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23 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

23 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

23 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

23 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

23 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

444.70

300.80

455.40

Neutral

Buy

Target
610

Beta
0.71

CHEMRING GROUP

320.20

217.00

370.50

Neutral

Buy

373

0.66

COBHAM

290.80

190.10

307.70

Neutral

Neutral

301

0.85

MEGGITT

538.50

366.20

562.00

Neutral

Neutral

528

1.28

ROLLS-ROYCE HOLDINGS

1132.00

799.39

1240.00

Neutral

Neutral

1135

1.00

SMITHS GROUP

1320.00

1011.00

1397.00

Neutral

Sell

1157

0.77

ULTRA ELECTRONICS HDG.

1892.00

1505.00

1981.00

Neutral

Sell

1716

0.52

Unde r V a lue d

Automobiles & Parts


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

GKN

345.30

201.00

354.00

Neutral

Neutral

340

1.97

INCHCAPE

625.00

353.30

645.00

Neutral

Neutral

647

1.42

LOOKERS

124.00

68.75

128.50

Neutral

Sell

114

1.22

32.00

13.50

32.00

Neutral

Buy

45

1.09

PENDRAGON

Target

Over Valued

Banks
Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

BARCLAYS

284.70

181.25

333.85

Neutral

Sell

-841

1.95

HSBC HDG. (ORD $0.50)

692.50

541.00

769.90

Neutral

Buy

861

1.18

74.64

32.89

77.14

Neutral

Sell

1.86

LLOYDS BANKING GROUP


ROYAL BANK OF SCTL.GP.

343.00

220.70

367.80

Neutral

Sell

-118

1.39

STANDARD CHARTERED

1485.50

1364.00

1837.50

Neutral

Strong Buy

3418

1.64

Under Valued

Beverages
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

567.00

415.00

588.50

Neutral

Sell

496

0.58

DIAGEO

2008.50

1672.50

2136.50

Sell

Neutral

2194

0.54

SABMILLER

3042.50

2599.00

3657.00

Neutral

Buy

4208

0.91

BARR (AG)

Target

Beta

Under Valued

Chemicals
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ALENT

340.00

305.00

397.50

Neutral

Buy

462

#NA

AZ ELECTRONIC MATS.(DI)

322.50

240.00

406.40

Neutral

Strong Buy

570

1.12

CARCLO

362.50

342.75

501.00

Neutral

Sell

144

0.74

2567.00

2164.00

2841.00

Neutral

Buy

3338

1.05

CRODA INTERNATIONAL
ELEMENTIS

Target

Beta

262.20

204.20

275.00

Neutral

Buy

320

1.07

JOHNSON MATTHEY

2814.00

2190.00

2887.00

Neutral

Strong Buy

4353

1.43

VICTREX

1624.00

1309.00

1765.00

Neutral

Sell

1390

1.16

SYNTHOMER

230.00

141.80

230.00

Neutral

Strong Buy

403

1.10

ZOTEFOAMS

198.00

182.50

225.00

Neutral

Strong Buy

305

1.00

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

23 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
277

Beta

BALFOUR BEATTY

252.00

207.60

320.80

Neutral

Strong Buy

1121

0.83

BARRATT DEVELOPMENTS

307.50

149.30

355.20

Neutral

Strong Buy

611

1.70
1.02

0.56

BELLWAY

1395.00

869.00

1502.00

Neutral

Strong Buy

2867

BERKELEY GROUP HDG.(THE)

2187.00

1387.00

2340.00

Neutral

Strong Buy

3478

0.58

BOOT (HENRY)

186.50

123.50

201.00

Neutral

Strong Buy

365

0.75
1.11

BOVIS HOMES GROUP

783.50

473.20

851.50

Neutral

Strong Buy

1440

CARILLION

289.80

244.80

331.80

Neutral

Strong Buy

1547

1.09

CLARKE (T)

59.38

40.00

62.50

Neutral

Strong Buy

387

0.80

COSTAIN GROUP
CRH
GALLIFORD TRY

290.00

225.00

306.00

Neutral

Strong Buy

1138

0.52

1403.00

1090.00

1540.00

Neutral

Sell

895

1.04

978.50

621.00

1020.00

Neutral

Strong Buy

2961

0.97

KELLER

1085.00

491.00

1161.00

Neutral

Strong Buy

2391

1.29

KIER GROUP

1484.00

1106.00

1528.00

Neutral

Strong Buy

5359

1.01

70.75

50.00

76.75

Neutral

Strong Buy

226

1.06
1.33

LOW & BONAR


MARSHALLS

152.00

81.00

155.75

Neutral

Buy

204

MORGAN SINDALL GROUP

673.00

508.00

695.00

Neutral

Strong Buy

4546

0.71

17.50

11.25

18.25

Neutral

Strong Buy

61

1.05

NORCROS

1140.00

647.47

1305.00

Neutral

Strong Buy

2002

1.02

REDROW

PERSIMMON

226.50

140.00

255.10

Neutral

Strong Buy

456

0.90

SIG

182.50

98.05

188.00

Neutral

Strong Buy

529

1.70

46.00

43.00

287.50

Neutral

Strong Buy

4242

0.89

104.30

50.25

113.80

Neutral

Strong Buy

228

1.61

SUPERGLASS HOLDINGS
TAYLOR WIMPEY
TRAVIS PERKINS

1589.00

1013.00

1713.00

Neutral

Strong Buy

4423

1.95

WOLSELEY

3330.00

2504.56

3483.00

Neutral

Strong Buy

6018

1.35

Under Valued

Electronics & Electrical Equipment


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

1344.00

999.50

1365.00

Neutral

Sell

1086

0.69

DOMINO PRINTING SCIENCES

683.00

522.00

717.00

Neutral

Buy

911

1.14

E2V TECHNOLOGIES

133.50

105.50

137.75

Neutral

Strong Buy

282

1.27

INVENSYS

494.20

217.33

509.50

Neutral

Sell

282

1.40

LAIRD

214.10

171.10

249.30

Neutral

Strong Buy

456

2.10

OXFORD INSTRUMENTS

1514.00

1209.00

1752.00

Neutral

Sell

1334

1.11

RENISHAW

1698.00

1494.00

2081.00

Neutral

Buy

2143

1.29

SPECTRIS

2264.00

1549.00

2470.00

Neutral

Buy

2906

1.53

BIOME TECHNOLOGIES

102.50

65.00

303.67

Neutral

Sell

-455

0.77

TT ELECTRONICS

182.75

114.00

191.50

Neutral

Strong Buy

441

1.61

XAAR

827.00

227.00

898.00

Neutral

Sell

432

1.06

DIALIGHT

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

23 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

114.75

54.25

114.75

Sell

Buy

144

1.19

BODYCOTE

640.00

337.60

644.00

Neutral

Neutral

629

1.60

CASTINGS

418.50

291.00

443.50

Neutral

Strong Buy

668

0.95

VESUVIUS

476.60

263.19

480.00

Neutral

Strong Buy

1165

2.23

FENNER

350.60

305.90

435.20

Neutral

Strong Buy

553

1.45

HALMA

556.50

405.80

578.00

Neutral

Sell

407

0.78

HILL & SMITH

438.50

338.25

480.00

Neutral

Buy

540

1.32

1491.00

837.50

1491.00

Sell

Strong Buy

4399

1.41

310.30

220.30

318.00

Neutral

Strong Buy

503

1.90

2748.00

2157.00

3037.00

Neutral

Strong Buy

4684

1.00

284.00

185.90

284.90

Neutral

Sell

246

1.66
0.79

IMI
MORGAN ADVANCED MATERIAL
ROTORK
SENIOR
SEVERFIELD-ROWEN

Target

Beta

55.00

35.40

76.91

Neutral

Sell

46

SPIRAX-SARCO

3021.00

1932.53

3021.00

Sell

Sell

2113

0.84

VITEC GROUP

620.00

559.00

740.00

Neutral

Sell

478

1.37

WEIR GROUP

2215.00

1566.00

2474.00

Neutral

Neutral

2180

1.44

Over Valued

Food & Drug Stores


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

GREGGS

408.00

392.10

523.50

Neutral

Strong Buy

772

0.44

MORRISON(WM)SPMKTS.

286.20

248.60

296.40

Neutral

Buy

385

0.39

SAINSBURY (J)

388.30

321.90

398.50

Neutral

Buy

470

0.56

TESCO

365.80

307.90

387.75

Neutral

Sell

194

0.68

83.50

23.88

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

1872.00

1267.00

2031.00

Neutral

Sell

1658

0.61

CRANSWICK

1106.00

732.50

1178.00

Neutral

Strong Buy

1784

0.33

DAIRY CREST

521.00

332.90

528.50

Sell

Sell

388

0.91

DEVRO

324.20

289.90

380.00

Neutral

Strong Buy

511

0.37

PREMIER FOODS

120.50

54.50

125.75

Neutral

Strong Buy

254

1.26

TATE & LYLE

812.00

634.50

883.00

Neutral

Strong Buy

1354

0.67

2528.00

2235.00

2885.00

Neutral

Sell

2185

0.50

UNILEVER (UK)

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

23 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

27.00

22.13

29.50

Neutral

Buy

39

0.66

571.50

266.40

571.50

Sell

Sell

464

0.51

1574.00

1000.00

1593.00

Neutral

Sell

1249

1.29

670.50

585.00

701.50

Neutral

Sell

355

0.90

42.84

17.00

46.33

Neutral

Buy

49

1.46

239.25

102.00

239.25

Sell

Sell

65

1.06

32.25

21.25

34.00

Sell

Strong Buy

112

1.01

HALFORDS GROUP

377.00

234.50

405.20

Neutral

Buy

520

0.71

JD SPORTS FASHION

933.00

653.00

963.50

Neutral

Strong Buy

1781

0.49

BROWN (N) GROUP


BURBERRY GROUP
CARPETRIGHT
DIXONS RETAIL
FINDEL
FRENCH CONNECTN.GROUP

DARTY

Target

Beta

82.25

39.00

82.25

Neutral

Buy

117

1.23

KINGFISHER

387.40

262.20

404.90

Neutral

Buy

454

0.91

MARKS & SPENCER GROUP

459.30

352.70

488.80

Neutral

Buy

650

0.60

63.25

44.75

71.00

Neutral

Buy

76

0.97

442.75

202.00

492.75

Neutral

Sell

168

0.38

NEXT

4860.00

3320.00

5030.00

Neutral

Buy

5413

0.61

TED BAKER

1955.00

899.00

1973.00

Sell

Sell

982

0.56

83.25

46.00

89.75

Neutral

Sell

77

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
114

0.39

CONSORT MEDICAL

822.50

660.50

839.00

Neutral

Sell

574

0.35

OPTOS

157.50

106.75

222.75

Neutral

Neutral

171

1.17

SMITH & NEPHEW

783.00

638.00

800.00

Neutral

Sell

667

0.45

Over Valued

Household Goods & Textiles


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

GAMES WORKSHOP

770.50

601.00

794.50

Neutral

Neutral

755

0.42

HEADLAM GROUP

382.00

295.00

415.00

Neutral

Sell

328

0.88

82.50

55.25

88.50

Neutral

Buy

112

0.70

HORNBY

Target

Over Valued

Information Technology & Hardware


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

ARM HOLDINGS

878.50

528.00

1097.00

Neutral

Sell

282

0.73

CSR

522.00

308.10

607.00

Neutral

Strong Buy

1565

1.13

FILTRONIC
IMAGINATION TECHNOLOGIES

Target

Beta

65.00

30.75

83.25

Neutral

Sell

56

0.94

269.40

235.10

624.00

Neutral

Buy

324

1.04

SPIRENT COMMUNICATIONS

129.80

118.00

170.00

Neutral

Strong Buy

243

0.94

WOLFSON MICROELECTRONICS

160.00

140.00

226.25

Neutral

Sell

-200

0.94

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

23 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

1293.00

1019.00

1416.00

Neutral

Sell

-377

0.52

AMLIN

390.20

364.10

435.10

Neutral

Strong Buy

1485

0.40

BEAZLEY

206.20

162.20

242.70

Neutral

Strong Buy

923

0.50

CATLIN GROUP

464.00

450.10

552.50

Neutral

Neutral

466

0.22

HISCOX

639.00

459.54

660.00

Neutral

Strong Buy

1849

0.46

JARDINE LLOYD THOMPSON

918.00

723.00

923.00

Neutral

Buy

1208

0.32

RSA INSURANCE GROUP

123.60

107.70

136.30

Neutral

Strong Buy

700

0.39

NOVAE GROUP

507.00

345.00

515.00

Neutral

Strong Buy

3308

0.38

ADMIRAL GROUP

Over Valued

Leisure & Hotels


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

2474.00

2092.00

2628.00

Neutral

Buy

3525

0.95

ENTERPRISE INNS

139.50

55.75

152.20

Neutral

Sell

109

1.64

TUI TRAVEL

357.50

208.20

401.50

Neutral

Strong Buy

725

0.96

FULLER SMITH 'A'

942.25

700.50

969.00

Neutral

Sell

608

0.26

GREENE KING

822.00

556.50

897.50

Neutral

Sell

622

0.88

LADBROKES

193.10

169.70

243.10

Neutral

Buy

260

0.87

1863.00

1524.00

2039.00

Neutral

Sell

1646

1.10

CARNIVAL

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

558.00

456.00

582.50

Neutral

Neutral

584

1.34

MITCHELLS & BUTLERS

419.00

262.70

430.40

Sell

Sell

275

1.00

BWIN PARTY DIGITAL ENTM.

131.20

91.90

156.00

Neutral

Sell

63

1.24

12.25

6.15

13.75

Neutral

Strong Buy

73

1.16

159.00

128.60

177.50

Neutral

Strong Buy

565

0.96
0.70

PUNCH TAVERNS
RANK GROUP
RESTAURANT GROUP

532.00

322.00

570.00

Neutral

Sell

387

WETHERSPOON (JD)

745.50

447.90

767.00

Neutral

Sell

689

0.57

WHITBREAD

3112.00

2096.00

3303.00

Neutral

Sell

2171

0.97

WILLIAM HILL

430.00

271.02

494.50

Neutral

Sell

255

0.80

MARSTON'S

156.50

109.90

164.50

Neutral

Sell

15

1.16

Under Valued

Life Assurance
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

AVIVA

399.20

294.10

404.90

Neutral

Sell

366

1.18

CHESNARA

261.75

174.00

270.00

Neutral

Strong Buy

518

0.64

LEGAL & GENERAL

198.20

128.00

201.90

Neutral

Strong Buy

488

1.69

OLD MUTUAL

187.10

165.10

221.60

Neutral

Strong Buy

390

1.52

PRUDENTIAL

1121.00

770.00

1232.00

Neutral

Neutral

1173

1.66

611.00

336.20

641.50

Neutral

Strong Buy

6537

0.84

ST.JAMES'S PLACE

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

23 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

146.00

Neutral

Strong Buy

922

0.42

BRITISH SKY BCAST.GROUP

827.00

709.00

899.50

Neutral

Strong Buy

1056

0.47

CENTAUR MEDIA
DAILY MAIL 'A'
EUROMONEY INSTL.INVESTOR

Target

Beta

39.50

31.00

60.00

Neutral

Sell

-42

1.06

800.00

451.25

835.00

Neutral

Strong Buy

3556

1.07

1140.00

747.50

1140.00

Neutral

Strong Buy

5566

0.96

INFORMA

511.00

380.50

541.50

Neutral

Strong Buy

327

1.63

ITE GROUP

296.50

183.50

307.40

Neutral

Buy

201

1.44

ITV

165.30

82.00

168.60

Neutral

Strong Buy

1369

1.46
1.20

JOHNSTON PRESS

17.50

5.20

19.00

Neutral

Buy

720

1325.00

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

35.50

26.85

36.45

Neutral

Strong Buy

346

0.52

STV GROUP

195.00

81.50

195.00

Neutral

Sell

240

0.82

ST.IVES

159.75

73.63

170.00

Neutral

Sell

159

1.48

TRINITY MIRROR

110.00

36.75

122.25

Neutral

Sell

-289

1.59

UBM

702.00

636.00

788.00

Neutral

Strong Buy

1421

1.33

189.25

103.50

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

1504.50

1207.00

2084.00

Neutral

Sell

1288

1.84

ANGLO PACIFIC GROUP

199.00

161.00

290.00

Neutral

Neutral

216

1.07

ANTOFAGASTA

908.00

784.50

1381.00

Neutral

Neutral

871

1.42

1908.50

1666.50

2236.00

Neutral

Strong Buy

3050

1.48

GLENCORE XSTRATA

313.85

256.85

397.85

Neutral

Strong Buy

1048

#NA

LONMIN

347.90

240.84

380.10

Sell

Buy

446

2.08

RANDGOLD RESOURCES

5040.00

3972.00

7775.00

Neutral

Sell

2963

0.47

RIO TINTO

3043.50

2582.00

3757.00

Neutral

Sell

2521

1.53

861.00

1335.00

Neutral

Strong Buy

2884

2.24

ANGLO AMERICAN

BHP BILLITON

VEDANTA RESOURCES

Under Valued

Oil & Gas


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

1168.00

1000.50

1350.50

Neutral

Sell

886

BP

437.00

416.60

483.30

Neutral

Strong Buy

998

1.02

CAIRN ENERGY

270.50

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

8.83

7.15

12.50

Neutral

Strong Buy

114

870.00

716.00

941.00

Neutral

Sell

575

1.35

69.00

48.50

87.00

Neutral

Sell

-58

1.35

346.50

321.30

400.20

Neutral

Buy

401

1.45

2126.00

2098.00

2365.00

Neutral

Strong Buy

8163

0.83

373.80

319.90

404.30

Neutral

Buy

441

0.53

1010.00

977.00

1468.00

Neutral

Sell

685

1.05

818.00

720.50

915.50

Neutral

Sell

721

1.44

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

23 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

130.00

101.00

144.60

Neutral

Strong Buy

269

0.84

PZ CUSSONS

408.30

297.20

415.60

Neutral

Sell

338

0.70

4519.00

3560.00

4950.00

Neutral

Neutral

4573

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

3230.00

2792.50

3521.50

Neutral

Strong Buy

9025

0.51

BTG

388.00

300.30

397.90

Neutral

Sell

214

0.73

DECHRA PHARMACEUTICALS

685.00

485.50

780.00

Neutral

Buy

933

0.18

1666.50

1317.50

1782.00

Neutral

Buy

1930

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

2435.00

1727.00

2442.00

Neutral

Sell

1539

0.70

SKYEPHARMA

86.50

43.50

100.50

Neutral

Buy

103

0.66

VERNALIS

25.13

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

409.20

300.00

445.00

Neutral

Strong Buy

645

1.18

BRITISH LAND

566.50

506.00

658.00

Neutral

Buy

757

1.05

2305.00

1890.00

2542.00

Neutral

Strong Buy

4434

1.23

GREAT PORTLAND ESTATES

522.00

434.40

598.00

Neutral

Strong Buy

1024

1.06

HAMMERSON

488.00

448.60

554.00

Neutral

Neutral

502

1.24

DERWENT LONDON

Target

Beta

INTU PROPERTIES

311.10

300.60

366.00

Neutral

Strong Buy

493

1.13

LAND SECURITIES GROUP

886.50

761.50

994.00

Neutral

Strong Buy

1592

1.15

25.25

24.25

40.75

Neutral

Sell

-145

0.81

LONDONMETRIC PROPERTY

112.30

103.20

121.40

Neutral

Sell

-4

0.33

MCKAY SECURITIES

151.50

131.50

155.00

Neutral

Strong Buy

244

0.66

MUCKLOW (A & J) GROUP

406.25

325.00

454.50

Neutral

Sell

229

0.39

PRIMARY HEALTH PROPS.

337.00

312.50

363.53

Neutral

Sell

92

0.30
0.64

LOCAL SHOP.REIT (THE)

43.38

29.02

45.00

Neutral

Sell

-350

SEGRO

REDEFINE INTL.REIT

298.00

221.60

313.60

Neutral

Sell

-248

1.81

SHAFTESBURY

605.00

516.00

668.00

Neutral

Buy

774

1.03

TOWN CENTRE SECURITIES

199.88

177.00

223.00

Neutral

Sell

11

1.04

0.80

0.70

2.25

Neutral

Sell

-932

0.93

458.90

250.75

475.00

Neutral

Strong Buy

1137

1.01

WARNER ESTATE
WORKSPACE GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

23 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

326.20

210.50

365.60

Neutral

Strong Buy

748

41.00

22.75

41.25

Neutral

Sell

-51

0.64

CLS HOLDINGS

1170.00

656.50

1260.00

Neutral

Strong Buy

2943

0.75

DAEJAN HOLDINGS

4041.00

2706.00

4179.00

Neutral

Strong Buy

7140

0.48

194.25

143.00

209.00

Neutral

Neutral

194

0.96

CAPITAL & CNTS.PROPS.


CAPITAL & REGIONAL

DEVELOPMENT SECS.

Target

Beta
0.70

GRAINGER

177.50

97.45

187.50

Neutral

Sell

111

1.57

HELICAL BAR

275.75

178.00

302.50

Neutral

Sell

202

0.82

28.50

21.00

29.75

Sell

Strong Buy

230

0.64

6187.50

4350.00

6512.50

Neutral

Strong Buy

14568

0.69

QUINTAIN ESTATES & DEV.

88.00

51.00

92.00

Sell

Sell

-198

1.04

RAVEN RUSSIA

69.00

61.50

79.75

Neutral

Strong Buy

211

1.48

605.00

386.70

664.50

Neutral

Strong Buy

2158

0.74

90.00

71.50

90.50

Neutral

Strong Buy

384

0.33

LONDON & ASSOCS.PROPS.


MOUNTVIEW ESTATES

SAVILLS
SMART (J)
ST MODWEN PROPS.

309.00

193.10

333.00

Neutral

Strong Buy

621

1.60

UNITE GROUP

369.00

219.50

403.00

Neutral

Strong Buy

1658

1.77

Under Valued

Software & Computer Services


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ANITE

109.60

109.60

162.00

Neutral

Buy

125

0.67

2396.00

1776.97

2588.15

Neutral

Sell

1487

1.49

COMPUTACENTER

526.00

333.29

564.10

Neutral

Strong Buy

1134

0.89

KOFAX

348.00

260.75

358.75

Neutral

Sell

301

1.06

AVEVA GROUP

INNOVATION GROUP

Target

Beta

29.00

19.50

30.25

Neutral

Sell

21

0.78

MICRO FOCUS INTL.

799.00

541.11

812.50

Neutral

Buy

915

0.82

PHOENIX IT GROUP

147.25

130.00

222.00

Neutral

Strong Buy

236

0.69

83.00

64.00

85.50

Neutral

Strong Buy

234

0.54

2130.00

1275.00

2156.00

Neutral

Neutral

2167

0.79

353.40

289.36

368.18

Neutral

Buy

435

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.

361.60

274.60

492.10

Neutral

Strong Buy

1270

1.11

BREWIN DOLPHIN

268.40

144.60

283.00

Neutral

Strong Buy

673

0.70

9025.00

8000.00

11105.00

Neutral

Strong Buy

98626

0.84

469.75

260.00

472.50

Neutral

Strong Buy

1475

0.96
0.67

CAMELLIA
CHARLES STANLEY GROUP
CHARLES TAYLOR

Target

Beta

192.00

155.00

195.00

Neutral

Strong Buy

1672

CLOSE BROTHERS GROUP

1051.00

771.00

1107.00

Neutral

Strong Buy

4988

0.86

F&C ASSET MANAGEMENT

105.00

88.90

110.40

Neutral

Sell

68

0.84

4.90

0.55

5.18

Sell

Sell

-137

0.63

HENDERSON GROUP

HELPHIRE GROUP

176.80

101.70

180.40

Neutral

Strong Buy

839

1.46

ICAP

376.60

280.80

406.80

Neutral

Strong Buy

837

1.04

INTERMEDIATE CAPITAL GP.

448.40

280.00

501.50

Neutral

Strong Buy

2346

1.69

INVESTEC

424.20

358.40

513.50

Neutral

Strong Buy

1739

1.57

1580.00

930.00

1622.00

Neutral

Strong Buy

6593

1.11

84.70

71.30

134.40

Neutral

Sell

-5156

1.36

RATHBONE BROTHERS

1585.00

1208.00

1691.00

Neutral

Strong Buy

5671

0.73

SCHRODERS

2378.00

1407.00

2560.00

Neutral

Strong Buy

8454

1.30

SCHRODERS NV

1902.00

1131.00

2000.00

Neutral

Strong Buy

11122

1.28

LONDON STOCK EX.GROUP


MAN GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

23 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

265.00

157.75

266.75

Neutral

Strong Buy

866

0.88

AGGREKO

1655.00

1557.00

2400.00

Neutral

Strong Buy

4242

1.13

AMEC

1082.00

965.50

1172.00

Neutral

Strong Buy

3349

1.09

656.50

273.20

730.00

Neutral

Strong Buy

1004

1.65

1155.00

895.50

1209.00

Neutral

Strong Buy

2645

0.49

550.00

362.50

604.00

Neutral

Strong Buy

2382

0.80

1350.00

1009.00

1409.00

Neutral

Strong Buy

2815

0.53

UK MAIL GROUP

635.00

233.50

645.00

Neutral

Strong Buy

1680

0.42

CAPITA

991.00

713.00

1057.00

Neutral

Sell

210

0.54

ASHTEAD GROUP
BABCOCK INTL.
BRITISH POLYTHENE INDS.
BUNZL

COMMUNISIS

Target

Beta

57.25

34.16

68.00

Neutral

Strong Buy

486

0.81

COMPASS GROUP

871.50

671.50

910.50

Neutral

Strong Buy

2003

0.74

BERENDSEN

870.00

514.00

870.00

Neutral

Strong Buy

3395

1.03

DE LA RUE

996.00

891.50

1075.00

Neutral

Buy

1438

#NA

DIGNITY

1470.00

899.82

1567.68

Neutral

Strong Buy

3163

0.24

DIPLOMA

636.50

420.10

636.50

Neutral

Strong Buy

1538

0.96

ELECTROCOMP.

263.90

200.00

278.40

Neutral

Strong Buy

937

1.01

ESSENTRA PLC

791.00

500.50

830.00

Neutral

Strong Buy

1399

1.16

G4S

246.00

207.50

313.50

Neutral

Strong Buy

895

0.53

HAYS

104.60

68.20

107.60

Neutral

Strong Buy

463

1.06

HOMESERVE

244.00

185.60

293.60

Neutral

Strong Buy

983

0.88

INTERSERVE

569.00

349.10

570.00

Sell

Strong Buy

3725

1.26

3230.00

2697.00

3453.00

Neutral

Buy

4833

0.80

49.00

28.00

50.00

Neutral

Strong Buy

117

1.11
0.63

INTERTEK GROUP
JOHNSON SERVICE GROUP
MANAGEMENT CNSL.GP.

26.75

21.25

32.00

Neutral

Strong Buy

219

MENZIES (JOHN)

737.00

573.00

801.00

Neutral

Strong Buy

1808

1.38

MICHAEL PAGE INTL.

468.00

346.40

474.40

Neutral

Strong Buy

850

1.41

MITIE GROUP

279.00

248.00

300.80

Neutral

Strong Buy

1070

0.52

37.50

37.50

145.50

Neutral

Strong Buy

716

0.28

OFFICE2OFFICE

1083.00

700.50

1185.00

Neutral

Strong Buy

2223

0.73

PREMIER FARNELL

PAYPOINT

223.40

165.50

236.30

Neutral

Strong Buy

729

1.42

REGUS

183.90

96.00

193.40

Neutral

Sell

56

1.40

RENTOKIL INITIAL

102.00

76.10

103.50

Neutral

Strong Buy

271

1.26

REXAM

497.60

420.70

547.50

Neutral

Strong Buy

1792

0.85

RICARDO

478.00

340.00

485.00

Neutral

Strong Buy

1688

0.89

ROBERT WALTERS

279.50

176.25

285.00

Neutral

Strong Buy

1028

1.19

RPC GROUP

469.50

378.00

477.00

Neutral

Strong Buy

1540

0.80

RPS GROUP

255.90

195.50

274.20

Neutral

Strong Buy

1011

1.51

SERCO GROUP

621.50

535.00

683.50

Neutral

Strong Buy

2396

0.59

SHANKS GROUP

92.50

73.00

98.00

Neutral

Strong Buy

271

1.49

SPEEDY HIRE

57.50

23.50

64.75

Neutral

Strong Buy

312

1.20

193.75

88.50

202.25

Neutral

Strong Buy

568

0.65

60.88

40.50

60.88

Neutral

Strong Buy

336

0.91

VP

435.00

295.25

435.00

Sell

Strong Buy

2324

0.81

WYG

101.00

48.50

101.00

Sell

Strong Buy

626

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

330.50

212.50

344.00

Neutral

Buy

417

0.88

41.46

33.55

46.29

Neutral

Strong Buy

78

0.68

700.00

542.50

749.00

Neutral

Sell

261

0.55

86.15

68.25

88.50

Neutral

Buy

118

1.21

1357.00

814.00

1399.00

Neutral

Sell

804

0.05

190.05

154.45

200.20

Neutral

Sell

103

0.51

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

23 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

304.20

187.20

307.50

Neutral

Sell

234

1.24

BRAEMAR SHIPPING SVS.

451.00

350.00

460.00

Neutral

Buy

597

1.05

CLARKSON

1926.00

1150.00

1926.00

Sell

Sell

1344

0.85

EASYJET

1277.00

530.00

1448.00

Neutral

Sell

870

0.76

FIRST GROUP

Target

Beta

115.70

92.00

212.39

Neutral

Strong Buy

282

0.91

FISHER(JAMES)& SONS

1100.00

699.00

1110.00

Neutral

Sell

792

0.74

GO-AHEAD GROUP

1503.00

1220.00

1595.00

Neutral

Strong Buy

2742

0.99

NATIONAL EXPRESS

263.10

164.50

263.10

Neutral

Sell

250

1.40

NORTHGATE

393.50

219.00

395.75

Neutral

Strong Buy

646

1.34

STAGECOACH GROUP

320.10

265.90

337.60

Neutral

Buy

446

0.98

87.50

43.75

87.50

Neutral

Strong Buy

237

0.96

WINCANTON

Under Valued

Utilities
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

CENTRICA

387.60

310.80

394.90

Neutral

Buy

574

0.52

NATIONAL GRID

737.50

678.00

847.50

Neutral

Buy

964

0.46

PENNON GROUP

679.00

598.00

749.50

Neutral

Sell

619

0.62

SSE

1550.00

1345.00

1676.00

Neutral

Buy

2248

0.41

SEVERN TRENT

1707.00

1513.00

2090.00

Neutral

Sell

1477

0.36

686.50

647.00

787.50

Neutral

Neutral

736

0.48

UNITED UTILITIES GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

23 August 2013
+44 20 3239 8994

Page 15 of 17

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