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16 August 2013

Contents
Introduction .................................................................................................................................3
Value ...........................................................................................................................................4
Conclusion ..................................................................................................................................4
RISK WARNING Ratings and Targets ....................................................................................4
How to use the report .................................................................................................................5
Under Valued .....................................................................6
Aerospace & Defence
Unde r V a lue d ......................................................................6

Automobiles & Parts


Banks
Beverages

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


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

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


Under Valued ....................................................7
Construction & Building Materials

Chemicals

Electronics & Electrical Equipment


Engineering & Machinery
Food & Drug Stores

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


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

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


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

Food Producers & Processors


Under Valued ..............................................................................9
General Retail
Over Valued .........................................................................................9
Health
Over Valued ..........................................................9
Over Valued ...............................................9

Household Goods & Textiles

Information Technology & Hardware


Under Valued ................................................................................... 10
Insurance
Over Valued ..................................................................... 10
Leisure & Hotels
Life Assurance

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


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

Media & Entertainment


Under Valued ...................................................................................... 11
Mining
Under Valued ................................................................................... 11
Oil & Gas
Over Valued .......................................... 12
Under Valued ................................................ 12

Personal Care & Household Products

Pharmaceuticals & Biotechnology


Under Valued ..................................................................... 12
Real Estate - REIT
Under Valued ..................................................................... 13
Real Estate REIS
Software & Computer Services
Speciality & Other Finance
Support Services

Under Valued .................................................... 13


Under Valued .......................................................... 13
Under Valued ..................................................................... 14
Over Valued ....................................................... 14

Telecommunication Services
Over Valued ................................................................................... 15
Transport
Under Valued ....................................................................................... 15
Utilities
DISCLAIMER ........................................................................................................................... 16
RISK WARNING ...................................................................................................................... 17

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

16 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

16 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

16 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

16 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

442.50

300.80

455.40

Neutral

Buy

Target
604

Beta
0.71

CHEMRING GROUP

304.20

217.00

414.70

Neutral

Buy

365

0.66

COBHAM

287.60

190.10

307.70

Neutral

Neutral

298

0.85

MEGGITT

533.50

366.20

562.00

Neutral

Neutral

522

1.28

ROLLS-ROYCE HOLDINGS

1123.00

799.39

1240.00

Neutral

Neutral

1141

1.00

SMITHS GROUP

1302.00

1011.00

1397.00

Neutral

Sell

1150

0.77

ULTRA ELECTRONICS HDG.

1940.00

1505.00

1981.00

Neutral

Sell

1702

0.52

Unde r V a lue d

Automobiles & Parts


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

GKN

339.60

201.00

354.00

Neutral

Neutral

335

1.97

INCHCAPE

620.00

353.30

645.00

Neutral

Neutral

636

1.42

LOOKERS

121.50

68.75

128.50

Neutral

Sell

112

1.22

30.75

13.50

30.75

Neutral

Buy

44

1.09

PENDRAGON

Target

Over Valued

Banks
Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

BARCLAYS

284.30

181.25

333.85

Neutral

Sell

-837

1.95

HSBC HDG. (ORD $0.50)

711.00

541.00

769.90

Neutral

Buy

877

1.18

75.05

32.89

77.14

Neutral

Sell

1.86

LLOYDS BANKING GROUP


ROYAL BANK OF SCTL.GP.

340.60

220.70

367.80

Neutral

Sell

-120

1.39

STANDARD CHARTERED

1541.50

1364.00

1837.50

Neutral

Strong Buy

3463

1.64

Under Valued

Beverages
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

555.50

415.00

588.50

Neutral

Sell

490

0.58

DIAGEO

2014.00

1672.50

2136.50

Neutral

Neutral

2189

0.54

SABMILLER

3118.50

2599.00

3657.00

Neutral

Buy

4246

0.91

BARR (AG)

Target

Beta

Under Valued

Chemicals
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ALENT

336.40

305.00

397.50

Neutral

Buy

454

#NA

AZ ELECTRONIC MATS.(DI)

303.50

240.00

406.40

Neutral

Strong Buy

555

1.12

CARCLO

362.50

342.75

501.00

Neutral

Sell

145

0.74

2553.00

2164.00

2841.00

Neutral

Buy

3203

1.05

CRODA INTERNATIONAL
ELEMENTIS

Target

Beta

259.00

204.20

275.00

Neutral

Buy

311

1.07

JOHNSON MATTHEY

2792.00

2190.00

2887.00

Neutral

Strong Buy

4325

1.43

VICTREX

1524.00

1309.00

1765.00

Neutral

Sell

1341

1.16

SYNTHOMER

229.30

141.80

229.30

Neutral

Strong Buy

398

1.10

ZOTEFOAMS

199.00

178.50

225.00

Neutral

Strong Buy

299

1.00

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

16 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

71.50

118.50

Neutral

Strong Buy

Target
278

Beta

BALFOUR BEATTY

226.00

207.60

320.80

Neutral

Strong Buy

1093

0.83

BARRATT DEVELOPMENTS

301.20

145.90

355.20

Neutral

Strong Buy

614

1.70
1.02

0.56

BELLWAY

1338.00

869.00

1502.00

Neutral

Strong Buy

2871

BERKELEY GROUP HDG.(THE)

2086.00

1387.00

2340.00

Neutral

Strong Buy

3478

0.58

BOOT (HENRY)

184.00

123.50

201.00

Neutral

Strong Buy

364

0.75
1.11

BOVIS HOMES GROUP

723.50

473.20

851.50

Neutral

Strong Buy

1443

CARILLION

283.40

244.80

331.80

Neutral

Strong Buy

1549

1.09

CLARKE (T)

58.75

40.00

61.50

Neutral

Strong Buy

388

0.80

COSTAIN GROUP

283.00

219.75

306.00

Neutral

Strong Buy

1136

0.52

1440.00

1090.00

1540.00

Neutral

Sell

868

1.04

GALLIFORD TRY

957.00

621.00

1020.00

Neutral

Strong Buy

2964

0.97

KELLER

976.00

491.00

1161.00

Neutral

Strong Buy

2392

1.29

1498.00

1106.00

1528.00

Neutral

Strong Buy

5357

1.01

67.75

50.00

76.75

Neutral

Strong Buy

226

1.06
1.33

CRH

KIER GROUP
LOW & BONAR
MARSHALLS

153.25

81.00

155.00

Neutral

Buy

206

MORGAN SINDALL GROUP

674.00

508.00

695.00

Neutral

Strong Buy

4557

0.71

17.00

11.25

18.25

Neutral

Strong Buy

61

1.05

NORCROS

1097.00

637.67

1305.00

Neutral

Strong Buy

2006

1.02

REDROW

PERSIMMON

229.60

135.30

255.10

Neutral

Strong Buy

458

0.90

SIG

178.00

94.15

188.00

Neutral

Strong Buy

531

1.70

46.50

43.00

287.50

Sell

Strong Buy

4250

0.89

101.70

50.25

113.80

Neutral

Strong Buy

228

1.61

SUPERGLASS HOLDINGS
TAYLOR WIMPEY
TRAVIS PERKINS

1553.00

1013.00

1713.00

Neutral

Strong Buy

4428

1.95

WOLSELEY

3146.00

2484.55

3483.00

Neutral

Strong Buy

6043

1.35

Under Valued

Electronics & Electrical Equipment


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

1328.00

999.50

1365.00

Neutral

Sell

1072

0.69

DOMINO PRINTING SCIENCES

671.50

522.00

717.00

Neutral

Buy

900

1.14

E2V TECHNOLOGIES

128.00

105.50

137.75

Neutral

Strong Buy

280

1.27

INVENSYS

495.20

217.33

509.50

Neutral

Sell

278

1.40

LAIRD

213.00

171.10

249.30

Neutral

Strong Buy

451

2.10

OXFORD INSTRUMENTS

1461.00

1209.00

1752.00

Neutral

Sell

1318

1.11

RENISHAW

1701.00

1494.00

2081.00

Neutral

Buy

2113

1.29

SPECTRIS

2226.00

1549.00

2470.00

Neutral

Buy

2869

1.53

97.13

65.00

303.67

Neutral

Sell

-481

0.77

TT ELECTRONICS

185.00

114.00

191.50

Neutral

Strong Buy

436

1.61

XAAR

816.00

227.00

898.00

Neutral

Sell

427

1.06

DIALIGHT

BIOME TECHNOLOGIES

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

16 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

106.00

54.25

106.00

Neutral

Buy

137

1.19

BODYCOTE

618.00

337.60

644.00

Neutral

Neutral

625

1.60

CASTINGS

433.25

291.00

443.50

Neutral

Strong Buy

665

0.95

VESUVIUS

455.00

263.19

480.00

Neutral

Strong Buy

1086

2.23

FENNER

357.70

305.90

435.20

Neutral

Strong Buy

547

1.45

HALMA

560.50

405.80

578.00

Neutral

Sell

407

0.78

HILL & SMITH

420.50

324.50

480.00

Neutral

Buy

529

1.32

1417.00

837.50

1445.00

Neutral

Strong Buy

4479

1.41

305.10

220.30

318.00

Neutral

Strong Buy

505

1.90

2831.00

2157.00

3037.00

Neutral

Sell

119

1.00

270.50

185.90

284.90

Neutral

Sell

244

1.66

55.50

35.40

80.16

Neutral

Sell

44

0.79

SPIRAX-SARCO

2962.00

1932.53

2981.00

Neutral

Sell

2108

0.84

VITEC GROUP

599.00

559.00

740.00

Neutral

Sell

464

1.37

WEIR GROUP

2217.00

1566.00

2474.00

Neutral

Neutral

2167

1.44

IMI
MORGAN ADVANCED MATERIAL
ROTORK
SENIOR
SEVERFIELD-ROWEN

Target

Over Valued

Food & Drug Stores


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

GREGGS

398.70

392.10

523.50

Neutral

Strong Buy

769

0.44

MORRISON(WM)SPMKTS.

287.90

248.60

296.40

Neutral

Buy

383

0.39

SAINSBURY (J)

384.50

321.90

398.50

Neutral

Buy

468

0.56

TESCO

367.00

307.90

387.75

Neutral

Sell

193

0.68

84.75

23.50

100.50

Neutral

Sell

54

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

1892.00

1267.00

2031.00

Neutral

Sell

1638

0.61

CRANSWICK

1120.00

732.50

1178.00

Neutral

Strong Buy

1773

0.33

DAIRY CREST

506.00

332.90

528.50

Neutral

Sell

375

0.91

DEVRO

314.40

289.90

380.00

Neutral

Strong Buy

513

0.37

PREMIER FOODS

102.00

54.50

125.75

Neutral

Strong Buy

246

1.26

TATE & LYLE

817.50

634.50

883.00

Neutral

Strong Buy

1355

0.67

2569.00

2235.00

2885.00

Neutral

Sell

2190

0.50

UNILEVER (UK)

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

16 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

26.25

22.13

29.50

Neutral

Buy

38

0.66

527.00

266.40

542.50

Neutral

Sell

455

0.51

1593.00

1000.00

1593.00

Neutral

Sell

1224

1.29

641.00

585.00

701.50

Neutral

Sell

348

0.90

41.16

17.00

46.33

Neutral

Buy

46

1.46

216.00

90.00

220.00

Neutral

Sell

58

1.06

31.75

20.63

34.00

Sell

Strong Buy

110

1.01

HALFORDS GROUP

351.70

234.50

405.20

Neutral

Buy

508

0.71

JD SPORTS FASHION

937.00

651.00

963.00

Neutral

Strong Buy

1743

0.49

BROWN (N) GROUP


BURBERRY GROUP
CARPETRIGHT
DIXONS RETAIL
FINDEL
FRENCH CONNECTN.GROUP

DARTY

Target

Beta

75.50

39.00

81.75

Neutral

Buy

110

1.23

KINGFISHER

382.60

262.20

404.90

Neutral

Buy

444

0.91

MARKS & SPENCER GROUP

454.20

352.70

488.80

Neutral

Buy

635

0.60

64.00

44.75

71.00

Neutral

Buy

73

0.97

429.00

202.00

492.75

Neutral

Sell

156

0.38

NEXT

4812.00

3320.00

5030.00

Neutral

Buy

5298

0.61

TED BAKER

1890.00

899.00

1973.00

Neutral

Sell

963

0.56

84.50

46.00

89.75

Neutral

Sell

75

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
113

0.39

CONSORT MEDICAL

825.00

660.50

839.00

Neutral

Sell

574

0.35

OPTOS

167.00

106.75

222.75

Neutral

Neutral

173

1.17

SMITH & NEPHEW

780.50

638.00

800.00

Neutral

Sell

663

0.45

Over Valued

Household Goods & Textiles


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

GAMES WORKSHOP

776.00

601.00

794.50

Neutral

Neutral

760

0.42

HEADLAM GROUP

399.50

291.00

415.00

Neutral

Sell

335

0.88

81.50

55.25

88.50

Neutral

Buy

114

0.70

HORNBY

Target

Over Valued

Information Technology & Hardware


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

ARM HOLDINGS

874.50

528.00

1097.00

Neutral

Sell

287

0.73

CSR

503.50

308.10

607.00

Neutral

Strong Buy

1568

1.13

FILTRONIC
IMAGINATION TECHNOLOGIES

Target

Beta

64.75

29.50

83.25

Neutral

Sell

56

0.94

281.40

235.10

624.00

Neutral

Buy

327

1.04

SPIRENT COMMUNICATIONS

133.80

118.00

170.00

Neutral

Strong Buy

248

0.94

WOLFSON MICROELECTRONICS

159.25

140.00

230.00

Neutral

Sell

-199

0.94

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

16 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

1279.00

1019.00

1416.00

Neutral

Sell

-414

0.52

AMLIN

384.10

364.10

435.10

Neutral

Strong Buy

1494

0.40

BEAZLEY

205.20

162.20

242.70

Neutral

Strong Buy

929

0.50

CATLIN GROUP

470.10

450.10

552.50

Neutral

Neutral

463

0.22

HISCOX

636.50

459.54

660.00

Neutral

Strong Buy

1861

0.46

JARDINE LLOYD THOMPSON

902.50

723.00

921.50

Neutral

Buy

1207

0.32

RSA INSURANCE GROUP

120.30

107.70

136.30

Neutral

Strong Buy

706

0.39

NOVAE GROUP

497.00

345.00

507.50

Neutral

Strong Buy

3339

0.38

ADMIRAL GROUP

Over Valued

Leisure & Hotels


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

2461.00

2092.00

2628.00

Neutral

Buy

3460

0.95

ENTERPRISE INNS

144.30

55.75

152.20

Neutral

Sell

108

1.64

TUI TRAVEL

362.70

206.30

401.50

Neutral

Strong Buy

712

0.96

FULLER SMITH 'A'

929.50

700.50

965.00

Neutral

Sell

599

0.26

GREENE KING

802.50

556.50

897.50

Neutral

Sell

614

0.88

LADBROKES

187.30

168.90

243.10

Neutral

Buy

259

0.87

1932.00

1524.00

2039.00

Neutral

Sell

1657

1.10

CARNIVAL

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

538.50

456.00

582.50

Neutral

Neutral

577

1.34

MITCHELLS & BUTLERS

405.00

262.70

430.40

Neutral

Sell

269

1.00

BWIN PARTY DIGITAL ENTM.

128.70

91.90

156.00

Neutral

Sell

61

1.24

13.00

6.15

13.75

Neutral

Strong Buy

73

1.16

158.50

125.70

177.50

Neutral

Strong Buy

566

0.96
0.70

PUNCH TAVERNS
RANK GROUP
RESTAURANT GROUP

520.50

320.30

570.00

Neutral

Sell

385

WETHERSPOON (JD)

710.00

447.90

767.00

Neutral

Neutral

682

0.57

WHITBREAD

3073.00

2096.00

3303.00

Neutral

Sell

2155

0.97

WILLIAM HILL

426.60

271.02

494.50

Neutral

Sell

253

0.80

MARSTON'S

152.80

109.90

164.50

Neutral

Sell

10

1.16

Under Valued

Life Assurance
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

AVIVA

404.30

294.10

404.90

Sell

Sell

367

1.18

CHESNARA

258.75

169.00

270.00

Neutral

Strong Buy

528

0.64

LEGAL & GENERAL

198.10

128.00

201.90

Neutral

Strong Buy

502

1.69

OLD MUTUAL

194.80

165.10

221.60

Neutral

Strong Buy

405

1.52

PRUDENTIAL

1190.00

770.00

1232.00

Neutral

Neutral

1204

1.66

617.50

336.20

641.50

Neutral

Strong Buy

6907

0.84

ST.JAMES'S PLACE

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

16 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.

140.50

102.00

146.50

Neutral

Strong Buy

922

0.42

BRITISH SKY BCAST.GROUP

830.00

709.00

899.50

Neutral

Strong Buy

1056

0.47

CENTAUR MEDIA
DAILY MAIL 'A'
EUROMONEY INSTL.INVESTOR

Target

Beta

41.50

31.00

60.00

Neutral

Sell

-42

1.06

790.00

451.25

835.00

Neutral

Strong Buy

3556

1.07

1104.00

747.50

1105.00

Neutral

Strong Buy

5566

0.96

INFORMA

511.00

380.50

541.50

Neutral

Strong Buy

327

1.63

ITE GROUP

283.30

183.50

307.40

Neutral

Buy

201

1.44

ITV

156.60

82.00

168.60

Neutral

Strong Buy

1369

1.46
1.20

JOHNSTON PRESS

17.13

5.20

19.00

Neutral

Buy

720

1313.00

1119.00

1350.00

Neutral

Neutral

309

0.65

97.00

42.75

99.00

Neutral

Strong Buy

2283

0.86

286.50

269.00

288.50

Neutral

Strong Buy

732

0.13

35.84

26.85

36.45

Neutral

Strong Buy

346

0.52

STV GROUP

157.50

81.50

157.50

Neutral

Sell

240

0.82

ST.IVES

164.50

73.25

170.00

Neutral

Sell

159

1.48

TRINITY MIRROR

112.75

36.75

122.25

Neutral

Sell

-289

1.59

UBM

706.00

636.00

788.00

Neutral

Strong Buy

1421

1.33

190.75

103.00

190.75

Neutral

Strong Buy

1390

0.85

1168.00

788.00

1210.00

Neutral

Sell

-827

1.27

PEARSON
PHOTO-ME INTL.
PINEWOOD SHEPPERTON
THOMSON REUTERS

WILMINGTON GROUP
WPP

Under Valued

Mining
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

Target

Beta

1495.50

1207.00

2084.00

Neutral

Sell

1289

1.84

ANGLO PACIFIC GROUP

198.25

161.00

290.00

Neutral

Neutral

216

1.07

ANTOFAGASTA

930.00

784.50

1381.00

Neutral

Sell

869

1.42

1975.50

1666.50

2236.00

Neutral

Strong Buy

3040

1.48

GLENCORE XSTRATA

301.80

256.85

397.85

Neutral

Strong Buy

1047

#NA

LONMIN

346.80

240.84

380.10

Sell

Buy

447

2.08

RANDGOLD RESOURCES

4890.00

3972.00

7775.00

Neutral

Sell

2962

0.47

RIO TINTO

3103.00

2582.00

3757.00

Neutral

Sell

2521

1.53

861.00

1335.00

Neutral

Strong Buy

2880

2.24

ANGLO AMERICAN

BHP BILLITON

VEDANTA RESOURCES

Under Valued

Oil & Gas


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

1178.00

1000.50

1350.50

Neutral

Sell

896

0.84

BP

441.20

416.60

483.30

Neutral

Strong Buy

1008

1.02

CAIRN ENERGY

277.50

251.80

300.20

Neutral

Sell

-30

1.33

8.52

7.15

12.50

Neutral

Strong Buy

114

0.84

871.00

716.00

941.00

Neutral

Sell

579

1.35

68.25

48.50

89.75

Neutral

Sell

-60

1.35

BG GROUP

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

Beta

360.50

321.30

400.20

Neutral

Buy

407

1.45

2125.50

2098.00

2365.00

Neutral

Strong Buy

8266

0.83

371.00

319.90

404.30

Neutral

Buy

456

0.53

1033.00

977.00

1468.00

Neutral

Sell

695

1.05

892.00

720.50

915.50

Neutral

Sell

729

1.44

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

16 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

128.25

101.00

144.60

Neutral

Strong Buy

267

0.84

PZ CUSSONS

406.10

297.20

415.60

Neutral

Sell

335

0.70

4489.00

3536.00

4950.00

Neutral

Neutral

4543

0.30

RECKITT BENCKISER GROUP

Target

Under Valued

Pharmaceuticals & Biotechnology


Stock

Beta

Price

12M Lo

12M Hi

ST Rec

LT Rec

0.50

0.36

3.58

Buy

Sell

-3

0.91

3192.50

2792.50

3521.50

Neutral

Strong Buy

8930

0.51

BTG

385.10

300.30

397.90

Neutral

Sell

212

0.73

DECHRA PHARMACEUTICALS

669.50

473.00

780.00

Neutral

Buy

924

0.18

1657.50

1317.50

1782.00

Neutral

Buy

1905

0.52

OXFORD BIOMEDICA

1.43

1.33

2.80

Buy

Sell

-2

0.57

PHYTOPHARM SUSP - 21/05/13

1.33

1.05

12.75

Buy

Sell

-5

0.93

2370.00

1727.00

2442.00

Neutral

Sell

1521

0.70

SKYEPHARMA

83.25

43.50

100.50

Neutral

Buy

103

0.66

VERNALIS

24.75

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

434.80

300.00

445.00

Neutral

Buy

643

1.18

BRITISH LAND

570.50

506.00

658.00

Neutral

Buy

754

1.05

2336.00

1890.00

2542.00

Neutral

Strong Buy

4420

1.23

GREAT PORTLAND ESTATES

534.50

429.70

598.00

Neutral

Strong Buy

1019

1.06

HAMMERSON

499.80

448.60

554.00

Neutral

Neutral

500

1.24

DERWENT LONDON

Target

Beta

INTU PROPERTIES

310.00

300.60

366.00

Neutral

Strong Buy

492

1.13

LAND SECURITIES GROUP

892.00

761.50

994.00

Neutral

Strong Buy

1585

1.15

25.25

24.25

40.75

Buy

Sell

-141

0.81

LONDONMETRIC PROPERTY

113.10

103.20

121.40

Neutral

Sell

-3

0.33

MCKAY SECURITIES

150.00

131.50

155.00

Neutral

Strong Buy

245

0.66

MUCKLOW (A & J) GROUP

400.00

325.00

454.50

Neutral

Sell

231

0.39

PRIMARY HEALTH PROPS.

330.25

312.50

363.53

Neutral

Sell

93

0.30
0.64

LOCAL SHOP.REIT (THE)

44.00

28.76

44.75

Neutral

Sell

-343

SEGRO

REDEFINE INTL.REIT

302.10

221.60

313.60

Neutral

Sell

-240

1.81

SHAFTESBURY

613.50

516.00

668.00

Neutral

Buy

770

1.03

TOWN CENTRE SECURITIES

210.50

177.00

223.00

Neutral

Sell

14

1.04

0.93

0.70

2.38

Neutral

Sell

-918

0.93

436.00

250.75

475.00

Neutral

Strong Buy

1133

1.01

WARNER ESTATE
WORKSPACE GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

16 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

334.90

210.50

365.60

Neutral

Strong Buy

763

39.25

22.75

39.25

Neutral

Sell

-51

0.64

CLS HOLDINGS

1229.00

656.50

1260.00

Neutral

Strong Buy

2967

0.75

DAEJAN HOLDINGS

4000.00

2706.00

4179.00

Neutral

Strong Buy

7178

0.48

195.00

143.00

209.00

Neutral

Neutral

195

0.96

CAPITAL & CNTS.PROPS.


CAPITAL & REGIONAL

DEVELOPMENT SECS.

Target

Beta
0.70

GRAINGER

177.60

97.45

187.50

Neutral

Sell

113

1.57

HELICAL BAR

280.00

178.00

302.50

Neutral

Sell

203

0.82

26.25

20.50

29.75

Neutral

Strong Buy

232

0.64

6512.50

4350.00

6512.50

Sell

Strong Buy

14682

0.69

QUINTAIN ESTATES & DEV.

89.75

51.00

92.00

Sell

Sell

-198

1.04

RAVEN RUSSIA

69.25

61.50

79.75

Neutral

Strong Buy

213

1.48

618.50

380.80

664.50

Neutral

Strong Buy

2197

0.74

90.50

71.50

90.50

Neutral

Strong Buy

388

0.33

LONDON & ASSOCS.PROPS.


MOUNTVIEW ESTATES

SAVILLS
SMART (J)
ST MODWEN PROPS.

305.80

193.10

333.00

Neutral

Strong Buy

625

1.60

UNITE GROUP

380.10

214.75

403.00

Neutral

Strong Buy

1671

1.77

Under Valued

Software & Computer Services


Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

ANITE

125.70

113.00

162.00

Neutral

Neutral

127

0.67

2430.00

1776.97

2588.15

Neutral

Sell

1503

1.49

COMPUTACENTER

512.50

333.29

564.10

Neutral

Strong Buy

1161

0.89

KOFAX

338.00

260.75

347.25

Neutral

Sell

306

1.06

AVEVA GROUP

INNOVATION GROUP

Target

Beta

29.50

19.25

30.25

Neutral

Sell

22

0.78

MICRO FOCUS INTL.

792.50

541.11

812.50

Neutral

Buy

909

0.82

PHOENIX IT GROUP

157.50

130.00

222.00

Neutral

Strong Buy

244

0.69

85.00

64.00

85.50

Neutral

Strong Buy

238

0.54

2044.00

1275.00

2156.00

Neutral

Neutral

2194

0.79

352.00

289.36

368.18

Neutral

Buy

441

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.

375.00

274.60

492.10

Neutral

Strong Buy

1305

1.11

BREWIN DOLPHIN

259.10

144.60

283.00

Neutral

Strong Buy

691

0.70

9063.00

8000.00

11105.00

Neutral

Strong Buy

101656

0.84

470.00

260.00

472.00

Sell

Strong Buy

1520

0.96
0.67

CAMELLIA
CHARLES STANLEY GROUP
CHARLES TAYLOR

Target

Beta

193.50

155.00

195.00

Neutral

Strong Buy

1713

CLOSE BROTHERS GROUP

1056.00

771.00

1107.00

Neutral

Strong Buy

5145

0.86

F&C ASSET MANAGEMENT

108.90

88.90

110.40

Neutral

Sell

68

0.84

4.45

0.55

4.57

Sell

Sell

-142

0.63

HENDERSON GROUP

HELPHIRE GROUP

172.30

101.70

180.40

Neutral

Strong Buy

865

1.46

ICAP

378.30

280.80

406.80

Neutral

Strong Buy

860

1.04

INTERMEDIATE CAPITAL GP.

445.80

280.00

501.50

Neutral

Strong Buy

2430

1.69

INVESTEC

431.40

358.40

513.50

Neutral

Strong Buy

1802

1.57

1557.00

930.00

1622.00

Neutral

Strong Buy

6738

1.11

84.85

71.30

134.40

Neutral

Sell

-5345

1.36

RATHBONE BROTHERS

1591.00

1208.00

1691.00

Neutral

Strong Buy

5830

0.73

SCHRODERS

2370.00

1407.00

2560.00

Neutral

Strong Buy

8700

1.30

SCHRODERS NV

1889.00

1131.00

2000.00

Neutral

Strong Buy

11381

1.28

LONDON STOCK EX.GROUP


MAN GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

16 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

255.00

157.75

266.75

Neutral

Strong Buy

847

0.88

AGGREKO

1652.00

1557.00

2400.00

Neutral

Strong Buy

4155

1.13

AMEC

1074.00

965.50

1172.00

Neutral

Strong Buy

3296

1.09

625.50

267.10

730.00

Neutral

Strong Buy

986

1.65

1155.00

892.50

1209.00

Neutral

Strong Buy

2601

0.49

562.00

358.00

604.00

Neutral

Strong Buy

2347

0.80

1343.00

1009.00

1409.00

Neutral

Strong Buy

2771

0.53

UK MAIL GROUP

620.00

233.50

628.00

Sell

Strong Buy

1652

0.42

CAPITA

974.50

713.00

1057.00

Neutral

Sell

209

0.54

ASHTEAD GROUP
BABCOCK INTL.
BRITISH POLYTHENE INDS.
BUNZL

COMMUNISIS

Target

Beta

57.00

33.67

68.00

Neutral

Strong Buy

476

0.81

COMPASS GROUP

852.50

671.50

910.50

Neutral

Strong Buy

1969

0.74

BERENDSEN

851.00

514.00

853.00

Sell

Strong Buy

3334

1.03

DE LA RUE

995.50

891.50

1075.00

Neutral

Buy

1418

#NA

DIGNITY

1488.00

899.82

1567.68

Neutral

Strong Buy

3091

0.24

DIPLOMA

615.00

420.10

635.00

Neutral

Strong Buy

1513

0.96

ELECTROCOMP.

262.30

200.00

278.40

Neutral

Strong Buy

921

1.01

ESSENTRA PLC

799.00

500.50

830.00

Neutral

Strong Buy

1376

1.16

G4S

246.90

207.50

313.50

Neutral

Strong Buy

879

0.53

HAYS

104.10

68.20

107.60

Neutral

Strong Buy

455

1.06

HOMESERVE

240.40

185.60

293.60

Neutral

Strong Buy

967

0.88

INTERSERVE

557.50

341.00

557.50

Sell

Strong Buy

3671

1.26

3170.00

2697.00

3453.00

Neutral

Strong Buy

4759

0.80

48.50

28.00

50.00

Neutral

Strong Buy

114

1.11
0.63

INTERTEK GROUP
JOHNSON SERVICE GROUP
MANAGEMENT CNSL.GP.

26.75

21.25

32.00

Neutral

Strong Buy

215

MENZIES (JOHN)

716.00

573.00

801.00

Neutral

Strong Buy

1788

1.38

MICHAEL PAGE INTL.

458.40

346.40

474.40

Neutral

Strong Buy

836

1.41

MITIE GROUP

272.90

248.00

300.80

Neutral

Strong Buy

1051

0.52

40.00

38.00

156.00

Neutral

Strong Buy

702

0.28

OFFICE2OFFICE

1160.00

687.50

1185.00

Neutral

Strong Buy

2188

0.73

PREMIER FARNELL

PAYPOINT

227.50

165.50

236.30

Neutral

Strong Buy

718

1.42

REGUS

178.60

96.00

193.40

Neutral

Sell

56

1.40

RENTOKIL INITIAL

103.50

76.10

103.50

Neutral

Strong Buy

266

1.26

REXAM

498.30

420.70

547.50

Neutral

Strong Buy

1761

0.85

RICARDO

458.00

340.00

460.25

Neutral

Strong Buy

1659

0.89

ROBERT WALTERS

283.00

176.25

283.50

Neutral

Strong Buy

1008

1.19

RPC GROUP

458.00

378.00

477.00

Neutral

Strong Buy

1513

0.80

RPS GROUP

252.80

195.50

274.20

Neutral

Strong Buy

993

1.51

SERCO GROUP

606.00

535.00

683.50

Neutral

Strong Buy

2356

0.59

SHANKS GROUP

89.75

73.00

98.00

Neutral

Strong Buy

264

1.49

SPEEDY HIRE

57.75

23.50

64.75

Neutral

Strong Buy

306

1.20

200.00

87.50

202.25

Neutral

Strong Buy

558

0.65

56.50

40.50

59.25

Neutral

Strong Buy

329

0.91

VP

422.00

295.25

427.50

Sell

Strong Buy

2283

0.81

WYG

100.00

45.50

101.00

Sell

Strong Buy

617

0.80

TRIBAL GROUP
TRIFAST

Over Valued

Telecommunication Services
Stock
BT GROUP
CABLE & WIRELESS COMMS.
INMARSAT
KCOM GROUP
TELECOM PLUS
VODAFONE GROUP

Price

12M Lo

12M Hi

ST Rec

LT Rec

325.60

212.50

344.00

Neutral

Buy

412

0.88

40.33

33.42

46.29

Neutral

Strong Buy

77

0.68

690.50

542.50

749.00

Neutral

Sell

257

0.55

83.70

68.25

88.50

Neutral

Buy

117

1.21

1353.00

814.00

1399.00

Neutral

Sell

798

0.05

192.85

154.45

200.20

Neutral

Sell

104

0.51

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

16 August 2013
+44 20 3239 8994

Page 14 of 17

Over Valued

Transport
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

BBA AVIATION

294.80

187.20

307.50

Neutral

Sell

Target
228

Beta
1.24

BRAEMAR SHIPPING SVS.

445.00

350.00

460.00

Neutral

Buy

583

1.05

CLARKSON

1904.00

1150.00

1909.00

Sell

Sell

1309

0.85

EASYJET

1252.00

530.00

1448.00

Neutral

Sell

847

0.76

FIRST GROUP

115.50

92.00

212.39

Neutral

Strong Buy

275

0.91

FISHER(JAMES)& SONS

985.00

625.00

1110.00

Neutral

Sell

764

0.74

GO-AHEAD GROUP

1485.00

1220.00

1595.00

Neutral

Strong Buy

2668

0.99

NATIONAL EXPRESS

256.00

164.50

260.50

Neutral

Sell

242

1.40

NORTHGATE

386.50

211.50

395.75

Neutral

Strong Buy

619

1.34

STAGECOACH GROUP

316.50

265.90

337.60

Neutral

Buy

432

0.98

81.25

43.75

81.25

Neutral

Strong Buy

230

0.96

WINCANTON

Under Valued

Utilities
Stock

Price

12M Lo

12M Hi

ST Rec

LT Rec

CENTRICA

383.70

310.80

394.90

Neutral

Buy

573

0.52

NATIONAL GRID

740.00

678.00

847.50

Neutral

Buy

966

0.46

PENNON GROUP

663.00

598.00

749.50

Neutral

Sell

611

0.62

SSE

1547.00

1335.00

1676.00

Neutral

Buy

2229

0.41

SEVERN TRENT

1715.00

1513.00

2090.00

Neutral

Sell

1474

0.36

688.00

647.00

787.50

Neutral

Neutral

732

0.48

UNITED UTILITIES GROUP

Intellisys Intelligent Analysis Limited

www.intellisys.uk.com

Target

Beta

16 August 2013
+44 20 3239 8994

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