Documente Academic
Documente Profesional
Documente Cultură
Intellisys
24 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
24 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
24 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
315.60 251.40
367.00 267.30
222.70 165.90
403.90 305.00
835.00 558.24
1045.00 869.50
1521.00 1380.00
12M Hi
333.00
560.00
239.50
413.50
890.00
1113.00
1780.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
223.90 157.00
387.50 268.60
70.63
48.00
15.00
6.80
12M Hi
235.50
418.20
70.63
16.25
ST Rec
LT Rec
Neutral
Sell
Neutral
Neutral
Neutral
Buy
Neutral Strong Buy
Price 12M Lo
191.00 138.85
559.10 463.50
34.04
21.84
227.90 173.40
1394.50 1169.50
12M Hi
256.75
581.70
37.50
291.70
1662.50
ST Rec
LT Rec
Neutral
Sell
Neutral Strong Buy
Sell
Buy
Sell
Sell
Neutral
Sell
Price 12M Lo
443.80 348.00
1698.00 1118.00
2761.00 2005.00
12M Hi
462.30
1737.50
2868.50
Target
210
386
80
24
Beta
1.95
1.44
1.30
1.12
Target
99
937
50
-212
1115
Beta
1.86
1.16
1.84
1.34
1.69
ST Rec
Neutral
Neutral
Neutral
LT Rec
Buy
Sell
Buy
Target
495
1441
3265
Beta
0.49
0.55
1.01
Under Valued
Chemicals
Stock
C RODA INTERNATIONAL
ELEMENTIS
JOHNSON MATTHEY
VIC TREX
YULE C ATTO
ZOTEFOAMS
Beta
0.68
0.56
0.87
1.33
1.09
0.71
0.57
Under Valued
Beverages
Stock
BARR (AG)
DIAGEO
SABMILLER
Target
468
531
247
367
578
973
1272
Over Valued
Banks
Stock
BARC LAYS
HSBC HDG. (ORD $0.50)
LLOYDS BANKING GROUP
ROYAL BANK OF SC TL.GP.
STANDARD C HARTERED
LT Rec
Buy
Buy
Buy
Sell
Sell
Sell
Sell
Over Valued
24 August 2012
Price
2367.00
215.00
2362.00
1340.00
145.80
183.00
12M Lo
1597.00
107.50
1522.47
1025.00
127.40
109.00
12M Hi
2466.00
220.00
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
3713
290
6078
1578
303
179
Page 5 of 15
Beta
1.05
1.04
1.44
1.15
1.22
0.97
Intellisys
Over Valued
Price
279.40
150.00
890.50
1447.00
489.00
270.00
42.88
225.00
643.00
496.75
1305.00
59.25
83.00
652.00
693.50
140.00
102.60
50.70
1037.00
2541.00
12M Lo
214.60
71.05
559.00
1062.00
339.80
235.50
35.50
180.00
395.00
239.25
1095.00
38.00
76.00
510.00
408.70
103.50
76.95
29.52
715.00
1425.00
12M Hi
311.00
153.40
902.50
1466.00
518.50
361.90
79.75
247.50
653.00
500.00
1489.00
67.00
103.75
725.00
706.50
143.20
123.20
52.75
1125.00
2558.00
Price 12M Lo
1086.00 685.00
585.00 434.30
126.50
86.75
248.10 180.90
220.00 128.50
1326.00 714.00
1540.00 800.00
1711.00 1039.00
0.10
0.08
132.00 120.50
238.00 185.00
12M Hi
1120.00
670.00
149.50
277.50
226.50
1326.00
1579.00
1902.00
0.24
203.50
275.00
Target
-8
124
202
1338
96
-173
30
433
-41
336
1368
97
53
153
323
22
140
-1
664
642
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
Neutral
Neutral
Neutral
Neutral
Neutral Strong Buy
Neutral
Sell
Target
608
743
193
272
62
846
1989
1700
0
305
177
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
24 August 2012
Price
67.00
354.70
340.00
618.00
390.00
420.00
338.25
861.00
5.63
270.20
2200.00
205.30
137.00
1969.00
669.50
1740.00
12M Lo
62.50
225.60
252.50
395.80
280.00
306.30
235.00
636.50
5.13
224.00
1511.00
135.60
137.00
1702.00
488.00
1375.00
12M Hi
96.50
437.10
340.00
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
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Target
156
468
588
758
374
325
345
1079
6
450
1536
198
100
1835
599
1690
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
495.30 457.00
276.10 263.00
329.20 263.50
338.00 297.05
23.88
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
1315.00 1038.00
840.00 588.50
344.20 290.40
305.00 232.00
67.25
32.90
646.00 569.00
2247.00 1922.00
12M Hi
1315.00
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
17.50
267.60 222.40
1375.00 1092.00
629.00 375.00
17.49
9.36
5.27
2.20
21.50
19.50
234.60 189.00
2.80
2.80
657.00 570.00
49.50
38.00
282.90 223.30
356.50 301.80
44.75
31.25
218.25 127.30
3599.00 2230.00
973.50 633.00
48.00
21.50
12M Hi
24.00
291.00
1586.00
728.50
19.64
7.39
103.00
342.30
21.00
874.00
110.60
313.80
389.50
51.00
374.00
3641.00
990.00
49.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Target
1569
1727
390
434
-175
1295
2248
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
287
717
261
38
4
109
397
-26
1297
312
352
430
59
102
2707
526
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
288
380
552
415
25
Under Valued
24 August 2012
Price 12M Lo
735.00 498.00
58.75
35.25
658.00 540.50
12M Hi
743.50
59.00
678.50
ST Rec
Neutral
Neutral
Neutral
LT Rec
Sell
Neutral
Neutral
Target
626
58
696
Page 7 of 15
Beta
0.49
0.68
0.38
Intellisys
Under Valued
Price 12M Lo
647.50 405.00
308.00 233.25
82.50
70.25
12M Hi
647.50
310.00
141.50
ST Rec
Neutral
Neutral
Neutral
Price 12M Lo
580.00 469.00
330.90 154.10
31.50
14.50
554.50 325.00
86.00
41.00
155.50 105.80
225.25
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
1191.00 787.00
379.30 270.60
167.10 111.00
450.10 336.00
454.70 340.50
779.00 616.00
113.40
97.65
381.00 285.00
12M Hi
1397.00
389.10
168.90
465.10
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
501
-2386
1254
641
1708
2651
1401
1598
Beta
0.57
0.51
0.56
0.33
0.49
0.30
0.45
0.48
Under Valued
Target
621
296
100
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
24 August 2012
Price 12M Lo
2122.00 1816.00
55.75
26.50
208.30 136.70
725.50 621.00
565.50 411.40
173.40 114.00
1610.00 964.50
477.20 371.20
266.80 215.60
95.35
93.20
6.76
5.61
137.00 111.00
322.00 267.00
462.60 371.30
2096.00 1432.00
298.00 183.30
109.90
84.60
12M Hi
2369.00
70.00
213.00
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
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Buy
Target
4664
37
697
713
568
166
1406
583
351
59
-164
191
299
637
1853
265
152
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
327.20 255.30
174.00 155.25
130.90
89.80
169.40
98.48
786.00 509.00
349.30 294.00
12M Hi
382.60
226.00
135.00
172.30
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
237.30 116.17
145.25
91.25
760.50 622.00
35.00
28.50
471.50 343.40
770.00 522.50
402.40 313.90
202.00 157.70
83.30
51.65
5.98
4.11
1212.00 1060.00
44.75
36.25
275.00 206.50
28.49
26.21
88.75
76.25
73.63
67.50
40.00
25.50
685.00 416.00
103.50
78.50
851.50 578.00
1.11
1.08
12M Hi
237.60
146.50
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
696.00
106.00
880.00
6.27
ST Rec
Neutral
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
Buy
Strong Buy
Strong Buy
Sell
Target
-305
782
66
1926
1673
88
295
519
740
242
1336
468
363
507
-242
1796
545
263
500
532
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
897
275
220
137
705
326
Over Valued
24 August 2012
Price
1941.50
265.00
1152.00
1960.50
640.00
6400.00
2957.00
4.75
12M Lo
1854.00
221.25
900.50
1667.00
610.00
4596.00
2712.50
4.75
832.50
926.60 764.00
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
3132
294
912
3425
875
3060
3735
138
2577
1143
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
1298.00
445.45
298.80
9.35
788.00
85.50
130.25
376.90
2221.50
2303.50
347.30
1396.00
812.50
12M Lo
1144.00
363.20
248.20
8.30
530.00
83.75
93.00
310.00
1928.50
1941.00
254.90
999.00
469.90
12M Hi
1547.00
504.60
379.03
12.13
968.00
196.50
169.00
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
127.00 105.00
303.50 285.00
3562.00 3100.00
12M Hi
135.12
374.20
3660.00
ST Rec
Neutral
Neutral
Neutral
Price
3.10
2959.50
315.50
485.50
1451.00
2.05
7.90
1924.00
97.00
24.88
Target
1047
1332
-15
13
478
261
623
262
7400
9199
225
630
790
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
110
344
3291
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
24 August 2012
12M Lo
2.54
2591.00
238.00
392.50
1264.50
2.05
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
37.75
ST Rec
Buy
Neutral
Buy
Neutral
Neutral
Buy
Neutral
Neutral
Neutral
Neutral
LT Rec
Strong Buy
Strong Buy
Neutral
Strong Buy
Sell
Strong Buy
Sell
Sell
Strong Buy
Strong Buy
Target
27
5364
344
1718
295
11
3
1424
267
90
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
24 August 2012
Price 12M Lo
302.00 218.00
538.00 444.00
23.50
23.00
724.00 520.00
1935.00 1400.00
165.00 121.75
99.30
77.30
435.30 312.90
449.50 345.20
193.25 163.50
788.00 612.00
329.00 288.70
137.00 108.50
366.50 280.25
54.25
32.50
396.20 256.20
528.00 445.20
236.90 195.00
204.20 103.50
180.00 130.00
219.50 154.10
2.25
1.75
259.00 212.50
12M Hi
330.00
549.50
38.13
725.00
2021.00
204.75
116.00
443.50
474.50
234.25
815.00
354.20
141.00
390.00
54.25
399.20
549.00
259.50
220.00
189.50
228.00
4.13
260.00
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
Buy
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Price 12M Lo
20.75
18.25
128.00
57.75
1821.00 1298.00
372.10 292.40
279.75 225.00
20.00
16.75
104.90
58.95
554.00 283.08
221.50 154.75
79.25
41.50
1432.00 1394.00
299.50 240.30
12M Hi
27.00
132.30
1869.00
461.90
341.00
22.25
110.90
566.50
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
54
917
1076
246
16
132
559
407
-68
1473
267
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
-305
782
66
1926
1673
88
295
519
740
242
1336
468
363
507
-242
1796
545
263
500
532
17
113
569
Price 12M Lo
12M Hi
276.60 167.80
283.80
148.10 113.70
177.00
9800.00 8800.00 10250.00
294.50 240.00
297.50
176.00 115.63
187.00
777.00 590.00
812.00
90.60
56.05
90.95
0.95
0.87
3.22
108.20
90.55
131.10
327.00 301.10
488.60
286.90 197.90
303.90
388.30 310.40
441.70
994.00 756.50 1093.00
79.05
63.25
240.10
1270.00 989.00 1373.00
1418.00 1166.00 1650.00
1139.00 966.00 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
87
90
8887
176
105
232
91
96
52
197
105
-42
1452
90
1012
1027
3981
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
24 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
183.50 166.25
2259.00 1522.00
1112.00 740.50
274.30 100.30
895.50 595.00
362.50 300.25
1103.00 722.00
237.00 192.25
720.50 602.00
35.13
23.75
709.50 512.50
514.00 402.70
1074.00 772.00
921.50 749.50
425.30 284.00
223.80 182.20
529.00 313.20
265.80 219.90
80.65
58.85
211.50 137.50
354.00 270.10
2743.00 1744.00
28.00
25.25
24.88
21.25
604.50 475.00
360.80 323.00
281.60 208.70
0.98
0.96
145.50 124.75
717.00 465.00
184.70 144.50
98.80
64.00
77.65
58.20
425.20 299.80
355.00 304.50
186.62 158.25
424.60 305.20
238.00 156.60
563.00 458.00
92.50
75.80
25.00
18.50
89.00
40.50
45.75
36.25
299.38 191.00
49.25
42.00
12M Hi
248.00
2316.00
1171.00
274.30
899.50
392.50
1167.00
275.25
767.00
39.75
727.00
540.50
1074.00
935.00
460.50
263.00
540.00
292.10
92.50
490.30
355.00
2842.00
31.75
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
427.00
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
Strong Buy
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Sell
Neutral
Strong Buy
Buy
Sell
Buy
Neutral
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
286
995
887
243
547
634
685
378
398
71
517
779
508
577
325
254
280
239
99
375
595
1133
76
47
1058
250
285
2
199
480
214
94
43
494
357
263
437
211
472
141
47
47
42
501
129
Price 12M Lo
216.80 161.00
33.71
27.28
563.50 389.30
76.95
65.60
816.00 612.00
184.10 157.50
12M Hi
232.10
45.16
573.50
79.00
890.00
191.25
ST Rec
LT Rec
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Target
263
66
499
101
568
139
Page 12 of 15
Beta
0.90
0.67
0.55
1.27
0.03
0.55
Intellisys
24 August 2012
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
188.00 157.80
380.00 282.00
1278.00 1015.00
542.00 309.27
242.80 187.40
700.00 460.00
1291.00 1086.00
222.60 180.00
222.50 159.60
293.90 230.40
57.63
31.00
12M Hi
218.80
422.50
1390.00
572.50
370.20
700.00
1583.00
252.00
276.50
297.20
102.00
ST Rec
LT Rec
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Neutral Strong Buy
Neutral
Neutral
Neutral
Sell
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
Target
171
418
1316
483
432
328
1371
211
372
281
-69
Price 12M Lo
323.20 278.80
686.00 589.50
739.00 638.00
1345.00 1209.00
1726.00 1420.00
707.50 580.00
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
461
836
769
1665
1499
662
Page 13 of 15
Beta
0.47
0.53
0.55
0.44
0.35
0.50
Intellisys
24 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
24 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
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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