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08 July 2013

Contents
Introduction .................................................................................................................................3
Value ...........................................................................................................................................4
Conclusion ..................................................................................................................................4
RISK WARNING Ratings and Targets ....................................................................................4
How to use the report .................................................................................................................5
Under 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

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

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

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

Over 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

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

Under Valued ................................................................ 11

Media & Entertainment

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

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

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

Pharmaceuticals & Biotechnology

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

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

Under 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 July 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

08 July 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 must contact your financial adviser as these types of investments may
not be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well as
rise and you may not get back the full amount you originally invested. If denominated in a foreign currency,
fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them.
Past performance is not necessarily a guide to future performance.

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

08 July 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

08 July 2013
+44 20 3239 8994

Page 5 of 17

Under Valued

Aerospace & Defence

Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BAE SYSTEMS

408.00

292.90

427.00

Neutral

Buy

Target
588

Beta
0.68

CHEMRING GROUP

288.40

217.00

414.70

Neutral

Buy

344

0.66

COBHAM

283.40

190.10

293.40

Neutral

Neutral

292

0.83

MEGGITT

543.00

366.20

550.00

Neutral

Neutral

519

1.30

ROLLS-ROYCE HOLDINGS

1193.00

799.39

1225.00

Neutral

Neutral

1162

1.01

SMITHS GROUP

1346.00

1011.00

1390.00

Neutral

Sell

1132

0.77

ULTRA ELECTRONICS HDG.

1768.00

1424.00

1843.00

Neutral

Sell

1672

0.51

Unde r V a lue d

Automobiles & Parts

Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

GKN

319.30

200.70

322.10

Neutral

Neutral

312

1.96

INCHCAPE

512.50

344.70

577.50

Neutral

Neutral

550

1.42

LOOKERS

107.50

64.00

110.00

Neutral

Sell

95

1.23

26.00

13.50

26.75

Neutral

Buy

37

1.11

PENDRAGON

Target

Over Valued

Banks
Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

BARCLAYS

291.50

150.55

333.85

Neutral

Sell

-839

1.94

HSBC HDG. (ORD $0.50)

712.50

510.60

769.90

Neutral

Buy

841

1.16

64.63

28.76

65.86

Sell

Sell

1.86

LLOYDS BANKING GROUP

ROYAL BANK OF SCTL.GP.

276.70

196.60

367.80

Neutral

Sell

-168

1.37

STANDARD CHARTERED

1470.00

1228.50

1837.50

Neutral

Strong Buy

3320

1.65

Under Valued

Beverages
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

535.50

413.50

588.50

Neutral

Sell

476

0.58

DIAGEO

1961.50

1648.50

2085.00

Neutral

Neutral

2139

0.53

SABMILLER

3212.00

2599.00

3657.00

Neutral

Buy

4255

0.93

BARR (AG)

Target

Beta

Under Valued

Chemicals
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ALENT

348.40

305.00

397.50

Neutral

Buy

432

#NA

AZ ELECTRONIC MATS.(DI)

333.00

240.00

406.40

Neutral

Strong Buy

536

1.21

CARCLO

353.00

342.75

503.00

Neutral

Sell

143

0.76

2528.00

2164.00

2841.00

Neutral

Buy

3277

1.06

221.40

179.00

275.00

Neutral

Buy

306

1.04
1.44

CRODA INTERNATIONAL
ELEMENTIS

Target

Beta

JOHNSON MATTHEY

2761.00

2080.27

2786.00

Neutral

Strong Buy

4372

VICTREX

1555.00

1185.00

1765.00

Neutral

Sell

1357

1.19

SYNTHOMER

189.00

127.40

225.80

Neutral

Strong Buy

373

1.11

ZOTEFOAMS

204.50

161.00

225.00

Neutral

Buy

286

0.99

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

08 July 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

92.00

61.50

104.00

Neutral

Strong Buy

Target
265

Beta

BALFOUR BEATTY

215.90

207.60

320.80

Neutral

Strong Buy

1081

0.83

BARRATT DEVELOPMENTS

330.70

132.20

346.30

Neutral

Strong Buy

581

1.61
1.00

0.52

BELLWAY

1364.00

801.50

1377.00

Neutral

Strong Buy

2732

BERKELEY GROUP HDG.(THE)

2226.00

1343.00

2231.00

Neutral

Strong Buy

3350

0.57

BOOT (HENRY)

175.50

115.50

201.00

Neutral

Strong Buy

348

0.76
1.11

BOVIS HOMES GROUP

775.00

451.00

778.50

Neutral

Buy

1001

CARILLION

263.10

235.50

331.80

Neutral

Strong Buy

1470

1.10

CLARKE (T)

51.50

40.00

61.50

Neutral

Strong Buy

370

0.80

283.00

202.00

306.00

Neutral

Strong Buy

1080

0.51

CRH

COSTAIN GROUP

1315.00

1090.00

1540.00

Neutral

Sell

861

1.05

GALLIFORD TRY

1000.00

606.00

1000.00

Neutral

Strong Buy

2815

0.95

KELLER

1031.00

368.50

1031.00

Neutral

Strong Buy

2278

1.26

KIER GROUP

1268.00

1106.00

1408.00

Neutral

Strong Buy

5361

0.94

66.00

50.00

76.75

Neutral

Strong Buy

215

1.05
1.32

LOW & BONAR

MARSHALLS

138.50

76.00

142.00

Neutral

Buy

194

MORGAN SINDALL GROUP

616.00

508.00

695.00

Neutral

Strong Buy

4334

0.69

16.50

10.63

18.25

Neutral

Strong Buy

58

1.07

NORCROS

1256.00

565.78

1280.00

Neutral

Strong Buy

1915

1.04

REDROW

PERSIMMON

245.60

125.00

245.60

Sell

Strong Buy

435

0.89

SIG

170.30

88.85

179.20

Neutral

Strong Buy

504

1.72

44.00

44.00

325.00

Neutral

Strong Buy

4075

0.88

102.80

42.72

103.80

Neutral

Strong Buy

217

1.62

SUPERGLASS HOLDINGS
TAYLOR WIMPEY
TRAVIS PERKINS

1556.00

970.50

1611.00

Neutral

Strong Buy

4209

1.92

WOLSELEY

3152.00

2237.39

3483.00

Neutral

Strong Buy

5734

1.37

Under Valued

Electronics & Electrical Equipment

Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

1116.00

994.50

1365.00

Neutral

Sell

1014

0.69

DOMINO PRINTING SCIENCES

641.50

522.00

717.00

Neutral

Buy

772

1.16

E2V TECHNOLOGIES

118.50

105.50

138.25

Neutral

Strong Buy

220

1.27

INVENSYS

421.10

217.33

426.30

Neutral

Sell

319

1.36

LAIRD

179.00

171.10

249.30

Neutral

Buy

243

2.12

OXFORD INSTRUMENTS

1236.00

1200.00

1752.00

Neutral

Sell

1082

1.11

RENISHAW

1540.00

1260.00

2081.00

Neutral

Strong Buy

2420

1.30

SPECTRIS

1991.00

1459.00

2470.00

Neutral

Buy

2408

1.52

0.08

0.07

0.13

Neutral

Sell

-0

0.75

TT ELECTRONICS

164.00

114.00

178.50

Neutral

Buy

238

1.61

XAAR

840.00

226.75

840.00

Sell

Sell

368

1.09

DIALIGHT

BIOME TECHNOLOGIES

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

08 July 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

85.00

54.25

91.75

Neutral

Buy

119

1.18

BODYCOTE

536.00

310.30

563.00

Neutral

Buy

612

1.58

CASTINGS

386.50

291.00

394.75

Neutral

Strong Buy

634

0.94

VESUVIUS

379.50

263.19

402.10

Neutral

Strong Buy

902

2.23

FENNER

305.90

305.90

435.20

Neutral

Strong Buy

512

1.46

HALMA

524.50

395.50

538.50

Neutral

Sell

362

0.77

HILL & SMITH

442.00

297.00

480.00

Neutral

Buy

487

1.36

1308.00

776.00

1359.00

Neutral

Strong Buy

6815

1.40

265.80

220.30

305.00

Neutral

Sell

129

1.87

2797.00

2038.00

3037.00

Neutral

Sell

1436

1.03

270.70

177.00

280.80

Neutral

Sell

229

1.66
0.75

IMI
MORGAN ADVANCED MATERIAL
ROTORK
SENIOR
SEVERFIELD-ROWEN

Target

Beta

49.00

35.40

80.68

Neutral

Sell

37

SPIRAX-SARCO

2774.00

1903.48

2928.35

Neutral

Sell

2027

0.84

VITEC GROUP

576.50

574.50

740.00

Neutral

Sell

415

1.41

WEIR GROUP

2080.00

1491.00

2474.00

Neutral

Neutral

2048

1.47

Over Valued

Food & Drug Stores

Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

GREGGS

423.00

398.00

523.50

Neutral

Strong Buy

779

0.43

MORRISON(WM)SPMKTS.

272.50

248.60

296.40

Neutral

Buy

366

0.36

SAINSBURY (J)

372.50

306.50

396.50

Neutral

Buy

438

0.54

TESCO

341.15

307.90

387.75

Neutral

Sell

184

0.66

99.50

22.50

100.50

Sell

Sell

62

0.82

THORNTONS

Target

Over Valued

Food Producers & Processors

Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

ASSOCIATED BRIT.FOODS

1816.00

1243.00

2031.00

Neutral

Neutral

1814

0.59

CRANSWICK

1152.00

732.50

1178.00

Neutral

Strong Buy

1960

0.35

DAIRY CREST

473.00

327.30

503.50

Neutral

Sell

104

0.89

DEVRO

292.00

278.00

380.00

Neutral

Strong Buy

512

0.34

61.25

54.50

125.75

Neutral

Strong Buy

371

1.22

849.00

634.50

875.50

Neutral

Strong Buy

1365

0.68

2730.00

2127.00

2885.00

Neutral

Sell

1699

0.52

PREMIER FOODS
TATE & LYLE
UNILEVER (UK)

Intellisys Intelligent Analysis Limited

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08 July 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

25.38

20.50

29.50

Neutral

Buy

33

0.67

487.60

260.00

487.60

Sell

Sell

376

0.47

1404.00

1000.00

1541.00

Neutral

Sell

1030

1.27

630.00

585.00

701.50

Neutral

Sell

297

0.89

41.89

14.97

42.90

Neutral

Buy

48

1.46

180.00

55.20

186.00

Neutral

Sell

67

1.05

28.00

19.50

34.00

Sell

Strong Buy

110

1.00

HALFORDS GROUP

312.40

189.00

405.20

Neutral

Strong Buy

522

0.68

JD SPORTS FASHION

899.75

651.00

920.00

Neutral

Strong Buy

1606

0.51

BROWN (N) GROUP

BURBERRY GROUP
CARPETRIGHT
DIXONS RETAIL
FINDEL
FRENCH CONNECTN.GROUP

DARTY

Target

Beta

70.00

38.00

72.50

Neutral

Buy

101

1.19

KINGFISHER

366.80

254.10

368.60

Neutral

Neutral

394

0.87

MARKS & SPENCER GROUP

462.70

312.20

485.00

Sell

Buy

528

0.61

57.00

43.00

71.00

Neutral

Buy

67

0.98

456.75

190.50

456.75

Neutral

Neutral

482

0.38

NEXT

4740.00

3169.00

4749.00

Sell

Neutral

4642

0.59

TED BAKER

1750.00

880.00

1789.00

Sell

Sell

805

0.54

72.00

39.00

73.00

Neutral

Sell

55

1.50

MOSS BROTHERS GROUP

MOTHERCARE

TOPPS TILES

Over Valued

Heath
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BIOQUELL

135.00

129.50

160.00

Neutral

Sell

Target
117

0.39

CONSORT MEDICAL

817.00

660.50

839.00

Neutral

Sell

574

0.38

OPTOS

124.50

106.75

222.75

Neutral

Buy

161

1.23

SMITH & NEPHEW

756.00

638.00

794.50

Neutral

Sell

650

0.44

Over Valued

Household Goods & Textiles

Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

GAMES WORKSHOP

770.00

571.50

770.00

Neutral

Neutral

749

0.38

HEADLAM GROUP

362.13

265.00

378.75

Neutral

Sell

315

0.89

80.50

55.25

88.50

Neutral

Buy

108

0.71

HORNBY

Target

Over Valued

Information Technology & Hardware

Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

ARM HOLDINGS

841.00

469.00

1097.00

Neutral

Sell

424

0.70

CSR

586.50

218.30

586.50

Neutral

Strong Buy

1425

1.12

FILTRONIC
IMAGINATION TECHNOLOGIES

Target

Beta

58.00

28.38

83.25

Neutral

Sell

22

0.94

284.70

282.80

624.00

Neutral

Buy

328

1.09

SPIRENT COMMUNICATIONS

123.80

122.00

170.90

Neutral

Strong Buy

412

0.94

WOLFSON MICROELECTRONICS

154.00

152.00

230.00

Neutral

Sell

-629

0.96

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

08 July 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

1374.00

Neutral

Sell

-548

0.50

AMLIN

408.10

352.50

435.10

Neutral

Strong Buy

1618

0.39

BEAZLEY

233.80

142.00

241.30

Neutral

Strong Buy

1006

0.52

CATLIN GROUP

517.50

423.10

552.50

Neutral

Sell

473

0.22

HISCOX

585.00

425.94

600.00

Neutral

Strong Buy

2009

0.41

JARDINE LLOYD THOMPSON

899.00

693.50

917.00

Neutral

Buy

1277

0.33

RSA INSURANCE GROUP

123.00

107.30

136.30

Neutral

Strong Buy

769

0.39

NOVAE GROUP

500.00

345.00

507.50

Neutral

Strong Buy

3632

0.41

ADMIRAL GROUP

Over Valued

Leisure & Hotels

Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

2402.00

2083.00

2628.00

Neutral

Buy

3483

0.92

ENTERPRISE INNS

116.00

55.50

123.80

Neutral

Sell

108

1.62

TUI TRAVEL

370.10

165.20

373.20

Neutral

Strong Buy

713

0.96

FULLER SMITH 'A'

894.00

700.50

925.00

Neutral

Sell

601

0.25

GREENE KING

811.00

556.50

815.00

Neutral

Sell

616

0.85

LADBROKES

204.50

153.80

243.10

Neutral

Buy

259

0.87

1908.00

1503.75

2039.00

Neutral

Sell

1659

1.12

CARNIVAL

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

564.00

456.00

582.50

Neutral

Neutral

577

1.37

MITCHELLS & BUTLERS

380.00

250.50

408.50

Neutral

Sell

271

0.96

BWIN PARTY DIGITAL ENTM.

128.80

91.90

156.00

Neutral

Sell

61

1.23

13.37

5.61

13.75

Neutral

Strong Buy

72

1.18

157.50

115.00

177.50

Neutral

Strong Buy

567

0.97
0.70

PUNCH TAVERNS
RANK GROUP
RESTAURANT GROUP

517.00

302.60

531.00

Neutral

Sell

386

WETHERSPOON (JD)

665.50

416.60

666.00

Neutral

Neutral

684

0.56

WHITBREAD

3106.00

2038.00

3195.00

Neutral

Sell

2162

0.99

WILLIAM HILL

457.80

257.85

458.30

Neutral

Sell

254

0.79

MARSTON'S

146.20

104.20

154.70

Neutral

Sell

10

1.15

Under Valued

Life Assurance
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

AVIVA

349.30

268.30

388.40

Neutral

Neutral

333

1.17

CHESNARA

250.00

163.00

270.00

Neutral

Strong Buy

478

0.67

LEGAL & GENERAL

182.00

123.30

187.80

Sell

Strong Buy

454

1.70

OLD MUTUAL

186.60

151.90

221.60

Neutral

Strong Buy

380

1.52

PRUDENTIAL

1101.00

729.50

1203.00

Neutral

Neutral

1102

1.66

557.50

318.20

640.00

Neutral

Strong Buy

6395

0.82

ST.JAMES'S PLACE

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

08 July 2013
+44 20 3239 8994

Page 10 of 17

Under Valued

Media & Entertainment

Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

BLOOMSBURY PBL.

128.25

102.00

146.50

Neutral

Strong Buy

1100

0.38

BRITISH SKY BCAST.GROUP

815.00

677.50

899.50

Neutral

Strong Buy

1265

0.47

36.00

29.00

60.00

Neutral

Sell

-14

1.02

787.00

431.50

787.00

Neutral

Strong Buy

4050

1.07
0.98

CENTAUR MEDIA
DAILY MAIL 'A'
EUROMONEY INSTL.INVESTOR

1011.00

714.00

1040.00

Neutral

Strong Buy

5739

INFORMA

509.50

350.40

537.00

Neutral

Sell

-37

1.61

ITE GROUP

302.50

183.50

307.40

Neutral

Strong Buy

317

1.49

ITV

149.50

70.40

151.20

Neutral

Strong Buy

1419

1.44

16.00

4.94

19.00

Neutral

Strong Buy

877

1.22

1209.00

1119.00

1294.00

Neutral

Strong Buy

422

0.60

90.50

36.50

90.50

Neutral

Strong Buy

2726

0.87

278.50

265.00

350.00

Neutral

Strong Buy

979

0.12

34.40

26.85

36.45

Neutral

Strong Buy

481

0.51

STV GROUP

137.50

81.50

146.88

Neutral

Sell

295

0.82

ST.IVES

151.50

67.50

166.50

Neutral

Sell

285

1.48

TRINITY MIRROR

112.50

26.00

122.25

Neutral

Sell

-400

1.60

UBM

656.50

580.50

788.00

Neutral

Strong Buy

2525

1.31
0.86

JOHNSTON PRESS
PEARSON
PHOTO-ME INTL.
PINEWOOD SHEPPERTON
THOMSON REUTERS

WILMINGTON GROUP

163.00

82.00

166.50

Neutral

Strong Buy

1286

WPP

1155.00

784.50

1190.00

Neutral

Sell

-641

1.28

HIBU

0.33

0.26

2.18

Neutral

Strong Buy

970

0.98

Under Valued

Mining
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

1217.00

1207.00

2104.00

Buy

Sell

1030

1.84

ANGLO PACIFIC GROUP

175.25

161.00

290.00

Neutral

Neutral

171

1.07

ANTOFAGASTA

784.50

784.50

1381.00

Neutral

Sell

648

1.43

1666.50

1666.50

2236.00

Neutral

Buy

2134

1.49

GLENCORE XSTRATA

256.85

256.85

397.85

Buy

Strong Buy

806

#NA

LONMIN

270.70

240.84

411.96

Neutral

Buy

338

2.08

RANDGOLD RESOURCES

4050.00

3972.00

7775.00

Buy

Sell

2195

0.42

RIO TINTO

2636.00

2582.00

3757.00

Neutral

Sell

2006

1.54

2.90

8.85

Neutral

Strong Buy

119

0.94

832.50

1335.00

Neutral

Strong Buy

2033

2.25

ANGLO AMERICAN

BHP BILLITON

COALFIELD RESOURCES
VEDANTA RESOURCES

992.00

Under Valued

Oil & Gas

Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

1132.00

1000.50

1350.50

Neutral

Sell

838

BP

454.00

416.60

483.30

Neutral

Strong Buy

953

1.05

CAIRN ENERGY

261.30

251.80

309.40

Neutral

Sell

-7

1.35

BG GROUP

FORTUNE OIL
HUNTING
JKX OIL & GAS
PREMIER OIL
ROYAL DUTCH SHELL B
SOCO INTERNATIONAL
TULLOW OIL
WOOD GROUP (JOHN)

Beta
0.86

7.53

7.15

12.50

Buy

Strong Buy

97

0.87

820.00

704.50

941.00

Neutral

Sell

529

1.37
1.43

53.00

48.50

109.00

Neutral

Sell

-57

341.70

321.30

401.20

Neutral

Buy

385

1.47

2192.50

2098.00

2366.50

Neutral

Strong Buy

7799

0.86

350.00

310.60

404.30

Neutral

Buy

485

0.57

1048.00

977.00

1468.00

Neutral

Sell

666

1.08

854.50

716.50

879.50

Neutral

Sell

684

1.45

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

08 July 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

118.50

101.00

144.60

Neutral

Strong Buy

255

0.79

PZ CUSSONS

393.60

297.20

415.60

Neutral

Sell

324

0.68

4780.00

3417.00

4926.00

Neutral

Neutral

4826

0.30

RECKITT BENCKISER GROUP

Beta

Under Valued

Pharmaceuticals & Biotechnology

Stock

Target

Price

12M Lo

12M Hi

ST Rec

LT Rec

0.42

0.36

3.58

Buy

Sell

-2

0.89

3213.50

2792.50

3521.50

Neutral

Strong Buy

6406

0.49

BTG

379.50

300.30

423.00

Neutral

Sell

196

0.73

DECHRA PHARMACEUTICALS

734.00

473.00

780.00

Neutral

Neutral

717

0.20

1712.00

1317.50

1782.00

Neutral

Neutral

1678

0.51

OXFORD BIOMEDICA

1.58

1.55

2.80

Buy

Sell

0.60

PHYTOPHARM SUSP - 21/05/13

1.33

1.05

12.75

Buy

Strong Buy

0.96

2157.00

1727.00

2213.00

Neutral

Sell

1426

0.66

ARK THERAPEUTICS GP.

ASTRAZENECA

GLAXOSMITHKLINE

SHIRE

Target

Beta

SKYEPHARMA

68.50

43.50

101.50

Neutral

Sell

27

0.68

VERNALIS

19.88

19.50

27.38

Neutral

Sell

10

0.88

Under Valued

Real Estate
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

BIG YELLOW GROUP

421.00

290.40

426.70

Neutral

Strong Buy

1100

1.15

BRITISH LAND

591.50

506.00

658.00

Neutral

Strong Buy

1265

1.05

34.25

22.75

37.00

Sell

Sell

-14

0.68

989.00

641.00

1004.00

Neutral

Strong Buy

4050

0.72

DERWENT LONDON

2440.00

1871.00

2542.00

Sell

Strong Buy

5739

1.21

DEVELOPMENT SECS.

190.00

135.75

203.00

Neutral

Sell

-37

0.92

GRAINGER

158.80

85.50

158.80

Neutral

Strong Buy

317

1.54

CAPITAL & REGIONAL

CLS HOLDINGS

GREAT PORTLAND ESTATES

567.00

404.60

598.00

Neutral

Strong Buy

1419

1.05

HAMMERSON

513.50

448.00

554.00

Neutral

Strong Buy

877

1.24

HELICAL BAR

270.00

178.00

297.50

Neutral

Strong Buy

422

0.77

LAND SECURITIES GROUP

939.00

755.50

994.00

Neutral

Strong Buy

2726

1.14

INTU PROPERTIES

319.30

300.60

366.00

Neutral

Strong Buy

979

1.12

MCKAY SECURITIES

145.00

130.50

155.00

Neutral

Strong Buy

481

0.66

MUCKLOW (A & J) GROUP

361.75

325.00

437.50

Neutral

Sell

295

0.36

PRIMARY HEALTH PROPS.

320.00

312.50

363.53

Neutral

Sell

285

0.30

82.75

43.75

83.25

Sell

Sell

-400

1.04

SAVILLS

595.00

355.40

610.00

Neutral

Strong Buy

2525

0.73

SHAFTESBURY

622.50

516.00

668.00

Neutral

Strong Buy

1286

1.02

SEGRO

280.30

221.60

302.80

Neutral

Sell

-641

1.80

ST MODWEN PROPS.

295.00

172.00

329.10

Neutral

Strong Buy

970

1.57

QUINTAIN ESTATES & DEV.

TOWN CENTRE SECURITIES

188.00

156.00

223.00

Neutral

Sell

27

1.03

UNITE GROUP

382.00

201.25

387.50

Neutral

Strong Buy

2151

1.78

WARNER ESTATE
WORKSPACE GROUP

1.00

1.00

2.75

Buy

Sell

-1210

0.96

440.00

235.50

440.00

Neutral

Strong Buy

1513

0.98

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

08 July 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

134.00

113.00

162.00

Neutral

Sell

127

0.73

2282.00

1706.00

2420.00

Neutral

Sell

1459

1.49

AVEVA GROUP

Target

Beta

COMPUTACENTER

489.50

298.77

564.10

Neutral

Strong Buy

1378

0.88

KOFAX

333.00

251.00

340.00

Neutral

Neutral

333

1.07

28.00

18.25

28.25

Neutral

Sell

25

0.78

MICRO FOCUS INTL.

728.50

529.08

736.50

Neutral

Buy

1061

0.80

PHOENIX IT GROUP

157.00

130.00

222.00

Neutral

Strong Buy

318

0.71

64.63

64.00

85.50

Neutral

Sell

-107

0.49

1991.00

1275.00

2047.00

Neutral

Buy

2198

0.79

357.60

276.06

368.18

Neutral

Buy

441

0.71

INNOVATION GROUP

RM
FIDESSA GROUP
SAGE GROUP

Under Valued

Speciality & Other Finance

Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

ABERDEEN ASSET MAN.

387.30

244.80

492.10

Neutral

Strong Buy

1195

1.12

BREWIN DOLPHIN

249.50

144.00

249.50

Sell

Strong Buy

636

0.69

8911.00

8000.00

11105.00

Neutral

Strong Buy

92495

0.85

CAMELLIA
CHARLES STANLEY GROUP

404.00

256.00

410.88

Neutral

Strong Buy

1387

0.96

CHARLES TAYLOR

175.00

147.00

195.00

Neutral

Strong Buy

1065

0.68

CLOSE BROTHERS GROUP

1016.00

729.00

1107.00

Neutral

Strong Buy

4687

0.85

F&C ASSET MANAGEMENT

96.15

79.55

110.40

Neutral

Sell

69

0.88

3.81

0.55

3.81

Sell

Sell

-124

0.65

HENDERSON GROUP

154.70

90.55

180.40

Neutral

Strong Buy

780

1.44

ICAP

389.20

280.80

389.20

Neutral

Strong Buy

796

1.04

INTERMEDIATE CAPITAL GP.

443.60

252.30

501.50

Neutral

Strong Buy

2088

1.69

HELPHIRE GROUP

420.40

358.40

513.50

Neutral

Strong Buy

1628

1.56

1456.00

930.00

1466.00

Neutral

Strong Buy

9531

1.08

84.65

63.65

134.40

Neutral

Sell

-4687

1.39

RATHBONE BROTHERS

1624.00

1208.00

1634.00

Neutral

Strong Buy

5347

0.75

SCHRODERS

2260.00

1266.00

2560.00

Neutral

Strong Buy

7981

1.27

SCHRODERS NV

1779.00

1016.00

2000.00

Neutral

Strong Buy

11036

1.25

INVESTEC
LONDON STOCK EX.GROUP
MAN GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

08 July 2013
+44 20 3239 8994

Page 13 of 17

Under Valued

Support Services
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ACAL

226.50

157.75

247.50

Neutral

Strong Buy

846

0.90

AGGREKO

1729.00

1557.00

2400.00

Neutral

Strong Buy

4157

1.16

AMEC

1023.00

965.50

1172.00

Neutral

Strong Buy

3322

1.10

682.00

240.50

695.50

Neutral

Buy

988

1.65

1133.00

844.50

1205.00

Neutral

Strong Buy

2620

0.48

536.50

348.00

580.25

Neutral

Strong Buy

2077

0.80

1373.00

1009.00

1373.00

Sell

Strong Buy

2793

0.52

530.00

215.00

530.00

Neutral

Strong Buy

1436

0.41

1018.00

677.50

1018.00

Neutral

Sell

204

0.53

ASHTEAD GROUP
BABCOCK INTL.
BRITISH POLYTHENE INDS.
BUNZL
UK MAIL GROUP
CAPITA
COMMUNISIS

Target

Beta

53.25

26.83

56.50

Neutral

Strong Buy

481

0.78

COMPASS GROUP

872.50

647.50

910.50

Neutral

Strong Buy

1981

0.74

BERENDSEN

785.00

496.30

812.00

Neutral

Strong Buy

3358

1.04

DE LA RUE

949.00

891.50

1075.00

Neutral

Buy

1415

#NA
0.22

DIGNITY

1483.00

806.00

1483.00

Sell

Strong Buy

3054

DIPLOMA

600.50

417.10

627.50

Sell

Strong Buy

1520

0.97

ELECTROCOMP.

241.90

199.70

278.40

Neutral

Strong Buy

926

1.02

ESSENTRA PLC

725.00

454.40

750.00

Neutral

Strong Buy

1384

1.14

G4S

226.30

224.60

313.50

Buy

Strong Buy

884

0.54

HAYS

91.95

66.40

101.20

Neutral

Strong Buy

457

1.05

HOMESERVE

281.60

160.20

290.40

Neutral

Strong Buy

973

0.91

INTERSERVE

516.00

317.30

516.00

Neutral

Strong Buy

3687

1.30

3014.00

2659.00

3453.00

Neutral

Strong Buy

4799

0.81

47.63

27.13

47.63

Neutral

Strong Buy

116

1.10
0.68

INTERTEK GROUP
JOHNSON SERVICE GROUP
MANAGEMENT CNSL.GP.

27.00

21.25

32.00

Neutral

Strong Buy

217

MENZIES (JOHN)

709.00

573.00

801.00

Neutral

Strong Buy

1810

1.40

MICHAEL PAGE INTL.

388.80

341.40

451.80

Neutral

Strong Buy

840

1.37

MITIE GROUP

264.00

248.00

300.80

Neutral

Strong Buy

1056

0.50

43.00

42.50

156.00

Neutral

Strong Buy

703

0.28

OFFICE2OFFICE

1080.00

670.50

1093.00

Neutral

Strong Buy

2194

0.72

PREMIER FARNELL

PAYPOINT

208.70

165.50

236.30

Neutral

Strong Buy

719

1.40

REGUS

178.50

82.65

179.60

Neutral

Sell

55

1.40

93.90

70.35

100.70

Neutral

Strong Buy

268

1.29

REXAM

483.10

420.70

547.50

Neutral

Strong Buy

1775

0.86

RICARDO

389.75

334.00

431.00

Neutral

Strong Buy

1671

0.87

ROBERT WALTERS

216.00

176.25

234.00

Neutral

Strong Buy

1012

1.19

RPC GROUP

394.20

378.00

477.00

Neutral

Strong Buy

1525

0.79

RPS GROUP

221.30

195.50

274.20

Neutral

Strong Buy

1001

1.51

SERCO GROUP

674.00

535.00

674.00

Neutral

Strong Buy

2373

0.60

SHANKS GROUP

79.75

73.00

98.00

Neutral

Strong Buy

279

1.50

RENTOKIL INITIAL

SPEEDY HIRE
TRIBAL GROUP
TRIFAST
VP
WYG

62.25

22.25

62.25

Sell

Strong Buy

309

1.23

172.25

82.00

177.25

Neutral

Strong Buy

562

0.64

57.50

40.50

59.25

Neutral

Strong Buy

332

0.94

374.38

280.75

375.00

Neutral

Strong Buy

2116

0.80

89.50

42.00

89.50

Neutral

Strong Buy

613

0.82

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

08 July 2013
+44 20 3239 8994

Page 14 of 17

Over Valued

Telecommunication Services
Stock
BT GROUP
CABLE & WIRELESS COMMS.
INMARSAT
KCOM GROUP
TELECOM PLUS
VODAFONE GROUP

Price

12M Lo

12M Hi

ST Rec

LT Rec

329.30

210.20

329.30

Sell

Buy

393

0.89

41.58

29.64

46.29

Neutral

Strong Buy

77

0.69

665.00

468.90

749.00

Neutral

Sell

168

0.57

81.30

68.25

88.50

Neutral

Buy

108

1.23

1320.00

790.00

1350.00

Neutral

Sell

615

0.03

191.75

154.45

199.90

Neutral

Sell

37

0.51

Beta

Under Valued

Transport
Stock

Target

Price

12M Lo

12M Hi

ST Rec

LT Rec

BBA AVIATION

284.50

178.00

291.00

Neutral

Sell

196

1.25

BRAEMAR SHIPPING SVS.

405.00

347.00

430.00

Neutral

Buy

518

1.06

CLARKSON

1710.00

1150.00

1717.00

Neutral

Sell

1250

0.84

EASYJET

1340.00

530.00

1367.00

Neutral

Sell

735

0.74

FIRST GROUP

Target

Beta

96.60

92.00

212.39

Neutral

Strong Buy

215

0.91

FISHER(JAMES)& SONS

1010.00

590.00

1110.00

Neutral

Sell

749

0.75

GO-AHEAD GROUP

1509.00

1220.00

1588.00

Neutral

Buy

2067

1.00

NATIONAL EXPRESS

233.80

164.50

236.00

Neutral

Buy

276

1.40
1.33

NORTHGATE

330.00

195.50

369.50

Neutral

Strong Buy

672

STAGECOACH GROUP

329.40

265.90

329.40

Neutral

Buy

407

0.97

68.50

31.00

78.50

Neutral

Sell

-51

0.94

WINCANTON

Under Valued

Utilities
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

CENTRICA

374.80

310.80

394.90

Neutral

Buy

525

0.50

NATIONAL GRID

749.00

641.00

847.50

Neutral

Buy

871

0.45

PENNON GROUP

672.00

598.00

796.00

Neutral

Neutral

730

0.61

SSE

1579.00

1294.00

1676.00

Neutral

Buy

2113

0.41

SEVERN TRENT

1735.00

1513.00

2090.00

Neutral

Sell

1450

0.34

702.50

647.00

787.50

Neutral

Neutral

689

0.48

UNITED UTILITIES GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

08 July 2013
+44 20 3239 8994

Page 15 of 17

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