13 July 2012

Intellisys

Value Indicator UK Main market

13 July 2012

Contents
Introduction...................................................................................................................... 3
Timing .......................................................................................................................... 3
Value ........................................................................................................................... 4
Conclusion .................................................................................................................... 4
Over Valued ............................................................... 5
Aerospace & Defence
Automobiles & Parts
Banks

Over Valued ................................................................. 5

Under Valued ................................................................................ 5
Over Valued .......................................................................... 5
Over Valued .......................................................................... 5

Beverages
Chemicals

Construction & Building Materials

Electronics & Electrical Equipment

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

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

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

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

Engineering & Machinery

Food & Drug Stores

Over Valued ..................................................... 7

Food Producers & Processors
Over Valued ....................................................................... 7
General Retail
Under
Valued
Health
................................................................................. 7

Household Goods & Textiles

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

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

Information Technology & Hardware

Over Valued .............................................................................. 8
Insurance
Under Valued ................................................................. 8
Leisure & Hotels
Life Assurance
Media & Entertainment
Mining

Under Valued ....................................................................... 9

Over Valued ............................................................. 9

Under Valued .................................................................................. 9

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

Under Valued ......................................... 10
Personal Care & Household Products
Over Valued .............................................. 10
Pharmaceuticals & Biotechnology

Oil & Gas

Software & Computer Services

Speciality & Other Finance
Support Services

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

Over Valued ....................................................... 11
Over Valued ............................................................... 12

Under Valued .................................................... 12

Telecommunication Services
Over Valued ............................................................................ 13
Transport

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

Utilities
DISCLAIMER ................................................................................................................... 14
RISK WARNING Ratings and Targets ............................................................................. 15

Intelligent Analysis Limited www.intellisys.uk.com

Page 2 of 15

Intellisys

Value Indicator UK Main market

13 July 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.
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

Intelligent Analysis Limited www.intellisys.uk.com

Page 3 of 15

Intellisys

Value Indicator UK Main market

13 July 2012

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 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 Indication delivery is not only a function of
market levels but a management teams ability to establish and maintain a value generating
operating environment set against a constantly changing global background.
The typical investment analysts approach to determining target prices is to start with a
modest range of some 6 8 valuation measures and remove those that are not providing the
intuitive result. Intellysis approach is the opposite we use as many valuation methodologies
as possible.
Further, Intellisys recognises that some target Indications may appear strange or extreme.
However, subscribers should not dismiss these outcomes but use them as starting points to
challenge their established or perceived valuation opinion of a stock.
In short, this disciplined approach provides an investment reality check to assist investors
from falling in love with a stock or becoming mesmerised by management cults.
Conclusion
No investment methodology is 100% successful and like all trading and investment systems
active position monitoring is critical for maximised investment performance.
Therefore, Intellisys recommends that its products should be used in conjunction with, and
not separate from subscribers existing investment systems as well as discussing investment
options with their financial advisers.

Philip Morrish (philip.morrish@intellisys.uk.com)

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

Intelligent Analysis Limited www.intellisys.uk.com

Page 4 of 15

Intellisys

Over Valued

Aerospace & Defence

Stock
BAE SYSTEMS
C HEMRING GROUP
C OBHAM
MEGGITT
ROLLS-ROYC E HOLDINGS
SMITHS GROUP
ULTRA ELEC TRONIC S HDG.
UMEC O

Price 12M Lo
300.00 248.10
278.00 267.30
231.00 165.90
392.20 305.00
861.50 545.04
1037.00 869.50
1582.00 1305.00
549.00 243.50

12M Hi
333.00
596.00
239.50
413.50
890.00
1195.00
1780.00
576.25

ST Rating LT Rating
Neutral Strong Buy
Neutral Strong Buy
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell

Price 12M Lo
208.60 157.00
344.70 268.60
66.75
47.00
14.75
6.80

12M Hi
239.00
418.20
68.00
16.82

ST Rating
Neutral
Neutral
Neutral
Neutral

Price 12M Lo
163.50 138.85
555.90 463.50
30.17
21.84
204.90 173.40
1445.00 1169.50

12M Hi
256.75
612.20
47.56
368.60
1662.50

Target
170
310
61
20

Beta
1.93
1.43
1.31
1.12

Target
618
1043
167
78
594

Beta
1.83
1.16
1.81
1.34
1.67

Over Valued
Price 12M Lo
413.50 343.67
1665.00 1112.00
2640.00 1979.00

12M Hi
436.33
1670.50
2660.00

ST Rating LT Rating
Neutral Strong Buy
Sell
Sell
Neutral
Neutral

Target
737
1299
2791

Beta
0.49
0.55
1.00

Over Valued

Chemicals
Stock
C RODA INTERNATIONAL
ELEMENTIS
JOHNSON MATTHEY
VIC TREX
YULE C ATTO
ZOTEFOAMS

LT Rating
Sell
Sell
Sell
Buy

ST Rating LT Rating
Neutral Strong Buy
Neutral Strong Buy
Sell Strong Buy
Sell
Sell
Neutral
Sell

Beverages
Stock
BARR (AG)
DIAGEO
SABMILLER

Beta
0.66
0.56
0.88
1.32
1.09
0.73
0.57
0.78

Under Valued

Banks
Stock
BARC LAYS
HSBC HDG. (ORD $0.50)
LLOYDS BANKING GROUP
ROYAL BANK OF SC TL.GP.
STANDARD C HARTERED

Target
578
592
242
388
740
907
1205
454

Over Valued

Automobiles & Parts

Stock
GKN
INC HC APE
LOOKERS
PENDRAGON

13 July 2012

Value Indicator UK Main market

Price
2250.00
185.40
2120.00
1185.00
128.20
171.00

12M Lo
1597.00
107.50
1523.00
1025.00
127.40
109.00

12M Hi
2357.00
211.80
2408.00
1563.00
251.00
186.50

Intelligent Analysis Limited www.intellisys.uk.com

ST Rating
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rating
Sell
Buy
Sell
Neutral
Neutral
Sell

Target
1957
226
1728
1277
132
162

Page 5 of 15

Beta
1.03
1.03
1.43
1.14
1.21
0.96

Intellisys

Value Indicator UK Main market

Over Valued

Construction & Building Materials

Stock
BALFOUR BEATTY
BARRATT DEVELOPMENTS
BELLWAY
BERKELEY GROUP HDG.(THE)
BOVIS HOMES GROUP
C ARILLION
C LARKE (T)
C OSTAIN GROUP
GALLIFORD TRY
KELLER
KIER GROUP
LOW & BONAR
MARSHALLS
MORGAN SINDALL GROUP
PERSIMMON
REDROW
SIG
TAYLOR WIMPEY
TRAVIS PERKINS
WOLSELEY

Price
290.00
136.90
834.00
1386.00
480.00
239.50
49.50
213.00
645.00
374.00
1205.00
62.63
79.00
650.50
625.00
127.30
89.85
46.20
984.00
2340.00

12M Lo
214.60
67.50
540.50
1025.00
326.50
239.50
35.50
180.00
383.75
239.25
1095.00
38.00
79.00
510.00
374.00
103.50
76.95
28.71
715.00
1404.00

12M Hi
313.50
151.50
859.50
1426.00
518.50
382.80
88.25
247.50
653.00
464.50
1489.00
76.00
111.25
725.00
706.50
135.30
136.50
52.75
1125.00
2558.00

Price 12M Lo
994.50 643.50
540.00 434.30
131.00
86.75
234.70 180.90
177.20 128.50
1263.00 714.00
1290.00 800.00
1459.00 1039.00
0.10
0.08
144.00 120.50
239.00 185.00

12M Hi
1120.00
678.00
149.50
319.20
222.00
1310.00
1886.00
1902.00
0.24
205.50
279.00

Target
-7
115
288
1565
76
-153
38
370
-10
322
1386
114
61
136
416
40
126
4
497
735

Beta
0.83
1.46
1.06
0.70
1.13
1.11
0.76
0.62
1.05
1.27
1.00
1.09
1.30
0.84
1.14
1.00
1.63
1.53
1.86
1.42

ST Rating LT Rating
Neutral
Sell
Neutral
Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Neutral
Sell

Target
580
678
167
383
96
809
1627
1292
0
324
193

Beta
0.75
1.17
1.27
1.38
2.09
0.99
1.21
1.44
0.81
1.57
1.10

Under Valued

Engineering & Machinery

Stock
AGA RANGEMASTER GROUP
BODYC OTE
C ASTINGS
C OOKSON GROUP
FENNER
HALMA
HILL & SMITH
IMI
METALRAX GROUP
MORGAN C RUC IBLE
ROTORK
SENIOR
SEVERFIELD-ROWEN
SPIRAX-SARC O
VITEC GROUP
WEIR GROUP

ST Rating LT Rating
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Sell
Buy
Sell
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell

Under Valued

Electronics & Electrical Equipment

Stock
DIALIGHT
DOMINO PRINTING SC IENC ES
E2V TEC HNOLOGIES
INVENSYS
LAIRD
OXFORD INSTRUMENTS
RENISHAW
SPEC TRIS
BIOME TEC HNOLOGIES
TT ELEC TRONIC S
XAAR

13 July 2012

Price
71.75
310.30
335.00
572.00
344.80
417.80
320.00
783.50
7.62
272.00
2125.00
179.90
141.00
1964.00
646.00
1491.00

12M Lo
62.50
225.60
252.50
395.80
280.00
306.30
235.00
636.50
6.50
224.00
1501.00
135.60
140.00
1649.00
488.00
1375.00

12M Hi
111.75
437.10
343.75
747.50
483.70
431.90
375.75
1099.00
10.13
360.00
2260.00
213.00
235.00
2334.00
690.00
2236.00

Intelligent Analysis Limited www.intellisys.uk.com

ST Rating LT Rating
Neutral
Buy
Neutral
Buy
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Sell
Neutral
Buy
Neutral
Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Buy

Target
107
460
394
653
341
282
432
1069
3
413
1625
180
118
1904
524
1661

Page 6 of 15

Beta
1.20
1.55
0.97
2.20
1.44
0.77
1.32
1.37
0.85
1.78
0.97
1.68
1.00
0.85
1.44
1.37

Intellisys

Value Indicator UK Main market

Under Valued

Food & Drug Stores

Stock
GREGGS
MORRISON(WM)SPMKTS.
SAINSBURY (J)
TESC O
THORNTONS

Price 12M Lo
509.50 445.00
266.50 263.00
306.50 263.50
315.00 297.05
24.75
9.50

12M Hi
558.00
328.00
322.70
411.25
54.50

ST Rating LT Rating
Neutral
Sell
Neutral
Buy
Neutral Strong Buy
Neutral
Buy
Neutral
Neutral

Price 12M Lo
1276.00 977.00
818.00 588.50
335.70 290.40
310.50 232.00
86.25
32.90
668.50 544.50
2127.00 1892.00

12M Hi
1292.00
842.50
385.40
332.20
216.60
720.50
2189.00

ST Rating LT Rating
Neutral
Buy
Neutral Strong Buy
Neutral Strong Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell

Price 12M Lo
21.38
16.00
269.70 222.40
1158.00 1092.00
636.00 375.00
16.80
9.36
3.13
2.20
21.25
20.50
189.10 189.10
7.50
5.20
732.00 570.00
40.00
40.00
266.00 217.00
312.20 301.80
43.25
31.25
192.25 127.30
3170.00 2153.00
900.00 633.00
39.50
21.50

12M Hi
24.00
291.00
1600.00
728.50
19.64
7.90
103.00
365.00
23.75
1000.00
142.00
313.80
389.50
51.00
410.60
3221.00
928.50
56.50

ST Rating
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

Target
1870
1969
1182
519
43
996
807

Beta
0.61
0.58
0.87
0.33
1.42
0.62
0.59

LT Rating
Buy
Neutral
Sell
Sell
Neutral
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Neutral
Buy
Sell
Strong Buy
Sell
Sell
Sell

Target
30
267
569
205
17
6
99
435
306
1268
279
290
428
12
342
2562
498
27

Beta
0.70
0.50
1.34
0.96
1.53
0.92
1.02
0.65
0.88
0.50
1.24
0.97
0.73
1.03
0.43
0.73
0.52
1.28

Under Valued

Health
Stock
C ONSORT MEDIC AL
C ORIN GROUP
SMITH & NEPHEW

Beta
0.48
0.41
0.66
0.72
0.81

Over Valued

General Retail
Stock
ASHLEY(LAURA) HOLDINGS
BROWN (N) GROUP
BURBERRY GROUP
C ARPETRIGHT
DIXONS RETAIL
FINDEL
FRENC H C ONNEC TN.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

Target
286
349
533
403
26

Over Valued

Food Producers & Processors

Stock
ASSOC IATED BRIT.FOODS
C RANSWIC K
DAIRY C REST
DEVRO
PREMIER FOODS
TATE & LYLE
UNILEVER (UK)

13 July 2012

Price 12M Lo
697.00 498.00
49.75
35.25
641.50 521.00

12M Hi
721.00
57.75
669.00

Intelligent Analysis Limited www.intellisys.uk.com

ST Rating
Neutral
Neutral
Neutral

LT Rating
Sell
Buy
Buy

Target
460
59
809

Page 7 of 15

Beta
0.49
0.65
0.39

Intellisys

Value Indicator UK Main market

Over Valued

Household Goods & Textiles

Stock
GAMES WORKSHOP
HEADLAM GROUP
HORNBY

Price 12M Lo
575.00 405.00
275.00 233.25
79.00
70.25

12M Hi
580.00
306.00
144.00

ST Rating
Neutral
Neutral
Neutral

Price 12M Lo
486.50 464.00
223.00 154.10
33.75
14.50
446.60 296.90
87.38
41.00
164.80 105.80
200.00
96.00

12M Hi
645.00
307.10
35.00
717.00
87.75
174.00
202.50

ST Rating LT Rating
Neutral
Sell
Neutral Strong Buy
Sell
Sell
Neutral
Sell
Neutral Strong Buy
Neutral Strong Buy
Neutral
Sell

Price 12M Lo
1181.00 787.00
361.00 270.60
143.90 109.60
428.50 336.00
419.20 340.50
703.50 576.00
108.20
97.65
362.00 285.00

12M Hi
1594.00
408.00
151.80
449.00
427.30
764.50
137.60
380.00

Beta
0.39
0.91
0.72

Target
364
390
21
221
233
561
20

Beta
0.75
1.20
0.73
1.05
1.18
0.98
1.00

ST Rating
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rating
Sell
Sell
Strong Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Strong Buy

Target
-1577
-4631
1912
70
2281
4149
2544
8280

Beta
0.59
0.52
0.52
0.34
0.50
0.33
0.47
0.48

Under Valued

Leisure & Hotels

Stock
C ARNIVAL
ENTERPRISE INNS
TUI TRAVEL
FULLER SMITH 'A'
GREENE KING
LADBROKES
IC TL.HTLS.GP.
MILLENNIUM & C PTH.HTLS.
MITC HELLS & BUTLERS
BWIN PARTY DIGITAL ENTM.
PUNC H TAVERNS
RANK GROUP
RESTAURANT GROUP
WETHERSPOON (JD)
WHITBREAD
WILLIAM HILL
MARSTON'S

Target
544
262
96

Over Valued

Insurance
Stock
ADMIRAL GROUP
AMLIN
BEAZLEY
C ATLIN GROUP
HISC OX
JARDINE LLOYD THOMPSON
RSA INSURANC E GROUP
NOVAE GROUP

LT Rating
Sell
Neutral
Buy

Over Valued

Information Technology & Hardware

Stock
ARM HOLDINGS
C SR
FILTRONIC
IMAGINATION TEC HNOLOGIES
PSION
SPIRENT C OMMUNIC ATIONS
WOLFSON MIC ROELEC TRONIC S

13 July 2012

Price 12M Lo
2130.00 1742.00
60.25
26.50
165.20 136.70
705.50 621.00
565.50 410.00
154.40 114.00
1503.00 955.00
486.40 371.20
251.20 215.60
107.10 100.60
6.93
5.92
120.00 109.50
303.70 254.90
434.30 371.30
2054.00 1409.00
278.00 183.30
105.10
84.60

12M Hi
2369.00
70.00
210.20
752.00
571.00
181.40
1573.00
517.00
305.60
174.00
14.13
153.70
309.80
444.20
2091.00
288.20
105.80

Intelligent Analysis Limited www.intellisys.uk.com

ST Rating LT Rating
Neutral
Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Sell
Sell
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Buy

Target
3013
19
653
549
533
159
1658
553
317
114
-183
174
303
559
1527
261
147

Page 8 of 15

Beta
1.00
1.63
0.97
0.41
0.88
0.97
1.21
1.35
1.06
1.26
1.20
0.90
0.85
0.74
1.01
0.93
1.19

Intellisys

Value Indicator UK Main market

Under Valued

Life Assurance
Stock
AVIVA
C HESNARA
LEGAL & GENERAL
OLD MUTUAL
PRUDENTIAL
ST.JAMES'S PLAC E

Price 12M Lo
288.70 255.30
170.00 155.25
127.00
89.80
153.50
98.48
739.00 509.00
328.60 294.00

12M Hi
425.40
241.50
135.00
165.32
797.50
376.00

Price 12M Lo
235.30 116.17
115.00
91.25
688.00 618.50
32.50
28.50
431.50 343.40
791.50 522.50
379.30 313.90
188.90 157.70
72.25
51.65
5.08
4.11
1249.00 1038.00
38.00
36.25
350.00 205.87
28.92
26.21
90.75
76.25
70.75
67.50
26.50
25.50
589.00 416.00
82.50
78.50
785.50 578.00
1.94
1.20

12M Hi ST Rating LT Rating

235.30 Strong Sell
Sell
124.50
Neutral
Buy
Neutral
Sell
766.00
52.50
Neutral
Sell
Neutral
Buy
473.70
828.00
Neutral
Sell
Neutral
Sell
451.00
240.60
Neutral
Sell
Neutral
Buy
89.90
7.90
Neutral Strong Buy
Neutral
Buy
1266.00
67.00
Neutral Strong Buy
377.50
Sell
Sell
35.15
Neutral
Sell
Neutral
Sell
128.75
96.50
Neutral Strong Buy
Neutral Strong Buy
54.25
641.50
Neutral Strong Buy
Neutral
Buy
117.50
880.00
Neutral
Neutral
11.00
Sell Strong Buy

Target
419
182
89
158
359
138

Beta
1.30
0.65
1.67
1.61
1.70
0.83

Target
143
136
626
-59
482
580
306
176
92
66
1547
86
161
9
26
227
366
1679
113
854
51

Beta
1.29
0.46
0.56
0.97
1.11
0.95
1.56
1.41
1.55
1.28
0.66
0.82
0.28
0.54
0.79
1.31
1.40
1.32
0.79
1.29
1.11

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

ST Rating LT Rating
Neutral Strong Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Neutral

Over Valued

Media & Entertainment

Stock
AEGIS GROUP
BLOOMSBURY PBL.
BRITISH SKY BC AST.GROUP
C ENTAUR MEDIA
DAILY MAIL 'A'
EUROMONEY INSTL.INVESTOR
INFORMA
ITE GROUP
ITV
JOHNSTON PRESS
PEARSON
PHOTO-ME INTL.
PINEWOOD SHEPPERTON
THOMSON REUTERS
STV GROUP
ST.IVES
TRINITY MIRROR
UBM
WILMINGTON GROUP
WPP
YELL GROUP

13 July 2012

Price
2010.00
225.00
1040.00
1751.00
694.00
5710.00
2926.00
8.45
883.50
823.50

12M Lo
1955.50
225.00
900.50
1667.00
694.00
4596.00
2712.50
8.25
871.50
764.00

12M Hi
3061.50
340.00
1439.00
2441.00
1375.00
7565.00
4441.00
47.00
1908.00
1384.50

Intelligent Analysis Limited www.intellisys.uk.com

ST Rating LT Rating
Neutral
Buy
Neutral
Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Buy
Sell
Neutral Strong Buy
Neutral
Neutral

Target
2579
252
921
4268
641
2592
3054
-38
3414
895

Page 9 of 15

Beta
1.73
1.02
1.40
1.42
1.96
0.32
1.44
0.89
2.09
1.73

Intellisys

Value Indicator UK Main market

Under Valued

Oil & Gas

Stock
BG GROUP
BP
C AIRN ENERGY
FORTUNE OIL
HUNTING
JKX OIL & GAS
MELROSE RESOURC ES
PREMIER OIL
ROYAL DUTC H SHELL A(LON)
ROYAL DUTC H SHELL B
SOC O INTERNATIONAL
TULLOW OIL
WOOD GROUP (JOHN)

Price
1284.00
435.10
269.90
9.52
704.50
106.25
118.25
366.30
2202.50
2285.50
323.90
1424.00
723.00

12M Lo
1144.00
363.20
248.20
8.30
530.00
88.50
93.00
310.00
1883.50
1890.50
254.90
945.50
469.90

12M Hi
1547.00
504.60
454.09
12.50
968.00
262.20
205.75
449.70
2402.00
2489.00
368.80
1601.00
798.00

ST Rating
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

Price 12M Lo
122.00 105.00
310.00 285.00
3513.00 3100.00

12M Hi
135.12
380.00
3660.00

ST Rating
Neutral
Neutral
Neutral

Price
2.94
2905.50
405.90
500.00
1435.50
2.35
6.20
1864.00
100.50
22.88

12M Lo
2.54
2543.50
236.80
392.50
1205.00
2.25
5.88
1743.00
31.00
18.75

12M Hi
5.35
3111.50
423.00
524.84
1497.00
7.20
9.50
2300.00
101.00
49.00

Beta
0.78
1.07
1.36
0.91
1.26
1.43
1.24
1.38
0.92
0.93
0.52
1.10
1.34

LT Rating
Buy
Neutral
Neutral

Target
174
311
3461

Beta
0.87
0.72
0.35

Price 12M Lo
20.63
18.25
130.30
57.75
1706.00 1298.00
305.00 292.40
251.00 225.00
18.75
16.75
104.70
58.95
535.00 242.90
181.87 154.75
78.00
41.50
1502.00 1439.00
280.50 231.70

ST Rating
Buy
Neutral
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Neutral

LT Rating
Strong Buy
Strong Buy
Sell
Strong Buy
Sell
Strong Buy
Sell
Neutral
Strong Buy
Strong Buy

Target
18
8323
215
1650
1361
16
-1
1784
377
47

Beta
1.04
0.49
0.69
0.28
0.49
0.65
0.94
0.66
0.70
0.83

Over Valued

Software & Computer Services

Stock
TIMEWEAVE
ANITE
AVEVA GROUP
C OMPUTAC ENTER
KOFAX
INNOVATION GROUP
LOGIC A
MIC RO FOC US INTL.
PHOENIX IT GROUP
RM
FIDESSA GROUP
SAGE GROUP

Target
1095
1854
12
14
446
208
253
265
8055
10066
246
662
803

Over Valued

Pharmaceuticals & Biotechnology

Stock
ARK THERAPEUTIC S GP.
ASTRAZENEC A
BTG
DEC HRA PHARMAC EUTIC ALS
GLAXOSMITHKLINE
OXFORD BIOMEDIC A
PHYTOPHARM
SHIRE
SKYEPHARMA
VERNALIS

LT Rating
Sell
Strong Buy
Sell
Strong Buy
Sell
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Sell
Sell
Buy

Under Valued

Personal Care & Household Products

Stock
MC BRIDE
PZ C USSONS
REC KITT BENC KISER GROUP

13 July 2012

12M Hi
27.00
132.00
1770.00
490.00
490.20
22.50
123.00
549.00
247.25
151.87
2000.00
312.40

Intelligent Analysis Limited www.intellisys.uk.com

ST Rating LT Rating
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Neutral
Neutral
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Neutral
Neutral
Neutral

Target
37
54
805
1108
249
17
134
434
413
-75
1530
268

Page 10 of 15

Beta
0.72
0.84
1.40
1.05
1.14
0.86
1.13
0.79
0.85
0.51
0.80
0.73

Intellisys

Value Indicator UK Main market

Over Valued

Speciality & Other Finance

Stock
ABERDEEN ASSET MAN.
BREWIN DOLPHIN
C AMELLIA
C HARLES STANLEY GROUP
C HARLES TAYLOR
C LOSE BROTHERS GROUP
F&C ASSET MANAGEMENT
HELPHIRE GROUP
HENDERSON GROUP
IC AP
INTERMEDIATE C APITAL GP.
INVESTEC
LONDON STOC K EX.GROUP
MAN GROUP
RATHBONE BROTHERS
SC HRODERS
SC HRODERS NV

13 July 2012

Price 12M Lo
12M Hi
254.20 167.80
283.80
148.90 113.70
177.00
9650.00 8800.00 10603.00
267.50 240.00
328.38
151.00 115.63
160.00
763.00 590.00
812.00
79.75
56.05
86.10
0.95
0.93
3.42
94.45
92.85
163.70
309.90 309.70
488.60
269.30 197.90
303.90
384.50 310.40
508.50
1005.00 756.50 1093.00
64.75
63.25
245.80
1368.00 977.00 1368.00
1304.00 1166.00 1665.00
1030.00 966.00 1393.00

Intelligent Analysis Limited www.intellisys.uk.com

ST Rating LT Rating
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Sell
Sell
Neutral
Sell
Neutral Strong Buy

Target
94
83
10418
170
130
213
87
94
45
163
127
-36
664
104
1039
1094
4095

Page 11 of 15

Beta
1.11
0.75
0.81
0.95
0.68
0.86
0.88
0.64
1.45
1.05
1.61
1.53
1.14
1.30
0.76
1.34
1.32

Intellisys

Value Indicator UK Main market

Over 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
171.00 166.25
1919.00 1522.00
1037.00 740.50
250.80
99.40
861.00 570.50
350.00 295.00
1066.00 676.50
222.50 192.25
681.50 602.00
28.13
23.75
650.50 512.50
505.00 402.70
988.00 741.00
811.50 727.00
438.00 284.00
199.70 182.20
454.40 296.30
283.00 219.90
67.05
58.85
160.60 137.50
333.90 270.10
2671.00 1744.00
28.00
25.25
25.00
21.25
598.00 445.50
342.50 323.00
261.70 208.00
2.67
2.67
141.50 124.75
719.50 465.00
167.40 144.50
84.00
64.00
73.50
58.20
426.80 299.80
334.00 304.50
193.50 158.25
391.50 300.50
208.00 156.60
545.00 458.00
79.20
75.80
24.50
18.50
88.00
40.50
43.00
36.25
290.75 191.00
45.00
44.00
433.50 160.00

12M Hi
310.13
2316.00
1171.00
272.00
884.00
392.50
1073.00
290.13
767.00
39.75
676.00
551.00
1024.00
868.00
460.50
263.00
489.60
292.10
95.30
500.00
339.20
2719.00
35.63
44.88
652.00
537.00
296.70
60.50
166.50
740.00
228.80
117.50
93.00
438.00
410.00
326.00
397.00
247.30
563.50
129.80
32.25
92.63
50.13
304.00
67.25
440.00

ST Rating
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
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rating
Strong Buy
Sell
Neutral
Sell
Sell
Strong Buy
Sell
Strong Buy
Sell
Strong Buy
Sell
Strong Buy
Sell
Neutral
Sell
Buy
Sell
Sell
Strong Buy
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Sell
Buy
Sell
Strong Buy
Sell
Strong Buy
Buy
Sell
Buy
Buy
Strong Buy
Sell
Buy
Neutral
Strong Buy
Sell
Sell
Buy
Strong Buy
Sell
Buy

Target
305
1219
1047
92
555
687
757
448
538
78
614
887
838
822
387
294
340
267
115
392
720
1375
88
56
1192
311
322
-112
232
605
271
103
22
558
442
317
352
237
557
131
3
-13
51
480
-4182
481

Beta
0.87
1.10
1.06
1.56
0.47
0.70
0.54
0.29
0.49
0.76
0.70
1.01
#NA
0.17
0.99
1.04
1.10
0.57
1.07
0.89
1.27
0.82
1.08
0.70
1.40
1.38
0.57
0.79
0.42
0.72
1.28
1.41
1.29
0.87
0.82
1.24
0.77
1.53
0.58
1.45
1.24
0.51
0.94
0.87
0.78
1.00

Under Valued

Telecommunication Services
Stock
BT GROUP
C ABLE & WIRELESS C OMMS.
INMARSAT
KC OM GROUP
TELEC OM PLUS
VODAFONE GROUP

13 July 2012

Price 12M Lo
214.70 161.00
31.58
27.28
480.50 389.30
72.50
65.60
885.50 550.00
181.90 155.05

12M Hi
232.10
45.16
561.50
84.00
890.00
184.05

Intelligent Analysis Limited www.intellisys.uk.com

ST Rating LT Rating
Neutral
Buy
Neutral Strong Buy
Neutral
Neutral
Neutral
Buy
Sell
Sell
Neutral
Buy

Target
264
105
459
93
575
213

Page 12 of 15

Beta
0.91
0.70
0.54
1.25
0.08
0.57

Intellisys

Value Indicator UK Main market

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
184.30 156.00
355.00 282.00
1270.00 1015.00
543.00 302.54
187.40 187.40
597.00 440.50
1260.00 1086.00
216.50 180.00
207.00 159.60
276.30 219.96
33.00
33.00

12M Hi
218.80
476.50
1390.00
546.00
370.20
629.50
1588.00
262.40
331.00
287.40
119.00

ST Rating
Neutral
Neutral
Neutral
Neutral
Buy
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rating
Neutral
Strong Buy
Neutral
Sell
Strong Buy
Sell
Buy
Neutral
Strong Buy
Sell
Strong Buy

Target
185
568
1311
500
357
356
1651
218
338
203
139

Beta
1.33
0.99
0.78
0.79
1.03
0.80
0.93
1.32
1.39
0.91
0.89

Under Valued

Utilities
Stock
C ENTRIC A
NATIONAL GRID
PENNON GROUP
SEVERN TRENT
UNITED UTILITIES GROUP

13 July 2012

Price 12M Lo
319.10 278.80
689.00 569.00
774.50 623.50
1698.00 1407.00
683.50 560.00

12M Hi
330.30
691.00
777.00
1796.00
683.50

Intelligent Analysis Limited www.intellisys.uk.com

ST Rating
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rating
Buy
Buy
Sell
Sell
Sell

Target
378
857
691
1612
649

Page 13 of 15

Beta
0.49
0.53
0.54
0.37
0.51

Intellisys

Value Indicator UK Main market

13 July 2012

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Intelligent Analysis Limited www.intellisys.uk.com

Page 14 of 15

Intellisys

Value Indicator UK Main market

13 July 2012

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.
Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authority and does
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RISK WARNING Ratings and Targets

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The value of stocks and shares, and the income from them, can fall as well as rise and you may not get back
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Intelligent Analysis Limited www.intellisys.uk.com

Page 15 of 15