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15 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
Under 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

15 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

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

15 March 2013
+44 20 3239 8994

Page 3 of 17

Value
A similar discipline has been applied to the process of establishing Target Indications. On a daily basis,
Intellisys analyses as broad an array of historic data from not only the Consolidated Income Statement but
also the Balance Sheet and Cash Flow Statement and then utilises this data within its proprietary valuation
models.
Intellisys architect, Philip Morrish, has successfully applied these disciplines to his investment research for
the last 15+ years. Additionally, these investment valuation techniques lend themselves to accurate crossborder analysis.
The resultant Target is also discounted to a Net Present Value to make the Target as realistically valid as
possible.
Nevertheless, Intellisys recognises that Target Indication delivery is not only a function of market levels but
a management teams ability to establish and maintain a value generating operating environment set
against a constantly changing global background.
The typical investment analysts approach to determining target prices is to start with a modest range of
some 6 8 valuation measures and remove those that are not providing the intuitive result. Intellysis
approach is the opposite we use as many valuation methodologies as possible.
Further, Intellisys recognises that some target Indications may appear strange or extreme. However,
subscribers should not dismiss these outcomes but use them as starting points to challenge their
established or perceived valuation opinion of a stock.
In short, this disciplined approach provides an investment reality check to assist investors from falling in
love with a stock or becoming mesmerised by management cults.
Conclusion
No investment methodology is 100% successful and like all trading and investment systems active position
monitoring is critical for maximised investment performance.
Therefore, Intellisys recommends that its products should be used in conjunction with, and not separate
from subscribers existing investment systems as well as discussing investment options with their financial
advisers.
Philip Morrish (philip.morrish@intellisys.uk.com)

RISK WARNING Ratings and Targets

Intellisys does not make personal recommendations. The information in this publication is provided solely to
enable you to make your own investment decisions. If you are unsure about dealing in shares and other
equity investments, you 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.

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

15 March 2013
+44 20 3239 8994

Page 4 of 17

How to use the report

This daily report is typically available for download as a PDF from 7am - well in advance of the markets
open - and is based upon previous days closing prices.
We have kept the report deliberately simple for quick reading and identification of the shares most likely to
be active as can be seen from the following:

Longer term action based

upon implied target price
Todays action
Sector

Implied target
price based upon
49 valuation
metrics

Closing price

General Retail
Stock
ASHLEY(LAURA) HOLDINGS
BROWN (N) GROUP
BURBERRY GROUP
CARPETRIGHT
DIXONS RETAIL
FINDEL
FRENCH CONNECTN.GROUP
HALFORDS GROUP
JJB SPORTS SUSP - 24/09/12
JD SPORTS FASHION
DARTY
KINGFISHER
MARKS & SPENCER GROUP
MOSS BROTHERS GROUP
MOTHERCARE
NEXT
TED BAKER
TOPPS TILES

Company

Price
29.00
266.70
1136.00
675.00
21.16
6.36
23.50
324.70
0.40
731.00
57.25
269.80
377.90
55.00
212.00
3576.00
951.50
49.25

12M Lo
18.50
222.40
1000.00
375.00
9.36
2.20
19.50
189.00
0.24
570.00
38.00
237.20
302.70
31.25
127.30
2540.00
633.00
21.50

12M Hi
29.50
282.70
1586.00
728.50
21.69
6.55
82.00
342.30
17.00
863.00
110.60
313.80
389.50
55.00
227.00
3644.00
1017.00
51.75

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral

Latest 12 month Hi/Lo for

the share price

LT Rec
Neutral
Buy
Sell
Sell
Strong Buy
Sell
Strong Buy
Buy
Sell
Strong Buy
Strong Buy
Buy
Buy
Buy
Sell
Sell
Sell
Sell

Target
30
298
739
268
38
4
112
415
-62
1341
321
365
448
61
97
2798
542
29

Beta
0.72
0.52
1.30
0.97
1.56
0.94
1.05
0.67
0.88
0.47
1.28
0.97
0.74
1.04
0.44
0.72
0.56
1.31

eta measures a shares

volatility/risk relative to
market (see below)

Beta is a measure of a stock's volatility or risk relative to its market. The market has a beta
of 1.0 and individual shares are attributed a beta according to how much they deviate from
the market. This can be summarised as:
eta <1.0

Share should move by less than market (i.e., less risk/lower reward)

eta =1.0

Share should move in line with the market (i.e., market neutral)

eta >1.0

Share should move by more than market (i.e., higher risk/higher reward)

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

15 March 2013
+44 20 3239 8994

Page 5 of 17

Over Valued

Aerospace & Defence

Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BAE SYSTEMS

383.30

270.90

383.30

Neutral

Strong Buy

587

0.66

CHEMRING GROUP

262.60

217.00

442.00

Neutral

Strong Buy

609

0.66

COBHAM

239.40

190.10

239.50

Neutral

Buy

282

0.83

MEGGITT

485.00

364.30

490.10

Neutral

Sell

397

1.32

ROLLS-ROYCE HOLDINGS

1088.00

781.16

1088.00

Neutral

Sell

685

1.07

SMITHS GROUP

1313.00

979.50

1314.00

Neutral

Sell

1015

0.71

ULTRA ELECTRONICS HDG.

1739.00

1424.00

1780.00

Neutral

Sell

1517

0.51

Beta

Unde r V a lue d

Automobiles & Parts

Stock

Target

Price

12M Lo

12M Hi

ST Rec

LT Rec

GKN

275.10

173.60

285.00

Neutral

Neutral

Target
263

2.00

INCHCAPE

517.50

305.20

530.00

Neutral

Neutral

506

1.48

LOOKERS

95.50

56.50

95.50

Neutral

Buy

107

1.24

PENDRAGON

24.25

13.25

24.25

Neutral

Buy

34

1.12

Over Valued

Banks
Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

BARCLAYS

317.90

150.55

327.35

Neutral

Sell

Target
232

Beta
1.93

HSBC HDG. (ORD $0.50)

740.00

503.20

740.00

Neutral

Strong Buy

1117

1.17
1.87

LLOYDS BANKING GROUP

50.76

25.29

55.68

Sell

Buy

60

ROYAL BANK OF SCTL.GP.

304.50

196.60

367.80

Neutral

Sell

-128

1.34

STANDARD CHARTERED

1769.00

1228.50

1837.50

Neutral

Sell

1502

1.70

Under Valued

Beverages
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

510.00

348.00

557.00

Neutral

Buy

563

0.55

DIAGEO

2018.50

1477.00

2018.50

Neutral

Sell

1761

0.55

SABMILLER

3509.50

2348.50

3509.50

Sell

Buy

3991

0.95

BARR (AG)

Beta

Under Valued

Chemicals
Stock

Target

Price

12M Lo

12M Hi

ST Rec

LT Rec

AZ ELECTRONIC MATS.(DI)

405.90

267.60

405.90

Neutral

Strong Buy

731

CARCLO

449.00

330.00

503.00

Neutral

Neutral

447

0.74

2690.00

2050.00

2690.00

Neutral

Sell

2168

1.04

CRODA INTERNATIONAL

Target

Beta
#NA

265.50

179.00

265.50

Neutral

Buy

375

1.00

JOHNSON MATTHEY

2336.00

2080.27

2573.00

Neutral

Strong Buy

13209

1.44

VICTREX

ELEMENTIS

1715.00

1185.00

1717.00

Neutral

Sell

1548

1.13

SYNTHOMER

224.50

127.40

251.00

Neutral

Neutral

240

1.16

ZOTEFOAMS

202.00

157.00

225.00

Neutral

Strong Buy

419

0.99

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

15 March 2013
+44 20 3239 8994

Page 6 of 17

Under Valued

Construction & Building Materials

Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ALUMASC GROUP

98.00

61.50

104.00

Neutral

Strong Buy

255

0.51

BALFOUR BEATTY

265.90

237.90

320.80

Neutral

Strong Buy

1040

0.79

BARRATT DEVELOPMENTS

Target

Beta

239.40

114.00

244.90

Neutral

Strong Buy

483

1.50

BELLWAY

1159.00

660.00

1175.00

Neutral

Strong Buy

2001

1.11

BERKELEY GROUP HDG.(THE)

1962.00

1177.00

1966.00

Neutral

Strong Buy

3364

0.64

BOOT (HENRY)

164.50

115.50

167.50

Neutral

Strong Buy

350

0.83

BOVIS HOMES GROUP

661.00

399.30

681.50

Neutral

Sell

591

1.14

CARILLION

290.00

235.50

331.80

Neutral

Strong Buy

853

1.10

CLARKE (T)

52.75

40.00

61.50

Neutral

Strong Buy

282

0.82

286.50

188.00

295.00

Neutral

Strong Buy

551

0.57

1540.00

1052.00

1540.00

Neutral

Sell

778

1.14

946.50

579.00

965.00

Neutral

Strong Buy

1799

0.99

COSTAIN GROUP
CRH
GALLIFORD TRY
KELLER

793.00

348.25

830.00

Neutral

Strong Buy

2179

1.25

1240.00

1095.00

1408.00

Neutral

Strong Buy

3480

0.94

72.50

49.00

73.50

Neutral

Strong Buy

214

1.07

MARSHALLS

114.00

76.00

114.00

Neutral

Strong Buy

302

1.37

MORGAN SINDALL GROUP

543.00

508.00

695.00

Neutral

Strong Buy

3528

0.86

KIER GROUP
LOW & BONAR

NORCROS

14.75

9.25

16.75

Neutral

Strong Buy

36

1.11

PERSIMMON

965.50

532.00

965.50

Neutral

Buy

1182

1.15

REDROW

178.00

107.30

195.80

Neutral

Strong Buy

308

1.05

SIG

153.10

82.30

153.10

Neutral

Strong Buy

511

1.74

4.13

4.13

21.50

Neutral

Strong Buy

45

0.89

84.90

40.28

85.20

Neutral

Buy

101

1.58

SUPERGLASS HOLDINGS
TAYLOR WIMPEY
TRAVIS PERKINS

1329.00

906.50

1339.00

Neutral

Strong Buy

2739

1.97

WOLSELEY

3328.00

2121.32

3328.00

Neutral

Strong Buy

5609

1.43

Over Valued

Electronics & Electrical Equipment

Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

1350.00

900.00

1350.00

Neutral

Sell

782

0.78

DOMINO PRINTING SCIENCES

695.00

509.00

717.00

Neutral

Buy

861

1.18

E2V TECHNOLOGIES

123.00

105.50

149.50

Neutral

Strong Buy

249

1.30

INVENSYS

361.00

186.10

366.80

Neutral

Neutral

347

1.42

LAIRD

232.00

177.00

249.30

Neutral

Sell

88

2.12

OXFORD INSTRUMENTS

1675.00

1096.00

1752.00

Neutral

Sell

1195

1.01

RENISHAW

1885.00

1260.00

2081.00

Neutral

Buy

2444

1.26

SPECTRIS

2463.00

1427.00

2463.00

Neutral

Sell

2238

1.52

0.08

0.08

0.22

Buy

Strong Buy

0.84

TT ELECTRONICS

172.50

114.00

190.00

Neutral

Strong Buy

403

1.59

XAAR

344.00

185.00

348.00

Neutral

Sell

233

1.11

DIALIGHT

BIOME TECHNOLOGIES

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

15 March 2013
+44 20 3239 8994

Page 7 of 17

Over Valued

Engineering & Machinery

Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

AGA RANGEMASTER GROUP

87.75

54.25

92.00

Neutral

Buy

109

1.26

BODYCOTE

553.50

310.30

556.50

Neutral

Neutral

531

1.61

CASTINGS

345.00

277.75

358.50

Neutral

Strong Buy

729

0.99

VESUVIUS

391.00

263.19

395.30

Neutral

Buy

514

2.19

FENNER

417.30

329.30

473.80

Neutral

Buy

580

1.42

HALMA

517.50

373.10

518.00

Neutral

Sell

410

0.75

HILL & SMITH

447.00

297.00

480.00

Neutral

Sell

349

1.37

1342.00

776.00

1342.00

Sell

Neutral

1429

1.40

IMI
METALRAX GROUP
MORGAN CRUCIBLE
ROTORK
SENIOR
SEVERFIELD-ROWEN
SPIRAX-SARCO

Target

Beta

3.00

2.93

8.95

Neutral

Neutral

0.85

304.50

220.30

341.00

Neutral

Strong Buy

567

1.82

2948.00

1859.00

2954.00

Neutral

Sell

2217

1.00

242.00

177.00

248.90

Neutral

Neutral

232

1.65

71.25

68.00

203.50

Neutral

Neutral

75

0.73

2728.00

1900.00

2728.00

Sell

Sell

2379

0.84

VITEC GROUP

638.00

586.50

740.00

Neutral

Neutral

628

1.39

WEIR GROUP

2441.00

1397.00

2474.00

Neutral

Sell

2130

1.39

Over Valued

Food & Drug Stores

Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

GREGGS

502.50

449.00

549.50

Neutral

Buy

712

0.47

MORRISON(WM)SPMKTS.

276.20

248.60

305.70

Neutral

Sell

208

0.39

SAINSBURY (J)

358.00

283.50

361.10

Neutral

Sell

230

0.58

TESCO

385.95

297.05

385.95

Neutral

Sell

294

0.69

67.00

18.88

67.00

Neutral

Sell

46

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

1902.00

1167.00

1902.00

Neutral

Sell

1459

0.62

CRANSWICK

1000.00

732.50

1011.00

Neutral

Buy

1428

0.49

DAIRY CREST

422.70

290.40

438.00

Neutral

Sell

394

0.92

DEVRO

347.00

278.00

380.00

Neutral

Neutral

334

0.31

82.75

54.50

180.00

Neutral

Sell

-167

1.25

PREMIER FOODS
TATE & LYLE
UNILEVER (UK)

839.00

633.50

840.00

Neutral

Buy

1033

0.70

2748.00

2005.00

2750.00

Neutral

Buy

3499

0.57

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

15 March 2013
+44 20 3239 8994

Page 8 of 17

Under Valued

General Retail
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ASHLEY(LAURA) HOLDINGS

29.50

20.50

29.50

Neutral

Buy

33

0.69

405.50

222.40

405.90

Neutral

Sell

360

0.53

1455.00

1000.00

1586.00

Neutral

Sell

978

1.27

650.00

585.00

728.50

Neutral

Sell

281

0.94

34.95

12.67

34.95

Neutral

Neutral

37

1.50

7.45

2.76

9.30

Neutral

Sell

1.08

27.75

19.50

52.25

Sell

Strong Buy

110

0.98

HALFORDS GROUP

320.30

189.00

356.80

Neutral

Strong Buy

498

0.67

JD SPORTS FASHION

802.50

606.50

841.00

Neutral

Strong Buy

1517

0.52

BROWN (N) GROUP

BURBERRY GROUP
CARPETRIGHT
DIXONS RETAIL
FINDEL
FRENCH CONNECTN.GROUP

Target

Beta

39.00

38.00

77.25

Neutral

Strong Buy

82

1.24

KINGFISHER

286.90

254.10

313.80

Neutral

Buy

390

0.92

MARKS & SPENCER GROUP

371.60

312.20

398.80

Neutral

Buy

515

0.64

67.00

42.00

71.00

Neutral

Sell

60

1.04

291.25

152.00

362.00

Neutral

Buy

340

0.46

NEXT

4150.00

2894.00

4247.00

Neutral

Sell

3713

0.66

TED BAKER

1248.00

775.00

1263.00

Neutral

Sell

654

0.55

64.00

32.13

68.00

Neutral

Sell

51

1.48

DARTY

MOSS BROTHERS GROUP

MOTHERCARE

TOPPS TILES

Over Valued

Heath
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BIOQUELL

136.50

119.00

160.00

Neutral

Sell

Target
106

0.45

CONSORT MEDICAL

758.00

584.00

831.50

Neutral

Sell

595

0.40

OPTOS

201.00

160.00

279.25

Neutral

Sell

178

1.21

SMITH & NEPHEW

751.50

580.00

751.50

Neutral

Sell

687

0.41

Over Valued

Household Goods & Textiles

Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

GAMES WORKSHOP

617.50

530.00

720.50

Neutral

Neutral

604

0.43

HEADLAM GROUP

335.00

263.00

355.00

Neutral

Sell

289

0.92

74.50

55.25

103.00

Neutral

Buy

101

0.75

HORNBY

Target

Over Valued

Information Technology & Hardware

Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

ARM HOLDINGS

922.50

469.00

971.50

Neutral

Sell

589

0.74

CSR

486.10

194.60

492.80

Neutral

Strong Buy

1356

1.17

FILTRONIC
IMAGINATION TECHNOLOGIES

Target

Beta

67.50

23.50

83.25

Neutral

Sell

51

0.90

540.00

383.50

717.00

Neutral

Neutral

542

1.08

SPIRENT COMMUNICATIONS

154.40

139.20

174.00

Neutral

Strong Buy

694

0.95

WOLFSON MICROELECTRONICS

195.00

165.75

230.00

Neutral

Sell

-541

0.91

Intellisys Intelligent Analysis Limited

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15 March 2013
+44 20 3239 8994

Page 9 of 17

Under Valued

Insurance
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

1340.00

1019.00

1359.00

Neutral

Sell

-760

0.54

AMLIN

431.30

312.90

431.50

Neutral

Sell

-3126

0.46

BEAZLEY

212.30

132.50

215.40

Neutral

Strong Buy

2631

0.59

CATLIN GROUP

524.50

399.00

540.00

Neutral

Buy

782

0.30

HISCOX

559.00

371.30

561.00

Neutral

Strong Buy

2106

0.48

ADMIRAL GROUP

JARDINE LLOYD THOMPSON

838.00

659.00

838.00

Neutral

Strong Buy

2956

0.31

RSA INSURANCE GROUP

118.60

97.65

136.30

Neutral

Strong Buy

1713

0.41

NOVAE GROUP

461.00

340.00

475.75

Neutral

Strong Buy

1940

0.47

Over Valued

Leisure & Hotels

Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

2430.00

1900.00

2628.00

Neutral

Strong Buy

3947

1.00

ENTERPRISE INNS

111.00

50.25

114.70

Neutral

Sell

86

1.59

TUI TRAVEL

319.20

158.00

330.00

Neutral

Strong Buy

795

0.99

FULLER SMITH 'A'

807.50

680.00

810.00

Neutral

Sell

668

0.38

GREENE KING

716.00

474.30

716.00

Neutral

Sell

633

0.90

LADBROKES

240.20

152.50

243.10

Neutral

Sell

185

0.94

2022.00

1396.63

2022.00

Neutral

Sell

1649

1.17

CARNIVAL

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

562.50

455.40

568.50

Neutral

Buy

624

1.38

MITCHELLS & BUTLERS

350.10

217.40

350.10

Neutral

Sell

308

1.08

BWIN PARTY DIGITAL ENTM.

151.50

91.90

162.60

Neutral

Sell

87

1.25

11.00

5.61

13.12

Neutral

Strong Buy

52

1.25

167.50

111.00

167.50

Neutral

Strong Buy

508

1.00
0.74

PUNCH TAVERNS
RANK GROUP
RESTAURANT GROUP

449.10

269.20

449.10

Neutral

Sell

323

WETHERSPOON (JD)

510.00

371.30

548.50

Neutral

Buy

751

0.68

WHITBREAD

2620.00

1710.00

2692.00

Neutral

Sell

1964

0.99

WILLIAM HILL

405.50

243.10

443.30

Neutral

Sell

282

0.86

MARSTON'S

142.00

94.40

143.00

Neutral

Sell

27

1.19

Over Valued

Life Assurance
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

AVIVA

328.40

255.30

388.40

Neutral

Strong Buy

1201

1.25

CHESNARA

228.50

155.25

233.50

Neutral

Strong Buy

361

0.70

LEGAL & GENERAL

173.60

106.00

173.60

Sell

Strong Buy

303

1.70

OLD MUTUAL

211.00

138.70

211.40

Neutral

Sell

179

1.57

PRUDENTIAL

1155.00

660.00

1155.00

Sell

Sell

986

1.70

519.50

303.40

537.00

Neutral

Sell

439

0.85

ST.JAMES'S PLACE

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

15 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

239.60

153.20

239.60

Neutral

Sell

-571

1.28

BLOOMSBURY PBL.

106.75

102.00

146.50

Buy

Strong Buy

1609

0.35

BRITISH SKY BCAST.GROUP

881.00

635.50

888.50

Neutral

Strong Buy

140

0.54

46.00

28.50

60.00

Neutral

Strong Buy

3096

1.01

CENTAUR MEDIA
DAILY MAIL 'A'

711.00

363.50

722.00

Neutral

Strong Buy

6569

1.12

EUROMONEY INSTL.INVESTOR

909.00

672.50

951.50

Neutral

Sell

-65

0.98

INFORMA

519.50

340.00

525.50

Neutral

Strong Buy

238

1.53

ITE GROUP

284.20

180.00

284.20

Neutral

Strong Buy

1241

1.44

ITV

132.30

69.45

132.30

Neutral

Strong Buy

1592

1.54

13.25

4.88

15.00

Neutral

Buy

299

1.25

1204.00

1111.00

1294.00

Neutral

Strong Buy

2407

0.63

JOHNSTON PRESS
PEARSON
PHOTO-ME INTL.
PINEWOOD SHEPPERTON

79.00

36.25

80.00

Neutral

Buy

442

0.79

274.00

257.50

377.50

Neutral

Sell

-570

0.16
0.52

31.99

26.85

32.06

Neutral

Sell

260

STV GROUP

141.00

81.50

146.88

Neutral

Strong Buy

705

0.78

ST.IVES

136.50

67.50

137.25

Neutral

Sell

-268

1.49

THOMSON REUTERS

TRINITY MIRROR

95.50

25.50

121.25

Neutral

Strong Buy

1630

1.57

UBM

731.00

511.00

788.00

Neutral

Strong Buy

1225

1.31

WILMINGTON GROUP

157.00

82.00

164.00

Neutral

Sell

171

0.85

WPP

1081.00

743.00

1092.00

Neutral

Strong Buy

772

1.34

HIBU

0.40

0.26

4.15

Neutral

Sell

1.06

Under Valued

Mining
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

1863.50

1664.00

2618.00

Neutral

Strong Buy

3093

1.75

264.50

221.25

340.00

Neutral

Buy

296

0.99

ANTOFAGASTA

1088.00

991.00

1381.00

Neutral

Sell

1006

1.42

BHP BILLITON

2093.00

1681.00

2236.00

Neutral

Strong Buy

3686

1.45

324.80

240.84

599.98

Neutral

Sell

44

2.04

RANDGOLD RESOURCES

5515.00

4596.00

7775.00

Neutral

Sell

3101

0.34

RIO TINTO

3311.00

2715.50

3757.00

Neutral

Buy

3696

1.51

4.63

3.75

22.50

Neutral

Strong Buy

177

0.89

832.50

1418.00

Neutral

Strong Buy

2644

2.21

785.80

1205.00

Neutral

Sell

1094

1.87

ANGLO AMERICAN
ANGLO PACIFIC GROUP

LONMIN

COALFIELD RESOURCES
VEDANTA RESOURCES
XSTRATA

1167.00

Under Valued

Oil & Gas

Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

1190.00

1000.50

1547.00

Neutral

Neutral

1286

0.81

BP

451.05

391.95

492.75

Neutral

Strong Buy

1615

1.05

CAIRN ENERGY

289.30

248.20

349.00

Neutral

Sell

-38

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

Strong Buy

16

0.91

924.00

688.00

968.00

Neutral

Sell

549

1.32
1.36

72.50

55.00

187.75

Neutral

Strong Buy

311

395.00

321.30

429.00

Neutral

Sell

310

1.44

2268.00

2039.00

2366.50

Neutral

Strong Buy

11469

0.86

399.50

254.90

400.00

Neutral

Sell

264

0.52

1266.00

1138.00

1570.00

Neutral

Sell

835

1.06

865.50

651.50

875.50

Neutral

Neutral

882

1.36

Intellisys Intelligent Analysis Limited

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15 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

140.00

102.70

146.75

Neutral

Strong Buy

276

PZ CUSSONS

409.90

296.10

415.60

Neutral

Sell

344

0.69

4667.00

3300.00

4683.00

Neutral

Neutral

4709

0.36

RECKITT BENCKISER GROUP

Target

0.83

Over Valued

Pharmaceuticals & Biotechnology

Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

0.90

0.60

3.98

Buy

Strong Buy

1.01

3074.00

2591.00

3168.00

Neutral

Buy

4586

0.48

BTG

342.00

300.30

423.00

Neutral

Sell

189

0.62

DECHRA PHARMACEUTICALS

720.50

418.33

743.00

Neutral

Buy

931

0.26

1497.50

1317.50

1507.50

Neutral

Sell

762

0.49

OXFORD BIOMEDICA

1.93

1.85

5.80

Buy

Strong Buy

0.64

PHYTOPHARM

1.70

1.70

12.75

Buy

Buy

0.94

2064.00

1727.00

2177.00

Neutral

Sell

1024

0.65

ARK THERAPEUTICS GP.

ASTRAZENECA

GLAXOSMITHKLINE

SHIRE

Target

Beta

SKYEPHARMA

58.50

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

379.00

274.50

387.50

Neutral

Sell

-571

1.15

BRITISH LAND

558.50

467.10

585.50

Neutral

Strong Buy

1609

1.03

30.00

22.75

34.25

Sell

Strong Buy

140

0.82

835.00

595.00

859.00

Neutral

Strong Buy

3096

0.69

DERWENT LONDON

2204.00

1689.00

2239.00

Neutral

Strong Buy

6569

1.21

DEVELOPMENT SECS.

152.50

121.75

176.00

Neutral

Sell

-65

0.97

GRAINGER

135.00

83.10

139.40

Neutral

Strong Buy

238

1.54

GREAT PORTLAND ESTATES

503.00

345.60

514.00

Sell

Strong Buy

1241

1.06
1.16

CAPITAL & REGIONAL

CLS HOLDINGS

HAMMERSON

508.00

404.50

525.00

Neutral

Strong Buy

1592

HELICAL BAR

240.00

164.00

249.75

Neutral

Buy

299

0.75

LAND SECURITIES GROUP

826.00

704.00

849.00

Neutral

Strong Buy

2407

1.15

INTU PROPERTIES

331.00

305.00

366.00

Neutral

Buy

442

1.08

MCKAY SECURITIES

143.00

125.00

145.00

Neutral

Sell

-570

0.72

MUCKLOW (A & J) GROUP

357.75

310.00

390.00

Neutral

Sell

260

0.42

PRIMARY HEALTH PROPS.

330.50

311.00

364.50

Neutral

Strong Buy

705

0.35

66.00

32.50

70.00

Neutral

Sell

-268

1.17

QUINTAIN ESTATES & DEV.

SAVILLS

595.00

300.80

595.00

Neutral

Strong Buy

1630

0.74

SHAFTESBURY

592.50

482.20

592.50

Neutral

Strong Buy

1225

1.03

SEGRO

270.10

209.40

270.10

Neutral

Sell

171

1.70

ST MODWEN PROPS.

266.00

145.50

280.20

Neutral

Strong Buy

772

1.55

TOWN CENTRE SECURITIES

205.00

147.00

215.00

Neutral

Sell

1.04

UNITE GROUP

319.50

180.25

319.50

Neutral

Sell

28

1.75

WARNER ESTATE
WORKSPACE GROUP

1.68

1.00

3.35

Sell

Sell

-962

1.02

344.00

213.25

363.20

Neutral

Sell

1.02

Intellisys Intelligent Analysis Limited

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15 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

131.00

111.00

162.00

Neutral

Neutral

125

0.76

2286.00

1469.00

2322.00

Neutral

Sell

1340

1.40

AVEVA GROUP

Target

Beta

COMPUTACENTER

484.60

292.40

514.50

Neutral

Strong Buy

1376

1.00

KOFAX

301.25

240.00

325.75

Neutral

Neutral

328

1.12

24.75

18.25

25.50

Neutral

Sell

23

0.83

MICRO FOCUS INTL.

688.50

426.17

702.00

Neutral

Buy

997

0.79

PHOENIX IT GROUP

157.00

135.00

231.75

Neutral

Strong Buy

318

0.74

76.00

70.25

89.00

Neutral

Sell

-96

0.52

1940.00

1275.00

1970.00

Neutral

Neutral

2123

0.77

346.00

247.70

352.10

Neutral

Buy

424

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.

424.60

237.30

441.90

Neutral

Sell

168

BREWIN DOLPHIN

197.00

136.30

222.00

Neutral

Sell

123

0.71

10500.00

9250.00

11105.00

Neutral

Sell

9832

0.83

CAMELLIA

Target

Beta
1.09

CHARLES STANLEY GROUP

362.75

247.50

371.50

Neutral

Sell

171

0.97

CHARLES TAYLOR

180.00

132.00

189.75

Neutral

Sell

101

0.68

CLOSE BROTHERS GROUP

1082.00

673.50

1089.00

Neutral

Sell

172

0.87

F&C ASSET MANAGEMENT

107.00

64.75

110.40

Neutral

Neutral

102

0.89

3.53

0.55

3.53

Sell

Strong Buy

40

0.68

HENDERSON GROUP

168.20

90.55

171.00

Neutral

Sell

49

1.44

ICAP

328.50

281.40

431.50

Neutral

Sell

199

1.07
1.68

HELPHIRE GROUP

INTERMEDIATE CAPITAL GP.

414.70

227.30

414.70

Neutral

Sell

202

INVESTEC

504.00

310.40

513.50

Neutral

Sell

92

1.55

1393.00

930.00

1411.00

Neutral

Strong Buy

3903

1.12

LONDON STOCK EX.GROUP

103.80

63.25

145.00

Neutral

Sell

93

1.32

RATHBONE BROTHERS

MAN GROUP

1470.00

1151.00

1472.00

Neutral

Sell

1117

0.74

SCHRODERS

2144.00

1166.00

2160.00

Neutral

Sell

1256

1.31

SCHRODERS NV

1717.00

966.00

1729.00

Neutral

Strong Buy

4217

1.27

Intellisys Intelligent Analysis Limited

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15 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

236.50

157.75

242.50

Neutral

Buy

306

0.93

AGGREKO

1965.00

1557.00

2400.00

Neutral

Sell

1307

1.04

AMEC

1064.00

923.00

1172.00

Neutral

Neutral

1088

1.04

583.50

212.20

591.50

Neutral

Sell

321

1.61

1095.00

743.50

1106.00

Neutral

Sell

673

0.48

500.00

317.00

508.00

Neutral

Strong Buy

815

0.77

1300.00

990.00

1320.00

Neutral

Sell

832

0.55

UK MAIL GROUP

380.00

214.00

380.00

Neutral

Buy

448

0.38

CAPITA

891.00

602.00

904.50

Neutral

Sell

530

0.50

53.00

25.34

53.50

Neutral

Buy

68

0.78

COMPASS GROUP

846.00

616.00

846.00

Neutral

Sell

612

0.74

BERENDSEN

750.00

462.00

750.00

Neutral

Buy

989

1.04

DE LA RUE

914.00

885.50

1075.00

Neutral

Sell

595

#NA

ASHTEAD GROUP
BABCOCK INTL.
BRITISH POLYTHENE INDS.
BUNZL

COMMUNISIS

Target

Beta

DIGNITY

1435.00

803.50

1435.00

Neutral

Sell

826

0.21

DIPLOMA

606.00

407.00

627.50

Neutral

Sell

492

0.95

ELECTROCOMP.

261.40

195.20

265.00

Neutral

Buy

325

1.03

FILTRONA

664.50

428.00

664.50

Neutral

Sell

361

1.10

G4S

302.70

240.00

307.50

Neutral

Neutral

295

0.58

98.00

66.40

100.00

Neutral

Buy

123

1.10

HOMESERVE

223.30

137.50

255.70

Neutral

Strong Buy

493

0.93

INTERSERVE

495.10

270.10

501.00

Neutral

Buy

697

1.27

3420.00

2406.00

3440.00

Neutral

Sell

1469

0.78

JOHNSON SERVICE GROUP

44.00

26.50

44.63

Neutral

Strong Buy

95

1.17

MANAGEMENT CNSL.GP.

28.50

21.25

39.50

Neutral

Strong Buy

56

0.71

MENZIES (JOHN)

775.00

542.00

785.00

Neutral

Strong Buy

1323

1.43

MICHAEL PAGE INTL.

446.40

341.40

497.00

Neutral

Sell

325

1.41

MITIE GROUP

294.10

253.90

300.80

Neutral

Buy

346

0.55

OFFICE2OFFICE

100.50

91.50

163.00

Neutral

Strong Buy

241

0.35

PAYPOINT

860.00

596.50

901.00

Neutral

Sell

700

0.70

PREMIER FARNELL

225.40

153.20

236.30

Neutral

Buy

293

1.32

REGUS

162.30

82.65

162.30

Neutral

Sell

108

1.45

90.50

69.40

97.95

Neutral

Sell

55

1.25

520.00

394.28

525.50

Neutral

Buy

644

0.91

HAYS

INTERTEK GROUP

RENTOKIL INITIAL
REXAM
RICARDO

412.00

304.50

412.00

Neutral

Buy

476

0.85

ROBERT WALTERS

215.00

176.25

264.63

Neutral

Buy

312

1.23

RPC GROUP

471.00

348.30

471.90

Neutral

Buy

541

0.78

RPS GROUP

260.00

197.00

260.00

Neutral

Neutral

250

1.50

SERCO GROUP

628.50

509.50

633.00

Neutral

Sell

586

0.59

SHANKS GROUP

81.50

75.80

102.20

Neutral

Strong Buy

170

1.46

SPEEDY HIRE

46.00

22.25

46.00

Neutral

Buy

53

1.25

134.00

70.00

134.00

Neutral

Sell

52

0.55

55.88

39.50

59.00

Neutral

Buy

62

0.92

343.00

234.75

354.88

Neutral

Strong Buy

629

0.86

71.00

42.00

75.00

Neutral

Strong Buy

186

0.78

TRIBAL GROUP
TRIFAST
VP
WYG

Intellisys Intelligent Analysis Limited

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15 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

277.40

200.70

281.00

Neutral

Buy

Target
307

Beta

42.00

27.28

42.63

Neutral

Strong Buy

77

0.69

696.00

390.80

696.00

Neutral

Sell

581

0.53

0.90

KCOM GROUP

80.75

67.00

85.20

Neutral

Buy

119

1.24

TELECOM PLUS

995.50

655.50

1010.00

Neutral

Sell

660

0.11

VODAFONE GROUP

184.55

154.45

191.25

Neutral

Sell

156

0.54

Under Valued

Transport
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BBA AVIATION

262.80

178.00

262.80

Neutral

Sell

Target
189

Beta

BRAEMAR SHIPPING SVS.

389.00

309.50

425.00

Neutral

Buy

436

0.98

CLARKSON

1490.00

1150.00

1515.00

Neutral

Neutral

1419

0.81

EASYJET

1.29

1069.00

443.80

1071.00

Neutral

Sell

638

0.74

FIRST GROUP

200.50

175.70

297.00

Neutral

Strong Buy

524

0.90

FISHER(JAMES)& SONS

962.00

535.00

962.00

Neutral

Sell

371

0.77

1481.00

1086.00

1481.00

Neutral

Buy

1752

0.89

GO-AHEAD GROUP
NATIONAL EXPRESS

213.70

164.50

252.00

Neutral

Buy

236

1.33

NORTHGATE

302.25

159.60

350.00

Neutral

Strong Buy

578

1.40

STAGECOACH GROUP

306.30

230.40

319.60

Neutral

Buy

346

0.89

53.50

31.00

81.50

Sell

Sell

-40

0.90

WINCANTON

Under Valued

Utilities
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

CENTRICA

355.60

306.30

361.40

Neutral

Buy

479

0.46

NATIONAL GRID

744.00

626.00

744.00

Neutral

Buy

821

0.49

PENNON GROUP

631.50

598.00

796.00

Neutral

Buy

766

0.58

SSE

1470.00

1294.00

1470.00

Neutral

Buy

1729

0.42

SEVERN TRENT

1643.00

1507.00

1796.00

Neutral

Sell

1480

0.34

702.50

594.00

747.50

Neutral

Sell

656

0.50

UNITED UTILITIES GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

15 March 2013
+44 20 3239 8994

Page 15 of 17

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