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08 August 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
Unde r V a lue d ......................................................................6

Automobiles & Parts


Banks
Beverages

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


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

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


Under Valued ....................................................7
Construction & Building Materials

Chemicals

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


FALSE ...............................................................8

Electronics & Electrical Equipment


Engineering & Machinery
Food & Drug Stores

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


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

Food Producers & Processors


Under Valued ..............................................................................9
General Retail
Over Valued .........................................................................................9
Health
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
Over Valued .......................................... 12
Under Valued ................................................ 12

Personal Care & Household Products

Pharmaceuticals & Biotechnology


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

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


Under Valued .......................................................... 13
Under Valued ..................................................................... 14
Over Valued ....................................................... 14

Telecommunication Services
Over Valued ................................................................................... 15
Transport
Under Valued ....................................................................................... 15
Utilities
DISCLAIMER ........................................................................................................................... 16
RISK WARNING ...................................................................................................................... 17

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

08 August 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 August 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 August 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 August 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

448.70

300.80

455.40

Neutral

Buy

Target
613

Beta
0.71

CHEMRING GROUP

306.10

217.00

414.70

Neutral

Buy

366

0.66

COBHAM

299.50

190.10

307.70

Neutral

Neutral

303

0.85

MEGGITT

542.00

366.20

562.00

Neutral

Neutral

533

1.28

ROLLS-ROYCE HOLDINGS

1194.00

799.39

1240.00

Neutral

Neutral

1177

1.00

SMITHS GROUP

1306.00

1011.00

1397.00

Neutral

Sell

1173

0.77

ULTRA ELECTRONICS HDG.

1929.00

1505.00

1929.00

Neutral

Sell

1733

0.52

Unde r V a lue d

Automobiles & Parts


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

GKN

346.40

201.00

354.00

Neutral

Neutral

341

1.97

INCHCAPE

630.00

353.30

645.00

Neutral

Neutral

637

1.42

LOOKERS

123.50

65.00

125.00

Neutral

Sell

111

1.22

28.25

13.50

29.00

Neutral

Strong Buy

44

1.09

PENDRAGON

Target

Over Valued

Banks
Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

BARCLAYS

282.15

178.95

333.85

Neutral

Sell

-838

1.95

HSBC HDG. (ORD $0.50)

700.00

541.00

769.90

Neutral

Buy

883

1.18

73.47

31.38

75.69

Neutral

Sell

1.86

LLOYDS BANKING GROUP


ROYAL BANK OF SCTL.GP.

320.90

220.70

367.80

Neutral

Sell

-135

1.39

STANDARD CHARTERED

1593.50

1315.50

1837.50

Neutral

Strong Buy

3478

1.64

Under Valued

Beverages
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

566.50

415.00

588.50

Neutral

Sell

502

0.58

DIAGEO

2101.50

1672.50

2136.50

Neutral

Neutral

2260

0.54

SABMILLER

3140.00

2599.00

3657.00

Neutral

Buy

4321

0.91

BARR (AG)

Target

Beta

Under Valued

Chemicals
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ALENT

355.10

305.00

397.50

Neutral

Buy

450

#NA

AZ ELECTRONIC MATS.(DI)

318.00

240.00

406.40

Neutral

Strong Buy

550

1.12

CARCLO

351.25

342.75

503.00

Neutral

Sell

144

0.74

2508.00

2164.00

2841.00

Neutral

Buy

3164

1.05

CRODA INTERNATIONAL
ELEMENTIS

Target

Beta

255.90

204.20

275.00

Neutral

Buy

308

1.07

JOHNSON MATTHEY

2811.00

2190.00

2887.00

Neutral

Strong Buy

4287

1.43

VICTREX

1503.00

1309.00

1765.00

Neutral

Sell

1334

1.16

SYNTHOMER

199.90

141.80

225.80

Neutral

Strong Buy

395

1.10

ZOTEFOAMS

204.00

175.50

225.00

Neutral

Buy

296

1.00

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

08 August 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

116.00

64.00

118.50

Neutral

Strong Buy

Target
284

Beta

BALFOUR BEATTY

242.70

207.60

320.80

Neutral

Strong Buy

1155

0.83

BARRATT DEVELOPMENTS

354.60

140.70

355.20

Sell

Strong Buy

623

1.70
1.02

0.56

BELLWAY

1477.00

837.50

1480.00

Neutral

Strong Buy

2926

BERKELEY GROUP HDG.(THE)

2322.00

1387.00

2340.00

Neutral

Strong Buy

3566

0.58

BOOT (HENRY)

186.00

119.50

201.00

Neutral

Strong Buy

373

0.75
1.11

BOVIS HOMES GROUP

795.00

467.30

851.50

Neutral

Strong Buy

1470

CARILLION

299.50

244.80

331.80

Neutral

Strong Buy

1577

1.09

CLARKE (T)

57.25

40.00

61.50

Neutral

Strong Buy

395

0.80

COSTAIN GROUP
CRH
GALLIFORD TRY

284.00

215.75

306.00

Neutral

Strong Buy

1157

0.52

1427.00

1090.00

1540.00

Neutral

Sell

928

1.04

995.00

610.00

1019.00

Neutral

Strong Buy

3018

0.97

KELLER

1069.00

476.75

1161.00

Neutral

Strong Buy

2443

1.29

KIER GROUP

1457.00

1106.00

1500.00

Neutral

Strong Buy

5452

1.01

70.00

50.00

76.75

Neutral

Strong Buy

231

1.06
1.33

LOW & BONAR


MARSHALLS

151.50

78.00

152.75

Neutral

Buy

208

MORGAN SINDALL GROUP

677.50

508.00

695.00

Neutral

Strong Buy

4640

0.71

17.75

11.25

18.25

Neutral

Strong Buy

62

1.05

NORCROS

1247.00

601.26

1305.00

Neutral

Strong Buy

2046

1.02

REDROW

PERSIMMON

251.00

134.30

255.10

Neutral

Strong Buy

466

0.90

SIG

182.70

94.15

185.60

Neutral

Strong Buy

540

1.70

46.50

43.00

287.50

Sell

Strong Buy

4331

0.89

112.40

49.10

113.80

Neutral

Strong Buy

232

1.61

SUPERGLASS HOLDINGS
TAYLOR WIMPEY
TRAVIS PERKINS

1659.00

1013.00

1713.00

Neutral

Strong Buy

4514

1.95

WOLSELEY

3254.00

2449.53

3483.00

Neutral

Strong Buy

6144

1.35

Under Valued

Electronics & Electrical Equipment


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

1172.00

999.50

1365.00

Neutral

Sell

1043

0.69

DOMINO PRINTING SCIENCES

643.50

522.00

717.00

Neutral

Buy

877

1.14

E2V TECHNOLOGIES

132.75

105.50

137.75

Neutral

Strong Buy

273

1.27

INVENSYS

496.60

217.33

509.50

Neutral

Sell

273

1.40

LAIRD

208.00

171.10

249.30

Neutral

Strong Buy

442

2.10

OXFORD INSTRUMENTS

1410.00

1209.00

1752.00

Neutral

Sell

1284

1.11

RENISHAW

1580.00

1494.00

2081.00

Neutral

Buy

2050

1.29

SPECTRIS

2213.00

1549.00

2470.00

Neutral

Buy

2796

1.53

66.25

66.25

303.67

Neutral

Sell

-519

0.77

TT ELECTRONICS

188.00

114.00

188.00

Neutral

Strong Buy

427

1.61

XAAR

841.00

227.00

898.00

Neutral

Sell

417

1.06

DIALIGHT

BIOME TECHNOLOGIES

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

08 August 2013
+44 20 3239 8994

Page 7 of 17

FALSE

Engineering & Machinery


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

AGA RANGEMASTER GROUP

100.75

54.25

101.75

Neutral

Buy

134

1.19

BODYCOTE

628.00

337.60

640.00

Neutral

Neutral

627

1.60

CASTINGS

415.00

291.00

425.00

Neutral

Strong Buy

668

0.95

VESUVIUS

448.10

263.19

480.00

Neutral

Strong Buy

1059

2.23

FENNER

349.10

305.90

435.20

Neutral

Strong Buy

549

1.45

HALMA

567.00

399.90

568.50

Sell

Sell

410

0.78

HILL & SMITH

419.00

306.25

480.00

Neutral

Buy

529

1.32

1418.00

837.50

1427.00

Sell

Strong Buy

4629

1.41

311.60

220.30

318.00

Neutral

Strong Buy

519

1.90

2925.00

2157.00

3037.00

Neutral

Sell

650

1.00

279.80

185.90

284.90

Neutral

Sell

244

1.66

56.75

35.40

80.16

Neutral

Sell

43

0.79

SPIRAX-SARCO

2891.00

1932.53

2928.35

Sell

Sell

2121

0.84

VITEC GROUP

598.50

559.00

740.00

Neutral

Sell

461

1.37

WEIR GROUP

2179.00

1566.00

2474.00

Neutral

Neutral

2178

1.44

IMI
MORGAN ADVANCED MATERIAL
ROTORK
SENIOR
SEVERFIELD-ROWEN

Target

Over Valued

Food & Drug Stores


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

GREGGS

392.10

392.10

523.50

Neutral

Strong Buy

759

0.44

MORRISON(WM)SPMKTS.

285.20

248.60

296.40

Neutral

Buy

381

0.39

SAINSBURY (J)

386.30

321.90

398.50

Neutral

Buy

466

0.56

TESCO

365.05

307.90

387.75

Neutral

Sell

192

0.68

81.50

23.50

100.50

Neutral

Sell

53

0.79

THORNTONS

Target

Over Valued

Food Producers & Processors


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

ASSOCIATED BRIT.FOODS

1933.00

1267.00

2031.00

Neutral

Sell

1654

0.61

CRANSWICK

1159.00

732.50

1178.00

Neutral

Strong Buy

1789

0.33

DAIRY CREST

508.00

332.90

510.00

Neutral

Sell

378

0.91

DEVRO

322.50

289.90

380.00

Neutral

Strong Buy

519

0.37

94.75

54.50

125.75

Neutral

Strong Buy

250

1.26

823.50

634.50

883.00

Neutral

Strong Buy

1368

0.67

2572.00

2235.00

2885.00

Neutral

Sell

2223

0.50

PREMIER FOODS
TATE & LYLE
UNILEVER (UK)

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

08 August 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

26.00

22.13

29.50

Neutral

Buy

39

0.66

540.00

266.40

540.00

Sell

Sell

462

0.51

1550.00

1000.00

1563.00

Neutral

Sell

1244

1.29

655.00

585.00

701.50

Neutral

Sell

353

0.90

44.90

16.00

46.33

Neutral

Neutral

46

1.46

211.50

61.80

211.75

Neutral

Sell

59

1.06

32.25

20.13

34.00

Sell

Strong Buy

111

1.01

HALFORDS GROUP

366.10

222.50

405.20

Neutral

Buy

516

0.71

JD SPORTS FASHION

925.00

651.00

925.00

Neutral

Strong Buy

1768

0.49

BROWN (N) GROUP


BURBERRY GROUP
CARPETRIGHT
DIXONS RETAIL
FINDEL
FRENCH CONNECTN.GROUP

DARTY

Target

Beta

74.25

39.00

80.00

Neutral

Buy

111

1.23

KINGFISHER

390.70

262.20

404.90

Neutral

Buy

449

0.91

MARKS & SPENCER GROUP

482.10

348.80

488.80

Neutral

Buy

645

0.60

60.75

44.75

71.00

Neutral

Buy

74

0.97

429.50

202.00

492.75

Neutral

Sell

156

0.38

NEXT

5025.00

3320.00

5030.00

Sell

Neutral

5404

0.61

TED BAKER

1920.00

899.00

1973.00

Neutral

Sell

978

0.56

89.00

45.00

89.50

Neutral

Sell

76

1.51

MOSS BROTHERS GROUP


MOTHERCARE

TOPPS TILES

Over Valued

Health
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BIOQUELL

134.00

129.50

160.00

Neutral

Sell

Target
113

0.39

CONSORT MEDICAL

823.50

660.50

839.00

Neutral

Sell

574

0.35

OPTOS

166.75

106.75

222.75

Neutral

Neutral

173

1.17

SMITH & NEPHEW

782.50

638.00

800.00

Neutral

Sell

664

0.45

Over Valued

Household Goods & Textiles


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

GAMES WORKSHOP

784.50

601.00

794.50

Neutral

Neutral

768

0.42

HEADLAM GROUP

413.00

278.00

413.00

Neutral

Sell

341

0.88

80.50

55.25

88.50

Neutral

Buy

116

0.70

HORNBY

Target

Over Valued

Information Technology & Hardware


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

ARM HOLDINGS

860.50

528.00

1097.00

Neutral

Sell

272

0.73

CSR

513.50

308.10

607.00

Neutral

Strong Buy

1550

1.13

FILTRONIC
IMAGINATION TECHNOLOGIES

Target

Beta

66.00

29.00

83.25

Neutral

Sell

55

0.94

239.10

235.10

624.00

Neutral

Buy

318

1.04

SPIRENT COMMUNICATIONS

140.70

118.00

170.00

Neutral

Strong Buy

234

0.94

WOLFSON MICROELECTRONICS

157.00

140.00

230.00

Neutral

Sell

-205

0.94

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

08 August 2013
+44 20 3239 8994

Page 9 of 17

Under Valued

Insurance
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

1265.00

1019.00

1416.00

Neutral

Sell

-521

0.52

AMLIN

405.30

364.10

435.10

Neutral

Strong Buy

1571

0.40

BEAZLEY

218.70

162.20

242.70

Neutral

Strong Buy

975

0.50

CATLIN GROUP

497.60

441.00

552.50

Neutral

Neutral

477

0.22

HISCOX

650.50

456.58

660.00

Sell

Strong Buy

1951

0.46

JARDINE LLOYD THOMPSON

913.50

723.00

917.00

Neutral

Buy

1242

0.32

RSA INSURANCE GROUP

121.60

107.70

136.30

Neutral

Strong Buy

747

0.39

NOVAE GROUP

499.25

345.00

507.50

Neutral

Strong Buy

3524

0.38

ADMIRAL GROUP

Over Valued

Leisure & Hotels


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

2505.00

2092.00

2628.00

Neutral

Buy

3615

0.95

ENTERPRISE INNS

140.70

55.50

147.00

Neutral

Sell

117

1.64

TUI TRAVEL

380.80

195.00

401.50

Neutral

Strong Buy

736

0.96

FULLER SMITH 'A'

921.50

700.50

965.00

Neutral

Sell

624

0.26

GREENE KING

848.50

556.50

897.50

Neutral

Sell

643

0.88

LADBROKES

207.70

164.70

243.10

Neutral

Buy

268

0.87

1985.00

1524.00

2039.00

Neutral

Sell

1710

1.10

CARNIVAL

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

551.00

456.00

582.50

Neutral

Neutral

596

1.34

MITCHELLS & BUTLERS

409.90

262.70

426.80

Neutral

Sell

284

1.00

BWIN PARTY DIGITAL ENTM.

134.30

91.90

156.00

Neutral

Sell

63

1.24

13.12

6.10

13.75

Neutral

Strong Buy

77

1.16

157.50

120.00

177.50

Neutral

Strong Buy

584

0.96
0.70

PUNCH TAVERNS
RANK GROUP
RESTAURANT GROUP

560.00

317.50

560.00

Neutral

Sell

398

WETHERSPOON (JD)

703.50

447.90

767.00

Neutral

Neutral

709

0.57

WHITBREAD

3221.00

2096.00

3303.00

Neutral

Sell

2230

0.97

WILLIAM HILL

449.80

271.02

494.50

Neutral

Sell

262

0.80

MARSTON'S

156.70

109.70

164.50

Neutral

Sell

14

1.16

Under Valued

Life Assurance
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

AVIVA

370.80

294.10

388.40

Neutral

Sell

350

1.18

CHESNARA

259.00

163.50

270.00

Neutral

Strong Buy

511

0.64

LEGAL & GENERAL

199.50

128.00

201.90

Sell

Strong Buy

490

1.69

OLD MUTUAL

198.10

165.10

221.60

Neutral

Strong Buy

414

1.52

PRUDENTIAL

1190.00

770.00

1203.00

Sell

Neutral

1217

1.66

637.50

336.20

641.50

Neutral

Strong Buy

6913

0.84

ST.JAMES'S PLACE

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

08 August 2013
+44 20 3239 8994

Page 10 of 17

Under Valued

Media & Entertainment


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BLOOMSBURY PBL.

140.63

102.00

146.50

Neutral

Strong Buy

922

0.42

BRITISH SKY BCAST.GROUP

829.50

709.00

899.50

Neutral

Strong Buy

1056

0.47

CENTAUR MEDIA
DAILY MAIL 'A'
EUROMONEY INSTL.INVESTOR

Target

Beta

42.50

31.00

60.00

Neutral

Sell

-42

1.06

824.50

451.25

828.00

Sell

Strong Buy

3556

1.07

1075.00

747.00

1105.00

Neutral

Strong Buy

5566

0.96

INFORMA

524.50

380.50

541.50

Neutral

Strong Buy

327

1.63

ITE GROUP

282.00

183.50

307.40

Neutral

Buy

201

1.44

ITV

167.10

81.25

168.60

Neutral

Strong Buy

1369

1.46
1.20

JOHNSTON PRESS

16.00

5.20

19.00

Neutral

Buy

720

1325.00

1119.00

1350.00

Neutral

Neutral

309

0.65

97.63

42.75

98.00

Neutral

Strong Buy

2283

0.86

286.50

269.00

288.50

Neutral

Strong Buy

732

0.13

35.50

26.85

36.45

Neutral

Strong Buy

346

0.52

STV GROUP

157.50

81.50

157.50

Neutral

Sell

240

0.82

ST.IVES

166.75

72.00

170.00

Neutral

Sell

159

1.48

TRINITY MIRROR

116.00

36.75

122.25

Neutral

Sell

-289

1.59

UBM

705.50

636.00

788.00

Neutral

Strong Buy

1421

1.33

167.50

102.00

167.50

Neutral

Strong Buy

1390

0.85

1175.00

788.00

1210.00

Neutral

Sell

-827

1.27

PEARSON
PHOTO-ME INTL.
PINEWOOD SHEPPERTON
THOMSON REUTERS

WILMINGTON GROUP
WPP

Under Valued

Mining
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

1395.00

1207.00

2084.00

Neutral

Sell

1194

1.84

ANGLO PACIFIC GROUP

194.75

161.00

290.00

Neutral

Neutral

202

1.07

ANTOFAGASTA

844.50

784.50

1381.00

Neutral

Neutral

812

1.42

1844.50

1666.50

2236.00

Neutral

Strong Buy

2803

1.48

GLENCORE XSTRATA

270.45

256.85

397.85

Neutral

Strong Buy

971

#NA

LONMIN

313.30

240.84

403.71

Sell

Buy

417

2.08

RANDGOLD RESOURCES

4366.00

3972.00

7775.00

Neutral

Sell

2762

0.47

RIO TINTO

2953.50

2582.00

3757.00

Neutral

Sell

2336

1.53

861.00

1335.00

Neutral

Strong Buy

2632

2.24

ANGLO AMERICAN

BHP BILLITON

VEDANTA RESOURCES

Under Valued

Oil & Gas


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

1194.00

1000.50

1350.50

Neutral

Sell

891

0.84

BP

443.55

416.60

483.30

Buy

Strong Buy

1006

1.02

CAIRN ENERGY

266.90

251.80

305.00

Neutral

Sell

-27

1.33

8.20

7.15

12.50

Neutral

Strong Buy

112

0.84

852.00

716.00

941.00

Neutral

Sell

574

1.35

65.50

48.50

96.00

Neutral

Sell

-56

1.35

BG GROUP

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

Beta

349.70

321.30

400.20

Neutral

Buy

405

1.45

2149.00

2098.00

2365.00

Neutral

Strong Buy

8216

0.83

371.90

319.90

404.30

Neutral

Buy

460

0.53

1042.00

977.00

1468.00

Neutral

Sell

692

1.05

888.00

720.50

908.50

Neutral

Sell

725

1.44

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

08 August 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

135.00

101.00

144.60

Neutral

Strong Buy

264

0.84

PZ CUSSONS

395.00

297.20

415.60

Neutral

Sell

332

0.70

4590.00

3536.00

4950.00

Neutral

Neutral

4634

0.30

RECKITT BENCKISER GROUP

Target

Under Valued

Pharmaceuticals & Biotechnology


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

0.53

0.36

3.58

Neutral

Sell

-3

0.91

3222.00

2792.50

3521.50

Neutral

Strong Buy

8983

0.51

BTG

381.90

300.30

397.90

Neutral

Sell

213

0.73

DECHRA PHARMACEUTICALS

685.00

473.00

780.00

Neutral

Buy

924

0.18

1670.00

1317.50

1782.00

Neutral

Buy

1915

0.52

OXFORD BIOMEDICA

1.48

1.33

2.80

Buy

Sell

-2

0.57

PHYTOPHARM SUSP - 21/05/13

1.33

1.05

12.75

Buy

Sell

-6

0.93

2374.00

1727.00

2442.00

Neutral

Sell

1528

0.70

SKYEPHARMA

80.50

43.50

100.50

Neutral

Buy

102

0.66

VERNALIS

23.75

19.38

27.38

Neutral

Sell

11

0.86

ARK THERAPEUTICS GP.


ASTRAZENECA

GLAXOSMITHKLINE

SHIRE

Target

Under Valued

Real Estate - REIT


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

BIG YELLOW GROUP

427.90

300.00

445.00

Neutral

Buy

638

1.18

BRITISH LAND

586.50

506.00

658.00

Neutral

Buy

748

1.05

2350.00

1890.00

2542.00

Neutral

Strong Buy

4411

1.23

GREAT PORTLAND ESTATES

547.00

425.00

598.00

Neutral

Strong Buy

1015

1.06

HAMMERSON

518.00

448.60

554.00

Neutral

Neutral

496

1.24

DERWENT LONDON

Target

Beta

INTU PROPERTIES

317.80

300.60

366.00

Neutral

Strong Buy

489

1.13

LAND SECURITIES GROUP

920.50

761.50

994.00

Neutral

Strong Buy

1572

1.15

26.00

24.25

40.75

Neutral

Sell

-136

0.81

LONDONMETRIC PROPERTY

116.20

103.20

121.40

Neutral

Sell

-1

0.33

MCKAY SECURITIES

146.25

131.50

155.00

Neutral

Strong Buy

246

0.66

MUCKLOW (A & J) GROUP

385.50

325.00

454.50

Neutral

Sell

233

0.39

PRIMARY HEALTH PROPS.

331.75

312.50

363.53

Neutral

Sell

94

0.30
0.64

LOCAL SHOP.REIT (THE)

44.00

26.74

44.75

Neutral

Sell

-330

SEGRO

REDEFINE INTL.REIT

300.70

221.60

313.60

Neutral

Sell

-225

1.81

SHAFTESBURY

628.00

516.00

668.00

Neutral

Buy

764

1.03

TOWN CENTRE SECURITIES

205.00

172.50

223.00

Neutral

Sell

19

1.04

0.93

0.70

2.52

Neutral

Sell

-891

0.93

452.20

245.00

475.00

Neutral

Strong Buy

1128

1.01

WARNER ESTATE
WORKSPACE GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

08 August 2013
+44 20 3239 8994

Page 12 of 17

Under Valued

Real Estate REIS


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

354.50

210.50

365.60

Neutral

Strong Buy

798

34.25

22.75

37.50

Sell

Sell

-54

0.64

CLS HOLDINGS

1111.00

645.00

1120.00

Neutral

Strong Buy

3050

0.75

DAEJAN HOLDINGS

4030.00

2706.00

4179.00

Neutral

Strong Buy

7298

0.48

200.75

143.00

209.00

Neutral

Neutral

194

0.96

CAPITAL & CNTS.PROPS.


CAPITAL & REGIONAL

DEVELOPMENT SECS.

Target

Beta
0.70

GRAINGER

184.00

93.00

187.50

Sell

Sell

113

1.57

HELICAL BAR

286.00

178.00

302.50

Neutral

Sell

204

0.82

25.00

20.50

29.75

Neutral

Strong Buy

238

0.64

6187.50

4187.50

6187.50

Neutral

Strong Buy

14980

0.69

QUINTAIN ESTATES & DEV.

87.50

50.00

90.50

Sell

Sell

-205

1.04

RAVEN RUSSIA

68.75

61.50

79.75

Neutral

Strong Buy

218

1.48

630.00

374.40

664.50

Neutral

Strong Buy

2266

0.74

86.00

71.50

88.00

Neutral

Strong Buy

382

0.33

LONDON & ASSOCS.PROPS.


MOUNTVIEW ESTATES

SAVILLS
SMART (J)
ST MODWEN PROPS.

316.00

193.10

333.00

Neutral

Strong Buy

636

1.60

UNITE GROUP

378.00

214.75

403.00

Neutral

Strong Buy

1714

1.77

Under Valued

Software & Computer Services


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ANITE

127.80

113.00

162.00

Neutral

Neutral

128

0.67

2458.00

1776.97

2588.15

Neutral

Sell

1514

1.49

COMPUTACENTER

510.50

333.29

564.10

Neutral

Strong Buy

1166

0.89

KOFAX

335.50

260.75

347.25

Neutral

Sell

308

1.06

AVEVA GROUP

INNOVATION GROUP

Target

Beta

30.00

18.63

30.00

Sell

Sell

22

0.78

MICRO FOCUS INTL.

798.50

531.08

812.50

Neutral

Buy

921

0.82

PHOENIX IT GROUP

158.25

130.00

222.00

Neutral

Strong Buy

245

0.69

81.00

64.00

85.50

Neutral

Strong Buy

239

0.54

2081.00

1275.00

2137.00

Neutral

Neutral

2209

0.79

353.20

289.36

368.18

Neutral

Buy

444

0.69

RM
FIDESSA GROUP
SAGE GROUP

Under Valued

Speciality & Other Finance


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ABERDEEN ASSET MAN.

378.80

269.40

492.10

Neutral

Strong Buy

1262

1.11

BREWIN DOLPHIN

274.30

144.60

275.50

Sell

Strong Buy

671

0.70

9149.50

8000.00

11105.00

Neutral

Strong Buy

98230

0.84

436.50

260.00

437.00

Neutral

Strong Buy

1474

0.96
0.67

CAMELLIA
CHARLES STANLEY GROUP
CHARLES TAYLOR

Target

Beta

194.00

155.00

195.00

Neutral

Strong Buy

1669

CLOSE BROTHERS GROUP

1082.00

770.00

1107.00

Neutral

Strong Buy

4974

0.86

F&C ASSET MANAGEMENT

104.00

88.90

110.40

Neutral

Sell

70

0.84

4.30

0.55

4.57

Sell

Sell

-135

0.63

HENDERSON GROUP

HELPHIRE GROUP

170.00

101.70

180.40

Neutral

Strong Buy

832

1.46

ICAP

390.00

280.80

406.80

Neutral

Strong Buy

840

1.04

INTERMEDIATE CAPITAL GP.

483.00

279.50

501.50

Neutral

Strong Buy

2250

1.69

INVESTEC

427.30

358.40

513.50

Neutral

Strong Buy

1689

1.57

1607.00

930.00

1622.00

Sell

Strong Buy

8939

1.11

90.60

71.30

134.40

Neutral

Sell

-5101

1.36

RATHBONE BROTHERS

1617.00

1208.00

1691.00

Neutral

Strong Buy

5654

0.73

SCHRODERS

2501.00

1393.00

2560.00

Neutral

Strong Buy

8430

1.30

SCHRODERS NV

1977.00

1107.00

2000.00

Sell

Strong Buy

11149

1.28

LONDON STOCK EX.GROUP


MAN GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

08 August 2013
+44 20 3239 8994

Page 13 of 17

Under Valued

Support Services
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ACAL

247.00

157.75

255.00

Neutral

Strong Buy

883

0.88

AGGREKO

1631.00

1557.00

2400.00

Neutral

Strong Buy

4328

1.13

AMEC

1075.00

965.50

1172.00

Neutral

Strong Buy

3424

1.09

705.50

267.00

730.00

Neutral

Buy

1027

1.65

1202.00

892.50

1209.00

Neutral

Strong Buy

2709

0.49

580.00

358.00

604.00

Neutral

Strong Buy

2438

0.80

1346.00

1009.00

1409.00

Neutral

Strong Buy

2879

0.53

599.00

233.50

599.00

Sell

Strong Buy

1717

0.42

1028.00

713.00

1057.00

Neutral

Sell

215

0.54

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

Target

Beta

60.50

32.80

68.00

Neutral

Strong Buy

499

0.81

COMPASS GROUP

886.50

671.50

910.50

Neutral

Strong Buy

2049

0.74

BERENDSEN

841.00

514.00

847.50

Sell

Strong Buy

3478

1.03

DE LA RUE

991.50

891.50

1075.00

Neutral

Buy

1476

#NA

DIGNITY

1501.00

900.00

1568.00

Neutral

Strong Buy

3203

0.24

DIPLOMA

603.00

420.10

627.50

Neutral

Strong Buy

1573

0.96

ELECTROCOMP.

258.20

200.00

278.40

Neutral

Strong Buy

959

1.01

ESSENTRA PLC

828.50

500.50

830.00

Sell

Strong Buy

1432

1.16

G4S

226.90

207.50

313.50

Neutral

Strong Buy

918

0.53

HAYS

104.40

68.20

106.00

Neutral

Strong Buy

474

1.06

HOMESERVE

251.20

185.60

293.60

Neutral

Strong Buy

1007

0.88

INTERSERVE

507.50

319.00

519.00

Neutral

Strong Buy

3802

1.26

3161.00

2697.00

3453.00

Neutral

Strong Buy

4944

0.80

47.50

27.50

50.00

Neutral

Strong Buy

121

1.11
0.63

INTERTEK GROUP
JOHNSON SERVICE GROUP
MANAGEMENT CNSL.GP.

24.25

21.25

32.00

Neutral

Strong Buy

225

MENZIES (JOHN)

750.50

573.00

801.00

Neutral

Strong Buy

1839

1.38

MICHAEL PAGE INTL.

462.20

346.40

462.20

Neutral

Strong Buy

869

1.41

MITIE GROUP

272.00

248.00

300.80

Neutral

Strong Buy

1096

0.52

38.00

38.00

156.00

Buy

Strong Buy

732

0.28

OFFICE2OFFICE

1115.00

684.00

1130.00

Neutral

Strong Buy

2268

0.73

PREMIER FARNELL

PAYPOINT

228.00

165.50

236.30

Neutral

Strong Buy

745

1.42

REGUS

188.60

96.00

189.20

Neutral

Sell

57

1.40

96.80

76.10

100.70

Neutral

Strong Buy

279

1.26

REXAM

508.00

420.70

547.50

Neutral

Strong Buy

1837

0.85

RICARDO

450.50

340.00

451.75

Neutral

Strong Buy

1729

0.89

ROBERT WALTERS

270.00

176.25

270.00

Neutral

Strong Buy

1051

1.19

RPC GROUP

460.00

378.00

477.00

Neutral

Strong Buy

1580

0.80

RPS GROUP

246.00

195.50

274.20

Neutral

Strong Buy

1037

1.51

SERCO GROUP

620.00

535.00

683.50

Neutral

Strong Buy

2454

0.59

SHANKS GROUP

88.00

73.00

98.00

Neutral

Strong Buy

280

1.49

RENTOKIL INITIAL

SPEEDY HIRE
TRIBAL GROUP
TRIFAST
VP
WYG

59.25

23.50

64.75

Neutral

Strong Buy

321

1.20

199.75

84.00

199.75

Sell

Strong Buy

583

0.65

56.00

40.50

59.25

Neutral

Strong Buy

344

0.91

413.50

295.25

415.00

Sell

Strong Buy

2383

0.81

99.00

42.50

99.00

Sell

Strong Buy

639

0.80

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

328.50

212.50

344.00

Neutral

Buy

414

0.88

39.52

31.86

46.29

Neutral

Strong Buy

78

0.68

698.00

542.50

749.00

Neutral

Sell

258

0.55

84.85

68.25

88.50

Neutral

Buy

118

1.21

1348.00

814.00

1390.00

Neutral

Sell

800

0.05

197.70

154.45

200.20

Neutral

Sell

106

0.51

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

08 August 2013
+44 20 3239 8994

Page 14 of 17

Over Valued

Transport
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BBA AVIATION

298.30

183.00

300.50

Neutral

Sell

233

1.24

BRAEMAR SHIPPING SVS.

452.50

350.00

455.00

Neutral

Buy

595

1.05

CLARKSON

1885.00

1150.00

1896.00

Sell

Sell

1335

0.85

EASYJET

1386.00

530.00

1448.00

Neutral

Sell

864

0.76

FIRST GROUP

Target

Beta

104.90

92.00

212.39

Neutral

Strong Buy

282

0.91

FISHER(JAMES)& SONS

1044.00

618.00

1110.00

Neutral

Sell

784

0.74

GO-AHEAD GROUP

1544.00

1220.00

1595.00

Neutral

Strong Buy

2726

0.99

NATIONAL EXPRESS

251.50

164.50

256.10

Neutral

Neutral

248

1.40

NORTHGATE

385.25

202.00

390.00

Neutral

Strong Buy

636

1.34

STAGECOACH GROUP

322.90

265.90

337.60

Neutral

Buy

442

0.98

75.25

43.75

79.50

Neutral

Strong Buy

232

0.96

WINCANTON

Under Valued

Utilities
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

CENTRICA

392.40

310.80

394.90

Neutral

Buy

586

0.52

NATIONAL GRID

771.50

678.00

847.50

Neutral

Buy

995

0.46

PENNON GROUP

679.00

598.00

766.50

Neutral

Sell

628

0.62

SSE

1576.00

1320.00

1676.00

Neutral

Buy

2277

0.41

SEVERN TRENT

1764.00

1513.00

2090.00

Neutral

Sell

1525

0.36

716.00

647.00

787.50

Neutral

Neutral

757

0.48

UNITED UTILITIES GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

08 August 2013
+44 20 3239 8994

Page 15 of 17

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