Value Indicator - Uk Main Market 20130308

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08 March 2013
Contents
Introduction .................................................................................................................................3
Value ...........................................................................................................................................4
Conclusion ..................................................................................................................................4
RISK WARNING Ratings and Targets ....................................................................................4
How to use the report .................................................................................................................5
Over Valued .....................................................................6
Aerospace & Defence
Over Valued ......................................................................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
Over Valued ..................................................7

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

Under Valued ........................................................8
Food Producers & Processors

Under Valued ..............................................................................9
General Retail
Over Valued .........................................................................................9
Heath
Over Valued ..........................................................9

Over Valued ...............................................9
Household Goods & Textiles
Information Technology & Hardware

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

Over Valued ................................................................ 11
Media & Entertainment

Under Valued ...................................................................................... 11
Mining
Under Valued ................................................................................... 11
Oil & Gas
Personal Care & Household Products
Over Valued .......................................... 12

Over Valued ................................................ 12
Pharmaceuticals & Biotechnology

Under Valued ............................................................................... 12
Real Estate
Under Valued ..................................................... 13
Software & Computer Services
Speciality & Other Finance
Support Services
Over Valued .......................................................... 13

Over Valued ..................................................................... 14
Over Valued ....................................................... 15

Telecommunication Services
Under
Valued
Transport
................................................................................... 15
Under
Valued
Utilities
....................................................................................... 15
DISCLAIMER ........................................................................................................................... 16
RISK WARNING ...................................................................................................................... 17
Intellisys Intelligent Analysis Limited
www.intellisys.uk.com
08 March 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
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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)
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.
08 March 2013
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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)
08 March 2013
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Page 5 of 17
Over Valued
Aerospace & Defence

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
BAE SYSTEMS
357.00
270.90
363.90
Neutral
Strong Buy
Target
567
0.66
CHEMRING GROUP
271.50
217.00
442.00
Neutral
Strong Buy
603
0.66
COBHAM
234.70
190.10
239.50
Neutral
Buy
280
0.83
MEGGITT
490.10
364.30
490.10
Sell
Sell
399
1.32
ROLLS-ROYCE HOLDINGS
1047.00
781.16
1062.00
Neutral
Sell
670
1.07
SMITHS GROUP
1300.00
979.50
1300.00
Neutral
Sell
993
0.71
ULTRA ELECTRONICS HDG.
1725.00
1424.00
1780.00
Neutral
Sell
1488
0.51
Over Valued
Automobiles & Parts

Stock
Beta
Price
12M Lo
12M Hi
ST Rec
LT Rec
GKN
281.70
173.60
285.00
Neutral
Sell
Target
267
2.00
INCHCAPE
524.00
305.20
524.00
Neutral
Neutral
504
1.48
LOOKERS
91.75
56.50
91.75
Neutral
Buy
106
1.24
PENDRAGON
23.50
13.25
23.50
Neutral
Buy
34
1.12
Over Valued
Banks
Stock
Beta
Price
12M Lo
12M Hi
ST Rec
LT Rec
BARCLAYS
309.50
150.55
327.35
Neutral
Sell
Target
227
Beta
1.93
HSBC HDG. (ORD $0.50)
718.20
503.20
732.90
Neutral
Strong Buy
1109
1.17
1.87
LLOYDS BANKING GROUP
49.86
25.29
55.68
Neutral
Buy
59
ROYAL BANK OF SCTL.GP.
303.20
196.60
367.80
Neutral
Sell
-133
1.34
STANDARD CHARTERED
1784.00
1228.50
1837.50
Neutral
Sell
1489
1.70
Under Valued
Beverages
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
503.50
348.00
557.00
Neutral
Buy
556
0.55
DIAGEO
2000.50
1477.00
2000.50
Neutral
Sell
1736
0.55
SABMILLER
3392.00
2348.50
3392.00
Neutral
Buy
3891
0.95
BARR (AG)
Beta
Under Valued
Chemicals
Stock
Target
Price
12M Lo
12M Hi
ST Rec
LT Rec
AZ ELECTRONIC MATS.(DI)
385.00
267.60
390.00
Neutral
Strong Buy
714
CARCLO
456.00
330.00
503.00
Neutral
Neutral
434
0.74
2663.00
2050.00
2667.00
Neutral
Sell
2136
1.04
CRODA INTERNATIONAL
Target
Beta
#NA
260.10
179.00
260.10
Neutral
Buy
369
1.00
JOHNSON MATTHEY
2299.00
2080.27
2573.00
Neutral
Strong Buy
12814
1.44
VICTREX
ELEMENTIS
1677.00
1185.00
1677.00
Neutral
Sell
1518
1.13
SYNTHOMER
215.00
127.40
251.00
Neutral
Neutral
236
1.16
ZOTEFOAMS
199.50
155.00
225.00
Neutral
Strong Buy
409
0.99
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Under Valued
Construction & Building Materials

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
ALUMASC GROUP
99.00
61.50
104.00
Neutral
Strong Buy
248
0.51
BALFOUR BEATTY
274.00
237.90
320.80
Neutral
Strong Buy
1028
0.79
BARRATT DEVELOPMENTS
Target
Beta
243.90
114.00
244.90
Neutral
Strong Buy
473
1.50
BELLWAY
1153.00
660.00
1175.00
Neutral
Strong Buy
1975
1.11
BERKELEY GROUP HDG.(THE)
1966.00
1177.00
1966.00
Neutral
Strong Buy
3282
0.64
BOOT (HENRY)
167.00
115.50
167.00
Neutral
Strong Buy
344
0.83
BOVIS HOMES GROUP
673.50
399.30
681.50
Neutral
Sell
582
1.14
CARILLION
289.20
235.50
331.80
Buy
Strong Buy
848
1.10
CLARKE (T)
54.50
40.00
61.50
Neutral
Strong Buy
280
0.82
285.75
188.00
295.00
Neutral
Strong Buy
547
0.57
1480.00
1052.00
1514.00
Neutral
Sell
772
1.14
955.00
579.00
955.00
Neutral
Strong Buy
1785
0.99
COSTAIN GROUP
CRH
GALLIFORD TRY
KELLER
828.00
348.25
828.00
Neutral
Strong Buy
2135
1.25
1283.00
1095.00
1408.00
Neutral
Strong Buy
3451
0.94
71.50
49.00
73.00
Neutral
Strong Buy
211
1.07
MARSHALLS
105.50
76.00
110.00
Neutral
Strong Buy
297
1.37
MORGAN SINDALL GROUP
542.00
508.00
695.00
Neutral
Strong Buy
3481
0.86
KIER GROUP
LOW & BONAR
NORCROS
14.75
9.25
16.75
Neutral
Strong Buy
36
1.11
PERSIMMON
948.00
532.00
956.50
Neutral
Buy
1167
1.15
REDROW
171.90
107.30
195.80
Neutral
Strong Buy
303
1.05
SIG
145.50
82.30
145.50
Neutral
Strong Buy
496
1.74
5.38
4.50
22.50
Neutral
Strong Buy
45
0.89
84.05
40.28
84.05
Neutral
Buy
99
1.58
TRAVIS PERKINS
1322.00
906.50
1322.00
Neutral
Strong Buy
2704
1.97
WOLSELEY
3227.00
2121.32
3236.00
Neutral
Strong Buy
5475
1.43
SUPERGLASS HOLDINGS
TAYLOR WIMPEY
Over Valued
Electronics & Electrical Equipment

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
1300.00
886.00
1345.00
Neutral
Sell
772
0.78
DOMINO PRINTING SCIENCES
708.00
509.00
710.00
Neutral
Buy
851
1.18
E2V TECHNOLOGIES
117.50
105.50
149.50
Neutral
Strong Buy
246
1.30
INVENSYS
366.80
186.10
366.80
Neutral
Sell
342
1.42
LAIRD
241.50
177.00
249.30
Neutral
Sell
92
2.12
OXFORD INSTRUMENTS
1715.00
1096.00
1752.00
Neutral
Sell
1181
1.01
RENISHAW
1862.00
1260.00
2081.00
Neutral
Buy
2431
1.26
SPECTRIS
2383.00
1427.00
2459.00
Neutral
Sell
2208
1.52
0.09
0.08
0.22
Neutral
Buy
0.84
TT ELECTRONICS
169.25
114.00
203.50
Neutral
Strong Buy
395
1.59
XAAR
341.50
185.00
341.50
Neutral
Sell
229
1.11
DIALIGHT
BIOME TECHNOLOGIES
Target
Beta
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Page 7 of 17
Over Valued
Engineering & Machinery

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
AGA RANGEMASTER GROUP
85.00
54.25
92.00
Neutral
Buy
112
1.26
BODYCOTE
556.50
310.30
556.50
Neutral
Sell
528
1.61
CASTINGS
340.00
277.75
358.50
Neutral
Strong Buy
721
0.99
VESUVIUS
395.30
263.19
395.30
Neutral
Buy
514
2.19
FENNER
414.00
329.30
483.70
Neutral
Buy
575
1.42
HALMA
497.60
373.10
497.80
Neutral
Sell
406
0.75
HILL & SMITH
478.50
297.00
480.00
Neutral
Sell
350
1.37
1319.00
776.00
1319.00
Sell
Neutral
1410
1.40
IMI
METALRAX GROUP
MORGAN CRUCIBLE
ROTORK
SENIOR
SEVERFIELD-ROWEN
SPIRAX-SARCO
Target
Beta
3.03
2.93
8.95
Neutral
Buy
0.85
298.80
220.30
351.40
Neutral
Strong Buy
561
1.82
2937.00
1859.00
2937.00
Neutral
Sell
2175
1.00
248.70
177.00
248.70
Sell
Sell
230
1.65
72.75
68.00
203.50
Neutral
Neutral
77
0.73
2630.00
1900.00
2630.00
Sell
Sell
2349
0.84
VITEC GROUP
622.50
586.50
740.00
Neutral
Neutral
628
1.39
WEIR GROUP
2417.00
1397.00
2417.00
Neutral
Sell
2107
1.39
Over Valued
Food & Drug Stores

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
GREGGS
508.00
449.00
558.00
Neutral
Buy
691
0.47
MORRISON(WM)SPMKTS.
259.00
248.60
305.70
Neutral
Sell
206
0.39
SAINSBURY (J)
342.00
283.50
361.10
Neutral
Sell
227
0.58
TESCO
377.05
297.05
378.15
Neutral
Sell
290
0.69
58.00
18.88
62.25
Neutral
Sell
39
0.83
THORNTONS
Beta
Under Valued
Food Producers & Processors

Stock
Target
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
ASSOCIATED BRIT.FOODS
1859.00
1167.00
1866.00
Neutral
Sell
1450
0.62
CRANSWICK
1000.00
732.50
1011.00
Neutral
Buy
1419
0.49
DAIRY CREST
435.70
290.40
436.60
Neutral
Sell
396
0.92
DEVRO
341.30
278.00
380.00
Neutral
Neutral
330
0.31
85.75
54.50
180.00
Neutral
Sell
-162
1.25
PREMIER FOODS
TATE & LYLE
UNILEVER (UK)
832.00
633.50
840.00
Neutral
Buy
1022
0.70
2713.00
2005.00
2713.00
Neutral
Buy
3464
0.57
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Under Valued
General Retail
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
ASHLEY(LAURA) HOLDINGS
29.00
20.50
29.50
Neutral
Buy
33
0.69
397.70
222.40
405.90
Neutral
Sell
358
0.53
1404.00
1000.00
1586.00
Neutral
Sell
971
1.27
670.00
585.00
728.50
Neutral
Sell
278
0.94
31.91
12.67
31.91
Sell
Buy
36
1.50
6.60
2.76
9.30
Neutral
Sell
1.08
25.00
19.50
55.75
Neutral
Strong Buy
109
0.98
HALFORDS GROUP
312.30
189.00
356.80
Neutral
Strong Buy
495
0.67
JD SPORTS FASHION
804.00
606.50
841.00
Neutral
Strong Buy
1504
0.52
BROWN (N) GROUP

BURBERRY GROUP
CARPETRIGHT
DIXONS RETAIL
FINDEL
FRENCH CONNECTN.GROUP
Target
Beta
48.25
38.00
77.25
Neutral
Strong Buy
81
1.24
KINGFISHER
287.10
254.10
313.80
Neutral
Buy
386
0.92
MARKS & SPENCER GROUP
366.20
312.20
398.80
Neutral
Buy
510
0.64
67.00
42.00
71.00
Neutral
Sell
59
1.04
282.00
152.00
362.00
Neutral
Buy
315
0.46
NEXT
4193.00
2721.00
4247.00
Neutral
Sell
3674
0.66
TED BAKER
1242.00
775.00
1263.00
Neutral
Sell
650
0.55
66.00
32.13
68.00
Neutral
Sell
50
1.48
DARTY
MOSS BROTHERS GROUP

MOTHERCARE
TOPPS TILES
Over Valued
Heath
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
BIOQUELL
139.00
119.00
160.00
Neutral
Sell
Target
107
0.45
CONSORT MEDICAL
747.00
580.00
831.50
Neutral
Sell
590
0.40
OPTOS
196.00
160.00
279.25
Neutral
Sell
176
1.21
SMITH & NEPHEW
725.00
580.00
734.00
Neutral
Sell
665
0.41
Over Valued
Household Goods & Textiles

Stock
Beta
Price
12M Lo
12M Hi
ST Rec
LT Rec
GAMES WORKSHOP
601.00
530.00
720.50
Neutral
Neutral
589
0.43
HEADLAM GROUP
348.00
263.00
355.00
Neutral
Sell
304
0.92
80.50
55.25
106.75
Neutral
Buy
106
0.75
HORNBY
Target
Over Valued
Information Technology & Hardware

Stock
Beta
Price
12M Lo
12M Hi
ST Rec
LT Rec
ARM HOLDINGS
946.00
469.00
971.50
Neutral
Sell
603
0.74
CSR
479.70
194.60
485.00
Neutral
Strong Buy
1455
1.17
FILTRONIC
IMAGINATION TECHNOLOGIES
Target
Beta
77.63
23.50
77.63
Sell
Sell
53
0.90
491.00
383.50
717.00
Neutral
Buy
558
1.08
SPIRENT COMMUNICATIONS
153.40
139.20
174.00
Neutral
Strong Buy
694
0.95
WOLFSON MICROELECTRONICS
197.00
165.75
230.00
Neutral
Sell
-636
0.91
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Under Valued
Insurance
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
1356.00
1019.00
1356.00
Neutral
Sell
-744
0.54
AMLIN
420.50
312.90
431.20
Neutral
Sell
-3114
0.46
BEAZLEY
211.40
132.50
215.40
Neutral
Strong Buy
2610
0.59
CATLIN GROUP
519.00
399.00
540.00
Neutral
Strong Buy
782
0.30
HISCOX
554.00
371.30
554.00
Neutral
Strong Buy
2085
0.48
ADMIRAL GROUP
JARDINE LLOYD THOMPSON
818.00
659.00
818.00
Neutral
Strong Buy
2937
0.31
RSA INSURANCE GROUP
121.10
97.65
136.30
Neutral
Strong Buy
1701
0.41
NOVAE GROUP
463.00
340.00
467.25
Neutral
Strong Buy
1919
0.47
Over Valued
Leisure & Hotels

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
2521.00
1900.00
2628.00
Neutral
Strong Buy
3909
1.00
ENTERPRISE INNS
110.40
50.25
110.40
Neutral
Sell
83
1.59
TUI TRAVEL
309.20
158.00
330.00
Neutral
Strong Buy
793
0.99
FULLER SMITH 'A'
802.00
680.00
810.00
Neutral
Sell
661
0.38
GREENE KING
711.00
474.30
711.00
Neutral
Sell
625
0.90
LADBROKES
226.70
152.50
235.60
Neutral
Sell
182
0.94
1955.00
1396.63
1989.00
Neutral
Sell
1619
1.17
CARNIVAL
ICTL.HTLS.GP.
MILLENNIUM & CPTH.HTLS.
550.00
455.40
568.50
Neutral
Buy
618
1.38
MITCHELLS & BUTLERS
340.10
217.40
349.70
Neutral
Sell
304
1.08
BWIN PARTY DIGITAL ENTM.
155.20
91.90
164.50
Neutral
Sell
90
1.25
10.75
5.61
13.12
Neutral
Strong Buy
50
1.25
162.80
111.00
167.40
Neutral
Strong Buy
499
1.00
0.74
PUNCH TAVERNS
RANK GROUP
RESTAURANT GROUP
444.10
269.20
444.10
Sell
Sell
320
WETHERSPOON (JD)
516.50
371.30
548.50
Neutral
Buy
742
0.68
WHITBREAD
2602.00
1669.00
2692.00
Neutral
Sell
1941
0.99
WILLIAM HILL
427.50
235.20
443.30
Neutral
Sell
279
0.86
MARSTON'S
141.70
94.40
143.00
Neutral
Sell
28
1.19
Over Valued
Life Assurance
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
AVIVA
314.80
255.30
388.40
Neutral
Strong Buy
1196
1.25
CHESNARA
225.00
155.25
233.50
Neutral
Strong Buy
353
0.70
LEGAL & GENERAL
166.30
106.00
166.30
Neutral
Strong Buy
297
1.70
OLD MUTUAL
209.30
138.70
211.40
Neutral
Sell
169
1.57
PRUDENTIAL
1015.00
660.00
1015.00
Sell
Sell
933
1.70
533.50
303.40
533.50
Sell
Sell
431
0.85
ST.JAMES'S PLACE
08 March 2013
+44 20 3239 8994
Page 10 of 17
Over Valued
Media & Entertainment

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
AEGIS GROUP
238.70
153.20
238.70
Neutral
Sell
-585
1.28
BLOOMSBURY PBL.
108.00
102.00
146.50
Neutral
Strong Buy
1635
0.35
BRITISH SKY BCAST.GROUP
866.50
635.50
888.50
Neutral
Strong Buy
142
0.54
45.25
28.50
60.00
Neutral
Strong Buy
3141
1.01
CENTAUR MEDIA
DAILY MAIL 'A'
722.00
363.50
722.00
Sell
Strong Buy
6661
1.12
EUROMONEY INSTL.INVESTOR
912.00
672.50
951.50
Neutral
Sell
-68
0.98
INFORMA
512.50
340.00
512.50
Neutral
Strong Buy
241
1.53
ITE GROUP
279.00
180.00
279.00
Neutral
Strong Buy
1262
1.44
ITV
128.50
69.45
128.50
Neutral
Strong Buy
1615
1.54
12.75
4.88
15.00
Neutral
Buy
304
1.25
1165.00
1111.00
1294.00
Neutral
Strong Buy
2443
0.63
JOHNSTON PRESS
PEARSON
PHOTO-ME INTL.
PINEWOOD SHEPPERTON
76.00
36.25
80.00
Neutral
Buy
449
0.79
274.00
257.50
377.50
Neutral
Sell
-583
0.16
0.52
31.62
26.85
31.71
Neutral
Sell
263
STV GROUP
137.00
81.50
142.12
Neutral
Strong Buy
717
0.78
ST.IVES
118.50
67.50
125.00
Neutral
Sell
-273
1.49
THOMSON REUTERS
TRINITY MIRROR
121.00
25.50
121.25
Neutral
Strong Buy
1643
1.57
UBM
755.00
511.00
788.00
Neutral
Strong Buy
1244
1.31
WILMINGTON GROUP
157.00
82.00
164.00
Neutral
Sell
173
0.85
WPP
1086.00
743.00
1086.00
Neutral
Strong Buy
783
1.34
HIBU
0.33
0.26
4.15
Neutral
Sell
1.06
Under Valued
Mining
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
1851.00
1664.00
2618.00
Neutral
Strong Buy
3098
1.75
265.00
221.25
340.00
Neutral
Buy
296
0.99
ANTOFAGASTA
1070.00
991.00
1381.00
Neutral
Sell
1005
1.42
BHP BILLITON
2093.00
1681.00
2236.00
Neutral
Strong Buy
3688
1.45
327.40
240.84
599.98
Neutral
Sell
44
2.04
RANDGOLD RESOURCES
5515.00
4596.00
7775.00
Neutral
Sell
3105
0.34
RIO TINTO
3450.00
2715.50
3757.00
Neutral
Neutral
3704
1.51
4.25
3.75
30.75
Buy
Strong Buy
176
0.89
832.50
1430.00
Neutral
Strong Buy
2650
2.21
785.80
1205.00
Neutral
Neutral
1096
1.87
ANGLO AMERICAN
ANGLO PACIFIC GROUP
LONMIN
COALFIELD RESOURCES
VEDANTA RESOURCES
XSTRATA
1149.50
Under Valued
Oil & Gas

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
1161.00
1000.50
1547.00
Neutral
Neutral
1250
0.81
BP
449.60
391.95
499.05
Neutral
Strong Buy
1578
1.05
CAIRN ENERGY
286.30
248.20
349.00
Neutral
Sell
-36
1.32
BG GROUP
FORTUNE OIL
HUNTING
JKX OIL & GAS
PREMIER OIL
ROYAL DUTCH SHELL B
SOCO INTERNATIONAL
TULLOW OIL
WOOD GROUP (JOHN)
10.25
7.86
12.50
Neutral
Buy
15
0.91
905.50
688.00
968.00
Neutral
Sell
538
1.32
1.36
69.00
55.00
187.75
Neutral
Strong Buy
302
390.20
321.30
429.00
Neutral
Sell
301
1.44
2272.50
2039.00
2366.50
Neutral
Strong Buy
11179
0.86
369.20
254.90
400.00
Neutral
Sell
255
0.52
1241.00
1138.00
1570.00
Neutral
Sell
808
1.06
855.50
651.50
875.50
Neutral
Neutral
868
1.36
08 March 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
145.00
102.70
146.75
Neutral
Strong Buy
280
PZ CUSSONS
413.60
296.10
415.60
Neutral
Sell
348
0.69
4616.00
3300.00
4616.00
Neutral
Neutral
4659
0.36
RECKITT BENCKISER GROUP
Target
0.83
Over Valued
Pharmaceuticals & Biotechnology

Stock
Beta
Price
12M Lo
12M Hi
ST Rec
LT Rec
1.03
0.60
3.98
Buy
Strong Buy
1.01
3032.00
2591.00
3168.00
Neutral
Strong Buy
4611
0.48
BTG
342.00
300.30
423.00
Neutral
Sell
190
0.62
DECHRA PHARMACEUTICALS
743.00
418.33
743.00
Neutral
Buy
935
0.26
1484.00
1317.50
1507.50
Neutral
Sell
766
0.49
OXFORD BIOMEDICA
2.08
2.05
5.80
Buy
Strong Buy
0.64
PHYTOPHARM
1.70
1.70
12.75
Buy
Buy
0.94
2080.00
1727.00
2247.00
Neutral
Sell
1031
0.65
ARK THERAPEUTICS GP.

ASTRAZENECA
GLAXOSMITHKLINE
SHIRE
Target
Beta
SKYEPHARMA
59.50
33.50
101.50
Neutral
Sell
-121
0.72
VERNALIS
23.63
21.63
27.38
Neutral
Strong Buy
58
0.89
Under Valued
Real Estate
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
BIG YELLOW GROUP
386.20
274.50
387.50
Neutral
Sell
-585
1.15
BRITISH LAND
582.50
467.10
585.50
Neutral
Strong Buy
1635
1.03
28.75
22.75
34.25
Sell
Strong Buy
142
0.82
856.50
595.00
856.50
Neutral
Strong Buy
3141
0.69
DERWENT LONDON
2239.00
1689.00
2239.00
Neutral
Strong Buy
6661
1.21
DEVELOPMENT SECS.
156.00
121.75
176.00
Neutral
Sell
-68
0.97
GRAINGER
136.50
83.10
139.40
Neutral
Strong Buy
241
1.54
GREAT PORTLAND ESTATES
514.00
345.60
514.00
Sell
Strong Buy
1262
1.06
1.16
CAPITAL & REGIONAL

CLS HOLDINGS
HAMMERSON
520.00
404.50
525.00
Neutral
Strong Buy
1615
HELICAL BAR
249.75
164.00
249.75
Neutral
Buy
304
0.75
LAND SECURITIES GROUP
847.00
701.00
849.00
Neutral
Strong Buy
2443
1.15
INTU PROPERTIES
332.20
305.00
366.00
Neutral
Buy
449
1.08
MCKAY SECURITIES
143.50
125.00
144.50
Neutral
Sell
-583
0.72
MUCKLOW (A & J) GROUP
373.25
310.00
390.00
Neutral
Sell
263
0.42
PRIMARY HEALTH PROPS.
337.00
311.00
364.50
Neutral
Strong Buy
717
0.35
67.75
32.50
70.00
Sell
Sell
-273
1.17
QUINTAIN ESTATES & DEV.

SAVILLS
544.50
300.80
568.50
Neutral
Strong Buy
1643
0.74
SHAFTESBURY
590.50
482.20
590.50
Neutral
Strong Buy
1244
1.03
SEGRO
267.10
209.40
267.10
Neutral
Sell
173
1.70
ST MODWEN PROPS.
250.00
145.50
280.20
Neutral
Strong Buy
783
1.55
TOWN CENTRE SECURITIES
202.00
147.00
215.00
Neutral
Sell
1.04
UNITE GROUP
310.00
180.25
310.00
Neutral
Sell
28
1.75
WARNER ESTATE
WORKSPACE GROUP
1.68
1.00
3.40
Sell
Sell
-972
1.02
363.20
213.25
363.20
Neutral
Sell
1.02
08 March 2013
+44 20 3239 8994
Page 12 of 17
Under Valued
Software & Computer Services

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
ANITE
158.50
110.75
162.00
Neutral
Sell
128
0.76
2316.00
1469.00
2322.00
Neutral
Sell
1378
1.40
AVEVA GROUP
Target
Beta
COMPUTACENTER
480.90
292.40
514.50
Neutral
Strong Buy
1419
1.00
KOFAX
292.75
240.00
325.75
Neutral
Buy
338
1.12
25.00
18.25
25.50
Neutral
Sell
23
0.83
MICRO FOCUS INTL.
697.50
426.17
697.50
Neutral
Buy
1039
0.79
PHOENIX IT GROUP
159.00
135.00
231.75
Neutral
Strong Buy
327
0.74
73.00
70.25
92.25
Neutral
Sell
-98
0.52
1965.00
1275.00
1970.00
Neutral
Buy
2185
0.77
352.10
247.70
352.10
Neutral
Buy
437
0.72
INNOVATION GROUP
RM
FIDESSA GROUP
SAGE GROUP
Over Valued
Speciality & Other Finance

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
ABERDEEN ASSET MAN.
435.40
237.30
441.90
Neutral
Sell
162
BREWIN DOLPHIN
196.10
136.30
222.00
Neutral
Sell
120
0.71
10311.00
9250.00
11105.00
Neutral
Sell
9468
0.83
0.97
CAMELLIA
Target
Beta
1.09
CHARLES STANLEY GROUP
371.50
247.50
371.50
Neutral
Sell
164
CHARLES TAYLOR
171.50
128.50
189.75
Neutral
Sell
95
0.68
CLOSE BROTHERS GROUP
1076.00
673.50
1076.00
Sell
Sell
151
0.87
F&C ASSET MANAGEMENT
110.40
64.75
110.40
Neutral
Sell
101
0.89
2.84
0.55
3.30
Sell
Strong Buy
40
0.68
HENDERSON GROUP
163.60
90.55
169.00
Neutral
Sell
46
1.44
ICAP
337.30
281.40
431.50
Neutral
Sell
191
1.07
1.68
HELPHIRE GROUP
INTERMEDIATE CAPITAL GP.
402.20
227.30
402.20
Neutral
Sell
189
INVESTEC
496.70
310.40
497.10
Neutral
Sell
82
1.55
1382.00
898.00
1396.00
Neutral
Strong Buy
3819
1.12
LONDON STOCK EX.GROUP
99.45
63.25
145.00
Neutral
Sell
89
1.32
RATHBONE BROTHERS
MAN GROUP
1428.00
1151.00
1472.00
Neutral
Sell
1096
0.74
SCHRODERS
2086.00
1166.00
2086.00
Sell
Sell
1224
1.31
SCHRODERS NV
1661.00
966.00
1661.00
Sell
Strong Buy
4189
1.27
08 March 2013
+44 20 3239 8994
Page 13 of 17
Over Valued
Support Services
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
ACAL
219.00
157.75
219.50
Neutral
Buy
306
0.93
AGGREKO
1939.00
1557.00
2400.00
Neutral
Sell
1289
1.04
AMEC
1047.00
923.00
1172.00
Neutral
Neutral
1077
1.04
587.00
212.20
587.00
Sell
Sell
315
1.61
1104.00
743.50
1104.00
Neutral
Sell
665
0.48
505.00
317.00
508.00
Neutral
Strong Buy
803
0.77
1312.00
986.00
1320.00
Neutral
Sell
823
0.55
UK MAIL GROUP
372.75
214.00
380.00
Neutral
Buy
444
0.38
CAPITA
900.50
602.00
904.50
Neutral
Sell
521
0.50
52.88
25.34
53.50
Neutral
Buy
68
0.78
COMPASS GROUP
833.50
616.00
833.50
Neutral
Sell
605
0.74
BERENDSEN
721.50
462.00
721.50
Sell
Buy
976
1.04
DE LA RUE
891.50
885.50
1075.00
Neutral
Sell
586
#NA
ASHTEAD GROUP
BABCOCK INTL.
BRITISH POLYTHENE INDS.
BUNZL
COMMUNISIS
Target
Beta
DIGNITY
1333.00
803.50
1333.00
Sell
Sell
808
0.21
DIPLOMA
617.50
390.50
627.50
Neutral
Sell
485
0.95
ELECTROCOMP.
263.20
195.20
264.20
Neutral
Buy
321
1.03
FILTRONA
660.50
428.00
660.50
Sell
Sell
355
1.10
G4S
297.70
240.00
297.70
Neutral
Neutral
291
0.58
97.75
66.40
100.00
Neutral
Buy
121
1.10
HOMESERVE
243.00
137.50
255.70
Neutral
Strong Buy
486
0.93
INTERSERVE
497.00
270.10
500.50
Neutral
Buy
691
1.27
3429.00
2385.00
3440.00
Neutral
Sell
1448
0.78
JOHNSON SERVICE GROUP
42.50
26.50
42.75
Neutral
Strong Buy
94
1.17
MANAGEMENT CNSL.GP.
28.25
21.25
39.50
Neutral
Strong Buy
55
0.71
MENZIES (JOHN)
775.00
542.00
785.00
Neutral
Strong Buy
1309
1.43
MICHAEL PAGE INTL.
447.50
341.40
497.00
Neutral
Sell
321
1.41
MITIE GROUP
290.70
253.90
300.80
Neutral
Buy
342
0.55
OFFICE2OFFICE
100.00
91.50
163.75
Neutral
Strong Buy
238
0.35
PAYPOINT
864.00
573.50
901.00
Neutral
Sell
692
0.70
PREMIER FARNELL
226.00
153.20
228.80
Neutral
Buy
287
1.32
REGUS
150.80
82.65
150.80
Neutral
Sell
107
1.45
91.45
69.40
97.95
Neutral
Sell
54
1.25
519.00
394.28
521.50
Neutral
Buy
635
0.91
HAYS
INTERTEK GROUP
RENTOKIL INITIAL
REXAM
RICARDO
396.00
304.50
412.00
Neutral
Buy
470
0.85
ROBERT WALTERS
217.00
176.25
264.63
Neutral
Buy
309
1.23
RPC GROUP
456.50
348.30
456.50
Neutral
Buy
534
0.78
RPS GROUP
254.10
197.00
256.60
Neutral
Neutral
247
1.50
SERCO GROUP
626.50
509.50
630.50
Neutral
Sell
579
0.59
SHANKS GROUP
82.75
75.80
102.20
Neutral
Strong Buy
168
1.46
SPEEDY HIRE
44.75
22.25
44.75
Neutral
Buy
52
1.25
128.25
70.00
133.75
Neutral
Sell
51
0.55
55.75
39.50
59.00
Neutral
Neutral
61
0.92
334.00
234.75
354.88
Neutral
Strong Buy
620
0.86
72.00
42.00
75.00
Sell
Strong Buy
183
0.78
TRIBAL GROUP
TRIFAST
VP
WYG
08 March 2013
+44 20 3239 8994
Page 14 of 17
Over Valued
Telecommunication Services
Stock
BT GROUP
CABLE & WIRELESS COMMS.
INMARSAT
Price
12M Lo
12M Hi
ST Rec
LT Rec
264.00
200.70
281.00
Neutral
Buy
Target
292
Beta
41.35
27.28
42.63
Neutral
Strong Buy
75
0.69
645.00
390.80
667.00
Neutral
Sell
550
0.53
0.90
KCOM GROUP
79.15
67.00
85.20
Neutral
Buy
115
1.24
TELECOM PLUS
984.50
621.00
1010.00
Neutral
Sell
646
0.11
VODAFONE GROUP
178.60
154.45
191.25
Neutral
Sell
149
0.54
Under Valued
Transport
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
BBA AVIATION
255.00
178.00
262.00
Neutral
Sell
Target
184
Beta
BRAEMAR SHIPPING SVS.
378.13
309.50
425.00
Neutral
Buy
426
0.98
CLARKSON
1488.00
1150.00
1488.00
Sell
Sell
1404
0.81
EASYJET
1.29
1055.00
435.00
1055.00
Neutral
Sell
623
0.74
FIRST GROUP
191.10
175.70
297.00
Neutral
Strong Buy
506
0.90
FISHER(JAMES)& SONS
914.00
535.00
933.00
Neutral
Sell
362
0.77
1460.00
1086.00
1460.00
Neutral
Buy
1698
0.89
GO-AHEAD GROUP
NATIONAL EXPRESS
204.50
164.50
252.00
Neutral
Buy
229
1.33
NORTHGATE
327.50
159.60
336.00
Neutral
Strong Buy
572
1.40
STAGECOACH GROUP
299.30
230.40
319.60
Neutral
Buy
337
0.89
56.75
31.00
81.50
Sell
Sell
-39
0.90
WINCANTON
Under Valued
Utilities
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
CENTRICA
356.00
306.30
361.40
Neutral
Buy
479
0.46
NATIONAL GRID
732.00
626.00
735.50
Neutral
Buy
828
0.49
PENNON GROUP
657.00
598.00
796.00
Neutral
Buy
771
0.58
SSE
1455.00
1290.00
1469.00
Neutral
Buy
1736
0.42
SEVERN TRENT
1624.00
1507.00
1796.00
Neutral
Sell
1491
0.34
726.00
594.00
747.50
Neutral
Sell
662
0.50
UNITED UTILITIES GROUP
Target
Beta
08 March 2013
+44 20 3239 8994
Page 15 of 17
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
specific to their situation and investment requirements from a person authorized under the Financial
Services and Markets Act 2000, before entering into any investment agreement.
Intellisys Intelligent Analysis Limited has used reasonable care and skill in compiling the content of this
report. No representation or warranty, expressed or implied, is given by any person as to the accuracy or
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08 March 2013
+44 20 3239 8994
Page 16 of 17
may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by
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and that past performance is not necessarily a guide to future performance.
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RISK WARNING
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enable you to make your own investment decisions.
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is not necessarily a guide to future performance.
08 March 2013
+44 20 3239 8994
Page 17 of 17

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

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

Electronics & Electrical Equipment

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

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

Food Producers & Processors

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

Household Goods & Textiles

Information Technology & Hardware

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Media & Entertainment

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Pharmaceuticals & Biotechnology

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How to use the report

Longer term action based

Latest 12 month Hi/Lo for

eta measures a shares

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Aerospace & Defence

ULTRA ELECTRONICS HDG.

Automobiles & Parts

HSBC HDG. (ORD $0.50)

LLOYDS BANKING GROUP

ROYAL BANK OF SCTL.GP.

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Construction & Building Materials

BERKELEY GROUP HDG.(THE)

BOVIS HOMES GROUP

MORGAN SINDALL GROUP

Electronics & Electrical Equipment

DOMINO PRINTING SCIENCES

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Engineering & Machinery

AGA RANGEMASTER GROUP

HILL & SMITH

Food & Drug Stores

Food Producers & Processors

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BROWN (N) GROUP

MARKS & SPENCER GROUP

MOSS BROTHERS GROUP

SMITH & NEPHEW

Household Goods & Textiles

Information Technology & Hardware

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JARDINE LLOYD THOMPSON

RSA INSURANCE GROUP

Leisure & Hotels

FULLER SMITH 'A'

MITCHELLS & BUTLERS

BWIN PARTY DIGITAL ENTM.

LEGAL & GENERAL

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Media & Entertainment

BRITISH SKY BCAST.GROUP