02 May 2012

Intellisys

Value Indicator UK Main market

02 May 2012

Contents
Introduction...................................................................................................................... 3
Timing .......................................................................................................................... 3
Value ........................................................................................................................... 4
Conclusion .................................................................................................................... 4
Over Valued .................................................................. 5
Aerospace & Defence

Over Valued ................................................................... 5

Automobiles & Parts
Under Valued ................................................................................... 5
Banks
Over Valued ............................................................................ 5
Beverages
Over Valued ............................................................................ 5
Over Valued .................................................. 6
Construction & Building Materials
Over Valued ................................................. 6
Electronics & Electrical Equipment
Chemicals

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

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

Engineering & Machinery

Food & Drug Stores

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

Food Producers & Processors
Over Valued .......................................................................... 7
General Retail
Under Valued .................................................................................... 7
Health
Under Valued ......................................................... 8
Over Valued ............................................. 8
Information Technology & Hardware
Over Valued ................................................................................ 8
Insurance
Under Valued .................................................................... 8
Leisure & Hotels
Household Goods & Textiles

Life Assurance

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

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

Media & Entertainment

Over Valued .................................................................................... 9
Mining
Under Valued .............................................................................. 10
Oil & Gas
Personal Care & Household Products
Pharmaceuticals & Biotechnology
Software & Computer Services
Speciality & Other Finance

Over Valued ........................................... 10

Over Valued ................................................. 10

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

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

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

Under Valued ...................................................... 12
Telecommunication Services
Under Valued .............................................................................. 13
Transport

Support Services

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

Utilities
DISCLAIMER ................................................................................................................... 14
RISK WARNING Recommendations and Target Prices ..................................................... 15

Page 2 of 15

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Intelligent Analysis Limited

Intellisys

02 May 2012

Value Indicator UK Main market

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

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Intelligent Analysis Limited

Intellisys

02 May 2012

Value Indicator UK Main market

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.

Philip Morrish (philip.morrish@intellisys.uk.com)

RISK WARNING Recommendations and Target Prices
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.

Page 4 of 15

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Intelligent Analysis Limited

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.
UMEC O

Price 12M Lo
296.40 248.10
391.90 316.90
229.00 165.90
413.50 305.00
853.00 545.04
1085.00 869.50
1698.00 1305.00
575.00 243.50

12M Hi
340.80
677.00
239.50
413.50
853.00
1332.00
1780.00
576.25

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

Price 12M Lo
206.00 157.00
370.00 268.60
63.25
47.00
15.25
6.80

12M Hi
245.00
425.40
72.75
19.71

ST Rec
Neutral
Neutral
Neutral
Neutral

Price 12M Lo
226.20 138.85
565.00 463.50
33.60
21.84
25.30
17.34
1512.00 1169.50

12M Hi
286.20
662.50
59.25
42.91
1672.00

Page 5 of 15

Target
169
314
61
20

Beta
1.98
1.42
1.34
1.14

Target
367
1007
87
11
892

Beta
1.86
1.14
1.77
1.29
1.71

Over Valued
Price
1167.00
1570.00
2592.00

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
1240
1381
2983

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
602
628
257
414
772
967
1270
479

Over Valued

Automobiles & Parts

Stock
GKN
INC HC APE
LOOKERS
PENDRAGON

02 May 2012

Price
2251.00
207.50
2340.00
1449.00
232.60
180.50

12M Lo
1597.00
107.50
1523.00
1025.00
148.00
109.00

12M Hi
2282.00
208.10
2408.00
1590.00
253.00
186.50

www.intellisys.uk.com

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rec
Neutral
Buy
Sell
Neutral
Sell
Neutral

Target
2168
246
1944
1441
175
175

Intelligent Analysis Limited

Beta
1.08
1.07
1.47
1.22
1.29
1.01

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
268.70
132.00
787.00
1295.00
463.90
294.80
50.25
224.75
646.50
455.00
1191.00
58.00
94.00
676.00
628.00
123.50
105.60
50.65
1055.00
2423.00

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
653.00
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
1022.00 643.50
598.00 434.30
145.00
86.75
219.40 180.90
217.50 128.50
1225.00 714.00
1444.00 800.00
1890.00 1039.00
0.16
0.14
190.00 120.50
226.50 212.00

12M Hi
1095.00
701.50
149.50
340.60
222.00
1285.00
1886.00
1890.00
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
622
729
180
409
131
865
1745
1393
0
350
207

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

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

Target
-70
125
229
1645
54
-236
25
387
-104
266
1327
115
52
-39
394
32
131
-1
414
576

Over 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 May 2012

Price
77.00
435.00
297.50
729.00
449.20
406.20
330.00
985.00
8.37
330.30
2247.00
210.40
186.75
2315.00
659.00
1704.00

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
2247.00
213.00
250.00
2334.00
690.00
2236.00

www.intellisys.uk.com

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

Target
130
517
441
759
389
314
495
1189
5
467
1774
203
141
2105
608
1866

Intelligent Analysis Limited

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

Value Indicator UK Main market

Under Valued

Food & Drug Stores

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

Price 12M Lo
504.00 445.00
279.40 277.00
309.20 263.50
319.20 310.45
24.75
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
1235.00 977.00
822.00 588.50
306.40 290.40
308.50 232.00
16.25
3.29
696.00 544.50
2128.00 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
23.50
16.00
241.80 222.40
1483.00 1092.00
600.00 375.00
8.37
7.50
18.09
9.36
3.55
2.20
42.75
36.00
279.10 269.50
13.12
5.20
841.00 570.00
54.45
52.80
289.60 217.00
357.70 301.80
49.50
26.00
167.00 127.30
2896.00 2153.00
884.00 633.00
38.88
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
1728
1885
1112
543
-6
972
824

Beta
0.60
0.60
0.93
0.33
1.40
0.63
0.58

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

Target
29
259
574
186
6
23
2
94
426
1729
1216
267
275
396
17
333
2736
488
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
288
352
538
407
27

Over Valued

Food Producers & Processors

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

02 May 2012

Price 12M Lo
663.00 498.00
42.25
35.25
614.00 521.00

12M Hi
665.00
57.75
694.00

www.intellisys.uk.com

ST Rec
Neutral
Neutral
Neutral

LT Rec
Sell
Buy
Buy

Target
431
52
776

Intelligent Analysis Limited

Beta
0.39
0.76
0.36

Intellisys

Under Valued

Household Goods & Textiles

Stock
HARVARD INTL.
GAMES WORKSHOP
HEADLAM GROUP
HORNBY

Price 12M Lo
44.00
21.75
568.00 405.00
305.00 233.25
91.50
91.25

12M Hi
44.00
577.50
310.00
145.00

ST Rec
LT
Neutral
Neutral
Neutral
Neutral Strong

Price 12M Lo
522.00 464.00
222.80 154.10
30.00
14.50
656.50 296.90
56.00
41.00
169.00 105.80
184.25
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
1200.00 787.00
335.40 270.60
140.90 109.60
427.40 336.00
402.30 340.50
712.50 576.00
105.60
99.60
369.00 285.00

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
396
488
38
249
262
621
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
-1547
-4626
1904
69
2269
4140
2535
8249

Beta
0.51
0.49
0.51
0.31
0.50
0.32
0.43
0.50

Under 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

Target
31
444
401
142

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

Information Technology & Hardware

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

02 May 2012

Value Indicator UK Main market

Price 12M Lo
2040.00 1742.00
66.00
26.50
194.00 136.70
710.00 615.00
526.00 410.00
181.10 114.00
1484.00 955.00
489.70 371.20
265.50 215.60
151.90 100.60
10.00
9.14
113.50 109.50
290.00 254.90
408.40 380.50
1946.00 1409.00
281.10 183.30
99.40
84.60

12M Hi
2642.00
96.15
250.00
752.00
526.00
181.10
1497.00
535.00
336.80
174.00
15.57
153.70
335.00
468.30
1946.00
281.70
112.00

www.intellisys.uk.com

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

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

Target
3101
25
671
564
551
163
1681
567
330
117
-196
178
310
576
1562
267
151

Intelligent Analysis Limited

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

Value Indicator UK Main market

Over Valued

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

Price 12M Lo
317.50 275.30
178.00 161.75
119.10
89.80
149.40
98.47
758.50 509.00
332.80 294.00

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
Neutral
Neutral
Neutral

Price 12M Lo
178.20 116.17
108.50
91.25
691.00 618.50
32.00
30.50
417.10 343.40
781.50 522.50
417.00 313.90
226.40 157.70
85.65
51.65
5.80
4.11
1153.00 1038.00
45.00
41.50
338.00 198.25
29.78
26.21
112.25
76.25
78.25
68.50
32.50
30.75
596.00 416.00
99.00
78.50
848.00 578.00
3.78
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
357.50
38.35
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
Sell
Sell
Buy
Sell
Sell
Sell
Buy
Strong Buy
Buy
Strong Buy
Sell
Sell
Sell
Strong Buy
Strong Buy
Strong Buy
Buy
Neutral
Strong Buy

Target
146
136
650
-67
492
599
312
182
94
68
1589
88
164
8
28
230
373
1725
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

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
YELL GROUP

02 May 2012

Price
2412.00
316.20
1189.00
2039.00
1061.00
5460.00
3505.50
22.50
1238.00
1205.00

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
Neutral
Sell
Neutral Strong Buy
Neutral
Sell

Target
3245
308
1077
4012
734
3622
3258
-54
4051
997

Intelligent Analysis Limited

Beta
1.75
0.95
1.38
1.40
1.92
0.33
1.42
0.94
2.10
1.78

Intellisys

Value Indicator UK Main market

Under Valued

Oil & Gas

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

Price
1450.50
441.30
349.00
10.75
947.50
136.00
122.00
378.40
2213.50
2283.00
297.30
1547.00
784.50

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
129.00 107.06
339.00 285.00
3620.00 3100.00

12M Hi
148.71
387.90
3660.00

ST Rec
Neutral
Neutral
Neutral

Price
3.73
2728.00
376.70
464.00
1438.00
3.98
7.80
2016.00
81.50
25.00

12M Lo
3.13
2543.50
236.80
392.50
1205.00
2.88
6.40
1818.00
31.00
18.75

12M Hi
5.35
3194.00
385.30
524.84
1497.00
7.20
9.50
2300.00
87.00
49.00

ST Rec
Buy
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
Sell

Target
120
361
3435

Beta
0.87
0.74
0.34

Price 12M Lo
21.13
21.13
123.50
57.75
1677.00 1298.00
415.30 324.70
292.75 225.00
21.25
16.63
79.20
58.95
467.50 242.90
348.60 214.90
209.75 154.75
89.00
41.50
1539.00 1444.00
293.70 231.70

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

Target
23
7530
251
1922
1165
25
1
1617
75
90

Beta
0.97
0.45
0.73
0.32
0.49
0.61
0.92
0.63
0.70
0.82

Under Valued

Software & Computer Services

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

Target
1251
2480
137
17
487
231
293
319
6719
6701
274
763
822

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

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

Over Valued

Personal Care & Household Products

Stock
MC BRIDE
PZ C USSONS
REC KITT BENC KISER GROUP

02 May 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
68
1018
1268
312
21
159
504
486
534
-62
1951
344

Intelligent Analysis Limited

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

Value Indicator UK Main market

Over Valued

Speciality & Other Finance

Stock
ABERDEEN ASSET MAN.
BREWIN DOLPHIN
C AMELLIA
C HARLES STANLEY GROUP
C HARLES TAYLOR C NSL.
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

Page 11 of 15

02 May 2012

Price 12M Lo
12M Hi
282.40 167.80
283.50
164.50 113.70
177.00
9674.50 8800.00 10950.00
290.25 240.00
350.00
146.50 115.63
160.00
744.00 590.00
820.00
67.70
56.05
81.70
1.67
1.36
13.50
122.40
95.05
163.70
384.00 311.60
524.00
259.70 197.90
345.00
355.40 318.40
522.00
1075.00 756.50 1093.00
97.80
92.55
259.60
1342.00 977.00 1342.00
1437.00 1183.00 1906.00
1137.00 970.00 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
125
104
13229
218
162
292
96
79
58
218
195
98
731
131
1184
1124
1124

Intelligent Analysis Limited

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

Value Indicator UK Main market

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
202.50 166.25
2266.00 1522.00
1147.00 740.50
254.30
99.40
818.50 570.50
342.63 273.00
1048.00 676.50
236.50 192.25
684.50 611.50
34.75
23.75
658.50 512.50
511.50 402.70
983.50 730.00
866.00 727.00
460.50 284.00
233.60 182.20
467.80 296.30
283.30 219.90
91.60
58.85
252.00 214.70
295.30 270.10
2557.00 1744.00
28.75
25.25
38.50
27.75
650.00 445.50
421.40 323.00
296.70 206.80
5.55
4.75
148.50 122.00
663.00 450.00
219.90 144.50
106.90
64.00
87.00
58.20
433.30 299.80
350.00 325.00
255.50 158.25
371.50 300.50
238.50 156.60
552.50 458.00
95.70
90.80
26.50
18.50
76.50
38.50
48.50
36.25
257.00 191.00
50.50
47.00
252.25 160.00

12M Hi
339.00
2316.00
1207.00
271.10
851.00
392.50
1048.00
318.50
767.00
39.75
671.00
568.00
1001.00
866.00
460.50
294.90
484.50
292.10
118.70
532.00
341.25
2605.00
36.00
45.50
652.00
552.50
296.70
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
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
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
Buy
Sell
Sell
Buy
Strong Buy
Sell
Strong Buy

Target
323
1266
1098
102
592
722
803
473
569
84
648
938
878
867
405
310
358
285
122
409
760
1448
94
59
1257
326
340
-112
248
633
285
109
27
589
465
334
375
250
590
140
5
-7
54
506
-4527
515

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

02 May 2012

Price 12M Lo
216.90 161.00
32.61
30.07
441.80 389.30
72.50
60.50
689.00 472.00
172.90 155.05

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
252
126
404
82
491
180

Intelligent Analysis Limited

Beta
0.92
0.65
0.53
1.27
0.04
0.63

Intellisys

Value Indicator UK Main market

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
195.90 156.00
385.50 282.00
1355.00 1015.00
513.50 302.54
200.50 190.00
556.50 440.50
1133.00 1125.00
221.50 201.60
198.90 190.00
255.10 219.96
48.50
48.50

12M Hi
223.40
505.00
1367.00
513.50
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
Sell
Strong Buy
Sell
Buy
Neutral
Strong Buy
Sell
Strong Buy

Target
191
600
1742
487
353
362
1681
221
344
192
116

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

02 May 2012

Price 12M Lo
312.30 278.80
668.00 569.00
742.00 623.50
1683.00 1375.00
627.50 560.00

12M Hi
330.30
668.00
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
825
672
1547
621

Intelligent Analysis Limited

Beta
0.49
0.55
0.59
0.46
0.58

Intellisys

Value Indicator UK Main market

02 May 2012

DISCLAIMER
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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
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Intellisys research outputs when forming specific investment decisions but should seek advice specific to
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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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Intelligent Analysis Limited

Intellisys

Value Indicator UK Main market

02 May 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.

RISK WARNING Recommendations and Target Prices

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
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rate will also affect the value of stocks and shares and the income from them. Past performance is not
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