Professional Documents
Culture Documents
Intellisys
30 April 2012
Contents
Introduction...................................................................................................................... 3
Timing .......................................................................................................................... 3
Value ........................................................................................................................... 4
Conclusion .................................................................................................................... 4
Over Valued .................................................................. 5
Aerospace & Defence
Support Services
Page 2 of 15
www.intellisys.uk.com
Intellisys
30 April 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 Recommendation & 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
www.intellisys.uk.com
Intellisys
30 April 2012
Value
A similar discipline has been applied to the process of establishing Target Prices. On a daily
basis, Intellisys analyses as broad an array of historic data from not only the Profit & Loss
Account 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 Price 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 10 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 prices 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
www.intellisys.uk.com
Intellisys
Over Valued
Price 12M Lo
303.00 248.10
324.00 316.90
229.80 165.90
413.00 305.00
834.50 545.04
1078.00 869.50
1715.00 1305.00
575.50 243.50
12M Hi
340.80
677.00
239.50
413.00
834.50
1332.00
1780.00
576.25
ST Rec
LT Rec
Neutral Strong Buy
Neutral Strong Buy
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral
Sell
Sell
Sell
Price 12M Lo
207.80 157.00
368.60 268.60
63.25
47.00
14.75
6.80
12M Hi
245.00
425.40
72.75
19.71
ST Rec
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
223.10 138.85
559.40 463.50
31.19
21.84
24.35
17.34
1523.00 1169.50
12M Hi
286.20
662.50
59.25
42.91
1672.00
Page 5 of 15
Target
170
313
61
20
Beta
1.98
1.42
1.34
1.14
Target
363
1005
86
10
895
Beta
1.86
1.14
1.77
1.29
1.71
Over Valued
Price
1169.00
1574.50
2602.50
12M Lo
1031.00
1112.00
1979.00
12M Hi
1395.00
1589.00
2660.00
ST Rec
Neutral
Neutral
Neutral
LT Rec
Neutral
Sell
Buy
Target
1243
1385
2993
Beta
0.43
0.55
0.99
Over Valued
Chemicals
Stock
C RODA INTERNATIONAL
ELEMENTIS
JOHNSON MATTHEY
VIC TREX
YULE C ATTO
ZOTEFOAMS
LT Rec
Sell
Sell
Neutral
Buy
ST Rec
LT Rec
Neutral Strong Buy
Neutral Strong Buy
Sell Strong Buy
Sell
Sell
Neutral
Sell
Beverages
Stock
BARR (AG)
DIAGEO
SABMILLER
Beta
0.65
0.52
0.91
1.34
1.10
0.73
0.60
0.80
Under Valued
Banks
Stock
BARC LAYS
HSBC HDG. (ORD $0.50)
LLOYDS BANKING GROUP
ROYAL BANK OF SC TL.GP.
STANDARD C HARTERED
Target
596
618
252
406
764
947
1251
470
Over Valued
30 April 2012
Price
2282.00
207.40
2370.00
1464.00
235.60
175.00
12M Lo
1597.00
107.50
1523.00
1025.00
148.00
109.00
12M Hi
2282.00
207.80
2408.00
1590.00
253.00
186.50
www.intellisys.uk.com
ST Rec
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
LT Rec
Neutral
Buy
Sell
Neutral
Sell
Neutral
Target
2186
247
1933
1452
175
175
Beta
1.08
1.07
1.47
1.22
1.29
1.01
Intellisys
Over Valued
Price
265.50
135.00
784.00
1296.00
469.20
286.70
48.50
219.50
649.50
464.50
1172.00
59.25
93.00
679.50
640.00
125.00
107.00
51.00
1043.00
2400.00
12M Lo
214.60
67.50
540.50
1025.00
326.50
264.60
35.50
180.00
383.75
239.25
1095.00
38.00
83.25
510.00
374.00
103.50
76.95
28.71
715.00
1404.00
12M Hi
333.70
151.50
859.50
1414.00
518.50
403.20
98.25
247.50
649.50
671.50
1489.00
76.75
124.50
725.00
706.50
135.30
153.50
52.75
1125.00
2558.00
ST Rec
LT Rec
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Price 12M Lo
1043.00 643.50
590.00 434.30
146.50
86.75
211.50 180.90
217.80 128.50
1230.00 714.00
1480.00 800.00
1866.00 1039.00
0.16
0.14
188.50 120.50
225.50 212.00
12M Hi
1095.00
701.50
149.50
340.60
222.00
1285.00
1886.00
1874.00
0.28
208.00
295.00
ST Rec
LT Rec
Neutral
Sell
Neutral
Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Page 6 of 15
Beta
0.84
1.45
1.01
0.68
1.07
1.09
0.80
0.56
1.05
1.32
1.04
1.11
1.35
0.89
1.10
0.97
1.59
1.50
1.89
1.44
Target
623
731
181
410
130
868
1752
1396
0
351
208
Beta
0.76
1.18
1.35
1.47
2.17
0.99
1.29
1.43
0.64
1.60
1.13
Over Valued
Target
-77
126
225
1658
53
-244
23
384
-113
261
1311
116
52
-59
393
31
132
-2
408
560
Over Valued
30 April 2012
Price
81.25
437.10
293.00
740.50
447.40
407.30
329.00
1016.00
8.12
321.70
2222.00
211.80
187.00
2334.00
665.00
1740.00
12M Lo
62.50
225.60
252.50
395.80
280.00
306.30
235.00
636.50
7.25
224.00
1501.00
135.60
150.00
1649.00
488.00
1375.00
12M Hi
123.25
437.10
358.00
747.50
483.70
429.60
393.50
1119.00
11.88
360.00
2222.00
211.80
250.00
2334.00
690.00
2236.00
www.intellisys.uk.com
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Neutral
Neutral
Sell
Sell
Sell
Neutral Strong Buy
Neutral
Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Sell
Sell
Neutral
Sell
Neutral
Neutral
Target
131
519
442
764
391
314
497
1191
5
469
1774
204
143
2108
612
1870
Beta
1.32
1.59
0.98
2.29
1.41
0.76
1.41
1.40
0.86
1.77
0.99
1.77
1.07
0.85
1.52
1.39
Intellisys
Under Valued
Price 12M Lo
500.00 445.00
283.20 277.00
307.20 263.50
317.95 310.45
25.63
9.50
12M Hi
558.00
328.00
362.80
420.05
80.25
ST Rec
LT Rec
Neutral
Sell
Neutral
Buy
Neutral Strong Buy
Neutral
Buy
Neutral
Neutral
Price 12M Lo
1223.00 977.00
809.50 588.50
296.10 290.40
306.00 232.00
16.50
3.29
689.50 544.50
2109.00 1892.00
12M Hi
1239.00
841.00
409.70
332.20
35.12
720.50
2189.00
ST Rec
LT Rec
Neutral
Buy
Neutral Strong Buy
Neutral Strong Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Price 12M Lo
23.25
16.00
231.50 222.40
1469.00 1092.00
604.00 375.00
7.50
7.50
18.04
9.36
3.65
2.20
43.25
36.00
275.30 269.50
12.63
5.20
807.50 570.00
53.75
52.80
293.00 217.00
361.10 301.80
49.50
26.00
166.75 127.30
2958.00 2153.00
895.00 633.00
39.00
21.50
12M Hi
23.75
304.50
1600.00
741.00
17.50
19.91
8.70
106.00
405.90
31.00
1030.00
151.40
313.80
402.20
51.00
448.50
3060.00
928.50
77.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Page 7 of 15
Target
1710
1865
1099
537
-5
962
816
Beta
0.60
0.60
0.93
0.33
1.40
0.63
0.58
LT Rec
Buy
Buy
Sell
Sell
Sell
Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Sell
Buy
Sell
Strong Buy
Sell
Sell
Sell
Target
29
260
575
187
6
22
2
94
427
1681
1219
267
276
398
17
333
2735
489
23
Beta
0.71
0.49
1.36
1.03
0.65
1.45
0.97
0.93
0.64
0.88
0.48
1.28
0.97
0.74
1.07
0.56
0.78
0.56
1.33
Under Valued
Health
Stock
C ONSORT MEDIC AL
C ORIN GROUP
SMITH & NEPHEW
Beta
0.52
0.45
0.64
0.73
0.77
Over Valued
General Retail
Stock
ASHLEY(LAURA) HOLDINGS
BROWN (N) GROUP
BURBERRY GROUP
C ARPETRIGHT
C LINTON C ARDS
DIXONS RETAIL
FINDEL
FRENC H C ONNEC TN.GROUP
HALFORDS GROUP
JJB SPORTS
JD SPORTS FASHION
KESA ELEC TRIC ALS
KINGFISHER
MARKS & SPENC ER GROUP
MOSS BROTHERS GROUP
MOTHERC ARE
NEXT
TED BAKER
TOPPS TILES
Target
280
353
541
407
28
Over Valued
30 April 2012
Price 12M Lo
656.00 498.00
41.00
35.25
611.50 521.00
12M Hi
665.00
57.75
694.00
www.intellisys.uk.com
ST Rec
Neutral
Neutral
Neutral
LT Rec
Sell
Buy
Buy
Target
427
51
772
Beta
0.39
0.76
0.36
Intellisys
Under Valued
Price 12M Lo
43.75
21.75
567.00 405.00
297.00 233.25
91.25
91.25
12M Hi
44.00
577.50
310.00
145.00
ST Rec
LT
Neutral
Neutral
Neutral
Neutral Strong
Price 12M Lo
537.00 464.00
232.80 154.10
30.25
14.50
696.00 296.90
55.50
41.00
168.10 105.80
173.50
96.00
12M Hi
645.00
391.40
35.00
717.00
101.50
172.80
244.50
ST Rec
LT Rec
Neutral
Sell
Neutral Strong Buy
Sell
Buy
Neutral
Sell
Neutral Strong Buy
Neutral Strong Buy
Neutral
Sell
Price 12M Lo
1220.00 787.00
331.30 270.60
143.50 109.60
425.70 336.00
402.40 340.50
705.00 576.00
104.70
99.60
366.00 285.00
12M Hi
1754.00
427.00
151.80
449.00
424.70
764.50
139.80
385.25
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Page 8 of 15
Beta
0.48
0.38
0.93
0.65
Target
410
504
37
259
271
643
47
Beta
0.76
1.20
0.66
0.96
1.16
1.01
1.06
LT Rec
Sell
Sell
Strong Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Target
-1526
-4612
1897
69
2260
4130
2526
8220
Beta
0.51
0.49
0.51
0.31
0.50
0.32
0.43
0.50
Under Valued
Target
31
442
396
141
Over Valued
Insurance
Stock
ADMIRAL GROUP
AMLIN
BEAZLEY
C ATLIN GROUP
HISC OX
JARDINE LLOYD THOMPSON
RSA INSURANC E GROUP
NOVAE GROUP
Rec
Sell
Sell
Buy
Buy
Over Valued
30 April 2012
Price 12M Lo
2050.00 1742.00
61.00
26.50
190.10 136.70
718.75 615.00
512.50 410.00
180.40 114.00
1485.00 955.00
485.00 371.20
269.10 215.60
158.00 100.60
9.66
9.14
119.00 109.50
284.50 254.90
411.70 380.50
1907.00 1409.00
281.70 183.30
97.75
84.60
12M Hi
2642.00
96.15
250.00
752.00
523.50
180.40
1497.00
535.00
336.80
174.00
15.57
153.70
335.00
468.30
1921.00
281.70
112.00
www.intellisys.uk.com
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Buy
Neutral
Buy
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Target
3097
25
670
564
550
163
1683
567
330
117
-195
178
310
576
1562
266
151
Beta
1.08
1.73
0.95
0.44
0.86
1.00
1.31
1.41
1.02
1.26
1.30
0.99
0.85
0.72
1.02
0.94
1.26
Intellisys
Under Valued
Life Assurance
Stock
AVIVA
C HESNARA
LEGAL & GENERAL
OLD MUTUAL
PRUDENTIAL
ST.JAMES'S PLAC E
Price 12M Lo
316.70 275.30
182.00 161.75
119.00
89.80
150.00
98.47
760.00 509.00
339.00 294.00
12M Hi
450.30
255.00
135.00
165.31
797.50
376.00
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Neutral
Price 12M Lo
177.30 116.17
106.87
91.25
667.50 618.50
32.00
30.50
424.40 343.40
793.00 522.50
421.50 313.90
223.30 157.70
86.20
51.65
6.00
4.11
1167.00 1038.00
45.50
41.50
352.50 198.25
29.27
26.21
112.25
76.25
78.25
68.50
32.75
30.75
593.50 416.00
92.00
78.50
844.00 578.00
3.75
3.35
12M Hi
187.40
138.00
850.00
56.25
505.50
809.50
451.00
258.00
89.90
8.00
1255.00
67.00
352.50
38.36
168.00
102.25
54.25
641.50
151.00
880.00
11.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Page 9 of 15
Beta
1.26
0.58
1.67
1.66
1.72
0.81
LT Rec
Sell
Buy
Neutral
Sell
Buy
Sell
Sell
Sell
Neutral
Strong Buy
Buy
Strong Buy
Sell
Sell
Sell
Strong Buy
Strong Buy
Strong Buy
Buy
Neutral
Strong Buy
Target
146
136
649
-67
492
598
312
182
94
68
1589
88
164
8
28
230
374
1723
116
869
52
Beta
1.31
0.51
0.61
1.04
1.09
1.05
1.52
1.42
1.52
1.46
0.66
0.86
0.35
0.51
0.81
1.45
1.57
1.30
0.86
1.29
1.32
Over 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
419
182
89
158
359
138
Over Valued
30 April 2012
Price
2381.00
314.60
1205.00
1966.00
1058.00
5615.00
3503.50
14.62
1241.00
1202.00
12M Lo
2138.50
237.90
900.50
1667.00
941.00
4580.00
2712.50
12.50
928.00
764.00
12M Hi
3181.00
340.00
1491.00
2524.50
1642.00
7565.00
4595.00
47.00
2325.00
1521.50
www.intellisys.uk.com
ST Rec
LT Rec
Neutral
Buy
Neutral
Neutral
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Buy
Sell
Neutral Strong Buy
Neutral
Sell
Target
3244
308
1076
4002
731
3622
3255
-59
4055
996
Beta
1.75
0.95
1.38
1.40
1.92
0.33
1.42
0.94
2.10
1.78
Intellisys
Under Valued
Price
1444.00
446.35
344.00
10.75
954.00
135.25
121.00
379.30
2188.00
2264.00
305.10
1540.00
787.50
12M Lo
1144.00
363.20
291.86
9.00
530.00
120.50
95.25
310.00
1883.50
1890.50
278.00
945.50
469.90
12M Hi
1547.00
504.60
511.60
14.75
968.00
314.00
281.50
500.00
2402.00
2489.00
397.50
1601.00
787.50
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
128.75 108.75
340.60 285.00
3589.00 3100.00
12M Hi
151.06
387.90
3660.00
ST Rec
Neutral
Neutral
Neutral
Price
3.80
2680.50
379.80
504.50
1423.50
4.00
7.85
2013.00
87.00
24.25
12M Lo
3.13
2543.50
236.80
433.00
1205.00
2.88
6.40
1818.00
31.00
18.75
12M Hi
5.35
3194.00
385.30
579.00
1497.00
7.20
9.50
2300.00
87.00
49.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Neutral
Page 10 of 15
Beta
0.70
1.06
1.36
0.86
1.30
1.36
1.14
1.36
0.91
0.92
0.47
1.06
1.36
LT Rec
Sell
Neutral
Neutral
Target
121
361
3415
Beta
0.87
0.74
0.34
Price 12M Lo
21.13
21.13
124.25
57.75
1658.00 1298.00
411.00 324.70
289.25 225.00
20.75
16.63
79.75
58.95
471.30 242.90
348.60 214.90
196.50 154.75
85.50
41.50
1500.00 1444.00
288.00 231.70
LT Rec
Strong Buy
Strong Buy
Sell
Strong Buy
Sell
Strong Buy
Sell
Sell
Sell
Strong Buy
Target
24
7601
253
1938
1175
25
1
1634
78
91
Beta
0.97
0.45
0.73
0.32
0.49
0.61
0.92
0.63
0.70
0.82
Under Valued
Target
1254
2485
134
17
488
232
294
320
6734
6716
275
766
824
Over Valued
LT Rec
Sell
Strong Buy
Sell
Strong Buy
Sell
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Sell
Sell
Neutral
Over Valued
30 April 2012
12M Hi
27.00
129.75
1799.00
490.00
503.50
23.00
144.80
476.70
420.20
262.75
156.63
2109.00
312.40
www.intellisys.uk.com
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
LT Rec
Strong Buy
Sell
Sell
Strong Buy
Neutral
Neutral
Strong Buy
Neutral
Buy
Strong Buy
Sell
Buy
Buy
Target
46
67
1011
1256
310
21
157
500
482
529
-64
1936
341
Beta
0.73
0.84
1.48
1.09
1.11
0.92
1.36
0.75
1.33
0.88
0.48
0.82
0.65
Intellisys
Over Valued
Page 11 of 15
30 April 2012
Price 12M Lo
12M Hi
274.00 167.80
277.80
164.90 113.70
177.00
9850.00 8800.00 10950.00
290.00 240.00
350.00
141.50 115.63
160.00
746.00 590.00
820.00
67.00
56.05
81.70
1.48
1.36
13.50
120.50
95.05
163.70
382.90 311.60
524.00
261.40 197.90
345.00
360.30 318.40
522.00
1082.00 756.50 1093.00
107.00
92.55
259.60
1308.00 977.00 1316.00
1450.00 1183.00 1906.00
1148.00 970.00 1554.00
www.intellisys.uk.com
ST Rec
LT Rec
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Target
126
104
13275
219
162
294
96
78
58
219
197
99
735
132
1187
1129
1129
Beta
1.07
0.72
0.87
0.96
0.70
0.83
0.91
0.67
1.42
1.06
1.65
1.56
1.17
1.27
0.74
1.31
1.30
Intellisys
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
MOUC HEL 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
WSP GROUP
Price 12M Lo
205.00 166.25
2272.00 1522.00
1130.00 740.50
252.00
99.40
837.50 570.50
345.25 273.00
1029.00 676.50
236.50 192.25
685.00 611.50
35.38
23.75
647.50 512.50
520.50 402.70
984.50 730.00
847.00 727.00
459.60 284.00
228.50 182.20
464.90 296.30
284.20 219.90
91.05
58.85
251.10 214.70
283.80 270.10
2551.00 1744.00
29.00
25.25
39.00
27.75
633.00 445.50
427.20 323.00
290.80 206.80
5.90
4.75
147.50 122.00
651.50 450.00
212.50 144.50
108.50
64.00
87.60
58.20
430.50 299.80
347.25 325.00
259.00 158.25
369.10 300.50
236.40 156.60
546.50 458.00
92.40
90.80
26.75
18.50
75.00
38.50
47.25
36.25
269.00 191.00
50.50
47.00
257.50 160.00
12M Hi
339.00
2316.00
1207.00
271.10
851.00
392.50
1030.00
318.50
767.00
39.75
671.00
568.00
1001.00
860.00
459.60
294.90
484.50
292.10
118.70
532.00
341.25
2605.00
36.00
45.50
644.00
552.50
292.30
78.00
166.50
670.00
301.00
117.50
100.90
438.00
410.00
326.00
393.20
253.00
597.50
130.90
34.00
79.75
52.88
269.00
956.25
359.00
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
Neutral
Neutral
Neutral
Page 12 of 15
LT Rec
Strong Buy
Sell
Neutral
Sell
Sell
Strong Buy
Sell
Strong Buy
Sell
Strong Buy
Neutral
Strong Buy
Sell
Neutral
Sell
Buy
Sell
Neutral
Buy
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Sell
Buy
Sell
Strong Buy
Neutral
Buy
Neutral
Sell
Buy
Buy
Buy
Neutral
Neutral
Neutral
Strong Buy
Sell
Sell
Buy
Strong Buy
Sell
Strong Buy
Target
322
1261
1094
102
590
719
799
471
566
83
645
935
873
859
404
309
357
284
122
408
756
1441
94
59
1251
325
339
-110
247
630
284
108
27
588
463
332
373
249
587
140
5
-7
54
505
-4401
513
Beta
0.94
1.16
1.01
1.52
0.56
0.73
0.54
0.34
0.43
0.77
0.71
1.02
#NA
0.20
1.01
1.01
1.11
0.58
0.98
0.65
1.35
0.86
1.14
0.68
1.47
1.35
0.61
0.91
0.39
0.72
1.18
1.40
1.30
0.87
0.82
1.25
0.84
1.58
0.57
1.46
1.31
0.63
0.88
0.90
0.77
0.95
Under Valued
Telecommunication Services
Stock
BT GROUP
C ABLE & WIRELESS C OMMS.
INMARSAT
KC OM GROUP
TELEC OM PLUS
VODAFONE GROUP
30 April 2012
Price 12M Lo
212.90 161.00
32.89
30.07
443.50 389.30
71.60
60.50
695.00 472.00
171.10 155.05
12M Hi
232.10
48.92
620.00
84.00
802.00
182.70
www.intellisys.uk.com
ST Rec
LT Rec
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Neutral
Target
251
125
402
82
491
178
Beta
0.92
0.65
0.53
1.27
0.04
0.63
Intellisys
Under 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
Price 12M Lo
197.70 156.00
380.50 282.00
1349.00 1015.00
495.00 302.54
200.90 190.00
575.00 440.50
1141.00 1125.00
216.90 201.60
203.80 190.00
250.60 219.96
51.00
51.00
12M Hi
223.40
505.00
1367.00
498.00
370.20
615.00
1598.00
270.20
342.00
287.40
123.25
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Page 13 of 15
LT Rec
Neutral
Strong Buy
Buy
Neutral
Strong Buy
Sell
Buy
Neutral
Strong Buy
Sell
Strong Buy
Target
191
600
1686
486
352
362
1676
221
343
192
117
Beta
1.41
0.94
0.81
0.77
1.08
0.83
0.94
1.28
1.38
0.88
0.85
Under Valued
Utilities
Stock
C ENTRIC A
NATIONAL GRID
PENNON GROUP
SEVERN TRENT
UNITED UTILITIES GROUP
30 April 2012
Price 12M Lo
312.30 278.80
663.00 569.00
734.50 623.50
1702.00 1375.00
620.00 560.00
12M Hi
330.30
667.50
751.00
1720.00
637.00
www.intellisys.uk.com
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
LT Rec
Buy
Buy
Sell
Sell
Neutral
Target
361
822
670
1541
618
Beta
0.49
0.55
0.59
0.46
0.58
Intellisys
30 April 2012
DISCLAIMER
Intelligent Analysis Limited has prepared this report. Intellisys (Intellisys) is the trading name of
Intelligent Analysis Limited.
Intelligent Analysis Limited is a provider of financial research reports that indicate the possible value of
quoted company shares. The information contained within any and all of Intellisys reports are designed to
present an objective assessment of the possible value or relative value of a company and/or an actuarial
sector or stock market index. Intellisys utilises as extensive as possible range of valuation tools and
proprietary systems to derive its outputs. The base data for the models are derived from sources believed to
be accurate but Intelligent Analysis Limited does not warrant or guarantee the accuracy or reliability of the
source data or its models and proprietary systems. Subscribers, and casual readers, should not rely upon the
Intellisys research outputs when forming specific investment decisions but should seek advice specific to
their situation and investment requirements from a person authorized under the Financial Services and
Markets Act 2000, before entering into any investment agreement.
Intelligent Analysis Limited has used reasonable care and skill in compiling the content of this report. No
representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness
or accuracy of the information and no responsibility or liability is accepted to the accuracy or sufficiency of
any of the information, for any errors, omissions or misstatements, negligent or otherwise. In no event will
Intelligent Analysis Limited, Intellisys or any of its officers, employees or agents be liable to any other party
for any direct, indirect, special or other consequential damages arising from the use of this report.
The Intelligent Analysis Limited and/or Intellisys reports are not directed to any person in any jurisdiction
where (by reason of that persons nationality, residence or otherwise) the publication or availability of the
Intelligent Analysis Limited and/or Intellisys information may be prohibited. Persons in respect of whom such
prohibitions apply must not access the Intelligent Analysis Limited and/or Intellisys reports. Neither this
document, nor any copy in whatever form of media, may be taken or transmitted into the United States,
Canada, Australia, Ireland, South Africa or Japan or into any jurisdiction where it would be unlawful to do so.
Any failure to comply with this restriction may constitute a violation of relevant local securities laws.
Recipients of Intelligent Analysis Limited and/or Intellisys reports outside the UK are not covered by the
rules and regulations made for the protection of investors in the UK.
Any user distributing information taken from any Intelligent Analysis Limited or Intellisys report and/or the
Intellisys website, in whatever form, to any other person, agrees to attach a copy of this Disclaimer and the
Terms and Conditions of Use pages and obtain the agreement of such other person to comply with the
terms set forth.
Intellisys' published reports are published for information purposes and only available to market
counterparties, high net-worth and sophisticated individual investors.
No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other
financial instruments in any company or any interest therein, nor shall it form the basis of any contract
entered into for the sale of shares or any other financial instrument in any company.
Intelligent Analysis Limited believes that the information within each and any of its reports to be correct, but
its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is
given by any person as to the accuracy or completeness of the information and no responsibility or liability is
accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise.
Intelligent Analysis Limited (including its Directors, employees and representatives) or a connected person
may have positions in or options or other financial instruments on any of the securities mentioned within a
report, and may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions
imposed by internal rules.
Page 14 of 15
www.intellisys.uk.com
Intellisys
30 April 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
www.intellisys.uk.com