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27 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
Under Valued ................................................................................... 15
Transport
Under Valued ....................................................................................... 15
Utilities
DISCLAIMER ........................................................................................................................... 16
RISK WARNING ...................................................................................................................... 17

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

27 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

27 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

27 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

27 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

447.70

300.80

455.40

Neutral

Buy

Target
612

Beta
0.71

CHEMRING GROUP

319.80

217.00

370.50

Neutral

Buy

373

0.66

COBHAM

289.90

190.10

307.70

Neutral

Neutral

302

0.85

MEGGITT

538.50

366.20

562.00

Neutral

Neutral

529

1.28

ROLLS-ROYCE HOLDINGS

1138.00

799.39

1240.00

Neutral

Neutral

1140

1.00

SMITHS GROUP

1320.00

1011.00

1397.00

Neutral

Sell

1161

0.77

ULTRA ELECTRONICS HDG.

1910.00

1505.00

1981.00

Neutral

Sell

1720

0.52

Unde r V a lue d

Automobiles & Parts


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

GKN

346.10

201.00

354.00

Neutral

Neutral

341

1.97

INCHCAPE

624.00

353.30

645.00

Neutral

Neutral

650

1.42

LOOKERS

124.25

68.75

128.50

Neutral

Sell

114

1.22

33.00

13.50

33.00

Neutral

Buy

45

1.09

PENDRAGON

Target

Over Valued

Banks
Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

BARCLAYS

286.85

181.25

333.85

Neutral

Sell

-840

1.95

HSBC HDG. (ORD $0.50)

694.70

541.00

769.90

Neutral

Buy

864

1.18

74.79

32.89

77.14

Neutral

Sell

1.86

LLOYDS BANKING GROUP


ROYAL BANK OF SCTL.GP.

344.30

220.70

367.80

Neutral

Sell

-116

1.39

STANDARD CHARTERED

1492.50

1364.00

1837.50

Neutral

Strong Buy

3424

1.64

Under Valued

Beverages
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

564.00

415.00

588.50

Neutral

Sell

495

0.58

DIAGEO

2005.00

1672.50

2136.50

Sell

Neutral

2193

0.54

SABMILLER

3104.00

2599.00

3657.00

Neutral

Buy

4247

0.91

BARR (AG)

Target

Beta

Under Valued

Chemicals
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ALENT

337.10

305.00

397.50

Neutral

Buy

464

#NA

AZ ELECTRONIC MATS.(DI)

324.20

240.00

406.40

Neutral

Strong Buy

572

1.12

CARCLO

360.75

342.75

501.00

Neutral

Sell

143

0.74

2677.00

2164.00

2841.00

Neutral

Buy

3403

1.05

CRODA INTERNATIONAL
ELEMENTIS

Target

Beta

267.70

204.20

275.00

Neutral

Buy

323

1.07

JOHNSON MATTHEY

2854.00

2190.00

2887.00

Neutral

Strong Buy

4381

1.43

VICTREX

1627.00

1309.00

1765.00

Neutral

Sell

1415

1.16

SYNTHOMER

230.90

141.80

230.90

Neutral

Strong Buy

405

1.10

ZOTEFOAMS

198.00

182.50

225.00

Neutral

Strong Buy

306

1.00

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

27 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
279

Beta

BALFOUR BEATTY

253.60

207.60

320.80

Neutral

Strong Buy

1133

0.83

BARRATT DEVELOPMENTS

314.80

149.30

355.20

Neutral

Strong Buy

614

1.70
1.02

0.56

BELLWAY

1404.00

869.00

1502.00

Neutral

Strong Buy

2887

BERKELEY GROUP HDG.(THE)

2236.00

1387.00

2340.00

Neutral

Strong Buy

3506

0.58

BOOT (HENRY)

198.50

123.50

201.00

Sell

Strong Buy

368

0.75
1.11

BOVIS HOMES GROUP

793.00

473.20

851.50

Neutral

Strong Buy

1450

CARILLION

289.30

244.80

331.80

Neutral

Strong Buy

1558

1.09

CLARKE (T)

62.00

40.00

62.50

Neutral

Strong Buy

389

0.80

COSTAIN GROUP
CRH
GALLIFORD TRY

283.00

226.25

306.00

Neutral

Strong Buy

1143

0.52

1405.00

1090.00

1540.00

Neutral

Sell

909

1.04

990.50

621.00

1020.00

Neutral

Strong Buy

2981

0.97

KELLER

1113.00

491.00

1161.00

Neutral

Strong Buy

2408

1.29

KIER GROUP

1491.00

1106.00

1528.00

Neutral

Strong Buy

5390

1.01

73.38

50.00

76.75

Neutral

Strong Buy

227

1.06
1.33

LOW & BONAR


MARSHALLS

150.50

81.00

155.75

Neutral

Buy

205

MORGAN SINDALL GROUP

677.00

508.00

695.00

Neutral

Strong Buy

4576

0.71

17.50

11.25

18.25

Neutral

Strong Buy

61

1.05

NORCROS

1133.00

648.87

1305.00

Neutral

Strong Buy

2016

1.02

REDROW

PERSIMMON

230.00

142.60

255.10

Neutral

Strong Buy

459

0.90

SIG

182.00

98.05

188.00

Neutral

Strong Buy

532

1.70

46.00

43.00

287.50

Neutral

Strong Buy

4263

0.89

106.10

50.25

113.80

Neutral

Strong Buy

229

1.61

SUPERGLASS HOLDINGS
TAYLOR WIMPEY
TRAVIS PERKINS

1613.00

1013.00

1713.00

Neutral

Strong Buy

4454

1.95

WOLSELEY

3354.00

2504.56

3483.00

Neutral

Strong Buy

6055

1.35

Under Valued

Electronics & Electrical Equipment


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

1362.00

999.50

1365.00

Neutral

Sell

1096

0.69

DOMINO PRINTING SCIENCES

684.00

522.00

717.00

Neutral

Buy

919

1.14

E2V TECHNOLOGIES

131.75

105.50

137.75

Neutral

Strong Buy

285

1.27

INVENSYS

495.00

217.33

509.50

Neutral

Sell

284

1.40

LAIRD

216.40

171.10

249.30

Neutral

Strong Buy

460

2.10

OXFORD INSTRUMENTS

1531.00

1209.00

1752.00

Neutral

Sell

1346

1.11

RENISHAW

1712.00

1494.00

2081.00

Neutral

Buy

2163

1.29

SPECTRIS

2260.00

1549.00

2470.00

Neutral

Buy

2932

1.53

BIOME TECHNOLOGIES

102.50

65.00

303.67

Neutral

Sell

-456

0.77

TT ELECTRONICS

186.50

114.00

191.50

Neutral

Strong Buy

445

1.61

XAAR

845.00

227.00

898.00

Neutral

Sell

436

1.06

DIALIGHT

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

27 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

113.25

54.25

114.75

Sell

Buy

144

1.19

BODYCOTE

640.00

337.60

644.00

Neutral

Neutral

631

1.60

CASTINGS

417.50

291.00

443.50

Neutral

Strong Buy

670

0.95

VESUVIUS

477.90

263.19

480.00

Neutral

Strong Buy

1164

2.23

FENNER

355.00

305.90

435.20

Neutral

Strong Buy

555

1.45

HALMA

552.00

405.80

578.00

Neutral

Sell

409

0.78

HILL & SMITH

440.00

339.25

480.00

Neutral

Buy

541

1.32

1504.00

837.50

1504.00

Sell

Strong Buy

4449

1.41

311.40

220.30

318.00

Neutral

Strong Buy

507

1.90

2767.00

2157.00

3037.00

Neutral

Strong Buy

5234

1.00

288.40

185.90

288.40

Sell

Sell

247

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

3041.00

1932.53

3041.00

Neutral

Sell

2122

0.84

VITEC GROUP

622.00

559.00

740.00

Neutral

Sell

479

1.37

WEIR GROUP

2218.00

1566.00

2474.00

Neutral

Neutral

2189

1.44

Over Valued

Food & Drug Stores


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

GREGGS

407.10

392.10

523.50

Neutral

Strong Buy

778

0.44

MORRISON(WM)SPMKTS.

292.80

248.60

296.40

Neutral

Buy

392

0.39

SAINSBURY (J)

398.20

321.90

398.50

Neutral

Buy

480

0.56

TESCO

372.50

307.90

387.75

Neutral

Sell

198

0.68

82.25

24.00

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

1887.00

1267.00

2031.00

Neutral

Sell

1673

0.61

CRANSWICK

1131.00

732.50

1178.00

Neutral

Strong Buy

1801

0.33

DAIRY CREST

520.00

332.90

528.50

Neutral

Sell

391

0.91

DEVRO

328.00

289.90

380.00

Neutral

Strong Buy

517

0.37

PREMIER FOODS

124.00

54.50

125.75

Neutral

Strong Buy

257

1.26

TATE & LYLE

821.50

634.50

883.00

Neutral

Strong Buy

1368

0.67

2549.00

2235.00

2885.00

Neutral

Sell

2213

0.50

UNILEVER (UK)

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

27 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

26.63

22.13

29.50

Neutral

Buy

39

0.66

577.00

266.40

577.00

Strong Sell

Sell

466

0.51

1584.00

1000.00

1593.00

Neutral

Sell

1254

1.29

665.00

585.00

701.50

Neutral

Sell

355

0.90

42.82

17.00

46.33

Neutral

Buy

48

1.46

238.00

102.00

239.25

Neutral

Sell

64

1.06

31.63

21.25

34.00

Sell

Strong Buy

112

1.01

HALFORDS GROUP

382.80

234.50

405.20

Neutral

Buy

521

0.71

JD SPORTS FASHION

937.50

653.00

963.50

Neutral

Strong Buy

1782

0.49

BROWN (N) GROUP


BURBERRY GROUP
CARPETRIGHT
DIXONS RETAIL
FINDEL
FRENCH CONNECTN.GROUP

DARTY

Target

Beta

83.00

39.00

83.00

Neutral

Buy

117

1.23

KINGFISHER

393.40

262.20

404.90

Neutral

Buy

454

0.91

MARKS & SPENCER GROUP

471.60

352.70

488.80

Neutral

Buy

651

0.60

63.25

44.75

71.00

Neutral

Buy

75

0.97

439.00

202.00

492.75

Neutral

Sell

166

0.38

NEXT

4916.00

3320.00

5030.00

Neutral

Buy

5448

0.61

TED BAKER

1935.00

899.00

1973.00

Neutral

Sell

985

0.56

82.50

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
115

0.39

CONSORT MEDICAL

834.50

660.50

839.00

Neutral

Sell

579

0.35

OPTOS

156.50

106.75

222.75

Neutral

Neutral

172

1.17

SMITH & NEPHEW

786.00

638.00

800.00

Neutral

Sell

672

0.45

Over Valued

Household Goods & Textiles


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

GAMES WORKSHOP

785.00

601.00

794.50

Neutral

Neutral

769

0.42

HEADLAM GROUP

380.00

295.00

415.00

Neutral

Sell

327

0.88

82.50

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

890.00

528.00

1097.00

Neutral

Sell

288

0.73

CSR

519.50

308.10

607.00

Neutral

Strong Buy

1577

1.13

FILTRONIC
IMAGINATION TECHNOLOGIES

Target

Beta

65.00

30.75

83.25

Neutral

Sell

56

0.94

278.60

235.10

624.00

Neutral

Buy

328

1.04

SPIRENT COMMUNICATIONS

129.90

118.00

170.00

Neutral

Strong Buy

248

0.94

WOLFSON MICROELECTRONICS

159.75

140.00

226.25

Neutral

Sell

-200

0.94

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

27 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

1295.00

1019.00

1416.00

Neutral

Sell

-413

0.52

AMLIN

392.00

364.10

435.10

Neutral

Strong Buy

1519

0.40

BEAZLEY

203.60

162.20

242.70

Neutral

Strong Buy

944

0.50

CATLIN GROUP

477.20

450.90

552.50

Neutral

Neutral

468

0.22

HISCOX

637.00

459.54

660.00

Neutral

Strong Buy

1891

0.46

JARDINE LLOYD THOMPSON

949.50

723.00

949.50

Neutral

Buy

1228

0.32

RSA INSURANCE GROUP

123.50

107.70

136.30

Neutral

Strong Buy

718

0.39

NOVAE GROUP

508.50

345.00

515.00

Neutral

Strong Buy

3391

0.38

ADMIRAL GROUP

Over Valued

Leisure & Hotels


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

2511.00

2092.00

2628.00

Neutral

Buy

3543

0.95

ENTERPRISE INNS

142.90

56.75

152.20

Neutral

Sell

110

1.64

TUI TRAVEL

357.40

208.20

401.50

Neutral

Strong Buy

728

0.96

FULLER SMITH 'A'

920.00

700.50

969.00

Neutral

Sell

610

0.26

GREENE KING

818.50

556.50

897.50

Neutral

Sell

626

0.88

LADBROKES

193.20

169.70

243.10

Neutral

Buy

261

0.87

1865.00

1524.00

2039.00

Neutral

Sell

1650

1.10

CARNIVAL

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

563.50

456.00

582.50

Neutral

Neutral

586

1.34

MITCHELLS & BUTLERS

425.10

262.70

430.40

Sell

Sell

276

1.00

BWIN PARTY DIGITAL ENTM.

132.30

91.90

156.00

Neutral

Sell

63

1.24

12.25

6.15

13.75

Neutral

Strong Buy

73

1.16

157.90

128.60

177.50

Neutral

Strong Buy

566

0.96
0.70

PUNCH TAVERNS
RANK GROUP
RESTAURANT GROUP

537.50

322.00

570.00

Neutral

Sell

388

WETHERSPOON (JD)

746.00

447.90

767.00

Neutral

Sell

692

0.57

WHITBREAD

3155.00

2099.00

3303.00

Neutral

Sell

2178

0.97

WILLIAM HILL

433.70

271.02

494.50

Neutral

Sell

256

0.80

MARSTON'S

158.30

110.00

164.50

Neutral

Sell

16

1.16

Under Valued

Life Assurance
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

AVIVA

401.50

294.10

404.90

Neutral

Sell

366

1.18

CHESNARA

260.00

176.50

270.00

Neutral

Strong Buy

521

0.64

LEGAL & GENERAL

198.30

128.00

201.90

Neutral

Strong Buy

492

1.69

OLD MUTUAL

189.10

165.10

221.60

Neutral

Strong Buy

394

1.52

PRUDENTIAL

1142.00

770.00

1232.00

Neutral

Neutral

1182

1.66

612.50

336.20

641.50

Neutral

Strong Buy

6649

0.84

ST.JAMES'S PLACE

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

27 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.

142.00

102.00

146.00

Neutral

Strong Buy

922

0.42

BRITISH SKY BCAST.GROUP

835.00

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

803.50

451.25

835.00

Neutral

Strong Buy

3556

1.07

1180.00

747.50

1180.00

Sell

Strong Buy

5566

0.96

INFORMA

518.00

380.50

541.50

Neutral

Strong Buy

327

1.63

ITE GROUP

289.30

183.50

307.40

Neutral

Buy

201

1.44

ITV

165.50

82.00

168.60

Neutral

Strong Buy

1369

1.46
1.20

JOHNSTON PRESS

16.00

5.20

19.00

Neutral

Buy

720

1330.00

1119.00

1350.00

Neutral

Neutral

309

0.65

99.00

42.75

99.00

Neutral

Strong Buy

2283

0.86

289.00

269.00

289.00

Neutral

Strong Buy

732

0.13

35.39

26.85

36.45

Neutral

Strong Buy

346

0.52

STV GROUP

202.50

81.50

202.50

Neutral

Sell

240

0.82

ST.IVES

165.00

74.88

170.00

Neutral

Sell

159

1.48

TRINITY MIRROR

115.25

36.75

122.25

Neutral

Sell

-289

1.59

UBM

701.50

636.00

788.00

Neutral

Strong Buy

1421

1.33

189.50

103.62

196.00

Neutral

Strong Buy

1390

0.85

1221.00

788.00

1221.00

Sell

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

1524.50

1207.00

2084.00

Neutral

Sell

1306

1.84

ANGLO PACIFIC GROUP

201.00

161.00

290.00

Neutral

Neutral

218

1.07

ANTOFAGASTA

915.00

784.50

1381.00

Neutral

Neutral

879

1.42

1909.50

1666.50

2236.00

Neutral

Strong Buy

3081

1.48

GLENCORE XSTRATA

317.00

256.85

397.85

Neutral

Strong Buy

1062

#NA

LONMIN

356.80

240.84

380.10

Sell

Buy

454

2.08

RANDGOLD RESOURCES

5125.00

3972.00

7775.00

Neutral

Sell

2991

0.47

RIO TINTO

3069.00

2582.00

3757.00

Neutral

Sell

2558

1.53

861.00

1335.00

Neutral

Strong Buy

2920

2.24

ANGLO AMERICAN

BHP BILLITON

VEDANTA RESOURCES

Under Valued

Oil & Gas


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

1182.00

1000.50

1350.50

Neutral

Sell

891

0.84

BP

442.95

416.60

483.30

Neutral

Strong Buy

1002

1.02

CAIRN ENERGY

272.80

251.80

297.00

Neutral

Sell

-33

1.33

8.65

7.15

12.50

Neutral

Strong Buy

115

0.84

870.00

716.00

941.00

Neutral

Sell

577

1.35

69.25

48.50

87.00

Neutral

Sell

-58

1.35

BG GROUP

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

Beta

344.10

321.30

400.20

Neutral

Buy

403

1.45

2148.00

2098.00

2365.00

Neutral

Strong Buy

8201

0.83

372.20

319.90

404.30

Neutral

Buy

444

0.53

1027.00

977.00

1468.00

Neutral

Sell

689

1.05

822.50

720.50

915.50

Neutral

Sell

724

1.44

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

27 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

129.25

101.00

144.60

Neutral

Strong Buy

268

0.84

PZ CUSSONS

407.00

297.20

415.60

Neutral

Sell

337

0.70

4499.00

3560.00

4950.00

Neutral

Neutral

4553

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

3246.50

2792.50

3521.50

Neutral

Strong Buy

9080

0.51

BTG

389.80

300.30

397.90

Neutral

Sell

216

0.73

DECHRA PHARMACEUTICALS

708.50

492.00

780.00

Neutral

Buy

937

0.18

1673.00

1317.50

1782.00

Neutral

Buy

1943

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

2425.00

1727.00

2442.00

Neutral

Sell

1549

0.70

SKYEPHARMA

86.25

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

407.70

300.00

445.00

Neutral

Strong Buy

656

1.18

BRITISH LAND

571.00

506.00

658.00

Neutral

Buy

770

1.05

2355.00

1890.00

2542.00

Neutral

Strong Buy

4503

1.23

GREAT PORTLAND ESTATES

532.00

434.40

598.00

Neutral

Strong Buy

1041

1.06

HAMMERSON

492.30

448.60

554.00

Neutral

Neutral

511

1.24

DERWENT LONDON

Target

Beta

INTU PROPERTIES

312.90

300.60

366.00

Neutral

Strong Buy

502

1.13

LAND SECURITIES GROUP

902.00

761.50

994.00

Neutral

Strong Buy

1619

1.15

25.25

24.25

40.75

Buy

Sell

-148

0.81

LONDONMETRIC PROPERTY

110.40

103.20

121.40

Neutral

Sell

-4

0.33

MCKAY SECURITIES

155.00

131.50

155.00

Neutral

Strong Buy

248

0.66

MUCKLOW (A & J) GROUP

415.25

325.00

454.50

Neutral

Sell

231

0.39

PRIMARY HEALTH PROPS.

341.00

312.50

363.53

Neutral

Sell

94

0.30
0.64

LOCAL SHOP.REIT (THE)

43.75

29.02

45.00

Neutral

Sell

-359

SEGRO

REDEFINE INTL.REIT

302.00

221.60

313.60

Neutral

Sell

-256

1.81

SHAFTESBURY

612.50

516.00

668.00

Neutral

Buy

787

1.03

TOWN CENTRE SECURITIES

199.88

177.00

223.00

Neutral

Sell

10

1.04

0.80

0.70

2.25

Neutral

Sell

-951

0.93

465.90

250.75

475.00

Neutral

Strong Buy

1155

1.01

WARNER ESTATE
WORKSPACE GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

27 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

324.60

210.50

365.60

Neutral

Strong Buy

746

41.00

22.75

41.25

Neutral

Sell

-51

0.64

CLS HOLDINGS

1176.00

656.50

1260.00

Neutral

Strong Buy

2937

0.75

DAEJAN HOLDINGS

4034.00

2706.00

4179.00

Neutral

Strong Buy

7126

0.48

190.00

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

110

1.57

HELICAL BAR

277.00

178.00

302.50

Neutral

Sell

202

0.82

28.50

21.00

29.75

Sell

Strong Buy

230

0.64

6137.50

4350.00

6512.50

Neutral

Strong Buy

14542

0.69

QUINTAIN ESTATES & DEV.

88.00

51.00

92.00

Sell

Sell

-198

1.04

RAVEN RUSSIA

68.50

61.50

79.75

Neutral

Strong Buy

210

1.48

600.50

386.70

664.50

Neutral

Strong Buy

2150

0.74

90.50

71.50

90.50

Neutral

Strong Buy

384

0.33

LONDON & ASSOCS.PROPS.


MOUNTVIEW ESTATES

SAVILLS
SMART (J)
ST MODWEN PROPS.

311.50

193.10

333.00

Neutral

Strong Buy

620

1.60

UNITE GROUP

369.00

221.50

403.00

Neutral

Strong Buy

1655

1.77

Under Valued

Software & Computer Services


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ANITE

111.90

109.60

162.00

Neutral

Buy

125

0.67

2384.00

1776.97

2588.15

Neutral

Sell

1484

1.49

COMPUTACENTER

530.00

333.29

564.10

Neutral

Strong Buy

1143

0.89

KOFAX

345.00

260.75

358.75

Neutral

Sell

302

1.06

AVEVA GROUP

INNOVATION GROUP

Target

Beta

29.25

19.50

30.25

Neutral

Sell

21

0.78

MICRO FOCUS INTL.

786.00

541.11

812.50

Neutral

Buy

902

0.82

PHOENIX IT GROUP

150.00

130.00

222.00

Neutral

Strong Buy

240

0.69

82.00

64.00

85.50

Neutral

Strong Buy

235

0.54

2130.00

1275.00

2156.00

Neutral

Neutral

2165

0.79

355.20

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.

366.70

274.60

492.10

Neutral

Strong Buy

1279

1.11

BREWIN DOLPHIN

271.90

144.60

283.00

Neutral

Strong Buy

678

0.70

9075.00

8000.00

11105.00

Neutral

Strong Buy

99339

0.84

470.50

260.00

472.50

Neutral

Strong Buy

1487

0.96
0.67

CAMELLIA
CHARLES STANLEY GROUP
CHARLES TAYLOR

Target

Beta

192.50

155.00

195.00

Neutral

Strong Buy

1683

CLOSE BROTHERS GROUP

1058.00

771.00

1107.00

Neutral

Strong Buy

5028

0.86

F&C ASSET MANAGEMENT

105.80

88.90

110.40

Neutral

Sell

69

0.84

5.16

0.55

5.18

Sell

Sell

-138

0.63

HENDERSON GROUP

HELPHIRE GROUP

176.80

101.70

180.40

Neutral

Strong Buy

845

1.46

ICAP

379.10

280.80

406.80

Neutral

Strong Buy

844

1.04

INTERMEDIATE CAPITAL GP.

448.00

280.00

501.50

Neutral

Strong Buy

2342

1.69

INVESTEC

428.90

358.40

513.50

Neutral

Strong Buy

1748

1.57

1602.00

930.00

1622.00

Neutral

Strong Buy

5771

1.11

86.40

71.30

134.40

Neutral

Sell

-5195

1.36

RATHBONE BROTHERS

1609.00

1208.00

1691.00

Neutral

Strong Buy

5711

0.73

SCHRODERS

2405.00

1407.00

2560.00

Neutral

Strong Buy

8516

1.30

SCHRODERS NV

1912.00

1131.00

2000.00

Neutral

Strong Buy

11194

1.28

LONDON STOCK EX.GROUP


MAN GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

27 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

266.50

157.75

266.75

Neutral

Strong Buy

870

0.88

AGGREKO

1607.00

1557.00

2400.00

Neutral

Strong Buy

4272

1.13

AMEC

1086.00

965.50

1172.00

Neutral

Strong Buy

3365

1.09

677.50

273.20

730.00

Neutral

Buy

1009

1.65

1162.00

897.00

1209.00

Neutral

Strong Buy

2657

0.49

560.50

364.00

604.00

Neutral

Strong Buy

2393

0.80

1354.00

1009.00

1409.00

Neutral

Strong Buy

2829

0.53

UK MAIL GROUP

634.00

233.50

645.00

Neutral

Strong Buy

1687

0.42

CAPITA

989.00

713.00

1057.00

Neutral

Sell

211

0.54

ASHTEAD GROUP
BABCOCK INTL.
BRITISH POLYTHENE INDS.
BUNZL

COMMUNISIS

Target

Beta

57.00

34.16

68.00

Neutral

Strong Buy

488

0.81

COMPASS GROUP

874.50

671.50

910.50

Neutral

Strong Buy

2012

0.74

BERENDSEN

879.00

524.50

879.00

Neutral

Strong Buy

3412

1.03

DE LA RUE

1000.00

891.50

1075.00

Neutral

Buy

1445

#NA

DIGNITY

1494.00

899.82

1567.68

Neutral

Strong Buy

3198

0.24

DIPLOMA

642.00

420.10

642.00

Neutral

Strong Buy

1546

0.96

ELECTROCOMP.

267.50

200.00

278.40

Neutral

Strong Buy

941

1.01

ESSENTRA PLC

793.50

500.50

830.00

Neutral

Strong Buy

1406

1.16

G4S

245.80

207.50

313.50

Neutral

Strong Buy

899

0.53

HAYS

104.80

68.20

107.60

Neutral

Strong Buy

465

1.06

HOMESERVE

250.20

185.60

293.60

Neutral

Strong Buy

988

0.88

INTERSERVE

573.50

349.10

573.50

Sell

Strong Buy

3742

1.26

3247.00

2697.00

3453.00

Neutral

Buy

4857

0.80

50.00

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

220

MENZIES (JOHN)

757.50

573.00

801.00

Neutral

Strong Buy

1818

1.38

MICHAEL PAGE INTL.

471.20

346.40

474.40

Neutral

Strong Buy

854

1.41

MITIE GROUP

280.00

248.00

300.80

Neutral

Strong Buy

1075

0.52

37.00

37.00

144.50

Buy

Strong Buy

720

0.28

OFFICE2OFFICE

1093.00

700.50

1185.00

Neutral

Strong Buy

2234

0.73

PREMIER FARNELL

PAYPOINT

225.90

165.50

236.30

Neutral

Strong Buy

733

1.42

REGUS

185.40

96.00

193.40

Neutral

Sell

56

1.40

RENTOKIL INITIAL

102.00

76.10

103.50

Neutral

Strong Buy

273

1.26

REXAM

498.50

420.70

547.50

Neutral

Strong Buy

1800

0.85

RICARDO

477.75

340.00

485.00

Neutral

Strong Buy

1696

0.89

ROBERT WALTERS

280.25

176.25

285.00

Neutral

Strong Buy

1033

1.19

RPC GROUP

469.40

378.00

477.00

Neutral

Strong Buy

1547

0.80

RPS GROUP

255.50

195.50

274.20

Neutral

Strong Buy

1016

1.51

SERCO GROUP

621.50

535.00

683.50

Neutral

Strong Buy

2407

0.59

SHANKS GROUP

92.50

73.00

98.00

Neutral

Strong Buy

272

1.49

SPEEDY HIRE
TRIBAL GROUP
TRIFAST
VP
WYG

58.25

23.50

64.75

Neutral

Strong Buy

313

1.20

195.50

88.50

202.25

Neutral

Strong Buy

571

0.65

62.25

40.50

62.25

Neutral

Strong Buy

337

0.91

435.00

295.25

435.00

Neutral

Strong Buy

2335

0.81

99.13

48.50

101.00

Neutral

Strong Buy

628

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

332.30

212.50

344.00

Neutral

Buy

420

0.88

40.64

33.55

46.29

Neutral

Strong Buy

79

0.68

699.50

542.50

749.00

Neutral

Sell

261

0.55

86.95

68.25

88.50

Neutral

Buy

119

1.21

1385.00

814.00

1399.00

Neutral

Sell

813

0.05

191.75

154.45

200.20

Neutral

Sell

105

0.51

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

27 August 2013
+44 20 3239 8994

Page 14 of 17

Under Valued

Transport
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BBA AVIATION

307.10

187.20

307.50

Neutral

Sell

234

1.24

BRAEMAR SHIPPING SVS.

452.00

350.00

460.00

Neutral

Buy

598

1.05

CLARKSON

1950.00

1150.00

1950.00

Sell

Sell

1346

0.85

EASYJET

1265.00

530.00

1448.00

Neutral

Sell

871

0.76

FIRST GROUP

Target

Beta

117.30

92.00

212.39

Neutral

Strong Buy

283

0.91

FISHER(JAMES)& SONS

1098.00

699.00

1110.00

Neutral

Sell

794

0.74

GO-AHEAD GROUP

1500.00

1220.00

1595.00

Neutral

Strong Buy

2747

0.99

NATIONAL EXPRESS

263.00

164.50

263.10

Neutral

Neutral

250

1.40

NORTHGATE

389.75

219.00

395.75

Neutral

Strong Buy

647

1.34

STAGECOACH GROUP

321.20

265.90

337.60

Neutral

Buy

447

0.98

87.50

43.75

87.50

Neutral

Strong Buy

238

0.96

WINCANTON

Under Valued

Utilities
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

CENTRICA

390.00

310.80

394.90

Neutral

Buy

577

0.52

NATIONAL GRID

742.50

678.00

847.50

Neutral

Buy

969

0.46

PENNON GROUP

683.00

598.00

749.50

Neutral

Sell

622

0.62

SSE

1555.00

1353.00

1676.00

Neutral

Buy

2258

0.41

SEVERN TRENT

1718.00

1513.00

2090.00

Neutral

Sell

1486

0.36

690.50

647.00

787.50

Neutral

Neutral

741

0.48

UNITED UTILITIES GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

27 August 2013
+44 20 3239 8994

Page 15 of 17

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