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06 September 2013

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

Automobiles & Parts


Banks
Beverages

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


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

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


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

Chemicals

Electronics & Electrical Equipment


Engineering & Machinery
Food & Drug Stores

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


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

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


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

Food Producers & Processors


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

Household Goods & Textiles

Information Technology & Hardware


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

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


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

Media & Entertainment


Under Valued ...................................................................................... 11
Mining
Under Valued ................................................................................... 11
Oil & Gas
Over Valued .......................................... 12
Under Valued ................................................ 12

Personal Care & Household Products

Pharmaceuticals & Biotechnology


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

Under Valued .................................................... 13


Under Valued .......................................................... 13
Under Valued ..................................................................... 14
Over Valued ....................................................... 14

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

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

06 September 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

06 September 2013
+44 20 3239 8994

Page 3 of 17

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

RISK WARNING Ratings and Targets


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

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

06 September 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

06 September 2013
+44 20 3239 8994

Page 5 of 17

Under Valued

Aerospace & Defence


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BAE SYSTEMS

445.10

300.80

455.40

Neutral

Buy

Target
610

Beta
0.70

CHEMRING GROUP

311.00

217.00

360.60

Neutral

Buy

368

0.67

COBHAM

296.10

190.10

307.70

Neutral

Neutral

301

0.82

MEGGITT

533.00

366.20

562.00

Neutral

Neutral

527

1.25

ROLLS-ROYCE HOLDINGS

1147.00

811.65

1240.00

Neutral

Neutral

1150

0.98

SMITHS GROUP

1328.00

1011.00

1397.00

Neutral

Sell

1161

0.76

ULTRA ELECTRONICS HDG.

1892.00

1505.00

1981.00

Neutral

Sell

1717

0.51

Unde r V a lue d

Automobiles & Parts


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

GKN

346.60

201.00

354.00

Neutral

Neutral

341

1.96

INCHCAPE

611.00

353.30

645.00

Neutral

Neutral

641

1.41

LOOKERS

122.00

68.75

128.50

Neutral

Sell

113

1.22

33.25

13.50

33.50

Neutral

Buy

44

1.04

PENDRAGON

Target

Over Valued

Banks
Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

BARCLAYS

296.00

193.05

333.85

Neutral

Sell

-837

1.96

HSBC HDG. (ORD $0.50)

707.60

555.10

769.90

Neutral

Buy

865

1.19

74.77

36.20

77.14

Neutral

Sell

1.88

LLOYDS BANKING GROUP


ROYAL BANK OF SCTL.GP.

335.80

233.50

367.80

Neutral

Sell

-118

1.39

STANDARD CHARTERED

1472.50

1380.00

1837.50

Neutral

Strong Buy

3425

1.67

Under Valued

Beverages
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

543.50

432.20

588.50

Neutral

Sell

480

0.58

DIAGEO

1977.50

1672.50

2136.50

Sell

Neutral

2147

0.51

SABMILLER

3060.50

2599.00

3657.00

Neutral

Buy

4164

0.89

BARR (AG)

Target

Beta

Under Valued

Chemicals
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ALENT

365.00

305.00

397.50

Neutral

Buy

467

#NA

AZ ELECTRONIC MATS.(DI)

313.30

240.00

406.40

Neutral

Strong Buy

573

1.11

CARCLO

366.50

342.75

501.00

Neutral

Sell

146

0.74

2607.00

2164.00

2841.00

Neutral

Buy

3350

1.05

CRODA INTERNATIONAL
ELEMENTIS

Target

Beta

252.10

204.20

275.00

Neutral

Buy

322

1.07

JOHNSON MATTHEY

2974.00

2190.00

2974.00

Neutral

Buy

4402

1.44

VICTREX

1625.00

1322.00

1765.00

Neutral

Sell

1389

1.16

SYNTHOMER

229.30

146.00

231.10

Neutral

Strong Buy

408

1.05

ZOTEFOAMS

197.50

184.50

225.00

Neutral

Strong Buy

307

1.00

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

06 September 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

129.00

76.00

129.00

Neutral

Strong Buy

Target
283

Beta

BALFOUR BEATTY

264.00

207.60

320.80

Neutral

Strong Buy

1127

0.82

BARRATT DEVELOPMENTS

307.40

158.80

355.20

Neutral

Strong Buy

622

1.67
0.96

0.55

BELLWAY

1356.00

913.00

1502.00

Neutral

Strong Buy

2915

BERKELEY GROUP HDG.(THE)

2130.00

1387.00

2340.00

Neutral

Strong Buy

3523

0.55

BOOT (HENRY)

190.00

123.50

201.00

Neutral

Strong Buy

371

0.74
1.07

BOVIS HOMES GROUP

770.00

487.00

851.50

Neutral

Strong Buy

1463

CARILLION

293.20

244.80

331.80

Neutral

Strong Buy

1575

1.06

CLARKE (T)

61.50

40.00

62.50

Neutral

Strong Buy

394

0.76

277.50

226.25

306.00

Neutral

Strong Buy

1155

0.50

CRH

COSTAIN GROUP

1427.00

1090.00

1540.00

Neutral

Sell

911

1.03

GALLIFORD TRY

1015.00

653.50

1020.00

Neutral

Strong Buy

3015

0.93

KELLER

1134.00

507.00

1161.00

Neutral

Strong Buy

2435

1.28

KIER GROUP

1588.00

1106.00

1588.00

Neutral

Strong Buy

5455

0.99

70.75

50.00

76.75

Neutral

Strong Buy

230

1.08
1.33

LOW & BONAR


MARSHALLS

165.00

85.00

165.00

Neutral

Buy

209

MORGAN SINDALL GROUP

684.00

508.00

695.00

Neutral

Strong Buy

4629

0.70

18.75

11.25

19.00

Neutral

Strong Buy

62

1.02

NORCROS

1152.00

685.75

1305.00

Neutral

Strong Buy

2033

0.99

REDROW

PERSIMMON

235.00

149.70

255.10

Neutral

Strong Buy

464

0.84

SIG

184.20

99.00

188.00

Neutral

Strong Buy

539

1.68

43.50

43.00

287.50

Neutral

Strong Buy

4303

0.89

101.40

54.30

113.80

Neutral

Strong Buy

231

1.58

SUPERGLASS HOLDINGS
TAYLOR WIMPEY
TRAVIS PERKINS

1605.00

1030.00

1713.00

Neutral

Strong Buy

4500

1.94

WOLSELEY

3383.00

2635.64

3483.00

Neutral

Strong Buy

6136

1.30

Under Valued

Electronics & Electrical Equipment


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

1390.00

999.50

1399.00

Neutral

Sell

1096

0.67

DOMINO PRINTING SCIENCES

685.00

522.00

717.00

Neutral

Buy

920

1.12

E2V TECHNOLOGIES

135.25

105.50

138.50

Neutral

Strong Buy

285

1.25

INVENSYS

494.00

217.33

509.50

Neutral

Sell

284

1.42

LAIRD

220.60

171.10

249.30

Neutral

Strong Buy

460

2.06

OXFORD INSTRUMENTS

1527.00

1209.00

1752.00

Neutral

Sell

1347

1.11

RENISHAW

1768.00

1494.00

2081.00

Neutral

Buy

2166

1.28

SPECTRIS

2330.00

1549.00

2470.00

Neutral

Buy

2933

1.51

BIOME TECHNOLOGIES

115.00

65.00

303.67

Neutral

Sell

-445

0.76

TT ELECTRONICS

186.00

114.00

191.50

Neutral

Strong Buy

445

1.61

XAAR

797.00

227.00

898.00

Neutral

Sell

435

1.08

DIALIGHT

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

06 September 2013
+44 20 3239 8994

Page 7 of 17

Under Valued

Engineering & Machinery


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

AGA RANGEMASTER GROUP

119.50

54.25

119.50

Sell

Buy

147

1.14

BODYCOTE

653.50

345.10

653.50

Sell

Neutral

641

1.59

CASTINGS

437.50

291.00

443.50

Neutral

Strong Buy

677

0.93

VESUVIUS

472.70

263.19

480.00

Neutral

Strong Buy

1198

2.23

FENNER

364.20

305.90

435.20

Neutral

Strong Buy

561

1.47

HALMA

570.50

410.40

578.00

Neutral

Sell

415

0.79

HILL & SMITH

443.00

354.75

480.00

Neutral

Buy

548

1.31

1474.00

869.50

1504.00

Neutral

Strong Buy

4476

1.39

307.00

220.30

318.00

Neutral

Strong Buy

510

1.89

2784.00

2229.00

3037.00

Neutral

Sell

-2733

1.01

282.30

185.90

288.40

Neutral

Sell

250

1.66

56.25

35.40

76.91

Neutral

Sell

47

0.79

SPIRAX-SARCO

3060.00

1932.53

3060.00

Neutral

Sell

2143

0.81

VITEC GROUP

649.00

559.00

740.00

Neutral

Sell

486

1.34

WEIR GROUP

2239.00

1631.00

2474.00

Neutral

Neutral

2212

1.45

IMI
MORGAN ADVANCED MATERIAL
ROTORK
SENIOR
SEVERFIELD-ROWEN

Target

Over Valued

Food & Drug Stores


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

GREGGS

421.20

392.10

523.50

Neutral

Strong Buy

776

0.45

MORRISON(WM)SPMKTS.

294.00

248.60

296.90

Neutral

Buy

392

0.37

SAINSBURY (J)

388.40

321.90

398.70

Neutral

Buy

480

0.55

TESCO

367.20

307.90

387.75

Neutral

Sell

197

0.67

77.25

26.50

100.50

Neutral

Sell

49

0.79

THORNTONS

Target

Over Valued

Food Producers & Processors


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

ASSOCIATED BRIT.FOODS

1829.00

1267.00

2031.00

Neutral

Sell

1644

0.59

CRANSWICK

1140.00

732.50

1178.00

Neutral

Strong Buy

1763

0.31

DAIRY CREST

490.60

332.90

528.50

Neutral

Sell

387

0.88

DEVRO

331.50

289.90

380.00

Neutral

Strong Buy

505

0.36

PREMIER FOODS

142.00

59.75

142.00

Neutral

Strong Buy

252

1.23

TATE & LYLE

799.50

634.50

883.00

Neutral

Strong Buy

1333

0.65

2439.00

2235.00

2885.00

Neutral

Sell

2181

0.50

UNILEVER (UK)

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

06 September 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

27.00

22.75

29.50

Neutral

Buy

39

0.67

550.50

266.40

577.00

Neutral

Sell

470

0.50

1570.00

1000.00

1593.00

Neutral

Sell

1262

1.29

662.00

585.00

701.50

Neutral

Sell

360

0.87

46.88

18.70

46.88

Neutral

Neutral

49

1.46

247.50

108.00

247.50

Neutral

Sell

66

1.04

31.00

22.75

34.00

Sell

Strong Buy

114

1.03

HALFORDS GROUP

381.00

245.10

405.20

Neutral

Buy

526

0.71

JD SPORTS FASHION

957.00

660.00

963.50

Neutral

Strong Buy

1803

0.51

BROWN (N) GROUP


BURBERRY GROUP
CARPETRIGHT
DIXONS RETAIL
FINDEL
FRENCH CONNECTN.GROUP

DARTY

Target

Beta

80.00

39.00

88.25

Neutral

Buy

118

1.22

KINGFISHER

405.80

262.20

405.80

Neutral

Buy

460

0.90

MARKS & SPENCER GROUP

494.90

356.80

494.90

Sell

Buy

659

0.61

69.00

45.00

71.00

Neutral

Buy

76

0.95

441.50

202.00

492.75

Neutral

Sell

168

0.36

NEXT

5075.00

3320.00

5075.00

Sell

Neutral

5485

0.59

TED BAKER

1920.00

899.00

1973.00

Neutral

Sell

993

0.57

81.50

46.00

89.75

Neutral

Sell

77

1.50

MOSS BROTHERS GROUP


MOTHERCARE

TOPPS TILES

Over Valued

Health
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BIOQUELL

146.00

130.00

160.00

Neutral

Sell

Target
125

0.38

CONSORT MEDICAL

853.00

660.50

857.00

Neutral

Sell

604

0.35

OPTOS

157.75

106.75

222.75

Neutral

Buy

176

1.18

SMITH & NEPHEW

767.00

638.00

800.00

Neutral

Sell

647

0.40

Over Valued

Household Goods & Textiles


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

GAMES WORKSHOP

771.50

601.00

794.50

Neutral

Neutral

756

0.31

HEADLAM GROUP

392.25

295.00

415.00

Neutral

Sell

331

0.89

81.25

55.25

88.50

Neutral

Buy

113

0.69

HORNBY

Target

Over Valued

Information Technology & Hardware


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

ARM HOLDINGS

894.00

547.00

1097.00

Neutral

Sell

292

0.69

CSR

494.90

308.10

607.00

Neutral

Strong Buy

1567

1.13

FILTRONIC
IMAGINATION TECHNOLOGIES

Target

Beta

63.50

30.75

83.25

Neutral

Sell

56

0.93

279.30

235.10

624.00

Neutral

Buy

329

1.04

SPIRENT COMMUNICATIONS

131.50

118.00

170.00

Neutral

Strong Buy

253

0.90

WOLFSON MICROELECTRONICS

164.75

140.00

226.25

Neutral

Sell

-193

0.93

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

06 September 2013
+44 20 3239 8994

Page 9 of 17

Under Valued

Insurance
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

1260.00

1019.00

1416.00

Neutral

Sell

-430

0.52

AMLIN

378.90

364.10

435.10

Neutral

Strong Buy

1493

0.38

BEAZLEY

201.30

162.20

242.70

Neutral

Strong Buy

928

0.52

CATLIN GROUP

469.90

455.30

552.50

Neutral

Neutral

465

0.23

HISCOX

637.50

463.32

660.00

Neutral

Strong Buy

1859

0.42

JARDINE LLOYD THOMPSON

904.50

723.00

949.50

Neutral

Buy

1202

0.30

RSA INSURANCE GROUP

119.00

107.70

136.30

Neutral

Strong Buy

707

0.35

NOVAE GROUP

518.00

345.00

518.00

Neutral

Strong Buy

3341

0.35

ADMIRAL GROUP

Over Valued

Leisure & Hotels


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

2340.00

2125.00

2628.00

Neutral

Buy

3469

0.95

ENTERPRISE INNS

143.40

59.00

152.20

Neutral

Sell

110

1.65

TUI TRAVEL

335.40

219.60

401.50

Neutral

Strong Buy

716

0.96

FULLER SMITH 'A'

937.50

700.50

969.00

Neutral

Sell

602

0.27

GREENE KING

846.00

586.00

897.50

Neutral

Sell

618

0.89

LADBROKES

191.50

171.00

243.10

Neutral

Buy

259

0.90

1875.00

1524.00

2039.00

Neutral

Sell

1654

1.09

CARNIVAL

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

558.00

456.00

582.50

Neutral

Neutral

580

1.36

MITCHELLS & BUTLERS

450.10

276.60

450.10

Sell

Sell

272

0.98

BWIN PARTY DIGITAL ENTM.

111.90

93.90

156.00

Neutral

Sell

60

1.28

12.25

6.15

13.75

Neutral

Strong Buy

74

1.15

153.10

129.10

177.50

Neutral

Strong Buy

567

0.97
0.66

PUNCH TAVERNS
RANK GROUP
RESTAURANT GROUP

555.50

343.00

570.00

Neutral

Sell

385

WETHERSPOON (JD)

724.00

454.50

767.00

Neutral

Sell

683

0.54

WHITBREAD

3185.00

2210.00

3303.00

Neutral

Sell

2162

0.98

WILLIAM HILL

414.50

282.89

494.50

Neutral

Sell

254

0.84

MARSTON'S

160.60

113.00

164.50

Neutral

Sell

12

1.15

Under Valued

Life Assurance
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

AVIVA

394.10

294.10

404.90

Neutral

Sell

362

1.18

CHESNARA

262.00

176.50

270.00

Neutral

Strong Buy

514

0.61

LEGAL & GENERAL

192.10

131.40

201.90

Neutral

Strong Buy

484

1.70

OLD MUTUAL

184.70

166.10

221.60

Neutral

Strong Buy

389

1.55

PRUDENTIAL

1124.00

801.50

1232.00

Neutral

Neutral

1165

1.69

610.00

357.70

641.50

Neutral

Strong Buy

6544

0.83

ST.JAMES'S PLACE

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

06 September 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.

142.75

102.00

144.25

Neutral

Strong Buy

922

0.40

BRITISH SKY BCAST.GROUP

851.50

709.00

899.50

Neutral

Strong Buy

1056

0.46

CENTAUR MEDIA
DAILY MAIL 'A'
EUROMONEY INSTL.INVESTOR

Target

Beta

41.25

31.00

60.00

Neutral

Sell

-42

1.06

806.00

451.25

835.00

Neutral

Strong Buy

3556

1.06

1197.00

747.50

1209.00

Neutral

Strong Buy

5566

0.93

INFORMA

526.00

380.50

541.50

Neutral

Strong Buy

327

1.64

ITE GROUP

285.10

183.50

307.40

Neutral

Buy

201

1.46

ITV

174.60

85.65

174.60

Neutral

Strong Buy

1369

1.46
1.21

JOHNSTON PRESS

15.00

5.20

19.00

Neutral

Buy

720

1285.00

1119.00

1350.00

Neutral

Neutral

309

0.65

99.50

43.25

99.50

Neutral

Strong Buy

2283

0.85

289.00

269.00

289.00

Neutral

Strong Buy

732

0.14

35.50

26.85

36.45

Neutral

Strong Buy

346

0.52

STV GROUP

215.00

81.50

215.00

Neutral

Sell

240

0.82

ST.IVES

164.25

76.25

170.00

Neutral

Sell

159

1.49

TRINITY MIRROR

124.50

40.00

124.50

Neutral

Sell

-289

1.58

UBM

719.50

636.00

788.00

Neutral

Strong Buy

1421

1.34

185.00

104.25

196.00

Neutral

Strong Buy

1390

0.83

1244.00

788.00

1244.00

Neutral

Sell

-827

1.25

PEARSON
PHOTO-ME INTL.
PINEWOOD SHEPPERTON
THOMSON REUTERS

WILMINGTON GROUP
WPP

Under Valued

Mining
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

1571.00

1207.00

2084.00

Neutral

Sell

1300

1.85

ANGLO PACIFIC GROUP

200.25

161.00

290.00

Neutral

Neutral

214

1.09

ANTOFAGASTA

881.00

784.50

1381.00

Neutral

Neutral

864

1.42

1912.50

1666.50

2236.00

Neutral

Strong Buy

3018

1.49

GLENCORE XSTRATA

316.05

256.85

397.85

Neutral

Strong Buy

1051

#NA

LONMIN

341.80

240.84

380.10

Sell

Buy

461

2.05

RANDGOLD RESOURCES

5055.00

3972.00

7775.00

Neutral

Sell

2940

0.48

RIO TINTO

3098.50

2582.00

3757.00

Neutral

Sell

2560

1.55

928.00

1335.00

Neutral

Strong Buy

2859

2.29

ANGLO AMERICAN

BHP BILLITON

VEDANTA RESOURCES

Under Valued

Oil & Gas


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

1280.00

1000.50

1350.50

Neutral

Sell

912

0.84

BP

445.75

416.60

483.30

Neutral

Strong Buy

1015

1.03

CAIRN ENERGY

275.00

251.80

297.00

Neutral

Sell

-33

1.33

9.00

7.15

12.50

Neutral

Strong Buy

115

0.81

837.50

716.00

941.00

Neutral

Sell

583

1.35

69.50

48.50

83.50

Neutral

Sell

-61

1.33

BG GROUP

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

Beta

368.00

321.30

400.20

Neutral

Buy

415

1.49

2162.50

2098.00

2365.00

Neutral

Strong Buy

8422

0.83

410.10

319.90

410.10

Neutral

Buy

471

0.52

1033.00

977.00

1468.00

Neutral

Sell

711

1.07

792.00

720.50

915.50

Neutral

Sell

738

1.44

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

06 September 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

126.00

101.00

144.60

Neutral

Strong Buy

275

0.83

PZ CUSSONS

421.30

297.20

425.80

Neutral

Sell

344

0.71

4373.00

3565.00

4950.00

Neutral

Neutral

4438

0.31

RECKITT BENCKISER GROUP

Target

Under Valued

Pharmaceuticals & Biotechnology


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

0.52

0.36

3.58

Buy

Strong Buy

231

0.91

3143.50

2792.50

3521.50

Neutral

Strong Buy

180070

0.49

BTG

384.80

307.30

397.90

Neutral

Strong Buy

6259

0.70

DECHRA PHARMACEUTICALS

706.00

536.50

780.00

Neutral

Strong Buy

48274

0.18

1652.50

1317.50

1782.00

Neutral

Strong Buy

36262

0.50

1.61

1.33

2.80

Buy

Strong Buy

74

0.53

66.25

52.50

637.50

Neutral

Sell

-188

0.90

ARK THERAPEUTICS GP.


ASTRAZENECA

GLAXOSMITHKLINE
OXFORD BIOMEDICA
PHYTOPHARM SUSP - 21/05/13
SHIRE

Target

Beta

2432.00

1727.00

2442.00

Neutral

Strong Buy

42810

0.69

SKYEPHARMA

78.25

43.50

100.50

Neutral

Strong Buy

14479

0.55

VERNALIS

25.13

19.38

27.38

Neutral

Strong Buy

361

0.84

Under Valued

Real Estate - REIT


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BIG YELLOW GROUP

414.80

311.60

445.00

Neutral

Strong Buy

666

1.18

BRITISH LAND

549.00

506.00

658.00

Neutral

Buy

785

1.05

2290.00

1907.00

2542.00

Neutral

Strong Buy

4534

1.24

GREAT PORTLAND ESTATES

528.50

439.90

598.00

Neutral

Strong Buy

1051

1.06

HAMMERSON

488.00

448.60

554.00

Neutral

Neutral

521

1.27

DERWENT LONDON

Target

Beta

INTU PROPERTIES

304.90

300.60

366.00

Neutral

Strong Buy

509

1.14

LAND SECURITIES GROUP

881.00

761.50

994.00

Neutral

Strong Buy

1648

1.16

27.38

24.25

40.00

Neutral

Sell

-157

0.81

LONDONMETRIC PROPERTY

108.60

103.20

120.30

Neutral

Sell

-6

0.34

MCKAY SECURITIES

159.00

131.50

159.00

Neutral

Strong Buy

248

0.65

MUCKLOW (A & J) GROUP

442.00

325.00

454.50

Neutral

Sell

230

0.37

PRIMARY HEALTH PROPS.

337.00

312.50

363.53

Neutral

Sell

93

0.26
0.62

LOCAL SHOP.REIT (THE)

43.75

30.69

45.00

Neutral

Sell

-382

SEGRO

REDEFINE INTL.REIT

290.30

221.60

313.60

Neutral

Sell

-279

1.82

SHAFTESBURY

580.00

520.00

668.00

Neutral

Buy

801

1.04

TOWN CENTRE SECURITIES

194.00

177.00

223.00

Neutral

Sell

1.04

0.80

0.70

2.05

Neutral

Sell

-999

0.93

442.90

250.75

475.00

Neutral

Strong Buy

1169

1.02

WARNER ESTATE DEAD - 29/08/13


WORKSPACE GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

06 September 2013
+44 20 3239 8994

Page 12 of 17

Under Valued

Real Estate REIS


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

317.90

210.90

365.60

Neutral

Strong Buy

725

40.25

22.75

42.00

Neutral

Sell

-49

0.56

CLS HOLDINGS

1170.00

656.50

1260.00

Neutral

Strong Buy

2876

0.73

DAEJAN HOLDINGS

3860.00

2706.00

4179.00

Neutral

Strong Buy

6996

0.47

191.75

143.00

209.00

Neutral

Neutral

190

0.98

CAPITAL & CNTS.PROPS.


CAPITAL & REGIONAL

DEVELOPMENT SECS.

Target

Beta
0.73

GRAINGER

172.30

100.00

187.50

Neutral

Sell

109

1.57

HELICAL BAR

266.25

178.00

302.50

Neutral

Sell

197

0.83

33.00

21.00

33.00

Neutral

Strong Buy

225

0.63

6075.00

4350.00

6512.50

Neutral

Strong Buy

14286

0.68

QUINTAIN ESTATES & DEV.

84.75

51.00

92.00

Sell

Sell

-194

1.02

RAVEN RUSSIA

73.00

61.50

79.75

Neutral

Strong Buy

207

1.52

620.00

391.20

664.50

Neutral

Strong Buy

2134

0.69

90.00

71.50

90.50

Neutral

Strong Buy

379

0.32

LONDON & ASSOCS.PROPS.


MOUNTVIEW ESTATES

SAVILLS
SMART (J)
ST MODWEN PROPS.

302.10

193.10

333.00

Neutral

Strong Buy

608

1.63

UNITE GROUP

357.90

246.00

403.00

Neutral

Strong Buy

1625

1.78

Under Valued

Software & Computer Services


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ANITE

120.60

109.60

162.00

Neutral

Neutral

126

0.66

2405.00

1884.39

2588.15

Neutral

Sell

1491

1.52

COMPUTACENTER

538.00

333.29

564.10

Neutral

Strong Buy

1177

0.90

KOFAX

367.25

260.75

367.25

Neutral

Sell

308

1.04

AVEVA GROUP

INNOVATION GROUP

Target

Beta

29.00

20.00

30.25

Neutral

Sell

22

0.81

MICRO FOCUS INTL.

763.00

541.11

812.50

Neutral

Buy

887

0.81

PHOENIX IT GROUP

151.75

130.00

184.00

Neutral

Strong Buy

250

0.73

81.50

64.00

85.50

Neutral

Strong Buy

239

0.54

2140.00

1275.00

2190.00

Neutral

Neutral

2181

0.77

352.10

289.36

368.18

Neutral

Buy

438

0.69

RM
FIDESSA GROUP
SAGE GROUP

Under Valued

Speciality & Other Finance


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ABERDEEN ASSET MAN.

364.90

285.20

492.10

Neutral

Strong Buy

1205

1.12

BREWIN DOLPHIN

263.60

153.20

283.00

Neutral

Strong Buy

639

0.69

8650.00

8000.00

11105.00

Neutral

Strong Buy

92970

0.85

466.50

260.00

474.00

Neutral

Strong Buy

1395

0.93
0.65

CAMELLIA
CHARLES STANLEY GROUP
CHARLES TAYLOR

Target

Beta

183.00

155.00

195.00

Neutral

Strong Buy

1599

CLOSE BROTHERS GROUP

1082.00

808.00

1107.00

Neutral

Strong Buy

4705

0.85

F&C ASSET MANAGEMENT

97.85

88.90

110.40

Neutral

Sell

68

0.86

5.44

0.55

5.44

Sell

Sell

-127

0.61

HENDERSON GROUP

HELPHIRE GROUP

175.50

104.90

180.40

Neutral

Strong Buy

791

1.44

ICAP

400.00

280.80

406.80

Neutral

Strong Buy

797

1.07

INTERMEDIATE CAPITAL GP.

448.60

287.20

501.50

Neutral

Strong Buy

2179

1.70

INVESTEC

418.90

358.40

513.50

Neutral

Strong Buy

1622

1.56

1601.00

930.00

1622.00

Neutral

Strong Buy

6047

1.13

85.45

71.80

134.40

Neutral

Sell

-4809

1.39

RATHBONE BROTHERS

1594.00

1208.00

1691.00

Neutral

Strong Buy

5383

0.71

SCHRODERS

2419.00

1464.00

2560.00

Neutral

Strong Buy

8013

1.30

SCHRODERS NV

1934.00

1176.00

2000.00

Neutral

Strong Buy

10673

1.28

LONDON STOCK EX.GROUP


MAN GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

06 September 2013
+44 20 3239 8994

Page 13 of 17

Under Valued

Support Services
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ACAL

265.50

157.75

270.00

Neutral

Strong Buy

865

0.83

AGGREKO

1599.00

1557.00

2400.00

Neutral

Strong Buy

4240

1.14

AMEC

1057.00

965.50

1172.00

Neutral

Strong Buy

3347

1.11

655.00

322.90

730.00

Neutral

Strong Buy

1002

1.64

1156.00

910.00

1209.00

Neutral

Strong Buy

2642

0.49

563.00

371.50

604.00

Neutral

Strong Buy

2379

0.80

1365.00

1009.00

1409.00

Neutral

Strong Buy

2814

0.50

UK MAIL GROUP

620.00

233.50

645.00

Neutral

Strong Buy

1678

0.42

CAPITA

981.50

713.00

1057.00

Neutral

Sell

211

0.54

ASHTEAD GROUP
BABCOCK INTL.
BRITISH POLYTHENE INDS.
BUNZL

COMMUNISIS

Target

Beta

57.25

34.54

68.00

Neutral

Strong Buy

485

0.83

COMPASS GROUP

853.00

671.50

910.50

Neutral

Strong Buy

2001

0.75

BERENDSEN

897.50

540.00

897.50

Neutral

Strong Buy

3390

1.08

DE LA RUE

1042.00

891.50

1075.00

Neutral

Buy

1449

#NA

DIGNITY

1470.00

902.82

1567.68

Neutral

Strong Buy

3149

0.25

DIPLOMA

651.50

435.00

651.50

Sell

Strong Buy

1536

0.96

ELECTROCOMP.

271.90

200.00

278.40

Neutral

Strong Buy

936

0.98

ESSENTRA PLC

792.00

500.50

830.00

Neutral

Strong Buy

1397

1.14

G4S

254.40

207.50

313.50

Neutral

Strong Buy

887

0.47

HAYS

106.70

73.05

107.60

Neutral

Strong Buy

462

1.03

HOMESERVE

247.80

185.60

293.60

Neutral

Strong Buy

982

0.89

INTERSERVE

565.00

349.10

574.00

Neutral

Strong Buy

3719

1.25

3319.00

2697.00

3453.00

Neutral

Buy

4828

0.80

49.25

30.50

50.00

Neutral

Strong Buy

117

1.10
0.57

INTERTEK GROUP
JOHNSON SERVICE GROUP
MANAGEMENT CNSL.GP.

26.63

21.25

32.00

Neutral

Strong Buy

219

MENZIES (JOHN)

775.00

573.00

801.00

Neutral

Strong Buy

1812

1.41

MICHAEL PAGE INTL.

478.20

346.40

478.20

Neutral

Strong Buy

849

1.36

MITIE GROUP

289.80

248.00

300.80

Neutral

Strong Buy

1069

0.52

37.50

33.75

139.00

Neutral

Strong Buy

716

0.31

OFFICE2OFFICE

1089.00

702.00

1185.00

Neutral

Strong Buy

2220

0.75

PREMIER FARNELL

PAYPOINT

224.80

165.50

236.30

Neutral

Strong Buy

726

1.41

REGUS

183.70

96.00

193.40

Neutral

Sell

57

1.38

RENTOKIL INITIAL

107.50

79.40

107.50

Neutral

Strong Buy

272

1.26

REXAM

498.50

425.22

547.50

Neutral

Strong Buy

1788

0.84

RICARDO

480.75

349.63

485.00

Neutral

Strong Buy

1685

0.90

ROBERT WALTERS

277.25

176.25

285.00

Neutral

Strong Buy

1039

1.15

RPC GROUP

471.80

378.00

477.00

Neutral

Strong Buy

1538

0.81

RPS GROUP

257.80

195.50

274.20

Neutral

Strong Buy

1009

1.51

SERCO GROUP

555.50

535.00

683.50

Neutral

Strong Buy

2393

0.60

SHANKS GROUP

98.00

73.00

98.00

Neutral

Strong Buy

270

1.49

SPEEDY HIRE

58.25

24.25

64.75

Neutral

Strong Buy

311

1.18

183.00

90.00

202.25

Neutral

Strong Buy

567

0.65

69.00

40.50

69.00

Sell

Strong Buy

335

0.90

VP

447.50

295.25

447.50

Neutral

Strong Buy

2320

0.79

WYG

103.00

48.50

103.00

Sell

Strong Buy

625

0.82

TRIBAL GROUP
TRIFAST

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

342.50

212.50

344.00

Neutral

Buy

431

0.89

40.94

34.22

46.29

Neutral

Strong Buy

82

0.67

745.50

542.50

749.00

Neutral

Sell

275

0.53

88.95

68.25

89.35

Neutral

Buy

122

1.20

1365.00

821.00

1399.00

Neutral

Sell

825

0.05

210.55

154.45

213.20

Neutral

Sell

111

0.51

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

06 September 2013
+44 20 3239 8994

Page 14 of 17

Over Valued

Transport
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BBA AVIATION

318.80

195.70

318.80

Sell

Sell

238

1.22

BRAEMAR SHIPPING SVS.

455.00

350.00

460.00

Neutral

Buy

606

1.06

CLARKSON

2000.00

1150.00

2000.00

Sell

Sell

1364

0.86

EASYJET

1236.00

556.50

1448.00

Neutral

Sell

884

0.77

FIRST GROUP

Target

Beta

117.10

92.00

212.39

Neutral

Strong Buy

288

0.88

FISHER(JAMES)& SONS

1129.00

724.00

1130.00

Neutral

Sell

808

0.72

GO-AHEAD GROUP

1509.00

1220.00

1595.00

Neutral

Strong Buy

2791

0.97

NATIONAL EXPRESS

273.70

164.50

273.70

Neutral

Sell

255

1.39

NORTHGATE

393.25

220.00

395.75

Neutral

Strong Buy

660

1.34

STAGECOACH GROUP

324.80

265.90

337.60

Neutral

Buy

455

0.97

95.00

43.75

95.00

Neutral

Strong Buy

243

0.95

WINCANTON

Under Valued

Utilities
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

CENTRICA

393.80

310.80

394.90

Neutral

Buy

577

0.50

NATIONAL GRID

738.50

678.00

847.50

Neutral

Buy

972

0.45

PENNON GROUP

717.00

598.00

749.50

Neutral

Sell

638

0.63

SSE

1574.00

1358.00

1676.00

Neutral

Buy

2297

0.40

SEVERN TRENT

1698.00

1513.00

2090.00

Neutral

Sell

1483

0.37

681.50

647.00

787.50

Neutral

Neutral

747

0.49

UNITED UTILITIES GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

06 September 2013
+44 20 3239 8994

Page 15 of 17

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