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UK Trading &

Value
Indicator
18 January 2012

Intellisys

www.intellisys.uk.com

18 January 2012

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

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

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

Beverages

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

Chemicals

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

Construction & Building Materials

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

Electronics & Electrical Equipment

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

Engineering & Machinery

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

Food & Drug Stores

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

Food Producers & Processors


General Retail
Health

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

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

Household Goods & Textiles

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

Information Technology & Hardware


Insurance

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

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

Leisure & Hotels

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

Life Assurance

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

Media & Entertainment


Mining

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

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

Oil & Gas

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

Personal Care & Household Products


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

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

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

Telecommunication Services
Transport

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

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

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

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

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

Page 2 of 25

Intellisys 18 January 2012

Intellisys

www.intellisys.uk.com

18 January 2012

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

Individual Stock Recommendation & Trend Accuracy Scores


120.0%

120.0%

110.0%

110.0%

100.0%

100.0%

90.0%

90.0%

80.0%

80.0%

70.0%

70.0%

60.0%

60.0%

50.0%

50.0%

40.0%

40.0%

30.0%

30.0%

20.0%

20.0%
1

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

Trend

Source: Intellisys

Page 3 of 25

Intellisys 18 January 2012

Intellisys

www.intellisys.uk.com

18 January 2012

Value
A similar discipline has been applied to the process of establishing Target Prices.
On a daily basis, Intellisys analyses as broad an array of historic data from not
only the Profit & Loss Account but also the Balance Sheet and Cashflow
Statement and then utilises this data within its proprietary valuation models.
Intellisys architect, Philip Morrish, has successfully applied these disciplines to his
investment research for the last 15+ years. Additionally, these investment
valuation techniques lend themselves to accurate cross-border analysis.
The resultant Target is also discounted to a Net Present Value to make the
Target as realistically valid as possible.
Nevertheless, Intellisys recognises that Target Price delivery is not only a
function of market levels but a management teams ability to establish and
maintain a value generating operating environment set against a constantly
changing global background.
The typical investment analysts approach to determining target prices is to start
with a modest range of some 6 10 valuation measures and remove those that
are not providing the intuitive result. Intellysis approach is the opposite we use
as many valuation methodologies as possible.
Further, Intellisys recognises that some target prices may appear strange or
extreme. However, subscribers should not dismiss these outcomes but use them
as starting points to challenge their established or perceived valuation opinion of
a stock.
In short, this disciplined approach provides an investment reality check to assist
investors from falling in love with a stock or becoming mesmerised by
management cults.
Conclusion
No investment methodology is 100% successful and like all trading and
investment systems active position monitoring is critical for maximised
investment performance.
Therefore, Intellisys recommends that its products should be used in conjunction
with, and not separate from subscribers existing investment systems as well as
discussing investment options with their financial advisers.

Philip Morrish (philip.morrish@intellisys.uk.com)

RISK WARNING Recommendations and Target Prices


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

Page 4 of 25

Intellisys 18 January 2012

Intellisys

www.intellisys.uk.com

18 January 2012

Market Pictures - Indices


FTSE 100
PE

Index
FTSE 100

5Y Hi

FTSE 100 PE

6,732.4

5Y Hi

18.2
18.2

3Y Hi

6,091.3

3Y Hi

1Y Hi

6,091.3

1Y Hi

Last Close

5,694.0

1Y Lo

14.1

Last Close

10.3

1Y Lo

4,944.4

7.9

3Y Lo

3,512.1

3Y Lo

7.0

5Y Lo

3,512.1

5Y Lo

7.0

2000

4000

6000

8000

% change
1M

5.7; 3M

10

15

20

% change

4.7; 12M

-4.9

1M

6.8; 3M

19.3; 12M

Yield

-16.6

RSI

FTSE 100 DY

FTSE 100 RSI

5Y Hi

6.2
Hi

3Y Hi

74.8

6.0

1Y Hi

3.9

Last Close

3.5

1Y Lo

2.9

3Y Lo

2.9

Last Close

63.3

Lo 11.1
5Y Lo

2.9
1.0

3.0

5.0

7.0

20

40

60

80

% change
1M

-5.9; 3M

Page 5 of 25

-2.0; 12M

18.6

Intellisys 18 January 2012

Intellisys

www.intellisys.uk.com

18 January 2012

Market Pictures - Indices


FTSE 250
PE

Index
FTSE 250

FTSE 250 PE

5Y Hi

12,220.2

5Y Hi

27.8

3Y Hi

12,167.8

3Y Hi

27.8

1Y Hi

12,167.8

1Y Hi

Last Close

Last Close

10,592.2

1Y Lo

3Y Lo 7.1

5,769.8

5Y Lo

5Y Lo 7.1

5,491.5

500

16.1

1Y Lo 7.1

9,425.9

3Y Lo

19.3

5500

10500

15500

% change
1M

8.1; 3M

10

15

20

25

30

% change

3.3; 12M

-9.8

1M

5.9; 3M

Yield

7.0; 12M

-16.9

RSI
FTSE 250 RSI

FTSE 250 DY

5Y Hi

5.7

3Y Hi

Hi

75.3

Last Close

75.3

5.1

1Y Hi

3.3

Last Close

3.0

1Y Lo

2.2

3Y Lo

2.2

Lo 7.9
5Y Lo

1.9
1.0

2.0

3.0

4.0

5.0

6.0

20

40

60

80

% change
1M

-6.9; 3M

Page 6 of 25

2.4; 12M

36.7

Intellisys 18 January 2012

Intellisys

www.intellisys.uk.com

18 January 2012

Market Pictures - Indices


FTSE All Share Index
PE

Index
FTSE ALL SHARE

5Y Hi

FTSE ALL SHARE PE

3,479.0

5Y Hi

19.5
19.5

3Y Hi

3,160.9

3Y Hi

1Y Hi

3,160.9

1Y Hi

Last Close

2,930.3

1Y Lo

14.6

Last Close

10.9

1Y Lo

2,557.8

8.5

3Y Lo

1,781.6

3Y Lo 7.4

5Y Lo

1,781.6

5Y Lo 7.4

500

1500

2500

3500

4500

% change
1M

6.0; 3M

10

15

20

25

% change

4.5; 12M

-5.7

1M

7.0; 3M

Yield

18.0; 12M

-17.0

RSI
FTSE ALL SHARE RSI

FTSE ALL SHARE DY

5Y Hi

6.1

Hi
3Y Hi

74.8

5.8

1Y Hi

3.8

Last Close

Last Close

3.4

1Y Lo

2.8

3Y Lo

2.8

65.8

Lo 10.4
5Y Lo

2.7
1.0

3.0

5.0

7.0

20

40

60

80

% change
1M

-5.8; 3M

Page 7 of 25

-1.2; 12M

20.7

Intellisys 18 January 2012

Intellisys

www.intellisys.uk.com

18 January 2012

Market Pictures - Indices


FTSE AIM All Share
PE

Index
FTSE AIM ALL-SHARE

5Y Hi

FTSE AIM ALL-SHARE PE

1,236.6

1,439.5
5Y
Hi

3Y Hi

968.3

1,240.8
3Y
Hi

1Y Hi

968.3

1Y211.5
Hi

Last Close

736.8

1Y Lo

98.4
Last Close

657.8

1Y Lo

-203,906.0

3Y Lo373.8

3Y Lo

-203,906.0

5Y Lo373.8

5Y Lo

-203,906.0

200

700

1200

1700

-250000

-200000

% change
1M

8.9; 3M

-150000

-100000

-50000

50000

% change

3.1; 12M

-23.2

1M -6.8; 3M 26.0; 12M -166.2

Yield

RSI
FTSE AIM ALL-SHARE RSI

FTSE AIM ALL-SHARE DY

5Y Hi

2.1

3Y Hi

2.1

Hi

1Y Hi

86.4

0.8

1Y Lo

0.5

3Y Lo

0.5

84.0

Last Close

0.7

Last Close

Lo6.9
5Y Lo 0.4
0.2

0.7

1.2

1.7

2.2

50

100

% change
1M

-6.6; 3M

Page 8 of 25

-1.4; 12M

34.0

Intellisys 18 January 2012

Intellisys

www.intellisys.uk.com

18 January 2012

Market Pictures - Indices


S&P 500
PE

Index
S&P 500 COMPOSITE

5Y Hi

S&P 500 COMPOSITE PE

1,565.2

5Y Hi

146.3
146.3

3Y Hi

1,363.6

3Y Hi

1Y Hi

1,363.6

1Y Hi
18.4

Last Close

Last Close
14.9

1,293.7

1Y Lo

1Y13.4
Lo

1,099.2

3Y Lo

676.5

3Y13.4
Lo

5Y Lo

676.5

5Y13.4
Lo

400

900

1400

10

1900

60

% change
1M

6.1; 3M

110

160

% change

7.7; 12M

0.0

1M

5.5; 3M

Yield

4.2; 12M

-17.0

RSI
S&P 500 COMPOSITE RSI

S&P 500 COMPOSITE DY

5Y Hi

3.4
Hi

3Y Hi

71.1

3.2

1Y Hi

2.4

Last Close

2.2

1Y Lo

1.8

3Y Lo

1.8

67.2

Last Close

Lo 11.2
5Y Lo

1.8
0.5

1.5

2.5

3.5

4.5

20

40

60

80

% change
1M

-4.8; 3M

Page 9 of 25

-4.4; 12M

17.9

Intellisys 18 January 2012

Intellisys

www.intellisys.uk.com

18 January 2012

Market Pictures Interest Rates


UK Bank Lending Rates
UK

UK CLEARING BANKS BASE RATE


5Y Hi

5.75

3Y Hi

1.50

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

1.00

2.00

3.00

4.00

5.00

6.00

7.00

% change
1M

0.0; 3M

0.0; 12M

0.0

UK Lending PE

UK CLEARING BANKS BASE RATE PE


5Y Lo
17.4
3Y Lo

66.7

1Y Lo

200.0

Last Close

200.0

1Y Hi

200.0

3Y Hi

200.0

5Y Hi

200.0
10

Page 10 of 25

60

110

160

210

Intellisys 18 January 2012

Intellisys

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18 January 2012

Market Pictures Interest Rates


Eurozone Lending Rates
Eurozone

EUROZONE MARGINAL LENDING RATE


5Y Hi

5.25

3Y Hi

3.00

1Y Hi

2.25

Last Close

1.75

1Y Lo

1.75

3Y Lo

1.75

5Y Lo

1.75

0.00

1.00

2.00

3.00

4.00

5.00

6.00

% change
1M

0.0; 3M

-22.2; 12M

0.0

Eurozone Lending PE

EUROZONE MARGINAL LENDING RATE - PE


5Y Lo

19.0

3Y Lo

33.3

1Y Lo

44.4

Last Close

57.1

1Y Hi

57.1

3Y Hi

57.1

5Y Hi

57.1
10

Page 11 of 25

20

30

40

50

60

Intellisys 18 January 2012

Intellisys

www.intellisys.uk.com

18 January 2012

Market Pictures Interest Rates


US Federal Funds Rate
US

US FEDERAL FUNDS RATE


5Y Hi

5.41

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

1.00

2.00

3.00

4.00

5.00

6.00

2510

3010

% change
1M

14.3; 3M

14.3; 12M

-50.0

US Lending PE

US FEDERAL FUNDS RATE - PE


5Y18.5
Lo
3Y Lo

400.0

1Y Lo

526.3

Last Close

1,250.0

1Y Hi

2,500.0

3Y Hi

2,500.0

5Y Hi

2,500.0
10

Page 12 of 25

510

1010

1510

2010

Intellisys 18 January 2012

Intellisys

www.intellisys.uk.com

18 January 2012

Market Pictures Exchange Rates


US$/

US$/
5Y Hi

2.11

3Y Hi

1.70

1Y Hi

1.67

Last Close

1.54

1Y Lo

1.53

3Y Lo

1.37

5Y Lo

1.37

1.00

1.20

1.40

1.60

1.80

2.00

2.20

% change
1M

-1.1; 3M

-2.7; 12M

-3.5

EURO/
5Y Hi

1.53

3Y Hi

1.24

1Y Hi

1.21

Last Close

1.21

1Y Lo
3Y Lo

1.11
1.06

5Y Lo
1.02
1.00

1.10

1.20

1.30

1.40

1.50

1.60

% change
1M

Page 13 of 25

1.3; 3M

5.2; 12M

0.7

Intellisys 18 January 2012

Intellisys

www.intellisys.uk.com

18 January 2012

Market Pictures Exchange Rates


US$/

US$/EURO
5Y Hi

1.60

3Y Hi

1.51

1Y Hi

1.48

Last Close

1.27

1Y Lo

1.27

3Y Lo

1.19

5Y Lo

1.19

0.80

1.00

1.20

1.40

1.60

1.80

% change
1M

-2.3; 3M

-7.3; 12M

-4.2

YEN/
5Y Hi

250.1

3Y Hi
1Y Hi

162.5
139.4

Last Close 117.9


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

150.0

200.0

250.0

300.0

% change
1M

Page 14 of 25

-2.3; 3M

-2.6; 12M

-10.3

Intellisys 18 January 2012

Intellisys

www.intellisys.uk.com

18 January 2012

Market Pictures - Oil


Brent Monthly FOB US$/bbl

Oil (Brent) Monthly FOB U$/bbl


5Y Hi

145.6

3Y Hi

126.6

1Y Hi

126.6

Last Close

111.3

1Y Lo

95.9

3Y Lo

39.1

5Y Lo

34.6
0

50

100

150

200

% change
1M

6.02; 3M

-1.85; 12M

13.01

RISK WARNING Recommendations and Target Prices


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

Page 15 of 25

Intellisys 18 January 2012

Intellisys

www.intellisys.uk.com

18 January 2012

Over Valued

Aerospace & Defence


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

Price 12M Lo
305.40 248.10
435.00 368.80
189.10 165.90
375.50 305.00
763.00 552.19
960.00 869.50
1575.00 1305.00
359.00 243.50

12M Hi
361.10
736.50
236.50
397.60
769.00
1429.00
1830.00
512.50

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

Price 12M Lo
206.30 157.00
324.20 268.60
49.50
47.00
7.40
6.80

12M Hi
245.00
425.40
72.75
19.71

ST Rec
Neutral
Neutral
Neutral
Neutral

Price 12M Lo
199.25 138.85
517.50 463.50
29.54
21.84
24.85
17.34
1472.00 1169.50

12M Hi
333.55
730.90
69.30
49.00
1725.50

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

Price
1215.00
1401.00
2304.00

12M Lo
1031.00
1112.00
1979.00

12M Hi
1395.00
1428.00
2354.50

ST Rec
Neutral
Neutral
Neutral

Page 16 of 25

Beta
1.93
1.40
1.34
1.08

Target
67
854
147
-26
1326

Beta
1.81
1.12
1.72
1.23
1.69

LT Rec
Neutral
Sell
Buy

Target
1225
1261
2713

Beta
0.42
0.55
0.97

Over Valued

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

Target
163
278
62
8

Over Valued

Beverages
Stock
BARR (AG)
DIAGEO
SABMILLER

LT Rec
Sell
Sell
Buy
Neutral

Over Valued

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

Beta
0.63
0.53
0.94
1.34
1.09
0.71
0.59
0.80

Over Valued

Automobiles & Parts


Stock
GKN
INC HC APE
LOOKERS
PENDRAGON

Target
603
473
236
333
591
1009
1222
363

Price
1936.00
148.30
2034.00
1222.00
180.40
117.00

12M Lo
1456.00
107.50
1523.00
1025.00
148.00
109.00

12M Hi
2081.00
187.40
2119.00
1590.00
253.00
158.00

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

Target
1595
149
1669
1139
297
194

Intellisys 18 January 2012

Beta
1.06
1.06
1.43
1.20
1.25
1.01

Intellisys

www.intellisys.uk.com

18 January 2012

Over Valued

Construction & Building Materials


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

Price 12M Lo
290.70 214.60
111.00
67.50
733.00 540.50
1298.00 884.50
459.00 326.50
311.60 281.00
39.50
35.50
200.25 180.00
491.40 307.50
316.00 239.25
1401.00 1097.00
44.00
38.00
93.00
83.25
640.00 510.00
520.00 374.00
118.00 103.50
101.00
76.95
42.00
28.71
858.50 715.00
2117.00 1404.00

12M Hi
357.30
119.00
776.50
1360.00
499.60
403.20
105.00
265.00
530.00
679.50
1458.00
76.75
124.50
720.00
520.00
136.20
153.50
43.31
1101.00
2261.00

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

Price 12M Lo
793.50 540.00
544.00 434.30
113.00
86.75
181.60 180.90
158.40 127.90
918.00 600.50
1101.00 800.00
1474.00 1039.00
0.16
0.14
160.75 120.50
251.00 207.50

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

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

Page 17 of 25

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

Target
397
562
138
333
163
709
1653
1066
0
217
114

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

Over Valued

Engineering & Machinery


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

Target
270
58
642
1299
193
446
189
746
519
352
2999
56
61
1331
615
81
2
12
1022
1640

Under Valued

Electronics & Electrical Equipment


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

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

Price
80.75
293.60
253.00
557.00
454.70
350.80
271.25
879.00
7.47
307.40
1959.00
181.60
181.50
1927.00
553.50
2100.00

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

12M Hi
138.00
397.70
358.00
724.50
454.70
429.60
393.50
1119.00
12.00
357.10
1979.00
190.60
295.75
2063.00
661.75
2218.00

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

Target
290
344
497
748
274
353
566
1312
8
330
1708
179
165
2165
711
776

Intellisys 18 January 2012

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

Intellisys

www.intellisys.uk.com

18 January 2012

Under Valued

Food & Drug Stores


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

Price 12M Lo
509.50 445.00
285.90 262.70
285.30 263.50
317.50 312.35
9.50
9.50

12M Hi
550.50
328.00
391.20
420.05
100.75

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

Price 12M Lo
1133.00 940.00
748.50 588.50
319.90 315.00
251.60 223.50
6.37
3.29
387.75 233.25
693.00 520.00
2064.00 1793.00

12M Hi
1143.00
862.00
410.40
296.90
35.12
387.75
720.50
2189.00

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

Price 12M Lo
20.38
16.00
227.30 227.00
1301.00 1030.00
542.50 375.00
10.63
7.50
10.94
9.36
3.60
2.20
40.00
36.00
3.40
3.35
299.00 269.50
14.25
5.20
695.00 570.00
70.25
60.20
251.30 217.00
320.80 301.80
33.75
23.75
176.00 127.30
2627.00 1868.00
734.00 572.50
34.75
21.50

12M Hi
25.25
311.20
1600.00
816.50
27.00
22.31
10.72
134.00
73.25
416.00
52.70
1030.00
151.40
287.10
402.20
40.00
551.50
2810.00
830.00
84.50

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

Price 12M Lo
535.00 498.00
43.50
36.50
595.00 521.00

12M Hi
590.00
59.00
742.00

ST Rec
Neutral
Neutral
Neutral

Page 18 of 25

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

Target
22
186
422
145
7
22
0
82
131
305
1111
967
225
224
286
18
263
1687
361
20

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

LT Rec
Sell
Sell
Neutral

Target
474
41
610

Beta
0.39
0.70
0.39

Under Valued

Household Goods & Textiles


Stock
HARVARD INTL.
GAMES WORKSHOP
HEADLAM GROUP
HORNBY

Beta
0.59
0.58
0.96
0.31
1.43
0.38
0.65
0.63

Over Valued

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

Target
554
725
357
405
-3
514
396
1796

Over Valued

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

Beta
0.54
0.50
0.65
0.81
0.80

Over Valued

Food Producers & Processors


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

Target
1016
322
481
382
12

Price 12M Lo
37.63
21.75
547.50 347.50
270.75 233.25
127.00 105.00

12M Hi
40.00
547.50
354.00
145.00

ST Rec
Neutral
Neutral
Neutral
Neutral

LT Rec
Sell
Sell
Buy
Buy

Target
31
488
348
146

Intellisys 18 January 2012

Beta
0.47
0.34
0.91
0.70

Intellisys

www.intellisys.uk.com

18 January 2012

Over Valued

Information Technology & Hardware


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

Price 12M Lo
582.00 464.00
215.90 154.10
25.00
14.50
558.00 296.90
45.00
43.88
123.80 105.80
145.50
96.00

12M Hi
651.00
447.00
59.00
575.50
102.75
160.00
312.00

ST Rec
Neutral
Sell
Sell
Neutral
Neutral
Neutral
Neutral

Price 12M Lo
862.00 787.00
333.70 270.60
136.20 109.60
404.90 334.00
386.10 340.50
690.50 576.00
109.10
99.60
344.88 285.00

12M Hi
1754.00
427.00
139.20
421.40
424.70
764.50
143.50
410.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

Price 12M Lo
43.75
26.00
1909.00 1742.00
28.50
26.50
173.10 136.70
691.00 590.00
498.40 410.00
135.10 114.00
1255.00 955.00
397.30 371.20
252.20 215.60
166.20 100.60
10.75
9.14
129.50 109.50
288.10 254.90
416.70 380.50
1620.00 1409.00
209.50 176.70
91.90
84.60

12M Hi
43.75
3109.00
110.10
271.90
752.00
518.00
155.30
1435.00
600.50
357.00
212.10
15.70
153.70
335.00
468.30
1863.00
244.10
112.00

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

Page 19 of 25

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

Target
336
2356
1228
66
2334
1850
989
2252

Beta
0.50
0.45
0.51
0.32
0.49
0.32
0.45
0.49

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

Target
18
3770
96
592
747
755
242
874
529
104
138
-176
200
349
726
1874
312
176

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

Over Valued

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

Beta
0.77
1.13
0.59
0.96
1.19
1.01
1.02

Under Valued

Leisure & Hotels


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

Target
1378
5650
-210
1201
2586
1270
22

Over Valued

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

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

Price 12M Lo
325.00 275.30
190.75 161.75
112.50
89.80
144.60
98.05
678.50 509.00
340.00 279.00

12M Hi
477.90
264.00
123.80
144.80
777.00
376.00

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

Target
435
177
83
160
316
121

Intellisys 18 January 2012

Beta
1.22
0.60
1.65
1.62
1.72
0.79

Intellisys

www.intellisys.uk.com

18 January 2012

Over Valued

Media & Entertainment


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

Price 12M Lo
151.60 116.17
102.75
91.25
681.50 618.50
35.25
32.50
434.20 343.40
670.00 522.50
378.20 313.90
210.50 157.70
74.85
51.65
6.20
4.11
1255.00 1006.00
53.50
39.50
272.50 132.75
29.09
26.21
87.50
76.25
75.00
68.50
47.00
37.50
518.50 416.00
83.75
82.50
742.50 578.00
5.14
3.35

12M Hi
159.08
138.00
850.00
73.00
594.50
736.00
461.10
258.20
93.45
12.75
1255.00
67.00
292.00
41.49
168.00
108.50
93.00
725.00
183.00
846.50
12.25

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

Price
2633.50
286.00
1320.00
2120.50
983.50
7205.00
3694.00
29.50

12M Lo
2138.50
237.90
900.50
1667.00
941.00
4425.00
2712.50
28.50
928.00
1064.00 764.00

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

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

Price
1468.00
481.95
289.70
11.88
822.50
128.00
114.00
426.20
2279.00
2360.50
285.00
1455.00
671.00

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

12M Hi
1564.50
509.00
469.70
14.75
822.50
335.10
297.00
535.00
2402.00
2489.00
400.00
1493.00
715.75

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

Page 20 of 25

Target
6594
376
1108
4727
859
1901
5430
-75
5491
1218

Beta
1.74
0.92
1.38
1.40
1.90
0.30
1.41
1.05
2.05
1.76

Price 12M Lo
113.00 110.75
312.60 308.70
3330.00 3015.00

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

Target
1885
1245
348
23
927
362
623
521
6377
6438
196
454
768

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

Over Valued

Personal Care & Household Products


Stock
MC BRIDE
PZ C USSONS
REC KITT BENC KISER GROUP

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

Under Valued

Oil & Gas


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

Target
87
120
642
-55
550
632
308
146
76
58
1038
84
143
25
107
213
452
1596
106
796
43

Under Valued

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

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

12M Hi
153.08
398.00
3578.00

ST Rec
Neutral
Neutral
Neutral

LT Rec
Sell
Buy
Sell

Target
98
348
3122

Intellisys 18 January 2012

Beta
0.85
0.80
0.32

Intellisys

www.intellisys.uk.com

18 January 2012

Under Valued

Pharmaceuticals & Biotechnology


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

Price
3.40
3101.50
321.00
512.00
1454.00
3.08
9.30
2213.00
35.00
19.50

12M Lo
3.13
2543.50
210.10
433.00
1127.50
2.91
6.40
1634.00
31.50
18.75

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

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

Price 12M Lo
23.00
21.50
96.00
57.75
1523.00 1298.00
369.90 324.70
272.00 225.00
20.13
15.25
76.05
58.95
429.80 242.90
283.00 214.90
164.00 154.75
64.50
41.50
1663.00 1444.00
302.90 231.70

12M Hi
27.00
96.00
1799.00
490.00
535.00
23.00
147.20
432.43
420.20
290.00
175.00
2109.00
302.90

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

Page 21 of 25

Beta
0.92
0.46
0.72
0.32
0.49
0.60
0.89
0.64
0.71
0.81

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

Target
44
56
886
847
255
16
172
400
355
424
346
1553
291

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

Over Valued

Speciality & Other Finance


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

Target
10
10966
125
1033
1510
-1
-2
1438
306
-16

Under Valued

Software & Computer Services


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

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

Price 12M Lo
12M Hi
218.40 167.80
240.00
141.10 113.70
185.40
9500.00 8800.00 10950.00
266.00 240.00
350.00
135.00 115.63
165.00
623.00 590.00
887.00
64.75
56.05
92.50
1.85
1.36
17.38
104.50
95.05
173.10
325.60 311.60
568.50
250.70 197.90
356.70
357.20 318.40
525.50
847.50 756.50 1076.00
107.10 104.50
311.00
1095.00 977.00 1257.00
1363.00 1183.00 1906.00
1133.00 970.00 1554.00

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

Target
91
131
16280
271
193
306
82
3
88
290
242
225
688
169
1150
1538
1538

Intellisys 18 January 2012

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

Intellisys

www.intellisys.uk.com

18 January 2012

Under Valued

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

Price 12M Lo
180.25 166.25
2042.00 1394.48
981.00 740.50
212.90
99.40
758.00 542.00
351.00 230.00
875.00 676.50
230.50 192.25
637.00 611.50
26.75
23.75
607.50 512.50
433.70 402.70
931.50 667.00
816.00 648.50
384.30 263.50
211.70 182.20
395.00 273.10
270.00 219.90
66.15
58.85
303.40 218.50
320.00 239.75
2115.00 1715.00
25.75
25.25
32.25
27.75
520.00 425.00
382.60 323.00
267.90 195.90
8.50
4.75
134.50 112.50
550.00 327.25
195.80 144.50
88.10
64.00
73.75
58.20
377.00 299.80
355.00 314.00
183.00 158.25
380.00 231.50
204.20 156.60
516.50 458.00
101.10
90.80
19.75
18.50
60.00
36.25
38.63
36.25
213.00 191.00
49.50
48.38
240.00 160.00

12M Hi
367.50
2131.00
1251.00
230.20
758.00
357.00
906.50
318.50
786.50
37.00
616.00
568.00
936.00
854.50
414.25
294.90
404.50
291.00
130.00
532.00
341.25
2148.00
36.00
45.50
550.00
567.00
271.00
154.75
166.50
570.00
308.80
119.00
104.90
400.00
410.00
341.00
387.90
253.00
618.50
130.90
34.00
61.25
52.88
253.75
1200.00
385.00

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

Page 22 of 25

Target
323
1179
1200
117
653
1014
947
513
657
91
686
661
987
910
304
350
404
364
135
441
746
1529
63
53
1154
415
379
-269
266
694
332
67
49
494
511
332
416
277
632
153
-7
-273
59
546
-8212
541

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

Under Valued

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

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

Price 12M Lo
205.80 161.00
38.91
31.25
403.30 389.30
70.00
57.50
728.50 440.00
175.40 155.05

12M Hi
207.60
51.20
719.50
84.00
802.00
182.75

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

Target
261
138
353
85
491
186

Intellisys 18 January 2012

Beta
0.92
0.65
0.52
1.27
0.06
0.65

Intellisys

www.intellisys.uk.com

18 January 2012

Over Valued

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

Price 12M Lo
190.20 156.00
344.50 282.00
1135.00 1015.00
403.80 301.00
308.60 301.80
502.75 440.50
1316.00 1190.00
221.50 201.60
210.00 190.90
275.00 199.97
69.25
56.00

12M Hi
240.80
521.00
1355.00
455.80
398.00
574.00
1598.00
270.20
346.70
281.20
156.25

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

Page 23 of 25

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

Under Valued

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

Target
170
663
1569
379
431
346
1800
188
375
209
169

Price 12M Lo
286.50 278.80
629.50 531.00
703.00 584.50
1550.00 1368.00
610.50 543.50

12M Hi
345.80
649.50
737.50
1600.00
637.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rec
Neutral
Buy
Sell
Sell
Neutral

Target
292
784
626
1356
620

Intellisys 18 January 2012

Beta
0.50
0.57
0.63
0.47
0.60

Intellisys

www.intellisys.uk.com

18 January 2012

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Intellisys 18 January 2012

to
or
of
of

Intellisys

www.intellisys.uk.com

18 January 2012

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


connected person may have positions in or options or other financial instruments on any of the
securities mentioned within a report, and may buy, sell or offer to purchase or sell such
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up or down and that past performance is not necessarily a guide to future performance.
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RISK WARNING Recommendations and Target Prices


Intellisys does not make personal recommendations. The information in this publication is
provided solely to enable you to make your own investment decisions.
If you are unsure about dealing in shares and other equity investments, you should contact
your financial adviser as these types of investments may not be suitable for everyone.
The value of stocks and shares, and the income from them, can fall as well as rise and you
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Page 25 of 25

Intellisys 18 January 2012