You are on page 1of 17

Powered by

24 July 2013

Contents
Introduction .................................................................................................................................3
Value ...........................................................................................................................................4
Conclusion ..................................................................................................................................4
RISK WARNING Ratings and Targets ....................................................................................4
How to use the report .................................................................................................................5
Under Valued .....................................................................6
Aerospace & Defence
Unde r V a lue d ......................................................................6

Automobiles & Parts


Banks
Beverages

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


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

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


Under Valued ....................................................7
Construction & Building Materials

Chemicals

Electronics & Electrical Equipment


Engineering & Machinery
Food & Drug Stores

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


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

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


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

Food Producers & Processors


Under Valued ..............................................................................9
General Retail
Over Valued .........................................................................................9
Health
Over Valued ..........................................................9
Over Valued ...............................................9

Household Goods & Textiles

Information Technology & Hardware


Under Valued ................................................................................... 10
Insurance
Over Valued ..................................................................... 10
Leisure & Hotels
Life Assurance

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


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

Media & Entertainment


Under Valued ...................................................................................... 11
Mining
Under Valued ................................................................................... 11
Oil & Gas
Personal Care & Household Products

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


Under Valued ................................................ 12

Pharmaceuticals & Biotechnology


Under Valued ...................................................................... 12
Real Estate - REIT
Under Valued ..................................................................... 13
Under Valued ..................................................... 13
Software & Computer Services
Under Valued .......................................................... 13
Speciality & Other Finance

Real Estate REIS

Support Services

Under Valued ..................................................................... 14


Over Valued ....................................................... 14

Telecommunication Services
Over Valued ................................................................................... 15
Transport
Under Valued ....................................................................................... 15
Utilities
DISCLAIMER ........................................................................................................................... 16
RISK WARNING ...................................................................................................................... 17

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

24 July 2013
+44 20 3239 8994

Page 2 of 17

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

120.0%

110.0%

110.0%

100.0%

100.0%

90.0%

90.0%

80.0%

80.0%

70.0%

70.0%

60.0%

60.0%

50.0%

50.0%

40.0%

40.0%

30.0%

30.0%

20.0%

20.0%
1

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

Trend

Source: Intellisys

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

24 July 2013
+44 20 3239 8994

Page 3 of 17

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

RISK WARNING Ratings and Targets


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

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

24 July 2013
+44 20 3239 8994

Page 4 of 17

How to use the report


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

Longer term action based


upon implied target price
Todays action
Sector

Implied target
price based upon
49 valuation
metrics

Closing price

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

Company

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

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

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

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

Latest 12 month Hi/Lo for


the share price

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

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

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

eta measures a shares


volatility/risk relative to
market (see below)

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

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

eta =1.0

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

eta >1.0

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

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

24 July 2013
+44 20 3239 8994

Page 5 of 17

Under Valued

Aerospace & Defence


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BAE SYSTEMS

435.30

300.80

435.30

Neutral

Buy

Target
605

Beta
0.68

CHEMRING GROUP

306.10

217.00

414.70

Neutral

Buy

359

0.66

COBHAM

278.00

190.10

293.40

Neutral

Neutral

299

0.83

MEGGITT

547.00

366.20

562.00

Neutral

Neutral

526

1.30

ROLLS-ROYCE HOLDINGS

1180.00

799.39

1225.00

Neutral

Neutral

1164

1.01

SMITHS GROUP

1377.00

1011.00

1396.00

Neutral

Sell

1158

0.77

ULTRA ELECTRONICS HDG.

1835.00

1424.00

1843.00

Neutral

Sell

1709

0.51

Unde r V a lue d

Automobiles & Parts


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

GKN

339.80

200.70

341.90

Neutral

Neutral

332

1.96

INCHCAPE

555.00

353.30

577.50

Neutral

Neutral

587

1.42

LOOKERS

115.00

64.50

115.00

Neutral

Sell

102

1.23

27.25

13.50

28.25

Neutral

Buy

40

1.11

PENDRAGON

Target

Over Valued

Banks
Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

BARCLAYS

321.75

150.55

333.85

Neutral

Sell

-822

1.94

HSBC HDG. (ORD $0.50)

731.40

510.60

769.90

Neutral

Buy

888

1.16

68.11

28.76

70.03

Sell

Sell

1.86

LLOYDS BANKING GROUP


ROYAL BANK OF SCTL.GP.

335.80

196.60

367.80

Neutral

Sell

-115

1.37

STANDARD CHARTERED

1515.50

1228.50

1837.50

Neutral

Strong Buy

3483

1.65

Under Valued

Beverages
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

569.00

415.00

588.50

Neutral

Sell

500

0.58

DIAGEO

2020.00

1656.00

2085.00

Neutral

Neutral

2221

0.53

SABMILLER

3256.00

2599.00

3657.00

Neutral

Buy

4377

0.93

BARR (AG)

Target

Beta

Under Valued

Chemicals
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ALENT

372.30

305.00

397.50

Neutral

Buy

457

#NA

AZ ELECTRONIC MATS.(DI)

335.20

240.00

406.40

Neutral

Strong Buy

564

1.21

CARCLO

363.25

342.75

503.00

Neutral

Sell

147

0.76

2449.00

2164.00

2841.00

Neutral

Buy

3186

1.06

CRODA INTERNATIONAL
ELEMENTIS

Target

Beta

238.40

192.90

275.00

Neutral

Buy

312

1.04

JOHNSON MATTHEY

2750.00

2080.27

2836.00

Neutral

Strong Buy

4322

1.44

VICTREX

1572.00

1212.00

1765.00

Neutral

Sell

1342

1.19

SYNTHOMER

201.00

137.00

225.80

Neutral

Strong Buy

400

1.11

ZOTEFOAMS

207.50

166.00

225.00

Neutral

Buy

302

0.99

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

24 July 2013
+44 20 3239 8994

Page 6 of 17

Under Valued

Construction & Building Materials


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ALUMASC GROUP

108.00

61.50

108.00

Neutral

Strong Buy

Target
273

Beta

BALFOUR BEATTY

240.50

207.60

320.80

Neutral

Strong Buy

1131

0.83

BARRATT DEVELOPMENTS

341.90

132.20

352.00

Neutral

Strong Buy

598

1.61
1.00

0.52

BELLWAY

1431.00

801.50

1455.00

Neutral

Strong Buy

2812

BERKELEY GROUP HDG.(THE)

2250.00

1343.00

2325.00

Neutral

Strong Buy

3434

0.57

BOOT (HENRY)

188.50

115.50

201.00

Neutral

Strong Buy

359

0.76
1.11

BOVIS HOMES GROUP

820.00

451.00

851.50

Neutral

Strong Buy

1412

CARILLION

291.30

235.50

331.80

Neutral

Strong Buy

1516

1.10

CLARKE (T)

53.00

40.00

61.50

Neutral

Strong Buy

381

0.80

277.25

206.13

306.00

Neutral

Strong Buy

1117

0.51

CRH

COSTAIN GROUP

1350.00

1090.00

1540.00

Neutral

Sell

910

1.05

GALLIFORD TRY

1000.00

606.00

1019.00

Neutral

Strong Buy

2903

0.95

KELLER

1155.00

411.00

1161.00

Sell

Strong Buy

2352

1.26

KIER GROUP

1423.00

1106.00

1486.00

Neutral

Strong Buy

5247

0.94

65.25

50.00

76.75

Neutral

Strong Buy

221

1.05
1.32

LOW & BONAR


MARSHALLS

148.75

76.00

148.75

Neutral

Buy

200

MORGAN SINDALL GROUP

654.50

508.00

695.00

Neutral

Strong Buy

4465

0.69

16.50

10.63

18.25

Neutral

Strong Buy

60

1.07

NORCROS

1256.00

565.78

1305.00

Neutral

Strong Buy

1967

1.04

REDROW

PERSIMMON

250.80

125.00

253.30

Neutral

Strong Buy

447

0.89

SIG

182.10

88.85

183.00

Neutral

Strong Buy

519

1.72

45.50

43.00

287.50

Neutral

Strong Buy

4169

0.88

107.00

42.72

108.00

Neutral

Strong Buy

223

1.62

SUPERGLASS HOLDINGS
TAYLOR WIMPEY
TRAVIS PERKINS

1675.00

970.50

1696.00

Neutral

Strong Buy

4338

1.92

WOLSELEY

3235.00

2240.40

3483.00

Neutral

Strong Buy

5907

1.37

Under Valued

Electronics & Electrical Equipment


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

1185.00

999.50

1365.00

Neutral

Sell

1026

0.69

DOMINO PRINTING SCIENCES

640.00

522.00

717.00

Neutral

Buy

860

1.16

E2V TECHNOLOGIES

131.75

105.50

137.75

Neutral

Strong Buy

268

1.27

INVENSYS

499.10

217.33

509.50

Neutral

Sell

268

1.36

LAIRD

189.50

171.10

249.30

Neutral

Strong Buy

432

2.12

OXFORD INSTRUMENTS

1347.00

1209.00

1752.00

Neutral

Sell

1263

1.11

RENISHAW

1567.00

1270.00

2081.00

Neutral

Buy

2015

1.30

SPECTRIS

2085.00

1479.00

2470.00

Neutral

Buy

2745

1.52

82.50

82.50

303.67

Neutral

Sell

-476

0.75

TT ELECTRONICS

161.00

114.00

178.50

Neutral

Strong Buy

420

1.61

XAAR

846.50

227.00

898.00

Neutral

Sell

410

1.09

DIALIGHT

BIOME TECHNOLOGIES

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

24 July 2013
+44 20 3239 8994

Page 7 of 17

Under Valued

Engineering & Machinery


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

AGA RANGEMASTER GROUP

92.00

54.25

92.00

Neutral

Buy

131

1.18

BODYCOTE

584.00

322.60

584.00

Neutral

Neutral

602

1.58

CASTINGS

400.00

291.00

412.50

Neutral

Strong Buy

637

0.94

VESUVIUS

412.00

263.19

413.20

Neutral

Strong Buy

1047

2.23

FENNER

342.00

305.90

435.20

Neutral

Strong Buy

523

1.46

HALMA

527.50

395.50

538.50

Neutral

Sell

394

0.77

HILL & SMITH

426.25

297.00

480.00

Neutral

Buy

505

1.36

1378.00

776.00

1400.00

Neutral

Strong Buy

4977

1.40

295.10

220.30

305.00

Neutral

Strong Buy

584

1.87

2703.00

2132.00

3037.00

Neutral

Sell

1106

1.03

264.80

182.00

281.80

Neutral

Sell

233

1.66
0.75

IMI
MORGAN ADVANCED MATERIAL
ROTORK
SENIOR
SEVERFIELD-ROWEN

Target

Beta

57.00

35.40

80.16

Neutral

Sell

42

SPIRAX-SARCO

2827.00

1929.53

2928.35

Neutral

Sell

2023

0.84

VITEC GROUP

569.00

559.00

740.00

Neutral

Sell

444

1.41

WEIR GROUP

2112.00

1532.00

2474.00

Neutral

Neutral

2068

1.47

Over Valued

Food & Drug Stores


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

GREGGS

438.00

398.00

523.50

Neutral

Strong Buy

794

0.43

MORRISON(WM)SPMKTS.

285.90

248.60

296.40

Neutral

Buy

394

0.36

SAINSBURY (J)

396.70

312.50

398.50

Neutral

Buy

479

0.54

TESCO

367.15

307.90

387.75

Neutral

Sell

198

0.66

85.50

22.50

100.50

Neutral

Sell

54

0.82

THORNTONS

Target

Over Valued

Food Producers & Processors


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

ASSOCIATED BRIT.FOODS

1862.00

1243.00

2031.00

Neutral

Sell

1632

0.59

CRANSWICK

1170.00

732.50

1178.00

Neutral

Strong Buy

1784

0.35

DAIRY CREST

494.50

327.30

503.50

Neutral

Sell

359

0.89

DEVRO

300.10

278.00

380.00

Neutral

Strong Buy

525

0.34

90.25

54.50

125.75

Neutral

Strong Buy

239

1.22

823.50

634.50

883.00

Neutral

Strong Buy

1382

0.68

2714.00

2140.00

2885.00

Neutral

Sell

2220

0.52

PREMIER FOODS
TATE & LYLE
UNILEVER (UK)

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

24 July 2013
+44 20 3239 8994

Page 8 of 17

Under Valued

General Retail
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ASHLEY(LAURA) HOLDINGS

25.50

20.50

29.50

Neutral

Strong Buy

38

0.67

504.50

261.70

509.00

Sell

Sell

454

0.47

1480.00

1000.00

1541.00

Neutral

Sell

1206

1.27

677.00

585.00

701.50

Neutral

Sell

353

0.89

46.14

14.97

46.14

Neutral

Neutral

46

1.46

173.00

55.20

186.00

Neutral

Sell

60

1.05

30.00

19.50

34.00

Sell

Strong Buy

112

1.00

HALFORDS GROUP

364.60

189.00

405.20

Neutral

Buy

511

0.68

JD SPORTS FASHION

903.00

651.00

925.00

Neutral

Strong Buy

1762

0.51

BROWN (N) GROUP


BURBERRY GROUP
CARPETRIGHT
DIXONS RETAIL
FINDEL
FRENCH CONNECTN.GROUP

DARTY

Target

Beta

78.00

38.00

79.00

Neutral

Buy

108

1.19

KINGFISHER

384.80

254.10

392.90

Neutral

Buy

450

0.87

MARKS & SPENCER GROUP

481.70

317.10

485.00

Neutral

Buy

639

0.61

60.75

44.75

71.00

Neutral

Buy

75

0.98

466.50

194.75

492.75

Neutral

Sell

153

0.38

NEXT

4843.00

3185.00

4872.00

Sell

Neutral

5082

0.59

TED BAKER

1899.00

880.00

1900.00

Sell

Sell

958

0.54

84.50

42.00

89.00

Neutral

Sell

76

1.50

MOSS BROTHERS GROUP


MOTHERCARE

TOPPS TILES

Over Valued

Health
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BIOQUELL

134.00

129.50

160.00

Neutral

Sell

Target
112

0.39

CONSORT MEDICAL

793.50

660.50

839.00

Neutral

Sell

566

0.38

OPTOS

152.37

106.75

222.75

Neutral

Buy

168

1.23

SMITH & NEPHEW

785.50

638.00

795.00

Neutral

Sell

666

0.44

Over Valued

Household Goods & Textiles


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

GAMES WORKSHOP

790.00

571.50

791.50

Neutral

Neutral

773

0.38

HEADLAM GROUP

355.75

265.00

378.75

Neutral

Sell

311

0.89

80.25

55.25

88.50

Neutral

Buy

106

0.71

HORNBY

Target

Over Valued

Information Technology & Hardware


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

ARM HOLDINGS

898.00

484.80

1097.00

Neutral

Sell

285

0.70

CSR

598.50

296.20

607.00

Neutral

Strong Buy

1530

1.12

FILTRONIC
IMAGINATION TECHNOLOGIES

Target

Beta

60.50

28.38

83.25

Neutral

Sell

50

0.94

250.70

250.70

624.00

Neutral

Buy

312

1.09

SPIRENT COMMUNICATIONS

123.50

118.00

170.00

Neutral

Strong Buy

245

0.94

WOLFSON MICROELECTRONICS

148.00

140.00

230.00

Neutral

Sell

-189

0.96

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

24 July 2013
+44 20 3239 8994

Page 9 of 17

Under Valued

Insurance
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

1380.00

1019.00

1391.00

Neutral

Sell

-448

0.50

AMLIN

398.80

364.10

435.10

Neutral

Strong Buy

1559

0.39

BEAZLEY

225.70

156.00

242.70

Neutral

Strong Buy

970

0.52

CATLIN GROUP

494.50

424.00

552.50

Neutral

Sell

465

0.22

HISCOX

604.50

428.39

608.00

Neutral

Strong Buy

1940

0.41

JARDINE LLOYD THOMPSON

865.00

710.50

917.00

Neutral

Buy

1253

0.33

RSA INSURANCE GROUP

127.00

107.30

136.30

Neutral

Strong Buy

737

0.39

NOVAE GROUP

485.50

345.00

507.50

Neutral

Strong Buy

3484

0.41

ADMIRAL GROUP

Over Valued

Leisure & Hotels


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

2488.00

2083.00

2628.00

Neutral

Buy

3560

0.92

ENTERPRISE INNS

127.50

55.50

127.50

Neutral

Sell

114

1.62

TUI TRAVEL

364.20

171.20

376.60

Neutral

Strong Buy

729

0.96

FULLER SMITH 'A'

916.00

700.50

925.00

Neutral

Sell

615

0.25

GREENE KING

873.00

556.50

873.00

Sell

Sell

633

0.85

LADBROKES

202.30

153.80

243.10

Neutral

Buy

265

0.87

1931.00

1524.00

2039.00

Neutral

Sell

1686

1.12

CARNIVAL

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

552.00

456.00

582.50

Neutral

Neutral

589

1.37

MITCHELLS & BUTLERS

415.00

253.20

415.00

Sell

Sell

279

0.96

BWIN PARTY DIGITAL ENTM.

128.30

91.90

156.00

Neutral

Sell

62

1.23

13.12

5.61

13.75

Neutral

Strong Buy

76

1.18

162.00

115.00

177.50

Neutral

Strong Buy

578

0.97
0.70

PUNCH TAVERNS
RANK GROUP
RESTAURANT GROUP

555.00

315.50

557.50

Neutral

Sell

394

WETHERSPOON (JD)

668.00

447.90

670.00

Neutral

Neutral

700

0.56

WHITBREAD

3116.00

2047.00

3225.00

Neutral

Sell

2204

0.99

WILLIAM HILL

464.20

269.35

471.30

Neutral

Sell

259

0.79

MARSTON'S

159.00

108.00

159.00

Sell

Sell

13

1.15

Under Valued

Life Assurance
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

AVIVA

362.80

268.30

388.40

Neutral

Sell

342

1.17

CHESNARA

253.50

163.00

270.00

Neutral

Strong Buy

496

0.67

LEGAL & GENERAL

189.60

123.30

191.10

Neutral

Strong Buy

473

1.70

OLD MUTUAL

198.10

151.90

221.60

Neutral

Strong Buy

398

1.52

PRUDENTIAL

1153.00

733.00

1203.00

Neutral

Neutral

1157

1.66

585.00

318.20

640.00

Neutral

Strong Buy

6696

0.82

ST.JAMES'S PLACE

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

24 July 2013
+44 20 3239 8994

Page 10 of 17

Under Valued

Media & Entertainment


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BLOOMSBURY PBL.

136.00

102.00

146.50

Neutral

Strong Buy

922

0.38

BRITISH SKY BCAST.GROUP

830.00

677.50

899.50

Neutral

Strong Buy

1056

0.47

CENTAUR MEDIA
DAILY MAIL 'A'
EUROMONEY INSTL.INVESTOR

Target

Beta

41.00

29.00

60.00

Neutral

Sell

-42

1.02

784.00

432.25

818.00

Neutral

Strong Buy

3556

1.07

1100.00

714.00

1105.00

Neutral

Strong Buy

5566

0.98

INFORMA

490.70

350.40

537.00

Neutral

Strong Buy

327

1.61

ITE GROUP

293.00

183.50

307.40

Neutral

Buy

201

1.49

ITV

154.80

70.40

161.30

Neutral

Strong Buy

1369

1.44
1.22

JOHNSTON PRESS

16.13

5.15

19.00

Neutral

Buy

720

1250.00

1119.00

1294.00

Neutral

Neutral

309

0.60

93.50

37.00

94.00

Neutral

Strong Buy

2283

0.87

282.50

265.00

302.50

Neutral

Strong Buy

732

0.12

36.07

26.85

36.45

Neutral

Strong Buy

346

0.51

STV GROUP

152.50

81.50

152.50

Neutral

Sell

240

0.82

ST.IVES

157.00

67.50

166.50

Neutral

Sell

159

1.48

TRINITY MIRROR

120.00

26.50

122.25

Neutral

Sell

-289

1.60

UBM

682.50

588.50

788.00

Neutral

Strong Buy

1421

1.31
0.86

PEARSON
PHOTO-ME INTL.
PINEWOOD SHEPPERTON
THOMSON REUTERS

WILMINGTON GROUP

162.50

88.00

166.50

Neutral

Strong Buy

1390

WPP

1174.00

788.00

1210.00

Neutral

Sell

-827

1.28

HIBU

0.22

0.21

1.70

Neutral

Strong Buy

674

0.98

Under Valued

Mining
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

1435.00

1207.00

2084.00

Neutral

Sell

1223

1.84

ANGLO PACIFIC GROUP

198.50

161.00

290.00

Neutral

Neutral

210

1.07

ANTOFAGASTA

857.00

784.50

1381.00

Neutral

Neutral

848

1.43

1913.00

1666.50

2236.00

Neutral

Strong Buy

2946

1.49

GLENCORE XSTRATA

282.70

256.85

397.85

Neutral

Strong Buy

1001

#NA

LONMIN

309.00

240.84

411.96

Sell

Buy

423

2.08

RANDGOLD RESOURCES

4845.00

3972.00

7775.00

Neutral

Sell

2874

0.42

RIO TINTO

3000.00

2582.00

3757.00

Neutral

Sell

2385

1.54

832.50

1335.00

Neutral

Strong Buy

2760

2.25

ANGLO AMERICAN

BHP BILLITON

VEDANTA RESOURCES

Under Valued

Oil & Gas


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

1210.50

1000.50

1350.50

Neutral

Sell

867

BP

470.75

416.60

483.30

Neutral

Strong Buy

984

1.05

CAIRN ENERGY

273.50

251.80

309.40

Neutral

Sell

-7

1.35
0.87

BG GROUP

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

Beta
0.86

7.75

7.15

12.50

Buy

Strong Buy

100

847.00

716.00

941.00

Neutral

Sell

545

1.37

54.00

48.50

96.00

Neutral

Sell

-61

1.43

364.50

321.30

401.20

Neutral

Neutral

399

1.47

2303.50

2098.00

2366.50

Neutral

Strong Buy

8098

0.86

373.60

310.60

404.30

Neutral

Buy

509

0.57

1041.00

977.00

1468.00

Neutral

Sell

691

1.08

894.00

720.50

906.50

Neutral

Sell

707

1.45

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

24 July 2013
+44 20 3239 8994

Page 11 of 17

Over Valued

Personal Care & Household Products


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

MCBRIDE

127.50

101.00

144.60

Neutral

Strong Buy

261

0.79

PZ CUSSONS

396.50

297.20

415.60

Neutral

Sell

330

0.68

4630.00

3417.00

4950.00

Neutral

Neutral

4677

0.30

RECKITT BENCKISER GROUP

Target

Under Valued

Pharmaceuticals & Biotechnology


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

0.45

0.36

3.58

Buy

Sell

-3

0.89

3290.50

2792.50

3521.50

Neutral

Strong Buy

8983

0.49

BTG

382.50

300.30

397.90

Neutral

Sell

212

0.73

DECHRA PHARMACEUTICALS

697.00

473.00

780.00

Neutral

Buy

902

0.20

1672.50

1317.50

1782.00

Neutral

Buy

1905

0.51

OXFORD BIOMEDICA

1.34

1.33

2.80

Buy

Sell

-3

0.60

PHYTOPHARM SUSP - 21/05/13

1.33

1.05

12.75

Buy

Sell

-6

0.96

2229.00

1727.00

2256.00

Neutral

Sell

1517

0.66

SKYEPHARMA

62.75

43.50

100.50

Neutral

Strong Buy

100

0.68

VERNALIS

19.75

19.38

27.38

Neutral

Sell

10

0.88

ARK THERAPEUTICS GP.


ASTRAZENECA

GLAXOSMITHKLINE

SHIRE

Target

Under Valued

Real Estate - REIT


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

BIG YELLOW GROUP

423.70

297.80

440.00

Neutral

Strong Buy

657

BRITISH LAND

617.00

506.00

658.00

Neutral

Buy

769

1.05

2483.00

1886.00

2542.00

Neutral

Strong Buy

4559

1.21

GREAT PORTLAND ESTATES

586.00

418.80

598.00

Neutral

Strong Buy

1053

1.05

HAMMERSON

536.50

448.60

554.00

Neutral

Neutral

510

1.24

INTU PROPERTIES

338.00

300.60

366.00

Neutral

Buy

506

1.12

LAND SECURITIES GROUP

957.50

761.50

994.00

Neutral

Strong Buy

1620

1.14
0.87

DERWENT LONDON

LOCAL SHOP.REIT (THE)

Target

Beta
1.15

25.75

24.25

40.75

Neutral

Sell

-141

LONDONMETRIC PROPERTY

114.30

103.20

121.40

Neutral

Sell

-3

0.30

MCKAY SECURITIES

149.00

130.50

155.00

Neutral

Strong Buy

253

0.66

MUCKLOW (A & J) GROUP

400.00

325.00

437.50

Neutral

Sell

236

0.36

PRIMARY HEALTH PROPS.

331.00

312.50

363.53

Neutral

Sell

98

0.30

41.75

25.86

43.25

Neutral

Sell

-344

0.64

SEGRO

301.70

221.60

306.60

Neutral

Sell

-239

1.80

SHAFTESBURY

640.50

516.00

668.00

Neutral

Buy

788

1.02

TOWN CENTRE SECURITIES

193.50

162.00

223.00

Neutral

Sell

18

1.03

1.00

1.00

2.52

Buy

Sell

-918

0.96

450.00

242.25

450.00

Neutral

Strong Buy

1162

0.98

REDEFINE INTL.REIT

WARNER ESTATE
WORKSPACE GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

24 July 2013
+44 20 3239 8994

Page 12 of 17

Under Valued

Real Estate REIS


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

348.00

208.30

358.50

Neutral

Strong Buy

742

34.63

22.75

37.00

Sell

Sell

-50

0.68

CLS HOLDINGS

1012.00

645.00

1012.00

Neutral

Strong Buy

2931

0.72

DAEJAN HOLDINGS

CAPITAL & CNTS.PROPS.


CAPITAL & REGIONAL

Target

Beta
0.65

3950.00

2706.00

4085.00

Neutral

Strong Buy

7068

0.42

DEVELOPMENT SECS.

204.50

135.75

209.00

Neutral

Sell

190

0.92

GRAINGER

172.80

85.50

172.80

Sell

Sell

111

1.54

HELICAL BAR

295.00

178.00

297.50

Neutral

Sell

198

0.77

25.00

20.25

29.75

Neutral

Strong Buy

227

0.65

5765.00

4100.00

5950.00

Neutral

Strong Buy

14495

0.72

LONDON & ASSOCS.PROPS.


MOUNTVIEW ESTATES
QUINTAIN ESTATES & DEV.

86.00

48.75

87.50

Sell

Sell

-199

1.04

RAVEN RUSSIA

71.00

61.10

79.75

Neutral

Strong Buy

212

1.51

615.00

365.00

619.00

Neutral

Strong Buy

2189

0.73

85.50

71.50

88.00

Neutral

Strong Buy

382

0.35

ST MODWEN PROPS.

302.20

174.00

329.10

Neutral

Strong Buy

615

1.57

UNITE GROUP

383.40

207.50

389.00

Neutral

Strong Buy

1642

1.78

SAVILLS
SMART (J)

Under Valued

Software & Computer Services


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ANITE

131.90

113.00

162.00

Neutral

Neutral

127

0.73

2468.00

1776.97

2588.15

Neutral

Sell

1500

1.49

AVEVA GROUP

Target

Beta

COMPUTACENTER

512.00

333.29

564.10

Neutral

Strong Buy

1186

0.88

KOFAX

339.25

260.00

345.75

Neutral

Sell

310

1.07

29.00

18.25

29.50

Neutral

Sell

22

0.78

MICRO FOCUS INTL.

754.00

529.08

767.00

Neutral

Buy

891

0.80

PHOENIX IT GROUP

157.00

130.00

222.00

Neutral

Strong Buy

254

0.71

84.00

64.00

85.50

Neutral

Strong Buy

240

0.49

2070.00

1275.00

2137.00

Neutral

Neutral

2195

0.79

359.00

281.46

368.18

Neutral

Buy

441

0.71

INNOVATION GROUP

RM
FIDESSA GROUP
SAGE GROUP

Under Valued

Speciality & Other Finance


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

ABERDEEN ASSET MAN.

408.40

247.70

492.10

Neutral

Strong Buy

1200

1.12

BREWIN DOLPHIN

248.50

144.60

249.50

Neutral

Strong Buy

637

0.69

9178.50

8000.00

11105.00

Neutral

Strong Buy

92693

0.85

CAMELLIA
CHARLES STANLEY GROUP

419.63

260.00

420.00

Neutral

Strong Buy

1391

0.96

CHARLES TAYLOR

185.00

155.00

195.00

Neutral

Strong Buy

1595

0.68

CLOSE BROTHERS GROUP

1056.00

729.00

1107.00

Neutral

Strong Buy

4687

0.85

F&C ASSET MANAGEMENT

96.70

81.15

110.40

Neutral

Sell

69

0.88

4.27

0.55

4.57

Sell

Sell

-125

0.65

HENDERSON GROUP

173.30

90.55

180.40

Neutral

Strong Buy

786

1.44

ICAP

404.30

280.80

404.30

Neutral

Strong Buy

797

1.04

INTERMEDIATE CAPITAL GP.

485.80

252.30

501.50

Neutral

Strong Buy

2169

1.69

HELPHIRE GROUP

INVESTEC

452.50

358.40

513.50

Neutral

Strong Buy

1624

1.56

1555.00

930.00

1590.00

Neutral

Strong Buy

6177

1.08

87.85

71.30

134.40

Neutral

Sell

-4747

1.39

RATHBONE BROTHERS

1684.00

1208.00

1691.00

Neutral

Strong Buy

5361

0.75

SCHRODERS

2525.00

1266.00

2560.00

Neutral

Strong Buy

7978

1.27

SCHRODERS NV

1978.00

1016.00

2000.00

Sell

Strong Buy

10694

1.25

LONDON STOCK EX.GROUP


MAN GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

24 July 2013
+44 20 3239 8994

Page 13 of 17

Under Valued

Support Services
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ACAL

229.50

157.75

247.50

Neutral

Strong Buy

872

0.90

AGGREKO

1814.00

1557.00

2400.00

Neutral

Strong Buy

4298

1.16

AMEC

1072.00

965.50

1172.00

Neutral

Strong Buy

3402

1.10

717.50

240.50

730.00

Neutral

Buy

1025

1.65

1183.00

844.50

1209.00

Neutral

Strong Buy

2695

0.48

597.00

352.00

597.00

Sell

Strong Buy

2424

0.80

1376.00

1009.00

1396.00

Neutral

Strong Buy

2860

0.52

585.00

215.00

593.00

Neutral

Strong Buy

1705

0.41

1054.00

677.50

1057.00

Neutral

Sell

215

0.53

66.50

27.33

68.00

Neutral

Strong Buy

496

0.78

COMPASS GROUP

876.00

647.50

910.50

Neutral

Strong Buy

2036

0.74

BERENDSEN

822.50

499.00

823.50

Neutral

Strong Buy

3468

1.04

DE LA RUE

967.00

891.50

1075.00

Neutral

Strong Buy

1471

#NA

DIGNITY

1550.00

830.00

1568.00

Neutral

Strong Buy

3159

0.22

DIPLOMA

600.00

417.10

627.50

Neutral

Strong Buy

1567

0.97

ELECTROCOMP.

249.40

200.00

278.40

Neutral

Strong Buy

954

1.02

ESSENTRA PLC

757.50

462.00

768.00

Neutral

Strong Buy

1427

1.14

G4S

221.60

207.50

313.50

Neutral

Strong Buy

913

0.54

HAYS

105.50

68.20

106.00

Neutral

Strong Buy

471

1.05

HOMESERVE

292.00

185.60

293.60

Neutral

Strong Buy

1004

0.91

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

INTERSERVE

Target

Beta

511.50

319.00

519.00

Neutral

Strong Buy

3780

1.30

3063.00

2691.00

3453.00

Neutral

Strong Buy

4927

0.81

JOHNSON SERVICE GROUP

49.25

27.13

50.00

Neutral

Strong Buy

121

1.10

MANAGEMENT CNSL.GP.

25.88

21.25

32.00

Neutral

Strong Buy

224

0.68

MENZIES (JOHN)

721.00

573.00

801.00

Neutral

Strong Buy

1822

1.40

MICHAEL PAGE INTL.

431.80

346.20

451.80

Neutral

Strong Buy

864

1.37

MITIE GROUP

268.00

248.00

300.80

Neutral

Strong Buy

1088

0.50

INTERTEK GROUP

OFFICE2OFFICE

42.50

40.50

156.00

Neutral

Strong Buy

725

0.28

1089.00

670.50

1102.00

Neutral

Strong Buy

2258

0.72

PREMIER FARNELL

221.50

165.50

236.30

Neutral

Strong Buy

743

1.40

REGUS

183.00

90.00

186.70

Neutral

Sell

58

1.40

95.90

70.35

100.70

Neutral

Strong Buy

277

1.29

PAYPOINT

RENTOKIL INITIAL
REXAM

487.70

420.70

547.50

Neutral

Strong Buy

1831

0.86

RICARDO

425.50

336.00

431.00

Neutral

Strong Buy

1721

0.87

ROBERT WALTERS

219.75

176.25

234.00

Neutral

Strong Buy

1041

1.19

RPC GROUP

442.50

378.00

477.00

Neutral

Strong Buy

1572

0.79

RPS GROUP

224.50

195.50

274.20

Neutral

Strong Buy

1033

1.51

SERCO GROUP

620.50

535.00

683.50

Neutral

Strong Buy

2439

0.60

SHANKS GROUP

85.50

73.00

98.00

Neutral

Strong Buy

279

1.50

SPEEDY HIRE

59.00

22.25

64.75

Neutral

Strong Buy

320

1.23

191.00

82.00

191.00

Neutral

Strong Buy

580

0.64

56.88

40.50

59.25

Neutral

Strong Buy

342

0.94

401.50

287.00

401.50

Neutral

Strong Buy

2375

0.80

89.50

42.00

91.00

Neutral

Strong Buy

636

0.82

TRIBAL GROUP
TRIFAST
VP
WYG

Over Valued

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

Price

12M Lo

12M Hi

ST Rec

LT Rec

339.90

210.20

344.00

Neutral

Buy

419

41.00

29.64

46.29

Neutral

Strong Buy

78

0.69

708.00

468.90

749.00

Neutral

Sell

253

0.57

Beta
0.89

84.10

68.25

88.50

Neutral

Buy

116

1.23

1323.00

790.00

1390.00

Neutral

Sell

790

0.03

192.90

154.45

199.90

Neutral

Sell

99

0.51

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

24 July 2013
+44 20 3239 8994

Page 14 of 17

Over Valued

Transport
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BBA AVIATION

289.50

178.00

291.00

Neutral

Sell

228

BRAEMAR SHIPPING SVS.

435.00

350.00

443.00

Neutral

Buy

584

1.06

CLARKSON

1880.00

1150.00

1880.00

Sell

Sell

1316

0.84

EASYJET

1336.00

530.00

1406.00

Neutral

Sell

848

0.74

95.70

92.00

212.39

Neutral

Strong Buy

274

0.91

FISHER(JAMES)& SONS

1060.00

590.00

1110.00

Neutral

Sell

772

0.75

GO-AHEAD GROUP

1560.00

1220.00

1595.00

Neutral

Strong Buy

2670

1.00

FIRST GROUP

Target

Beta
1.25

NATIONAL EXPRESS

245.50

164.50

250.00

Neutral

Neutral

242

1.40

NORTHGATE

365.00

195.50

369.50

Neutral

Strong Buy

624

1.33

STAGECOACH GROUP

331.80

265.90

334.40

Neutral

Buy

439

0.97

72.50

38.50

78.50

Neutral

Strong Buy

234

0.94

WINCANTON

Under Valued

Utilities
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

CENTRICA

378.40

310.80

394.90

Neutral

Strong Buy

579

0.50

NATIONAL GRID

764.50

641.00

847.50

Neutral

Buy

989

0.45

PENNON GROUP

691.50

598.00

771.50

Neutral

Sell

635

0.61

SSE

1590.00

1294.00

1676.00

Neutral

Buy

2283

0.41

SEVERN TRENT

1747.00

1513.00

2090.00

Neutral

Sell

1511

0.34

713.00

647.00

787.50

Neutral

Neutral

756

0.48

UNITED UTILITIES GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

24 July 2013
+44 20 3239 8994

Page 15 of 17

DISCLAIMER
Intellisys Intelligent Analysis Limited has prepared this report. Intellisys is the trading name of Intellisys
Intelligent Analysis Limited.
Intellisys is a provider of financial research reports that indicate the possible value of quoted company
shares. The information contained within any and all of Intellisys reports are designed to present an
objective assessment of the possible value or relative value of a company and/or an actuarial sector or
stock market index. Intellisys utilises as extensive as possible range of valuation tools and proprietary
systems to derive its outputs. The base data for the models are derived from sources believed to be
accurate but Intellisys Intelligent Analysis Limited does not warrant or guarantee the accuracy or reliability of
the source data or its models and proprietary systems. Subscribers, and casual readers, should not rely
upon the Intellisys research outputs when forming specific investment decisions but should seek advice
specific to their situation and investment requirements from a person authorized under the Financial
Services and Markets Act 2000, before entering into any investment agreement.
Intellisys Intelligent Analysis Limited has used reasonable care and skill in compiling the content of this
report. No representation or warranty, expressed or implied, is given by any person as to the accuracy or
completeness or accuracy of the information and no responsibility or liability is accepted to the accuracy or
sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. In
no event will Intellisys Intelligent Analysis Limited, Intellisys or any of its officers, employees or agents be
liable to any other party for any direct, indirect, special or other consequential damages arising from the use
of this report.
The Intellisys Intelligent Analysis Limited and/or Intellisys reports are not directed to any person in any
jurisdiction where (by reason of that persons nationality, residence or otherwise) the publication or
availability of the Intellisys Intelligent Analysis Limited and/or Intellisys information may be prohibited.
Persons in respect of whom such prohibitions apply must not access the Intellisys Intelligent Analysis
Limited and/or Intellisys reports. Neither this document, nor any copy in whatever form of media, may be
taken or transmitted into the United States, Canada, Australia, Ireland, South Africa or Japan or into any
jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may constitute a
violation of relevant local securities laws. Recipients of Intellisys Intelligent Analysis Limited and/or Intellisys
reports outside the UK are not covered by the rules and regulations made for the protection of investors in
the UK.
Any user distributing information taken from any Intellisys reports and/or the Intellisys website, in whatever
form, to any other person, agrees to attach a copy of this Disclaimer and the Terms and Conditions of Use
pages and obtain the agreement of such other person to comply with the terms set forth.
Intellisys' published reports are published for information purposes and only available to market
counterparties, high net-worth and sophisticated individual investors.
No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other
financial instruments in any company or any interest therein, nor shall it form the basis of any contract
entered into for the sale of shares or any other financial instrument in any company.
Intellisys believes that the information within each and any of its reports to be correct, but its accuracy or
completeness cannot be guaranteed. No representation or warranty, expressed or implied, is given by any
person as to the accuracy or completeness of the information and no responsibility or liability is accepted for
the accuracy or sufficiency of any of the information, for any errors, omissions or mis-statements, negligent
or otherwise.
Intellisys (including its Directors, employees and representatives) or a connected person may have positions
in or options or other financial instruments on any of the securities mentioned within a report, and may buy,
sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internal
rules.

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

24 July 2013
+44 20 3239 8994

Page 16 of 17

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

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

24 July 2013
+44 20 3239 8994

Page 17 of 17

You might also like