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Intellisys
17 August 2012
Contents
Introduction...................................................................................................................... 3
Timing .......................................................................................................................... 3
Value ........................................................................................................................... 4
Conclusion .................................................................................................................... 4
Over Valued ............................................................... 5
Aerospace & Defence
Automobiles & Parts
Banks
Beverages
Chemicals
Health
Insurance
Leisure & Hotels
Life Assurance
Real Estate
Support Services
Telecommunication Services
Transport
Utilities
DISCLAIMER ................................................................................................................... 14
RISK WARNING Ratings and Targets ............................................................................. 15
Page 2 of 15
Intellisys
17 August 2012
Introduction
The overriding purpose of this daily report is to provide users with a quick guide that will
identify those shares that merit their investment attention in an increasingly time critical and
information noisy trading environment.
The report is published daily and delivered to the subscribers personal email box, typically,
before the official open of the London Stock Markets.
Putting aside luck, Intellisys recognises that the timing and value of an investment are the
two primary drivers behind a successful portfolio performance.
Timing
Intellisys has invested considerably in identifying what it believes are the key factors that
influence investment timing. Having identified the key parameters, these have been
established as rules that reflect market dynamics and cut through the daily investment noise.
Through this discipline, Intellisys has removed the emotional and sentimental factors as well
as the daily pressures exerted upon primary stock promoters (analysts and traders) to find
stories for their investment meetings.
From an analysis of a years data for 40 stocks within Intellisys stock coverage, the trading
indicators appear to be, on average, about 77% accurate in identifying good trading points as
well as some 74% accurate for overall trend correlation.
The following chart provides an indication the accuracy scores for each of the 40 stocks
analysed.
Individual Stock Rating & Trend Accuracy Scores
120.0%
120.0%
110.0%
110.0%
100.0%
100.0%
90.0%
90.0%
80.0%
80.0%
70.0%
70.0%
60.0%
60.0%
50.0%
50.0%
40.0%
40.0%
30.0%
30.0%
20.0%
20.0%
1
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40
Best Buy/Sell
Trend
Source: Intellisys
Page 3 of 15
Intellisys
17 August 2012
Value
A similar discipline has been applied to the process of establishing Target Indications. On a
daily basis, Intellisys analyses as broad an array of historic data from not only the
Consolidated Income Statement but also the Balance Sheet and Cash Flow Statement and
then utilises this data within its proprietary valuation models.
Intellisys architect, Philip Morrish, has successfully applied these disciplines to his investment
research for the last 15+ years. Additionally, these investment valuation techniques lend
themselves to accurate cross-border analysis.
The resultant Target is also discounted to a Net Present Value to make the Target as
realistically valid as possible.
Nevertheless, Intellisys recognises that Target Indication delivery is not only a function of
market levels but a management teams ability to establish and maintain a value generating
operating environment set against a constantly changing global background.
The typical investment analysts approach to determining target prices is to start with a
modest range of some 6 8 valuation measures and remove those that are not providing the
intuitive result. Intellysis approach is the opposite we use as many valuation methodologies
as possible.
Further, Intellisys recognises that some target Indications may appear strange or extreme.
However, subscribers should not dismiss these outcomes but use them as starting points to
challenge their established or perceived valuation opinion of a stock.
In short, this disciplined approach provides an investment reality check to assist investors
from falling in love with a stock or becoming mesmerised by management cults.
Conclusion
No investment methodology is 100% successful and like all trading and investment systems
active position monitoring is critical for maximised investment performance.
Therefore, Intellisys recommends that its products should be used in conjunction with, and
not separate from subscribers existing investment systems as well as discussing investment
options with their financial advisers.
Page 4 of 15
Intellisys
Over Valued
Price 12M Lo
320.90 251.40
313.40 267.30
221.80 165.90
408.00 305.00
860.00 558.24
1048.00 869.50
1516.00 1305.00
12M Hi
333.00
560.00
239.50
413.50
890.00
1113.00
1780.00
ST Rec
LT Rec
Neutral
Buy
Neutral Strong Buy
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Price 12M Lo
220.70 157.00
387.10 268.60
69.00
48.00
14.87
6.80
12M Hi
235.50
418.20
69.00
16.25
ST Rec
LT Rec
Neutral
Sell
Neutral
Neutral
Neutral
Buy
Neutral Strong Buy
Price 12M Lo
186.20 138.85
564.80 463.50
32.99
21.84
227.30 173.40
1418.50 1169.50
12M Hi
256.75
581.70
37.50
291.70
1662.50
ST Rec
LT Rec
Neutral
Sell
Neutral Strong Buy
Sell Strong Buy
Sell
Sell
Neutral
Sell
Price 12M Lo
451.50 348.00
1700.00 1112.00
2812.00 2005.00
12M Hi
462.30
1737.50
2868.50
Beta
1.95
1.44
1.30
1.12
Target
101
942
50
-216
1126
Beta
1.86
1.16
1.84
1.34
1.69
ST Rec
Neutral
Neutral
Neutral
LT Rec
Buy
Sell
Buy
Target
501
1451
3308
Beta
0.49
0.55
1.01
Under Valued
Chemicals
Stock
C RODA INTERNATIONAL
ELEMENTIS
JOHNSON MATTHEY
VIC TREX
YULE C ATTO
ZOTEFOAMS
Target
207
382
79
23
Under Valued
Beverages
Stock
BARR (AG)
DIAGEO
SABMILLER
Beta
0.68
0.56
0.87
1.33
1.09
0.71
0.57
Over Valued
Banks
Stock
BARC LAYS
HSBC HDG. (ORD $0.50)
LLOYDS BANKING GROUP
ROYAL BANK OF SC TL.GP.
STANDARD C HARTERED
Target
469
525
244
360
577
962
1266
Over Valued
17 August 2012
Price
2434.00
214.00
2319.00
1325.00
153.90
178.50
12M Lo
1597.00
107.50
1522.47
1025.00
127.40
109.00
12M Hi
2466.00
215.00
2407.16
1516.00
251.00
186.50
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Neutral
Target
3730
289
6065
1582
304
177
Page 5 of 15
Beta
1.05
1.04
1.44
1.15
1.22
0.97
Intellisys
Over Valued
Price
290.20
145.90
878.50
1450.00
483.70
264.10
42.75
219.75
635.00
500.00
1325.00
56.88
82.75
639.50
683.00
135.30
95.00
50.85
1060.00
2520.00
12M Lo
214.60
67.50
540.50
1025.00
326.50
235.50
35.50
180.00
383.75
239.25
1095.00
38.00
76.00
510.00
374.00
103.50
76.95
28.71
715.00
1404.00
12M Hi
311.00
151.50
878.50
1464.00
518.50
361.90
79.75
247.50
653.00
500.00
1489.00
69.50
103.75
725.00
706.50
138.30
123.20
52.75
1125.00
2558.00
Price 12M Lo
1085.00 685.00
587.50 434.30
121.75
86.75
248.00 180.90
215.30 128.50
1276.00 714.00
1564.00 800.00
1730.00 1039.00
0.11
0.08
167.75 120.50
239.50 185.00
12M Hi
1120.00
670.00
149.50
277.50
225.20
1310.00
1564.00
1902.00
0.24
203.50
277.00
Target
22
119
232
1304
106
-133
37
421
5
362
1393
97
57
237
337
25
138
2
698
720
Beta
0.83
1.46
1.06
0.69
1.10
1.11
0.76
0.62
1.04
1.27
1.00
1.10
1.30
0.87
1.14
1.00
1.64
1.53
1.88
1.41
ST Rec
LT Rec
Neutral
Sell
Neutral
Buy
Neutral Strong Buy
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Neutral
Neutral
Neutral
Neutral Strong Buy
Neutral
Sell
Target
609
748
193
272
55
848
2016
1702
0
302
176
Beta
0.74
1.18
1.28
1.39
2.12
0.98
1.26
1.44
0.81
1.59
1.11
Under Valued
ST Rec
LT Rec
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Under Valued
17 August 2012
Price
69.25
347.70
336.00
593.00
393.50
412.10
324.50
918.50
5.50
266.60
2251.00
204.80
152.13
2036.00
649.50
1738.00
12M Lo
62.50
225.60
252.50
395.80
280.00
306.30
235.00
636.50
5.13
224.00
1501.00
135.60
140.00
1650.00
488.00
1375.00
12M Hi
98.75
437.10
338.50
747.50
483.70
431.90
345.00
1022.00
9.12
360.00
2322.00
213.00
219.50
2334.00
690.00
2236.00
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Buy
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Buy
Neutral
Neutral
Neutral Strong Buy
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Target
153
470
593
759
377
328
345
1094
6
455
1560
200
99
1855
600
1707
Page 6 of 15
Beta
1.25
1.56
0.97
2.22
1.45
0.76
1.35
1.38
0.82
1.79
1.02
1.70
1.00
0.85
1.46
1.39
Intellisys
Under Valued
Price 12M Lo
503.00 457.00
284.90 263.00
331.50 263.50
338.30 297.05
23.50
9.50
12M Hi
558.00
328.00
331.50
411.25
48.50
ST Rec
LT Rec
Neutral
Sell
Neutral
Buy
Neutral Strong Buy
Neutral
Buy
Neutral
Neutral
Price 12M Lo
1297.00 1020.00
842.00 588.50
343.80 290.40
304.00 232.00
63.00
32.90
657.00 567.50
2268.00 1922.00
12M Hi
1297.00
858.00
368.90
332.20
180.00
720.50
2334.00
ST Rec
LT Rec
Neutral
Buy
Neutral Strong Buy
Neutral
Buy
Neutral
Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Neutral
Price 12M Lo
22.75
16.88
276.50 222.40
1370.00 1092.00
615.00 375.00
17.15
9.36
4.50
2.20
21.00
19.50
240.90 189.00
3.30
3.30
692.50 570.00
50.00
38.00
288.90 222.00
360.00 301.80
44.75
31.25
210.75 127.30
3609.00 2153.00
970.00 633.00
49.00
21.50
12M Hi
24.00
291.00
1586.00
728.50
19.64
7.39
103.00
342.30
22.25
874.50
111.90
313.80
389.50
51.00
378.70
3609.00
990.00
49.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Target
1574
1733
389
436
-177
1301
2253
Beta
0.60
0.59
0.89
0.31
1.41
0.62
0.59
LT Rec
Buy
Neutral
Sell
Sell
Strong Buy
Sell
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Buy
Buy
Buy
Sell
Sell
Sell
Sell
Target
29
289
723
263
37
4
110
401
-30
1306
313
355
433
59
92
2734
530
27
Beta
0.70
0.52
1.33
0.96
1.54
0.93
1.02
0.65
0.85
0.48
1.25
0.96
0.73
1.02
0.44
0.73
0.55
1.29
Over Valued
Health
Stock
C ONSORT MEDIC AL
C ORIN GROUP
SMITH & NEPHEW
Beta
0.48
0.41
0.67
0.72
0.83
Under Valued
General Retail
Stock
ASHLEY(LAURA) HOLDINGS
BROWN (N) GROUP
BURBERRY GROUP
C ARPETRIGHT
DIXONS RETAIL
FINDEL
FRENC H C ONNEC TN.GROUP
HALFORDS GROUP
JJB SPORTS
JD SPORTS FASHION
DARTY
KINGFISHER
MARKS & SPENC ER GROUP
MOSS BROTHERS GROUP
MOTHERC ARE
NEXT
TED BAKER
TOPPS TILES
Target
299
382
554
419
25
Under Valued
17 August 2012
Price 12M Lo
735.00 498.00
57.63
35.25
671.00 540.50
12M Hi
735.00
57.63
678.50
ST Rec
Sell
Neutral
Neutral
LT Rec
Sell
Neutral
Neutral
Target
633
56
705
Page 7 of 15
Beta
0.49
0.68
0.38
Intellisys
Under Valued
Price 12M Lo
647.50 405.00
291.00 233.25
85.00
70.25
12M Hi
647.50
306.00
141.50
ST Rec
Neutral
Neutral
Neutral
Price 12M Lo
575.50 469.00
330.60 154.10
29.50
14.50
541.50 296.90
87.38
41.00
153.00 105.80
221.00
96.00
12M Hi
645.00
338.40
35.00
717.00
87.75
174.00
222.00
ST Rec
LT Rec
Neutral
Sell
Neutral Strong Buy
Neutral
Buy
Neutral
Sell
Neutral Strong Buy
Neutral Strong Buy
Neutral
Sell
Price 12M Lo
1162.00 787.00
378.00 270.60
167.00 109.60
457.40 336.00
452.80 340.50
787.00 596.50
113.50
97.65
381.75 285.00
12M Hi
1548.00
385.00
168.30
457.40
457.50
787.00
117.90
384.00
Beta
0.40
0.92
0.74
Target
393
611
33
238
279
516
42
Beta
0.76
1.20
0.78
1.08
1.33
0.97
0.99
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
LT Rec
Sell
Sell
Strong Buy
Buy
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Target
474
-2416
1271
643
1731
2674
1417
1619
Beta
0.57
0.51
0.56
0.33
0.49
0.30
0.45
0.48
Under Valued
Target
620
290
98
Under Valued
Insurance
Stock
ADMIRAL GROUP
AMLIN
BEAZLEY
C ATLIN GROUP
HISC OX
JARDINE LLOYD THOMPSON
RSA INSURANC E GROUP
NOVAE GROUP
LT Rec
Neutral
Neutral
Buy
Over Valued
17 August 2012
Price 12M Lo
2156.00 1742.00
58.50
26.50
206.30 136.70
723.00 621.00
577.50 411.40
168.90 114.00
1650.00 955.00
485.70 371.20
269.00 215.60
98.25
93.20
7.69
5.61
125.70 109.50
320.70 263.00
465.30 371.30
2127.00 1429.00
304.00 183.30
111.30
84.60
12M Hi
2369.00
70.00
210.20
740.00
611.00
181.40
1725.00
513.00
280.90
174.00
12.50
150.90
328.30
473.40
2165.00
314.60
112.50
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Buy
Neutral
Buy
Neutral
Sell
Sell
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Buy
Target
4679
37
701
715
570
167
1407
584
352
61
-163
192
300
639
1857
266
152
Page 8 of 15
Beta
0.99
1.65
0.97
0.41
0.90
0.96
1.19
1.35
1.05
1.24
1.21
0.89
0.85
0.77
1.01
0.93
1.20
Intellisys
Over Valued
Life Assurance
Stock
AVIVA
C HESNARA
LEGAL & GENERAL
OLD MUTUAL
PRUDENTIAL
ST.JAMES'S PLAC E
Price 12M Lo
326.70 255.30
169.00 155.25
131.70
89.80
171.00
98.48
813.00 509.00
360.80 294.00
12M Hi
382.60
226.00
135.00
171.00
824.00
375.00
ST Rec
LT Rec
Neutral Strong Buy
Neutral Strong Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Price 12M Lo
237.50 116.17
140.00
91.25
766.00 618.50
35.38
28.50
483.50 343.40
751.00 522.50
407.00 313.90
202.50 157.70
85.60
51.65
5.88
4.11
1212.00 1038.00
44.13
36.25
275.00 205.87
29.63
26.21
91.38
76.25
73.50
67.50
41.25
25.50
689.00 416.00
103.00
78.50
852.00 578.00
1.19
1.08
12M Hi
237.50
144.00
766.00
45.13
483.50
828.00
451.00
240.60
89.90
7.90
1294.00
62.25
377.50
30.69
119.50
95.25
54.25
689.00
106.00
880.00
6.27
ST Rec
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Beta
1.29
0.66
1.67
1.62
1.72
0.85
LT Rec
Sell
Buy
Strong Buy
Strong Buy
Sell
Sell
Strong Buy
Buy
Strong Buy
Buy
Strong Buy
Buy
Strong Buy
Buy
Sell
Strong Buy
Neutral
Neutral
Strong Buy
Strong Buy
Sell
Target
-293
775
65
1904
1707
88
290
521
735
237
1323
459
357
503
-236
1802
545
259
494
528
18
Beta
1.30
0.42
0.57
0.98
1.05
0.96
1.56
1.42
1.54
1.28
0.66
0.81
0.26
0.54
0.78
1.31
1.41
1.34
0.82
1.30
1.12
Over Valued
Mining
Stock
ANGLO AMERIC AN
ANGLO PAC IFIC GROUP
ANTOFAGASTA
BHP BILLITON
LONMIN
RANDGOLD RESOURC ES
RIO TINTO
UK C OAL
VEDANTA RESOURC ES
XSTRATA
Target
912
277
224
137
716
331
Over Valued
17 August 2012
Price
1974.50
268.00
1096.00
1965.00
648.00
6205.00
3051.00
5.52
12M Lo
1854.00
221.25
900.50
1667.00
648.00
4596.00
2712.50
5.50
832.50
930.90 764.00
12M Hi
2910.00
340.00
1399.00
2206.50
1313.00
7565.00
3988.00
47.00
1502.00
1283.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Buy
Neutral
Neutral
LT Rec
Strong Buy
Neutral
Sell
Strong Buy
Buy
Sell
Buy
Strong Buy
Strong Buy
Buy
Target
3120
294
902
3366
874
3046
3725
136
2566
1140
Page 9 of 15
Beta
1.72
1.01
1.44
1.43
1.95
0.31
1.43
0.90
2.14
1.76
Intellisys
Under Valued
Price
1317.50
451.25
298.10
9.37
781.00
89.75
135.50
390.50
2253.50
2340.50
344.00
1369.00
829.00
12M Lo
1144.00
363.20
248.20
8.30
530.00
87.00
93.00
310.00
1883.50
1890.50
254.90
945.50
469.90
12M Hi
1547.00
504.60
379.03
12.13
968.00
202.00
180.00
449.70
2402.00
2489.00
363.80
1601.00
829.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
121.25 105.00
302.40 285.00
3554.00 3100.00
12M Hi
135.12
374.20
3660.00
ST Rec
Neutral
Neutral
Neutral
Price
3.35
3025.50
333.00
473.00
1484.50
2.23
6.50
2008.00
95.00
25.25
Target
1052
1341
-17
13
481
262
624
263
7443
9251
225
632
798
Beta
0.77
1.06
1.37
0.91
1.27
1.45
1.26
1.39
0.92
0.92
0.53
1.10
1.36
LT Rec
Sell
Buy
Sell
Target
106
340
3303
Beta
0.84
0.72
0.35
Over Valued
LT Rec
Sell
Strong Buy
Sell
Buy
Sell
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Sell
Sell
Neutral
Over Valued
17 August 2012
12M Lo
2.54
2591.00
238.00
392.50
1242.50
2.16
5.88
1743.00
31.00
18.75
12M Hi
4.40
3111.50
423.00
524.84
1507.50
6.40
9.50
2300.00
101.50
38.25
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Neutral
LT Rec
Strong Buy
Strong Buy
Sell
Strong Buy
Sell
Strong Buy
Sell
Sell
Strong Buy
Strong Buy
Target
20
6062
292
1438
684
8
3
1388
199
72
Page 10 of 15
Beta
1.02
0.49
0.65
0.28
0.49
0.67
0.93
0.67
0.70
0.84
Intellisys
Under Valued
Real Estate
Stock
BIG YELLOW GROUP
BRITISH LAND
C APITAL & REGIONAL
C LS HOLDINGS
DERWENT LONDON
DEVELOPMENT SEC S.
GRAINGER
GREAT PORTLAND ESTATES
HAMMERSON
HELIC AL BAR
LAND SEC URITIES GROUP
C APITAL SHOPC TS.GROUP
MC KAY SEC URITIES
MUC KLOW (A & J) GROUP
QUINTAIN ESTATES & DEV.
SAVILLS
SHAFTESBURY
SEGRO
ST MODWEN PROPS.
TOWN C ENTRE SEC URITIES
UNITE GROUP
WARNER ESTATE
WORKSPAC E GROUP
17 August 2012
Price 12M Lo
307.00 218.00
541.00 444.00
23.00
23.00
720.50 520.00
1998.00 1400.00
156.00 121.75
98.25
77.30
429.70 312.90
460.00 345.20
202.00 163.50
804.00 612.00
333.80 288.70
136.00 108.50
360.00 280.25
52.75
32.50
380.80 256.20
537.50 445.20
244.60 195.00
220.00 103.50
182.88 130.00
214.75 152.90
2.38
1.75
254.25 212.50
12M Hi
330.00
549.50
38.13
720.50
2021.00
204.75
116.00
443.50
474.50
234.25
812.00
354.20
141.00
390.00
53.50
392.90
549.00
259.50
220.00
189.50
228.00
4.13
254.25
ST Rec
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
LT Rec
Sell
Buy
Strong Buy
Strong Buy
Sell
Sell
Strong Buy
Buy
Strong Buy
Buy
Strong Buy
Buy
Strong Buy
Buy
Sell
Strong Buy
Neutral
Neutral
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Price 12M Lo
20.75
18.25
125.00
57.75
1822.00 1298.00
364.50 292.40
273.25 225.00
19.25
16.75
104.90
58.95
541.50 257.71
211.00 154.75
81.00
41.50
1421.00 1394.00
299.20 231.70
12M Hi
27.00
132.30
1869.00
461.90
341.00
22.25
110.90
549.00
231.75
105.00
1766.00
312.40
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Neutral
Neutral Strong Buy
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Target
37
53
905
1062
243
16
131
549
401
-66
1454
263
Beta
0.69
0.86
1.41
1.04
1.13
0.85
1.14
0.81
0.87
0.52
0.82
0.74
Over Valued
Beta
1.11
1.03
0.78
0.67
1.19
0.94
1.44
1.04
1.12
0.71
1.13
1.09
0.70
0.47
1.12
0.66
0.98
1.63
1.44
0.96
1.71
1.00
0.99
Over Valued
Target
-293
775
65
1904
1707
88
290
521
735
237
1323
459
357
503
-236
1802
545
259
494
528
18
111
566
Price 12M Lo
12M Hi
276.80 167.80
283.80
151.40 113.70
177.00
9685.00 8800.00 10250.00
295.50 240.00
297.50
177.50 115.63
187.00
784.00 590.00
812.00
89.40
56.05
90.60
0.98
0.87
3.22
110.00
90.55
138.50
335.70 301.10
488.60
287.40 197.90
303.90
397.20 310.40
441.70
1021.00 756.50 1093.00
80.05
63.25
240.10
1302.00 977.00 1373.00
1420.00 1166.00 1650.00
1140.00 966.00 1309.00
ST Rec
LT Rec
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Target
90
92
9142
180
108
242
92
95
53
203
113
-33
1483
92
1027
1051
4024
Page 11 of 15
Beta
1.11
0.75
0.81
0.95
0.69
0.85
0.89
0.65
1.46
1.05
1.60
1.53
1.15
1.29
0.77
1.34
1.28
Intellisys
17 August 2012
Over Valued
Support Services
Stock
AC AL
AGGREKO
AMEC
ASHTEAD GROUP
BABC OC K INTL.
BRITISH POLYTHENE INDS.
BUNZL
UK MAIL GROUP
C APITA
C OMMUNISIS
C OMPASS GROUP
BERENDSEN
DE LA RUE
DIGNITY
DIPLOMA
ELEC TROC OMP.
FILTRONA
G4S
HAYS
HOMESERVE
INTERSERVE
INTERTEK GROUP
JOHNSON SERVIC E GROUP
MANAGEMENT C NSL.GP.
MENZIES (JOHN)
MIC HAEL PAGE INTL.
MITIE GROUP
MOUC HEL GROUP
OFFIC E2OFFIC E
PAYPOINT
PREMIER FARNELL
REGUS
RENTOKIL INITIAL
REXAM
RIC ARDO
ROBERT WALTERS
RPC GROUP
RPS GROUP
SERC O GROUP
SHANKS GROUP
SPEEDY HIRE
TRIBAL GROUP
TRIFAST
VP
WYG
Price 12M Lo
183.75 166.25
2260.00 1522.00
1104.00 740.50
267.30
99.40
892.50 570.50
371.00 295.00
1097.00 686.00
236.50 192.25
731.00 602.00
34.13
23.75
709.00 512.50
525.00 402.70
1055.00 772.00
915.00 727.00
434.50 284.00
225.00 182.20
537.50 311.70
265.10 219.90
82.30
58.85
230.50 137.50
341.00 270.10
2786.00 1744.00
28.00
25.25
24.50
21.25
619.00 475.00
370.00 323.00
281.20 208.00
0.98
0.96
154.00 124.75
687.50 465.00
189.50 144.50
101.10
64.00
79.00
58.20
442.10 299.80
366.75 304.50
185.25 158.25
419.00 300.50
233.40 156.60
575.50 458.00
83.55
75.80
25.50
18.50
87.50
40.50
45.38
36.25
308.50 191.00
45.50
42.00
12M Hi
248.00
2316.00
1171.00
272.00
899.50
392.50
1167.00
275.25
767.00
39.75
711.50
540.50
1070.00
929.00
460.50
263.00
540.00
292.10
92.50
490.30
341.00
2842.00
32.25
41.25
652.00
497.00
296.70
52.00
166.50
740.00
228.80
117.50
89.90
442.10
385.00
264.63
421.50
250.00
602.00
115.90
30.50
92.63
49.50
311.25
63.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
LT Rec
Strong Buy
Sell
Sell
Sell
Sell
Strong Buy
Sell
Strong Buy
Sell
Strong Buy
Sell
Buy
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Sell
Neutral
Strong Buy
Buy
Sell
Buy
Sell
Sell
Buy
Neutral
Buy
Neutral
Sell
Sell
Strong Buy
Strong Buy
Sell
Sell
Strong Buy
Strong Buy
Beta
0.86
1.10
1.10
1.56
0.45
0.77
0.53
0.29
0.50
0.77
0.70
1.01
#NA
0.19
0.98
1.04
1.11
0.58
1.06
0.91
1.26
0.82
1.08
0.70
1.41
1.40
0.56
0.80
0.43
0.71
1.28
1.42
1.30
0.88
0.81
1.23
0.79
1.55
0.58
1.45
1.26
0.51
0.93
0.90
0.77
Over Valued
Telecommunication Services
Stock
BT GROUP
C ABLE & WIRELESS C OMMS.
INMARSAT
KC OM GROUP
TELEC OM PLUS
VODAFONE GROUP
Target
287
999
889
244
549
636
687
379
400
71
519
782
509
582
326
255
281
240
99
376
598
1137
76
47
1062
250
286
2
200
482
215
94
43
496
358
264
439
212
474
141
47
47
42
502
129
Price 12M Lo
217.10 161.00
33.42
27.28
551.00 389.30
77.00
65.60
830.00 612.00
185.55 157.50
12M Hi
232.10
45.16
561.00
79.00
890.00
191.25
ST Rec
LT Rec
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Target
264
66
495
102
573
139
Page 12 of 15
Beta
0.90
0.67
0.55
1.27
0.03
0.55
Intellisys
17 August 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
187.70 156.00
377.50 282.00
1300.00 1015.00
546.50 309.27
245.10 187.40
625.00 460.00
1326.00 1086.00
218.20 180.00
211.50 159.60
292.20 230.40
48.25
31.00
12M Hi
218.80
439.00
1390.00
572.50
370.20
629.50
1583.00
252.00
291.30
292.20
107.75
ST Rec
LT Rec
Neutral
Sell
Neutral
Buy
Neutral
Neutral
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral Strong Buy
Neutral
Sell
Sell
Sell
Beta
1.31
0.99
0.79
0.80
1.02
0.82
0.95
1.36
1.41
0.96
0.89
Under Valued
Utilities
Stock
C ENTRIC A
NATIONAL GRID
PENNON GROUP
SSE
SEVERN TRENT
UNITED UTILITIES GROUP
Target
170
418
1305
482
430
325
1374
210
362
276
-76
Price 12M Lo
329.00 278.80
699.00 589.50
749.50 623.50
1339.00 1209.00
1755.00 1407.00
726.00 571.50
12M Hi
329.30
699.50
796.00
1445.00
1796.00
728.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
LT Rec
Buy
Buy
Neutral
Buy
Sell
Sell
Target
466
853
781
1675
1528
675
Page 13 of 15
Beta
0.47
0.53
0.55
0.44
0.35
0.50
Intellisys
17 August 2012
DISCLAIMER
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No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other
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Page 14 of 15
Intellisys
17 August 2012
Subscribers, and casual reader, are reminded that the value of shares in any company may go up or down
and that past performance is not necessarily a guide to future performance.
Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authority and does
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Intellisys does not make personal recommendations. The information in this publication is provided solely to
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If you are unsure about dealing in shares and other equity investments, you should contact your financial
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The value of stocks and shares, and the income from them, can fall as well as rise and you may not get back
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Page 15 of 15