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22 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

Electronics & Electrical Equipment


Engineering & Machinery
Food & Drug Stores

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


Under Valued ...............................................................8

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

22 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

22 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

22 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

22 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

440.90

300.80

455.40

Neutral

Buy

Target
608

Beta
0.71

CHEMRING GROUP

313.30

217.00

377.60

Neutral

Buy

370

0.66

COBHAM

289.20

190.10

307.70

Neutral

Neutral

300

0.85

MEGGITT

534.50

366.20

562.00

Neutral

Neutral

526

1.28

ROLLS-ROYCE HOLDINGS

1124.00

799.39

1240.00

Neutral

Neutral

1138

1.00

SMITHS GROUP

1312.00

1011.00

1397.00

Neutral

Sell

1154

0.77

ULTRA ELECTRONICS HDG.

1939.00

1505.00

1981.00

Neutral

Sell

1711

0.52

Unde r V a lue d

Automobiles & Parts


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

GKN

336.80

201.00

354.00

Neutral

Neutral

332

1.97

INCHCAPE

615.00

353.30

645.00

Neutral

Neutral

637

1.42

LOOKERS

123.00

68.75

128.50

Neutral

Sell

112

1.22

31.25

13.50

32.00

Neutral

Buy

44

1.09

PENDRAGON

Target

Over Valued

Banks
Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

BARCLAYS

283.00

181.25

333.85

Neutral

Sell

-844

1.95

HSBC HDG. (ORD $0.50)

682.00

541.00

769.90

Neutral

Buy

854

1.18

73.86

32.89

77.14

Neutral

Sell

1.86

LLOYDS BANKING GROUP


ROYAL BANK OF SCTL.GP.

334.10

220.70

367.80

Neutral

Sell

-124

1.39

STANDARD CHARTERED

1464.50

1364.00

1837.50

Neutral

Strong Buy

3397

1.64

Under Valued

Beverages
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

569.50

415.00

588.50

Neutral

Sell

497

0.58

DIAGEO

1998.00

1672.50

2136.50

Sell

Neutral

2190

0.54

SABMILLER

3039.50

2599.00

3657.00

Neutral

Buy

4206

0.91

BARR (AG)

Target

Beta

Under Valued

Chemicals
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ALENT

338.60

305.00

397.50

Neutral

Buy

461

#NA

AZ ELECTRONIC MATS.(DI)

322.30

240.00

406.40

Neutral

Strong Buy

567

1.12

CARCLO

367.00

342.75

501.00

Neutral

Sell

145

0.74

2576.00

2164.00

2841.00

Neutral

Buy

3299

1.05

CRODA INTERNATIONAL
ELEMENTIS

Target

Beta

256.80

204.20

275.00

Neutral

Buy

318

1.07

JOHNSON MATTHEY

2775.00

2190.00

2887.00

Neutral

Strong Buy

4352

1.43

VICTREX

1600.00

1309.00

1765.00

Neutral

Sell

1378

1.16

SYNTHOMER

227.80

141.80

230.00

Neutral

Strong Buy

403

1.10

ZOTEFOAMS

199.00

178.50

225.00

Neutral

Strong Buy

304

1.00

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

22 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

76.00

118.50

Neutral

Strong Buy

Target
276

Beta

BALFOUR BEATTY

251.70

207.60

320.80

Neutral

Strong Buy

1115

0.83

BARRATT DEVELOPMENTS

304.50

149.30

355.20

Neutral

Strong Buy

606

1.70
1.02

0.56

BELLWAY

1396.00

869.00

1502.00

Neutral

Strong Buy

2848

BERKELEY GROUP HDG.(THE)

2164.00

1387.00

2340.00

Neutral

Strong Buy

3458

0.58

BOOT (HENRY)

185.50

123.50

201.00

Neutral

Strong Buy

363

0.75
1.11

BOVIS HOMES GROUP

776.50

473.20

851.50

Neutral

Strong Buy

1431

CARILLION

297.30

244.80

331.80

Neutral

Strong Buy

1537

1.09

CLARKE (T)

59.00

40.00

62.50

Neutral

Strong Buy

385

0.80

COSTAIN GROUP
CRH
GALLIFORD TRY

280.75

220.00

306.00

Neutral

Strong Buy

1130

0.52

1395.00

1090.00

1540.00

Neutral

Sell

888

1.04

975.00

621.00

1020.00

Neutral

Strong Buy

2942

0.97

KELLER

1074.00

491.00

1161.00

Neutral

Strong Buy

2376

1.29

KIER GROUP

1491.00

1106.00

1528.00

Neutral

Strong Buy

5324

1.01

71.75

50.00

76.75

Neutral

Strong Buy

224

1.06
1.33

LOW & BONAR


MARSHALLS

155.75

81.00

155.75

Neutral

Buy

203

MORGAN SINDALL GROUP

671.50

508.00

695.00

Neutral

Strong Buy

4518

0.71

17.00

11.25

18.25

Neutral

Strong Buy

60

1.05

NORCROS

1142.00

644.20

1305.00

Neutral

Strong Buy

1989

1.02

REDROW

PERSIMMON

225.30

140.00

255.10

Neutral

Strong Buy

453

0.90

SIG

177.30

94.15

188.00

Neutral

Strong Buy

526

1.70

46.00

43.00

287.50

Neutral

Strong Buy

4229

0.89

104.00

50.25

113.80

Neutral

Strong Buy

226

1.61

SUPERGLASS HOLDINGS
TAYLOR WIMPEY
TRAVIS PERKINS

1575.00

1013.00

1713.00

Neutral

Strong Buy

4393

1.95

WOLSELEY

3194.00

2504.56

3483.00

Neutral

Strong Buy

5984

1.35

Under Valued

Electronics & Electrical Equipment


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

1340.00

999.50

1365.00

Neutral

Sell

1083

0.69

DOMINO PRINTING SCIENCES

680.00

522.00

717.00

Neutral

Buy

908

1.14

E2V TECHNOLOGIES

131.75

105.50

137.75

Neutral

Strong Buy

281

1.27

INVENSYS

494.10

217.33

509.50

Neutral

Sell

281

1.40

LAIRD

214.90

171.10

249.30

Neutral

Strong Buy

455

2.10

OXFORD INSTRUMENTS

1508.00

1209.00

1752.00

Neutral

Sell

1330

1.11

RENISHAW

1674.00

1494.00

2081.00

Neutral

Buy

2135

1.29

SPECTRIS

2246.00

1549.00

2470.00

Neutral

Buy

2896

1.53

BIOME TECHNOLOGIES

104.50

65.00

303.67

Neutral

Sell

-455

0.77

TT ELECTRONICS

181.75

114.00

191.50

Neutral

Strong Buy

440

1.61

XAAR

832.00

227.00

898.00

Neutral

Sell

431

1.06

DIALIGHT

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

22 August 2013
+44 20 3239 8994

Page 7 of 17

Under Valued

Engineering & Machinery


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

AGA RANGEMASTER GROUP

114.25

54.25

114.25

Sell

Buy

144

1.19

BODYCOTE

633.50

337.60

644.00

Neutral

Neutral

624

1.60

CASTINGS

421.00

291.00

443.50

Neutral

Strong Buy

662

0.95

VESUVIUS

469.90

263.19

480.00

Neutral

Strong Buy

1167

2.23

FENNER

353.00

305.90

435.20

Neutral

Strong Buy

549

1.45

HALMA

556.00

405.80

578.00

Neutral

Sell

402

0.78

HILL & SMITH

435.00

338.00

480.00

Neutral

Buy

536

1.32

1409.00

837.50

1445.00

Neutral

Strong Buy

4221

1.41

305.20

220.30

318.00

Neutral

Strong Buy

488

1.90

2730.00

2157.00

3037.00

Neutral

Buy

3090

1.00

282.00

185.90

284.90

Neutral

Sell

244

1.66
0.79

IMI
MORGAN ADVANCED MATERIAL
ROTORK
SENIOR
SEVERFIELD-ROWEN

Target

Beta

56.50

35.40

76.91

Neutral

Sell

46

SPIRAX-SARCO

3000.00

1932.53

3016.00

Sell

Sell

2091

0.84

VITEC GROUP

615.50

559.00

740.00

Neutral

Sell

477

1.37

WEIR GROUP

2192.00

1566.00

2474.00

Neutral

Neutral

2159

1.44

Over Valued

Food & Drug Stores


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

GREGGS

401.20

392.10

523.50

Neutral

Strong Buy

767

0.44

MORRISON(WM)SPMKTS.

284.60

248.60

296.40

Neutral

Buy

381

0.39

SAINSBURY (J)

386.00

321.90

398.50

Neutral

Buy

465

0.56

TESCO

363.20

307.90

387.75

Neutral

Sell

192

0.68

84.50

23.88

100.50

Neutral

Sell

54

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

1869.00

1267.00

2031.00

Neutral

Sell

1644

0.61

CRANSWICK

1108.00

732.50

1178.00

Neutral

Strong Buy

1770

0.33

DAIRY CREST

510.50

332.90

528.50

Neutral

Sell

384

0.91

DEVRO

320.00

289.90

380.00

Neutral

Strong Buy

508

0.37

PREMIER FOODS

117.50

54.50

125.75

Neutral

Strong Buy

250

1.26

TATE & LYLE

814.00

634.50

883.00

Neutral

Strong Buy

1344

0.67

2507.00

2235.00

2885.00

Neutral

Sell

2173

0.50

UNILEVER (UK)

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

22 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

563.50

266.40

563.50

Sell

Sell

459

0.51

1586.00

1000.00

1593.00

Neutral

Sell

1235

1.29

660.00

585.00

701.50

Neutral

Sell

351

0.90

42.77

17.00

46.33

Neutral

Buy

48

1.46

234.50

102.00

234.50

Sell

Sell

63

1.06

31.00

21.25

34.00

Sell

Strong Buy

111

1.01

HALFORDS GROUP

367.80

234.50

405.20

Neutral

Buy

513

0.71

JD SPORTS FASHION

928.50

651.00

963.50

Neutral

Strong Buy

1759

0.49

BROWN (N) GROUP


BURBERRY GROUP
CARPETRIGHT
DIXONS RETAIL
FINDEL
FRENCH CONNECTN.GROUP

DARTY

Target

Beta

81.00

39.00

81.75

Neutral

Buy

115

1.23

KINGFISHER

385.10

262.20

404.90

Neutral

Buy

448

0.91

MARKS & SPENCER GROUP

457.00

352.70

488.80

Neutral

Buy

642

0.60

63.25

44.75

71.00

Neutral

Buy

75

0.97

437.25

202.00

492.75

Neutral

Sell

165

0.38

NEXT

4800.00

3320.00

5030.00

Neutral

Buy

5355

0.61

TED BAKER

1929.00

899.00

1973.00

Sell

Sell

970

0.56

82.00

46.00

89.75

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
115

0.39

CONSORT MEDICAL

839.00

660.50

839.00

Neutral

Sell

579

0.35

OPTOS

154.50

106.75

222.75

Neutral

Buy

171

1.17

SMITH & NEPHEW

775.00

638.00

800.00

Neutral

Sell

663

0.45

Over Valued

Household Goods & Textiles


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

GAMES WORKSHOP

771.00

601.00

794.50

Neutral

Neutral

756

0.42

HEADLAM GROUP

380.50

295.00

415.00

Neutral

Sell

326

0.88

82.00

55.25

88.50

Neutral

Buy

111

0.70

HORNBY

Target

Over Valued

Information Technology & Hardware


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

ARM HOLDINGS

871.50

528.00

1097.00

Neutral

Sell

280

0.73

CSR

516.00

308.10

607.00

Neutral

Strong Buy

1555

1.13

FILTRONIC
IMAGINATION TECHNOLOGIES

Target

Beta

64.75

30.75

83.25

Neutral

Sell

55

0.94

268.40

235.10

624.00

Neutral

Buy

322

1.04

SPIRENT COMMUNICATIONS

129.80

118.00

170.00

Neutral

Strong Buy

241

0.94

WOLFSON MICROELECTRONICS

158.00

140.00

226.25

Neutral

Sell

-200

0.94

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

22 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

1294.00

1019.00

1416.00

Neutral

Sell

-360

0.52

AMLIN

392.90

364.10

435.10

Neutral

Strong Buy

1476

0.40

BEAZLEY

208.60

162.20

242.70

Neutral

Strong Buy

917

0.50

CATLIN GROUP

460.90

450.10

552.50

Neutral

Neutral

464

0.22

HISCOX

634.00

459.54

660.00

Neutral

Strong Buy

1838

0.46

JARDINE LLOYD THOMPSON

919.00

723.00

923.00

Neutral

Buy

1204

0.32

RSA INSURANCE GROUP

120.00

107.70

136.30

Neutral

Strong Buy

695

0.39

NOVAE GROUP

505.00

345.00

515.00

Neutral

Strong Buy

3284

0.38

ADMIRAL GROUP

Over Valued

Leisure & Hotels


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

2427.00

2092.00

2628.00

Neutral

Buy

3510

0.95

ENTERPRISE INNS

138.50

55.75

152.20

Neutral

Sell

108

1.64

TUI TRAVEL

354.60

208.20

401.50

Neutral

Strong Buy

722

0.96

FULLER SMITH 'A'

969.00

700.50

969.00

Neutral

Sell

605

0.26

GREENE KING

815.50

556.50

897.50

Neutral

Sell

619

0.88

LADBROKES

195.00

169.70

243.10

Neutral

Buy

258

0.87

1845.00

1524.00

2039.00

Neutral

Sell

1637

1.10

CARNIVAL

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

551.00

456.00

582.50

Neutral

Neutral

582

1.34

MITCHELLS & BUTLERS

414.00

262.70

430.40

Sell

Sell

273

1.00

BWIN PARTY DIGITAL ENTM.

130.90

91.90

156.00

Neutral

Sell

63

1.24

12.63

6.15

13.75

Neutral

Strong Buy

72

1.16

157.50

128.60

177.50

Neutral

Strong Buy

562

0.96
0.70

PUNCH TAVERNS
RANK GROUP
RESTAURANT GROUP

528.00

321.10

570.00

Neutral

Sell

385

WETHERSPOON (JD)

739.50

447.90

767.00

Neutral

Sell

686

0.57

WHITBREAD

3064.00

2096.00

3303.00

Neutral

Sell

2161

0.97

WILLIAM HILL

432.00

271.02

494.50

Neutral

Sell

254

0.80

MARSTON'S

155.20

109.90

164.50

Neutral

Sell

15

1.16

Under Valued

Life Assurance
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

AVIVA

395.00

294.10

404.90

Neutral

Sell

362

1.18

CHESNARA

260.00

170.00

270.00

Neutral

Strong Buy

515

0.64

LEGAL & GENERAL

196.00

128.00

201.90

Neutral

Strong Buy

485

1.69

OLD MUTUAL

187.70

165.10

221.60

Neutral

Strong Buy

390

1.52

PRUDENTIAL

1125.00

770.00

1232.00

Neutral

Neutral

1168

1.66

606.00

336.20

641.50

Neutral

Strong Buy

6554

0.84

ST.JAMES'S PLACE

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

22 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.

141.00

102.00

146.50

Neutral

Strong Buy

922

0.42

BRITISH SKY BCAST.GROUP

825.00

709.00

899.50

Neutral

Strong Buy

1056

0.47

CENTAUR MEDIA
DAILY MAIL 'A'
EUROMONEY INSTL.INVESTOR

Target

Beta

39.00

31.00

60.00

Neutral

Sell

-42

1.06

793.50

451.25

835.00

Neutral

Strong Buy

3556

1.07

1140.00

747.50

1140.00

Sell

Strong Buy

5566

0.96

INFORMA

505.00

380.50

541.50

Neutral

Strong Buy

327

1.63

ITE GROUP

288.00

183.50

307.40

Neutral

Buy

201

1.44

ITV

163.70

82.00

168.60

Neutral

Strong Buy

1369

1.46
1.20

JOHNSTON PRESS

16.88

5.20

19.00

Neutral

Buy

720

1308.00

1119.00

1350.00

Neutral

Neutral

309

0.65

98.00

42.75

99.00

Neutral

Strong Buy

2283

0.86

289.00

269.00

289.00

Neutral

Strong Buy

732

0.13

35.15

26.85

36.45

Neutral

Strong Buy

346

0.52

STV GROUP

184.50

81.50

184.50

Neutral

Sell

240

0.82

ST.IVES

158.75

73.25

170.00

Neutral

Sell

159

1.48

TRINITY MIRROR

107.50

36.75

122.25

Neutral

Sell

-289

1.59

UBM

696.00

636.00

788.00

Neutral

Strong Buy

1421

1.33

189.75

103.00

196.00

Neutral

Strong Buy

1390

0.85

1191.00

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

1474.00

1207.00

2084.00

Neutral

Sell

1260

1.84

ANGLO PACIFIC GROUP

194.50

161.00

290.00

Neutral

Neutral

212

1.07

ANTOFAGASTA

895.00

784.50

1381.00

Neutral

Neutral

857

1.42

1873.00

1666.50

2236.00

Neutral

Strong Buy

2993

1.48

GLENCORE XSTRATA

304.75

256.85

397.85

Neutral

Strong Buy

1027

#NA

LONMIN

338.00

240.84

380.10

Sell

Buy

437

2.08

RANDGOLD RESOURCES

4998.00

3972.00

7775.00

Neutral

Sell

2911

0.47

RIO TINTO

2987.00

2582.00

3757.00

Neutral

Sell

2464

1.53

861.00

1335.00

Neutral

Strong Buy

2817

2.24

ANGLO AMERICAN

BHP BILLITON

VEDANTA RESOURCES

Under Valued

Oil & Gas


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

1147.00

1000.50

1350.50

Neutral

Sell

882

BP

432.55

416.60

483.30

Buy

Strong Buy

991

1.02

CAIRN ENERGY

272.80

251.80

298.80

Neutral

Sell

-33

1.33
0.84

BG GROUP

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

Beta
0.84

8.79

7.15

12.50

Neutral

Strong Buy

115

862.00

716.00

941.00

Neutral

Sell

572

1.35

69.50

48.50

87.00

Neutral

Sell

-59

1.35

357.00

321.30

400.20

Neutral

Buy

399

1.45

2108.50

2098.00

2365.00

Neutral

Strong Buy

8123

0.83

368.50

319.90

404.30

Neutral

Buy

437

0.53

1006.00

977.00

1468.00

Neutral

Sell

682

1.05

810.50

720.50

915.50

Neutral

Sell

717

1.44

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

22 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

127.50

101.00

144.60

Neutral

Strong Buy

265

0.84

PZ CUSSONS

403.20

297.20

415.60

Neutral

Sell

333

0.70

4495.00

3536.00

4950.00

Neutral

Neutral

4548

0.30

RECKITT BENCKISER GROUP

Target

Under Valued

Pharmaceuticals & Biotechnology


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

0.48

0.36

3.58

Buy

Sell

-3

0.91

3183.50

2792.50

3521.50

Neutral

Strong Buy

9001

0.51

BTG

392.10

300.30

397.90

Neutral

Sell

214

0.73

DECHRA PHARMACEUTICALS

685.50

485.50

780.00

Neutral

Buy

929

0.18

1655.50

1317.50

1782.00

Neutral

Buy

1924

0.52

OXFORD BIOMEDICA

1.41

1.33

2.80

Buy

Sell

-2

0.57

PHYTOPHARM SUSP - 21/05/13

1.33

1.05

12.75

Neutral

Sell

-6

0.93

2405.00

1727.00

2442.00

Neutral

Sell

1537

0.70

SKYEPHARMA

85.00

43.50

100.50

Neutral

Buy

103

0.66

VERNALIS

24.75

19.38

27.38

Neutral

Sell

10

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

405.30

300.00

445.00

Neutral

Strong Buy

651

1.18

BRITISH LAND

565.00

506.00

658.00

Neutral

Buy

765

1.05

2305.00

1890.00

2542.00

Neutral

Strong Buy

4456

1.23

GREAT PORTLAND ESTATES

520.00

434.40

598.00

Neutral

Strong Buy

1030

1.06

HAMMERSON

488.10

448.60

554.00

Neutral

Neutral

508

1.24

DERWENT LONDON

Target

Beta

INTU PROPERTIES

308.50

300.60

366.00

Neutral

Strong Buy

497

1.13

LAND SECURITIES GROUP

886.50

761.50

994.00

Neutral

Strong Buy

1607

1.15

25.50

24.25

40.75

Neutral

Sell

-148

0.81

LONDONMETRIC PROPERTY

112.80

103.20

121.40

Neutral

Sell

-4

0.33

MCKAY SECURITIES

149.75

131.50

155.00

Neutral

Strong Buy

245

0.66

MUCKLOW (A & J) GROUP

418.25

325.00

454.50

Neutral

Sell

230

0.39

PRIMARY HEALTH PROPS.

335.00

312.50

363.53

Neutral

Sell

92

0.30
0.64

LOCAL SHOP.REIT (THE)

44.25

29.02

45.00

Neutral

Sell

-360

SEGRO

REDEFINE INTL.REIT

298.90

221.60

313.60

Neutral

Sell

-257

1.81

SHAFTESBURY

606.00

516.00

668.00

Neutral

Buy

781

1.03

TOWN CENTRE SECURITIES

195.00

177.00

223.00

Neutral

Sell

1.04

0.80

0.70

2.25

Neutral

Sell

-951

0.93

450.20

250.75

475.00

Neutral

Strong Buy

1145

1.01

WARNER ESTATE
WORKSPACE GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

22 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

328.20

210.50

365.60

Neutral

Strong Buy

752

40.00

22.75

41.25

Neutral

Sell

-50

0.64

CLS HOLDINGS

1173.00

656.50

1260.00

Neutral

Strong Buy

2927

0.75

DAEJAN HOLDINGS

4027.00

2706.00

4179.00

Neutral

Strong Buy

7090

0.48

185.25

143.00

209.00

Neutral

Neutral

193

0.96

CAPITAL & CNTS.PROPS.


CAPITAL & REGIONAL

DEVELOPMENT SECS.

Target

Beta
0.70

GRAINGER

176.50

97.45

187.50

Neutral

Sell

110

1.57

HELICAL BAR

277.00

178.00

302.50

Neutral

Sell

200

0.82

27.00

20.75

29.75

Neutral

Strong Buy

229

0.64

6262.50

4350.00

6512.50

Neutral

Strong Buy

14497

0.69

QUINTAIN ESTATES & DEV.

88.00

51.00

92.00

Sell

Sell

-196

1.04

RAVEN RUSSIA

69.00

61.50

79.75

Neutral

Strong Buy

210

1.48

602.50

386.70

664.50

Neutral

Strong Buy

2157

0.74

90.50

71.50

90.50

Neutral

Strong Buy

383

0.33

LONDON & ASSOCS.PROPS.


MOUNTVIEW ESTATES

SAVILLS
SMART (J)
ST MODWEN PROPS.

305.70

193.10

333.00

Neutral

Strong Buy

617

1.60

UNITE GROUP

371.00

216.00

403.00

Neutral

Strong Buy

1651

1.77

Under Valued

Software & Computer Services


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ANITE

110.00

110.00

162.00

Neutral

Buy

125

0.67

2372.00

1776.97

2588.15

Neutral

Sell

1480

1.49

COMPUTACENTER

520.50

333.29

564.10

Neutral

Strong Buy

1135

0.89

KOFAX

346.50

260.75

358.75

Neutral

Sell

301

1.06

AVEVA GROUP

INNOVATION GROUP

Target

Beta

29.25

19.50

30.25

Neutral

Sell

21

0.78

MICRO FOCUS INTL.

791.00

541.11

812.50

Neutral

Buy

899

0.82

PHOENIX IT GROUP

152.75

130.00

222.00

Neutral

Strong Buy

237

0.69

81.75

64.00

85.50

Neutral

Strong Buy

234

0.54

2100.00

1275.00

2156.00

Neutral

Neutral

2158

0.79

352.10

289.36

368.18

Neutral

Buy

434

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.

356.30

274.60

492.10

Neutral

Strong Buy

1253

1.11

BREWIN DOLPHIN

271.60

144.60

283.00

Neutral

Strong Buy

662

0.70

9000.00

8000.00

11105.00

Neutral

Strong Buy

96954

0.84

472.50

260.00

472.50

Sell

Strong Buy

1448

0.96
0.67

CAMELLIA
CHARLES STANLEY GROUP
CHARLES TAYLOR

Target

Beta

192.50

155.00

195.00

Neutral

Strong Buy

1648

CLOSE BROTHERS GROUP

1042.00

771.00

1107.00

Neutral

Strong Buy

4897

0.86

F&C ASSET MANAGEMENT

102.80

88.90

110.40

Neutral

Sell

67

0.84

4.76

0.55

5.18

Sell

Sell

-134

0.63

HENDERSON GROUP

HELPHIRE GROUP

174.90

101.70

180.40

Neutral

Strong Buy

829

1.46

ICAP

368.20

280.80

406.80

Neutral

Strong Buy

821

1.04

INTERMEDIATE CAPITAL GP.

447.00

280.00

501.50

Neutral

Strong Buy

2334

1.69

INVESTEC

420.50

358.40

513.50

Neutral

Strong Buy

1716

1.57

1566.00

930.00

1622.00

Neutral

Strong Buy

6870

1.11

81.50

71.30

134.40

Neutral

Sell

-5049

1.36

RATHBONE BROTHERS

1610.00

1208.00

1691.00

Neutral

Strong Buy

5576

0.73

SCHRODERS

2334.00

1407.00

2560.00

Neutral

Strong Buy

8309

1.30

SCHRODERS NV

1853.00

1131.00

2000.00

Neutral

Strong Buy

10969

1.28

LONDON STOCK EX.GROUP


MAN GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

22 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

264.88

157.75

266.75

Neutral

Strong Buy

855

0.88

AGGREKO

1654.00

1557.00

2400.00

Neutral

Strong Buy

4183

1.13

AMEC

1070.00

965.50

1172.00

Neutral

Strong Buy

3311

1.09

648.50

270.20

730.00

Neutral

Strong Buy

992

1.65

1149.00

893.50

1209.00

Neutral

Strong Buy

2613

0.49

545.75

361.50

604.00

Neutral

Strong Buy

2355

0.80

1345.00

1009.00

1409.00

Neutral

Strong Buy

2783

0.53

UK MAIL GROUP

645.00

233.50

645.00

Sell

Strong Buy

1660

0.42

CAPITA

988.50

713.00

1057.00

Neutral

Sell

208

0.54

ASHTEAD GROUP
BABCOCK INTL.
BRITISH POLYTHENE INDS.
BUNZL

COMMUNISIS

Target

Beta

56.50

34.16

68.00

Neutral

Strong Buy

480

0.81

COMPASS GROUP

863.50

671.50

910.50

Neutral

Strong Buy

1978

0.74

BERENDSEN

870.00

514.00

870.00

Sell

Strong Buy

3353

1.03

DE LA RUE

1000.00

891.50

1075.00

Neutral

Buy

1419

#NA

DIGNITY

1461.00

899.82

1567.68

Neutral

Strong Buy

3107

0.24

DIPLOMA

600.00

420.10

635.00

Neutral

Strong Buy

1521

0.96

ELECTROCOMP.

260.80

200.00

278.40

Neutral

Strong Buy

926

1.01

ESSENTRA PLC

789.00

500.50

830.00

Neutral

Strong Buy

1383

1.16

G4S

244.60

207.50

313.50

Neutral

Strong Buy

883

0.53

HAYS

103.90

68.20

107.60

Neutral

Strong Buy

457

1.06

HOMESERVE

245.00

185.60

293.60

Neutral

Strong Buy

972

0.88

INTERSERVE

570.00

347.10

570.00

Sell

Strong Buy

3687

1.26

3237.00

2697.00

3453.00

Neutral

Buy

4782

0.80

49.25

28.00

50.00

Neutral

Strong Buy

115

1.11
0.63

INTERTEK GROUP
JOHNSON SERVICE GROUP
MANAGEMENT CNSL.GP.

27.00

21.25

32.00

Neutral

Strong Buy

217

MENZIES (JOHN)

745.50

573.00

801.00

Neutral

Strong Buy

1793

1.38

MICHAEL PAGE INTL.

466.80

346.40

474.40

Neutral

Strong Buy

840

1.41

MITIE GROUP

277.00

248.00

300.80

Neutral

Strong Buy

1056

0.52

39.00

38.00

150.00

Neutral

Strong Buy

707

0.28

OFFICE2OFFICE

1090.00

700.50

1185.00

Neutral

Strong Buy

2199

0.73

PREMIER FARNELL

PAYPOINT

225.40

165.50

236.30

Neutral

Strong Buy

722

1.42

REGUS

179.50

96.00

193.40

Neutral

Sell

56

1.40

RENTOKIL INITIAL

101.40

76.10

103.50

Neutral

Strong Buy

267

1.26

REXAM

496.30

420.70

547.50

Neutral

Strong Buy

1770

0.85

RICARDO

483.00

340.00

485.00

Neutral

Strong Buy

1667

0.89

ROBERT WALTERS

278.00

176.25

285.00

Neutral

Strong Buy

1015

1.19

RPC GROUP

467.80

378.00

477.00

Neutral

Strong Buy

1520

0.80

RPS GROUP

258.20

195.50

274.20

Neutral

Strong Buy

999

1.51

SERCO GROUP

608.00

535.00

683.50

Neutral

Strong Buy

2367

0.59

SHANKS GROUP

92.00

73.00

98.00

Neutral

Strong Buy

266

1.49

SPEEDY HIRE

57.25

23.50

64.75

Neutral

Strong Buy

307

1.20

188.50

88.50

202.25

Neutral

Strong Buy

561

0.65

58.88

40.50

59.25

Neutral

Strong Buy

331

0.91

VP

432.50

295.25

432.50

Sell

Strong Buy

2295

0.81

WYG

101.00

48.50

101.00

Sell

Strong Buy

619

0.80

TRIBAL GROUP
TRIFAST

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

327.40

212.50

344.00

Neutral

Buy

412

0.88

39.59

33.55

46.29

Neutral

Strong Buy

77

0.68

698.00

542.50

749.00

Neutral

Sell

257

0.55

84.55

68.25

88.50

Neutral

Buy

117

1.21

1340.00

814.00

1399.00

Neutral

Sell

793

0.05

190.00

154.45

200.20

Neutral

Sell

103

0.51

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

22 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

299.40

187.20

307.50

Neutral

Sell

233

1.24

BRAEMAR SHIPPING SVS.

452.00

350.00

460.00

Neutral

Buy

594

1.05

CLARKSON

1925.00

1150.00

1925.00

Sell

Sell

1337

0.85

EASYJET

1271.00

530.00

1448.00

Neutral

Sell

865

0.76

FIRST GROUP

Target

Beta

114.10

92.00

212.39

Neutral

Strong Buy

281

0.91

FISHER(JAMES)& SONS

1080.00

690.00

1110.00

Neutral

Sell

786

0.74

GO-AHEAD GROUP

1506.00

1220.00

1595.00

Neutral

Strong Buy

2726

0.99

NATIONAL EXPRESS

261.20

164.50

261.20

Neutral

Sell

248

1.40

NORTHGATE

387.75

218.75

395.75

Neutral

Strong Buy

640

1.34

STAGECOACH GROUP

316.60

265.90

337.60

Neutral

Buy

442

0.98

85.00

43.75

85.00

Neutral

Strong Buy

234

0.96

WINCANTON

Under Valued

Utilities
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

CENTRICA

386.20

310.80

394.90

Neutral

Buy

573

0.52

NATIONAL GRID

740.00

678.00

847.50

Neutral

Buy

960

0.46

PENNON GROUP

671.50

598.00

749.50

Neutral

Sell

615

0.62

SSE

1547.00

1345.00

1676.00

Neutral

Buy

2238

0.41

SEVERN TRENT

1696.00

1513.00

2090.00

Neutral

Sell

1471

0.36

684.00

647.00

787.50

Neutral

Neutral

732

0.48

UNITED UTILITIES GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

22 August 2013
+44 20 3239 8994

Page 15 of 17

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