UK Trading &

Value
Indicator
20 January 2012

Intellisys

www.intellisys.uk.com

20 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 20 January 2012

Intellisys

www.intellisys.uk.com

20 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 20 January 2012

Intellisys

www.intellisys.uk.com

20 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 20 January 2012

Intellisys

www.intellisys.uk.com

20 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

5,741.2

1Y Lo

14.1

Last Close

10.4

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

7.0; 3M

10

15

20

% change

5.3; 12M

-3.9

1M

7.0; 3M

20.0; 12M

Yield

-15.7

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

68.3

Lo 11.1
5Y Lo

2.9
1.0

3.0

5.0

7.0

20

40

60

80

% change
1M

-6.4; 3M

Page 5 of 25

-2.2; 12M

17.9

Intellisys 20 January 2012

Intellisys

www.intellisys.uk.com

20 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

10,808.3

1Y Lo

3Y Lo 7.1

5,769.8

5Y Lo

5Y Lo 7.1

5,491.5

500

16.4

1Y Lo 7.1

9,425.9

3Y Lo

19.3

5500

10500

15500

% change
1M

10.9; 3M

10

15

20

25

30

% change

5.6; 12M

-7.8

1M

11.2; 3M

Yield

9.2; 12M

-14.0

RSI
FTSE 250 RSI

FTSE 250 DY

5Y Hi

5.7

3Y Hi

Hi

81.9

Last Close

81.9

5.1

1Y Hi

3.3

Last Close

2.9

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

100

% change
1M

-9.3; 3M

Page 6 of 25

0.3; 12M

33.9

Intellisys 20 January 2012

Intellisys

www.intellisys.uk.com

20 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

2,959.4

1Y Lo

14.6

Last Close

11.0

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

7.5; 3M

10

15

20

25

% change

5.3; 12M

-4.7

1M

7.5; 3M

Yield

19.0; 12M

-15.9

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

71.4

Lo 10.4
5Y Lo

2.7
1.0

3.0

5.0

7.0

20

40

60

80

% change
1M

-7.1; 3M

Page 7 of 25

-2.0; 12M

19.3

Intellisys 20 January 2012

Intellisys

www.intellisys.uk.com

20 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

753.3

1Y Lo

101.0
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

11.9; 3M

-150000

-50000

50000

% change

5.7; 12M

-21.7

1M 4.5; 3M 29.9; 12M -168.2

Yield

RSI
FTSE AIM ALL-SHARE RSI

FTSE AIM ALL-SHARE DY

5Y Hi

2.1

3Y Hi

2.1

1Y Hi

-100000

Hi

89.6

Last Close

89.6

0.8
0.7

Last Close
1Y Lo

0.5

3Y Lo

0.5

Lo6.9
5Y Lo 0.4
0.2

0.7

1.2

1.7

2.2

50

100

% change
1M

-12.2; 3M

Page 8 of 25

-9.7; 12M

22.6

Intellisys 20 January 2012

Intellisys

www.intellisys.uk.com

20 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

1,314.5

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

% change
1M

9.1; 3M

60

110

160

% change

8.7; 12M

2.5

1M

5.5; 3M

Yield

1.8; 12M

-16.7

RSI
S&P 500 COMPOSITE RSI

S&P 500 COMPOSITE DY

5Y Hi

3.4

3Y Hi

Hi

76.4

Last Close

76.4

3.2

1Y Hi

2.4

Last Close

2.2

1Y Lo

1.8

3Y Lo

1.8
Lo 11.2

5Y Lo

1.8
0.5

1.5

2.5

3.5

4.5

20

40

60

80

100

% change
1M

-4.8; 3M

Page 9 of 25

-1.8; 12M

17.3

Intellisys 20 January 2012

Intellisys

www.intellisys.uk.com

20 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 20 January 2012

Intellisys

www.intellisys.uk.com

20 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 20 January 2012

Intellisys

www.intellisys.uk.com

20 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
0.18
Last Close
0.09
1Y0.04
Lo
3Y0.04
Lo
5Y0.04
Lo
0.00

1.00

2.00

3.00

4.00

5.00

6.00

2510

3010

% change
1M

28.6; 3M

28.6; 12M

-50.0

US Lending PE

US FEDERAL FUNDS RATE - PE

5Y18.5
Lo
3Y Lo

400.0

1Y Lo

555.6

Last Close

1,111.1

1Y Hi

2,500.0

3Y Hi

2,500.0

5Y Hi

2,500.0
10

Page 12 of 25

510

1010

1510

2010

Intellisys 20 January 2012

Intellisys

www.intellisys.uk.com

20 January 2012

Market Pictures Exchange Rates

US$/

US$/
5Y Hi

2.11

3Y Hi

1.70

1Y Hi

1.67

Last Close

1.55

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

-0.4; 3M

-2.3; 12M

-3.2

EURO/
5Y Hi

1.53

3Y Hi

1.24

1Y Hi

1.21

Last Close

1.20

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

0.6; 3M

4.6; 12M

1.3

Intellisys 20 January 2012

Intellisys

www.intellisys.uk.com

20 January 2012

Market Pictures Exchange Rates

US$/

US$/EURO
5Y Hi

1.60

3Y Hi

1.51

1Y Hi

1.48

Last Close

1.30

1Y Lo

1.27

3Y Lo

1.19

5Y Lo

1.19

0.80

1.00

1.20

1.40

1.60

1.80

% change
1M

-0.2; 3M

-5.8; 12M

-3.7

YEN/
5Y Hi

250.1

3Y Hi

162.5

1Y Hi
Last Close

139.4
119.2

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

150.0

200.0

250.0

300.0

% change
1M

Page 14 of 25

-1.5; 3M

-1.9; 12M

-9.1

Intellisys 20 January 2012

Intellisys

www.intellisys.uk.com

20 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

110.6

1Y Lo

95.9

3Y Lo

39.1

5Y Lo

34.6
0

50

100

150

200

% change
1M

5.50; 3M

-2.24; 12M

11.53

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 20 January 2012

Intellisys

www.intellisys.uk.com

20 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
313.70 248.10
460.00 368.80
192.20 165.90
374.30 305.00
735.00 552.19
998.50 869.50
1569.00 1305.00
351.00 243.50

12M Hi
356.50
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
213.10 157.00
344.70 268.60
50.25
47.00
7.40
6.80

12M Hi
245.00
425.40
72.75
19.71

ST Rec
Sell
Neutral
Neutral
Neutral

Price 12M Lo
221.35 138.85
536.40 463.50
32.27
21.84
27.06
17.34
1559.00 1169.50

12M Hi
333.55
730.90
69.30
49.00
1712.50

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

Price
1229.00
1381.00
2293.00

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
87
877
151
-24
1393

Beta
1.81
1.12
1.72
1.23
1.69

LT Rec
Neutral
Sell
Buy

Target
1230
1250
2700

Beta
0.42
0.55
0.97

Over Valued

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

Target
169
288
64
8

Over Valued

Beverages
Stock
BARR (AG)
DIAGEO
SABMILLER

LT Rec
Sell
Sell
Buy
Buy

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
602
482
237
336
585
1029
1251
356

Price
1944.00
150.00
2090.00
1254.00
200.00
118.50

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
Sell
Sell
Neutral
Sell
Neutral Strong Buy
Neutral Strong Buy

Target
1639
153
1717
1163
306
199

Intellisys 20 January 2012

Beta
1.06
1.06
1.43
1.20
1.25
1.01

Intellisys

www.intellisys.uk.com

20 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
288.20 214.60
113.30
67.50
744.00 540.50
1296.00 884.50
468.60 326.50
324.60 281.00
39.38
35.50
193.75 180.00
485.30 307.50
340.00 239.25
1380.00 1097.00
44.00
38.00
96.50
83.25
660.00 510.00
521.50 374.00
122.70 103.50
99.55
76.95
43.78
28.71
876.00 715.00
2250.00 1404.00

12M Hi
357.30
119.00
776.50
1360.00
499.60
403.20
105.00
265.00
530.00
675.50
1458.00
76.75
124.50
720.00
522.50
136.20
153.50
43.78
1090.00
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
791.50 540.00
550.00 434.30
119.00
86.75
200.00 180.90
162.50 127.90
934.00 600.50
1108.00 800.00
1557.00 1039.00
0.15
0.14
166.00 120.50
253.50 207.50

12M Hi
847.00
705.00
146.00
357.80
207.00
1010.00
1886.00
1679.00
0.34
208.00
295.00

ST Rec
LT Rec
Neutral
Sell
Neutral
Neutral
Sell
Buy
Neutral Strong Buy
Neutral
Neutral
Neutral
Sell
Neutral Strong Buy
Sell
Sell
Buy 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
406
574
141
341
168
726
1685
1093
0
222
116

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
288
61
660
1290
200
462
193
746
542
391
3039
58
66
1383
621
84
3
12
1052
1709

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

Price
81.00
303.60
257.50
566.00
449.70
354.20
278.75
875.00
7.75
302.40
1945.00
180.80
178.25
1946.00
555.50
2079.00

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
462.00
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
Neutral
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
291
345
497
750
275
353
567
1309
8
330
1702
180
166
2162
712
776

Intellisys 20 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

20 January 2012

Under Valued

Food & Drug Stores

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

Price 12M Lo
509.50 445.00
291.10 262.70
287.90 263.50
327.00 312.35
10.25
9.50

12M Hi
550.50
328.00
391.20
420.05
100.75

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

Price 12M Lo
1159.00 940.00
730.50 588.50
322.80 315.00
264.00 223.50
7.90
3.29
387.75 233.25
682.00 520.00
2041.00 1793.00

12M Hi
1159.00
862.00
409.70
296.90
35.12
388.25
720.50
2189.00

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

Price 12M Lo
21.50
16.00
232.00 227.00
1352.00 1030.00
548.00 375.00
10.50
7.50
13.58
9.36
3.50
2.20
46.25
36.00
3.26
3.26
311.20 269.50
12.63
5.20
714.50 570.00
73.00
60.20
258.10 217.00
327.00 301.80
34.75
23.75
183.00 127.30
2629.00 1868.00
742.00 572.50
32.50
21.50

12M Hi
25.25
304.50
1600.00
801.00
27.00
22.31
10.72
134.00
73.25
416.00
52.70
1030.00
151.40
287.10
402.20
40.00
542.00
2810.00
830.00
84.50

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

Price 12M Lo
530.00 498.00
44.00
36.50
599.50 521.00

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
191
431
150
7
23
1
84
133
312
1123
991
231
229
295
19
269
1729
370
21

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
612

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
549
724
354
412
-3
513
397
1816

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
-135
327
488
387
13

Price 12M Lo
37.25
21.75
520.00 347.50
272.50 233.25
127.50 105.00

12M Hi
40.00
547.50
345.00
145.00

ST Rec
Neutral
Neutral
Neutral
Neutral

LT Rec
Sell
Sell
Buy
Buy

Target
31
468
344
144

Intellisys 20 January 2012

Beta
0.47
0.34
0.91
0.70

Intellisys

www.intellisys.uk.com

20 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
580.50 464.00
224.50 154.10
25.00
14.50
566.50 296.90
46.50
43.88
125.00 105.80
160.25
96.00

12M Hi
651.00
447.00
43.00
575.50
102.75
160.00
312.00

ST Rec
Neutral
Sell
Sell
Neutral
Neutral
Neutral
Neutral

Price 12M Lo
879.00 787.00
347.40 270.60
137.20 109.60
417.00 334.00
389.90 340.50
690.50 576.00
108.20
99.60
344.50 285.00

12M Hi
1754.00
427.00
139.20
421.40
424.70
764.50
143.50
410.00

ST Rec
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Neutral
Neutral

Price 12M Lo
44.00
26.00
2017.00 1742.00
31.50
26.50
190.00 136.70
697.00 590.00
520.50 410.00
137.90 114.00
1307.00 955.00
422.50 371.20
261.10 215.60
164.60 100.60
10.25
9.14
130.00 109.50
294.70 254.90
407.90 380.50
1663.00 1409.00
223.00 176.80
93.70
84.60

12M Hi
44.00
3000.00
109.50
271.90
752.00
520.50
155.30
1435.00
600.50
357.00
205.90
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
Sell
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
339
2418
1261
68
2394
1895
1016
2312

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

Target
18
3870
104
602
767
779
249
895
542
110
141
-172
205
357
745
1921
320
182

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
1491
6166
-234
1300
2820
1366
24

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
342.00 275.30
186.00 161.75
115.50
89.80
146.70
98.05
700.00 509.00
348.00 281.00

12M Hi
477.90
264.00
123.80
146.70
777.00
376.00

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

Target
435
177
83
160
316
121

Intellisys 20 January 2012

Beta
1.22
0.60
1.65
1.62
1.72
0.79

Intellisys

www.intellisys.uk.com

20 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
152.80 116.17
103.00
91.25
666.50 618.50
34.00
32.50
428.60 343.40
685.00 522.50
386.30 313.90
216.20 157.70
74.00
51.65
6.25
4.11
1230.00 1013.00
53.00
39.50
272.50 132.75
29.16
26.21
98.13
76.25
76.00
68.50
47.25
37.50
534.00 416.00
84.00
81.75
748.00 578.00
5.43
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
89.50
725.00
183.00
846.50
12.25

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

Price
2647.50
288.00
1364.00
2158.50
1029.00
7175.00
3728.00
29.50

12M Lo
2138.50
237.90
900.50
1667.00
941.00
4425.00
2712.50
28.50
928.00
1089.50 764.00

12M Hi
3437.00
369.25
1524.00
2631.50
1880.00
7555.00
4712.00
51.00
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
1490.00
482.45
292.50
12.13
833.00
152.00
117.50
425.40
2282.50
2367.50
294.90
1383.00
685.00

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
497.50
469.70
14.75
833.00
335.10
297.00
535.00
2402.00
2489.00
400.00
1493.00
715.75

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

Page 20 of 25

Target
6689
381
1123
4795
870
1925
5506
-77
5566
1235

Beta
1.74
0.92
1.38
1.40
1.90
0.30
1.41
1.05
2.05
1.76

Price 12M Lo
112.00 110.75
319.00 308.70
3399.00 3015.00

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

Target
1900
1264
343
23
932
364
631
523
6429
6492
196
459
772

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
648
-56
552
637
310
148
77
59
1041
85
144
25
109
214
454
1606
106
799
44

Under Valued

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

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

12M Hi
152.13
387.90
3578.00

ST Rec
Neutral
Neutral
Neutral

LT Rec
Sell
Buy
Sell

Target
97
353
3199

Intellisys 20 January 2012

Beta
0.85
0.80
0.32

Intellisys

www.intellisys.uk.com

20 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
3.38
3070.00
315.60
530.50
1437.50
3.15
9.42
2165.00
35.50
19.75

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

12M Hi
5.50
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
24.38
21.50
93.25
57.75
1571.00 1298.00
384.70 324.70
268.50 225.00
20.13
15.25
79.25
58.95
437.00 242.90
292.10 214.90
166.75 154.75
65.25
41.50
1680.00 1444.00
306.00 231.70

12M Hi
27.00
96.00
1799.00
490.00
535.00
23.00
147.20
437.00
420.20
290.00
175.00
2109.00
306.00

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

Target
45
56
902
853
257
16
173
410
359
431
351
1582
297

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
11
10895
124
1030
1504
-1
-2
1429
305
-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
226.10 167.80
240.00
146.50 113.70
185.40
9601.00 8800.00 10950.00
266.50 240.00
350.00
138.50 115.63
165.00
658.50 590.00
875.00
65.50
56.05
91.45
1.85
1.36
17.38
113.60
95.05
173.10
322.60 311.60
559.00
273.50 197.90
354.70
374.60 318.40
522.00
883.50 756.50 1076.00
119.50 104.50
311.00
1160.00 977.00 1257.00
1437.00 1183.00 1906.00
1192.00 970.00 1554.00

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

Target
96
138
17049
286
206
336
84
3
93
308
262
253
733
177
1180
1595
1595

Intellisys 20 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

20 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
184.00 166.25
2085.00 1394.48
997.00 740.50
230.20
99.40
758.00 542.00
345.00 230.00
865.50 676.50
221.75 192.25
637.00 611.50
27.13
23.75
613.00 512.50
431.60 402.70
957.50 667.00
817.50 648.50
383.60 263.50
218.10 182.20
394.60 273.10
269.60 219.90
69.75
58.85
308.10 218.50
311.80 239.75
2145.00 1715.00
25.75
25.25
32.38
27.75
530.00 425.00
394.60 323.00
264.00 195.90
7.60
4.75
134.50 112.50
585.00 327.25
203.80 144.50
88.75
64.00
74.20
58.20
374.90 299.80
357.50 314.00
191.50 158.25
380.00 231.50
206.50 156.60
516.00 458.00
98.50
90.80
21.50
18.50
60.25
36.25
41.00
36.25
216.50 191.00
49.50
48.38
251.50 160.00

12M Hi
367.50
2131.00
1251.00
230.20
758.00
357.00
906.50
318.50
786.50
37.00
619.50
568.00
962.50
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
585.00
308.80
119.00
104.70
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
Sell
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral

Page 22 of 25

Target
329
1221
1233
121
672
1038
971
524
677
93
704
679
1018
941
312
360
416
373
138
456
763
1575
65
54
1177
426
388
-274
272
715
342
68
49
508
526
339
427
285
648
158
-7
-277
60
563
-8175
553

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

Price 12M Lo
203.10 161.00
40.79
31.25
406.90 389.30
69.00
57.50
695.00 440.00
174.50 155.05

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
257
136
355
83
477
186

Intellisys 20 January 2012

Beta
0.92
0.65
0.52
1.27
0.06
0.65

Intellisys

www.intellisys.uk.com

20 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
191.10 156.00
383.50 282.00
1130.00 1015.00
421.50 301.00
306.30 301.80
500.00 440.50
1308.00 1190.00
226.80 201.60
212.50 190.90
277.70 199.97
73.00
56.00

12M Hi
240.80
517.50
1355.00
421.50
391.20
574.00
1598.00
270.20
346.70
281.20
151.50

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
173
671
1589
384
440
351
1825
191
383
213
174

Price 12M Lo
283.40 278.80
617.50 539.00
692.00 584.50
1529.00 1368.00
600.50 543.50

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
288
773
616
1333
610

Intellisys 20 January 2012

Beta
0.50
0.57
0.63
0.47
0.60

Intellisys

www.intellisys.uk.com

20 January 2012

DISCLAIMER

Intelligent Analysis Limited has prepared this report. Intellisys (Intellisys) is the trading
name of Intelligent Analysis Limited.
Intelligent Analysis Limited 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 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.
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 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 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 Intelligent Analysis Limited and/or Intellisys information may
be prohibited. Persons in respect of whom such prohibitions apply must not access the
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 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 Intelligent Analysis Limited or Intellisys
report 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.
Intelligent Analysis Limited believes that the information within each and any of its reports
be correct, but its accuracy or completeness cannot be guaranteed. No representation
warranty, expressed or implied, is given by any person as to the accuracy or completeness
the information and no responsibility or liability is accepted for the accuracy or sufficiency
any of the information, for any errors, omissions or mis-statements, negligent or otherwise.

Page 24 of 25

Intellisys 20 January 2012

to
or
of
of

Intellisys

www.intellisys.uk.com

20 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
securities from time to time, subject to restrictions imposed by internal rules.
Subscribers, and casual reader, are reminded that the value of shares in any company may go
up or down and that past performance is not necessarily a guide to future performance.
Intelligent Analysis Limited is not registered with or regulated by any financial regulatory
authority and does not offer, provide or purport to provide or offer investment advice.

RISK WARNING 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 25 of 25

Intellisys 20 January 2012