Documente Academic
Documente Profesional
Documente Cultură
Intellisys
25 May 2012
Contents
Introduction...................................................................................................................... 3
Timing .......................................................................................................................... 3
Value ........................................................................................................................... 4
Conclusion .................................................................................................................... 4
Over Valued ............................................................... 5
Aerospace & Defence
Automobiles & Parts
Banks
Beverages
Chemicals
Life Assurance
Telecommunication Services
Over Valued ............................................................................ 13
Transport
Under Valued ............................................................................... 13
Utilities
DISCLAIMER ................................................................................................................... 14
RISK WARNING Ratings and Targets ............................................................................. 15
Page 2 of 15
www.intellisys.uk.com
Intellisys
25 May 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
www.intellisys.uk.com
Intellisys
25 May 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
www.intellisys.uk.com
Intellisys
Over Valued
Price 12M Lo
273.20 248.10
313.50 310.70
221.60 165.90
379.30 305.00
810.50 545.04
1019.00 869.50
1610.00 1305.00
547.00 243.50
12M Hi
333.00
677.00
239.50
413.50
859.00
1236.00
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
183.20 157.00
319.40 268.60
60.00
47.00
13.75
6.80
12M Hi
245.00
425.40
72.75
19.71
ST Rating
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
185.30 138.85
514.80 463.50
26.91
21.84
21.44
17.34
1337.00 1169.50
12M Hi
276.65
634.80
52.76
42.60
1672.00
Page 5 of 15
Target
150
285
55
18
Beta
1.98
1.42
1.34
1.13
Target
305
934
81
7
770
Beta
1.86
1.14
1.77
1.30
1.70
Over Valued
Price
1122.00
1498.00
2391.00
12M Lo
1031.00
1112.00
1979.00
12M Hi
1383.00
1614.50
2660.00
ST Rating
Neutral
Neutral
Neutral
LT Rating
Neutral
Sell
Buy
Target
1186
1312
2792
Beta
0.42
0.55
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
0.65
0.52
0.91
1.34
1.10
0.72
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
565
584
239
383
727
892
1182
444
Over Valued
25 May 2012
Price
2181.00
205.90
2155.00
1328.00
196.10
171.50
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 Rating
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
LT Rating
Sell
Buy
Sell
Neutral
Sell
Neutral
Target
2052
234
1831
1361
158
167
Beta
1.08
1.07
1.47
1.22
1.29
1.01
Intellisys
Over Valued
Price
275.70
119.30
688.50
1190.00
415.00
263.00
50.13
201.00
583.00
404.00
1160.00
50.63
86.75
653.50
558.50
112.20
88.40
41.60
925.00
2272.00
12M Lo
214.60
67.50
540.50
1025.00
326.50
259.00
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
323.80
151.50
859.50
1414.00
518.50
387.00
92.00
247.50
653.00
528.00
1489.00
76.75
119.25
725.00
706.50
135.30
152.20
52.75
1125.00
2558.00
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
Price 12M Lo
972.00 643.50
545.50 434.30
137.50
86.75
212.70 180.90
182.70 128.50
1120.00 714.00
1368.00 800.00
1617.00 1039.00
0.13
0.13
158.50 120.50
218.00 208.50
12M Hi
1095.00
701.50
149.50
333.90
222.00
1285.00
1886.00
1902.00
0.24
206.75
295.00
ST Rating LT Rating
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
1.02
0.68
1.07
1.09
0.81
0.56
1.05
1.32
1.04
1.11
1.35
0.89
1.10
0.98
1.59
1.50
1.89
1.44
Target
576
676
166
380
104
801
1624
1284
0
322
192
Beta
0.77
1.18
1.34
1.46
2.16
0.99
1.29
1.42
0.63
1.59
1.13
Over Valued
Target
-27
109
239
1440
61
-167
30
356
-39
273
1272
103
52
80
369
32
117
2
405
613
Over Valued
25 May 2012
Price
68.38
374.20
295.00
647.00
384.10
377.60
315.50
894.00
7.25
264.50
1989.00
200.30
175.00
2002.00
647.00
1559.00
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
121.00
437.10
358.00
747.50
483.70
429.60
393.50
1119.00
11.50
360.00
2260.00
213.00
250.00
2334.00
690.00
2236.00
www.intellisys.uk.com
ST Rating LT Rating
Neutral Strong Buy
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Target
124
469
400
692
352
282
447
1066
5
419
1585
183
131
1891
553
1670
Beta
1.33
1.58
0.99
2.28
1.41
0.76
1.41
1.41
0.86
1.77
0.99
1.76
1.06
0.85
1.52
1.38
Intellisys
Under Valued
Price 12M Lo
460.00 445.00
270.80 267.30
294.00 263.50
308.25 304.60
21.00
9.50
12M Hi
558.00
328.00
345.60
419.05
67.38
ST Rating LT Rating
Neutral
Sell
Neutral
Buy
Neutral Strong Buy
Neutral
Buy
Neutral
Buy
Price 12M Lo
1174.00 977.00
812.00 588.50
321.70 290.40
302.00 232.00
120.25
32.90
668.00 544.50
2027.00 1892.00
12M Hi
1242.00
841.00
395.60
332.20
325.40
720.50
2189.00
ST Rating
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
22.63
16.00
236.50 222.40
1365.00 1092.00
618.50 375.00
14.25
9.36
3.26
2.20
26.50
26.50
278.60 269.50
11.25
5.20
705.00 570.00
49.03
46.76
280.20 217.00
343.20 301.80
42.75
26.00
203.25 127.30
2976.00 2153.00
845.00 633.00
32.50
21.50
12M Hi
24.00
291.10
1600.00
741.00
19.65
8.70
103.00
405.90
24.50
1030.00
150.00
313.80
398.90
51.00
438.30
3060.00
928.50
67.88
ST Rating
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Page 7 of 15
LT Rating
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Sell
Buy
Sell
Target
1867
1933
1168
486
67
968
766
Beta
0.60
0.60
0.93
0.34
1.40
0.62
0.58
LT Rating
Buy
Buy
Sell
Sell
Buy
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Neutral
Buy
Sell
Strong Buy
Sell
Sell
Sell
Target
31
277
587
215
18
7
102
453
279
1307
290
300
446
13
357
2648
516
29
Beta
0.71
0.49
1.36
1.05
1.45
0.97
0.93
0.65
0.86
0.47
1.29
0.98
0.74
1.06
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
0.74
0.77
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
269
334
511
384
25
Over Valued
25 May 2012
Price 12M Lo
595.00 498.00
46.50
35.25
600.00 521.00
12M Hi
668.00
57.75
686.50
www.intellisys.uk.com
ST Rating
Neutral
Neutral
Neutral
LT Rating
Sell
Buy
Buy
Target
409
53
732
Beta
0.39
0.75
0.36
Intellisys
Under Valued
Price 12M Lo
44.25
21.75
560.00 405.00
279.88 233.25
90.00
86.00
12M Hi
44.50
580.00
310.00
145.00
ST Rating LT Rating
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral Strong Buy
Price 12M Lo
495.20 464.00
208.20 154.10
26.00
14.50
510.50 296.90
56.88
41.00
158.30 105.80
180.00
96.00
12M Hi
645.00
369.20
35.00
717.00
92.00
174.00
243.00
ST Rating LT Rating
Neutral
Sell
Neutral Strong Buy
Sell
Buy
Neutral
Sell
Neutral Strong Buy
Neutral Strong Buy
Neutral
Sell
Price 12M Lo
1084.00 787.00
315.60 270.60
135.00 109.60
409.50 336.00
378.00 340.50
672.50 576.00
100.40
98.25
374.00 285.00
12M Hi
1748.00
425.00
151.80
449.00
424.70
764.50
137.90
379.25
ST Rating
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Page 8 of 15
Target
349
426
32
218
231
545
40
Beta
0.77
1.19
0.66
0.96
1.17
1.00
1.06
LT Rating
Sell
Sell
Strong Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Target
-1532
-4422
1822
66
2174
3948
2423
7894
Beta
0.52
0.48
0.52
0.30
0.49
0.32
0.43
0.50
Under Valued
Beta
0.48
0.38
0.93
0.65
Over Valued
Insurance
Stock
ADMIRAL GROUP
AMLIN
BEAZLEY
C ATLIN GROUP
HISC OX
JARDINE LLOYD THOMPSON
RSA INSURANC E GROUP
NOVAE GROUP
Target
30
430
391
139
Over Valued
25 May 2012
Price 12M Lo
2061.00 1742.00
66.25
26.50
166.00 136.70
700.00 621.00
480.10 410.00
162.20 114.00
1406.00 955.00
467.20 371.20
227.00 215.60
125.70 100.60
8.25
7.70
119.10 109.50
283.80 254.90
387.80 371.30
1821.00 1409.00
268.80 183.30
98.60
84.60
12M Hi
2465.00
79.80
235.00
752.00
527.50
181.40
1532.00
517.00
331.90
174.00
14.80
153.70
309.70
449.90
2006.00
281.70
109.50
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
2915
13
641
532
511
154
1606
536
306
111
-181
168
294
541
1479
252
141
Beta
1.08
1.72
0.95
0.44
0.87
0.99
1.31
1.40
1.02
1.27
1.30
1.00
0.86
0.73
1.02
0.95
1.26
Intellisys
Under Valued
Life Assurance
Stock
AVIVA
C HESNARA
LEGAL & GENERAL
OLD MUTUAL
PRUDENTIAL
ST.JAMES'S PLAC E
Price 12M Lo
268.00 263.90
172.00 161.75
110.90
89.80
143.20
98.47
686.00 509.00
308.20 294.00
12M Hi
446.30
255.00
135.00
165.31
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
160.80 116.17
115.00
91.25
699.50 618.50
34.25
30.50
400.10 343.40
693.50 522.50
359.90 313.90
199.80 157.70
77.50
51.65
7.08
4.11
1137.00 1038.00
40.00
36.50
342.50 198.50
29.44
26.21
101.75
76.25
68.75
67.50
26.50
25.50
532.00 416.00
95.13
78.50
789.50 578.00
1.99
1.99
12M Hi
187.40
133.00
850.00
56.25
484.80
828.00
451.00
248.60
89.90
7.90
1255.00
67.00
357.50
38.04
141.00
102.25
54.25
641.50
124.00
880.00
11.00
ST Rating
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
0.59
1.67
1.66
1.72
0.82
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
606
-62
461
560
294
170
89
63
1497
84
154
8
25
220
353
1620
109
824
48
Beta
1.32
0.51
0.60
1.04
1.09
1.06
1.52
1.41
1.52
1.46
0.66
0.85
0.34
0.51
0.81
1.32
1.41
1.30
0.86
1.29
1.14
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
25 May 2012
Price
2026.00
246.30
1027.00
1718.50
741.00
5170.00
2838.50
11.75
999.50
935.00
12M Lo
2005.50
237.90
900.50
1667.00
736.00
4580.00
2712.50
11.75
928.00
764.00
12M Hi
3181.00
340.00
1491.00
2521.50
1600.00
7565.00
4595.00
47.00
2169.00
1425.50
www.intellisys.uk.com
ST Rating LT Rating
Neutral
Buy
Neutral
Neutral
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Buy
Sell
Neutral Strong Buy
Neutral
Sell
Target
2640
254
887
3299
591
2997
2630
-47
3263
801
Beta
1.75
0.94
1.38
1.40
1.91
0.34
1.42
0.93
2.09
1.77
Intellisys
Under Valued
Price
1269.00
407.00
290.00
9.00
785.00
111.00
97.00
334.10
2013.00
2075.00
271.10
1363.00
718.00
12M Lo
1144.00
363.20
286.00
9.00
530.00
109.50
95.25
310.00
1883.50
1890.50
254.90
945.50
469.90
12M Hi
1547.00
504.60
501.41
13.50
968.00
295.00
245.00
485.00
2402.00
2489.00
397.50
1601.00
798.00
ST Rating
Neutral
Neutral
Neutral
Buy
Neutral
Neutral
Buy
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
116.75 107.06
316.80 285.00
3380.00 3100.00
12M Hi
146.58
387.90
3660.00
ST Rating
Neutral
Neutral
Neutral
Price
2.78
2622.00
366.20
480.25
1409.50
3.15
6.00
1877.00
69.88
22.88
12M Lo
2.73
2543.50
236.80
392.50
1205.00
2.88
6.00
1818.00
31.00
18.75
12M Hi
5.35
3185.00
387.70
524.84
1497.00
7.20
9.50
2300.00
87.00
49.00
ST Rating
Buy
Neutral
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Neutral
Page 10 of 15
Beta
0.70
1.06
1.35
0.85
1.30
1.36
1.16
1.36
0.91
0.92
0.47
1.07
1.35
LT Rating
Sell
Neutral
Neutral
Target
109
336
3216
Beta
0.87
0.74
0.33
Price 12M Lo
20.25
19.50
118.00
57.75
1488.00 1298.00
360.30 324.70
245.00 225.00
20.50
16.75
65.65
58.95
441.40 242.90
349.30 214.90
195.00 154.75
75.63
41.50
1472.00 1441.00
254.60 231.70
LT Rating
Strong Buy
Strong Buy
Sell
Strong Buy
Sell
Strong Buy
Sell
Sell
Buy
Strong Buy
Target
15
7861
195
1478
1319
15
0
1501
90
55
Beta
0.96
0.46
0.71
0.30
0.48
0.61
0.92
0.62
0.71
0.82
Under Valued
Target
1096
2182
115
15
418
203
247
277
5941
5925
243
665
720
Over Valued
LT Rating
Sell
Strong Buy
Sell
Strong Buy
Sell
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Sell
Sell
Neutral
Over Valued
25 May 2012
12M Hi
27.00
129.75
1799.00
490.00
503.50
23.00
138.00
476.70
420.20
262.75
156.63
2109.00
312.40
www.intellisys.uk.com
ST Rating
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
LT Rating
Strong Buy
Sell
Sell
Strong Buy
Buy
Sell
Strong Buy
Neutral
Buy
Strong Buy
Sell
Buy
Buy
Target
43
62
945
1171
289
19
145
467
446
487
-57
1802
316
Beta
0.72
0.84
1.48
1.10
1.11
0.92
1.36
0.74
1.32
0.88
0.48
0.82
0.65
Intellisys
Over Valued
Page 11 of 15
25 May 2012
Price 12M Lo
12M Hi
238.40 167.80
283.80
143.80 113.70
177.00
9500.00 8800.00 10950.00
272.50 240.00
350.00
144.00 115.63
160.00
690.00 590.00
812.00
70.50
56.05
79.60
1.30
1.09
4.83
95.90
92.85
163.70
339.00 311.60
498.80
253.60 197.90
345.00
325.90 310.40
522.00
961.50 756.50 1093.00
72.70
72.70
259.60
1183.00 977.00 1351.00
1192.00 1166.00 1665.00
995.50 970.00 1393.00
www.intellisys.uk.com
ST Rating LT Rating
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Sell
Buy Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Target
99
86
10900
173
123
201
87
84
46
161
138
7
620
110
1072
954
954
Beta
1.07
0.72
0.87
0.95
0.70
0.84
0.91
0.67
1.41
1.07
1.65
1.55
1.17
1.28
0.74
1.31
1.30
Intellisys
Over Valued
Support Services
Stock
AC AL
AGGREKO
AMEC
ASHTEAD GROUP
BABC OC K INTL.
BRITISH POLYTHENE INDS.
BUNZL
UK MAIL GROUP
C APITA
C OMMUNISIS
C OMPASS GROUP
BERENDSEN
DE LA RUE
DIGNITY
DIPLOMA
ELEC TROC OMP.
FILTRONA
G4S
HAYS
HOMESERVE
INTERSERVE
INTERTEK GROUP
JOHNSON SERVIC E GROUP
MANAGEMENT C NSL.GP.
MENZIES (JOHN)
MIC HAEL PAGE INTL.
MITIE GROUP
MOUC HEL GROUP
OFFIC E2OFFIC E
PAYPOINT
PREMIER FARNELL
REGUS
RENTOKIL INITIAL
REXAM
RIC ARDO
ROBERT WALTERS
RPC GROUP
RPS GROUP
SERC O GROUP
SHANKS GROUP
SPEEDY HIRE
TRIBAL GROUP
TRIFAST
VP
WYG
WSP GROUP
Price 12M Lo
181.00 166.25
2107.00 1522.00
1000.00 740.50
220.70
99.40
839.50 570.50
340.00 280.13
1002.00 676.50
229.00 192.25
609.50 602.00
28.75
23.75
631.50 512.50
472.00 402.70
990.50 730.00
813.50 727.00
424.90 284.00
203.50 182.20
445.00 296.30
273.50 219.90
72.55
58.85
144.00 144.00
277.60 270.10
2551.00 1744.00
28.00
25.25
29.50
27.75
583.00 445.50
362.90 323.00
278.50 208.00
5.63
4.75
139.00 124.75
615.00 465.00
170.00 144.50
89.30
64.00
78.00
58.20
393.90 299.80
329.13 325.00
215.00 158.25
379.40 300.50
206.30 156.60
517.50 458.00
84.50
82.80
25.25
18.50
78.75
38.50
39.50
36.25
237.00 191.00
48.00
47.00
253.25 160.00
Page 12 of 15
Target
294
1140
992
87
524
651
718
428
502
74
582
839
796
763
364
278
320
253
110
368
684
1292
84
53
1139
295
306
-101
221
571
255
99
23
524
417
303
333
224
527
124
4
-2
48
453
-3905
461
Beta
0.94
1.16
1.01
1.52
0.55
0.73
0.54
0.35
0.44
0.77
0.71
1.01
#NA
0.19
1.01
1.01
1.11
0.57
0.97
0.66
1.35
0.86
1.14
0.68
1.46
1.35
0.61
0.92
0.40
0.71
1.18
1.40
1.29
0.87
0.82
1.25
0.84
1.58
0.57
1.46
1.31
0.61
0.87
0.90
0.76
0.95
Under Valued
Telecommunication Services
Stock
BT GROUP
C ABLE & WIRELESS C OMMS.
INMARSAT
KC OM GROUP
TELEC OM PLUS
VODAFONE GROUP
25 May 2012
Price 12M Lo
206.20 161.00
33.01
28.06
397.00 389.30
69.00
65.60
704.50 523.00
171.70 155.05
12M Hi
232.10
45.22
605.50
84.00
802.00
182.70
www.intellisys.uk.com
ST Rating LT Rating
Neutral
Buy
Neutral Strong Buy
Neutral
Neutral
Neutral
Buy
Neutral
Sell
Neutral
Neutral
Target
246
122
382
81
492
172
Beta
0.92
0.64
0.53
1.27
0.04
0.62
Intellisys
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
193.80 156.00
315.00 282.00
1274.00 1015.00
489.90 302.54
222.90 190.00
550.00 440.50
1097.00 1094.00
191.60 187.70
175.80 171.00
234.80 219.96
41.00
41.00
12M Hi
222.40
476.50
1390.00
534.00
370.20
615.00
1598.00
262.40
333.90
287.40
123.25
ST Rating LT Rating
Neutral
Sell
Neutral Strong Buy
Neutral
Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Buy
Neutral
Neutral
Neutral Strong Buy
Neutral
Sell
Neutral Strong Buy
Page 13 of 15
Target
179
569
1657
464
327
338
1583
207
314
181
111
Beta
1.41
0.94
0.81
0.77
1.08
0.83
0.94
1.29
1.38
0.88
0.85
Under Valued
Utilities
Stock
C ENTRIC A
NATIONAL GRID
PENNON GROUP
SEVERN TRENT
UNITED UTILITIES GROUP
25 May 2012
Price 12M Lo
313.90 278.80
672.00 569.00
722.00 623.50
1685.00 1375.00
637.00 560.00
12M Hi
330.30
682.50
751.00
1720.00
642.00
www.intellisys.uk.com
ST Rating
Neutral
Neutral
Neutral
Neutral
Neutral
LT Rating
Buy
Buy
Sell
Sell
Neutral
Target
361
826
671
1544
620
Beta
0.49
0.55
0.59
0.46
0.58
Intellisys
25 May 2012
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Intellisys
25 May 2012
Subscribers, and casual reader, are reminded that the value of shares in any company may go up or down
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Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authority and does
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