Documente Academic
Documente Profesional
Documente Cultură
Intellisys
20 August 2012
Contents
Introduction...................................................................................................................... 3
Timing .......................................................................................................................... 3
Value ........................................................................................................................... 4
Conclusion .................................................................................................................... 4
Over Valued ............................................................... 5
Aerospace & Defence
Automobiles & Parts
Banks
Beverages
Chemicals
Health
Insurance
Leisure & Hotels
Life Assurance
Real Estate
Support Services
Telecommunication Services
Transport
Utilities
DISCLAIMER ................................................................................................................... 14
RISK WARNING Ratings and Targets ............................................................................. 15
Page 2 of 15
Intellisys
20 August 2012
Introduction
The overriding purpose of this daily report is to provide users with a quick guide that will
identify those shares that merit their investment attention in an increasingly time critical and
information noisy trading environment.
The report is published daily and delivered to the subscribers personal email box, typically,
before the official open of the London Stock Markets.
Putting aside luck, Intellisys recognises that the timing and value of an investment are the
two primary drivers behind a successful portfolio performance.
Timing
Intellisys has invested considerably in identifying what it believes are the key factors that
influence investment timing. Having identified the key parameters, these have been
established as rules that reflect market dynamics and cut through the daily investment noise.
Through this discipline, Intellisys has removed the emotional and sentimental factors as well
as the daily pressures exerted upon primary stock promoters (analysts and traders) to find
stories for their investment meetings.
From an analysis of a years data for 40 stocks within Intellisys stock coverage, the trading
indicators appear to be, on average, about 77% accurate in identifying good trading points as
well as some 74% accurate for overall trend correlation.
The following chart provides an indication the accuracy scores for each of the 40 stocks
analysed.
Individual Stock Rating & Trend Accuracy Scores
120.0%
120.0%
110.0%
110.0%
100.0%
100.0%
90.0%
90.0%
80.0%
80.0%
70.0%
70.0%
60.0%
60.0%
50.0%
50.0%
40.0%
40.0%
30.0%
30.0%
20.0%
20.0%
1
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40
Best Buy/Sell
Trend
Source: Intellisys
Page 3 of 15
Intellisys
20 August 2012
Value
A similar discipline has been applied to the process of establishing Target Indications. On a
daily basis, Intellisys analyses as broad an array of historic data from not only the
Consolidated Income Statement but also the Balance Sheet and Cash Flow Statement and
then utilises this data within its proprietary valuation models.
Intellisys architect, Philip Morrish, has successfully applied these disciplines to his investment
research for the last 15+ years. Additionally, these investment valuation techniques lend
themselves to accurate cross-border analysis.
The resultant Target is also discounted to a Net Present Value to make the Target as
realistically valid as possible.
Nevertheless, Intellisys recognises that Target Indication delivery is not only a function of
market levels but a management teams ability to establish and maintain a value generating
operating environment set against a constantly changing global background.
The typical investment analysts approach to determining target prices is to start with a
modest range of some 6 8 valuation measures and remove those that are not providing the
intuitive result. Intellysis approach is the opposite we use as many valuation methodologies
as possible.
Further, Intellisys recognises that some target Indications may appear strange or extreme.
However, subscribers should not dismiss these outcomes but use them as starting points to
challenge their established or perceived valuation opinion of a stock.
In short, this disciplined approach provides an investment reality check to assist investors
from falling in love with a stock or becoming mesmerised by management cults.
Conclusion
No investment methodology is 100% successful and like all trading and investment systems
active position monitoring is critical for maximised investment performance.
Therefore, Intellisys recommends that its products should be used in conjunction with, and
not separate from subscribers existing investment systems as well as discussing investment
options with their financial advisers.
Page 4 of 15
Intellisys
Over Valued
Price 12M Lo
322.40 251.40
414.70 267.30
225.20 165.90
411.80 305.00
865.00 558.24
1069.00 869.50
1592.00 1305.00
12M Hi
333.00
560.00
239.50
413.50
890.00
1113.00
1780.00
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Buy
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Price 12M Lo
226.10 157.00
392.50 268.60
70.00
48.00
15.25
6.80
12M Hi
235.50
418.20
70.00
16.25
ST Rec
LT Rec
Neutral
Sell
Neutral
Neutral
Neutral
Buy
Neutral Strong Buy
Price 12M Lo
192.85 138.85
570.00 463.50
34.22
21.84
231.60 173.40
1420.00 1169.50
12M Hi
256.75
581.70
37.50
291.70
1662.50
ST Rec
LT Rec
Sell
Sell
Neutral Strong Buy
Sell
Buy
Sell
Sell
Neutral
Sell
Price 12M Lo
439.20 348.00
1686.50 1112.00
2795.00 2005.00
12M Hi
462.30
1737.50
2868.50
Beta
1.95
1.44
1.30
1.12
Target
105
947
50
-210
1135
Beta
1.86
1.16
1.84
1.34
1.69
ST Rec
Neutral
Neutral
Neutral
LT Rec
Buy
Sell
Buy
Target
491
1434
3282
Beta
0.49
0.55
1.01
Under Valued
Chemicals
Stock
C RODA INTERNATIONAL
ELEMENTIS
JOHNSON MATTHEY
VIC TREX
YULE C ATTO
ZOTEFOAMS
Target
211
388
80
24
Under Valued
Beverages
Stock
BARR (AG)
DIAGEO
SABMILLER
Beta
0.68
0.56
0.87
1.33
1.09
0.71
0.57
Over Valued
Banks
Stock
BARC LAYS
HSBC HDG. (ORD $0.50)
LLOYDS BANKING GROUP
ROYAL BANK OF SC TL.GP.
STANDARD C HARTERED
Target
486
552
256
382
599
1009
1319
Over Valued
20 August 2012
Price
2434.00
214.00
2359.00
1357.00
157.40
178.50
12M Lo
1597.00
107.50
1522.47
1025.00
127.40
109.00
12M Hi
2466.00
215.00
2407.16
1516.00
251.00
186.50
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Neutral
Target
3750
291
6078
1597
305
178
Page 5 of 15
Beta
1.05
1.04
1.44
1.15
1.22
0.97
Intellisys
Over Valued
Price
292.10
149.00
898.00
1458.00
493.00
268.00
42.75
225.00
636.50
495.00
1345.00
58.00
81.75
650.50
694.00
141.10
97.05
51.45
1050.00
2529.00
12M Lo
214.60
67.50
540.50
1025.00
326.50
235.50
35.50
180.00
383.75
239.25
1095.00
38.00
76.00
510.00
374.00
103.50
76.95
28.71
715.00
1404.00
12M Hi
311.00
151.50
898.00
1464.00
518.50
361.90
79.75
247.50
653.00
500.00
1489.00
68.00
103.75
725.00
706.50
141.10
123.20
52.75
1125.00
2558.00
Price 12M Lo
1091.00 685.00
595.00 434.30
121.50
86.75
253.60 180.90
222.70 128.50
1298.00 714.00
1579.00 800.00
1748.00 1039.00
0.11
0.08
166.75 120.50
242.00 185.00
12M Hi
1120.00
670.00
149.50
277.50
225.20
1310.00
1579.00
1902.00
0.24
203.50
275.00
Target
19
121
230
1323
106
-140
36
427
-1
363
1405
98
57
229
338
25
140
1
702
719
Beta
0.83
1.46
1.06
0.69
1.10
1.11
0.76
0.62
1.04
1.27
1.00
1.10
1.30
0.87
1.14
1.00
1.64
1.53
1.88
1.41
ST Rec
LT Rec
Neutral
Sell
Neutral
Buy
Neutral Strong Buy
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral
Buy
Sell
Neutral
Neutral
Neutral
Neutral Strong Buy
Neutral
Sell
Target
615
755
196
275
60
856
2032
1721
0
306
178
Beta
0.74
1.18
1.28
1.39
2.12
0.98
1.26
1.44
0.81
1.59
1.11
Under Valued
ST Rec
LT Rec
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
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
20 August 2012
Price
70.00
354.70
336.50
612.00
398.60
424.00
331.00
929.00
5.50
272.00
2256.00
207.70
154.00
2064.00
649.50
1778.00
12M Lo
62.50
225.60
252.50
395.80
280.00
306.30
235.00
636.50
5.13
224.00
1501.00
135.60
140.00
1650.00
488.00
1375.00
12M Hi
97.00
437.10
338.50
747.50
483.70
431.90
345.00
1022.00
9.12
360.00
2322.00
213.00
219.50
2334.00
690.00
2236.00
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Buy
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Sell
Sell
Neutral
Sell
Neutral
Neutral
Target
155
477
600
770
382
332
351
1107
6
461
1578
202
101
1878
609
1731
Page 6 of 15
Beta
1.25
1.56
0.97
2.22
1.45
0.76
1.35
1.38
0.82
1.79
1.02
1.70
1.00
0.85
1.46
1.39
Intellisys
Under Valued
Price 12M Lo
503.50 457.00
286.20 263.00
332.50 263.50
340.00 297.05
23.75
9.50
12M Hi
558.00
328.00
332.50
411.25
48.50
ST Rec
LT Rec
Neutral
Sell
Neutral
Buy
Neutral Strong Buy
Neutral
Buy
Neutral
Neutral
Price 12M Lo
1314.00 1020.00
842.00 588.50
342.70 290.40
310.00 232.00
65.75
32.90
654.00 567.50
2267.00 1922.00
12M Hi
1314.00
858.00
368.90
332.20
180.00
720.50
2334.00
ST Rec
LT Rec
Neutral
Buy
Neutral Strong Buy
Neutral
Buy
Neutral
Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Neutral
Price 12M Lo
22.38
16.88
277.90 222.40
1386.00 1092.00
615.00 375.00
17.12
9.36
5.40
2.20
20.63
19.50
243.30 189.00
3.15
3.15
675.00 570.00
52.00
38.00
295.60 222.00
364.40 301.80
44.75
31.25
222.00 127.30
3638.00 2153.00
971.00 633.00
48.50
21.50
12M Hi
24.00
291.00
1586.00
728.50
19.64
7.39
103.00
342.30
21.00
874.50
110.60
313.80
389.50
51.00
374.00
3638.00
990.00
49.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Target
1580
1740
391
438
-177
1306
2267
Beta
0.60
0.59
0.89
0.31
1.41
0.62
0.59
LT Rec
Buy
Neutral
Sell
Sell
Strong Buy
Sell
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Buy
Buy
Buy
Sell
Sell
Sell
Sell
Target
29
290
724
263
38
4
110
402
-24
1308
315
356
435
60
104
2734
531
27
Beta
0.70
0.52
1.33
0.96
1.54
0.93
1.02
0.65
0.85
0.48
1.25
0.96
0.73
1.02
0.44
0.73
0.55
1.29
Over Valued
Health
Stock
C ONSORT MEDIC AL
C ORIN GROUP
SMITH & NEPHEW
Beta
0.48
0.41
0.67
0.72
0.83
Under Valued
General Retail
Stock
ASHLEY(LAURA) HOLDINGS
BROWN (N) GROUP
BURBERRY GROUP
C ARPETRIGHT
DIXONS RETAIL
FINDEL
FRENC H C ONNEC TN.GROUP
HALFORDS GROUP
JJB SPORTS
JD SPORTS FASHION
DARTY
KINGFISHER
MARKS & SPENC ER GROUP
MOSS BROTHERS GROUP
MOTHERC ARE
NEXT
TED BAKER
TOPPS TILES
Target
299
383
556
420
25
Under Valued
20 August 2012
Price 12M Lo
743.50 498.00
57.63
35.25
662.00 540.50
12M Hi
743.50
57.63
678.50
ST Rec
Sell
Neutral
Neutral
LT Rec
Sell
Neutral
Neutral
Target
632
57
701
Page 7 of 15
Beta
0.49
0.68
0.38
Intellisys
Under Valued
Price 12M Lo
632.50 405.00
293.00 233.25
85.00
70.25
12M Hi
647.50
306.00
141.50
ST Rec
Neutral
Neutral
Neutral
Price 12M Lo
582.50 469.00
333.40 154.10
30.50
14.50
549.00 296.90
87.25
41.00
156.20 105.80
230.00
96.00
12M Hi
645.00
338.40
35.00
717.00
87.75
174.00
230.00
ST Rec
LT Rec
Neutral
Sell
Neutral Strong Buy
Neutral
Buy
Neutral
Sell
Neutral Strong Buy
Neutral Strong Buy
Neutral
Sell
Price 12M Lo
1173.00 787.00
381.10 270.60
168.90 109.60
462.00 336.00
462.00 340.50
790.00 596.50
114.00
97.65
388.50 285.00
12M Hi
1535.00
385.00
168.90
462.00
462.00
790.00
115.80
388.50
Beta
0.40
0.92
0.74
Target
397
620
36
240
283
522
46
Beta
0.76
1.20
0.78
1.08
1.33
0.97
0.99
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
LT Rec
Sell
Sell
Strong Buy
Buy
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Target
467
-2451
1286
654
1750
2705
1436
1635
Beta
0.57
0.51
0.56
0.33
0.49
0.30
0.45
0.48
Under Valued
Target
606
291
99
Under Valued
Insurance
Stock
ADMIRAL GROUP
AMLIN
BEAZLEY
C ATLIN GROUP
HISC OX
JARDINE LLOYD THOMPSON
RSA INSURANC E GROUP
NOVAE GROUP
LT Rec
Neutral
Neutral
Buy
Over Valued
20 August 2012
Price 12M Lo
2170.00 1742.00
58.50
26.50
211.40 136.70
728.00 621.00
577.50 411.40
173.20 114.00
1657.00 955.00
485.00 371.20
274.90 215.60
98.50
93.20
7.39
5.61
132.70 109.50
326.10 263.00
474.00 371.30
2129.00 1429.00
303.90 183.30
111.80
84.60
12M Hi
2369.00
70.00
211.40
740.00
611.00
181.40
1725.00
513.00
280.90
174.00
12.50
150.90
328.30
474.00
2165.00
314.60
112.50
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Buy
Sell
Buy
Neutral
Sell
Sell
Sell
Neutral
Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Buy
Target
4732
40
707
722
578
168
1423
591
357
60
-165
194
303
646
1877
268
155
Page 8 of 15
Beta
0.99
1.65
0.97
0.41
0.90
0.96
1.19
1.35
1.05
1.24
1.21
0.89
0.85
0.77
1.01
0.93
1.20
Intellisys
Over Valued
Life Assurance
Stock
AVIVA
C HESNARA
LEGAL & GENERAL
OLD MUTUAL
PRUDENTIAL
ST.JAMES'S PLAC E
Price 12M Lo
328.70 255.30
171.00 155.25
132.30
89.80
170.90
98.48
818.00 509.00
365.80 294.00
12M Hi
382.60
226.00
135.00
171.00
824.00
375.00
ST Rec
LT Rec
Neutral Strong Buy
Neutral Strong Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Price 12M Lo
237.60 116.17
141.50
91.25
773.00 618.50
34.75
28.50
485.00 343.40
756.00 522.50
411.00 313.90
200.50 157.70
85.85
51.65
6.55
4.11
1226.00 1038.00
46.25
36.25
275.00 205.87
29.65
26.21
89.00
76.25
74.00
67.50
42.50
25.50
690.50 416.00
104.75
78.50
860.50 578.00
1.17
1.08
12M Hi
237.60
144.00
773.00
45.13
485.00
828.00
451.00
240.60
89.90
7.90
1294.00
62.25
377.50
30.32
119.50
95.25
54.25
690.50
106.00
880.00
6.27
ST Rec
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Beta
1.29
0.66
1.67
1.62
1.72
0.85
LT Rec
Sell
Buy
Strong Buy
Strong Buy
Sell
Sell
Strong Buy
Buy
Strong Buy
Buy
Strong Buy
Buy
Strong Buy
Buy
Sell
Strong Buy
Neutral
Neutral
Strong Buy
Strong Buy
Sell
Target
-302
784
66
1930
1691
89
296
522
742
242
1338
469
364
509
-241
1806
547
264
501
534
17
Beta
1.30
0.42
0.57
0.98
1.05
0.96
1.56
1.42
1.54
1.28
0.66
0.81
0.26
0.54
0.78
1.31
1.41
1.34
0.82
1.30
1.12
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
920
280
226
138
721
334
Over Valued
20 August 2012
Price
1927.50
265.00
1105.00
1960.50
639.50
6240.00
3039.00
5.25
12M Lo
1854.00
221.25
900.50
1667.00
639.50
4596.00
2712.50
5.25
832.50
939.30 764.00
12M Hi
2910.00
340.00
1399.00
2206.50
1313.00
7565.00
3988.00
47.00
1502.00
1283.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Buy
Neutral
Neutral
LT Rec
Strong Buy
Buy
Sell
Strong Buy
Buy
Sell
Buy
Strong Buy
Strong Buy
Buy
Target
3118
293
902
3369
874
3044
3721
137
2561
1139
Page 9 of 15
Beta
1.72
1.01
1.44
1.43
1.95
0.31
1.43
0.90
2.14
1.76
Intellisys
Under Valued
Price
1324.00
454.35
299.30
9.23
822.00
88.75
136.50
393.80
2257.00
2347.00
344.00
1389.00
837.50
12M Lo
1144.00
363.20
248.20
8.30
530.00
87.00
93.00
310.00
1883.50
1890.50
254.90
945.50
469.90
12M Hi
1547.00
504.60
379.03
12.13
968.00
196.50
180.00
449.70
2402.00
2489.00
363.80
1601.00
837.50
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
125.50 105.00
303.30 285.00
3585.00 3100.00
12M Hi
135.12
374.20
3660.00
ST Rec
Neutral
Neutral
Neutral
Price
3.34
3000.50
332.00
478.10
1472.00
2.20
6.50
1980.00
98.13
25.25
Target
1063
1356
-21
14
488
264
630
267
7516
9341
227
639
813
Beta
0.77
1.06
1.37
0.91
1.27
1.45
1.26
1.39
0.92
0.92
0.53
1.10
1.36
LT Rec
Sell
Buy
Sell
Target
109
344
3315
Beta
0.84
0.72
0.35
Over Valued
LT Rec
Sell
Strong Buy
Sell
Buy
Sell
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Sell
Sell
Neutral
Over Valued
20 August 2012
12M Lo
2.54
2591.00
238.00
392.50
1242.50
2.16
5.88
1743.00
31.00
18.75
12M Hi
4.40
3111.50
423.00
524.84
1507.50
6.40
9.50
2300.00
101.50
38.25
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Neutral
LT Rec
Strong Buy
Strong Buy
Sell
Strong Buy
Sell
Strong Buy
Sell
Sell
Strong Buy
Strong Buy
Target
20
6024
292
1435
676
8
3
1382
199
72
Page 10 of 15
Beta
1.02
0.49
0.65
0.28
0.49
0.67
0.93
0.67
0.70
0.84
Intellisys
Under Valued
Real Estate
Stock
BIG YELLOW GROUP
BRITISH LAND
C APITAL & REGIONAL
C LS HOLDINGS
DERWENT LONDON
DEVELOPMENT SEC S.
GRAINGER
GREAT PORTLAND ESTATES
HAMMERSON
HELIC AL BAR
LAND SEC URITIES GROUP
C APITAL SHOPC TS.GROUP
MC KAY SEC URITIES
MUC KLOW (A & J) GROUP
QUINTAIN ESTATES & DEV.
SAVILLS
SHAFTESBURY
SEGRO
ST MODWEN PROPS.
TOWN C ENTRE SEC URITIES
UNITE GROUP
WARNER ESTATE
WORKSPAC E GROUP
20 August 2012
Price 12M Lo
306.10 218.00
540.00 444.00
23.25
23.00
725.00 520.00
1985.00 1400.00
163.50 121.75
101.60
77.30
431.80 312.90
459.50 345.20
204.00 163.50
807.50 612.00
334.00 288.70
136.00 108.50
369.25 280.25
53.25
32.50
382.00 256.20
530.00 445.20
246.10 195.00
212.00 103.50
180.50 130.00
215.00 152.90
2.25
1.75
257.00 212.50
12M Hi
330.00
549.50
38.13
725.00
2021.00
204.75
116.00
443.50
474.50
234.25
812.00
354.20
141.00
390.00
53.50
392.90
549.00
259.50
220.00
189.50
228.00
4.13
257.00
ST Rec
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
LT Rec
Sell
Buy
Strong Buy
Strong Buy
Sell
Sell
Strong Buy
Buy
Strong Buy
Buy
Strong Buy
Buy
Strong Buy
Buy
Sell
Strong Buy
Neutral
Neutral
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Price 12M Lo
20.75
18.25
124.50
57.75
1836.00 1298.00
360.00 292.40
281.75 225.00
19.50
16.75
104.90
58.95
549.50 257.71
212.00 154.75
81.75
41.50
1433.00 1394.00
301.40 231.70
12M Hi
27.00
132.30
1869.00
461.90
341.00
22.25
110.90
549.50
231.75
105.00
1766.00
312.40
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Neutral
Neutral Strong Buy
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Target
37
53
912
1069
244
16
131
555
404
-67
1465
265
Beta
0.69
0.86
1.41
1.04
1.13
0.85
1.14
0.81
0.87
0.52
0.82
0.74
Over Valued
Beta
1.11
1.03
0.78
0.67
1.19
0.94
1.44
1.04
1.12
0.71
1.13
1.09
0.70
0.47
1.12
0.66
0.98
1.63
1.44
0.96
1.71
1.00
0.99
Over Valued
Target
-302
784
66
1930
1691
89
296
522
742
242
1338
469
364
509
-241
1806
547
264
501
534
17
114
571
Price 12M Lo
12M Hi
281.60 167.80
283.80
154.50 113.70
177.00
9848.00 8800.00 10250.00
295.50 240.00
297.50
174.50 115.63
187.00
792.00 590.00
812.00
90.75
56.05
90.75
1.07
0.87
3.22
111.90
90.55
131.10
339.70 301.10
488.60
290.80 197.90
303.90
398.80 310.40
441.70
1040.00 756.50 1093.00
81.20
63.25
240.10
1322.00 977.00 1373.00
1442.00 1166.00 1650.00
1162.00 966.00 1309.00
ST Rec
LT Rec
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Target
91
93
9228
182
110
248
93
96
54
206
116
-29
1499
93
1031
1057
4054
Page 11 of 15
Beta
1.11
0.75
0.81
0.95
0.69
0.85
0.89
0.65
1.46
1.05
1.60
1.53
1.15
1.29
0.77
1.34
1.28
Intellisys
20 August 2012
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
Price 12M Lo
183.88 166.25
2301.00 1522.00
1122.00 740.50
269.60
99.40
899.50 570.50
368.50 295.00
1112.00 686.00
236.50 192.25
739.00 602.00
33.88
23.75
715.00 512.50
529.00 402.70
1057.00 772.00
918.00 727.00
434.60 284.00
229.10 182.20
536.50 311.70
268.10 219.90
82.60
58.85
231.30 137.50
352.90 270.10
2795.00 1744.00
28.00
25.25
24.88
21.25
620.00 475.00
383.50 323.00
285.30 208.00
0.98
0.96
154.00 124.75
690.00 465.00
195.80 144.50
101.40
64.00
79.60
58.20
444.60 299.80
372.00 304.50
189.00 158.25
424.40 300.50
234.50 156.60
578.50 458.00
85.95
75.80
26.00
18.50
88.50
40.50
45.38
36.25
311.50 191.00
47.00
42.00
12M Hi
248.00
2316.00
1171.00
272.00
899.50
392.50
1167.00
275.25
767.00
39.75
715.00
540.50
1070.00
929.00
460.50
263.00
540.00
292.10
92.50
490.30
352.90
2842.00
32.25
41.25
652.00
497.00
296.70
50.50
166.50
740.00
228.80
117.50
89.90
444.60
385.00
264.63
424.40
250.00
602.00
115.90
30.50
92.63
49.50
311.50
63.00
ST Rec
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
Sell
LT Rec
Strong Buy
Sell
Sell
Sell
Sell
Strong Buy
Sell
Strong Buy
Sell
Strong Buy
Sell
Buy
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Sell
Neutral
Buy
Buy
Sell
Buy
Sell
Sell
Buy
Neutral
Buy
Neutral
Sell
Sell
Strong Buy
Strong Buy
Sell
Sell
Strong Buy
Strong Buy
Beta
0.86
1.10
1.10
1.56
0.45
0.77
0.53
0.29
0.50
0.77
0.70
1.01
#NA
0.19
0.98
1.04
1.11
0.58
1.06
0.91
1.26
0.82
1.08
0.70
1.41
1.40
0.56
0.80
0.43
0.71
1.28
1.42
1.30
0.88
0.81
1.23
0.79
1.55
0.58
1.45
1.26
0.51
0.93
0.90
0.77
Over Valued
Telecommunication Services
Stock
BT GROUP
C ABLE & WIRELESS C OMMS.
INMARSAT
KC OM GROUP
TELEC OM PLUS
VODAFONE GROUP
Target
290
1008
897
246
555
642
695
383
405
72
524
790
514
590
329
258
284
243
100
380
603
1149
77
47
1072
253
289
1
202
486
217
95
43
501
362
266
443
214
479
143
48
48
42
508
131
Price 12M Lo
219.30 161.00
33.71
27.28
559.00 389.30
78.80
65.60
828.00 612.00
185.95 157.50
12M Hi
232.10
45.16
561.00
79.00
890.00
191.25
ST Rec
LT Rec
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Target
266
67
501
102
576
140
Page 12 of 15
Beta
0.90
0.67
0.55
1.27
0.03
0.55
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
192.80 156.00
382.50 282.00
1314.00 1015.00
547.50 309.27
248.40 187.40
646.50 460.00
1325.00 1086.00
223.40 180.00
217.25 159.60
296.70 230.40
49.88
31.00
12M Hi
218.80
427.50
1390.00
572.50
370.20
646.50
1583.00
252.00
276.50
296.70
102.00
ST Rec
LT Rec
Neutral
Sell
Neutral
Buy
Neutral
Neutral
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral Strong Buy
Neutral
Neutral
Sell
Sell
Target
173
422
1319
487
438
331
1392
214
370
282
-75
Beta
1.31
0.99
0.79
0.80
1.02
0.82
0.95
1.36
1.41
0.96
0.89
Under Valued
Utilities
Stock
C ENTRIC A
NATIONAL GRID
PENNON GROUP
SSE
SEVERN TRENT
UNITED UTILITIES GROUP
20 August 2012
Price 12M Lo
330.10 278.80
703.50 589.50
747.00 623.50
1335.00 1209.00
1748.00 1407.00
721.50 571.50
12M Hi
330.10
703.50
796.00
1445.00
1796.00
728.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
LT Rec
Buy
Buy
Neutral
Buy
Sell
Sell
Target
466
852
779
1670
1525
673
Page 13 of 15
Beta
0.47
0.53
0.55
0.44
0.35
0.50
Intellisys
20 August 2012
DISCLAIMER
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No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other
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Page 14 of 15
Intellisys
20 August 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.
Intellisys does not make personal recommendations. The information in this publication is provided solely to
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If you are unsure about dealing in shares and other equity investments, you should contact your financial
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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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Page 15 of 15