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Value
Indicator
23 January 2012
Intellisys
www.intellisys.uk.com
23 January 2012
Contents
Market Pictures - Indices ......................................................................... 5
FTSE 100 ................................................................................................ 5
FTSE 250 ................................................................................................ 6
FTSE All Share Index ................................................................................ 7
FTSE AIM All Share .................................................................................. 8
Market Pictures Interest Rates ............................................................ 10
UK Bank Lending Rates ........................................................................... 10
Eurozone Lending Rates.......................................................................... 11
US Federal Funds Rate ........................................................................... 12
Market Pictures Exchange Rates ......................................................... 13
Market Pictures - Oil............................................................................... 15
Over Valued 16
Aerospace & Defence
.............................................
Automobiles & Parts
Banks
..............................................
.............................................................
Beverages
........................................................
Chemicals
........................................................
..............................
.............................
........................................
...............................................
...................................
.....................................................
..............................................................
....................................
..........................
........................................................
..................................................
Life Assurance
..................................................
..........................................
..............................................................
...........................................................
..............................
.................................
......................................
..................................................
Telecommunication Services
Transport
..........................
....................................
........................................................
Over Valued 16
Over Valued 16
Over Valued 16
Over Valued 16
Over Valued 17
Under Valued 17
Over Valued 17
Under Valued 18
Over Valued 18
Over Valued 18
Over Valued 18
Under Valued 18
Over Valued 19
Over Valued 19
Under Valued 19
Over Valued 19
Over Valued 20
Under Valued 20
Under Valued 20
Over Valued 20
Under Valued 21
Under Valued 21
Over Valued 21
Under Valued 22
Under Valued 22
Over Valued 23
Under Valued 23
Utilities
.............................................................
DISCLAIMER ............................................................................................. 24
Page 2 of 25
Intellisys
www.intellisys.uk.com
23 January 2012
Introduction
The overriding purpose of this daily report is to provide users with a quick guide
that will identify those shares that merit their investment attention in an
increasingly time critical and information noisy trading environment.
The report is published daily and delivered to the subscribers personal email box,
typically, before the official open of the London Stock Markets.
Putting aside luck, Intellisys recognises that the timing and value of an
investment are the two primary drivers behind a successful portfolio performance.
Timing
Intellisys has invested considerably in identifying what it believes are the key
factors that influence investment timing. Having identified the key parameters,
these have been established as rules that reflect market dynamics and cut
through the daily investment noise.
Through this discipline, Intellisys has removed the emotional and sentimental
factors as well as the daily pressures exerted upon primary stock promoters
(analysts and traders) to find stories for their investment meetings.
From an analysis of a years data for 40 stocks within Intellisys stock coverage,
the trading indicators appear to be, on average, about 77% accurate in
identifying good trading points as well as some 74% accurate for overall trend
correlation.
The following chart provides an indication the accuracy scores for each of the 40
stocks analysed.
120.0%
110.0%
110.0%
100.0%
100.0%
90.0%
90.0%
80.0%
80.0%
70.0%
70.0%
60.0%
60.0%
50.0%
50.0%
40.0%
40.0%
30.0%
30.0%
20.0%
20.0%
1
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40
Best Buy/Sell
Trend
Source: Intellisys
Page 3 of 25
Intellisys
www.intellisys.uk.com
23 January 2012
Value
A similar discipline has been applied to the process of establishing Target Prices.
On a daily basis, Intellisys analyses as broad an array of historic data from not
only the Profit & Loss Account but also the Balance Sheet and Cashflow
Statement and then utilises this data within its proprietary valuation models.
Intellisys architect, Philip Morrish, has successfully applied these disciplines to his
investment research for the last 15+ years. Additionally, these investment
valuation techniques lend themselves to accurate cross-border analysis.
The resultant Target is also discounted to a Net Present Value to make the
Target as realistically valid as possible.
Nevertheless, Intellisys recognises that Target Price 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 10 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 prices may appear strange or
extreme. However, subscribers should not dismiss these outcomes but use them
as starting points to challenge their established or perceived valuation opinion of
a stock.
In short, this disciplined approach provides an investment reality check to assist
investors from falling in love with a stock or becoming mesmerised by
management cults.
Conclusion
No investment methodology is 100% successful and like all trading and
investment systems active position monitoring is critical for maximised
investment performance.
Therefore, Intellisys recommends that its products should be used in conjunction
with, and not separate from subscribers existing investment systems as well as
discussing investment options with their financial advisers.
Page 4 of 25
Intellisys
www.intellisys.uk.com
23 January 2012
Index
FTSE 100
5Y Hi
FTSE 100 PE
6,732.4
5Y Hi
18.2
18.2
3Y Hi
6,091.3
3Y Hi
1Y Hi
6,091.3
1Y Hi
Last Close
5,728.6
1Y Lo
14.1
Last Close
10.3
1Y Lo
4,944.4
7.9
3Y Lo
3,512.1
3Y Lo
7.0
5Y Lo
3,512.1
5Y Lo
7.0
2000
4000
6000
8000
% change
1M
5.7; 3M
10
15
20
% change
6.4; 12M
-2.4
1M
5.6; 3M
21.2; 12M
Yield
-14.4
RSI
FTSE 100 DY
5Y Hi
6.2
Hi
3Y Hi
74.8
6.0
1Y Hi
3.9
Last Close
3.5
1Y Lo
2.9
3Y Lo
2.9
Last Close
65.6
Lo 11.1
5Y Lo
2.9
1.0
3.0
5.0
7.0
20
40
60
80
% change
1M
-5.4; 3M
Page 5 of 25
-3.3; 12M
15.6
Intellisys
www.intellisys.uk.com
23 January 2012
Index
FTSE 250
FTSE 250 PE
5Y Hi
12,220.2
5Y Hi
27.8
3Y Hi
12,167.8
3Y Hi
27.8
1Y Hi
12,167.8
1Y Hi
Last Close
Last Close
10,825.9
1Y Lo
3Y Lo 7.1
5,769.8
5Y Lo
5Y Lo 7.1
5,491.5
500
16.4
1Y Lo 7.1
9,425.9
3Y Lo
19.3
5500
10500
15500
% change
1M
9.7; 3M
10
15
20
25
30
% change
7.1; 12M
-5.9
1M
10.1; 3M
Yield
10.9; 12M
-12.2
RSI
FTSE 250 RSI
FTSE 250 DY
5Y Hi
5.7
3Y Hi
Hi
82.4
Last Close
82.4
5.1
1Y Hi
3.3
Last Close
2.9
1Y Lo
2.2
3Y Lo
2.2
Lo 7.9
5Y Lo
1.9
1.0
2.0
3.0
4.0
5.0
6.0
20
40
60
80
100
% change
1M
-8.5; 3M
Page 6 of 25
-1.7; 12M
31.1
Intellisys
www.intellisys.uk.com
23 January 2012
Index
FTSE ALL SHARE
5Y Hi
3,479.0
5Y Hi
19.5
19.5
3Y Hi
3,160.9
3Y Hi
1Y Hi
3,160.9
1Y Hi
Last Close
2,954.8
1Y Lo
14.6
Last Close
11.0
1Y Lo
2,557.8
8.5
3Y Lo
1,781.6
3Y Lo 7.4
5Y Lo
1,781.6
5Y Lo 7.4
500
1500
2500
3500
4500
% change
1M
6.2; 3M
10
15
20
25
% change
6.4; 12M
-3.1
1M
6.2; 3M
Yield
20.2; 12M
-14.5
RSI
FTSE ALL SHARE RSI
5Y Hi
6.1
Hi
3Y Hi
74.8
5.8
1Y Hi
3.8
Last Close
Last Close
3.4
1Y Lo
2.8
3Y Lo
2.8
69.3
Lo 10.4
5Y Lo
2.7
1.0
3.0
5.0
7.0
20
40
60
80
% change
1M
-5.8; 3M
Page 7 of 25
-3.1; 12M
17.6
Intellisys
www.intellisys.uk.com
23 January 2012
Index
FTSE AIM ALL-SHARE
5Y Hi
1,236.6
1,439.5
5Y
Hi
3Y Hi
968.3
1,240.8
3Y
Hi
1Y Hi
968.3
1Y211.5
Hi
Last Close
754.3
1Y Lo
101.2
Last Close
657.8
1Y Lo
-203,906.0
3Y Lo373.8
3Y Lo
-203,906.0
5Y Lo373.8
5Y Lo
-203,906.0
200
700
1200
1700
-250000
-200000
% change
1M
11.0; 3M
7.0; 12M
-150000
-50000
50000
% change
-20.3
Yield
RSI
FTSE AIM ALL-SHARE RSI
5Y Hi
2.1
3Y Hi
2.1
1Y Hi
-100000
Hi
89.9
Last Close
89.9
0.8
0.7
Last Close
1Y Lo
0.5
3Y Lo
0.5
Lo6.9
5Y Lo 0.4
0.2
0.7
1.2
1.7
2.2
-11.0; 12M
20.4
50
100
% change
1M
-11.0; 3M
Page 8 of 25
Intellisys
www.intellisys.uk.com
23 January 2012
Index
S&P 500 COMPOSITE
5Y Hi
1,565.2
5Y Hi
146.3
146.3
3Y Hi
1,363.6
3Y Hi
1Y Hi
1,363.6
1Y Hi
18.4
Last Close
Last Close
14.9
1,315.4
1Y Lo
1Y13.4
Lo
1,099.2
3Y Lo
676.5
3Y13.4
Lo
5Y Lo
676.5
5Y13.4
Lo
400
900
1400
10
1900
% change
1M
6.0; 3M
60
110
160
% change
8.2; 12M
2.7
1M
5.5; 3M
Yield
1.8; 12M
-16.7
RSI
S&P 500 COMPOSITE RSI
5Y Hi
3.4
3Y Hi
Hi
76.8
Last Close
76.8
3.2
1Y Hi
2.4
Last Close
2.2
1Y Lo
1.8
3Y Lo
1.8
Lo 11.2
5Y Lo
1.8
0.5
1.5
2.5
3.5
4.5
20
40
60
80
100
% change
1M
-4.8; 3M
Page 9 of 25
-1.8; 12M
17.3
Intellisys
www.intellisys.uk.com
23 January 2012
5.75
3Y Hi
1.50
1Y Hi 0.50
Last Close 0.50
1Y Lo 0.50
3Y Lo 0.50
5Y Lo 0.50
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
% change
1M
0.0; 3M
0.0; 12M
0.0
UK Lending PE
66.7
1Y Lo
200.0
Last Close
200.0
1Y Hi
200.0
3Y Hi
200.0
5Y Hi
200.0
10
Page 10 of 25
60
110
160
210
Intellisys
www.intellisys.uk.com
23 January 2012
5.25
3Y Hi
3.00
1Y Hi
2.25
Last Close
1.75
1Y Lo
1.75
3Y Lo
1.75
5Y Lo
1.75
0.00
1.00
2.00
3.00
4.00
5.00
6.00
% change
1M
0.0; 3M
-22.2; 12M
0.0
Eurozone Lending PE
19.0
3Y Lo
33.3
1Y Lo
44.4
Last Close
57.1
1Y Hi
57.1
3Y Hi
57.1
5Y Hi
57.1
10
Page 11 of 25
20
30
40
50
60
Intellisys
www.intellisys.uk.com
23 January 2012
5.41
3Y Hi
0.25
1Y Hi
0.18
Last Close
0.10
1Y0.04
Lo
3Y0.04
Lo
5Y0.04
Lo
0.00
1.00
2.00
3.00
4.00
5.00
6.00
2510
3010
% change
1M
42.9; 3M
42.9; 12M
-44.4
US Lending PE
400.0
1Y Lo
555.6
Last Close
1,000.0
1Y Hi
2,500.0
3Y Hi
2,500.0
5Y Hi
2,500.0
10
Page 12 of 25
510
1010
1510
2010
Intellisys
www.intellisys.uk.com
23 January 2012
US$/
5Y Hi
2.11
3Y Hi
1.70
1Y Hi
1.67
Last Close
1.55
1Y Lo
1.53
3Y Lo
1.37
5Y Lo
1.37
1.00
1.20
1.40
1.60
1.80
2.00
2.20
% change
1M
-1.1; 3M
-1.0; 12M
-2.0
EURO/
5Y Hi
1.53
3Y Hi
1.24
1Y Hi
1.21
Last Close
1.20
1Y Lo
3Y Lo
1.11
1.06
5Y Lo
1.02
1.00
1.10
1.20
1.30
1.40
1.50
1.60
% change
1M
Page 13 of 25
0.4; 3M
5.0; 12M
1.7
Intellisys
www.intellisys.uk.com
23 January 2012
US$/EURO
5Y Hi
1.60
3Y Hi
1.51
1Y Hi
1.48
Last Close
1.29
1Y Lo
1.27
3Y Lo
1.19
5Y Lo
1.19
0.80
1.00
1.20
1.40
1.60
1.80
% change
1M
-1.1; 3M
-6.1; 12M
-4.0
YEN/
5Y Hi
250.1
3Y Hi
162.5
1Y Hi
Last Close
139.4
119.7
1Y Lo 117.1
3Y Lo 117.1
5Y Lo 117.1
100.0
150.0
200.0
250.0
300.0
% change
1M
Page 14 of 25
-1.8; 3M
-0.7; 12M
-8.9
Intellisys
www.intellisys.uk.com
23 January 2012
145.6
3Y Hi
126.6
1Y Hi
126.6
Last Close
109.5
1Y Lo
95.9
3Y Lo
39.1
5Y Lo
34.6
0
50
100
150
200
% change
1M
1.34; 3M
-1.03; 12M
14.06
Page 15 of 25
Intellisys
www.intellisys.uk.com
23 January 2012
Over Valued
Price 12M Lo
313.70 248.10
448.70 368.80
194.40 165.90
370.60 305.00
735.50 552.19
989.50 869.50
1535.00 1305.00
355.50 243.50
12M Hi
356.50
736.50
236.50
397.60
769.00
1429.00
1830.00
512.50
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Neutral
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Price 12M Lo
211.70 157.00
344.00 268.60
50.00
47.00
8.25
6.80
12M Hi
245.00
425.40
72.75
19.71
ST Rec
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
222.65 138.85
542.30 463.50
32.65
21.84
27.44
17.34
1565.00 1169.50
12M Hi
333.55
730.90
69.30
49.00
1712.50
ST Rec
LT Rec
Neutral
Sell
Neutral Strong Buy
Sell Strong Buy
Sell
Sell
Neutral
Sell
Price
1244.00
1393.00
2329.50
12M Lo
1031.00
1112.00
1979.00
12M Hi
1395.00
1428.00
2354.50
ST Rec
Neutral
Neutral
Neutral
Page 16 of 25
Beta
1.93
1.40
1.34
1.08
Target
89
881
152
-23
1400
Beta
1.81
1.12
1.72
1.23
1.69
LT Rec
Neutral
Sell
Buy
Target
1244
1263
2736
Beta
0.42
0.55
0.97
Over Valued
Chemicals
Stock
C RODA INTERNATIONAL
ELEMENTIS
JOHNSON MATTHEY
VIC TREX
YULE C ATTO
ZOTEFOAMS
Target
167
290
65
9
Over Valued
Beverages
Stock
BARR (AG)
DIAGEO
SABMILLER
LT Rec
Sell
Sell
Buy
Neutral
Over Valued
Banks
Stock
BARC LAYS
HSBC HDG. (ORD $0.50)
LLOYDS BANKING GROUP
ROYAL BANK OF SC TL.GP.
STANDARD C HARTERED
Beta
0.63
0.53
0.94
1.34
1.09
0.71
0.59
0.80
Over Valued
Target
601
476
236
334
587
1017
1231
360
Price
1937.00
150.40
2066.00
1252.00
200.00
121.00
12M Lo
1456.00
107.50
1523.00
1025.00
148.00
109.00
12M Hi
2081.00
187.40
2119.00
1590.00
253.00
158.00
ST Rec
LT Rec
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Neutral Strong Buy
Target
1637
153
1723
1163
305
199
Beta
1.06
1.06
1.43
1.20
1.25
1.01
Intellisys
www.intellisys.uk.com
23 January 2012
Over Valued
Price 12M Lo
287.40 214.60
111.60
67.50
747.00 540.50
1280.00 884.50
466.50 326.50
328.00 281.00
39.25
35.50
196.00 180.00
476.50 307.50
342.00 239.25
1364.00 1097.00
45.25
38.00
96.38
83.25
640.00 510.00
521.00 374.00
120.80 103.50
105.10
76.95
42.00
28.71
883.50 715.00
2238.00 1404.00
12M Hi
357.30
119.00
776.50
1360.00
499.60
403.20
105.00
265.00
530.00
675.50
1458.00
76.75
124.50
720.00
522.50
136.20
153.50
43.78
1090.00
2261.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Price 12M Lo
782.50 540.00
580.00 434.30
119.00
86.75
200.60 180.90
163.50 127.90
922.00 600.50
1092.00 800.00
1522.00 1039.00
0.15
0.14
171.50 120.50
255.00 207.50
12M Hi
847.00
705.00
146.00
357.80
207.00
1010.00
1886.00
1679.00
0.34
208.00
295.00
ST Rec
LT Rec
Neutral
Sell
Neutral
Neutral
Sell
Buy
Neutral Strong Buy
Neutral
Neutral
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Buy
Neutral
Sell
Page 17 of 25
Beta
0.85
1.39
1.00
0.69
1.07
1.10
0.84
0.58
1.02
1.26
1.05
1.04
1.35
0.88
1.05
0.95
1.56
1.48
1.85
1.41
Target
407
574
141
341
169
726
1686
1094
0
222
117
Beta
0.73
1.15
1.30
1.51
2.20
0.97
1.22
1.37
0.65
1.55
1.13
Over Valued
Target
265
57
644
1327
192
443
189
755
515
339
3016
56
60
1323
623
81
4
12
1025
1632
Under Valued
LT Rec
Sell
Sell
Sell
Neutral
Sell
Buy
Strong Buy
Strong Buy
Neutral
Neutral
Strong Buy
Buy
Sell
Strong Buy
Buy
Sell
Sell
Sell
Buy
Sell
Price
82.50
304.40
260.00
570.50
444.00
355.40
283.00
877.50
7.87
303.80
1908.00
185.30
182.50
1962.00
556.50
1954.00
12M Lo
62.50
225.60
250.50
395.80
280.00
306.30
235.00
636.50
7.37
224.00
1501.00
132.60
150.00
1649.00
488.00
1375.00
12M Hi
138.00
397.70
358.00
724.50
462.00
429.60
393.50
1119.00
12.00
357.10
1979.00
190.60
295.75
2063.00
661.75
2218.00
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Buy
Neutral
Sell
Sell
Neutral
Neutral Strong Buy
Neutral
Buy
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Sell
Neutral
Neutral
Buy
Neutral
Sell
Target
291
345
493
749
275
349
564
1290
8
329
1672
178
168
2132
711
767
Beta
1.31
1.56
0.96
2.26
1.39
0.74
1.36
1.40
0.85
1.73
1.01
1.75
1.03
0.84
1.51
1.41
Intellisys
www.intellisys.uk.com
23 January 2012
Under Valued
Price 12M Lo
511.00 445.00
293.80 264.00
290.60 263.50
329.00 312.35
11.50
9.50
12M Hi
550.50
328.00
391.20
420.05
100.75
ST Rec
LT Rec
Neutral
Sell
Neutral
Buy
Neutral Strong Buy
Neutral
Buy
Neutral
Buy
Price 12M Lo
1154.00 940.00
748.00 588.50
321.80 315.00
264.50 223.50
7.70
3.29
388.25 233.25
675.00 520.00
2047.00 1793.00
12M Hi
1159.00
862.00
409.70
296.90
35.12
388.25
720.50
2189.00
ST Rec
LT Rec
Neutral
Sell
Neutral
Neutral
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Price 12M Lo
21.13
16.00
230.80 227.00
1355.00 1030.00
560.50 375.00
10.63
7.50
13.53
9.36
3.53
2.20
45.00
36.00
5.25
3.26
313.00 269.50
12.25
5.20
707.00 570.00
71.50
60.20
260.30 217.00
334.70 301.80
34.75
23.75
203.00 127.30
2657.00 1868.00
740.50 572.50
32.25
21.50
12M Hi
25.25
304.50
1600.00
792.50
27.00
22.31
10.72
134.00
73.25
416.00
52.70
1030.00
151.40
287.10
402.20
40.00
542.00
2810.00
830.00
84.50
ST Rec
Neutral
Neutral
Neutral
Sell
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Price 12M Lo
525.50 498.00
44.00
36.50
608.50 521.00
12M Hi
590.00
59.00
742.00
ST Rec
Neutral
Neutral
Neutral
Page 18 of 25
LT Rec
Neutral
Sell
Sell
Sell
Sell
Strong Buy
Sell
Strong Buy
Strong Buy
Neutral
Strong Buy
Buy
Strong Buy
Sell
Sell
Sell
Buy
Sell
Sell
Sell
Target
23
198
442
154
7
23
1
85
137
324
1113
1009
235
234
305
19
278
1771
380
22
Beta
0.73
0.50
1.34
0.98
0.64
1.40
0.96
0.91
0.91
0.62
0.86
0.46
1.27
0.98
0.73
1.02
0.51
0.81
0.52
1.30
LT Rec
Sell
Sell
Neutral
Target
476
41
618
Beta
0.39
0.70
0.39
Under Valued
Beta
0.59
0.58
0.96
0.31
1.43
0.38
0.65
0.63
Over Valued
Health
Stock
C ONSORT MEDIC AL
C ORIN GROUP
SMITH & NEPHEW
Target
550
725
354
412
-4
513
397
1818
Over Valued
General Retail
Stock
ASHLEY(LAURA) HOLDINGS
BROWN (N) GROUP
BURBERRY GROUP
C ARPETRIGHT
C LINTON C ARDS
DIXONS RETAIL
FINDEL
FRENC H C ONNEC TN.GROUP
GAME GROUP
HALFORDS GROUP
JJB SPORTS
JD SPORTS FASHION
KESA ELEC TRIC ALS
KINGFISHER
MARKS & SPENC ER GROUP
MOSS BROTHERS GROUP
MOTHERC ARE
NEXT
TED BAKER
TOPPS TILES
Beta
0.54
0.50
0.65
0.81
0.80
Over Valued
Target
436
331
495
391
14
Price 12M Lo
37.50
21.75
520.00 347.50
274.00 233.25
125.00 105.00
12M Hi
40.00
547.50
345.00
145.00
ST Rec
Neutral
Neutral
Neutral
Neutral
LT Rec
Sell
Sell
Buy
Buy
Target
31
466
344
143
Beta
0.47
0.34
0.91
0.70
Intellisys
www.intellisys.uk.com
23 January 2012
Over Valued
Price 12M Lo
575.50 464.00
226.00 154.10
24.00
14.50
571.00 296.90
46.50
43.88
125.40 105.80
161.00
96.00
12M Hi
651.00
447.00
41.50
575.50
102.75
160.00
312.00
ST Rec
Neutral
Sell
Sell
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
888.50 787.00
350.50 270.60
138.90 109.60
411.30 334.00
390.10 340.50
695.50 576.00
108.20
99.60
339.00 285.00
12M Hi
1754.00
427.00
139.20
421.40
424.70
764.50
143.50
410.00
ST Rec
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
44.00
26.25
1989.00 1742.00
35.50
26.50
196.80 136.70
700.00 590.00
512.00 410.00
139.90 114.00
1317.00 955.00
438.80 371.20
270.50 215.60
159.30 100.60
10.75
9.14
128.00 109.50
297.10 254.90
414.80 380.50
1663.00 1409.00
225.00 176.80
94.60
84.60
12M Hi
44.00
3000.00
109.50
271.90
752.00
520.50
155.30
1435.00
600.50
357.00
204.00
15.70
153.70
335.00
468.30
1863.00
244.10
112.00
ST Rec
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Page 19 of 25
LT Rec
Sell
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Target
360
2390
1247
67
2368
1878
1002
2281
Beta
0.50
0.45
0.51
0.32
0.49
0.32
0.45
0.49
LT Rec
Sell
Strong Buy
Strong Buy
Strong Buy
Buy
Strong Buy
Strong Buy
Sell
Buy
Sell
Sell
Sell
Strong Buy
Buy
Strong Buy
Buy
Buy
Strong Buy
Target
18
3892
106
606
772
784
249
897
545
112
142
-171
205
358
750
1930
322
183
Beta
0.76
1.13
1.69
0.95
0.45
0.87
0.99
1.29
1.39
1.02
1.29
1.28
0.97
0.88
0.75
1.04
0.93
1.24
Over Valued
Life Assurance
Stock
AVIVA
C HESNARA
LEGAL & GENERAL
OLD MUTUAL
PRUDENTIAL
ST.JAMES'S PLAC E
Beta
0.77
1.13
0.59
0.96
1.19
1.01
1.02
Under Valued
Target
1496
6191
-236
1305
2831
1370
25
Over Valued
Insurance
Stock
ADMIRAL GROUP
AMLIN
BEAZLEY
C ATLIN GROUP
HISC OX
JARDINE LLOYD THOMPSON
RSA INSURANC E GROUP
NOVAE GROUP
LT Rec
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Sell
Price 12M Lo
350.90 275.30
181.00 161.75
116.90
89.80
147.10
98.05
694.00 509.00
350.20 293.00
12M Hi
477.90
264.00
123.80
147.10
777.00
376.00
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Neutral
Sell
Buy
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Target
435
177
83
160
316
121
Beta
1.22
0.60
1.65
1.62
1.72
0.79
Intellisys
www.intellisys.uk.com
23 January 2012
Over Valued
Price 12M Lo
152.00 116.17
105.25
91.25
671.50 618.50
34.63
32.50
435.10 343.40
689.50 522.50
388.80 313.90
216.90 157.70
75.50
51.65
5.94
4.11
1233.00 1013.00
54.88
39.50
253.00 132.75
29.23
26.21
102.00
76.25
77.00
68.50
46.50
37.50
542.50 416.00
84.00
81.75
745.00 578.00
5.24
3.35
12M Hi
159.08
138.00
850.00
73.00
594.50
736.00
461.10
258.20
93.45
12.75
1255.00
67.00
292.00
41.49
168.00
108.50
89.50
725.00
183.00
846.50
12.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Price
2660.00
282.40
1338.00
2125.50
1032.00
7055.00
3684.50
29.50
12M Lo
2138.50
237.90
900.50
1667.00
941.00
4425.00
2712.50
28.50
928.00
1078.00 764.00
12M Hi
3437.00
369.25
1524.00
2631.50
1880.00
7555.00
4712.00
50.25
2518.00
1550.00
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Buy
Price
1457.00
467.45
290.60
12.00
822.50
147.00
115.75
430.10
2253.50
2329.50
294.80
1361.00
658.50
12M Lo
1144.00
363.20
257.80
9.00
530.00
120.50
95.25
310.00
1883.50
1890.50
278.00
945.50
469.90
12M Hi
1564.50
497.50
469.70
14.75
833.00
335.10
297.00
535.00
2402.00
2489.00
400.00
1493.00
715.75
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Page 20 of 25
Target
6614
377
1110
4741
861
1909
5445
-76
5500
1221
Beta
1.74
0.92
1.38
1.40
1.90
0.30
1.41
1.05
2.05
1.76
Price 12M Lo
109.50 109.50
316.00 308.70
3410.00 3015.00
LT Rec
Buy
Strong Buy
Buy
Strong Buy
Buy
Strong Buy
Strong Buy
Buy
Strong Buy
Strong Buy
Sell
Sell
Buy
Target
1878
1246
338
23
920
359
623
516
6329
6390
195
453
759
Beta
0.70
1.06
1.34
0.87
1.31
1.35
1.12
1.34
0.94
0.95
0.50
1.07
1.34
Over Valued
Beta
1.30
0.48
0.64
1.00
1.08
1.04
1.50
1.39
1.49
1.45
0.70
0.86
0.37
0.52
0.77
1.31
1.58
1.28
0.86
1.27
1.32
Under Valued
Target
87
120
650
-57
555
639
310
148
77
59
1044
85
144
25
109
214
455
1610
107
800
44
Under Valued
Mining
Stock
ANGLO AMERIC AN
ANGLO PAC IFIC GROUP
ANTOFAGASTA
BHP BILLITON
LONMIN
RANDGOLD RESOURC ES
RIO TINTO
UK C OAL
VEDANTA RESOURC ES
XSTRATA
LT Rec
Sell
Buy
Neutral
Sell
Buy
Sell
Sell
Sell
Neutral
Strong Buy
Sell
Strong Buy
Sell
Sell
Neutral
Strong Buy
Strong Buy
Strong Buy
Buy
Neutral
Strong Buy
12M Hi
152.13
387.90
3578.00
ST Rec
Neutral
Neutral
Neutral
LT Rec
Sell
Buy
Sell
Target
95
351
3208
Beta
0.85
0.80
0.32
Intellisys
www.intellisys.uk.com
23 January 2012
Under Valued
Price
3.60
3037.50
317.60
530.00
1438.50
3.12
9.50
2121.00
34.50
19.88
12M Lo
3.13
2543.50
210.10
433.00
1127.50
2.91
6.40
1634.00
31.50
18.75
12M Hi
5.50
3194.00
331.30
532.00
1497.00
7.20
9.75
2243.00
66.13
50.00
ST Rec
Buy
Neutral
Neutral
Neutral
Neutral
Buy
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
24.00
21.50
98.00
57.75
1589.00 1298.00
379.30 324.70
261.50 225.00
20.00
15.25
79.60
58.95
455.00 242.90
310.00 214.90
175.00 154.75
66.00
41.50
1678.00 1444.00
304.80 231.70
12M Hi
27.00
98.00
1799.00
490.00
535.00
23.00
147.20
455.00
420.20
290.00
175.00
2109.00
306.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Page 21 of 25
Beta
0.92
0.46
0.72
0.32
0.49
0.60
0.89
0.64
0.71
0.81
LT Rec
Strong Buy
Sell
Sell
Strong Buy
Neutral
Sell
Strong Buy
Sell
Buy
Strong Buy
Strong Buy
Neutral
Neutral
Target
45
57
915
868
261
17
176
417
365
438
357
1607
301
Beta
0.73
0.82
1.44
1.07
1.05
0.91
1.33
0.71
1.29
0.85
0.39
0.79
0.65
Over Valued
Target
11
10856
124
1031
1501
-1
-2
1426
303
-15
Under Valued
LT Rec
Strong Buy
Strong Buy
Sell
Strong Buy
Neutral
Sell
Sell
Sell
Strong Buy
Sell
Price 12M Lo
12M Hi
233.80 167.80
240.00
146.00 113.70
185.40
9525.00 8800.00 10950.00
271.50 240.00
350.00
140.88 115.63
165.00
670.00 590.00
875.00
65.50
56.05
91.45
1.84
1.36
17.38
116.20
95.05
173.10
335.70 311.60
559.00
278.60 197.90
354.70
380.00 318.40
522.00
880.00 756.50 1076.00
121.20 104.50
311.00
1122.00 977.00 1257.00
1461.00 1183.00 1906.00
1202.00 970.00 1554.00
ST Rec
LT Rec
Neutral
Sell
Neutral
Neutral
Neutral Strong Buy
Neutral
Neutral
Neutral
Buy
Neutral
Sell
Neutral
Buy
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Neutral
Neutral
Neutral
Neutral
Buy
Target
98
140
17208
289
209
343
85
3
94
312
265
259
739
179
1187
1607
1607
Beta
1.07
0.70
0.87
0.94
0.70
0.80
0.91
0.64
1.41
1.08
1.62
1.53
1.15
1.27
0.73
1.30
1.29
Intellisys
www.intellisys.uk.com
23 January 2012
Under Valued
Support Services
Stock
AC AL
AGGREKO
AMEC
ASHTEAD GROUP
BABC OC K INTL.
BRITISH POLYTHENE INDS.
BUNZL
UK MAIL GROUP
C APITA
C OMMUNISIS
C OMPASS GROUP
BERENDSEN
DE LA RUE
DIGNITY
DIPLOMA
ELEC TROC OMP.
FILTRONA
G4S
HAYS
HOMESERVE
INTERSERVE
INTERTEK GROUP
JOHNSON SERVIC E GROUP
MANAGEMENT C NSL.GP.
MENZIES (JOHN)
MIC HAEL PAGE INTL.
MITIE GROUP
MOUC HEL GROUP
OFFIC E2OFFIC E
PAYPOINT
PREMIER FARNELL
REGUS
RENTOKIL INITIAL
REXAM
RIC ARDO
ROBERT WALTERS
RPC GROUP
RPS GROUP
SERC O GROUP
SHANKS GROUP
SPEEDY HIRE
TRIBAL GROUP
TRIFAST
VP
WYG
WSP GROUP
Price 12M Lo
183.00 166.25
2089.00 1394.48
990.00 740.50
225.70
99.40
753.00 542.00
355.00 230.00
865.50 676.50
226.50 192.25
649.00 611.50
27.25
23.75
613.50 512.50
450.00 402.70
954.00 667.00
823.50 648.50
395.00 263.50
216.00 182.20
391.60 273.10
271.40 219.90
72.15
58.85
310.00 218.50
310.00 239.75
2135.00 1715.00
25.50
25.25
32.00
27.75
530.00 425.00
401.90 323.00
265.50 195.90
7.55
4.75
134.50 112.50
576.50 327.25
205.90 144.50
89.20
64.00
75.00
58.20
378.50 299.80
361.75 314.00
196.63 158.25
388.30 231.50
205.80 156.60
514.00 458.00
99.50
90.80
25.00
18.50
61.75
36.25
43.50
36.25
216.50 191.00
49.50
48.38
261.25 160.00
12M Hi
367.50
2131.00
1251.00
230.20
758.00
357.00
906.50
318.50
786.50
37.00
619.50
568.00
962.50
854.50
414.25
294.90
404.50
291.00
130.00
532.00
341.25
2148.00
36.00
45.50
550.00
567.00
271.00
154.75
166.50
585.00
308.80
119.00
104.70
400.00
410.00
340.00
388.30
253.00
618.50
130.90
34.00
61.75
52.88
253.75
1200.00
385.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Page 22 of 25
Target
331
1218
1233
122
674
1041
974
526
678
93
705
682
1016
940
313
360
416
374
138
455
765
1575
65
54
1182
426
389
-275
273
715
342
69
50
509
527
340
429
285
649
158
-7
-278
61
563
-8269
556
Beta
0.93
1.18
1.01
1.50
0.56
0.70
0.55
0.28
0.42
0.72
0.75
1.03
#NA
0.22
0.98
0.99
1.13
0.60
0.95
0.67
1.40
0.86
1.16
0.67
1.44
1.33
0.60
0.84
0.36
0.76
1.18
1.39
1.29
0.87
0.83
1.18
0.81
1.55
0.57
1.44
1.27
0.54
0.86
0.89
0.77
0.92
Under Valued
Telecommunication Services
Stock
BT GROUP
C ABLE & WIRELESS C OMMS.
INMARSAT
KC OM GROUP
TELEC OM PLUS
VODAFONE GROUP
LT Rec
Strong Buy
Sell
Buy
Sell
Sell
Strong Buy
Buy
Strong Buy
Neutral
Strong Buy
Buy
Strong Buy
Neutral
Buy
Sell
Strong Buy
Neutral
Buy
Strong Buy
Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Neutral
Buy
Sell
Strong Buy
Buy
Strong Buy
Sell
Sell
Buy
Buy
Strong Buy
Buy
Buy
Buy
Strong Buy
Sell
Sell
Buy
Strong Buy
Sell
Strong Buy
Price 12M Lo
205.50 161.00
40.68
31.25
403.60 389.30
67.75
57.50
685.00 440.00
177.05 155.05
12M Hi
207.60
51.20
719.50
84.00
802.00
182.75
ST Rec
LT Rec
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Neutral
Target
256
135
355
83
472
186
Beta
0.92
0.65
0.52
1.27
0.06
0.65
Intellisys
www.intellisys.uk.com
23 January 2012
Over Valued
Transport
Stock
BBA AVIATION
BRAEMAR SHIPPING SVS.
C LARKSON
EASYJET
FIRST GROUP
FISHER(JAMES)& SONS
GO-AHEAD GROUP
NATIONAL EXPRESS
NORTHGATE
STAGEC OAC H GROUP
WINC ANTON
Price 12M Lo
192.00 156.00
365.50 282.00
1133.00 1015.00
422.50 301.00
303.60 301.80
498.50 440.50
1320.00 1190.00
224.20 201.60
217.00 190.90
278.50 199.97
73.25
56.00
12M Hi
240.80
505.00
1355.00
422.50
391.20
574.00
1598.00
270.20
346.70
281.20
150.75
ST Rec
LT Rec
Neutral
Sell
Neutral Strong Buy
Neutral
Buy
Neutral
Sell
Buy
Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Sell Strong Buy
Neutral
Sell
Neutral Strong Buy
Page 23 of 25
Beta
1.40
0.90
0.81
0.76
1.10
0.83
0.97
1.30
1.34
0.90
0.86
Under Valued
Utilities
Stock
C ENTRIC A
NATIONAL GRID
PENNON GROUP
SEVERN TRENT
UNITED UTILITIES GROUP
Target
172
670
1584
383
438
350
1820
191
382
212
173
Price 12M Lo
283.30 278.80
618.50 542.00
693.00 584.50
1532.00 1368.00
599.50 543.50
12M Hi
345.80
649.50
737.50
1600.00
637.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
LT Rec
Neutral
Buy
Sell
Sell
Neutral
Target
289
773
616
1334
610
Beta
0.50
0.57
0.63
0.47
0.60
Intellisys
www.intellisys.uk.com
23 January 2012
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