02 November 2012

Intellisys

Value Indicator UK Main market

02 November 2012

Contents
Introduction...................................................................................................................... 3
Timing .......................................................................................................................... 3
Value ........................................................................................................................... 4
Conclusion .................................................................................................................... 4
How to use the report ....................................................................................................... 5
Over Valued ............................................................... 6
Aerospace & Defence
Automobiles & Parts
Banks

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

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

Beverages
Chemicals

Construction & Building Materials

Electronics & Electrical Equipment

Over Valued ................................................ 7

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

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

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

Engineering & Machinery

Food & Drug Stores

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

Food Producers & Processors
Under Valued ....................................................................... 8
General Retail
Over Valued ................................................................................. 8
Health

Household Goods & Textiles

Over Valued ...................................................... 9

Over Valued ........................................... 9

Information Technology & Hardware
Under Valued .............................................................................. 9
Insurance
Over Valued ................................................................. 9
Leisure & Hotels
Over Valued ..................................................................... 10
Over Valued ........................................................... 10

Life Assurance
Media & Entertainment
Mining

Under Valued ................................................................................ 10

Under Valued ............................................................................ 10

Over Valued ......................................... 11
Personal Care & Household Products
Over Valued .............................................. 11
Pharmaceuticals & Biotechnology

Oil & Gas

Real Estate

Under Valued ........................................................................ 11

Software & Computer Services

Speciality & Other Finance
Support Services

Over Valued ................................................. 11

Over Valued ....................................................... 12
Over Valued ............................................................... 12

Over Valued .................................................... 13

Telecommunication Services
Over Valued ............................................................................ 13
Transport
Under Valued ............................................................................... 13
Utilities

DISCLAIMER ................................................................................................................... 14
RISK WARNING Ratings and Targets ............................................................................. 15

Intelligent Analysis Limited www.intellisys.uk.com

Page 2 of 15

Intellisys

Value Indicator UK Main market

02 November 2012

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

Intelligent Analysis Limited www.intellisys.uk.com

Page 3 of 15

Intellisys

Value Indicator UK Main market

02 November 2012

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 cross-border 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 should 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.

Intelligent Analysis Limited www.intellisys.uk.com

Page 4 of 15

Intellisys

Value Indicator UK Main market

02 November 2012

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

Price
29.00
266.70
1136.00
675.00

12M Lo
18.50
222.40
1000.00
375.00

12M Hi
29.50
282.70
1586.00
728.50

ST Rec
Neutral
Neutral
Neutral
Neutral

21.16
6.36

9.36
2.20

21.69
6.55

Neutral
Neutral

FRENCH CONNECTN.GROUP
HALFORDS GROUP
JJB SPORTS SUSP - 24/09/12

23.50
324.70
0.40

19.50
189.00
0.24

82.00
342.30
17.00

Neutral
Neutral
Neutral

JD SPORTS FASHION

731.00

570.00

863.00

Neutral

57.25
269.80
377.90
55.00
212.00
3576.00
951.50
49.25

38.00
237.20
302.70
31.25
127.30
2540.00
633.00
21.50

110.60
313.80
389.50
55.00
227.00
3644.00
1017.00
51.75

Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral

DIXONS RETAIL
FINDEL

DARTY
KINGFISHER
MARKS & SPENCER GROUP
MOSS BROTHERS GROUP
MOTHERCARE
NEXT
TED BAKER
TOPPS TILES

Company

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

Beta
0.72
0.52
1.30
0.97

38
4

1.56
0.94

112
415
-62

1.05
0.67
0.88

1341

0.47

321
365
448
61
97
2798
542
29

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

eta >1.0

Share should move by more than market (i.e., higher risk/higher reward)

Intelligent Analysis Limited www.intellisys.uk.com

Page 5 of 15

Intellisys

Value Indicator UK Main market

Over Valued

Aerospace & Defence

Stock
BAE SYSTEMS
C HEMRING GROUP
C OBHAM
MEGGITT
ROLLS-ROYC E HOLDINGS
SMITHS GROUP
ULTRA ELEC TRONIC S HDG.

Price 12M Lo
317.10 251.40
260.60 260.60
216.40 165.90
384.50 337.30
877.00 642.73
1075.00 869.50
1710.00 1400.00

12M Hi
ST Rec
LT Rec
Neutral Strong Buy
363.60
520.50 Strong Buy Strong Buy
239.50
Neutral
Buy
Neutral
Sell
414.90
Neutral
Sell
882.08
1113.00
Neutral
Sell
Neutral
Sell
1780.00

Price 12M Lo
212.00 166.30
407.00 284.10
75.00
48.00
14.00
6.80

12M Hi
237.20
418.20
79.00
16.25

ST Rec
LT Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral Strong Buy

Price 12M Lo
239.25 147.90
625.00 463.50
43.93
21.84
287.20 173.40
1482.50 1228.50

12M Hi
256.75
625.00
43.93
291.70
1662.50

ST Rec
LT Rec
Neutral
Sell
Neutral Strong Buy
Sell
Buy
Sell
Sell
Neutral
Sell

Price 12M Lo
438.20 348.00
1805.00 1281.00
2660.00 2078.00

12M Hi
481.60
1805.00
2868.50

Beta
1.96
1.45
1.32
1.14

Target
145
994
56
-156
1229

Beta
1.88
1.17
1.85
1.36
1.69

ST Rec
Neutral
Sell
Neutral

LT Rec
Buy
Sell
Buy

Target
489
1514
3209

Beta
0.50
0.54
1.00

Under Valued

Chemicals
Stock
C RODA INTERNATIONAL
ELEMENTIS
JOHNSON MATTHEY
VIC TREX
YULE C ATTO
ZOTEFOAMS

Target
202
396
81
24

Under Valued

Beverages
Stock
BARR (AG)
DIAGEO
SABMILLER

Beta
0.68
0.57
0.87
1.33
1.08
0.70
0.58

Over Valued

Banks
Stock
BARC LAYS
HSBC HDG. (ORD $0.50)
LLOYDS BANKING GROUP
ROYAL BANK OF SC TL.GP.
STANDARD C HARTERED

Target
504
519
246
331
586
887
1352

Under Valued

Automobiles & Parts

Stock
GKN
INC HC APE
LOOKERS
PENDRAGON

02 November 2012

Price
2172.00
215.10
2297.00
1435.00
151.00
206.00

12M Lo
1647.00
127.50
1724.40
1063.00
127.40
109.00

12M Hi
2501.00
240.30
2573.00
1516.00
251.00
225.00

Intelligent Analysis Limited www.intellisys.uk.com

ST Rec
LT Rec
Neutral Strong Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Sell

Target
3681
292
6126
1590
312
184

Page 6 of 15

Beta
1.07
1.05
1.44
1.16
1.23
0.99

Intellisys

Value Indicator UK Main market

Over Valued

Construction & Building Materials

Stock
BALFOUR BEATTY
BARRATT DEVELOPMENTS
BELLWAY
BERKELEY GROUP HDG.(THE)
BOVIS HOMES GROUP
C ARILLION
C LARKE (T)
C OSTAIN GROUP
GALLIFORD TRY
KELLER
KIER GROUP
LOW & BONAR
MARSHALLS
MORGAN SINDALL GROUP
PERSIMMON
REDROW
SIG
TAYLOR WIMPEY
TRAVIS PERKINS
WOLSELEY

Price
320.80
193.70
1029.00
1549.00
516.00
315.30
45.00
241.00
746.00
614.00
1288.00
52.00
87.50
668.50
815.50
158.70
104.90
63.10
1092.00
2736.00

12M Lo
214.60
87.00
660.00
1176.00
399.30
235.50
35.50
180.00
441.70
239.25
1095.00
38.00
76.00
550.00
446.20
103.50
76.95
34.86
752.50
1727.00

12M Hi
320.80
193.70
1029.00
1549.00
524.00
344.00
54.50
249.50
746.00
614.00
1489.00
66.50
103.62
725.00
815.50
162.50
123.20
63.10
1135.00
2811.00

Price 12M Lo
1123.00 685.00
544.00 436.50
111.00
99.25
231.20 180.90
215.00 128.50
1350.00 798.50
1790.00 800.00
1760.00 1122.00
0.08
0.08
125.00 114.00
263.38 185.00

12M Hi
1244.00
670.00
149.50
257.00
243.90
1390.00
1790.00
1902.00
0.22
203.50
275.00

Target
-4
41
149
3000
79
-170
29
460
-45
323
967
82
47
197
257
38
139
-4
545
608

Beta
0.83
1.49
1.08
0.70
1.13
1.11
0.77
0.64
1.05
1.29
1.01
1.11
1.31
0.87
1.16
1.03
1.67
1.56
1.92
1.45

ST Rec
LT Rec
Neutral
Sell
Neutral
Buy
Neutral Strong Buy
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Buy
Neutral Strong Buy
Neutral
Sell

Target
618
752
196
273
80
949
1965
1735
0
311
182

Beta
0.75
1.18
1.30
1.42
2.14
0.99
1.27
1.45
0.83
1.61
1.12

Under Valued

Engineering & Machinery

Stock
AGA RANGEMASTER GROUP
BODYC OTE
C ASTINGS
C OOKSON GROUP
FENNER
HALMA
HILL & SMITH
IMI
METALRAX GROUP
MORGAN C RUC IBLE
ROTORK
SENIOR
SEVERFIELD-ROWEN
SPIRAX-SARC O
VITEC GROUP
WEIR GROUP

ST Rec
LT Rec
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell

Under Valued

Electronics & Electrical Equipment

Stock
DIALIGHT
DOMINO PRINTING SC IENC ES
E2V TEC HNOLOGIES
INVENSYS
LAIRD
OXFORD INSTRUMENTS
RENISHAW
SPEC TRIS
BIOME TEC HNOLOGIES
TT ELEC TRONIC S
XAAR

02 November 2012

Price
55.63
380.00
347.00
590.50
363.40
416.00
372.50
977.00
4.75
255.50
2312.00
200.70
146.00
1964.00
713.00
1794.00

12M Lo
54.25
242.90
253.00
427.10
329.30
310.90
235.00
681.50
4.25
220.30
1629.00
155.90
128.00
1708.00
547.00
1397.00

12M Hi
92.00
437.10
358.50
747.50
483.70
448.50
382.75
1022.00
9.00
360.00
2387.00
213.00
219.50
2334.00
740.00
2236.00

Intelligent Analysis Limited www.intellisys.uk.com

ST Rec
LT Rec
Neutral Strong Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Buy
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Neutral

Target
146
471
601
751
377
333
341
1117
6
462
1616
201
95
1893
596
1732

Page 7 of 15

Beta
1.25
1.59
0.98
2.22
1.46
0.76
1.36
1.40
0.82
1.81
1.02
1.71
1.01
0.85
1.47
1.39

Intellisys

Value Indicator UK Main market

Over Valued

Food & Drug Stores

Stock
GREGGS
MORRISON(WM)SPMKTS.
SAINSBURY (J)
TESC O
THORNTONS

Price 12M Lo
465.10 457.00
267.50 263.00
354.20 283.20
320.90 297.05
31.25
9.50

12M Hi
558.00
328.00
361.10
411.25
42.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Sell

Price 12M Lo
1394.00 1070.00
774.50 695.00
354.90 290.40
329.00 246.00
99.50
32.90
727.00 633.50
2326.00 1977.00

12M Hi
1394.00
858.00
361.10
341.20
180.00
727.00
2346.00

ST Rec
LT Rec
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Buy

Price 12M Lo
26.88
18.50
339.70 222.40
1215.00 1000.00
698.50 375.00
23.38
9.36
6.76
2.20
24.00
19.50
356.80 189.00
0.40
0.24
748.50 570.00
52.00
38.00
290.20 237.20
395.80 302.70
57.75
31.25
282.75 127.30
3650.00 2573.00
975.00 633.00
47.00
21.50

12M Hi
29.50
339.70
1586.00
728.50
23.38
6.78
76.75
356.80
17.00
863.00
101.80
313.80
395.80
57.75
286.00
3650.00
1017.00
51.75

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral

Beta
0.48
0.42
0.67
0.72
0.85

Target
1133
1239
331
292
-142
898
3054

Beta
0.61
0.60
0.90
0.32
1.41
0.63
0.59

LT Rec
Buy
Sell
Sell
Sell
Strong Buy
Sell
Strong Buy
Buy
Sell
Strong Buy
Strong Buy
Buy
Buy
Neutral
Sell
Sell
Sell
Sell

Target
31
300
743
269
42
4
113
419
-85
1348
90
366
454
62
142
2682
548
30

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

Over Valued

Health
Stock
C ONSORT MEDIC AL
C ORIN GROUP
SMITH & NEPHEW

Target
613
206
234
282
23

Under Valued

General Retail
Stock
ASHLEY(LAURA) HOLDINGS
BROWN (N) GROUP
BURBERRY GROUP
C ARPETRIGHT
DIXONS RETAIL
FINDEL
FRENC H C ONNEC TN.GROUP
HALFORDS GROUP
JJB SPORTS SUSP - 24/09/12
JD SPORTS FASHION
DARTY
KINGFISHER
MARKS & SPENC ER GROUP
MOSS BROTHERS GROUP
MOTHERC ARE
NEXT
TED BAKER
TOPPS TILES

LT Rec
Buy
Sell
Sell
Sell
Sell

Under Valued

Food Producers & Processors

Stock
ASSOC IATED BRIT.FOODS
C RANSWIC K
DAIRY C REST
DEVRO
PREMIER FOODS
TATE & LYLE
UNILEVER (UK)

02 November 2012

Price 12M Lo
754.00 498.00
57.50
35.25
648.50 540.50

12M Hi
765.00
59.50
693.00

Intelligent Analysis Limited www.intellisys.uk.com

ST Rec
Neutral
Neutral
Neutral

LT Rec
Sell
Neutral
Neutral

Target
629
57
695

Page 8 of 15

Beta
0.49
0.68
0.38

Intellisys

Value Indicator UK Main market

Over Valued

Household Goods & Textiles

Stock
GAMES WORKSHOP
HEADLAM GROUP
HORNBY

Price 12M Lo
675.00 405.00
312.50 242.50
59.88
58.25

12M Hi
720.50
319.75
141.50

ST Rec
LT Rec
Neutral
Neutral
Neutral
Sell
Neutral Strong Buy

Price 12M Lo
694.00 469.00
355.60 154.10
36.75
16.25
474.90 406.70
143.90 105.80
215.00
96.00

12M Hi
694.00
355.60
47.25
717.00
174.00
230.00

ST Rec
LT Rec
Sell
Sell
Neutral Strong Buy
Neutral
Neutral
Neutral
Sell
Neutral Strong Buy
Neutral
Sell

Price 12M Lo
1142.00 787.00
377.00 284.00
175.40 123.20
472.90 369.50
488.00 359.00
749.50 635.00
113.60
97.65
368.00 292.50

12M Hi
1231.00
405.00
177.00
489.60
489.40
790.00
121.50
388.50

Target
430
729
39
380
524
-232

Beta
0.75
1.21
0.80
1.08
0.98
1.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rec
Sell
Sell
Strong Buy
Buy
Strong Buy
Strong Buy
Strong Buy
Strong Buy

Target
436
-2460
1303
638
1779
2719
1447
1664

Beta
0.56
0.49
0.56
0.34
0.49
0.31
0.43
0.49

Over Valued

Leisure & Hotels

Stock
C ARNIVAL
ENTERPRISE INNS
TUI TRAVEL
FULLER SMITH 'A'
GREENE KING
LADBROKES
IC TL.HTLS.GP.
MILLENNIUM & C PTH.HTLS.
MITC HELLS & BUTLERS
BWIN PARTY DIGITAL ENTM.
PUNC H TAVERNS
RANK GROUP
RESTAURANT GROUP
WETHERSPOON (JD)
WHITBREAD
WILLIAM HILL
MARSTON'S

Beta
0.42
0.94
0.73

Under Valued

Insurance
Stock
ADMIRAL GROUP
AMLIN
BEAZLEY
C ATLIN GROUP
HISC OX
JARDINE LLOYD THOMPSON
RSA INSURANC E GROUP
NOVAE GROUP

Target
656
257
90

Over Valued

Information Technology & Hardware

Stock
ARM HOLDINGS
C SR
FILTRONIC
IMAGINATION TEC HNOLOGIES
SPIRENT C OMMUNIC ATIONS
WOLFSON MIC ROELEC TRONIC S

02 November 2012

Price
2496.00
72.75
256.00
740.00
608.00
183.90
1549.00
511.50
332.50
121.00
6.35
148.90
383.00
507.00
2392.00
343.10
126.00

12M Lo
1841.00
26.50
136.70
657.25
441.20
120.70
1001.17
371.20
215.60
91.90
5.61
111.00
269.20
371.30
1508.00
183.30
87.50

12M Hi
2506.00
75.25
256.00
798.00
625.00
185.90
1727.01
518.00
332.50
174.00
12.50
152.90
383.20
515.00
2401.00
357.50
126.00

Intelligent Analysis Limited www.intellisys.uk.com

ST Rec
LT Rec
Neutral Strong Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Buy

Target
4829
41
750
738
612
167
1395
600
365
35
-195
446
303
658
1858
268
157

Page 9 of 15

Beta
0.99
1.67
1.00
0.41
0.91
0.96
1.21
1.37
1.07
1.25
1.22
0.91
0.87
0.78
1.02
0.93
1.22

Intellisys

Value Indicator UK Main market

02 November 2012
Over Valued

Life Assurance
Stock
AVIVA
C HESNARA
LEGAL & GENERAL
OLD MUTUAL
PRUDENTIAL
ST.JAMES'S PLAC E

Price 12M Lo
336.10 255.30
189.50 155.25
140.00
96.00
173.10 102.75
853.00 555.00
395.50 294.00

12M Hi
382.60
207.50
140.00
177.70
870.00
397.00

ST Rec
LT Rec
Neutral Strong Buy
Neutral Strong Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell

Over Valued

Media & Entertainment

Stock
AEGIS GROUP
BLOOMSBURY PBL.
BRITISH SKY BC AST.GROUP
C ENTAUR MEDIA
DAILY MAIL 'A'
EUROMONEY INSTL.INVESTOR
INFORMA
ITE GROUP
ITV
JOHNSTON PRESS
PEARSON
PHOTO-ME INTL.
PINEWOOD SHEPPERTON
THOMSON REUTERS
STV GROUP
ST.IVES
TRINITY MIRROR
UBM
WILMINGTON GROUP
WPP
HIBU

Price 12M Lo
235.30 122.30
126.75
91.25
759.00 635.50
50.25
28.50
484.25 363.50
790.00 618.50
407.80 328.20
192.70 175.10
88.30
59.05
13.25
4.30
1252.00 1069.00
49.50
36.25
275.50 207.50
28.43
26.21
102.50
76.25
102.00
67.50
60.25
25.50
718.00 448.00
132.75
78.50
817.50 616.50
0.36
0.33

12M Hi
237.80
146.50
773.00
51.50
497.25
828.00
451.00
240.60
92.55
13.25
1294.00
57.63
377.50
30.32
119.50
106.00
71.75
733.00
141.75
880.00
6.27

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

Price
1936.50
248.00
1302.00
2009.00
499.20
7435.00
3165.50
6.31

12M Lo
1748.50
221.25
991.00
1681.00
480.00
4596.00
2715.50
3.75
832.50
988.70 785.80

12M Hi
2910.00
340.00
1399.00
2206.50
1128.00
7775.00
3988.00
34.00
1502.00
1283.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

Target
-300
802
68
1976
1771
88
298
539
757
244
1362
468
366
519
-238
1851
562
266
507
544
26

Beta
1.31
0.43
0.57
1.01
1.06
0.97
1.58
1.43
1.56
1.29
0.66
0.83
0.25
0.54
0.81
1.33
1.43
1.36
0.83
1.31
1.13

LT Rec
Strong Buy
Buy
Sell
Strong Buy
Strong Buy
Sell
Buy
Strong Buy
Strong Buy
Buy

Target
3284
300
1036
3833
873
3239
3812
151
2499
1184

Beta
1.71
1.02
1.45
1.42
1.93
0.28
1.42
0.92
2.14
1.77

Under Valued

Oil & Gas

Stock
BG GROUP
BP
C AIRN ENERGY
FORTUNE OIL
HUNTING
JKX OIL & GAS
PREMIER OIL
ROYAL DUTC H SHELL B
SOC O INTERNATIONAL
TULLOW OIL
WOOD GROUP (JOHN)

LT Rec
Sell
Strong Buy
Strong Buy
Strong Buy
Sell
Sell
Strong Buy
Buy
Strong Buy
Buy
Strong Buy
Buy
Strong Buy
Buy
Sell
Strong Buy
Neutral
Buy
Strong Buy
Strong Buy
Sell

Under Valued

Mining
Stock
ANGLO AMERIC AN
ANGLO PAC IFIC GROUP
ANTOFAGASTA
BHP BILLITON
LONMIN
RANDGOLD RESOURC ES
RIO TINTO
UK C OAL
VEDANTA RESOURC ES
XSTRATA

Target
982
294
240
146
767
358

Price
1102.00
444.50
283.00
8.62
794.50
77.75
352.40
2241.50
349.40
1407.00
867.00

12M Lo
1102.00
391.95
248.20
8.30
617.50
73.00
322.30
2039.00
254.90
1236.00
587.50

12M Hi
1547.00
504.60
360.00
12.13
968.00
187.75
449.70
2489.00
354.70
1601.00
875.50

Intelligent Analysis Limited www.intellisys.uk.com

ST Rec
Buy
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rec
Buy
Strong Buy
Sell
Strong Buy
Sell
Strong Buy
Sell
Strong Buy
Sell
Sell
Sell

Target
1231
1550
-23
15
512
297
291
10890
253
808
820

Page 10 of 15

Beta
0.76
1.07
1.35
0.91
1.29
1.45
1.39
0.91
0.53
1.09
1.36

Beta
1.29
0.67
1.68
1.63
1.71
0.86

Intellisys

Value Indicator UK Main market

02 November 2012
Over Valued

Personal Care & Household Products

Stock
MC BRIDE
PZ C USSONS
REC KITT BENC KISER GROUP

Price 12M Lo
136.88 102.70
343.00 285.00
3780.00 3100.00

12M Hi
138.00
372.10
3780.00

ST Rec
LT Rec
Neutral Strong Buy
Neutral
Sell
Neutral
Neutral

Price
3.48
2895.00
341.80
622.00
1387.50
2.45
9.75
1768.00
86.00
24.50

12M Lo
2.54
2591.00
273.20
418.33
1329.00
2.05
5.88
1739.00
31.00
18.75

12M Hi
4.00
3111.50
423.00
622.00
1507.50
5.80
12.75
2300.00
101.50
29.75

ST Rec
Buy
Neutral
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Neutral

LT Rec
Strong Buy
Strong Buy
Buy
Strong Buy
Sell
Strong Buy
Sell
Sell
Strong Buy
Strong Buy

Price 12M Lo
348.00 218.00
533.50 444.00
24.50
23.00
701.00 520.00
2104.00 1495.00
160.50 121.75
112.50
83.10
474.50 312.90
475.90 345.20
193.25 163.50
811.00 612.00
335.60 288.70
138.50 108.50
352.25 280.25
54.50
32.50
423.30 271.60
551.00 459.70
240.50 195.00
202.20 103.50
186.50 130.00
284.10 154.10
1.50
1.50
306.00 213.25

12M Hi
348.00
549.50
37.00
740.00
2104.00
194.75
116.00
474.50
483.40
206.00
815.00
354.20
144.00
390.00
56.75
423.30
551.00
259.20
220.00
189.50
284.10
4.13
310.00

ST Rec
Neutral
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rec
Sell
Strong Buy
Strong Buy
Strong Buy
Sell
Sell
Strong Buy
Buy
Strong Buy
Buy
Strong Buy
Buy
Strong Buy
Buy
Sell
Strong Buy
Neutral
Buy
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy

Beta
1.03
0.48
0.64
0.30
0.48
0.70
0.95
0.67
0.71
0.85

Price 12M Lo
22.38
18.25
146.80
64.75
2008.00 1420.00
367.30 292.40
278.25 225.00
21.75
16.75
595.50 343.74
162.50 135.00
81.00
58.00
1344.00 1318.00
310.90 247.70

Target
-300
802
68
1976
1771
88
298
539
757
244
1362
468
366
519
-238
1851
562
266
507
544
26
110
582

Beta
1.11
1.03
0.80
0.68
1.20
0.96
1.47
1.05
1.13
0.71
1.14
1.09
0.71
0.47
1.14
0.68
0.99
1.64
1.46
0.98
1.73
1.02
1.01

Over Valued

Software & Computer Services

Stock
TIMEWEAVE
ANITE
AVEVA GROUP
C OMPUTAC ENTER
KOFAX
INNOVATION GROUP
MIC RO FOC US INTL.
PHOENIX IT GROUP
RM
FIDESSA GROUP
SAGE GROUP

Target
35
4829
414
2802
-146
14
4
1530
272
112

Under Valued

Real Estate
Stock
BIG YELLOW GROUP
BRITISH LAND
C APITAL & REGIONAL
C LS HOLDINGS
DERWENT LONDON
DEVELOPMENT SEC S.
GRAINGER
GREAT PORTLAND ESTATES
HAMMERSON
HELIC AL BAR
LAND SEC URITIES GROUP
C APITAL SHOPC TS.GROUP
MC KAY SEC URITIES
MUC KLOW (A & J) GROUP
QUINTAIN ESTATES & DEV.
SAVILLS
SHAFTESBURY
SEGRO
ST MODWEN PROPS.
TOWN C ENTRE SEC URITIES
UNITE GROUP
WARNER ESTATE
WORKSPAC E GROUP

Beta
0.85
0.72
0.34

Over Valued

Pharmaceuticals & Biotechnology

Stock
ARK THERAPEUTIC S GP.
ASTRAZENEC A
BTG
DEC HRA PHARMAC EUTIC ALS
GLAXOSMITHKLINE
OXFORD BIOMEDIC A
PHYTOPHARM
SHIRE
SKYEPHARMA
VERNALIS

Target
241
297
3809

12M Hi
26.38
146.80
2074.00
461.90
314.00
23.00
595.50
231.75
93.50
1766.00
324.80

Intelligent Analysis Limited www.intellisys.uk.com

ST Rec
LT Rec
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Neutral
Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell

Target
38
90
961
1094
238
17
632
237
-66
1533
280

Page 11 of 15

Beta
0.70
0.87
1.42
1.04
1.13
0.87
0.81
0.88
0.53
0.82
0.73

Intellisys

Value Indicator UK Main market

02 November 2012
Over Valued

Speciality & Other Finance

Stock
ABERDEEN ASSET MAN.
BREWIN DOLPHIN
C AMELLIA
C HARLES STANLEY GROUP
C HARLES TAYLOR
C LOSE BROTHERS GROUP
F&C ASSET MANAGEMENT
HELPHIRE GROUP
HENDERSON GROUP
IC AP
INTERMEDIATE C APITAL GP.
INVESTEC
LONDON STOC K EX.GROUP
MAN GROUP
RATHBONE BROTHERS
SC HRODERS
SC HRODERS NV

Price 12M Lo
12M Hi
335.00 181.00
335.00
184.60 118.00
184.60
9580.00 8800.50 10250.00
295.00 247.50
297.00
177.50 115.63
189.75
866.00 590.00
873.50
101.30
59.50
101.30
2.94
0.77
3.08
116.30
90.55
128.30
335.90 301.10
431.50
313.60 209.30
321.50
369.00 310.40
414.90
973.00 756.50 1105.00
82.15
63.25
152.50
1310.00 989.00 1373.00
1552.00 1166.00 1650.00
1245.00 966.00 1309.00

ST Rec
LT Rec
Sell
Sell
Sell
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Sell Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral Strong Buy

Beta
1.12
0.77
0.81
0.96
0.70
0.86
0.90
0.67
1.46
1.05
1.61
1.56
1.13
1.29
0.78
1.35
1.28

Over Valued

Support Services
Stock
AC AL
AGGREKO
AMEC
ASHTEAD GROUP
BABC OC K INTL.
BRITISH POLYTHENE INDS.
BUNZL
UK MAIL GROUP
C APITA
C OMMUNISIS
C OMPASS GROUP
BERENDSEN
DE LA RUE
DIGNITY
DIPLOMA
ELEC TROC OMP.
FILTRONA
G4S
HAYS
HOMESERVE
INTERSERVE
INTERTEK GROUP
JOHNSON SERVIC E GROUP
MANAGEMENT C NSL.GP.
MENZIES (JOHN)
MIC HAEL PAGE INTL.
MITIE GROUP
OFFIC E2OFFIC E
PAYPOINT
PREMIER FARNELL
REGUS
RENTOKIL INITIAL
REXAM
RIC ARDO
ROBERT WALTERS
RPC GROUP
RPS GROUP
SERC O GROUP
SHANKS GROUP
SPEEDY HIRE
TRIBAL GROUP
TRIFAST
VP
WYG

Target
91
96
9208
186
112
265
98
115
56
210
110
29
1529
95
1027
1049
4175

Price 12M Lo
173.50 166.00
2175.00 1698.00
1079.00 838.00
378.00 150.50
979.50 666.00
382.00 317.00
1029.00 778.50
275.00 192.25
722.50 602.00
38.13
23.75
694.00 544.00
589.00 412.00
1061.00 850.00
939.00 755.50
451.90 299.00
212.70 187.50
570.00 369.80
265.10 230.00
82.00
58.85
223.20 137.50
391.90 270.10
2839.00 1812.00
34.38
25.25
24.50
21.25
606.50 475.00
363.90 323.00
292.00 235.80
129.50 124.75
799.50 475.00
166.00 153.20
102.10
75.30
88.20
58.20
446.70 325.10
365.50 304.50
202.50 158.25
425.10 316.50
228.00 173.20
563.00 458.00
83.10
75.80
32.25
18.50
92.25
40.50
44.00
36.25
331.50 191.00
53.50
42.00

12M Hi
233.50
2400.00
1172.00
378.00
979.50
410.50
1167.00
285.00
781.50
41.00
727.00
589.00
1075.00
951.50
497.90
263.00
580.50
292.10
92.50
333.50
391.90
2861.00
35.00
39.50
652.00
497.00
299.40
163.75
799.50
228.80
117.50
89.90
461.40
391.00
264.63
447.00
256.60
602.00
115.90
33.00
97.50
49.50
354.88
61.00

Intelligent Analysis Limited www.intellisys.uk.com

ST Rec
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell

LT Rec
Strong Buy
Sell
Sell
Sell
Sell
Strong Buy
Sell
Buy
Sell
Strong Buy
Sell
Buy
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Strong Buy
Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Sell
Neutral
Strong Buy
Sell
Buy
Sell
Sell
Buy
Neutral
Buy
Neutral
Sell
Sell
Strong Buy
Buy
Sell
Buy
Strong Buy
Strong Buy

Target
263
1073
898
255
546
657
682
378
417
60
528
802
541
596
341
264
292
237
98
405
583
1186
77
45
1087
265
284
198
580
220
91
45
501
393
261
441
203
474
136
43
42
50
510
149

Page 12 of 15

Beta
0.86
1.10
1.08
1.61
0.46
0.77
0.53
0.31
0.50
0.78
0.71
1.02
#NA
0.17
0.97
1.04
1.12
0.58
1.08
0.91
1.26
0.83
1.11
0.71
1.41
1.42
0.56
0.41
0.72
1.29
1.43
1.30
0.87
0.83
1.27
0.80
1.57
0.59
1.46
1.27
0.52
0.94
0.90
0.78

Intellisys

Value Indicator UK Main market

02 November 2012
Over Valued

Telecommunication Services
Stock
BT GROUP
C ABLE & WIRELESS C OMMS.
INMARSAT
KC OM GROUP
TELEC OM PLUS
VODAFONE GROUP

Price 12M Lo
227.00 176.50
38.00
27.28
587.50 389.30
76.50
65.75
850.50 612.00
170.00 164.30

12M Hi
236.80
45.16
602.00
85.20
892.00
191.25

ST Rec
LT Rec
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell

Price 12M Lo
203.70 164.70
401.00 288.00
1340.00 1035.00
634.00 343.24
200.40 184.60
796.00 460.00
1328.00 1086.00
175.60 170.20
257.50 159.60
282.10 230.40
65.00
31.00

12M Hi
218.80
425.00
1390.00
634.00
345.30
796.00
1412.00
252.00
266.75
297.20
91.75

ST Rec
LT Rec
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral Strong Buy
Neutral
Neutral
Neutral
Sell

Target
158
376
1267
446
417
304
1443
191
480
298
-33

Beta
1.33
1.00
0.78
0.80
1.02
0.83
0.96
1.36
1.43
0.95
0.90

Under Valued

Utilities
Stock
C ENTRIC A
NATIONAL GRID
PENNON GROUP
SSE
SEVERN TRENT
UNITED UTILITIES GROUP

Beta
0.91
0.67
0.55
1.29
0.03
0.53

Over Valued

Transport
Stock
BBA AVIATION
BRAEMAR SHIPPING SVS.
C LARKSON
EASYJET
FIRST GROUP
FISHER(JAMES)& SONS
GO-AHEAD GROUP
NATIONAL EXPRESS
NORTHGATE
STAGEC OAC H GROUP
WINC ANTON

Target
258
68
502
104
580
134

Price 12M Lo
326.80 278.80
711.00 597.50
717.50 673.50
1461.00 1209.00
1596.00 1454.00
678.00 589.00

12M Hi
341.30
711.00
796.00
1461.00
1796.00
736.00

Intelligent Analysis Limited www.intellisys.uk.com

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rec
Buy
Buy
Neutral
Buy
Sell
Neutral

Target
468
811
760
1715
1463
651

Page 13 of 15

Beta
0.47
0.52
0.55
0.44
0.34
0.50

Intellisys

Value Indicator UK Main market

02 November 2012

DISCLAIMER
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Intellisys

Value Indicator UK Main market

02 November 2012

Subscribers, and casual reader, are reminded that the value of shares in any company may go up or down
and that past performance is not necessarily a guide to future performance.
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