25 June 2012

Intellisys

Value Indicator UK Main market

25 June 2012

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

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

Under Valued ................................................................................ 5

Beverages
Chemicals

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

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

Construction & Building Materials

Electronics & Electrical Equipment

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

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

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

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

Engineering & Machinery

Food & Drug Stores

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

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

Household Goods & Textiles

Life Assurance

Under 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
Support Services

Fair Value ......................................... 10

Under Valued .............................................. 10
Under Valued ................................................. 10
Over Valued ....................................................... 11

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

Under Valued .................................................... 12

Telecommunication Services
Under Valued ............................................................................ 13
Transport
Under Valued ............................................................................... 13
Utilities
DISCLAIMER ................................................................................................................... 14
RISK WARNING Ratings and Targets ............................................................................. 15

Intelligent Analysis Limited www.intellisys.uk.com

Page 2 of 15

Intellisys

Value Indicator UK Main market

25 June 2012

Introduction
The overriding purpose of this daily report is to provide users with a quick guide that will
identify those shares that merit their investment attention in an increasingly time critical and
information noisy trading environment.
The report is published daily and delivered to the subscribers personal email box, typically,
before the official open of the London Stock Markets.
Putting aside luck, Intellisys recognises that the timing and value of an investment are the
two primary drivers behind a successful portfolio performance.
Timing
Intellisys has invested considerably in identifying what it believes are the key factors that
influence investment timing. Having identified the key parameters, these have been
established as rules that reflect market dynamics and cut through the daily investment noise.
Through this discipline, Intellisys has removed the emotional and sentimental factors as well
as the daily pressures exerted upon primary stock promoters (analysts and traders) to find
stories for their investment meetings.
From an analysis of a years data for 40 stocks within Intellisys stock coverage, the trading
indicators appear to be, on average, about 77% accurate in identifying good trading points as
well as some 74% accurate for overall trend correlation.
The following chart provides an indication the accuracy scores for each of the 40 stocks
analysed.
Individual Stock Rating & Trend Accuracy Scores
120.0%

120.0%

110.0%

110.0%

100.0%

100.0%

90.0%

90.0%

80.0%

80.0%

70.0%

70.0%

60.0%

60.0%

50.0%

50.0%

40.0%

40.0%

30.0%

30.0%

20.0%

20.0%
1

9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40
Best Buy/Sell

Trend

Source: Intellisys

Intelligent Analysis Limited www.intellisys.uk.com

Page 3 of 15

Intellisys

Value Indicator UK Main market

25 June 2012

Value
A similar discipline has been applied to the process of establishing Target Indications. On a
daily basis, Intellisys analyses as broad an array of historic data from not only the
Consolidated Income Statement but also the Balance Sheet and Cash Flow Statement and
then utilises this data within its proprietary valuation models.
Intellisys architect, Philip Morrish, has successfully applied these disciplines to his investment
research for the last 15+ years. Additionally, these investment valuation techniques lend
themselves to accurate cross-border analysis.
The resultant Target is also discounted to a Net Present Value to make the Target as
realistically valid as possible.
Nevertheless, Intellisys recognises that Target Indication delivery is not only a function of
market levels but a management teams ability to establish and maintain a value generating
operating environment set against a constantly changing global background.
The typical investment analysts approach to determining target prices is to start with a
modest range of some 6 8 valuation measures and remove those that are not providing the
intuitive result. Intellysis approach is the opposite we use as many valuation methodologies
as possible.
Further, Intellisys recognises that some target Indications may appear strange or extreme.
However, subscribers should not dismiss these outcomes but use them as starting points to
challenge their established or perceived valuation opinion of a stock.
In short, this disciplined approach provides an investment reality check to assist investors
from falling in love with a stock or becoming mesmerised by management cults.
Conclusion
No investment methodology is 100% successful and like all trading and investment systems
active position monitoring is critical for maximised investment performance.
Therefore, Intellisys recommends that its products should be used in conjunction with, and
not separate from subscribers existing investment systems as well as discussing investment
options with their financial advisers.

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

RISK WARNING Ratings and Targets
Intellisys does not make personal recommendations. The information in this publication is
provided solely to enable you to make your own investment decisions.
If you are unsure about dealing in shares and other equity investments, you should contact
your financial adviser as these types of investments may not be suitable for everyone.
The value of stocks and shares, and the income from them, can fall as well as rise and you
may not get back the full amount you originally invested. If denominated in a foreign
currency, fluctuations in the exchange rate will also affect the value of stocks and shares and
the income from them. Past performance is not necessarily a guide to future performance.

Intelligent Analysis Limited www.intellisys.uk.com

Page 4 of 15

Intellisys

Value Indicator UK Main market

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
286.50 248.10
305.10 293.50
226.90 165.90
370.80 305.00
842.50 545.04
1017.00 869.50
1598.00 1305.00
549.00 243.50

12M Hi
333.00
640.00
239.50
413.50
860.50
1212.00
1780.00
576.25

ST Rating LT Rating
Neutral Strong Buy
Neutral Strong Buy
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell

Price 12M Lo
179.40 157.00
340.30 268.60
59.00
47.00
14.00
6.80

12M Hi
245.00
425.40
69.75
19.52

ST Rating
Neutral
Neutral
Neutral
Neutral

Price 12M Lo
200.70 138.85
562.30 463.50
31.39
21.84
243.20 173.40
1386.00 1169.50

12M Hi
265.55
629.10
50.81
396.90
1672.00

Target
149
289
56
19

Beta
1.96
1.44
1.32
1.14

Target
683
1064
186
94
547

Beta
1.89
1.14
1.80
1.34
1.69

Over Valued
Price 12M Lo
434.10 343.67
1594.00 1112.00
2504.00 1979.00

12M Hi
441.33
1614.50
2660.00

ST Rating LT Rating
Sell Strong Buy
Neutral
Sell
Neutral
Neutral

Target
733
1248
2670

Beta
0.45
0.53
0.98

Over Valued

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

LT Rating
Sell
Sell
Sell
Buy

ST Rating LT Rating
Neutral Strong Buy
Neutral Strong Buy
Sell Strong Buy
Sell
Sell
Neutral
Sell

Beverages
Stock
BARR (AG)
DIAGEO
SABMILLER

Beta
0.67
0.61
0.88
1.33
1.08
0.73
0.59
0.78

Under Valued

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

Target
573
586
239
382
734
895
1192
449

Over Valued

Automobiles & Parts

Stock
GKN
INC HC APE
LOOKERS
PENDRAGON

25 June 2012

Price
2172.00
189.90
2210.00
1268.00
187.00
161.00

12M Lo
1597.00
107.50
1523.00
1025.00
148.00
109.00

12M Hi
2316.00
211.80
2408.00
1590.00
253.00
186.50

Intelligent Analysis Limited www.intellisys.uk.com

ST Rating
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rating
Sell
Buy
Sell
Neutral
Sell
Neutral

Target
1983
227
1779
1307
152
162

Page 5 of 15

Beta
1.04
1.04
1.44
1.19
1.32
0.99

Intellisys

Value Indicator UK Main market

Over Valued

Construction & Building Materials

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

Price
289.50
135.70
786.50
1335.00
453.60
277.40
47.63
210.00
601.50
357.25
1251.00
53.50
92.50
615.00
603.50
118.30
97.15
47.36
936.00
2252.00

12M Lo
214.60
67.50
540.50
1025.00
326.50
253.50
35.50
180.00
383.75
239.25
1095.00
38.00
83.00
510.00
374.00
103.50
76.95
28.71
715.00
1404.00

12M Hi
323.80
151.50
859.50
1414.00
518.50
387.00
88.25
247.50
653.00
475.00
1489.00
76.75
111.25
725.00
706.50
135.30
145.20
52.75
1125.00
2558.00

Price 12M Lo
1120.00 643.50
535.00 434.30
137.00
86.75
220.10 180.90
195.50 128.50
1237.00 714.00
1405.00 800.00
1510.00 1039.00
0.09
0.08
163.50 120.50
185.00 185.00

12M Hi
1120.00
701.50
149.50
333.90
222.00
1285.00
1886.00
1902.00
0.24
206.75
295.00

Target
-49
117
240
1573
60
-203
28
371
-72
272
1304
111
53
15
389
33
125
0
423
602

Beta
0.81
1.45
1.04
0.67
1.11
1.11
0.78
0.60
1.05
1.32
1.01
1.09
1.33
0.87
1.12
0.99
1.61
1.53
1.88
1.43

ST Rating LT Rating
Sell
Sell
Neutral
Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Neutral
Neutral

Target
589
689
169
389
103
821
1650
1312
0
328
196

Beta
0.74
1.18
1.31
1.39
2.13
0.97
1.25
1.47
0.84
1.63
1.11

Under Valued

Engineering & Machinery

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

ST Rating LT Rating
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell

Under Valued

Electronics & Electrical Equipment

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

25 June 2012

Price
76.75
334.70
324.00
613.50
358.00
410.30
322.50
848.50
7.37
281.50
1860.00
190.60
160.00
1989.00
660.00
1460.00

12M Lo
62.50
225.60
252.50
395.80
280.00
306.30
235.00
636.50
7.12
224.00
1501.00
135.60
150.00
1649.00
488.00
1375.00

12M Hi
113.25
437.10
347.50
747.50
483.70
429.60
376.75
1119.00
10.38
360.00
2260.00
213.00
241.00
2334.00
690.00
2236.00

Intelligent Analysis Limited www.intellisys.uk.com

ST Rating LT Rating
Neutral Strong Buy
Neutral
Buy
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Sell
Neutral
Buy
Neutral
Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Buy

Target
127
464
395
689
348
277
442
1041
6
411
1539
180
133
1849
550
1638

Page 6 of 15

Beta
1.27
1.61
0.94
2.27
1.44
0.75
1.35
1.40
0.87
1.79
0.99
1.72
1.04
0.87
1.47
1.38

Intellisys

Value Indicator UK Main market

Under Valued

Food & Drug Stores

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

Price 12M Lo
490.50 445.00
268.40 267.30
293.60 263.50
311.60 297.05
19.50
9.50

12M Hi
558.00
328.00
334.20
411.50
62.50

ST Rating LT Rating
Neutral
Sell
Neutral
Buy
Neutral Strong Buy
Neutral
Buy
Neutral
Buy

Price 12M Lo
1234.00 977.00
815.00 588.50
328.90 290.40
312.70 232.00
97.00
32.90
636.50 544.50
2093.00 1892.00

12M Hi
1242.00
841.00
387.10
332.20
255.80
720.50
2189.00

ST Rating
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

Price 12M Lo
21.88
16.00
247.70 222.40
1339.00 1092.00
669.00 375.00
17.26
9.36
3.00
2.20
23.25
20.50
251.70 235.60
10.00
5.20
659.50 570.00
50.25
46.28
281.30 217.00
326.80 301.80
44.13
31.25
203.25 127.30
3177.00 2153.00
903.50 633.00
39.38
21.50

12M Hi
24.00
291.00
1600.00
728.50
19.64
8.49
103.00
402.40
23.75
1030.00
142.90
313.80
389.50
51.00
429.10
3199.00
928.50
59.00

ST Rating
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral

LT Rating
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Sell
Strong Buy
Sell

Target
1859
1949
1172
507
51
982
791

Beta
0.59
0.59
0.88
0.33
1.49
0.63
0.58

LT Rating
Buy
Buy
Sell
Sell
Neutral
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Neutral
Buy
Sell
Strong Buy
Sell
Sell
Sell

Target
32
283
597
219
18
7
103
460
296
1328
294
305
454
13
361
2699
525
30

Beta
0.73
0.48
1.36
0.97
1.50
0.95
1.05
0.69
0.91
0.52
1.27
0.98
0.76
1.06
0.46
0.74
0.54
1.31

Under Valued

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

Beta
0.49
0.44
0.65
0.73
0.82

Over Valued

General Retail
Stock
ASHLEY(LAURA) HOLDINGS
BROWN (N) GROUP
BURBERRY GROUP
C ARPETRIGHT
DIXONS RETAIL
FINDEL
FRENC H C ONNEC TN.GROUP
HALFORDS GROUP
JJB SPORTS
JD SPORTS FASHION
KESA ELEC TRIC ALS
KINGFISHER
MARKS & SPENC ER GROUP
MOSS BROTHERS GROUP
MOTHERC ARE
NEXT
TED BAKER
TOPPS TILES

Target
307
335
509
388
22

Over Valued

Food Producers & Processors

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

25 June 2012

Price 12M Lo
677.00 498.00
45.25
35.25
620.00 521.00

12M Hi
677.00
57.75
686.50

Intelligent Analysis Limited www.intellisys.uk.com

ST Rating
Sell
Neutral
Neutral

LT Rating
Sell
Buy
Buy

Target
442
55
785

Page 7 of 15

Beta
0.45
0.64
0.37

Intellisys

Value Indicator UK Main market

Under Valued

Household Goods & Textiles

Stock
HARVARD INTL.
GAMES WORKSHOP
HEADLAM GROUP
HORNBY

Price 12M Lo
45.00
21.75
565.00 405.00
269.50 233.25
80.75
70.25

12M Hi
45.13
580.00
306.00
145.00

ST Rating LT Rating
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral Strong Buy

Price 12M Lo
506.00 464.00
219.00 154.10
27.25
14.50
481.90 296.90
87.25
41.00
163.20 105.80
190.00
96.00

12M Hi
645.00
321.60
35.00
717.00
92.00
174.00
237.00

ST Rating LT Rating
Neutral
Sell
Neutral Strong Buy
Sell
Sell
Neutral
Sell
Neutral Strong Buy
Neutral Strong Buy
Neutral
Sell

Price 12M Lo
1158.00 787.00
346.10 270.60
135.90 109.60
420.90 336.00
419.50 340.50
702.50 576.00
105.70
97.65
365.00 285.00

12M Hi
1673.00
417.90
151.80
449.00
424.30
764.50
137.90
380.00

Target
378
395
17
230
239
584
14

Beta
0.75
1.19
0.69
1.06
1.14
0.99
1.01

ST Rating
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rating
Sell
Sell
Strong Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Strong Buy

Target
-1546
-4554
1879
68
2241
4078
2500
8137

Beta
0.58
0.49
0.52
0.33
0.49
0.33
0.46
0.49

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

Beta
0.46
0.38
0.94
0.72

Over Valued

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

Target
30
422
384
136

Over Valued

Information Technology & Hardware

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

25 June 2012

Price 12M Lo
2174.00 1742.00
64.00
26.50
169.30 136.70
708.00 621.00
519.50 410.00
175.50 114.00
1523.00 955.00
471.20 371.20
243.80 215.60
122.70 100.60
6.85
6.85
118.00 109.50
302.90 254.90
412.90 371.30
1997.00 1409.00
278.50 183.30
100.20
84.60

12M Hi
2465.00
70.00
231.80
752.00
527.50
181.40
1573.00
517.00
320.80
174.00
14.61
153.70
309.70
449.90
2059.00
281.70
106.80

Intelligent Analysis Limited www.intellisys.uk.com

ST Rating LT Rating
Neutral
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
Buy

Target
3032
20
655
553
538
161
1680
556
321
115
-184
176
307
564
1541
263
148

Page 8 of 15

Beta
1.01
1.67
0.97
0.42
0.87
1.00
1.23
1.37
1.05
1.32
1.31
0.93
0.84
0.74
1.00
0.92
1.21

Intellisys

Value Indicator UK Main market

Under Valued

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

Price 12M Lo
274.60 255.30
171.50 155.25
121.50
89.80
154.70
98.48
728.50 509.00
330.20 294.00

12M Hi
446.30
255.00
135.00
165.32
797.50
376.00

ST Rating LT Rating
Neutral Strong Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Neutral

Price 12M Lo
157.00 116.17
114.13
91.25
665.50 618.50
37.50
28.50
398.25 343.40
732.50 522.50
367.00 313.90
195.80 157.70
75.15
51.65
5.31
4.11
1203.00 1038.00
42.50
36.25
350.00 202.25
28.53
26.21
92.00
76.25
71.50
67.50
26.75
25.50
561.00 416.00
86.63
78.50
763.00 578.00
1.36
1.20

12M Hi
187.40
133.00
850.00
53.38
473.70
828.00
451.00
240.60
89.90
7.90
1255.00
67.00
377.50
36.21
128.75
102.25
54.25
641.50
120.75
880.00
11.00

Beta
1.30
0.63
1.65
1.62
1.71
0.83

ST Rating
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell

LT Rating
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
138
131
603
-56
458
557
294
169
88
63
1489
83
153
9
25
220
351
1615
109
822
47

Beta
1.31
0.46
0.57
0.98
1.10
0.99
1.56
1.43
1.55
1.37
0.65
0.85
0.29
0.54
0.82
1.34
1.43
1.31
0.84
1.30
1.13

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

25 June 2012

Price
2065.50
262.00
1046.00
1770.00
743.00
5690.00
2982.00
8.87
903.50
816.50

12M Lo
1955.50
233.30
900.50
1667.00
699.00
4596.00
2712.50
8.25
883.50
764.00

12M Hi
3181.00
340.00
1491.00
2521.50
1453.00
7565.00
4595.00
47.00
2095.00
1417.00

Intelligent Analysis Limited www.intellisys.uk.com

ST Rating LT Rating
Neutral
Buy
Neutral
Neutral
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Buy
Sell
Neutral Strong Buy
Neutral
Buy

Target
2679
266
958
4426
662
2691
3167
-40
3554
930

Page 9 of 15

Beta
1.75
1.03
1.39
1.41
1.97
0.32
1.44
0.93
2.13
1.81

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
1217.50
407.25
254.50
9.55
730.50
113.00
122.00
340.20
2100.00
2173.50
296.10
1431.00
667.00

12M Lo
1144.00
363.20
254.50
8.30
530.00
88.50
93.00
310.00
1883.50
1890.50
254.90
945.50
469.90

12M Hi
1547.00
504.60
473.79
12.50
968.00
269.40
231.25
455.40
2402.00
2489.00
371.50
1601.00
798.00

ST Rating
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

Price 12M Lo
120.00 105.00
318.00 285.00
3432.00 3100.00

12M Hi
135.12
380.00
3660.00

ST Rating
Neutral
Neutral
Neutral

Price
2.83
2771.50
397.90
484.50
1476.50
2.37
5.88
1966.00
76.50
23.25

12M Lo
2.54
2543.50
236.80
392.50
1205.00
2.26
5.88
1784.00
31.00
18.75

12M Hi
5.35
3166.50
403.10
524.84
1497.00
7.20
9.50
2300.00
87.00
49.00

Beta
0.75
1.06
1.39
0.91
1.32
1.44
1.20
1.39
0.91
0.91
0.49
1.07
1.35

LT Rating
Sell
Neutral
Sell

Target
112
339
3258

Beta
0.88
0.74
0.35

Price 12M Lo
18.50
18.25
118.00
57.75
1570.00 1298.00
295.00 295.00
265.00 225.00
19.00
16.75
107.10
58.95
488.50 242.90
188.50 154.75
76.88
41.50
1544.00 1439.00
267.90 231.70

ST Rating
Buy
Neutral
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Neutral

LT Rating
Strong Buy
Strong Buy
Sell
Strong Buy
Sell
Strong Buy
Sell
Sell
Strong Buy
Strong Buy

Target
16
8303
205
1570
1398
15
-1
1749
353
43

Beta
1.03
0.46
0.69
0.28
0.49
0.69
0.95
0.65
0.70
0.84

Over Valued

Software & Computer Services

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

Target
1061
1799
10
14
435
204
245
258
7814
9757
239
641
783

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 Rating
Sell
Strong Buy
Sell
Buy
Sell
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Sell
Sell
Buy

Over Valued

Personal Care & Household Products

Stock
MC BRIDE
PZ C USSONS
REC KITT BENC KISER GROUP

25 June 2012

12M Hi
27.00
129.75
1799.00
490.00
495.00
23.00
135.60
488.50
249.75
155.25
2109.00
312.40

Intelligent Analysis Limited www.intellisys.uk.com

ST Rating LT Rating
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell

Target
36
52
761
1060
238
16
130
405
392
-68
1448
252

Page 10 of 15

Beta
0.74
0.83
1.41
1.12
1.16
0.89
1.17
0.74
0.87
0.52
0.81
0.71

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 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

25 June 2012

Price 12M Lo
12M Hi
254.10 167.80
283.80
140.00 113.70
177.00
9570.00 8800.00 10603.00
260.00 240.00
328.38
150.00 115.63
160.00
735.50 590.00
812.00
82.35
56.05
83.85
1.05
0.97
4.00
98.70
92.85
163.70
372.00 311.60
498.80
268.30 197.90
338.40
369.80 310.40
522.00
985.50 756.50 1093.00
76.50
69.15
259.60
1225.00 977.00 1351.00
1312.00 1166.00 1665.00
1052.00 966.00 1393.00

Intelligent Analysis Limited www.intellisys.uk.com

ST Rating LT Rating
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral Strong Buy

Target
92
83
10123
166
127
211
88
97
45
159
122
-45
656
104
1030
1074
4075

Page 11 of 15

Beta
1.10
0.76
0.83
0.96
0.67
0.85
0.85
0.70
1.46
1.08
1.61
1.53
1.15
1.32
0.76
1.33
1.32

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
178.00 166.25
2055.00 1522.00
963.50 740.50
252.00
99.40
865.50 570.50
349.75 289.00
1035.00 676.50
233.00 192.25
649.50 602.00
25.75
23.75
651.00 512.50
472.20 402.70
1014.00 730.00
812.00 727.00
449.30 284.00
205.00 182.20
464.30 296.30
276.40 219.90
74.00
58.85
159.30 137.50
303.80 270.10
2581.00 1744.00
26.63
25.25
24.25
21.25
566.50 445.50
365.80 323.00
264.90 208.00
3.03
3.00
142.00 124.75
707.50 465.00
175.70 144.50
86.80
64.00
73.05
58.20
405.50 299.80
313.00 304.50
204.88 158.25
378.60 300.50
203.90 156.60
543.50 458.00
79.35
77.50
23.50
18.50
88.13
40.50
43.75
36.25
265.88 191.00
45.50
44.00
432.75 160.00

12M Hi
329.75
2316.00
1171.00
271.10
881.00
392.50
1063.00
290.13
767.00
39.75
671.00
568.00
1024.00
868.00
460.50
274.50
484.50
292.10
104.60
513.50
341.25
2697.00
35.63
45.50
652.00
552.50
296.70
64.00
166.50
740.00
249.00
117.50
95.85
438.00
410.00
326.00
397.00
253.00
565.00
129.80
32.50
92.63
52.38
270.00
425.00
435.00

ST Rating
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
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rating
Strong Buy
Sell
Neutral
Sell
Sell
Strong Buy
Sell
Strong Buy
Sell
Strong Buy
Sell
Strong Buy
Sell
Neutral
Sell
Buy
Sell
Neutral
Strong Buy
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Sell
Buy
Sell
Strong Buy
Sell
Strong Buy
Buy
Sell
Buy
Buy
Strong Buy
Sell
Buy
Neutral
Strong Buy
Sell
Sell
Buy
Strong Buy
Sell
Buy

Target
305
1228
1051
93
557
688
758
449
540
79
616
892
847
823
389
295
342
268
116
395
721
1382
89
57
1192
312
323
-113
233
608
272
103
22
561
444
317
353
238
559
132
3
-14
51
483
-4035
482

Beta
0.92
1.13
1.05
1.53
0.47
0.71
0.54
0.31
0.47
0.78
0.70
1.01
#NA
0.20
1.00
1.06
1.10
0.57
1.06
0.89
1.28
0.82
1.11
0.75
1.43
1.39
0.59
0.90
0.41
0.71
1.28
1.43
1.32
0.87
0.83
1.27
0.78
1.56
0.58
1.48
1.29
0.53
0.92
0.87
0.78
0.90

Under Valued

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

25 June 2012

Price 12M Lo
205.00 161.00
29.34
27.28
479.10 389.30
73.00
65.60
827.50 550.00
177.60 155.05

12M Hi
232.10
45.16
571.00
84.00
838.00
182.70

Intelligent Analysis Limited www.intellisys.uk.com

ST Rating LT Rating
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Buy

Target
253
101
448
89
549
210

Page 12 of 15

Beta
0.90
0.69
0.51
1.26
0.02
0.57

Intellisys

Value Indicator UK Main market

Over Valued

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

Price 12M Lo
198.60 156.00
325.00 282.00
1280.00 1015.00
523.50 302.54
216.80 190.00
610.00 440.50
1171.00 1086.00
202.40 180.00
177.00 159.60
251.90 219.96
43.00
37.75

12M Hi
222.40
476.50
1390.00
536.00
370.20
629.50
1598.00
262.40
333.90
287.40
123.25

ST Rating
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rating
Sell
Strong Buy
Buy
Sell
Strong Buy
Sell
Buy
Neutral
Strong Buy
Sell
Strong Buy

Target
180
553
1589
488
350
346
1576
212
327
197
142

Beta
1.35
0.98
0.80
0.79
1.02
0.79
0.91
1.32
1.38
0.89
0.90

Under Valued

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

25 June 2012

Price 12M Lo
307.10 278.80
658.50 569.00
757.50 623.50
1606.00 1375.00
646.00 560.00

12M Hi
330.30
684.50
758.50
1796.00
680.50

Intelligent Analysis Limited www.intellisys.uk.com

ST Rating
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rating
Buy
Buy
Sell
Neutral
Neutral

Target
365
821
662
1538
618

Page 13 of 15

Beta
0.48
0.54
0.55
0.41
0.52

Intellisys

Value Indicator UK Main market

25 June 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.

Intelligent Analysis Limited www.intellisys.uk.com

Page 14 of 15

Intellisys

Value Indicator UK Main market

25 June 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 Ratings and Targets

Intellisys does not make personal recommendations. The information in this publication is provided solely to
enable you to make your own investment decisions.
If you are unsure about dealing in shares and other equity investments, you should contact your financial
adviser as these types of investments may not be suitable for everyone.
The value of stocks and shares, and the income from them, can fall as well as rise and you may not get back
the full amount you originally invested. If denominated in a foreign currency, fluctuations in the exchange
rate will also affect the value of stocks and shares and the income from them. Past performance is not
necessarily a guide to future performance.

Intelligent Analysis Limited www.intellisys.uk.com

Page 15 of 15