Академический Документы
Профессиональный Документы
Культура Документы
10 October 2013
Contents
Introduction .................................................................................................................................3
Value ...........................................................................................................................................4
Conclusion ..................................................................................................................................4
RISK WARNING Ratings and Targets ....................................................................................4
How to use the report .................................................................................................................5
Aerospace & Defence
Automobiles & Parts
Banks
Beverages
Chemicals
Insurance
Leisure & Hotels
Life Assurance
Media & Entertainment
Mining
Oil & Gas
Utilities
DISCLAIMER ........................................................................................................................... 16
RISK WARNING ...................................................................................................................... 17
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10 October 2013
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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
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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)
www.intellisys.uk.com
10 October 2013
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Page 4 of 17
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
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
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)
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Over Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
AVON RUBBER
523.50
300.25
550.50
Neutral
Sell
482
0.86
BAE SYSTEMS
440.00
300.80
468.00
Neutral
Buy
592
0.66
CHEMRING GROUP
283.50
217.00
353.30
Neutral
Buy
318
0.65
COBHAM
273.00
190.10
307.70
Neutral
Neutral
281
0.76
MEGGITT
528.50
366.20
564.00
Neutral
Sell
492
1.24
QINETIQ GROUP
184.50
179.00
211.10
Neutral
Sell
111
0.63
1082.00
835.76
1240.00
Neutral
Buy
1448
0.95
ROLLS-ROYCE HOLDINGS
SENIOR
Target
Beta
256.50
185.90
288.40
Neutral
Neutral
260
1.63
SMITHS GROUP
1322.00
1018.00
1419.00
Neutral
Sell
1158
0.70
1830.00
1505.00
1981.00
Neutral
Sell
1638
0.49
Over Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
GKN
343.20
201.00
360.70
Neutral
Sell
-1793
1.98
INCHCAPE
596.00
353.30
645.00
Neutral
Strong Buy
2895
1.35
LOOKERS
122.00
71.50
128.50
Neutral
Strong Buy
652
1.17
PENDRAGON
33.75
13.50
35.25
Neutral
Strong Buy
257
0.96
TOROTRAK
27.00
23.50
35.50
Neutral
Sell
12
0.68
Over Valued
Banks
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
BARCLAYS
267.80
205.07
308.39
Neutral
Sell
Target
-650
Beta
2.12
668.80
589.60
769.90
Neutral
Buy
817
1.35
1.90
72.92
38.48
78.00
Neutral
Sell
369.70
262.70
373.60
Neutral
Sell
-100
1.35
STANDARD CHARTERED
1436.00
1380.00
1837.50
Neutral
Strong Buy
3282
1.79
Under Valued
Beverages
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
BARR (AG)
520.00
432.20
588.50
Neutral
Sell
410
BRITVIC
565.00
349.10
592.00
Neutral
Buy
794
0.67
DIAGEO
1899.50
1746.50
2136.50
Neutral
Buy
2229
0.52
SABMILLER
2968.00
2599.00
3657.00
Neutral
Strong Buy
4865
0.92
www.intellisys.uk.com
Target
Beta
0.52
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Under Valued
Chemicals
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
ALENT
335.70
305.00
397.50
Neutral
Strong Buy
3587
#NA
AZ ELECTRONIC MATS.(DI)
282.10
240.00
406.40
Neutral
Strong Buy
521
1.11
CARCLO
391.00
342.75
501.00
Neutral
Sell
122
0.73
2570.00
2164.00
2841.00
Neutral
Buy
3089
1.06
230.40
204.20
275.00
Neutral
Buy
285
1.01
1.41
CRODA INTERNATIONAL
ELEMENTIS
JOHNSON MATTHEY
2714.00
2190.00
2985.00
Neutral
Buy
3869
VICTREX
1560.00
1380.00
1765.00
Neutral
Sell
1277
1.17
SYNTHOMER
227.70
146.00
249.20
Neutral
Strong Buy
362
1.05
ZOTEFOAMS
192.50
186.50
225.00
Neutral
Buy
277
1.01
Under Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
126.00
79.50
137.00
Neutral
Strong Buy
Target
429
Beta
0.54
1443.00
1090.00
1540.00
Neutral
Sell
1007
0.97
70.00
50.00
80.00
Neutral
Strong Buy
531
1.11
MARSHALLS
175.00
85.00
184.00
Neutral
Neutral
170
1.37
NORCROS
20.00
11.75
21.75
Neutral
Strong Buy
212
1.02
179.10
102.00
193.70
Neutral
Strong Buy
939
1.61
44.00
22.00
45.50
Neutral
Sell
38
0.91
1586.00
1060.00
1713.00
Neutral
Strong Buy
14655
1.93
SIG
TITON HOLDINGS
TRAVIS PERKINS
TYMAN
WOLSELEY
206.00
143.13
240.00
Neutral
Neutral
214
1.01
3097.00
2636.64
3483.00
Neutral
Strong Buy
9888
1.32
Over Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
BALFOUR BEATTY
264.00
207.60
320.80
Neutral
Strong Buy
1041
0.68
BOOT (HENRY)
178.50
123.50
201.00
Neutral
Sell
108
0.71
CARILLION
299.60
244.80
331.80
Neutral
Buy
351
0.98
CLARKE (T)
64.50
40.00
68.50
Neutral
Buy
81
0.68
260.75
226.25
306.00
Neutral
Strong Buy
399
0.50
1030.00
678.00
1070.00
Neutral
Sell
693
0.76
940.00
555.00
1161.00
Neutral
Sell
506
1.25
1705.00
1106.00
1709.00
Neutral
Sell
1535
0.82
789.00
508.00
791.00
Neutral
Buy
946
0.60
117.50
95.00
147.50
Neutral
Strong Buy
252
#NA
33.50
20.00
34.00
Sell
Sell
-12
0.45
COSTAIN GROUP
GALLIFORD TRY
KELLER
KIER GROUP
POCHIN'S
Under Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
320.00
174.50
355.20
Neutral
Buy
356
1.60
BELLWAY
1320.00
913.00
1502.00
Neutral
Buy
1847
0.93
0.47
BARRATT DEVELOPMENTS
Target
Beta
2137.00
1400.00
2340.00
Neutral
Neutral
2051
717.00
487.00
851.50
Neutral
Buy
930
1.05
343.50
220.00
360.00
Neutral
Sell
265
#NA
332.00
140.25
354.75
Neutral
Sell
185
0.49
1131.00
685.75
1305.00
Neutral
Sell
1039
1.06
REDROW
235.80
152.90
255.10
Neutral
Neutral
248
0.84
TAYLOR WIMPEY
103.80
56.65
113.80
Neutral
Buy
120
1.45
PERSIMMON
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Under Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
1180.00
999.50
1399.00
Neutral
Sell
1058
0.63
646.00
522.00
717.00
Neutral
Buy
887
0.99
E2V TECHNOLOGIES
142.75
105.50
148.25
Neutral
Strong Buy
288
1.29
INVENSYS
496.50
217.33
509.50
Neutral
Sell
292
1.33
LAIRD
217.00
171.10
249.30
Neutral
Strong Buy
448
1.99
OXFORD INSTRUMENTS
1402.00
1209.00
1752.00
Neutral
Sell
1157
1.22
RENISHAW
1727.00
1494.00
2081.00
Neutral
Buy
2080
1.31
SPECTRIS
2203.00
1549.00
2470.00
Neutral
Buy
2837
1.48
BIOME TECHNOLOGIES
187.50
65.00
303.67
Neutral
Sell
-424
0.70
TT ELECTRONICS
190.25
114.00
200.00
Neutral
Strong Buy
437
1.64
XAAR
797.00
247.50
898.00
Neutral
Sell
421
1.00
DIALIGHT
Under Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
123.25
54.25
128.75
Neutral
Buy
Target
145
Beta
1.06
BODYCOTE
647.50
345.10
685.00
Neutral
Neutral
634
1.51
CASTINGS
419.00
291.00
450.00
Neutral
Buy
563
0.93
VESUVIUS
443.60
263.19
487.60
Neutral
Strong Buy
1192
2.20
FENNER
380.90
305.90
435.20
Neutral
Buy
559
1.44
HALMA
528.00
410.40
578.00
Neutral
Sell
408
0.84
447.00
364.00
480.00
Neutral
Buy
544
1.25
1447.00
902.00
1513.00
Neutral
Strong Buy
4218
1.31
IMI
MORGAN ADVANCED MATERIAL
ROTORK
SEVERFIELD-ROWEN
SPIRAX-SARCO
296.50
220.30
318.00
Neutral
Strong Buy
489
1.82
2697.00
2229.00
3037.00
Neutral
Buy
3104
0.97
60.50
35.40
76.91
Neutral
Sell
50
0.76
2812.00
1932.53
3090.00
Neutral
Sell
1764
0.69
VITEC GROUP
676.00
559.00
740.00
Neutral
Sell
478
1.33
WEIR GROUP
2233.00
1688.00
2474.00
Neutral
Neutral
2203
1.31
Over Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
GREGGS
438.40
392.10
523.50
Neutral
Strong Buy
794
0.40
MORRISON(WM)SPMKTS.
274.40
248.60
302.50
Neutral
Buy
380
0.35
SAINSBURY (J)
384.20
321.90
400.80
Neutral
Buy
457
0.58
TESCO
354.75
307.90
387.75
Neutral
Sell
191
0.74
96.00
28.63
100.50
Neutral
Sell
59
0.83
THORNTONS
Target
Over Valued
Beta
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
ASSOCIATED BRIT.FOODS
1889.00
1315.00
2031.00
Neutral
Sell
1602
0.57
CRANSWICK
1061.00
733.00
1189.00
Neutral
Strong Buy
1710
0.35
DAIRY CREST
473.90
339.90
528.50
Neutral
Sell
389
0.83
DEVRO
304.50
289.90
380.00
Neutral
Strong Buy
479
0.37
PREMIER FOODS
153.00
59.75
166.50
Neutral
Strong Buy
248
1.22
742.00
688.50
883.00
Neutral
Strong Buy
1275
0.62
2351.00
2262.00
2885.00
Neutral
Sell
2042
0.57
UNILEVER (UK)
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Under Valued
General Retail
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
ASHLEY(LAURA) HOLDINGS
24.00
24.00
29.50
Neutral
Strong Buy
43
0.65
489.00
266.40
577.00
Neutral
Neutral
501
0.56
1550.00
1003.00
1667.00
Neutral
Sell
1206
1.28
652.00
585.00
701.50
Neutral
Sell
244
0.85
44.13
20.36
47.67
Neutral
Neutral
43
1.53
241.25
108.00
253.75
Neutral
Sell
141
0.90
Target
Beta
30.38
23.00
34.00
Sell
Sell
12
1.09
370.50
299.00
406.00
Neutral
Strong Buy
572
0.68
1074.00
670.00
1074.00
Neutral
Strong Buy
2007
0.59
69.50
39.00
88.25
Neutral
Strong Buy
118
1.10
KINGFISHER
364.80
267.20
420.00
Neutral
Buy
534
0.98
468.70
359.00
513.50
Neutral
Strong Buy
719
0.50
69.75
53.50
74.88
Neutral
Buy
83
0.78
367.50
212.00
492.75
Neutral
Sell
130
0.28
NEXT
4940.00
3542.00
5205.00
Neutral
Neutral
5145
0.63
TED BAKER
1660.00
920.00
2017.00
Neutral
Sell
1014
0.60
80.50
47.00
94.00
Neutral
Neutral
77
1.55
HALFORDS GROUP
JD SPORTS FASHION
DARTY
TOPPS TILES
Over Valued
Health
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
BIOQUELL
149.50
130.00
160.00
Neutral
Sell
119
0.45
CONSORT MEDICAL
880.00
660.50
881.50
Neutral
Sell
676
0.37
OPTOS
152.00
106.75
215.25
Neutral
Buy
173
1.09
755.50
638.00
800.00
Neutral
Sell
654
0.33
Beta
Under Valued
Target
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
GAMES WORKSHOP
795.00
601.00
823.50
Neutral
Neutral
764
0.29
HEADLAM GROUP
370.00
298.63
415.00
Neutral
Buy
445
0.75
78.75
55.25
87.50
Neutral
Sell
47
0.70
HORNBY
Over Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
ARM HOLDINGS
945.50
577.50
1097.00
Neutral
Sell
417
0.63
CSR
508.00
330.90
607.00
Neutral
Strong Buy
1457
1.06
FILTRONIC
IMAGINATION TECHNOLOGIES
Target
Beta
66.75
30.75
83.25
Neutral
Neutral
72
1.00
262.10
235.10
552.00
Neutral
Sell
217
1.09
SPIRENT COMMUNICATIONS
125.10
118.00
169.20
Neutral
Strong Buy
376
0.88
WOLFSON MICROELECTRONICS
153.25
140.00
226.25
Neutral
Sell
-32
0.95
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Under Valued
Insurance
Stock
ADMIRAL GROUP
AMLIN
Price
12M Lo
12M Hi
ST Rec
LT Rec
1195.00
1019.00
1416.00
Neutral
Sell
Target
-445
Beta
0.58
391.90
364.10
435.10
Neutral
Strong Buy
1489
0.47
0.61
BEAZLEY
203.50
167.30
242.70
Neutral
Strong Buy
923
CATLIN GROUP
468.00
455.30
552.50
Neutral
Neutral
470
0.29
HISCOX
650.00
463.32
670.00
Neutral
Strong Buy
1850
0.43
0.28
936.50
723.00
949.50
Neutral
Buy
1183
116.20
107.70
136.30
Neutral
Strong Buy
708
0.36
NOVAE GROUP
502.00
345.00
520.50
Neutral
Strong Buy
3340
0.39
Over Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
2030.00
2030.00
2628.00
Neutral
Strong Buy
3190
0.96
ENTERPRISE INNS
150.00
63.00
153.80
Sell
Sell
90
1.51
TUI TRAVEL
359.20
243.50
401.50
Neutral
Strong Buy
675
1.06
870.50
726.00
969.00
Neutral
Sell
553
0.24
GREENE KING
764.00
587.00
897.50
Neutral
Sell
563
0.87
LADBROKES
179.80
167.40
243.10
Neutral
Buy
242
0.85
1785.00
1524.00
2039.00
Neutral
Sell
1568
1.10
CARNIVAL
ICTL.HTLS.GP.
MILLENNIUM & CPTH.HTLS.
573.00
456.00
582.50
Neutral
Sell
542
1.33
390.70
296.00
460.00
Neutral
Sell
244
0.89
120.80
101.30
156.00
Neutral
Sell
58
1.28
14.75
6.15
15.50
Neutral
Strong Buy
62
0.98
153.80
137.30
177.50
Neutral
Strong Buy
534
1.01
0.66
PUNCH TAVERNS
RANK GROUP
RESTAURANT GROUP
518.00
362.20
575.00
Neutral
Sell
361
WETHERSPOON (JD)
710.50
486.40
767.00
Neutral
Sell
635
0.55
WHITBREAD
2992.00
2300.00
3303.00
Neutral
Sell
2019
1.05
WILLIAM HILL
402.50
302.37
494.50
Neutral
Sell
337
0.79
MARSTON'S
144.50
117.70
165.50
Neutral
Sell
1.08
Under Valued
Life Assurance
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
AVIVA
419.50
294.10
422.60
Sell
Sell
381
1.23
CHESNARA
279.75
176.50
283.25
Neutral
Strong Buy
533
0.62
186.50
131.40
203.60
Neutral
Strong Buy
499
1.82
OLD MUTUAL
184.20
166.10
221.60
Neutral
Strong Buy
389
1.54
PRUDENTIAL
1138.00
828.00
1232.00
Neutral
Neutral
1169
1.82
601.00
374.80
641.50
Neutral
Strong Buy
6619
0.88
ST.JAMES'S PLACE
www.intellisys.uk.com
17
Target
Beta
10 October 2013
+44 (0)1189 333606
Page 10 of
Under Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
BLOOMSBURY PBL.
162.75
102.00
163.00
Neutral
Strong Buy
922
0.39
859.50
709.00
899.50
Neutral
Strong Buy
1056
0.42
CENTAUR MEDIA
DAILY MAIL 'A'
EUROMONEY INSTL.INVESTOR
Target
Beta
52.38
31.00
60.00
Neutral
Sell
-42
1.00
755.50
451.25
835.00
Neutral
Strong Buy
3556
1.04
1046.00
747.50
1209.00
Neutral
Strong Buy
5566
0.87
INFORMA
510.00
380.50
545.00
Neutral
Strong Buy
327
1.51
ITE GROUP
278.40
183.50
307.40
Neutral
Buy
201
1.38
ITV
178.90
85.65
183.60
Neutral
Strong Buy
1369
1.54
1.11
JOHNSTON PRESS
13.37
8.25
19.00
Neutral
Buy
720
1254.00
1119.00
1350.00
Neutral
Neutral
309
0.60
PHOTO-ME INTL.
113.00
46.75
113.00
Neutral
Strong Buy
2283
0.81
PINEWOOD SHEPPERTON
297.50
269.00
299.50
Neutral
Strong Buy
732
0.06
35.23
26.85
36.59
Neutral
Strong Buy
346
0.39
STV GROUP
261.00
92.50
262.50
Neutral
Sell
240
0.86
ST.IVES
169.00
98.50
180.50
Neutral
Sell
159
1.34
TRINITY MIRROR
123.50
51.25
128.25
Neutral
Sell
-289
1.53
UBM
691.00
636.00
788.00
Neutral
Strong Buy
1421
1.33
212.62
127.75
217.38
Neutral
Strong Buy
1390
0.83
1215.00
788.00
1296.00
Neutral
Sell
-827
1.25
PEARSON
THOMSON REUTERS
WILMINGTON GROUP
WPP
Under Valued
Mining
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
1448.50
1207.00
2072.00
Neutral
Sell
1201
1.74
190.75
161.00
289.00
Neutral
Neutral
198
1.03
ANTOFAGASTA
830.50
784.50
1381.00
Neutral
Neutral
804
1.27
1771.50
1666.50
2236.00
Neutral
Strong Buy
2777
1.41
GLENCORE XSTRATA
322.55
256.85
397.85
Neutral
Strong Buy
963
#NA
LONMIN
305.70
240.84
380.10
Neutral
Buy
415
1.86
RANDGOLD RESOURCES
4295.00
3972.00
7745.00
Neutral
Sell
2726
0.51
RIO TINTO
2957.50
2582.00
3757.00
Neutral
Sell
2359
1.44
VEDANTA RESOURCES
1020.00
992.00
1335.00
Neutral
Strong Buy
2629
2.17
ANGLO AMERICAN
BHP BILLITON
Under Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
1157.50
1000.50
1350.50
Neutral
Sell
854
0.81
BP
433.45
416.60
483.30
Neutral
Strong Buy
947
1.04
CAIRN ENERGY
262.30
251.80
296.10
Neutral
Sell
-30
1.25
BG GROUP
FORTUNE OIL
HUNTING
JKX OIL & GAS
Target
Beta
7.91
5.44
9.51
Neutral
Strong Buy
83
0.76
771.00
716.00
941.00
Buy
Sell
547
1.25
66.00
48.50
80.38
Neutral
Sell
-60
1.21
324.90
321.30
400.20
Neutral
Buy
388
1.45
2077.50
2077.50
2365.00
Neutral
Strong Buy
8000
0.78
SOCO INTERNATIONAL
398.50
290.14
417.00
Neutral
Buy
444
0.53
TULLOW OIL
975.50
975.50
1468.00
Neutral
Sell
666
1.08
766.00
720.50
915.50
Neutral
Sell
692
1.40
PREMIER OIL
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17
10 October 2013
+44 (0)1189 333606
Page 11 of
Over Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
MCBRIDE
121.00
101.00
144.60
Neutral
Buy
161
0.85
PZ CUSSONS
400.40
308.60
432.50
Neutral
Sell
358
0.75
4270.00
3568.00
4950.00
Neutral
Neutral
4390
0.33
Beta
Under Valued
Target
Price
12M Lo
12M Hi
ST Rec
LT Rec
0.37
0.32
3.58
Buy
Sell
-4
0.89
3113.00
2792.50
3521.50
Neutral
Strong Buy
7901
0.47
BTG
368.60
317.50
397.90
Neutral
Sell
177
0.38
DECHRA PHARMACEUTICALS
687.50
569.00
780.00
Neutral
Neutral
681
0.18
1550.00
1317.50
1782.00
Neutral
Neutral
1671
0.49
0.38
GLAXOSMITHKLINE
OXFORD BIOMEDICA
PHYTOPHARM
SHIRE
Target
Beta
2.30
1.33
2.83
Buy
Sell
-3
59.00
51.50
568.75
Buy
Sell
-250
0.79
2387.00
1727.00
2593.00
Neutral
Sell
1261
0.69
SKYEPHARMA
88.50
43.50
101.75
Neutral
Sell
34
0.51
VERNALIS
28.88
19.38
31.00
Neutral
Sell
0.76
Under Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
444.00
322.90
460.00
Neutral
Strong Buy
754
BRITISH LAND
568.00
506.00
658.00
Neutral
Strong Buy
865
1.14
2407.00
1947.00
2542.00
Neutral
Strong Buy
5238
1.32
555.00
442.20
598.00
Neutral
Strong Buy
1193
1.07
HAMMERSON
492.00
458.70
554.00
Neutral
Buy
583
1.41
INTU PROPERTIES
320.50
300.60
366.00
Neutral
Strong Buy
599
1.22
916.50
762.50
994.00
Neutral
Strong Buy
1862
1.22
0.78
DERWENT LONDON
Target
Beta
1.24
28.75
24.25
38.50
Neutral
Sell
-181
LONDONMETRIC PROPERTY
120.50
103.20
120.80
Neutral
Sell
-10
0.33
MCKAY SECURITIES
170.50
131.50
171.00
Neutral
Strong Buy
297
0.50
470.00
341.50
500.00
Neutral
Sell
247
0.57
316.00
312.50
363.53
Neutral
Sell
114
0.22
47.50
30.75
47.50
Neutral
Sell
-417
0.43
SEGRO
306.80
221.60
313.80
Neutral
Sell
-339
1.96
SHAFTESBURY
579.50
522.50
668.00
Neutral
Strong Buy
896
1.13
REDEFINE INTL.REIT
225.00
178.75
230.00
Neutral
Sell
-2
0.95
WORKSPACE GROUP
456.50
280.70
481.00
Neutral
Strong Buy
1454
1.10
www.intellisys.uk.com
17
10 October 2013
+44 (0)1189 333606
Page 12 of
Under Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
334.20
221.50
365.60
Neutral
Strong Buy
667
39.50
22.75
42.00
Neutral
Sell
-52
0.55
CLS HOLDINGS
1198.00
656.50
1260.00
Neutral
Strong Buy
2878
0.80
DAEJAN HOLDINGS
Target
Beta
0.72
3913.00
2706.00
4200.00
Neutral
Strong Buy
14511
0.56
DEVELOPMENT SECS.
200.50
143.00
209.00
Neutral
Neutral
192
1.14
GRAINGER
175.80
105.10
187.50
Neutral
Sell
108
1.64
HELICAL BAR
287.00
178.00
302.50
Neutral
Sell
202
0.83
35.25
21.50
35.25
Neutral
Strong Buy
223
0.60
6400.00
4350.00
6512.50
Neutral
Strong Buy
14311
0.69
85.00
51.75
92.00
Sell
Sell
-209
1.10
RAVEN RUSSIA
78.00
61.50
79.75
Sell
Strong Buy
206
1.56
596.00
391.20
664.50
Neutral
Strong Buy
1689
0.68
85.00
72.50
90.50
Neutral
Strong Buy
368
0.42
ST MODWEN PROPS.
328.90
194.00
333.00
Neutral
Strong Buy
620
1.68
UNITE GROUP
374.10
260.70
403.00
Neutral
Strong Buy
1612
1.93
SAVILLS
SMART (J)
Under Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
ANITE
109.50
109.50
162.00
Neutral
Buy
138
0.66
2461.00
1975.75
2650.00
Neutral
Sell
1456
1.49
AVEVA GROUP
Target
Beta
COMPUTACENTER
525.50
333.29
564.10
Neutral
Strong Buy
1435
0.85
KOFAX
366.50
260.75
388.00
Neutral
Sell
336
1.11
30.25
20.75
30.50
Sell
Sell
26
0.78
740.00
543.00
812.50
Neutral
Buy
1008
0.84
PHOENIX IT GROUP
153.00
130.00
184.00
Neutral
Sell
-223
0.59
RM
112.00
64.00
114.25
Neutral
Strong Buy
261
0.58
1895.00
1275.00
2190.00
Neutral
Buy
2105
0.62
312.90
289.36
368.18
Neutral
Buy
425
0.70
INNOVATION GROUP
MICRO FOCUS INTL.
FIDESSA GROUP
SAGE GROUP
Under Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
372.90
318.20
492.10
Neutral
Strong Buy
1233
1.12
BREWIN DOLPHIN
268.70
169.80
283.00
Neutral
Strong Buy
635
0.85
8548.00
8000.00
11105.00
Neutral
Strong Buy
79633
0.85
CAMELLIA
CHARLES STANLEY GROUP
454.75
264.00
474.00
Neutral
Strong Buy
1388
0.89
CHARLES TAYLOR
215.00
155.00
228.00
Neutral
Strong Buy
1601
0.64
1230.00
830.00
1230.00
Sell
Strong Buy
4697
0.78
95.25
90.00
110.40
Neutral
Sell
75
0.77
5.65
0.75
5.70
Neutral
Sell
-123
0.77
HENDERSON GROUP
186.60
109.10
192.50
Neutral
Strong Buy
776
1.44
ICAP
356.60
280.80
422.20
Neutral
Strong Buy
805
0.94
436.30
287.20
501.50
Neutral
Strong Buy
2193
1.77
HELPHIRE GROUP
INVESTEC
396.00
358.40
513.50
Neutral
Strong Buy
2554
1.54
1510.00
930.00
1652.00
Neutral
Strong Buy
6700
1.32
78.90
71.80
134.40
Neutral
Sell
-4725
1.23
RATHBONE BROTHERS
1510.00
1208.00
1691.00
Neutral
Strong Buy
5324
0.83
SCHRODERS
2493.00
1518.00
2631.00
Neutral
Strong Buy
7943
1.42
SCHRODERS NV
2116.00
1193.00
2193.00
Neutral
Strong Buy
11033
1.38
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17
10 October 2013
+44 (0)1189 333606
Page 13 of
Under Valued
Support Services
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
ACAL
280.00
157.75
284.00
Neutral
Strong Buy
586
0.79
AGGREKO
1461.00
1442.00
2302.00
Neutral
Strong Buy
3040
1.04
AMEC
1050.00
965.50
1127.00
Neutral
Strong Buy
3110
0.98
590.00
342.60
730.00
Neutral
Strong Buy
913
1.69
1160.00
940.00
1218.00
Neutral
Strong Buy
2431
0.40
ASHTEAD GROUP
BABCOCK INTL.
BRITISH POLYTHENE INDS.
Target
Beta
630.00
372.50
637.00
Sell
Strong Buy
2198
0.84
1295.00
1009.00
1409.00
Neutral
Strong Buy
2600
0.49
UK MAIL GROUP
590.00
265.00
645.00
Neutral
Strong Buy
1533
0.47
CAPITA
967.50
713.00
1057.00
Neutral
Strong Buy
1770
0.57
58.25
34.54
68.00
Neutral
Strong Buy
410
0.79
COMPASS GROUP
829.50
671.50
910.50
Neutral
Strong Buy
1864
0.78
BERENDSEN
882.00
563.00
939.00
Neutral
Strong Buy
3151
1.02
DE LA RUE
928.50
891.50
1075.00
Neutral
Strong Buy
2229
#NA
BUNZL
COMMUNISIS
DIGNITY
1383.00
922.31
1567.68
Neutral
Buy
1568
0.21
DIPLOMA
616.50
435.00
661.00
Neutral
Strong Buy
1245
1.00
ELECTROCOMP.
263.40
203.90
282.50
Neutral
Strong Buy
831
1.03
ESSENTRA PLC
718.00
508.50
830.00
Neutral
Strong Buy
1193
1.13
G4S
239.00
207.50
313.50
Neutral
Strong Buy
864
0.42
HAYS
115.60
76.70
118.40
Neutral
Strong Buy
375
0.99
HOMESERVE
244.10
185.60
293.60
Neutral
Strong Buy
874
0.93
INTERSERVE
568.50
349.10
591.50
Sell
Strong Buy
2921
1.15
INTERTEK GROUP
3153.00
2697.00
3453.00
Neutral
Buy
4168
0.74
51.00
33.38
51.75
Neutral
Strong Buy
225
1.03
MANAGEMENT CNSL.GP.
26.50
21.25
32.00
Neutral
Strong Buy
175
0.61
MENZIES (JOHN)
793.50
573.00
809.00
Neutral
Strong Buy
1936
1.37
478.80
346.40
502.50
Neutral
Strong Buy
756
1.19
MITIE GROUP
283.90
248.00
300.80
Neutral
Strong Buy
970
0.50
36.00
33.75
132.50
Neutral
Strong Buy
614
0.28
1030.00
750.00
1185.00
Neutral
Strong Buy
1729
0.72
PREMIER FARNELL
209.10
165.50
238.40
Neutral
Strong Buy
518
1.40
REGUS
185.00
96.00
195.70
Neutral
Sell
69
1.46
RENTOKIL INITIAL
107.00
85.00
111.30
Neutral
Strong Buy
431
1.31
OFFICE2OFFICE
PAYPOINT
REXAM
475.80
432.56
547.50
Neutral
Strong Buy
1694
0.90
RICARDO
575.00
349.63
585.00
Neutral
Strong Buy
1525
1.04
ROBERT WALTERS
307.00
191.00
335.00
Neutral
Strong Buy
894
1.11
RPC GROUP
455.00
378.00
477.80
Neutral
Strong Buy
1538
0.72
RPS GROUP
265.60
195.50
274.60
Neutral
Strong Buy
854
1.49
SERCO GROUP
522.50
522.50
683.50
Neutral
Strong Buy
2107
0.52
SHANKS GROUP
92.00
73.00
98.00
Neutral
Strong Buy
346
1.55
SPEEDY HIRE
66.25
29.50
66.25
Neutral
Strong Buy
316
1.17
185.50
92.25
206.50
Neutral
Strong Buy
500
0.64
66.00
40.50
70.75
Neutral
Strong Buy
303
0.81
VP
499.50
313.00
499.50
Sell
Strong Buy
2132
0.65
WYG
107.75
50.25
110.00
Neutral
Strong Buy
182
0.78
TRIBAL GROUP
TRIFAST
www.intellisys.uk.com
17
10 October 2013
+44 (0)1189 333606
Page 14 of
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
342.70
212.50
350.90
Neutral
Buy
Target
433
40.26
34.31
46.29
Neutral
Strong Buy
80
0.66
705.00
542.50
749.00
Neutral
Sell
260
0.52
0.92
91.80
68.25
91.85
Neutral
Buy
123
0.97
1403.00
830.00
1403.00
Sell
Sell
837
0.05
215.00
154.45
222.00
Neutral
Sell
129
0.46
Over Valued
Transport
Stock
Beta
Price
12M Lo
12M Hi
ST Rec
LT Rec
BBA AVIATION
296.20
195.70
326.00
Neutral
Sell
221
510.00
350.00
520.00
Neutral
Neutral
558
0.91
CLARKSON
2290.00
1150.00
2290.00
Sell
Sell
1261
0.77
EASYJET
1216.00
597.50
1448.00
Neutral
Sell
841
0.78
122.10
92.00
182.47
Neutral
Strong Buy
263
0.85
FISHER(JAMES)& SONS
1132.00
750.00
1148.00
Neutral
Sell
791
0.69
GO-AHEAD GROUP
1680.00
1220.00
1697.00
Neutral
Strong Buy
2842
0.94
FIRST GROUP
Target
Beta
1.17
NATIONAL EXPRESS
249.90
164.50
274.90
Neutral
Neutral
241
1.33
NORTHGATE
435.00
243.25
441.25
Neutral
Sell
345
1.22
STAGECOACH GROUP
322.40
265.90
337.60
Neutral
Buy
453
0.87
WINCANTON
102.00
43.75
106.75
Neutral
Strong Buy
267
0.83
Under Valued
Utilities
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
CENTRICA
360.80
310.80
402.20
Neutral
Strong Buy
561
0.51
NATIONAL GRID
743.50
682.00
847.50
Neutral
Buy
955
0.49
PENNON GROUP
679.50
598.00
734.50
Neutral
Sell
607
0.66
SSE
1454.00
1364.00
1676.00
Neutral
Strong Buy
2217
0.44
SEVERN TRENT
1754.00
1513.00
2090.00
Neutral
Sell
1467
0.39
688.50
647.00
787.50
Neutral
Neutral
736
0.51
www.intellisys.uk.com
17
Target
Beta
10 October 2013
+44 (0)1189 333606
Page 15 of
DISCLAIMER
Intellisys Intelligent Analysis Limited has prepared this report. Intellisys is the trading name of Intellisys
Intelligent Analysis Limited.
Intellisys is a provider of financial research reports that indicate the possible value of quoted company
shares. The information contained within any and all of Intellisys reports are designed to present an
objective assessment of the possible value or relative value of a company and/or an actuarial sector or
stock market index. Intellisys utilises as extensive as possible range of valuation tools and proprietary
systems to derive its outputs. The base data for the models are derived from sources believed to be
accurate but Intellisys Intelligent Analysis Limited does not warrant or guarantee the accuracy or reliability of
the source data or its models and proprietary systems. Subscribers, and casual readers, should not rely
upon the Intellisys research outputs when forming specific investment decisions but should seek advice
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Subscribers, and casual reader, are reminded that the value of shares in any company may go up or down
and that past performance is not necessarily a guide to future performance.
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and does not offer, provide or purport to provide or offer investment advice.
RISK WARNING
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.
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