
73.00
322.30
2039.00
254.90
1258.00
613.00

12M Hi
1547.00
504.60
360.00
12.13
968.00
187.75
449.70
2489.00
373.40
1601.00
875.50

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

Price
136.25
365.00
3919.00

12M Lo
102.70
285.00
3125.00

12M Hi
140.00
365.00
3919.00

ST Rec
Neutral
Neutral
Neutral

Price
3.25
2881.50
355.50
576.00
1334.50
2.43
8.50
1790.00
67.00
22.63

12M Lo
2.54
2591.00
286.90
418.33
1317.50
2.05
5.88
1727.00
31.00
18.75

12M Hi
4.00
3111.50
423.00
622.00
1507.50
5.80
12.75
2300.00
101.50
27.38

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

Beta
0.76
1.06
1.35
0.89
1.28
1.45
1.38
0.91
0.53
1.08
1.36

LT Rec
Strong Buy
Sell
Neutral

Target
253
311
3955

Beta
0.85
0.71
0.35

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

Target
29
5237
364
2415
153
11
3
1466
225
95

Beta
1.04
0.49
0.64
0.28
0.49
0.71
0.94
0.67
0.71
0.86

Under Valued

Real Estate
Stock
BIG YELLOW GROUP
BRITISH LAND
CAPITAL & REGIONAL
CLS HOLDINGS
DERWENT LONDON
DEVELOPMENT SECS.
GRAINGER
GREAT PORTLAND ESTATES
HAMMERSON
HELICAL BAR
LAND SECURITIES GROUP
CAPITAL SHOPCTS.GROUP
MCKAY SECURITIES
MUCKLOW (A & J) GROUP
QUINTAIN ESTATES & DEV.
SAVILLS
SHAFTESBURY
SEGRO
ST MODWEN PROPS.
TOWN CENTRE SECURITIES
UNITE GROUP
WARNER ESTATE
WORKSPACE GROUP

Target
1205
1512
-21
14
499
292
285
10660
250
791
799

Over Valued

Pharmaceuticals & Biotechnology


Stock
ARK THERAPEUTICS GP.
ASTRAZENECA
BTG
DECHRA PHARMACEUTICALS
GLAXOSMITHKLINE
OXFORD BIOMEDICA
PHYTOPHARM
SHIRE
SKYEPHARMA
VERNALIS

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

Over Valued

Personal Care & Household Products


Stock
MCBRIDE
PZ CUSSONS
RECKITT BENCKISER GROUP

28 November 2012

Price
332.20
540.50
26.50
656.50
2045.00
160.50
112.30
457.10
466.30
204.00
798.00
344.20
139.50
358.50
52.50
427.70
548.00
231.70
218.70
182.75
267.90
1.43
298.80

12M Lo
238.00
444.00
22.75
535.00
1495.00
121.75
83.10
312.90
345.20
164.00
612.00
291.10
108.50
280.25
32.50
284.40
459.70
195.00
103.75
130.00
160.80
1.43
213.25

12M Hi
352.10
549.50
34.25
740.00
2115.00
176.00
116.00
477.70
483.40
206.00
821.00
354.20
144.00
390.00
56.75
438.00
551.00
259.20
220.00
189.50
284.10
4.13
310.00

Intelligent Analysis Limited www.intellisys.uk.com

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

Target
-299
800
68
1980
1772
88
299
520
758
244
1364
468
367
519
-240
1849
563
266
508
545
24
111
583

Page 11 of 16

Beta
1.13
1.04
0.69
0.69
1.20
0.97
1.47
1.06
1.14
0.71
1.14
1.09
0.71
0.47
1.15
0.69
0.99
1.65
1.46
1.06
1.73
1.01
1.01

Intellisys

Value Indicator UK Main market

Over Valued

Software & Computer Services


Stock
ANITE
AVEVA GROUP
COMPUTACENTER
KOFAX
INNOVATION GROUP
MICRO FOCUS INTL.
PHOENIX IT GROUP
RM
FIDESSA GROUP
SAGE GROUP

Price
138.50
2060.00
390.90
283.00
22.63
565.00
167.50
79.38
1416.00
311.80

12M Lo
76.00
1428.00
292.40
235.00
17.25
364.38
135.00
58.00
1275.00
247.70

12M Hi
149.90
2074.00
461.90
314.00
23.00
595.50
231.75
93.50
1766.00
324.80

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

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

Target
98
1050
1183
260
18
701
264
-62
1669
311

Beta
0.89
1.41
1.04
1.13
0.86
0.82
0.89
0.53
0.81
0.74

Over Valued

Speciality & Other Finance


Stock
ABERDEEN ASSET MAN.
BREWIN DOLPHIN
CAMELLIA
CHARLES STANLEY GROUP
CHARLES TAYLOR
CLOSE BROTHERS GROUP
F&C ASSET MANAGEMENT
HELPHIRE GROUP
HENDERSON GROUP
ICAP
INTERMEDIATE CAPITAL GP.
INVESTEC
LONDON STOCK EX.GROUP
MAN GROUP
RATHBONE BROTHERS
SCHRODERS
SCHRODERS NV

28 November 2012

Price
328.60
184.50
9662.50
292.50
165.13
851.00
98.20
1.74
116.20
290.00
297.60
378.50
976.00
73.25
1240.00
1587.00
1270.00

12M Lo
193.80
124.20
9175.00
247.50
115.63
590.00
59.50
0.77
90.55
281.40
220.10
310.40
756.50
63.25
989.00
1166.00
966.00

12M Hi
342.70
184.60
10250.00
296.50
189.75
876.50
102.80
3.61
128.30
431.50
321.50
414.90
1105.00
152.50
1373.00
1650.00
1309.00

Intelligent Analysis Limited www.intellisys.uk.com

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

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

Target
87
94
9098
181
108
251
95
110
54
203
107
18
1511
92
979
1040
4133

Page 12 of 16

Beta
1.12
0.77
0.81
0.96
0.71
0.87
0.90
0.66
1.46
1.04
1.61
1.55
1.13
1.29
0.77
1.34
1.28

Intellisys

Value Indicator UK Main market

Over Valued

Support Services
Stock
ACAL
AGGREKO
AMEC
ASHTEAD GROUP
BABCOCK INTL.
BRITISH POLYTHENE INDS.
BUNZL
UK MAIL GROUP
CAPITA
COMMUNISIS
COMPASS GROUP
BERENDSEN
DE LA RUE
DIGNITY
DIPLOMA
ELECTROCOMP.
FILTRONA
G4S
HAYS
HOMESERVE
INTERSERVE
INTERTEK GROUP
JOHNSON SERVICE GROUP
MANAGEMENT CNSL.GP.
MENZIES (JOHN)
MICHAEL PAGE INTL.
MITIE GROUP
OFFICE2OFFICE
PAYPOINT
PREMIER FARNELL
REGUS
RENTOKIL INITIAL
REXAM
RICARDO
ROBERT WALTERS
RPC GROUP
RPS GROUP
SERCO GROUP
SHANKS GROUP
SPEEDY HIRE
TRIBAL GROUP
TRIFAST
VP
WYG

Price
163.50
2235.00
1028.00
380.60
974.00
385.00
1074.00
292.50
751.00
39.63
722.50
583.50
988.00
982.00
465.00
212.50
577.50
245.20
77.45
241.20
349.10
3023.00
34.00
22.88
573.00
351.80
267.70
118.50
884.50
173.80
96.00
89.35
434.60
365.13
191.00
425.90
211.50
553.50
82.90
33.25
96.88
45.50
336.00
61.50

12M Lo
158.50
1776.00
862.00
173.50
685.00
317.00
806.00
192.25
602.00
23.75
560.00
412.00
861.50
755.50
311.50
187.50
369.80
239.20
58.85
137.50
270.10
1879.00
25.25
21.25
505.00
323.00
235.80
118.50
492.00
153.20
77.80
58.20
338.40
304.50
158.25
324.50
173.20
458.00
75.80
19.00
40.50
36.63
191.00
42.00

12M Hi
219.50
2400.00
1172.00
392.70
992.00
410.50
1167.00
295.00
781.50
41.00
727.00
589.00
1075.00
987.00
497.90
263.00
586.00
292.10
92.50
310.00
392.80
3023.00
35.00
39.50
652.00
497.00
300.80
163.75
884.50
228.80
117.50
89.90
461.40
391.00
264.63
447.00
256.60
602.00
113.00
34.50
98.50
49.50
354.88
62.50

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

Target
259
1102
899
261
546
658
676
375
421
60
527
812
523
639
346
265
295
236
97
416
577
1197
77
45
1082
267
283
196
589
226
91
45
505
394
260
440
204
473
137
43
41
50
515
153

Beta
0.88
1.09
1.07
1.61
0.45
0.78
0.52
0.31
0.50
0.77
0.70
1.02
#NA
0.17
0.98
1.04
1.11
0.58
1.09
0.91
1.26
0.82
1.19
0.71
1.41
1.42
0.56
0.42
0.72
1.29
1.44
1.31
0.88
0.83
1.27
0.80
1.55
0.58
1.46
1.28
0.52
0.94
0.90
0.78

Over Valued

Telecommunication Services
Stock
BT GROUP
CABLE & WIRELESS COMMS.
INMARSAT
KCOM GROUP
TELECOM PLUS
VODAFONE GROUP

28 November 2012

Price
226.30
34.41
577.00
69.45
895.00
156.90

12M Lo
183.40
27.28
390.80
65.75
612.00
156.90

12M Hi
236.80
45.16
602.00
85.20
895.00
191.25

Intelligent Analysis Limited www.intellisys.uk.com

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rec
Buy
Strong Buy
Sell
Buy
Sell
Sell

Target
265
65
486
103
581
134

Page 13 of 16

Beta
0.90
0.67
0.54
1.28
0.03
0.53

Intellisys

Value Indicator UK Main market

Over Valued

Transport
Stock
BBA AVIATION
BRAEMAR SHIPPING SVS.
CLARKSON
EASYJET
FIRST GROUP
FISHER(JAMES)& SONS
GO-AHEAD GROUP
NATIONAL EXPRESS
NORTHGATE
STAGECOACH GROUP
WINCANTON

Price
203.00
360.00
1199.00
703.00
179.70
790.00
1226.00
165.00
249.50
275.50
74.00

12M Lo
168.40
288.00
1076.00
368.87
175.70
460.00
1086.00
165.00
159.60
230.40
31.00

12M Hi
218.80
425.00
1390.00
706.50
344.00
801.00
1412.00
252.00
266.75
297.20
91.75

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

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

Target
149
358
1220
426
389
286
1356
179
463
285
-26

Beta
1.32
0.99
0.79
0.79
1.00
0.83
0.95
1.35
1.43
0.94
0.90

Under Valued

Utilities
Stock
CENTRICA
NATIONAL GRID
PENNON GROUP
SSE
SEVERN TRENT
UNITED UTILITIES GROUP

28 November 2012

Price
321.50
712.50
604.50
1399.00
1554.00
669.00

12M Lo
278.80
597.50
598.00
1209.00
1454.00
589.00

12M Hi
341.30
714.00
796.00
1461.00
1796.00
736.00

Intelligent Analysis Limited www.intellisys.uk.com

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rec
Buy
Neutral
Buy
Buy
Sell
Sell

Target
454
779
726
1635
1398
619

Page 14 of 16

Beta
0.47
0.52
0.54
0.44
0.34
0.49

Intellisys

Value Indicator UK Main market

28 November 2012

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Intellisys

Value Indicator UK Main market

28 November 2012

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RISK WARNING Ratings and Targets


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Page 16 of 16