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28 May 2013

Contents
Introduction .................................................................................................................................3
Value ...........................................................................................................................................4
Conclusion ..................................................................................................................................4
RISK WARNING Ratings and Targets ....................................................................................4
How to use the report .................................................................................................................5
Over Valued .....................................................................6
Aerospace & Defence
Under Valued ......................................................................6

Automobiles & Parts


Banks
Beverages

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


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

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


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

Chemicals

Electronics & Electrical Equipment


Engineering & Machinery
Food & Drug Stores

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


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

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


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

Food Producers & Processors


Under Valued ..............................................................................9
General Retail
Over Valued .........................................................................................9
Heath
Over Valued ..........................................................9
Over Valued ...............................................9

Household Goods & Textiles

Information Technology & Hardware


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

Over Valued .................................................................... 10


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

Media & Entertainment


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

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


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

Pharmaceuticals & Biotechnology


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

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


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

Over Valued ....................................................... 15


Telecommunication Services
Under
Valued
Transport
................................................................................... 15
Under
Valued
Utilities
....................................................................................... 15

DISCLAIMER ........................................................................................................................... 16
RISK WARNING ...................................................................................................................... 17

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

28 May 2013
+44 20 3239 8994

Page 2 of 17

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

120.0%

110.0%

110.0%

100.0%

100.0%

90.0%

90.0%

80.0%

80.0%

70.0%

70.0%

60.0%

60.0%

50.0%

50.0%

40.0%

40.0%

30.0%

30.0%

20.0%

20.0%
1

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

Trend

Source: Intellisys

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

28 May 2013
+44 20 3239 8994

Page 3 of 17

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

RISK WARNING Ratings and Targets


Intellisys does not make personal recommendations. The information in this publication is provided solely to
enable you to make your own investment decisions. If you are unsure about dealing in shares and other
equity investments, you 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.

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

28 May 2013
+44 20 3239 8994

Page 4 of 17

How to use the report


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

Longer term action based


upon implied target price
Todays action
Sector

Implied target
price based upon
49 valuation
metrics

Closing price

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

Company

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

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

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

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

Latest 12 month Hi/Lo for


the share price

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

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

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

eta measures a shares


volatility/risk relative to
market (see below)

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

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

eta =1.0

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

eta >1.0

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

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

28 May 2013
+44 20 3239 8994

Page 5 of 17

Over Valued

Aerospace & Defence


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BAE SYSTEMS

414.10

270.90

427.00

Neutral

Buy

Target
594

Beta
0.67

CHEMRING GROUP

281.40

217.00

414.70

Neutral

Buy

360

0.66

COBHAM

282.30

190.10

287.20

Neutral

Buy

313

0.82

MEGGITT

523.50

364.30

532.50

Sell

Sell

449

1.32

ROLLS-ROYCE HOLDINGS

1190.00

780.75

1225.00

Neutral

Neutral

1190

1.07

SMITHS GROUP

1355.00

979.50

1370.00

Neutral

Sell

1144

0.71

ULTRA ELECTRONICS HDG.

1811.00

1424.00

1843.00

Neutral

Sell

1683

0.51

Unde r V a lue d

Automobiles & Parts


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

GKN

296.40

173.60

311.90

Neutral

Neutral

284

2.02

INCHCAPE

549.00

305.20

577.50

Neutral

Neutral

542

1.48

LOOKERS

106.00

56.50

110.00

Neutral

Neutral

115

1.23

25.50

13.50

26.50

Neutral

Buy

37

1.11

PENDRAGON

Target

Over Valued

Banks
Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

BARCLAYS

317.00

150.55

333.85

Neutral

Sell

-802

1.94

HSBC HDG. (ORD $0.50)

726.00

503.20

769.90

Neutral

Buy

922

1.17

60.08

25.29

62.96

Sell

Sell

1.89

LLOYDS BANKING GROUP


ROYAL BANK OF SCTL.GP.

327.00

196.60

367.80

Neutral

Sell

-144

1.35

STANDARD CHARTERED

1537.50

1228.50

1837.50

Neutral

Strong Buy

3174

1.70

Under Valued

Beverages
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

570.00

348.00

588.50

Neutral

Neutral

605

0.55

DIAGEO

2019.50

1513.50

2085.00

Neutral

Sell

1794

0.55

SABMILLER

3432.50

2348.50

3657.00

Neutral

Buy

3959

0.95

BARR (AG)

Beta

Under Valued

Chemicals
Stock

Target

Price

12M Lo

12M Hi

ST Rec

LT Rec

AZ ELECTRONIC MATS.(DI)

323.50

240.00

406.40

Neutral

Strong Buy

642

1.23

CARCLO

370.50

356.00

503.00

Neutral

Neutral

385

0.73

2529.00

2125.00

2841.00

Neutral

Sell

2081

1.04

237.70

179.00

275.00

Neutral

Buy

342

0.99

CRODA INTERNATIONAL
ELEMENTIS

Target

Beta

JOHNSON MATTHEY

2596.00

2080.27

2696.00

Neutral

Strong Buy

11483

1.45

VICTREX

1628.00

1185.00

1736.00

Neutral

Sell

1446

1.14

SYNTHOMER

191.00

127.40

225.80

Neutral

Neutral

208

1.16

ZOTEFOAMS

198.50

157.00

225.00

Neutral

Strong Buy

369

1.00

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

28 May 2013
+44 20 3239 8994

Page 6 of 17

Under Valued

Construction & Building Materials


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ALUMASC GROUP

93.00

61.50

104.00

Neutral

Strong Buy

243

0.51

BALFOUR BEATTY

236.50

207.60

320.80

Neutral

Strong Buy

928

0.80

BARRATT DEVELOPMENTS

325.00

114.00

346.30

Neutral

Buy

443

1.58

BELLWAY

1261.00

660.00

1377.00

Neutral

Buy

1807

1.15

BERKELEY GROUP HDG.(THE)

2123.00

1191.00

2207.00

Neutral

Strong Buy

3269

0.66

BOOT (HENRY)

189.50

115.50

201.00

Neutral

Strong Buy

337

0.83

BOVIS HOMES GROUP

744.50

399.30

778.50

Neutral

Sell

539

1.20

CARILLION

250.10

235.50

331.80

Buy

Strong Buy

736

1.12

CLARKE (T)

53.50

40.00

61.50

Neutral

Strong Buy

250

0.82

259.50

188.00

306.00

Neutral

Strong Buy

544

0.57

1390.00

1052.00

1540.00

Neutral

Sell

833

1.14

GALLIFORD TRY

953.00

579.00

999.00

Neutral

Strong Buy

1581

1.01

KELLER

934.50

348.25

978.50

Neutral

Strong Buy

2023

1.26

1228.00

1106.00

1408.00

Neutral

Strong Buy

3171

0.97

66.50

49.75

76.75

Neutral

Strong Buy

209

1.07
1.39

COSTAIN GROUP
CRH

KIER GROUP
LOW & BONAR

Target

Beta

MARSHALLS

136.75

76.00

139.00

Neutral

Strong Buy

276

MORGAN SINDALL GROUP

555.00

508.00

695.00

Neutral

Strong Buy

3193

0.87

15.37

9.25

18.25

Neutral

Strong Buy

32

1.15

NORCROS

1220.00

496.69

1272.00

Neutral

Buy

1371

1.20

REDROW

PERSIMMON

225.90

107.30

238.10

Neutral

Buy

273

1.09

SIG

173.30

82.30

174.00

Neutral

Strong Buy

494

1.79

2.00

1.88

14.50

Sell

Strong Buy

50

0.88

SUPERGLASS HOLDINGS

97.65

40.28

103.00

Neutral

Buy

122

1.67

TRAVIS PERKINS

TAYLOR WIMPEY

1566.00

906.50

1604.00

Neutral

Strong Buy

2443

2.01

WOLSELEY

3329.00

2121.32

3483.00

Neutral

Strong Buy

5340

1.46

Under Valued

Electronics & Electrical Equipment


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

1305.00

978.00

1365.00

Neutral

Sell

826

0.75

DOMINO PRINTING SCIENCES

663.50

509.00

717.00

Neutral

Buy

906

1.18

E2V TECHNOLOGIES

125.00

105.50

144.00

Neutral

Strong Buy

266

1.29

INVENSYS

387.40

198.90

402.70

Neutral

Neutral

370

1.41

LAIRD

204.20

177.00

249.30

Neutral

Sell

73

2.13

DIALIGHT

Target

Beta

OXFORD INSTRUMENTS

1572.00

1120.00

1752.00

Neutral

Sell

1265

1.00

RENISHAW

1756.00

1260.00

2081.00

Neutral

Buy

2538

1.26

SPECTRIS

2090.00

1427.00

2470.00

Neutral

Buy

2383

1.52

0.07

0.07

0.14

Neutral

Strong Buy

0.84

TT ELECTRONICS

174.00

114.00

178.50

Neutral

Strong Buy

439

1.58

XAAR

634.50

185.00

695.00

Neutral

Sell

252

1.11

BIOME TECHNOLOGIES

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

28 May 2013
+44 20 3239 8994

Page 7 of 17

Over Valued

Engineering & Machinery


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

AGA RANGEMASTER GROUP

82.88

54.25

91.75

Neutral

Buy

106

1.28

BODYCOTE

553.50

310.30

560.50

Neutral

Neutral

528

1.60

CASTINGS

336.50

277.75

358.50

Neutral

Strong Buy

720

0.99

VESUVIUS

367.60

263.19

402.10

Neutral

Buy

525

2.20

FENNER

342.00

329.30

435.20

Neutral

Strong Buy

571

1.42

HALMA

519.00

375.00

538.50

Neutral

Sell

405

0.75

HILL & SMITH

436.00

297.00

480.00

Neutral

Sell

348

1.37

1309.00

776.00

1359.00

Neutral

Neutral

1402

1.41

290.50

220.30

305.00

Neutral

Strong Buy

554

1.82

2835.00

1859.00

3037.00

Neutral

Sell

2213

1.00

271.40

177.00

280.80

Neutral

Sell

219

1.64
0.79

IMI
MORGAN ADVANCED MATERIAL
ROTORK
SENIOR
SEVERFIELD-ROWEN

Target

Beta

45.50

35.40

91.10

Neutral

Sell

32

SPIRAX-SARCO

2787.00

1900.00

2865.00

Neutral

Sell

2342

0.84

VITEC GROUP

598.00

586.50

740.00

Neutral

Neutral

623

1.39

WEIR GROUP

2295.00

1397.00

2474.00

Neutral

Sell

2094

1.38

Over Valued

Food & Drug Stores


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

GREGGS

410.00

398.00

523.50

Neutral

Strong Buy

704

0.47

MORRISON(WM)SPMKTS.

280.00

248.60

296.40

Neutral

Sell

179

0.39

SAINSBURY (J)

378.00

283.50

396.50

Neutral

Sell

197

0.57

TESCO

380.00

297.05

387.75

Neutral

Sell

261

0.68

94.13

18.88

100.50

Neutral

Sell

68

0.84

THORNTONS

Beta

Under Valued

Food Producers & Processors


Stock

Target

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

ASSOCIATED BRIT.FOODS

1932.00

1167.00

2031.00

Neutral

Buy

2173

0.62

CRANSWICK

1088.00

732.50

1115.00

Neutral

Strong Buy

2146

0.43

DAIRY CREST

489.60

312.70

489.60

Sell

Neutral

522

0.94

DEVRO

339.00

278.00

380.00

Neutral

Strong Buy

531

0.32

72.25

54.50

125.75

Neutral

Sell

-181

1.25

PREMIER FOODS
TATE & LYLE
UNILEVER (UK)

875.50

633.50

875.50

Neutral

Strong Buy

1600

0.71

2862.00

2013.00

2885.00

Neutral

Neutral

2843

0.58

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

28 May 2013
+44 20 3239 8994

Page 8 of 17

Under Valued

General Retail
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ASHLEY(LAURA) HOLDINGS

28.75

20.50

29.50

Neutral

Buy

36

0.69

459.00

224.40

465.60

Neutral

Sell

389

0.54

1518.00

1000.00

1541.00

Neutral

Sell

1050

1.27

641.50

585.00

728.50

Neutral

Sell

300

0.95

41.88

12.67

42.90

Neutral

Neutral

43

1.51

153.00

55.20

186.00

Neutral

Sell

58

1.13

31.75

19.50

34.00

Sell

Strong Buy

109

0.99

HALFORDS GROUP

300.00

189.00

405.20

Neutral

Strong Buy

537

0.68

JD SPORTS FASHION

885.00

606.50

900.00

Neutral

Strong Buy

1616

0.53

BROWN (N) GROUP


BURBERRY GROUP
CARPETRIGHT
DIXONS RETAIL
FINDEL
FRENCH CONNECTN.GROUP

DARTY

Target

Beta

70.50

38.00

72.50

Neutral

Buy

99

1.25

KINGFISHER

327.00

254.10

335.50

Neutral

Buy

417

0.94

MARKS & SPENCER GROUP

475.00

312.20

475.20

Sell

Buy

555

0.65

55.50

42.75

71.00

Neutral

Buy

64

1.04

348.75

189.25

364.00

Neutral

Buy

408

0.47

NEXT

4580.00

2987.00

4749.00

Neutral

Sell

3977

0.67

TED BAKER

1490.00

840.00

1490.00

Sell

Sell

703

0.55

65.00

32.13

70.00

Neutral

Sell

54

1.50

MOSS BROTHERS GROUP


MOTHERCARE

TOPPS TILES

Over Valued

Heath
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BIOQUELL

141.00

126.50

160.00

Neutral

Sell

Target
114

0.46

CONSORT MEDICAL

768.00

584.00

831.50

Neutral

Sell

564

0.39

OPTOS

135.00

122.25

222.75

Neutral

Buy

159

1.18

SMITH & NEPHEW

782.50

590.50

794.50

Neutral

Sell

705

0.43

Over Valued

Household Goods & Textiles


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

GAMES WORKSHOP

722.50

557.00

742.00

Neutral

Neutral

703

0.44

HEADLAM GROUP

366.00

263.00

372.50

Neutral

Sell

305

0.92

74.00

55.25

89.00

Neutral

Buy

107

0.77

HORNBY

Target

Over Valued

Information Technology & Hardware


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

ARM HOLDINGS

985.50

469.00

1097.00

Neutral

Sell

540

0.74

CSR

549.50

200.30

570.00

Neutral

Strong Buy

1280

1.18

FILTRONIC
IMAGINATION TECHNOLOGIES

Target

Beta

62.00

25.00

83.25

Neutral

Sell

47

0.90

353.40

296.00

624.00

Neutral

Buy

508

1.08

SPIRENT COMMUNICATIONS

133.20

122.00

170.90

Neutral

Strong Buy

674

0.94

WOLFSON MICROELECTRONICS

220.50

170.00

230.00

Neutral

Sell

-486

0.90

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

28 May 2013
+44 20 3239 8994

Page 9 of 17

Under Valued

Insurance
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

1298.00

1019.00

1374.00

Neutral

Neutral

1249

0.53

AMLIN

419.20

312.90

435.10

Neutral

Sell

60

0.46

BEAZLEY

232.60

132.50

240.80

Neutral

Strong Buy

1279

0.60

CATLIN GROUP

524.50

399.00

552.50

Neutral

Strong Buy

2010

0.30

HISCOX

570.00

393.97

600.00

Neutral

Strong Buy

2550

0.48

JARDINE LLOYD THOMPSON

894.50

671.00

914.50

Neutral

Strong Buy

1710

0.31

RSA INSURANCE GROUP

113.40

97.65

136.30

Neutral

Strong Buy

917

0.41

NOVAE GROUP

488.50

345.00

500.00

Neutral

Strong Buy

2859

0.48

ADMIRAL GROUP

Over Valued

Leisure & Hotels


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

2237.00

2062.00

2628.00

Neutral

Strong Buy

4175

1.01

ENTERPRISE INNS

116.00

55.50

123.80

Neutral

Neutral

115

1.61

TUI TRAVEL

358.50

158.00

373.20

Neutral

Strong Buy

804

1.01

FULLER SMITH 'A'

812.50

700.00

820.00

Neutral

Sell

704

0.39

GREENE KING

767.00

478.20

789.50

Neutral

Sell

679

0.93

LADBROKES

207.10

152.70

243.10

Neutral

Buy

261

0.93

1912.00

1413.65

2039.00

Neutral

Sell

1525

1.18

CARNIVAL

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

550.50

455.40

582.50

Neutral

Buy

672

1.40

MITCHELLS & BUTLERS

385.10

217.40

408.50

Neutral

Sell

332

1.12

BWIN PARTY DIGITAL ENTM.

131.40

91.90

156.00

Neutral

Sell

44

1.25

11.50

5.61

13.12

Neutral

Strong Buy

54

1.27

146.20

115.00

177.50

Neutral

Strong Buy

521

1.00
0.76

PUNCH TAVERNS
RANK GROUP
RESTAURANT GROUP

521.50

279.90

531.00

Neutral

Sell

335

WETHERSPOON (JD)

641.00

385.00

661.50

Neutral

Buy

770

0.69

WHITBREAD

2835.00

1821.00

2887.00

Neutral

Sell

2069

0.99

WILLIAM HILL

440.50

246.35

452.80

Neutral

Sell

266

0.87

MARSTON'S

149.40

94.70

154.70

Neutral

Sell

20

1.21

Over Valued

Life Assurance
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

AVIVA

328.90

255.30

388.40

Neutral

Strong Buy

714

1.25

CHESNARA

258.00

155.25

270.00

Neutral

Strong Buy

399

0.70

LEGAL & GENERAL

180.00

106.00

187.80

Neutral

Strong Buy

360

1.71

OLD MUTUAL

214.00

138.70

221.60

Neutral

Neutral

207

1.57

PRUDENTIAL

1144.00

660.00

1203.00

Neutral

Sell

1024

1.71

584.00

303.40

640.00

Neutral

Strong Buy

1528

0.85

ST.JAMES'S PLACE

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

28 May 2013
+44 20 3239 8994

Page 10 of 17

Under Valued

Media & Entertainment


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BLOOMSBURY PBL.

128.62

102.00

146.50

Neutral

Sell

-624

0.37

BRITISH SKY BCAST.GROUP

780.50

656.00

899.50

Neutral

Strong Buy

1841

0.54

CENTAUR MEDIA

Target

Beta

33.25

28.50

60.00

Neutral

Strong Buy

163

1.03

DAILY MAIL 'A'

758.50

363.50

768.00

Neutral

Strong Buy

4369

1.14

EUROMONEY INSTL.INVESTOR

930.00

700.00

1030.00

Neutral

Strong Buy

8100

1.00

INFORMA

521.50

340.00

537.00

Neutral

Sell

-76

1.53

ITE GROUP

292.80

180.00

299.00

Neutral

Strong Buy

266

1.45

ITV

130.10

69.45

134.70

Neutral

Strong Buy

1350

1.54

17.25

4.88

19.00

Neutral

Strong Buy

828

1.27

1223.00

1119.00

1294.00

Neutral

Buy

342

0.63

82.00

36.25

84.50

Neutral

Strong Buy

2794

0.79

274.50

265.00

377.50

Neutral

Strong Buy

939

0.16

36.37

26.85

36.37

Neutral

Sell

-619

0.50

STV GROUP

136.50

81.50

146.88

Neutral

Sell

282

0.79

ST.IVES

163.00

67.50

166.50

Neutral

Sell

244

1.50

TRINITY MIRROR

115.75

25.50

121.25

Neutral

Sell

-278

1.59

UBM

729.00

511.00

788.00

Neutral

Strong Buy

1811

1.31
0.84

JOHNSTON PRESS
PEARSON
PHOTO-ME INTL.
PINEWOOD SHEPPERTON
THOMSON REUTERS

WILMINGTON GROUP

160.00

82.00

164.00

Neutral

Strong Buy

1440

WPP

1146.00

743.00

1178.00

Neutral

Sell

-530

1.35

HIBU

0.40

0.26

2.18

Neutral

Strong Buy

859

1.07

Under Valued

Mining
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

1556.50

1544.00

2215.00

Neutral

Sell

1164

1.74

ANGLO PACIFIC GROUP

225.50

215.00

290.00

Neutral

Neutral

228

0.96

ANTOFAGASTA

961.00

884.00

1381.00

Neutral

Sell

850

1.41

1923.00

1694.50

2236.00

Neutral

Buy

2860

1.43

GLENCORE XSTRATA

331.85

293.55

397.85

Buy

Strong Buy

966

#NA

LONMIN

262.40

240.84

421.26

Neutral

Buy

344

2.03

RANDGOLD RESOURCES

4988.00

4545.00

7775.00

Neutral

Sell

2967

0.34

RIO TINTO

2867.00

2715.50

3757.00

Neutral

Sell

2278

1.50

3.38

13.00

Neutral

Strong Buy

165

0.89

832.50

1335.00

Neutral

Strong Buy

2063

2.20

ANGLO AMERICAN

BHP BILLITON

COALFIELD RESOURCES
VEDANTA RESOURCES

1281.00

Under Valued

Oil & Gas


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

1194.00

1000.50

1350.50

Neutral

Neutral

1236

0.80

BP

476.40

394.90

483.30

Neutral

Strong Buy

1560

1.03

CAIRN ENERGY

280.60

248.20

309.40

Neutral

Sell

-20

1.32

BG GROUP

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

7.86

7.66

12.50

Buy

Strong Buy

14

0.82

858.50

688.00

941.00

Neutral

Sell

448

1.31
1.36

56.25

55.00

120.00

Neutral

Strong Buy

301

363.60

321.30

401.20

Neutral

Sell

285

1.43

2287.00

2059.00

2366.50

Neutral

Strong Buy

9422

0.84

390.90

270.30

404.30

Neutral

Sell

247

0.53

1025.00

977.00

1531.00

Neutral

Sell

900

1.04

828.00

651.50

879.50

Neutral

Neutral

801

1.35

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

28 May 2013
+44 20 3239 8994

Page 11 of 17

Over Valued

Personal Care & Household Products


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

MCBRIDE

105.00

101.20

144.60

Neutral

Strong Buy

240

0.84

PZ CUSSONS

376.10

297.20

415.60

Neutral

Sell

308

0.69

4850.00

3300.00

4926.00

Neutral

Neutral

4884

0.36

RECKITT BENCKISER GROUP

Target

Over Valued

Pharmaceuticals & Biotechnology


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

0.37

0.36

3.58

Buy

Sell

-0

1.01

3428.00

2592.00

3485.50

Neutral

Strong Buy

6761

0.47

BTG

353.70

300.30

423.00

Neutral

Sell

173

0.58

DECHRA PHARMACEUTICALS

709.00

468.75

780.00

Neutral

Neutral

747

0.25

1749.50

1317.50

1773.00

Neutral

Sell

1633

0.49

OXFORD BIOMEDICA

2.30

1.55

3.02

Buy

Sell

0.64

PHYTOPHARM SUSP - 21/05/13

1.33

1.05

12.75

Buy

Strong Buy

0.95

2168.00

1727.00

2168.00

Neutral

Sell

1415

0.66

ARK THERAPEUTICS GP.


ASTRAZENECA

GLAXOSMITHKLINE

SHIRE

Target

Beta

SKYEPHARMA

48.25

43.50

101.50

Neutral

Sell

-135

0.73

VERNALIS

22.50

21.63

27.38

Neutral

Strong Buy

36

0.91

Under Valued

Real Estate
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BIG YELLOW GROUP

412.90

275.90

426.70

Neutral

Sell

-624

1.18

BRITISH LAND

631.50

475.40

658.00

Neutral

Strong Buy

1841

1.06

CAPITAL & REGIONAL

Target

Beta

36.25

22.75

37.00

Sell

Strong Buy

163

0.85

957.50

595.00

995.00

Neutral

Strong Buy

4369

0.70

DERWENT LONDON

2435.00

1740.00

2542.00

Neutral

Strong Buy

8100

1.24

DEVELOPMENT SECS.

200.50

121.75

200.50

Neutral

Sell

-76

0.99

GRAINGER

155.00

83.10

156.50

Neutral

Strong Buy

266

1.58

CLS HOLDINGS

GREAT PORTLAND ESTATES

571.50

367.80

598.00

Neutral

Strong Buy

1350

1.10

HAMMERSON

521.00

409.20

554.00

Neutral

Strong Buy

828

1.19

HELICAL BAR

275.00

164.00

297.50

Neutral

Buy

342

0.77

LAND SECURITIES GROUP

961.00

704.00

994.00

Neutral

Strong Buy

2794

1.16

INTU PROPERTIES

341.30

305.00

366.00

Neutral

Strong Buy

939

1.09

MCKAY SECURITIES

149.00

127.00

153.00

Neutral

Sell

-619

0.73

MUCKLOW (A & J) GROUP

393.25

325.00

437.50

Neutral

Sell

282

0.42

PRIMARY HEALTH PROPS.

323.00

311.17

363.53

Neutral

Sell

244

0.35

74.25

32.50

79.25

Sell

Sell

-278

1.19

SAVILLS

572.50

303.00

601.50

Neutral

Strong Buy

1811

0.77

SHAFTESBURY

637.50

492.00

668.00

Neutral

Strong Buy

1440

1.05

SEGRO

286.70

209.40

302.80

Neutral

Sell

-530

1.73

ST MODWEN PROPS.

294.00

145.50

329.10

Neutral

Strong Buy

859

1.59

QUINTAIN ESTATES & DEV.

TOWN CENTRE SECURITIES

215.00

147.00

223.00

Neutral

Sell

-6

1.01

UNITE GROUP

366.40

180.75

387.50

Neutral

Sell

49

1.79

WARNER ESTATE
WORKSPACE GROUP

1.41

1.00

2.75

Sell

Sell

-1208

1.03

413.40

215.50

415.00

Neutral

Strong Buy

1396

1.05

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

28 May 2013
+44 20 3239 8994

Page 12 of 17

Under Valued

Software & Computer Services


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ANITE

124.80

112.25

162.00

Neutral

Neutral

125

0.73

2390.00

1481.00

2390.00

Neutral

Sell

1349

1.40

AVEVA GROUP

Target

Beta

COMPUTACENTER

446.90

292.40

567.00

Neutral

Strong Buy

1382

1.00

KOFAX

325.00

242.00

335.00

Neutral

Neutral

330

1.11

27.25

18.25

27.50

Sell

Sell

25

0.85

MICRO FOCUS INTL.

691.50

431.48

710.00

Neutral

Buy

1015

0.76

PHOENIX IT GROUP

150.00

130.00

222.00

Neutral

Strong Buy

317

0.74

72.25

68.00

85.50

Neutral

Sell

-95

0.52

1883.00

1275.00

2047.00

Neutral

Buy

2131

0.76

362.20

247.70

368.10

Neutral

Buy

428

0.72

INNOVATION GROUP

RM
FIDESSA GROUP
SAGE GROUP

Over Valued

Speciality & Other Finance


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ABERDEEN ASSET MAN.

479.10

237.30

484.10

Neutral

Sell

149

BREWIN DOLPHIN

210.70

136.30

222.00

Neutral

Sell

121

0.73

9780.50

9250.00

11105.00

Neutral

Sell

9223

0.84

CAMELLIA

Target

Beta
1.09

CHARLES STANLEY GROUP

386.00

247.50

406.25

Neutral

Sell

203

0.97

CHARLES TAYLOR

175.00

141.00

190.00

Neutral

Sell

132

0.69

CLOSE BROTHERS GROUP

1006.00

673.50

1107.00

Neutral

Sell

226

0.86

F&C ASSET MANAGEMENT

95.20

70.00

110.40

Neutral

Neutral

102

0.89

3.36

0.55

3.70

Sell

Strong Buy

25

0.69

HENDERSON GROUP

168.20

90.55

180.40

Neutral

Sell

65

1.44

ICAP

344.70

280.80

376.60

Neutral

Sell

235

1.07
1.70

HELPHIRE GROUP

INTERMEDIATE CAPITAL GP.

480.50

241.10

501.50

Neutral

Sell

170

INVESTEC

484.60

326.50

513.50

Neutral

Sell

125

1.56

1381.00

930.00

1426.00

Neutral

Strong Buy

4018

1.15

LONDON STOCK EX.GROUP


MAN GROUP

124.10

63.25

134.40

Neutral

Strong Buy

485

1.32

RATHBONE BROTHERS

1525.00

1186.00

1557.00

Neutral

Sell

1115

0.75

SCHRODERS

2432.00

1180.00

2560.00

Neutral

Sell

1199

1.30

SCHRODERS NV

1900.00

966.00

2000.00

Neutral

Strong Buy

3820

1.27

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

28 May 2013
+44 20 3239 8994

Page 13 of 17

Over Valued

Support Services
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ACAL

219.00

157.75

242.50

Neutral

Buy

301

0.92

AGGREKO

1731.00

1557.00

2400.00

Neutral

Sell

1321

1.05

AMEC

1051.00

923.00

1172.00

Neutral

Neutral

1156

1.04

633.50

212.20

671.00

Neutral

Sell

325

1.63

1166.00

840.50

1182.00

Neutral

Sell

680

0.48

564.00

324.00

580.25

Neutral

Buy

814

0.76

1308.00

999.50

1342.00

Neutral

Sell

1005

0.55

UK MAIL GROUP

525.00

214.00

525.00

Sell

Sell

453

0.39

CAPITA

995.00

605.50

1018.00

Neutral

Sell

534

0.51

54.00

25.34

56.50

Neutral

Buy

70

0.78
0.74

ASHTEAD GROUP
BABCOCK INTL.
BRITISH POLYTHENE INDS.
BUNZL

COMMUNISIS

Target

Beta

COMPASS GROUP

887.00

622.00

910.50

Neutral

Sell

620

BERENDSEN

755.50

462.00

812.00

Neutral

Buy

1003

1.05

DE LA RUE

991.50

891.50

1075.00

Neutral

Sell

621

#NA

DIGNITY

1345.00

803.50

1462.00

Neutral

Sell

803

0.22

DIPLOMA

553.00

417.10

627.50

Neutral

Sell

496

0.96

ELECTROCOMP.

263.40

195.20

278.40

Neutral

Buy

329

1.04

FILTRONA

723.50

428.00

750.00

Neutral

Sell

355

1.13

G4S

246.60

240.00

313.50

Neutral

Buy

300

0.58

93.70

66.40

101.20

Neutral

Buy

124

1.10

HOMESERVE

255.00

137.50

256.20

Neutral

Strong Buy

498

0.94

INTERSERVE

482.30

282.60

513.50

Neutral

Buy

702

1.28

3169.00

2558.00

3453.00

Neutral

Sell

1476

0.78

46.75

26.50

47.25

Neutral

Strong Buy

97

1.17
0.72

HAYS

INTERTEK GROUP
JOHNSON SERVICE GROUP
MANAGEMENT CNSL.GP.

30.50

21.25

32.00

Neutral

Strong Buy

57

MENZIES (JOHN)

718.00

542.00

801.00

Neutral

Strong Buy

1304

1.43

MICHAEL PAGE INTL.

376.60

341.40

451.80

Neutral

Sell

325

1.42

MITIE GROUP

260.00

253.90

300.80

Neutral

Buy

351

0.55

86.00

86.00

156.00

Neutral

Strong Buy

245

0.33

PAYPOINT

907.50

606.00

914.50

Neutral

Sell

704

0.71

PREMIER FARNELL

222.60

153.20

236.30

Neutral

Buy

289

1.33

REGUS

165.20

82.65

177.50

Neutral

Sell

110

1.46

92.50

69.40

100.70

Neutral

Sell

56

1.25

OFFICE2OFFICE

RENTOKIL INITIAL
REXAM

523.50

394.28

547.50

Neutral

Neutral

545

0.90

RICARDO

400.00

304.50

431.00

Neutral

Buy

482

0.86

ROBERT WALTERS

212.00

176.25

232.00

Neutral

Buy

304

1.24

RPC GROUP

406.30

365.40

477.00

Neutral

Buy

548

0.78

RPS GROUP

216.00

197.00

274.20

Neutral

Buy

254

1.51

SERCO GROUP

630.00

516.50

647.50

Neutral

Sell

594

0.60

SHANKS GROUP

86.50

73.00

98.00

Neutral

Strong Buy

173

1.46

SPEEDY HIRE

57.25

22.25

61.50

Neutral

Sell

54

1.26

165.00

82.00

166.00

Neutral

Sell

52

0.63

59.25

39.50

59.25

Neutral

Neutral

63

0.93

343.50

237.00

354.88

Neutral

Strong Buy

637

0.86

79.88

42.00

80.38

Sell

Strong Buy

185

0.79

TRIBAL GROUP
TRIFAST
VP
WYG

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

28 May 2013
+44 20 3239 8994

Page 14 of 17

Over Valued

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

Price

12M Lo

12M Hi

ST Rec

LT Rec

307.70

200.70

322.30

Neutral

Buy

350

44.00

27.28

45.00

Neutral

Strong Buy

85

0.70

649.50

400.50

749.00

Neutral

Sell

595

0.53

Beta
0.91

86.15

67.00

88.30

Neutral

Strong Buy

136

1.24

1287.00

703.00

1287.00

Sell

Sell

778

0.09

194.55

154.45

199.90

Neutral

Sell

170

0.54

Under Valued

Transport
Stock

Target

Price

12M Lo

12M Hi

ST Rec

LT Rec

BBA AVIATION

285.10

178.00

288.40

Sell

Sell

Target
175

Beta
1.30

BRAEMAR SHIPPING SVS.

420.00

309.50

428.00

Neutral

Neutral

451

0.98

CLARKSON

1663.00

1150.00

1673.00

Sell

Sell

1484

0.80

EASYJET

1250.00

484.90

1285.00

Neutral

Sell

673

0.77

FIRST GROUP

127.40

127.40

260.50

Buy

Strong Buy

562

0.91

FISHER(JAMES)& SONS

967.00

540.50

1110.00

Neutral

Sell

397

0.77

GO-AHEAD GROUP

1515.00

1086.00

1588.00

Neutral

Buy

1851

0.90

NATIONAL EXPRESS

206.00

164.50

230.50

Neutral

Buy

252

1.35
1.41

NORTHGATE

330.75

159.60

350.00

Neutral

Strong Buy

627

STAGECOACH GROUP

305.40

230.40

319.60

Neutral

Buy

363

0.89

60.00

31.00

78.50

Sell

Sell

-40

0.90

WINCANTON

Under Valued

Utilities
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

CENTRICA

389.70

306.30

394.90

Neutral

Buy

529

0.47

NATIONAL GRID

836.00

641.00

847.50

Neutral

Buy

942

0.50

PENNON GROUP

701.00

598.00

796.00

Neutral

Buy

871

0.59

SSE

1606.00

1294.00

1676.00

Neutral

Buy

1894

0.42

SEVERN TRENT

2071.00

1513.00

2090.00

Neutral

Sell

1713

0.35

787.00

642.00

787.50

Neutral

Neutral

761

0.50

UNITED UTILITIES GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

28 May 2013
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