Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
18 October 2013
Contents
Introduction .................................................................................................................................3
Value ...........................................................................................................................................4
Conclusion ..................................................................................................................................4
RISK WARNING Ratings and Targets ....................................................................................4
How to use the report .................................................................................................................5
Over Valued ....................................................................6
Aerospace & Defence
Over
Valued ......................................................................6
Automobiles & Parts
Over Valued .........................................................................................6
Banks
Under Valued ...................................................................................6
Beverages
Under Valued ..................................................................................7
Chemicals
Under Valued ......................................7
Construction - Building Materials & Fittings
Construction - Heavy Construction
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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
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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)
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18 October 2013
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Page 4 of 17
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
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
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)
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Over Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
AVON RUBBER
534.00
310.13
550.50
Neutral
Sell
490
0.86
BAE SYSTEMS
445.20
300.80
468.00
Neutral
Buy
592
0.66
CHEMRING GROUP
210.70
210.70
353.30
Neutral
Buy
315
0.65
COBHAM
278.80
190.10
307.70
Neutral
Neutral
282
0.76
MEGGITT
539.00
366.20
564.00
Neutral
Sell
494
1.24
QINETIQ GROUP
193.00
179.00
211.10
Neutral
Sell
120
0.63
1097.00
835.76
1240.00
Neutral
Buy
1477
0.95
272.30
185.90
288.40
Neutral
Neutral
262
1.63
ROLLS-ROYCE HOLDINGS
SENIOR
Target
Beta
SMITHS GROUP
1390.00
1018.00
1419.00
Neutral
Sell
1165
0.70
1868.00
1505.00
1981.00
Neutral
Sell
1644
0.49
Over Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
GKN
364.20
201.00
367.90
Neutral
Sell
-1708
1.98
INCHCAPE
622.50
380.80
645.00
Neutral
Strong Buy
2850
1.35
LOOKERS
123.00
71.50
128.50
Neutral
Strong Buy
640
1.17
PENDRAGON
35.75
13.50
35.75
Neutral
Strong Buy
252
0.96
TOROTRAK
26.25
23.50
35.50
Neutral
Sell
12
0.68
Over Valued
Banks
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
BARCLAYS
278.30
210.15
308.39
Neutral
Sell
Target
-646
Beta
2.12
678.00
595.80
769.90
Neutral
Buy
827
1.35
1.90
76.79
40.29
78.00
Neutral
Sell
376.90
266.10
384.90
Neutral
Sell
-90
1.35
STANDARD CHARTERED
1481.00
1395.00
1837.50
Neutral
Strong Buy
3307
1.79
Under Valued
Beverages
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
BARR (AG)
522.00
432.20
588.50
Neutral
Sell
421
0.52
BRITVIC
607.50
349.10
607.50
Sell
Buy
831
0.67
DIAGEO
1954.00
1746.50
2136.50
Sell
Buy
2295
0.52
SABMILLER
3167.00
2599.00
3657.00
Neutral
Strong Buy
5088
0.92
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Target
Beta
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Under Valued
Chemicals
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
ALENT
337.10
305.00
397.50
Neutral
Strong Buy
3668
#NA
AZ ELECTRONIC MATS.(DI)
289.10
240.00
406.40
Neutral
Strong Buy
534
1.11
CARCLO
388.00
342.75
501.00
Neutral
Sell
124
0.73
2490.00
2164.00
2841.00
Neutral
Buy
3158
1.06
235.70
204.20
275.00
Neutral
Buy
291
1.01
1.41
CRODA INTERNATIONAL
ELEMENTIS
JOHNSON MATTHEY
2936.00
2190.00
2987.00
Neutral
Buy
3916
VICTREX
1629.00
1380.00
1765.00
Neutral
Sell
1295
1.17
SYNTHOMER
248.00
146.00
249.20
Neutral
Buy
368
1.05
ZOTEFOAMS
190.00
186.50
224.00
Neutral
Buy
283
1.01
Under Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
129.00
79.50
137.00
Neutral
Strong Buy
458
1539.00
1090.00
1580.00
Neutral
Sell
1065
0.97
74.50
50.00
80.00
Neutral
Strong Buy
566
1.11
MARSHALLS
181.00
85.00
184.00
Neutral
Neutral
181
1.37
NORCROS
20.25
11.75
21.75
Neutral
Strong Buy
226
1.02
196.80
102.00
196.80
Neutral
Strong Buy
1000
1.61
43.00
22.00
45.50
Neutral
Sell
39
0.91
1749.00
1060.00
1778.00
Neutral
Strong Buy
15594
1.93
234.25
143.13
240.00
Neutral
Neutral
229
1.01
3192.00
2636.64
3483.00
Neutral
Strong Buy
10526
1.32
ALUMASC GROUP
CRH
LOW & BONAR
SIG
TITON HOLDINGS
TRAVIS PERKINS
TYMAN
WOLSELEY
Target
0.54
Over Valued
Beta
Price
12M Lo
12M Hi
ST Rec
LT Rec
BALFOUR BEATTY
281.50
207.60
320.80
Neutral
Strong Buy
1087
0.68
BOOT (HENRY)
187.00
123.50
201.00
Neutral
Sell
115
0.71
CARILLION
307.30
244.80
331.80
Neutral
Buy
377
0.98
CLARKE (T)
68.00
40.00
69.00
Neutral
Buy
86
0.68
COSTAIN GROUP
Target
Beta
273.50
226.25
306.00
Neutral
Strong Buy
421
0.50
GALLIFORD TRY
1133.00
678.00
1140.00
Neutral
Sell
740
0.76
KELLER
1050.00
565.00
1161.00
Neutral
Sell
547
1.25
KIER GROUP
1770.00
1106.00
1772.00
Neutral
Sell
1629
0.82
828.00
508.00
828.00
Neutral
Buy
1010
0.60
117.50
95.00
147.50
Neutral
Strong Buy
268
#NA
33.50
20.00
34.00
Sell
Sell
-10
0.45
POCHIN'S
Under Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
340.80
181.30
355.20
Neutral
Buy
376
1.60
BELLWAY
1505.00
951.00
1505.00
Neutral
Buy
1984
0.93
2335.00
1480.00
2340.00
Neutral
Neutral
2265
0.47
790.00
489.30
851.50
Neutral
Buy
998
1.05
BARRATT DEVELOPMENTS
Target
Beta
361.00
220.00
361.00
Neutral
Sell
290
#NA
335.00
142.00
354.75
Neutral
Sell
195
0.49
1210.00
695.55
1305.00
Sell
Sell
1109
1.06
REDROW
251.80
152.90
255.10
Neutral
Neutral
263
0.84
TAYLOR WIMPEY
111.60
56.65
113.80
Neutral
Buy
129
1.45
PERSIMMON
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Under Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
1186.00
999.50
1399.00
Neutral
Sell
1050
0.63
687.50
522.00
717.00
Neutral
Buy
882
0.99
E2V TECHNOLOGIES
142.50
105.50
148.25
Neutral
Strong Buy
286
1.29
INVENSYS
498.50
217.33
509.50
Neutral
Sell
292
1.33
LAIRD
223.50
171.10
249.30
Neutral
Strong Buy
447
1.99
OXFORD INSTRUMENTS
1313.00
1209.00
1752.00
Neutral
Sell
1151
1.22
RENISHAW
1580.00
1494.00
2081.00
Neutral
Buy
2064
1.31
SPECTRIS
2224.00
1594.00
2470.00
Neutral
Buy
2817
1.48
BIOME TECHNOLOGIES
187.50
65.00
303.67
Neutral
Sell
-432
0.70
TT ELECTRONICS
198.75
114.00
200.00
Neutral
Strong Buy
436
1.64
XAAR
794.50
257.50
898.00
Neutral
Sell
418
1.00
DIALIGHT
Beta
Under Valued
Target
Price
12M Lo
12M Hi
ST Rec
LT Rec
133.75
54.38
135.75
Neutral
Buy
148
1.06
BODYCOTE
656.00
362.70
685.00
Neutral
Neutral
650
1.51
CASTINGS
415.00
291.00
450.00
Neutral
Buy
579
0.93
VESUVIUS
465.00
279.81
487.60
Neutral
Strong Buy
1204
2.20
FENNER
403.90
305.90
435.20
Neutral
Buy
576
1.44
HALMA
538.50
410.40
578.00
Neutral
Sell
419
0.84
460.25
369.00
480.00
Neutral
Buy
561
1.25
1501.00
902.00
1528.00
Neutral
Strong Buy
4314
1.31
299.60
236.10
318.00
Neutral
Strong Buy
503
1.82
2845.00
2229.00
3037.00
Neutral
Sell
2370
0.97
63.25
35.40
76.91
Neutral
Sell
51
0.76
SPIRAX-SARCO
2897.00
1932.53
3090.00
Neutral
Sell
1827
0.69
VITEC GROUP
687.50
559.00
736.00
Neutral
Sell
491
1.33
WEIR GROUP
2268.00
1688.00
2474.00
Neutral
Neutral
2273
1.31
IMI
MORGAN ADVANCED MATERIAL
ROTORK
SEVERFIELD-ROWEN
Target
Over Valued
Beta
Price
12M Lo
12M Hi
ST Rec
LT Rec
GREGGS
438.50
392.10
523.50
Neutral
Strong Buy
Target
821
0.40
MORRISON(WM)SPMKTS.
283.50
248.60
302.50
Neutral
Buy
388
0.35
SAINSBURY (J)
396.50
321.90
400.80
Neutral
Buy
467
0.58
TESCO
368.00
310.55
387.75
Neutral
Sell
198
0.74
THORNTONS
108.00
28.63
108.00
Neutral
Sell
67
0.83
Over Valued
Beta
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
ASSOCIATED BRIT.FOODS
2014.00
1345.00
2031.00
Sell
Sell
1686
0.57
CRANSWICK
1092.00
733.00
1189.00
Neutral
Strong Buy
1793
0.35
DAIRY CREST
493.60
342.90
528.50
Neutral
Sell
416
0.83
DEVRO
317.80
289.90
380.00
Neutral
Strong Buy
499
0.37
PREMIER FOODS
180.25
59.75
180.25
Neutral
Buy
269
1.22
767.50
711.00
883.00
Neutral
Strong Buy
1331
0.62
2444.00
2262.00
2885.00
Neutral
Sell
2125
0.57
UNILEVER (UK)
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Under Valued
General Retail
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
ASHLEY(LAURA) HOLDINGS
25.25
24.00
29.50
Neutral
Strong Buy
45
0.65
520.00
316.00
577.00
Neutral
Neutral
519
0.56
1503.00
1134.00
1667.00
Neutral
Sell
1240
1.28
622.00
585.00
701.50
Neutral
Sell
254
0.85
1.53
Target
Beta
46.06
20.36
47.67
Neutral
Neutral
45
239.75
108.00
253.75
Neutral
Sell
150
0.90
30.00
23.00
34.00
Sell
Sell
10
1.09
0.68
394.50
299.00
406.00
Neutral
Strong Buy
594
1180.00
670.00
1180.00
Neutral
Strong Buy
2083
0.59
77.50
39.00
88.25
Neutral
Strong Buy
123
1.10
KINGFISHER
379.40
268.90
420.00
Neutral
Buy
554
0.98
487.90
359.00
513.50
Neutral
Strong Buy
748
0.50
67.50
53.50
74.88
Neutral
Buy
87
0.78
JD SPORTS FASHION
DARTY
413.50
257.25
492.75
Neutral
Sell
134
0.28
NEXT
MOTHERCARE
5150.00
3542.00
5205.00
Neutral
Neutral
5241
0.63
TED BAKER
1678.00
920.00
2017.00
Neutral
Sell
1042
0.60
86.00
47.00
94.00
Neutral
Sell
80
1.55
TOPPS TILES
Over Valued
Health
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
BIOQUELL
152.50
130.00
160.00
Neutral
Sell
122
0.45
CONSORT MEDICAL
898.00
660.50
902.50
Neutral
Sell
691
0.37
OPTOS
153.00
106.75
215.25
Neutral
Buy
177
1.09
780.00
638.00
800.00
Neutral
Sell
675
0.33
Beta
Under Valued
Target
Price
12M Lo
12M Hi
ST Rec
LT Rec
GAMES WORKSHOP
775.00
601.00
823.50
Neutral
Neutral
752
HEADLAM GROUP
386.00
302.50
415.00
Neutral
Buy
448
0.75
80.75
55.25
87.50
Neutral
Sell
49
0.70
HORNBY
Target
ARM HOLDINGS
CSR
FILTRONIC
0.29
Over Valued
Beta
Price
12M Lo
12M Hi
ST Rec
LT Rec
1005.00
591.00
1097.00
Neutral
Sell
Target
443
Beta
531.00
332.00
607.00
Neutral
Strong Buy
1509
1.06
65.63
30.75
83.25
Neutral
Neutral
71
1.00
0.63
IMAGINATION TECHNOLOGIES
283.80
235.10
552.00
Neutral
Sell
219
1.09
SPIRENT COMMUNICATIONS
125.10
118.00
169.20
Neutral
Strong Buy
400
0.88
WOLFSON MICROELECTRONICS
147.75
140.00
226.25
Neutral
Sell
-36
0.95
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Under Valued
Insurance
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
1209.00
1019.00
1416.00
Neutral
Sell
-568
0.58
AMLIN
417.00
364.10
435.10
Neutral
Strong Buy
1602
0.47
BEAZLEY
218.10
167.30
242.70
Neutral
Strong Buy
992
0.61
CATLIN GROUP
507.50
455.30
552.50
Neutral
Neutral
489
0.29
HISCOX
674.50
463.32
674.50
Neutral
Strong Buy
1985
0.43
969.00
723.00
969.00
Neutral
Buy
1245
0.28
119.90
107.70
136.30
Neutral
Strong Buy
766
0.36
NOVAE GROUP
516.50
345.00
520.50
Neutral
Strong Buy
3606
0.39
ADMIRAL GROUP
Over Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
2068.00
2030.00
2628.00
Neutral
Strong Buy
Target
3359
Beta
0.96
156.80
65.75
156.80
Neutral
Sell
100
1.51
TUI TRAVEL
373.20
246.70
401.50
Neutral
Strong Buy
697
1.06
908.50
726.00
969.00
Neutral
Sell
581
0.24
GREENE KING
810.50
587.00
897.50
Neutral
Sell
593
0.87
LADBROKES
184.70
167.40
243.10
Neutral
Buy
251
0.85
1830.00
1524.00
2039.00
Neutral
Sell
1610
1.10
580.50
456.00
582.50
Neutral
Neutral
563
1.33
400.00
296.00
460.00
Neutral
Sell
261
0.89
115.70
101.30
156.00
Neutral
Sell
59
1.28
ICTL.HTLS.GP.
PUNCH TAVERNS
14.50
6.15
15.50
Neutral
Strong Buy
67
0.98
RANK GROUP
150.00
137.30
177.50
Neutral
Strong Buy
549
1.01
RESTAURANT GROUP
560.00
364.00
575.00
Neutral
Sell
374
0.66
WETHERSPOON (JD)
737.50
493.80
767.00
Neutral
Sell
662
0.55
WHITBREAD
3274.00
2300.00
3303.00
Neutral
Sell
2095
1.05
WILLIAM HILL
416.80
305.06
494.50
Neutral
Sell
349
0.79
MARSTON'S
148.30
118.80
165.50
Neutral
Sell
1.08
Under Valued
Life Assurance
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
AVIVA
436.00
294.10
436.00
Neutral
Sell
396
1.23
CHESNARA
290.00
176.50
291.00
Neutral
Strong Buy
562
0.62
204.40
132.50
204.40
Neutral
Strong Buy
529
1.82
OLD MUTUAL
197.20
166.10
221.60
Neutral
Strong Buy
418
1.54
PRUDENTIAL
1214.00
834.50
1232.00
Sell
Neutral
1264
1.82
655.00
377.40
655.00
Neutral
Strong Buy
7066
0.88
ST.JAMES'S PLACE
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17
Target
Beta
18 October 2013
+44 (0)1189 333606
Page 10 of
Under Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
BLOOMSBURY PBL.
168.50
102.00
169.00
Neutral
Strong Buy
922
940.00
709.00
940.00
Neutral
Strong Buy
1056
0.42
51.00
31.00
60.00
Neutral
Sell
-42
1.00
1.04
CENTAUR MEDIA
DAILY MAIL 'A'
Target
Beta
0.39
798.50
451.25
835.00
Neutral
Strong Buy
3556
1065.00
747.50
1209.00
Neutral
Strong Buy
5566
0.87
INFORMA
527.50
380.50
545.00
Neutral
Strong Buy
327
1.51
ITE GROUP
289.10
183.50
307.40
Neutral
Buy
201
1.38
ITV
195.10
85.65
195.10
Neutral
Strong Buy
1369
1.54
12.50
9.88
19.00
Neutral
Buy
720
1.11
0.60
EUROMONEY INSTL.INVESTOR
JOHNSTON PRESS
PEARSON
1317.00
1119.00
1350.00
Neutral
Neutral
309
PHOTO-ME INTL.
126.25
49.00
126.25
Sell
Strong Buy
2283
0.81
PINEWOOD SHEPPERTON
300.00
269.00
300.00
Neutral
Strong Buy
732
0.06
THOMSON REUTERS
36.05
26.85
36.59
Neutral
Strong Buy
346
0.39
STV GROUP
273.00
93.75
273.00
Neutral
Sell
240
0.86
ST.IVES
176.25
98.50
180.50
Neutral
Sell
159
1.34
TRINITY MIRROR
130.25
51.25
130.25
Neutral
Sell
-289
1.53
1.33
UBM
731.00
636.00
788.00
Neutral
Strong Buy
1421
WILMINGTON GROUP
217.75
127.75
218.50
Neutral
Strong Buy
1390
0.83
1276.00
788.00
1296.00
Neutral
Sell
-827
1.25
WPP
Under Valued
Mining
Stock
ANGLO AMERICAN
ANGLO PACIFIC GROUP
ANTOFAGASTA
BHP BILLITON
GLENCORE XSTRATA
LONMIN
Price
12M Lo
12M Hi
ST Rec
LT Rec
1553.00
1207.00
2072.00
Neutral
Sell
Target
1271
Beta
1.74
195.75
161.00
289.00
Neutral
Neutral
204
1.03
1.27
888.50
784.50
1381.00
Neutral
Sell
828
1844.00
1666.50
2236.00
Neutral
Strong Buy
2870
1.41
330.50
256.85
397.85
Neutral
Strong Buy
1011
#NA
320.30
240.84
380.10
Sell
Buy
447
1.86
RANDGOLD RESOURCES
4448.00
3972.00
7615.00
Neutral
Sell
2813
0.51
RIO TINTO
3191.50
2582.00
3757.00
Neutral
Sell
2507
1.44
VEDANTA RESOURCES
1033.00
992.00
1335.00
Neutral
Strong Buy
2757
2.17
Under Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
1220.50
1000.50
1350.50
Neutral
Sell
881
BP
443.90
416.60
483.30
Neutral
Strong Buy
971
1.04
CAIRN ENERGY
289.40
251.80
296.10
Neutral
Sell
-37
1.25
0.76
BG GROUP
FORTUNE OIL
HUNTING
JKX OIL & GAS
Target
Beta
0.81
8.20
5.44
9.51
Neutral
Strong Buy
89
810.50
716.00
941.00
Neutral
Sell
569
1.25
73.00
48.50
80.38
Neutral
Sell
-69
1.21
1.45
330.50
321.30
400.20
Buy
Buy
398
2141.00
2077.50
2365.00
Neutral
Strong Buy
8236
0.78
SOCO INTERNATIONAL
396.50
290.14
417.00
Neutral
Buy
443
0.53
TULLOW OIL
981.50
975.50
1458.00
Neutral
Sell
685
1.08
786.50
720.50
915.50
Neutral
Sell
713
1.40
PREMIER OIL
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18 October 2013
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Page 11 of
Over Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
116.00
101.00
144.60
Neutral
Buy
Beta
158
0.85
404.50
326.40
432.50
Neutral
Sell
359
0.75
4356.00
3633.00
4950.00
Neutral
Neutral
4488
0.33
Under Valued
Target
Price
12M Lo
12M Hi
ST Rec
LT Rec
0.34
0.32
3.58
Buy
Strong Buy
Target
1
Beta
3150.00
2792.50
3521.50
Neutral
Strong Buy
10067
0.47
376.20
317.50
397.90
Neutral
Sell
285
0.38
0.18
0.89
681.00
569.00
780.00
Neutral
Strong Buy
1478
1574.00
1317.50
1782.00
Neutral
Strong Buy
2371
0.49
2.50
1.33
2.83
Buy
Sell
-1
0.38
0.79
IXICO
59.00
51.50
568.75
Buy
Sell
-145
SHIRE
2514.00
1727.00
2593.00
Neutral
Sell
2084
0.69
SKYEPHARMA
91.75
43.50
101.75
Neutral
Strong Buy
213
0.51
VERNALIS
28.88
19.38
31.00
Neutral
Sell
15
0.76
Under Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
472.50
322.90
472.50
Neutral
Strong Buy
771
1.24
BRITISH LAND
607.00
506.00
658.00
Neutral
Buy
883
1.14
2560.00
1999.00
2560.00
Sell
Strong Buy
5461
1.32
591.00
451.50
598.00
Neutral
Strong Buy
1261
1.07
HAMMERSON
522.50
458.70
554.00
Neutral
Buy
596
1.41
1.22
DERWENT LONDON
Target
Beta
INTU PROPERTIES
332.70
300.60
366.00
Neutral
Strong Buy
616
973.00
762.50
994.00
Sell
Strong Buy
1903
1.22
29.25
24.25
37.75
Neutral
Sell
-177
0.78
LONDONMETRIC PROPERTY
126.70
103.20
126.70
Sell
Sell
-7
0.33
MCKAY SECURITIES
180.00
131.50
182.00
Neutral
Strong Buy
308
0.50
464.75
341.50
500.00
Neutral
Sell
258
0.57
321.00
312.50
363.53
Neutral
Sell
123
0.22
49.50
30.75
49.50
Neutral
Sell
-409
0.43
1.96
REDEFINE INTL.REIT
SEGRO
330.00
221.60
330.00
Sell
Sell
-325
SHAFTESBURY
619.00
522.50
668.00
Neutral
Buy
917
1.13
223.00
178.75
230.00
Neutral
Sell
0.95
WORKSPACE GROUP
479.00
293.90
482.30
Neutral
Strong Buy
1518
1.10
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+44 (0)1189 333606
Page 12 of
Under Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
357.40
223.50
365.60
Neutral
Strong Buy
Target
700
Beta
0.72
43.75
22.75
44.25
Neutral
Sell
-53
0.55
0.80
CLS HOLDINGS
1176.00
656.50
1260.00
Neutral
Strong Buy
2989
DAEJAN HOLDINGS
4014.00
2706.00
4200.00
Neutral
Strong Buy
15004
0.56
198.00
143.00
209.00
Neutral
Neutral
197
1.14
DEVELOPMENT SECS.
GRAINGER
181.50
105.10
187.50
Neutral
Sell
114
1.64
HELICAL BAR
296.00
178.00
302.50
Neutral
Sell
208
0.83
38.00
21.50
38.00
Neutral
Strong Buy
233
0.60
6662.50
4350.00
6662.50
Neutral
Strong Buy
14791
0.69
88.25
51.75
92.00
Sell
Sell
-213
1.10
1.56
79.00
61.50
79.75
Neutral
Strong Buy
216
648.50
402.50
664.50
Neutral
Strong Buy
1990
0.68
85.00
72.50
90.50
Neutral
Strong Buy
376
0.42
ST MODWEN PROPS.
343.90
194.00
343.90
Neutral
Strong Buy
639
1.68
UNITE GROUP
396.70
260.70
403.00
Neutral
Strong Buy
1674
1.93
Under Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
ANITE
83.25
76.75
162.00
Neutral
Strong Buy
140
0.66
2554.00
1975.75
2650.00
Neutral
Sell
1475
1.49
COMPUTACENTER
568.50
333.29
568.50
Neutral
Strong Buy
1426
0.85
KOFAX
350.25
260.75
388.00
Neutral
Neutral
337
1.11
0.78
AVEVA GROUP
INNOVATION GROUP
Target
Beta
30.50
20.75
31.00
Neutral
Sell
26
797.00
543.00
812.50
Neutral
Buy
1041
0.84
PHOENIX IT GROUP
155.00
130.00
184.00
Neutral
Sell
-235
0.59
0.58
RM
FIDESSA GROUP
SAGE GROUP
114.00
64.00
114.25
Neutral
Strong Buy
261
1898.00
1275.00
2190.00
Neutral
Buy
2125
0.62
322.20
289.36
368.18
Neutral
Buy
430
0.70
Under Valued
Price
12M Lo
12M Hi
ST Rec
LT Rec
409.70
318.20
492.10
Neutral
Strong Buy
1299
1.12
BREWIN DOLPHIN
275.20
169.80
283.00
Neutral
Strong Buy
680
0.85
8505.00
8000.00
11105.00
Neutral
Strong Buy
85430
0.85
452.50
266.00
474.00
Neutral
Strong Buy
1494
0.89
0.64
CAMELLIA
CHARLES STANLEY GROUP
Target
Beta
207.25
155.00
228.00
Neutral
Strong Buy
1699
1283.00
830.00
1300.00
Neutral
Strong Buy
5068
0.78
102.90
90.00
110.40
Neutral
Sell
80
0.77
CHARLES TAYLOR
5.12
0.75
5.70
Neutral
Sell
-133
0.77
HENDERSON GROUP
HELPHIRE GROUP
204.10
109.10
205.60
Neutral
Strong Buy
833
1.44
ICAP
366.90
280.80
422.20
Neutral
Strong Buy
867
0.94
480.50
287.20
501.50
Neutral
Strong Buy
2366
1.77
INVESTEC
426.70
364.40
513.50
Neutral
Strong Buy
2780
1.54
1650.00
930.00
1652.00
Neutral
Strong Buy
7078
1.32
85.85
71.80
134.40
Neutral
Sell
-5096
1.23
1585.00
1208.00
1691.00
Neutral
Strong Buy
5688
0.83
SCHRODERS
2568.00
1518.00
2650.00
Neutral
Strong Buy
8503
1.42
SCHRODERS NV
2164.00
1218.00
2209.00
Neutral
Strong Buy
11734
1.38
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17
18 October 2013
+44 (0)1189 333606
Page 13 of
Under Valued
Support Services
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
ACAL
309.00
157.75
309.00
Neutral
Strong Buy
627
0.79
AGGREKO
1455.00
1442.00
2302.00
Neutral
Strong Buy
3255
1.04
AMEC
1089.00
965.50
1127.00
Neutral
Strong Buy
3261
0.98
656.50
350.20
730.00
Neutral
Buy
963
1.69
1180.00
940.00
1218.00
Neutral
Strong Buy
2556
0.40
655.00
372.50
655.00
Neutral
Strong Buy
2299
0.84
1334.00
1009.00
1409.00
Neutral
Strong Buy
2724
0.49
UK MAIL GROUP
585.00
265.00
645.00
Neutral
Strong Buy
1610
0.47
CAPITA
959.50
713.00
1057.00
Neutral
Strong Buy
1868
0.57
62.75
34.54
68.00
Neutral
Strong Buy
434
0.79
0.78
ASHTEAD GROUP
BABCOCK INTL.
BRITISH POLYTHENE INDS.
BUNZL
COMMUNISIS
Target
Beta
COMPASS GROUP
869.00
671.50
910.50
Neutral
Strong Buy
1957
BERENDSEN
933.00
563.00
939.00
Neutral
Strong Buy
3339
1.02
DE LA RUE
949.00
891.50
1075.00
Neutral
Strong Buy
2310
#NA
0.21
DIGNITY
1356.00
922.31
1567.68
Neutral
Buy
1708
DIPLOMA
662.00
435.00
662.00
Neutral
Strong Buy
1318
1.00
ELECTROCOMP.
278.50
203.90
282.50
Neutral
Strong Buy
875
1.03
ESSENTRA PLC
759.50
543.00
830.00
Neutral
Strong Buy
1261
1.13
G4S
240.50
207.50
313.50
Neutral
Strong Buy
909
0.42
HAYS
120.30
76.70
122.70
Neutral
Strong Buy
396
0.99
HOMESERVE
228.70
185.60
293.60
Neutral
Strong Buy
923
0.93
INTERSERVE
609.50
349.10
609.50
Sell
Strong Buy
3067
1.15
3210.00
2800.00
3453.00
Neutral
Buy
4393
0.74
51.75
33.63
51.75
Neutral
Strong Buy
234
1.03
0.61
INTERTEK GROUP
JOHNSON SERVICE GROUP
MANAGEMENT CNSL.GP.
26.50
21.25
32.00
Neutral
Strong Buy
185
MENZIES (JOHN)
825.00
573.00
841.50
Neutral
Strong Buy
1998
1.37
467.40
346.40
502.50
Neutral
Strong Buy
796
1.19
MITIE GROUP
298.00
248.00
312.90
Neutral
Strong Buy
1021
0.50
39.38
33.75
130.50
Neutral
Strong Buy
649
0.28
OFFICE2OFFICE
1080.00
750.00
1185.00
Neutral
Strong Buy
1832
0.72
PREMIER FARNELL
PAYPOINT
218.20
165.50
238.40
Neutral
Strong Buy
548
1.40
REGUS
200.20
96.00
200.20
Sell
Sell
70
1.46
RENTOKIL INITIAL
108.00
85.00
111.30
Neutral
Strong Buy
450
1.31
REXAM
480.00
432.56
547.50
Neutral
Strong Buy
1781
0.90
RICARDO
605.00
349.63
605.00
Sell
Strong Buy
1607
1.04
ROBERT WALTERS
313.00
191.00
335.00
Neutral
Strong Buy
943
1.11
RPC GROUP
461.70
378.00
477.80
Neutral
Strong Buy
1614
0.72
RPS GROUP
278.90
195.50
278.90
Neutral
Strong Buy
901
1.49
SERCO GROUP
522.50
516.50
683.50
Neutral
Strong Buy
2216
0.52
SHANKS GROUP
99.50
73.00
100.00
Neutral
Strong Buy
363
1.55
66.50
31.50
70.00
Neutral
Strong Buy
333
1.17
185.50
92.25
206.50
Neutral
Strong Buy
528
0.64
73.50
40.50
73.50
Neutral
Strong Buy
320
0.81
VP
501.50
313.00
510.00
Neutral
Strong Buy
2253
0.65
WYG
110.25
51.00
110.25
Neutral
Strong Buy
195
0.78
SPEEDY HIRE
TRIBAL GROUP
TRIFAST
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18 October 2013
+44 (0)1189 333606
Page 14 of
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
364.10
212.50
364.10
Sell
Buy
Target
449
0.92
41.93
34.31
46.29
Neutral
Strong Buy
84
0.66
722.00
542.50
749.00
Neutral
Sell
261
0.52
96.35
68.25
96.35
Neutral
Buy
126
0.97
1410.00
830.00
1412.00
Neutral
Sell
854
0.05
229.30
154.45
229.30
Neutral
Sell
132
0.46
Over Valued
Transport
Stock
Beta
Price
12M Lo
12M Hi
ST Rec
LT Rec
BBA AVIATION
316.20
195.70
326.00
Neutral
Sell
227
1.17
535.00
350.00
535.00
Neutral
Neutral
571
0.91
CLARKSON
2356.00
1150.00
2370.00
Sell
Sell
1285
0.77
EASYJET
1328.00
600.50
1448.00
Neutral
Sell
863
0.78
FIRST GROUP
Target
Beta
118.50
92.00
182.47
Neutral
Strong Buy
275
0.85
FISHER(JAMES)& SONS
1091.00
768.00
1148.00
Neutral
Sell
811
0.69
GO-AHEAD GROUP
1669.00
1220.00
1697.00
Neutral
Strong Buy
2936
0.94
NATIONAL EXPRESS
256.80
164.50
274.90
Neutral
Neutral
249
1.33
NORTHGATE
445.75
249.00
449.50
Neutral
Sell
357
1.22
STAGECOACH GROUP
331.60
265.90
337.60
Neutral
Buy
467
0.87
WINCANTON
122.25
43.75
122.25
Neutral
Strong Buy
282
0.83
Under Valued
Utilities
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
CENTRICA
364.30
310.80
402.20
Neutral
Strong Buy
565
0.51
NATIONAL GRID
751.50
682.00
847.50
Neutral
Buy
967
0.49
PENNON GROUP
691.50
598.00
734.50
Neutral
Sell
612
0.66
SSE
1432.00
1364.00
1676.00
Neutral
Strong Buy
2234
0.44
SEVERN TRENT
1799.00
1513.00
2090.00
Neutral
Sell
1490
0.39
700.00
647.00
787.50
Neutral
Neutral
748
0.51
www.intellisys.uk.com
17
Target
Beta
18 October 2013
+44 (0)1189 333606
Page 15 of
DISCLAIMER
Intellisys Intelligent Analysis Limited has prepared this report. Intellisys is the trading name of Intellisys
Intelligent Analysis Limited.
Intellisys is a provider of financial research reports that indicate the possible value of quoted company
shares. The information contained within any and all of Intellisys reports are designed to present an
objective assessment of the possible value or relative value of a company and/or an actuarial sector or
stock market index. Intellisys utilises as extensive as possible range of valuation tools and proprietary
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