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10 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

10 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

10 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

10 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

10 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

445.00

300.80

455.40

Neutral

Buy

Target
612

Beta
0.70

CHEMRING GROUP

312.00

217.00

360.60

Neutral

Buy

372

0.67

COBHAM

297.20

190.10

307.70

Neutral

Neutral

302

0.82

MEGGITT

545.00

366.20

562.00

Neutral

Neutral

532

1.25

ROLLS-ROYCE HOLDINGS

1134.00

812.14

1240.00

Neutral

Neutral

1151

0.98

SMITHS GROUP

1343.00

1011.00

1397.00

Neutral

Sell

1165

0.76

ULTRA ELECTRONICS HDG.

1889.00

1505.00

1981.00

Neutral

Sell

1724

0.51

Unde r V a lue d

Automobiles & Parts


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

GKN

347.70

201.00

354.00

Neutral

Neutral

342

1.96

INCHCAPE

612.00

353.30

645.00

Neutral

Neutral

642

1.41

LOOKERS

121.75

68.75

128.50

Neutral

Sell

113

1.22

33.50

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

299.55

207.75

333.85

Neutral

Sell

-839

1.96

HSBC HDG. (ORD $0.50)

701.10

563.70

769.90

Neutral

Buy

859

1.19

76.78

37.01

77.14

Sell

Sell

1.88

LLOYDS BANKING GROUP


ROYAL BANK OF SCTL.GP.

340.00

253.00

367.80

Neutral

Sell

-113

1.39

STANDARD CHARTERED

1455.50

1380.00

1837.50

Neutral

Strong Buy

3408

1.67

Under Valued

Beverages
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

552.00

432.20

588.50

Neutral

Sell

485

0.58

DIAGEO

1972.00

1672.50

2136.50

Sell

Neutral

2156

0.51

SABMILLER

3085.00

2599.00

3657.00

Neutral

Buy

4196

0.89

BARR (AG)

Target

Beta

Under Valued

Chemicals
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ALENT

374.70

305.00

397.50

Neutral

Buy

485

#NA

AZ ELECTRONIC MATS.(DI)

319.10

240.00

406.40

Neutral

Strong Buy

594

1.11

CARCLO

410.50

342.75

501.00

Neutral

Sell

156

0.74

2640.00

2164.00

2841.00

Neutral

Buy

3352

1.05

CRODA INTERNATIONAL
ELEMENTIS

Target

Beta

251.50

204.20

275.00

Neutral

Buy

329

1.07

JOHNSON MATTHEY

2954.00

2190.00

2974.00

Neutral

Strong Buy

4594

1.44

VICTREX

1652.00

1322.00

1765.00

Neutral

Sell

1395

1.16

SYNTHOMER

238.70

146.00

238.70

Neutral

Strong Buy

425

1.05

ZOTEFOAMS

197.50

186.50

225.00

Neutral

Strong Buy

319

1.00

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

10 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

77.50

129.00

Neutral

Strong Buy

Target
287

Beta

BALFOUR BEATTY

263.60

207.60

320.80

Neutral

Strong Buy

1143

0.82

BARRATT DEVELOPMENTS

328.20

158.80

355.20

Neutral

Strong Buy

631

1.67
0.96

0.55

BELLWAY

1386.00

913.00

1502.00

Neutral

Strong Buy

2956

BERKELEY GROUP HDG.(THE)

2173.00

1387.00

2340.00

Neutral

Strong Buy

3575

0.55

BOOT (HENRY)

191.50

123.50

201.00

Neutral

Strong Buy

376

0.74
1.07

BOVIS HOMES GROUP

770.50

487.00

851.50

Neutral

Strong Buy

1484

CARILLION

303.40

244.80

331.80

Neutral

Strong Buy

1597

1.06

CLARKE (T)

61.25

40.00

62.50

Neutral

Strong Buy

400

0.76

273.00

226.25

306.00

Neutral

Strong Buy

1169

0.50

CRH

COSTAIN GROUP

1449.00

1090.00

1540.00

Neutral

Sell

925

1.03

GALLIFORD TRY

1023.00

661.50

1023.00

Neutral

Strong Buy

3056

0.93

KELLER

1139.00

519.00

1161.00

Neutral

Strong Buy

2469

1.28

KIER GROUP

1620.00

1106.00

1620.00

Neutral

Strong Buy

5526

0.99

70.75

50.00

76.75

Neutral

Strong Buy

234

1.08
1.33

LOW & BONAR


MARSHALLS

164.00

85.00

165.00

Neutral

Buy

212

MORGAN SINDALL GROUP

712.00

508.00

712.00

Neutral

Strong Buy

4692

0.70

19.00

11.25

19.00

Neutral

Strong Buy

63

1.02

NORCROS

1173.00

685.75

1305.00

Neutral

Strong Buy

2062

0.99

REDROW

PERSIMMON

236.00

149.70

255.10

Neutral

Strong Buy

471

0.84

SIG

186.90

99.00

188.00

Neutral

Strong Buy

547

1.68

43.50

43.00

287.50

Neutral

Strong Buy

4364

0.89

105.90

54.30

113.80

Neutral

Strong Buy

235

1.58

SUPERGLASS HOLDINGS
TAYLOR WIMPEY
TRAVIS PERKINS

1606.00

1030.00

1713.00

Neutral

Strong Buy

4563

1.94

WOLSELEY

3370.00

2635.64

3483.00

Neutral

Strong Buy

6222

1.30

Under Valued

Electronics & Electrical Equipment


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

1383.00

999.50

1399.00

Neutral

Sell

1084

0.67

DOMINO PRINTING SCIENCES

667.00

522.00

717.00

Neutral

Buy

910

1.12

E2V TECHNOLOGIES

132.50

105.50

138.50

Neutral

Strong Buy

282

1.25

INVENSYS

496.00

217.33

509.50

Neutral

Sell

281

1.42

LAIRD

223.60

171.10

249.30

Neutral

Strong Buy

456

2.06

OXFORD INSTRUMENTS

1510.00

1209.00

1752.00

Neutral

Sell

1332

1.11

RENISHAW

1796.00

1494.00

2081.00

Neutral

Buy

2140

1.28

SPECTRIS

2316.00

1549.00

2470.00

Neutral

Buy

2901

1.51

BIOME TECHNOLOGIES

115.50

65.00

303.67

Neutral

Sell

-450

0.76

TT ELECTRONICS

187.00

114.00

191.50

Neutral

Strong Buy

441

1.61

XAAR

760.00

230.00

898.00

Neutral

Sell

431

1.08

DIALIGHT

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

10 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

124.25

54.25

125.00

Sell

Buy

149

1.14

BODYCOTE

661.00

345.10

662.50

Neutral

Neutral

643

1.59

CASTINGS

437.50

291.00

443.50

Neutral

Strong Buy

679

0.93

VESUVIUS

482.80

263.19

483.00

Neutral

Strong Buy

1212

2.23

FENNER

370.90

305.90

435.20

Neutral

Strong Buy

564

1.47

HALMA

573.50

410.40

578.00

Neutral

Sell

414

0.79

HILL & SMITH

436.00

354.75

480.00

Neutral

Buy

552

1.31

1492.00

900.00

1504.00

Neutral

Strong Buy

4396

1.39

307.10

220.30

318.00

Neutral

Strong Buy

505

1.89

2783.00

2229.00

3037.00

Neutral

Strong Buy

4319

1.01

279.00

185.90

288.40

Neutral

Sell

251

1.66
0.79

IMI
MORGAN ADVANCED MATERIAL
ROTORK
SENIOR
SEVERFIELD-ROWEN

Target

Beta

59.00

35.40

76.91

Neutral

Sell

48

SPIRAX-SARCO

3043.00

1932.53

3076.00

Neutral

Sell

2146

0.81

VITEC GROUP

637.50

559.00

740.00

Neutral

Sell

490

1.34

WEIR GROUP

2279.00

1676.00

2474.00

Neutral

Neutral

2219

1.45

Over Valued

Food & Drug Stores


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

GREGGS

421.20

392.10

523.50

Neutral

Strong Buy

785

0.45

MORRISON(WM)SPMKTS.

291.70

248.60

296.90

Neutral

Buy

391

0.37

SAINSBURY (J)

392.80

321.90

398.70

Neutral

Buy

476

0.55

TESCO

367.25

307.90

387.75

Neutral

Sell

197

0.67

85.00

27.25

100.50

Neutral

Sell

54

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

1818.00

1267.00

2031.00

Neutral

Sell

1648

0.59

CRANSWICK

1162.00

732.50

1178.00

Neutral

Strong Buy

1764

0.31

DAIRY CREST

490.00

332.90

528.50

Neutral

Sell

390

0.88

DEVRO

331.70

289.90

380.00

Neutral

Strong Buy

503

0.36

PREMIER FOODS

149.75

59.75

149.75

Neutral

Strong Buy

253

1.23

TATE & LYLE

779.50

639.00

883.00

Neutral

Strong Buy

1331

0.65

2437.00

2235.00

2885.00

Neutral

Sell

2170

0.50

UNILEVER (UK)

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

10 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

26.75

22.88

29.50

Neutral

Strong Buy

40

0.67

557.00

266.40

577.00

Neutral

Sell

479

0.50

1635.00

1000.00

1635.00

Neutral

Sell

1282

1.29

680.50

585.00

701.50

Neutral

Sell

367

0.87

46.80

18.70

46.88

Neutral

Neutral

49

1.46

248.00

108.00

248.00

Neutral

Sell

68

1.04

31.00

22.75

34.00

Sell

Strong Buy

116

1.03

HALFORDS GROUP

393.70

250.00

405.20

Neutral

Buy

536

0.71

JD SPORTS FASHION

975.00

670.00

977.00

Neutral

Strong Buy

1834

0.51

BROWN (N) GROUP


BURBERRY GROUP
CARPETRIGHT
DIXONS RETAIL
FINDEL
FRENCH CONNECTN.GROUP

DARTY

Target

Beta

79.00

39.00

88.25

Neutral

Buy

117

1.22

KINGFISHER

413.20

262.20

413.20

Sell

Buy

469

0.90

MARKS & SPENCER GROUP

500.50

356.80

500.50

Sell

Buy

671

0.61

73.00

45.00

73.00

Neutral

Neutral

77

0.95

440.00

202.00

492.75

Neutral

Sell

167

0.36

NEXT

5075.00

3320.00

5075.00

Sell

Neutral

5575

0.59

TED BAKER

1961.00

899.00

1973.00

Neutral

Sell

1011

0.57

80.50

46.00

89.75

Neutral

Neutral

79

1.50

MOSS BROTHERS GROUP


MOTHERCARE

TOPPS TILES

Over Valued

Health
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BIOQUELL

153.50

130.00

160.00

Neutral

Sell

Target
130

0.38

CONSORT MEDICAL

858.50

660.50

860.00

Neutral

Sell

619

0.35

OPTOS

156.25

106.75

222.75

Neutral

Buy

179

1.18

SMITH & NEPHEW

764.50

638.00

800.00

Neutral

Sell

640

0.40

Over Valued

Household Goods & Textiles


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

GAMES WORKSHOP

770.00

601.00

794.50

Neutral

Neutral

754

0.31

HEADLAM GROUP

396.00

295.00

415.00

Neutral

Sell

332

0.89

80.50

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

917.50

549.00

1097.00

Neutral

Sell

302

0.69

CSR

517.50

308.10

607.00

Neutral

Strong Buy

1593

1.13

FILTRONIC
IMAGINATION TECHNOLOGIES

Target

Beta

63.50

30.75

83.25

Neutral

Sell

56

0.93

287.10

235.10

613.50

Neutral

Buy

334

1.04

SPIRENT COMMUNICATIONS

133.50

118.00

170.00

Neutral

Strong Buy

262

0.90

WOLFSON MICROELECTRONICS

165.50

140.00

226.25

Neutral

Sell

-193

0.93

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

10 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

1259.00

1019.00

1416.00

Neutral

Sell

-449

0.52

AMLIN

379.60

364.10

435.10

Neutral

Strong Buy

1500

0.38

BEAZLEY

204.60

162.20

242.70

Neutral

Strong Buy

932

0.52

CATLIN GROUP

473.00

455.30

552.50

Neutral

Neutral

465

0.23

HISCOX

630.00

463.32

660.00

Neutral

Strong Buy

1867

0.42

JARDINE LLOYD THOMPSON

891.50

723.00

949.50

Neutral

Buy

1203

0.30

RSA INSURANCE GROUP

120.40

107.70

136.30

Neutral

Strong Buy

710

0.35

NOVAE GROUP

509.50

345.00

518.00

Neutral

Strong Buy

3359

0.35

ADMIRAL GROUP

Over Valued

Leisure & Hotels


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

2350.00

2125.00

2628.00

Neutral

Buy

3506

0.95

ENTERPRISE INNS

150.40

59.00

152.20

Neutral

Sell

112

1.65

TUI TRAVEL

347.40

226.60

401.50

Neutral

Strong Buy

721

0.96

FULLER SMITH 'A'

920.00

700.50

969.00

Neutral

Sell

609

0.27

GREENE KING

842.50

586.00

897.50

Neutral

Sell

625

0.89

LADBROKES

196.10

171.00

243.10

Neutral

Buy

262

0.90

1884.00

1524.00

2039.00

Neutral

Sell

1672

1.09

CARNIVAL

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

554.50

456.00

582.50

Neutral

Neutral

585

1.36

MITCHELLS & BUTLERS

458.10

283.20

458.10

Sell

Sell

275

0.98

BWIN PARTY DIGITAL ENTM.

114.20

101.30

156.00

Neutral

Sell

60

1.28

13.50

6.15

13.75

Neutral

Strong Buy

75

1.15

159.10

130.70

177.50

Neutral

Strong Buy

572

0.97
0.66

PUNCH TAVERNS
RANK GROUP
RESTAURANT GROUP

560.00

352.00

570.00

Neutral

Sell

389

WETHERSPOON (JD)

729.00

454.50

767.00

Neutral

Sell

690

0.54

WHITBREAD

3216.00

2236.00

3303.00

Neutral

Sell

2183

0.98

WILLIAM HILL

416.60

286.79

494.50

Neutral

Sell

256

0.84

MARSTON'S

161.60

113.00

164.50

Neutral

Sell

13

1.15

Under Valued

Life Assurance
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

AVIVA

399.80

294.10

404.90

Neutral

Sell

369

1.18

CHESNARA

271.75

176.50

271.75

Sell

Strong Buy

522

0.61

LEGAL & GENERAL

193.80

131.40

201.90

Neutral

Strong Buy

491

1.70

OLD MUTUAL

187.80

166.10

221.60

Neutral

Strong Buy

394

1.55

PRUDENTIAL

1137.00

801.50

1232.00

Neutral

Neutral

1178

1.69

610.00

357.70

641.50

Neutral

Strong Buy

6621

0.83

ST.JAMES'S PLACE

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

10 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.

142.00

102.00

144.25

Neutral

Strong Buy

922

0.40

BRITISH SKY BCAST.GROUP

843.50

709.00

899.50

Neutral

Strong Buy

1056

0.46

CENTAUR MEDIA
DAILY MAIL 'A'
EUROMONEY INSTL.INVESTOR

Target

Beta

42.00

31.00

60.00

Neutral

Sell

-42

1.06

804.00

451.25

835.00

Neutral

Strong Buy

3556

1.06

1200.00

747.50

1209.00

Neutral

Strong Buy

5566

0.93

INFORMA

529.00

380.50

541.50

Neutral

Strong Buy

327

1.64

ITE GROUP

291.80

183.50

307.40

Neutral

Buy

201

1.46

ITV

177.40

85.65

177.40

Neutral

Strong Buy

1369

1.46
1.21

JOHNSTON PRESS

14.25

5.20

19.00

Neutral

Buy

720

1282.00

1119.00

1350.00

Neutral

Neutral

309

0.65

98.00

43.25

99.50

Neutral

Strong Buy

2283

0.85

289.00

269.00

289.00

Neutral

Strong Buy

732

0.14

35.38

26.85

36.45

Neutral

Strong Buy

346

0.52

STV GROUP

229.50

85.50

229.50

Neutral

Sell

240

0.82

ST.IVES

160.50

76.25

170.00

Neutral

Sell

159

1.49

TRINITY MIRROR

127.00

40.75

127.00

Neutral

Sell

-289

1.58

UBM

720.00

636.00

788.00

Neutral

Strong Buy

1421

1.34

190.00

106.50

196.00

Neutral

Strong Buy

1390

0.83

1252.00

788.00

1252.00

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

1594.50

1207.00

2084.00

Neutral

Sell

1306

1.85

ANGLO PACIFIC GROUP

200.00

161.00

290.00

Neutral

Neutral

213

1.09

ANTOFAGASTA

891.50

784.50

1381.00

Neutral

Neutral

859

1.42

1907.00

1666.50

2236.00

Neutral

Strong Buy

2996

1.49

GLENCORE XSTRATA

321.30

256.85

397.85

Neutral

Strong Buy

1050

#NA

LONMIN

342.10

240.84

380.10

Sell

Buy

466

2.05

RANDGOLD RESOURCES

4914.00

3972.00

7775.00

Neutral

Sell

2926

0.48

RIO TINTO

3130.50

2582.00

3757.00

Neutral

Sell

2579

1.55

961.50

1335.00

Neutral

Strong Buy

2846

2.29

ANGLO AMERICAN

BHP BILLITON

VEDANTA RESOURCES

Under Valued

Oil & Gas


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

1217.00

1000.50

1350.50

Neutral

Sell

911

0.84

BP

444.10

416.60

483.30

Neutral

Strong Buy

1011

1.03

CAIRN ENERGY

275.30

251.80

297.00

Neutral

Sell

-33

1.33

9.15

7.15

12.50

Neutral

Strong Buy

115

0.81

834.00

716.00

941.00

Neutral

Sell

581

1.35

69.50

48.50

81.50

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

367.10

321.30

400.20

Neutral

Buy

415

1.49

2144.50

2098.00

2365.00

Neutral

Strong Buy

8411

0.83

408.90

319.90

410.10

Neutral

Buy

471

0.52

1059.00

977.00

1468.00

Neutral

Sell

710

1.07

798.50

720.50

915.50

Neutral

Sell

734

1.44

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

10 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

126.25

101.00

144.60

Neutral

Strong Buy

278

0.83

PZ CUSSONS

426.20

297.20

426.20

Neutral

Sell

347

0.71

4364.00

3565.00

4950.00

Neutral

Neutral

4431

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

3116.50

2792.50

3521.50

Neutral

Strong Buy

180004

0.49

BTG

368.00

307.30

397.90

Buy

Strong Buy

6259

0.70

DECHRA PHARMACEUTICALS

717.00

558.50

780.00

Neutral

Strong Buy

48284

0.18

1640.00

1317.50

1782.00

Neutral

Strong Buy

36248

0.50

2.10

1.33

2.80

Neutral

Strong Buy

74

0.53

66.25

52.50

637.50

Neutral

Sell

-183

0.90

ARK THERAPEUTICS GP.


ASTRAZENECA

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

Target

Beta

2442.00

1727.00

2445.00

Neutral

Strong Buy

42802

0.69

SKYEPHARMA

84.00

43.50

100.50

Neutral

Strong Buy

14481

0.55

VERNALIS

27.13

19.38

27.13

Neutral

Strong Buy

362

0.84

Under Valued

Real Estate - REIT


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BIG YELLOW GROUP

415.20

311.60

445.00

Neutral

Strong Buy

722

1.18

BRITISH LAND

557.50

506.00

658.00

Neutral

Buy

826

1.05

2274.00

1907.00

2542.00

Neutral

Strong Buy

5187

1.24

GREAT PORTLAND ESTATES

519.50

439.90

598.00

Neutral

Strong Buy

1221

1.06

HAMMERSON

486.20

448.60

554.00

Neutral

Buy

554

1.27

DERWENT LONDON

Target

Beta

INTU PROPERTIES

307.00

300.60

366.00

Neutral

Strong Buy

571

1.14

LAND SECURITIES GROUP

893.50

761.50

994.00

Neutral

Strong Buy

1785

1.16

27.38

24.25

40.00

Neutral

Sell

-175

0.81

LONDONMETRIC PROPERTY

112.50

103.20

118.70

Neutral

Sell

-10

0.34

MCKAY SECURITIES

156.25

131.50

159.75

Neutral

Strong Buy

283

0.65

MUCKLOW (A & J) GROUP

439.00

325.00

454.50

Neutral

Sell

234

0.37

PRIMARY HEALTH PROPS.

337.00

312.50

363.53

Neutral

Sell

104

0.26

43.25

30.69

45.00

Neutral

Sell

-395

0.62

SEGRO

292.50

221.60

313.60

Neutral

Sell

-327

1.82

SHAFTESBURY

580.00

520.00

668.00

Neutral

Buy

861

1.04

LOCAL SHOP.REIT (THE)

REDEFINE INTL.REIT

TOWN CENTRE SECURITIES

195.00

177.00

223.00

Neutral

Sell

-5

1.04

WORKSPACE GROUP

430.60

250.75

475.00

Neutral

Strong Buy

1460

1.02

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

10 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

315.50

210.90

365.60

Neutral

Strong Buy

725

39.75

22.75

42.00

Neutral

Sell

-49

0.56

CLS HOLDINGS

1169.00

656.50

1260.00

Neutral

Strong Buy

2887

0.73

DAEJAN HOLDINGS

3945.00

2706.00

4179.00

Neutral

Strong Buy

7023

0.47

188.50

143.00

209.00

Neutral

Neutral

192

0.98

CAPITAL & CNTS.PROPS.


CAPITAL & REGIONAL

DEVELOPMENT SECS.

Target

Beta
0.73

GRAINGER

172.90

100.00

187.50

Neutral

Sell

109

1.57

HELICAL BAR

275.75

178.00

302.50

Neutral

Sell

198

0.83

33.00

21.00

33.00

Neutral

Strong Buy

225

0.63

6075.00

4350.00

6512.50

Neutral

Strong Buy

14343

0.68

QUINTAIN ESTATES & DEV.

84.75

51.00

92.00

Sell

Sell

-195

1.02

RAVEN RUSSIA

73.25

61.50

79.75

Neutral

Strong Buy

208

1.52

632.50

391.20

664.50

Neutral

Strong Buy

2141

0.69

90.50

71.50

90.50

Neutral

Strong Buy

382

0.32

LONDON & ASSOCS.PROPS.


MOUNTVIEW ESTATES

SAVILLS
SMART (J)
ST MODWEN PROPS.

301.00

193.10

333.00

Neutral

Strong Buy

610

1.63

UNITE GROUP

356.00

246.00

403.00

Neutral

Strong Buy

1630

1.78

Under Valued

Software & Computer Services


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ANITE

123.00

109.60

162.00

Neutral

Neutral

127

0.66

2452.00

1884.39

2588.15

Neutral

Sell

1495

1.52

COMPUTACENTER

538.00

333.29

564.10

Neutral

Strong Buy

1180

0.90

KOFAX

353.50

260.75

367.25

Neutral

Sell

309

1.04

AVEVA GROUP

INNOVATION GROUP

Target

Beta

28.25

20.00

30.25

Neutral

Sell

22

0.81

MICRO FOCUS INTL.

759.50

541.11

812.50

Neutral

Buy

885

0.81

PHOENIX IT GROUP

157.25

130.00

184.00

Neutral

Strong Buy

252

0.73

84.75

64.00

85.50

Neutral

Strong Buy

239

0.54

2162.00

1275.00

2190.00

Neutral

Neutral

2188

0.77

344.40

289.36

368.18

Neutral

Buy

440

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.

369.20

288.00

492.10

Neutral

Strong Buy

1190

1.12

BREWIN DOLPHIN

265.00

153.20

283.00

Neutral

Strong Buy

631

0.69

8675.00

8000.00

11105.00

Neutral

Strong Buy

91672

0.85

464.50

260.00

474.00

Neutral

Strong Buy

1379

0.93
0.65

CAMELLIA
CHARLES STANLEY GROUP
CHARLES TAYLOR

Target

Beta

197.00

155.00

197.00

Neutral

Strong Buy

1584

CLOSE BROTHERS GROUP

1108.00

820.50

1108.00

Sell

Strong Buy

4644

0.85

F&C ASSET MANAGEMENT

95.95

90.00

110.40

Neutral

Sell

69

0.86

5.63

0.57

5.63

Sell

Sell

-124

0.61

HENDERSON GROUP

HELPHIRE GROUP

179.00

107.20

180.40

Neutral

Strong Buy

778

1.44

ICAP

417.80

280.80

417.80

Neutral

Strong Buy

792

1.07

INTERMEDIATE CAPITAL GP.

451.40

287.20

501.50

Neutral

Strong Buy

2050

1.70

INVESTEC

429.30

358.40

513.50

Neutral

Strong Buy

1579

1.56

1612.00

930.00

1622.00

Neutral

Strong Buy

8498

1.13

89.05

71.80

134.40

Neutral

Sell

-4715

1.39

RATHBONE BROTHERS

1586.00

1208.00

1691.00

Neutral

Strong Buy

5320

0.71

SCHRODERS

2422.00

1482.00

2560.00

Neutral

Strong Buy

7915

1.30

SCHRODERS NV

1948.00

1176.00

2000.00

Neutral

Strong Buy

10591

1.28

LONDON STOCK EX.GROUP


MAN GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

10 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

267.50

157.75

270.00

Neutral

Strong Buy

871

0.83

AGGREKO

1605.00

1557.00

2400.00

Neutral

Strong Buy

4217

1.14

AMEC

1050.00

965.50

1172.00

Neutral

Strong Buy

3371

1.11

653.50

322.90

730.00

Neutral

Strong Buy

1007

1.64

1156.00

910.00

1209.00

Neutral

Strong Buy

2660

0.49

565.00

371.50

604.00

Neutral

Strong Buy

2393

0.80

1357.00

1009.00

1409.00

Neutral

Strong Buy

2835

0.50

UK MAIL GROUP

620.00

233.50

645.00

Neutral

Strong Buy

1690

0.42

CAPITA

988.00

713.00

1057.00

Neutral

Sell

213

0.54

ASHTEAD GROUP
BABCOCK INTL.
BRITISH POLYTHENE INDS.
BUNZL

COMMUNISIS

Target

Beta

56.25

34.54

68.00

Neutral

Strong Buy

488

0.83

COMPASS GROUP

847.50

671.50

910.50

Neutral

Strong Buy

2015

0.75

BERENDSEN

906.50

540.00

933.50

Neutral

Strong Buy

3405

1.08

DE LA RUE

1046.00

891.50

1075.00

Neutral

Buy

1463

#NA

DIGNITY

1470.00

902.82

1567.68

Neutral

Strong Buy

3097

0.25

DIPLOMA

644.50

435.00

651.50

Neutral

Strong Buy

1545

0.96

ELECTROCOMP.

273.00

200.00

278.40

Neutral

Strong Buy

943

0.98

ESSENTRA PLC

792.00

500.50

830.00

Neutral

Strong Buy

1406

1.14

G4S

258.80

207.50

313.50

Neutral

Strong Buy

894

0.47

HAYS

109.80

75.20

109.80

Neutral

Strong Buy

465

1.03

HOMESERVE

263.90

185.60

293.60

Neutral

Strong Buy

988

0.89

INTERSERVE

565.00

349.10

574.00

Neutral

Strong Buy

3743

1.25

3349.00

2697.00

3453.00

Neutral

Buy

4859

0.80

49.00

31.25

50.00

Neutral

Strong Buy

117

1.10
0.57

INTERTEK GROUP
JOHNSON SERVICE GROUP
MANAGEMENT CNSL.GP.

26.50

21.25

32.00

Neutral

Strong Buy

220

MENZIES (JOHN)

783.00

573.00

801.00

Neutral

Strong Buy

1827

1.41

MICHAEL PAGE INTL.

479.80

346.40

480.60

Neutral

Strong Buy

855

1.36

MITIE GROUP

288.50

248.00

300.80

Neutral

Strong Buy

1076

0.52

46.50

33.75

139.00

Neutral

Strong Buy

721

0.31

OFFICE2OFFICE

1104.00

702.00

1185.00

Neutral

Strong Buy

2232

0.75

PREMIER FARNELL

PAYPOINT

226.20

165.50

236.30

Neutral

Strong Buy

731

1.41

REGUS

184.00

96.00

193.40

Neutral

Sell

57

1.38

RENTOKIL INITIAL

107.60

81.30

107.60

Neutral

Strong Buy

274

1.26

REXAM

501.00

425.22

547.50

Neutral

Strong Buy

1800

0.84

RICARDO

498.75

349.63

498.75

Neutral

Strong Buy

1696

0.90

ROBERT WALTERS

288.50

176.25

288.50

Neutral

Strong Buy

1045

1.15

RPC GROUP

470.90

378.00

477.00

Neutral

Strong Buy

1549

0.81

RPS GROUP

260.10

195.50

274.20

Neutral

Strong Buy

1015

1.51

SERCO GROUP

552.50

535.00

683.50

Neutral

Strong Buy

2408

0.60

SHANKS GROUP

97.75

73.00

98.00

Neutral

Strong Buy

271

1.49

SPEEDY HIRE

60.00

26.25

64.75

Neutral

Strong Buy

312

1.18

191.00

90.25

202.25

Neutral

Strong Buy

570

0.65

70.00

40.50

70.00

Sell

Strong Buy

337

0.90

VP

449.00

313.00

451.50

Neutral

Strong Buy

2333

0.79

WYG

100.00

48.50

103.00

Neutral

Strong Buy

628

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

343.00

212.50

344.00

Neutral

Buy

429

0.89

40.87

34.22

46.29

Neutral

Strong Buy

81

0.67

733.50

542.50

749.00

Neutral

Sell

270

0.53

89.50

68.25

89.50

Neutral

Buy

121

1.20

1354.00

821.00

1399.00

Neutral

Sell

821

0.05

210.40

154.45

213.20

Neutral

Sell

110

0.51

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

10 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

315.40

195.70

318.80

Neutral

Sell

240

1.22

BRAEMAR SHIPPING SVS.

454.00

350.00

460.00

Neutral

Buy

609

1.06

CLARKSON

2024.00

1150.00

2024.00

Sell

Sell

1370

0.86

EASYJET

1267.00

556.50

1448.00

Neutral

Sell

889

0.77

FIRST GROUP

Target

Beta

118.90

92.00

212.39

Neutral

Strong Buy

290

0.88

FISHER(JAMES)& SONS

1131.00

727.00

1131.00

Neutral

Sell

813

0.72

GO-AHEAD GROUP

1510.00

1220.00

1595.00

Neutral

Strong Buy

2807

0.97

NATIONAL EXPRESS

271.70

164.50

273.70

Neutral

Sell

256

1.39

NORTHGATE

395.00

220.75

395.75

Neutral

Strong Buy

665

1.34

STAGECOACH GROUP

321.60

265.90

337.60

Neutral

Buy

456

0.97

WINCANTON

105.00

43.75

105.00

Neutral

Strong Buy

245

0.95

Under Valued

Utilities
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

CENTRICA

395.80

310.80

395.80

Neutral

Buy

575

0.50

NATIONAL GRID

737.00

678.00

847.50

Neutral

Buy

969

0.45

PENNON GROUP

723.50

598.00

749.50

Neutral

Sell

638

0.63

SSE

1559.00

1358.00

1676.00

Neutral

Buy

2297

0.40

SEVERN TRENT

1689.00

1513.00

2090.00

Neutral

Sell

1475

0.37

673.00

647.00

787.50

Neutral

Buy

745

0.49

UNITED UTILITIES GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

10 September 2013
+44 20 3239 8994

Page 15 of 17

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