Beruflich Dokumente
Kultur Dokumente
Intellisys
07 December 2012
Contents
Introduction...................................................................................................................... 3
Timing .......................................................................................................................... 3
Value ........................................................................................................................... 4
Conclusion .................................................................................................................... 4
How to use the report ....................................................................................................... 5
Over Valued ............................................................... 6
Aerospace & Defence
Transport
Page 2 of 15
Intellisys
07 December 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
Page 3 of 15
Intellisys
07 December 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.
Page 4 of 15
Intellisys
07 December 2012
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
eta >1.0
Share should move by more than market (i.e., higher risk/higher reward)
Page 5 of 15
Intellisys
Over Valued
Price 12M Lo
337.80 268.70
241.70 217.00
211.30 168.50
384.00 337.30
885.00 692.14
1123.00 881.50
1644.00 1400.00
12M Hi
363.60
460.00
239.50
414.90
913.50
1123.00
1780.00
ST Rec
LT Rec
Neutral Strong Buy
Neutral Strong Buy
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Price 12M Lo
224.70 170.20
436.00 284.10
76.00
48.25
14.50
6.80
12M Hi
237.20
436.00
79.00
16.25
ST Rec
LT Rec
Neutral
Neutral
Neutral
Sell
Neutral
Buy
Neutral Strong Buy
Price 12M Lo
250.50 150.55
643.80 478.25
46.50
23.46
300.30 194.00
1500.50 1228.50
12M Hi
256.75
644.10
46.64
300.30
1662.50
ST Rec
LT Rec
Neutral
Sell
Neutral Strong Buy
Sell
Buy
Sell
Sell
Neutral
Sell
Price 12M Lo
475.10 348.00
1854.00 1346.00
2796.00 2150.50
12M Hi
483.00
1880.50
2868.50
Beta
1.95
1.43
1.28
1.09
Target
156
1009
58
-143
1257
Beta
1.89
1.16
1.85
1.36
1.70
ST Rec
Neutral
Neutral
Neutral
LT Rec
Neutral
Sell
Buy
Target
520
1578
3354
Beta
0.49
0.54
1.00
Under Valued
Chemicals
Stock
C RODA INTERNATIONAL
ELEMENTIS
JOHNSON MATTHEY
VIC TREX
SYNTHOMER
ZOTEFOAMS
Target
214
414
85
25
Under Valued
Beverages
Stock
BARR (AG)
DIAGEO
SABMILLER
Beta
0.67
0.55
0.87
1.32
1.09
0.69
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
512
515
244
324
589
892
1351
Under Valued
07 December 2012
Price
2327.00
232.60
2411.00
1572.00
186.00
200.00
12M Lo
1708.00
129.00
1758.39
1070.00
127.40
109.00
12M Hi
2501.00
240.30
2573.00
1572.00
251.00
225.00
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Neutral
Neutral Strong Buy
Neutral
Sell
Target
3855
305
6238
1697
323
190
Page 6 of 15
Beta
1.05
1.02
1.44
1.14
1.19
0.98
Intellisys
Over Valued
Price
257.90
197.70
1004.00
1650.00
550.00
290.00
48.00
250.25
721.50
655.00
1213.00
50.50
100.25
516.50
787.00
161.00
115.60
62.10
1115.00
2843.00
12M Lo
236.50
87.30
660.00
1177.00
399.30
235.50
35.50
180.50
441.70
240.00
1095.00
38.00
76.00
508.00
446.20
107.30
76.95
34.86
755.00
1900.00
12M Hi
320.80
197.70
1029.00
1654.00
556.00
344.00
54.50
253.75
753.00
657.00
1489.00
66.50
103.62
725.00
815.50
163.00
123.20
63.10
1149.00
2897.00
Price 12M Lo
1101.00 685.00
594.50 436.50
113.50
99.25
328.00 181.60
218.80 139.70
1336.00 905.50
1882.00 874.50
2010.00 1170.00
0.08
0.08
140.00 114.00
264.38 185.00
12M Hi
1244.00
670.00
149.50
328.00
243.90
1401.00
1882.00
2010.00
0.22
203.50
275.00
Target
-58
28
94
3209
61
-238
17
470
-125
267
857
81
38
39
229
29
138
-9
472
456
Beta
0.83
1.48
1.08
0.65
1.13
1.11
0.78
0.61
1.01
1.24
0.95
1.07
1.30
0.83
1.14
1.03
1.65
1.56
1.93
1.44
ST Rec
LT Rec
Neutral
Sell
Neutral
Buy
Neutral Strong Buy
Sell
Sell
Neutral
Sell
Neutral
Sell
Neutral
Buy
Sell
Sell
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Target
659
800
209
293
79
1012
2079
1864
0
334
195
Beta
0.76
1.14
1.33
1.36
2.12
0.98
1.25
1.44
0.82
1.58
1.12
Under Valued
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
Over Valued
07 December 2012
Price
67.00
422.90
322.50
633.00
387.90
440.70
396.25
1072.00
4.38
251.80
2477.00
197.00
83.00
2210.00
648.25
1817.00
12M Lo
54.25
247.30
253.00
463.70
329.30
328.70
248.75
711.00
3.88
220.30
1755.00
162.70
83.00
1748.00
547.00
1397.00
12M Hi
92.00
437.10
358.50
747.50
483.70
448.50
403.75
1072.00
9.00
360.00
2518.00
213.00
219.50
2334.00
740.00
2236.00
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Buy
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Neutral
Neutral Strong Buy
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Target
126
474
626
726
379
349
326
1191
4
483
1782
204
82
2003
580
1808
Page 7 of 15
Beta
1.23
1.56
0.98
2.21
1.43
0.76
1.34
1.37
0.79
1.77
1.00
1.68
0.96
0.81
1.44
1.37
Intellisys
Over Valued
Price 12M Lo
487.00 457.00
270.30 256.20
342.40 283.20
339.60 297.05
37.25
9.50
12M Hi
558.00
328.00
361.10
411.25
38.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Sell
Price 12M Lo
1475.00 1083.00
782.00 723.00
369.60 290.40
310.20 249.40
94.25
52.50
761.00 633.50
2393.00 1994.00
12M Hi
1486.00
858.00
373.80
341.20
180.00
779.00
2421.00
ST Rec
LT Rec
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Buy
Price 12M Lo
27.25
18.75
370.00 222.40
1281.00 1000.00
699.50 395.40
27.55
9.55
7.32
2.76
30.13
19.50
335.80 189.00
721.50 570.00
47.50
38.00
270.00 237.20
397.80 302.70
59.25
32.00
324.00 152.00
3712.00 2573.00
1095.00 633.00
50.00
23.00
12M Hi
29.50
370.80
1586.00
728.50
27.55
9.03
58.75
356.80
863.00
85.70
313.80
398.70
59.25
324.00
3712.00
1095.00
51.75
ST Rec
LT Rec
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Buy
Neutral Strong Buy
Neutral Strong Buy
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Sell
Sell
Sell
Sell
Neutral
Sell
Beta
0.47
0.43
0.63
0.71
0.83
Target
1149
1255
341
294
-145
905
3075
Beta
0.59
0.58
0.91
0.31
1.39
0.65
0.59
Target
32
337
914
261
36
3
105
467
1423
78
368
482
58
369
3439
614
34
Beta
0.72
0.51
1.31
0.95
1.56
1.11
1.01
0.68
0.47
1.24
0.94
0.73
1.02
0.44
0.68
0.57
1.29
Over Valued
Health
Stock
C ONSORT MEDIC AL
C ORIN GROUP
SMITH & NEPHEW
Target
639
209
234
288
26
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
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
07 December 2012
Price 12M Lo
819.00 523.00
69.13
35.25
666.00 575.00
12M Hi
831.50
69.50
693.00
ST Rec
Sell
Neutral
Neutral
LT Rec
Sell
Neutral
Neutral
Target
661
69
730
Page 8 of 15
Beta
0.46
0.67
0.36
Intellisys
Over Valued
Price 12M Lo
670.00 435.00
305.63 245.00
65.00
55.25
12M Hi
720.50
319.75
139.75
ST Rec
Neutral
Neutral
Neutral
Price 12M Lo
755.00 469.00
340.00 166.00
33.88
16.25
426.50 400.00
146.40 105.80
197.00 112.00
12M Hi
774.00
365.60
47.25
717.00
174.00
230.00
ST Rec
LT Rec
Neutral
Sell
Neutral Strong Buy
Neutral
Neutral
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Price 12M Lo
1140.00 787.00
385.50 310.50
180.40 129.50
489.20 379.40
472.00 359.00
770.00 635.00
121.70
97.65
369.63 310.00
12M Hi
1231.00
405.00
180.40
489.60
489.40
790.00
121.70
388.50
Beta
0.37
0.91
0.74
Target
436
758
35
386
536
-238
Beta
0.75
1.21
0.80
1.06
0.94
0.98
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
435
-2524
1342
641
1833
2789
1483
1716
Beta
0.56
0.47
0.56
0.29
0.48
0.29
0.42
0.46
Over Valued
Target
652
260
92
Under Valued
Insurance
Stock
ADMIRAL GROUP
AMLIN
BEAZLEY
C ATLIN GROUP
HISC OX
JARDINE LLOYD THOMPSON
RSA INSURANC E GROUP
NOVAE GROUP
LT Rec
Neutral
Sell
Buy
Over Valued
07 December 2012
Price
2430.00
94.50
285.70
754.50
625.00
194.40
1648.00
491.50
314.70
105.40
7.14
139.20
388.30
539.00
2408.00
345.40
123.50
12M Lo
1841.00
26.50
149.40
657.25
456.20
120.70
1068.24
388.10
217.40
91.90
5.61
111.00
269.20
371.30
1508.00
183.30
88.45
12M Hi
2544.00
94.50
285.70
798.00
628.00
196.10
1727.01
518.00
337.00
174.00
12.25
154.30
391.00
548.50
2456.00
357.50
127.70
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Buy
Buy
Sell
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Buy
Target
4932
46
753
753
629
171
1441
614
375
23
-208
457
309
672
1901
274
161
Page 9 of 15
Beta
0.99
1.63
1.01
0.40
0.90
0.92
1.18
1.35
1.04
1.25
1.20
0.97
0.81
0.73
0.98
0.91
1.23
Intellisys
07 December 2012
Over Valued
Life Assurance
Stock
AVIVA
C HESNARA
LEGAL & GENERAL
OLD MUTUAL
PRUDENTIAL
ST.JAMES'S PLAC E
Price 12M Lo
362.70 255.30
193.75 155.25
145.90
98.25
173.60 111.48
908.00 600.50
399.80 303.40
12M Hi
382.60
207.50
146.20
177.70
908.00
400.50
ST Rec
LT Rec
Neutral Strong Buy
Neutral Strong Buy
Neutral Strong Buy
Neutral
Sell
Sell
Sell
Neutral
Sell
Over Valued
Price 12M Lo
235.40 134.10
118.75
92.00
766.50 635.50
47.75
28.50
541.00 363.50
802.50 625.00
436.40 333.00
214.20 180.00
103.00
60.95
13.37
4.75
1190.00 1111.00
57.50
36.25
287.50 237.62
27.75
26.21
102.25
76.25
100.88
67.50
89.75
25.50
750.00 448.00
142.00
78.50
870.00 638.00
0.28
0.26
12M Hi
237.80
146.50
779.00
51.75
546.50
828.00
451.00
240.60
103.20
13.75
1294.00
57.50
377.50
30.02
119.50
106.50
89.75
750.00
144.00
880.00
6.27
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Price
1812.00
252.00
1337.00
2013.50
256.90
6395.00
3237.00
6.05
12M Lo
1664.00
221.25
991.00
1681.00
240.84
4596.00
2715.50
3.75
832.50
1041.50 785.80
12M Hi
2910.00
340.00
1399.00
2206.50
599.98
7775.00
3988.00
34.00
1502.00
1283.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Target
-300
815
70
2012
1838
90
304
533
774
249
1389
476
373
528
-239
1888
577
271
517
555
28
Beta
1.29
0.38
0.55
0.99
1.06
0.96
1.56
1.42
1.54
1.27
0.65
0.79
0.19
0.52
0.76
1.43
1.57
1.33
0.87
1.31
1.10
LT Rec
Strong Buy
Buy
Sell
Strong Buy
Strong Buy
Sell
Buy
Strong Buy
Strong Buy
Neutral
Target
3153
291
1004
3684
631
3114
3644
145
2419
1135
Beta
1.73
0.99
1.44
1.41
1.93
0.28
1.48
0.89
2.16
1.78
Under Valued
LT Rec
Sell
Buy
Strong Buy
Strong Buy
Sell
Sell
Strong Buy
Buy
Strong Buy
Neutral
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
1003
303
247
151
799
372
Price
1068.00
427.60
269.20
8.95
833.50
76.00
331.20
2158.50
359.10
1242.00
775.00
12M Lo
1000.50
391.95
248.20
7.86
688.00
73.00
322.30
2039.00
254.90
1242.00
620.50
12M Hi
1547.00
504.60
360.00
12.13
968.00
187.75
449.70
2489.00
373.40
1601.00
875.50
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Buy
Neutral
LT Rec
Buy
Strong Buy
Sell
Strong Buy
Sell
Strong Buy
Sell
Strong Buy
Sell
Sell
Neutral
Target
1184
1490
-19
14
497
286
281
10484
244
771
797
Page 10 of 15
Beta
0.79
1.06
1.35
0.88
1.28
1.45
1.39
0.90
0.53
1.10
1.35
Beta
1.28
0.67
1.69
1.63
1.71
0.83
Intellisys
07 December 2012
Over Valued
Price 12M Lo
132.00 102.70
354.20 285.00
3959.00 3125.00
12M Hi
140.00
365.00
3966.00
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Sell
Neutral
Neutral
Price
3.30
2994.50
353.40
601.00
1345.50
2.28
9.12
1864.00
68.00
23.25
12M Lo
2.54
2591.00
300.00
418.33
1317.50
2.05
5.88
1727.00
31.00
18.87
12M Hi
3.98
3111.50
423.00
622.00
1507.50
5.80
12.75
2300.00
101.50
27.38
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
339.00 238.00
549.50 444.00
28.25
22.75
721.00 543.50
2098.00 1495.00
160.00 121.75
114.00
83.10
480.50 312.90
477.80 345.20
231.00 164.00
805.50 612.00
348.80 291.10
131.50 110.25
382.00 280.25
53.25
32.50
475.40 298.10
555.00 459.70
241.00 195.00
228.20 109.25
186.50 130.00
280.50 162.70
1.40
1.40
300.30 213.25
12M Hi
352.10
554.00
34.25
740.00
2115.00
176.00
116.00
480.50
483.40
231.00
821.00
354.20
144.00
390.00
56.75
480.00
555.00
259.20
228.20
189.50
284.10
4.13
310.00
ST Rec
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
LT Rec
Sell
Buy
Strong Buy
Strong Buy
Sell
Sell
Strong Buy
Buy
Strong Buy
Neutral
Strong Buy
Buy
Strong Buy
Buy
Sell
Strong Buy
Neutral
Buy
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Beta
1.03
0.49
0.62
0.25
0.50
0.67
0.94
0.67
0.70
0.82
Price 12M Lo
140.50
87.50
2037.00 1428.00
391.50 292.40
294.50 235.00
23.25
18.25
566.00 369.16
175.00 135.00
79.00
58.00
1400.00 1275.00
294.00 247.70
Target
-300
815
70
2012
1838
90
304
533
774
249
1389
476
373
528
-239
1888
577
271
517
555
28
112
595
Beta
1.13
1.03
0.67
0.66
1.19
0.94
1.46
1.04
1.14
0.69
1.14
1.09
0.71
0.44
1.15
0.66
1.00
1.66
1.45
1.06
1.73
1.00
0.99
Over Valued
Target
32
5145
390
2612
29
12
3
1514
248
103
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
0.84
0.72
0.36
Over Valued
Target
245
302
3991
12M Hi
149.90
2074.00
461.90
314.00
23.25
595.50
231.75
93.50
1766.00
324.80
ST Rec
LT Rec
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Neutral
Target
98
1048
1185
261
18
696
265
-63
1668
310
Page 11 of 15
Beta
0.82
1.38
1.00
1.12
0.84
0.80
0.85
0.54
0.77
0.72
Intellisys
07 December 2012
Over Valued
Price 12M Lo
12M Hi
339.50 197.10
342.70
191.20 131.30
191.20
9666.50 9175.00 10250.00
300.00 247.50
300.00
164.13 115.63
189.75
877.50 590.00
877.50
100.00
59.50
102.80
2.50
0.77
3.61
123.50
90.55
128.30
300.00 281.40
431.50
293.30 220.10
321.50
394.60 310.40
414.90
972.50 756.50 1105.00
76.50
63.25
152.50
1231.00 989.00 1373.00
1630.00 1166.00 1650.00
1321.00 966.00 1325.00
ST Rec
LT Rec
Neutral
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
1.09
0.72
0.81
0.93
0.70
0.90
0.89
0.65
1.43
1.07
1.64
1.54
1.15
1.29
0.73
1.32
1.27
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
90
97
9368
187
113
268
97
112
55
212
114
32
1535
95
991
1063
4197
Price 12M Lo
181.13 157.75
2249.00 1798.00
1058.00 865.00
381.50 186.00
996.50 691.50
385.00 317.00
1029.00 840.00
298.00 192.25
757.00 602.00
36.50
23.88
723.00 577.50
585.00 412.00
947.00 864.00
1030.00 755.50
513.50 321.70
213.10 187.50
581.00 369.80
252.10 240.00
78.25
58.85
240.20 137.50
358.80 270.10
3129.00 1900.00
33.63
25.25
22.38
21.25
598.00 506.00
363.30 323.00
271.60 235.80
121.00 118.50
860.00 505.00
182.70 153.20
99.00
77.80
93.10
58.20
448.40 338.50
359.63 304.50
196.00 158.25
390.20 340.60
205.60 173.20
548.50 458.00
78.30
75.80
35.50
19.00
99.00
42.00
50.75
36.63
340.50 212.00
72.25
42.00
12M Hi
219.50
2400.00
1172.00
392.70
996.50
410.50
1167.00
304.00
781.50
41.00
729.50
589.00
1075.00
1030.00
513.50
263.00
586.50
292.10
92.50
310.00
392.80
3129.00
35.00
39.50
652.00
497.00
300.80
163.75
884.50
228.80
117.50
93.50
461.40
391.00
264.63
447.00
256.60
602.00
113.00
35.50
99.00
50.75
354.88
72.50
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
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
Neutral
Neutral
Sell
LT Rec
Buy
Sell
Sell
Sell
Sell
Strong Buy
Sell
Buy
Sell
Strong Buy
Sell
Buy
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Sell
Neutral
Strong Buy
Sell
Buy
Sell
Sell
Buy
Buy
Buy
Buy
Neutral
Sell
Strong Buy
Buy
Sell
Neutral
Strong Buy
Strong Buy
Target
261
1119
911
266
552
668
684
379
428
60
534
824
521
662
351
269
299
238
100
422
583
1216
79
46
1098
271
286
198
598
231
91
45
512
399
262
446
207
479
139
43
42
50
523
156
Page 12 of 15
Beta
0.87
1.06
1.06
1.59
0.45
0.75
0.52
0.28
0.50
0.75
0.69
1.02
#NA
0.17
0.97
1.03
1.09
0.59
1.08
0.91
1.24
0.80
1.19
0.67
1.42
1.39
0.56
0.41
0.74
1.28
1.42
1.29
0.86
0.83
1.22
0.78
1.52
0.59
1.45
1.25
0.50
0.92
0.90
0.77
Intellisys
07 December 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
236.30 187.00
36.33
27.28
601.00 390.80
71.35
65.75
877.00 612.00
161.45 156.90
12M Hi
236.80
45.16
602.00
85.20
895.00
191.25
ST Rec
LT Rec
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Price 12M Lo
215.30 175.60
355.00 288.00
1174.00 1080.00
738.50 373.19
187.10 175.70
804.50 460.00
1258.00 1086.00
177.60 164.50
271.00 159.60
312.60 230.40
71.50
31.00
12M Hi
218.80
425.00
1390.00
738.50
344.00
809.50
1412.00
252.00
271.00
312.60
91.75
ST Rec
LT Rec
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Neutral
Neutral Strong Buy
Neutral
Neutral
Sell
Sell
Target
153
365
1237
436
408
295
1401
185
473
308
-26
Beta
1.31
0.98
0.80
0.76
0.99
0.80
0.94
1.33
1.40
0.93
0.90
Under Valued
Utilities
Stock
C ENTRIC A
NATIONAL GRID
PENNON GROUP
SSE
SEVERN TRENT
UNITED UTILITIES GROUP
Beta
0.89
0.67
0.53
1.26
0.05
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
267
67
503
104
583
136
Price 12M Lo
331.60 278.80
705.00 597.50
601.00 598.00
1430.00 1209.00
1551.00 1454.00
690.00 589.00
12M Hi
341.30
714.00
796.00
1461.00
1796.00
736.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
LT Rec
Buy
Buy
Buy
Buy
Sell
Sell
Target
459
783
733
1671
1408
625
Page 13 of 15
Beta
0.47
0.53
0.56
0.45
0.36
0.50
Intellisys
07 December 2012
DISCLAIMER
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No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other
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Page 14 of 15
Intellisys
07 December 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.
Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authority and does
not offer, provide or purport to provide or offer investment advice.
Page 15 of 15