Professional Documents
Culture Documents
Value
Indicator
02 March 2012
Intellisys
www.intellisys.uk.com
02 March 2012
Contents
Market Pictures - Indices ......................................................................... 5
FTSE 100 ................................................................................................ 5
FTSE 250 ................................................................................................ 6
FTSE All Share Index ................................................................................ 7
FTSE AIM All Share .................................................................................. 8
Market Pictures Interest Rates ............................................................ 10
UK Bank Lending Rates ........................................................................... 10
Eurozone Lending Rates.......................................................................... 11
US Federal Funds Rate ........................................................................... 12
Market Pictures Exchange Rates ......................................................... 13
Market Pictures - Oil............................................................................... 15
Over Valued 16
Aerospace & Defence
.............................................
Automobiles & Parts
Banks
..............................................
.............................................................
Beverages
........................................................
Chemicals
........................................................
..............................
.............................
........................................
...............................................
...................................
.....................................................
..............................................................
....................................
..........................
........................................................
..................................................
Life Assurance
..................................................
..........................................
..............................................................
...........................................................
..............................
.................................
......................................
..................................................
Telecommunication Services
Transport
..........................
....................................
........................................................
Over Valued 16
Over Valued 16
Over Valued 16
Over Valued 16
Over Valued 17
Under Valued 17
Over Valued 17
Under Valued 18
Under Valued 18
Over Valued 18
Over Valued 18
Under Valued 18
Over Valued 19
Over Valued 19
Under Valued 19
Over Valued 19
Under Valued 20
Under Valued 20
Under Valued 20
Over Valued 20
Under Valued 21
Under Valued 21
Over Valued 21
Under Valued 22
Under Valued 22
Under Valued 23
Under Valued 23
Utilities
.............................................................
DISCLAIMER ............................................................................................. 24
Page 2 of 25
Intellisys
www.intellisys.uk.com
02 March 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.
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 25
Intellisys
www.intellisys.uk.com
02 March 2012
Value
A similar discipline has been applied to the process of establishing Target Prices.
On a daily basis, Intellisys analyses as broad an array of historic data from not
only the Profit & Loss Account but also the Balance Sheet and Cash flow
Statement and then utilises this data within its proprietary valuation models.
Intellisys architect, Philip Morrish, has successfully applied these disciplines to his
investment research for the last 15+ years. Additionally, these investment
valuation techniques lend themselves to accurate cross-border analysis.
The resultant Target is also discounted to a Net Present Value to make the
Target as realistically valid as possible.
Nevertheless, Intellisys recognises that Target Price delivery is not only a
function of market levels but a management teams ability to establish and
maintain a value generating operating environment set against a constantly
changing global background.
The typical investment analysts approach to determining target prices is to start
with a modest range of some 6 10 valuation measures and remove those that
are not providing the intuitive result. Intellysis approach is the opposite we use
as many valuation methodologies as possible.
Further, Intellisys recognises that some target prices may appear strange or
extreme. However, subscribers should not dismiss these outcomes but use them
as starting points to challenge their established or perceived valuation opinion of
a stock.
In short, this disciplined approach provides an investment reality check to assist
investors from falling in love with a stock or becoming mesmerised by
management cults.
Conclusion
No investment methodology is 100% successful and like all trading and
investment systems active position monitoring is critical for maximised
investment performance.
Therefore, Intellisys recommends that its products should be used in conjunction
with, and not separate from subscribers existing investment systems as well as
discussing investment options with their financial advisers.
Page 4 of 25
Intellisys
www.intellisys.uk.com
02 March 2012
Index
FTSE 100
FTSE 100 PE
6,732.4
5Y Hi
5Y Hi
18.2
18.2
3Y Hi
6,091.3
3Y Hi
1Y Hi
6,082.9
1Y Hi
Last Close
5,931.3
1Y Lo
14.1
Last Close
10.1
1Y Lo
4,944.4
7.9
3Y Lo
3,512.1
3Y Lo
7.0
5Y Lo
3,512.1
5Y Lo
7.0
2000
4000
6000
8000
% change
1M
2.4; 3M
10
15
20
% change
8.1; 12M
-0.1
1M
-3.8; 3M
Yield
2.6; 12M
-10.6
RSI
FTSE 100 DY
5Y Hi
6.2
74.8
Hi
3Y Hi
6.0
1Y Hi
3.9
Last Close
3.4
1Y Lo
Last Close
58.5
3.0
3Y Lo
2.9
Lo
25.5
2.9
5Y Lo
1.0
3.0
5.0
7.0
20
40
60
80
% change
1M
1.8; 3M
Page 5 of 25
-6.0; 12M
13.9
Intellisys
www.intellisys.uk.com
02 March 2012
Index
FTSE 250
FTSE 250 PE
5Y Hi
12,220.2
5Y Hi
27.8
3Y Hi
12,167.8
3Y Hi
27.8
1Y Hi
12,167.8
1Y Hi
Last Close
Last Close
11,535.4
1Y Lo
3Y Lo 7.1
5,769.8
5Y Lo
5Y Lo 7.1
5,491.5
500
17.4
1Y Lo 7.1
9,425.9
3Y Lo
18.1
5500
10500
15500
% change
1M
4.7; 3M
10
15
20
25
30
% change
13.1; 12M
-0.3
1M
3.8; 3M
130.5; 12M
Yield
-2.9
RSI
FTSE 250 RSI
FTSE 250 DY
5Y Hi
5.7
Hi
3Y Hi
83.4
4.8
1Y Hi
3.3
Last Close
Last Close
2.7
1Y Lo
67.0
2.3
3Y Lo
2.2
Lo
5Y Lo
25.6
1.9
1.0
2.0
3.0
4.0
5.0
6.0
20
40
60
80
100
% change
1M
-1.8; 3M
Page 6 of 25
-10.5; 12M
18.1
Intellisys
www.intellisys.uk.com
02 March 2012
Index
FTSE ALL SHARE
5Y Hi
3,479.0
5Y Hi
19.5
19.5
3Y Hi
3,160.9
3Y Hi
1Y Hi
3,160.9
1Y Hi
Last Close
Last Close
3,073.7
1Y Lo
14.6
10.8
1Y Lo
2,557.8
8.5
3Y Lo
1,781.6
3Y Lo 7.4
5Y Lo
1,781.6
5Y Lo 7.4
500
1500
2500
3500
4500
% change
1M
2.8; 3M
10
15
20
25
% change
8.8; 12M
-0.2
1M
-2.8; 3M
Yield
13.0; 12M
-9.9
RSI
FTSE ALL SHARE RSI
5Y Hi
6.1
Hi
3Y Hi
74.8
5.8
1Y Hi
3.8
Last Close
Last Close
3.3
1Y Lo
60.5
2.9
3Y Lo
2.8
Lo
5Y Lo
25.4
2.7
1.0
3.0
5.0
7.0
20
40
60
80
% change
1M
0.9; 3M
Page 7 of 25
-6.7; 12M
14.0
Intellisys
www.intellisys.uk.com
02 March 2012
Index
FTSE AIM ALL-SHARE
5Y Hi
1,236.6
3Y Hi
5Y1,439.5
Hi
968.3
1Y Hi
3Y1,240.8
Hi
938.2
Last Close
1Y211.5
Hi
828.4
1Y Lo
104.8
Last Close
657.8
1Y Lo
-203,906.0
3Y Lo373.8
3Y Lo
-203,906.0
5Y Lo373.8
5Y Lo
-203,906.0
200
700
1200
1700
-250000
-200000
-150000
% change
1M
8.1; 3M
-100000
-50000
% change
19.0; 12M
-11.0
Yield
RSI
5Y Hi
2.1
3Y Hi
2.1
Hi
1Y Hi
50000
91.9
0.8
Last Close
0.6
1Y Lo
0.6
3Y Lo
0.5
Last Close
77.5
Lo
16.5
5Y Lo 0.4
0.2
0.7
1.2
1.7
2.2
50
100
% change
1M
-1.6; 3M
Page 8 of 25
-16.2; 12M
12.7
Intellisys
www.intellisys.uk.com
02 March 2012
Index
S&P 500 COMPOSITE
5Y Hi
1,565.2
5Y Hi
146.3
146.3
3Y Hi
1,374.1
3Y Hi
1Y Hi
1,374.1
1Y 17.5
Hi
Last Close
1,374.1
Last Close
15.7
1Y Lo
1Y13.4
Lo
1,099.2
3Y Lo
676.5
3Y13.4
Lo
5Y Lo
676.5
5Y13.4
Lo
400
900
1400
10
1900
% change
1M
3.8; 3M
60
110
160
% change
10.4; 12M
5.2
1M
3.9; 3M
Yield
9.4; 12M
-7.5
RSI
S&P 500 COMPOSITE RSI
5Y Hi
3.4
Hi
3Y Hi
81.6
3.2
1Y Hi
2.4
Last Close
2.1
1Y Lo
Last Close
70.7
1.9
3Y Lo
1.8
Lo
5Y Lo
30.0
1.8
0.5
1.5
2.5
3.5
4.5
20
40
60
80
100
% change
1M
-2.3; 3M
Page 9 of 25
-5.0; 12M
18.6
Intellisys
www.intellisys.uk.com
02 March 2012
5.75
3Y Hi
1.00
1Y Hi 0.50
Last Close 0.50
1Y Lo 0.50
3Y Lo 0.50
5Y Lo 0.50
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
% change
1M
0.0; 3M
0.0; 12M
0.0
UK Lending PE
100.0
1Y Lo
200.0
Last Close
200.0
1Y Hi
200.0
3Y Hi
200.0
5Y Hi
200.0
10
Page 10 of 25
60
110
160
210
Intellisys
www.intellisys.uk.com
02 March 2012
5.25
3Y Hi
3.00
1Y Hi
2.25
Last Close
1.75
1Y Lo
1.75
3Y Lo
1.75
5Y Lo
1.75
0.00
1.00
2.00
3.00
4.00
5.00
6.00
% change
1M
0.0; 3M
-12.5; 12M
0.0
Eurozone Lending PE
19.0
3Y Lo
33.3
1Y Lo
44.4
Last Close
57.1
1Y Hi
57.1
3Y Hi
57.1
5Y Hi
57.1
10
Page 11 of 25
20
30
40
50
60
Intellisys
www.intellisys.uk.com
02 March 2012
5.41
3Y Hi0.25
1Y 0.17
Hi
Last Close
0.10
1Y0.04
Lo
3Y0.04
Lo
5Y0.04
Lo
0.00
1.00
2.00
3.00
4.00
5.00
6.00
2510
3010
% change
1M
-9.1; 3M
25.0; 12M
-33.3
US Lending PE
400.0
1Y Lo
588.2
Last Close
1,000.0
1Y Hi
2,500.0
3Y Hi
2,500.0
5Y Hi
2,500.0
10
Page 12 of 25
510
1010
1510
2010
Intellisys
www.intellisys.uk.com
02 March 2012
US$/
5Y Hi
2.11
3Y Hi
1.70
1Y Hi
1.67
Last Close
1.60
1Y Lo
1.53
3Y Lo
1.38
5Y Lo
1.37
1.00
1.20
1.40
1.60
1.80
2.00
2.20
1.50
1.60
% change
1M
0.6; 3M
1.8; 12M
-2.1
EURO/
5Y Hi
1.50
3Y Hi
1.24
1Y Hi
1.21
Last Close
1.20
1Y Lo
3Y Lo
1.11
1.06
5Y Lo
1.02
1.00
1.10
1.20
1.30
1.40
% change
1M
Page 13 of 25
-0.4; 3M
2.8; 12M
1.5
Intellisys
www.intellisys.uk.com
02 March 2012
US$/EURO
5Y Hi
1.60
3Y Hi
1.51
1Y Hi
1.48
Last Close
1.33
1Y Lo
1.27
3Y Lo
1.19
5Y Lo
1.19
0.80
1.00
1.20
1.40
1.60
1.80
% change
1M
1.2; 3M
-1.1; 12M
-3.4
YEN/
5Y Hi
250.1
3Y Hi
162.5
1Y Hi
Last Close
139.4
129.2
1Y Lo 117.1
3Y Lo 117.1
5Y Lo 117.1
100.0
150.0
200.0
250.0
300.0
% change
1M
Page 14 of 25
7.0; 3M
6.0; 12M
-3.4
Intellisys
www.intellisys.uk.com
02 March 2012
145.6
3Y Hi
126.6
1Y Hi
126.6
Last Close
125.0
1Y Lo
104.0
3Y Lo
41.9
5Y Lo
34.6
0
50
100
150
200
% change
1M
11.58; 3M
14.62; 12M
9.37
Page 15 of 25
Intellisys
www.intellisys.uk.com
02 March 2012
Over Valued
Price 12M Lo
312.00 248.10
418.60 368.80
190.20 165.90
395.50 305.00
826.50 552.19
1094.00 869.50
1700.00 1305.00
352.00 243.50
12M Hi
340.80
736.50
236.50
397.60
826.50
1353.00
1752.00
499.88
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Buy
Neutral
Buy
Sell
Sell
Sell
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Price 12M Lo
222.50 157.00
378.00 268.60
57.75
47.00
13.75
6.80
12M Hi
245.00
425.40
72.75
19.71
ST Rec
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
251.15 138.85
568.30 463.50
34.77
21.84
27.75
17.34
1639.00 1169.50
12M Hi
315.00
670.60
62.88
44.66
1712.50
ST Rec
LT Rec
Neutral
Sell
Neutral Strong Buy
Sell Strong Buy
Sell
Sell
Neutral
Sell
Price
1188.00
1519.00
2585.00
12M Lo
1031.00
1112.00
1979.00
12M Hi
1395.00
1519.00
2585.00
ST Rec
Neutral
Neutral
Neutral
Page 16 of 25
Beta
1.95
1.42
1.34
1.12
Target
156
942
162
-19
1150
Beta
1.84
1.13
1.75
1.28
1.70
LT Rec
Neutral
Sell
Buy
Target
1244
1352
2958
Beta
0.41
0.54
0.98
Over Valued
Chemicals
Stock
C RODA INTERNATIONAL
ELEMENTIS
JOHNSON MATTHEY
VIC TREX
YULE C ATTO
ZOTEFOAMS
Target
175
328
73
13
Over Valued
Beverages
Stock
BARR (AG)
DIAGEO
SABMILLER
LT Rec
Sell
Sell
Buy
Neutral
Over Valued
Banks
Stock
BARC LAYS
HSBC HDG. (ORD $0.50)
LLOYDS BANKING GROUP
ROYAL BANK OF SC TL.GP.
STANDARD C HARTERED
Beta
0.65
0.52
0.93
1.33
1.08
0.71
0.59
0.79
Over Valued
Target
627
500
245
345
609
1068
1313
372
Price
2153.00
168.00
2324.00
1340.00
213.20
140.00
12M Lo
1556.00
107.50
1523.00
1025.00
148.00
109.00
12M Hi
2182.00
187.40
2351.00
1590.00
253.00
158.00
ST Rec
LT Rec
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral Strong Buy
Neutral Strong Buy
Target
1639
164
2116
1365
330
217
Beta
1.06
1.08
1.45
1.23
1.27
1.03
Intellisys
www.intellisys.uk.com
02 March 2012
Over Valued
Price 12M Lo
278.50 214.60
146.20
67.50
820.50 540.50
1394.00 960.00
509.50 326.50
330.00 281.00
39.50
35.50
203.25 180.00
595.00 332.75
425.00 239.25
1246.00 1097.00
62.00
38.00
99.88
83.25
677.50 510.00
674.50 374.00
127.60 103.50
120.00
76.95
48.77
28.71
1086.00 715.00
2500.00 1404.00
12M Hi
357.30
149.20
820.50
1394.00
514.00
403.20
105.00
265.00
595.00
671.50
1489.00
76.75
124.50
725.00
706.50
136.20
153.50
52.65
1090.00
2500.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
875.00 643.50
660.00 434.30
138.00
86.75
205.70 180.90
172.50 127.90
1174.00 600.50
1423.00 800.00
1763.00 1039.00
0.15
0.14
195.25 120.50
262.00 207.50
12M Hi
890.00
705.00
146.50
357.30
207.00
1175.00
1886.00
1763.00
0.28
208.00
295.00
ST Rec
LT Rec
Neutral
Sell
Sell
Neutral
Neutral
Buy
Neutral Strong Buy
Neutral
Neutral
Sell
Sell
Neutral
Buy
Sell
Sell
Buy Strong Buy
Neutral
Buy
Neutral
Sell
Page 17 of 25
Beta
0.85
1.42
1.01
0.68
1.07
1.10
0.82
0.59
1.02
1.31
1.05
1.08
1.35
0.90
1.07
0.97
1.58
1.50
1.87
1.41
Target
473
670
166
397
182
848
1960
1286
0
256
133
Beta
0.74
1.17
1.32
1.48
2.20
0.96
1.28
1.40
0.62
1.59
1.12
Over Valued
Target
298
67
722
1483
215
493
209
818
572
406
3306
64
70
1463
696
92
13
13
1168
1839
Under Valued
LT Rec
Neutral
Sell
Sell
Neutral
Sell
Buy
Strong Buy
Strong Buy
Neutral
Neutral
Strong Buy
Neutral
Sell
Strong Buy
Neutral
Sell
Sell
Sell
Neutral
Sell
Price
77.50
420.00
312.50
696.00
463.00
392.60
311.00
970.00
8.75
354.00
2070.00
197.80
201.25
2069.00
634.00
2030.00
12M Lo
62.50
225.60
252.50
395.80
280.00
306.30
235.00
636.50
7.25
224.00
1501.00
132.60
150.00
1649.00
488.00
1375.00
12M Hi
138.00
420.00
358.00
724.50
481.80
429.60
393.50
1119.00
12.00
360.00
2099.00
201.00
272.00
2101.00
661.75
2236.00
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Buy
Neutral
Neutral
Neutral
Neutral
Neutral Strong Buy
Neutral
Buy
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Buy
Neutral
Buy
Neutral
Sell
Target
308
370
529
801
477
377
606
1390
7
354
1803
192
179
2300
762
827
Beta
1.33
1.59
0.95
2.28
1.41
0.76
1.39
1.42
0.85
1.76
1.00
1.76
1.06
0.86
1.50
1.40
Intellisys
www.intellisys.uk.com
02 March 2012
Under Valued
Price 12M Lo
548.50 445.00
290.40 268.50
296.70 263.50
320.00 312.35
23.50
9.50
12M Hi
556.00
328.00
371.50
420.05
94.00
ST Rec
LT Rec
Neutral
Sell
Neutral
Buy
Neutral Strong Buy
Neutral
Buy
Neutral
Sell
Price 12M Lo
1206.00 940.00
783.00 588.50
320.00 311.00
315.00 232.00
11.50
3.29
389.50 233.25
707.00 520.00
2053.00 1796.00
12M Hi
1228.00
842.50
409.70
315.00
35.12
389.75
720.50
2189.00
ST Rec
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
22.00
16.00
239.60 227.00
1446.00 1092.00
659.00 375.00
11.25
7.50
14.95
9.36
3.55
2.20
45.00
36.00
4.80
3.26
315.00 269.50
11.50
5.20
810.00 570.00
74.45
60.20
285.70 217.00
361.10 301.80
47.75
25.50
220.00 127.30
2769.00 1868.00
804.00 572.50
35.00
21.50
12M Hi
25.25
304.50
1600.00
770.50
27.00
19.91
8.70
134.00
63.00
405.90
31.00
1030.00
151.40
287.10
402.20
47.75
495.00
2810.00
830.00
77.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Sell
Neutral
Price 12M Lo
585.00 498.00
52.00
36.50
630.50 521.00
12M Hi
590.00
59.00
718.50
ST Rec
Neutral
Neutral
Neutral
Page 18 of 25
Beta
0.60
0.59
0.94
0.30
1.43
0.49
0.64
0.61
LT Rec
Buy
Sell
Sell
Sell
Sell
Strong Buy
Sell
Strong Buy
Strong Buy
Buy
Strong Buy
Buy
Strong Buy
Sell
Sell
Sell
Buy
Sell
Sell
Sell
Target
25
215
475
169
8
25
2
90
146
350
1194
1087
252
253
332
20
297
1922
409
18
Beta
0.71
0.49
1.37
1.03
0.64
1.44
0.95
0.95
0.83
0.64
0.86
0.47
1.27
0.98
0.74
1.02
0.54
0.79
0.55
1.32
LT Rec
Sell
Sell
Neutral
Target
517
49
648
Beta
0.39
0.72
0.37
Under Valued
Target
568
759
368
447
-4
533
419
1951
Over Valued
Health
Stock
C ONSORT MEDIC AL
C ORIN GROUP
SMITH & NEPHEW
LT Rec
Sell
Neutral
Buy
Buy
Sell
Buy
Sell
Neutral
Over Valued
General Retail
Stock
ASHLEY(LAURA) HOLDINGS
BROWN (N) GROUP
BURBERRY GROUP
C ARPETRIGHT
C LINTON C ARDS
DIXONS RETAIL
FINDEL
FRENC H C ONNEC TN.GROUP
GAME 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
Beta
0.53
0.45
0.63
0.74
0.72
Under Valued
Target
349
359
544
418
21
Price 12M Lo
38.25
21.75
527.50 357.50
287.00 233.25
106.50
99.00
12M Hi
40.00
547.50
310.00
145.00
ST Rec
Neutral
Neutral
Neutral
Neutral
LT Rec
Sell
Sell
Buy
Buy
Target
31
459
339
141
Beta
0.47
0.37
0.93
0.64
Intellisys
www.intellisys.uk.com
02 March 2012
Over Valued
Price 12M Lo
561.00 464.00
249.90 154.10
29.13
14.50
621.00 296.90
50.50
41.00
151.80 105.80
194.75
96.00
12M Hi
645.00
391.40
35.00
630.50
102.75
155.30
281.75
ST Rec
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
1096.00 787.00
352.60 270.60
143.90 109.60
418.40 334.00
412.70 340.50
693.50 576.00
110.80
99.60
346.50 285.00
12M Hi
1754.00
427.00
151.80
449.00
424.70
764.50
139.80
410.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
43.88
26.25
1920.00 1742.00
53.75
26.50
198.70 136.70
704.50 595.00
504.50 410.00
153.70 114.00
1450.00 955.00
491.00 371.20
267.70 215.60
158.50 100.60
11.63
9.14
137.40 109.50
283.50 254.90
405.50 380.50
1687.00 1409.00
228.00 176.80
98.15
84.60
12M Hi
44.00
2672.00
96.15
250.00
752.00
521.50
155.30
1450.00
563.00
336.80
204.00
15.70
153.70
335.00
468.30
1737.00
244.10
112.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Page 19 of 25
LT Rec
Sell
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Target
520
2441
1282
68
2429
1946
1014
2284
Beta
0.52
0.47
0.52
0.32
0.48
0.32
0.45
0.51
LT Rec
Sell
Strong Buy
Strong Buy
Strong Buy
Neutral
Buy
Strong Buy
Sell
Neutral
Strong Buy
Sell
Sell
Buy
Buy
Strong Buy
Buy
Buy
Strong Buy
Target
17
3634
88
596
682
713
251
943
505
432
136
-151
203
358
694
1864
311
197
Beta
0.79
1.09
1.73
0.98
0.45
0.87
1.00
1.31
1.40
1.03
1.28
1.29
0.98
0.88
0.73
1.04
0.95
1.25
Over Valued
Life Assurance
Stock
AVIVA
C HESNARA
LEGAL & GENERAL
OLD MUTUAL
PRUDENTIAL
ST.JAMES'S PLAC E
Beta
0.76
1.16
0.64
0.96
1.18
1.00
1.04
Under Valued
Target
1764
7393
-288
1539
3377
1601
30
Over Valued
Insurance
Stock
ADMIRAL GROUP
AMLIN
BEAZLEY
C ATLIN GROUP
HISC OX
JARDINE LLOYD THOMPSON
RSA INSURANC E GROUP
NOVAE GROUP
LT Rec
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Sell
Price 12M Lo
373.00 275.30
171.00 161.75
122.10
89.80
161.00
98.05
724.00 509.00
368.30 294.00
12M Hi
477.90
264.00
123.80
162.20
777.00
376.00
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Neutral
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Target
435
177
83
160
316
121
Beta
1.24
0.59
1.66
1.63
1.74
0.80
Intellisys
www.intellisys.uk.com
02 March 2012
Under Valued
Price 12M Lo
175.00 116.17
121.25
91.25
674.50 618.50
42.25
32.50
434.10 343.40
723.00 522.50
437.00 313.90
227.50 157.70
88.00
51.65
7.90
4.11
1211.00 1038.00
47.25
39.50
238.00 145.00
28.50
26.21
106.87
76.25
85.50
68.50
45.50
37.50
592.00 416.00
95.00
78.50
827.50 578.00
4.46
3.35
12M Hi
175.00
138.00
850.00
66.00
557.50
772.00
446.00
258.20
93.45
12.25
1255.00
67.00
292.00
39.25
168.00
108.50
84.25
645.00
165.00
836.50
11.00
ST Rec
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Price
2671.00
331.00
1333.00
2047.00
1107.00
7295.00
3594.50
31.50
1464.00
1212.00
12M Lo
2138.50
237.90
900.50
1667.00
941.00
4425.00
2712.50
28.50
928.00
764.00
12M Hi
3360.50
350.00
1491.00
2631.50
1880.00
7565.00
4595.00
47.00
2518.00
1550.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Price
1526.00
496.40
338.60
11.00
845.50
153.50
131.00
440.60
2294.50
2347.50
338.90
1487.00
759.50
12M Lo
1144.00
363.20
291.86
9.00
530.00
120.50
95.25
310.00
1883.50
1890.50
278.00
945.50
469.90
12M Hi
1564.50
501.70
531.75
14.75
845.50
335.10
297.00
520.50
2402.00
2489.00
400.00
1601.00
763.50
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Page 20 of 25
Beta
1.31
0.51
0.61
1.01
1.09
1.06
1.51
1.39
1.50
1.44
0.68
0.84
0.35
0.51
0.78
1.43
1.56
1.31
0.84
1.28
1.34
LT Rec
Strong Buy
Buy
Sell
Strong Buy
Neutral
Sell
Strong Buy
Sell
Strong Buy
Neutral
Target
6792
397
1148
4876
1082
1956
5575
-66
5687
1251
Beta
1.76
0.93
1.39
1.42
1.90
0.31
1.44
0.95
2.08
1.78
Price 12M Lo
129.00 108.75
311.00 285.00
3491.00 3015.00
LT Rec
Buy
Strong Buy
Neutral
Strong Buy
Buy
Strong Buy
Strong Buy
Buy
Strong Buy
Strong Buy
Sell
Sell
Neutral
Target
2051
1393
364
25
987
387
692
564
6748
6812
213
497
807
Beta
0.70
1.06
1.35
0.84
1.31
1.35
1.12
1.36
0.91
0.93
0.50
1.07
1.33
Over Valued
Strong
Strong
Strong
Strong
Strong
Strong
Strong
Strong
Strong
Strong
Strong
Strong
Strong
Target
572
310
10743
-508
7207
8595
3248
31
1138
752
9493
1014
1839
226
1462
2038
6248
17986
874
7094
701
Under Valued
Strong
Strong
Strong
Rec
Buy
Buy
Buy
Sell
Buy
Buy
Buy
Sell
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Under 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
LT
Strong
Strong
Strong
12M Hi
151.06
387.90
3597.00
ST Rec
Neutral
Neutral
Neutral
LT Rec
Sell
Buy
Sell
Target
105
365
3196
Beta
0.86
0.76
0.34
Intellisys
www.intellisys.uk.com
02 March 2012
Under Valued
Price
3.53
2822.50
360.30
532.00
1405.00
3.18
8.83
2206.00
37.38
23.25
12M Lo
3.13
2543.50
210.10
433.00
1138.50
2.90
6.40
1719.00
31.00
18.75
12M Hi
5.35
3194.00
361.80
579.00
1497.00
7.20
9.50
2300.00
66.13
49.00
ST Rec
Buy
Neutral
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Neutral
Price 12M Lo
22.88
22.88
110.50
57.75
1724.00 1298.00
393.70 324.70
310.00 225.00
20.75
15.25
87.05
58.95
454.80 242.90
318.80 214.90
207.00 154.75
83.50
41.50
1652.00 1444.00
311.80 231.70
12M Hi
27.00
112.00
1799.00
490.00
535.00
23.00
144.80
458.40
420.20
262.75
157.50
2109.00
312.40
ST Rec
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Page 21 of 25
Beta
0.93
0.46
0.72
0.30
0.48
0.59
0.92
0.61
0.71
0.81
LT Rec
Strong Buy
Sell
Sell
Strong Buy
Sell
Sell
Strong Buy
Neutral
Buy
Strong Buy
Strong Buy
Neutral
Neutral
Target
47
61
948
947
279
18
193
433
392
472
380
1678
316
Beta
0.72
0.82
1.46
1.10
1.07
0.89
1.36
0.73
1.33
0.86
0.46
0.81
0.64
Over Valued
Target
-7
11805
241
2029
2338
17
1
1865
324
102
Under Valued
LT Rec
Sell
Strong Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Sell
Sell
Strong Buy
Strong Buy
Price 12M Lo
12M Hi
250.00 167.80
265.80
157.30 113.70
184.70
9973.00 8800.00 10950.00
269.88 240.00
350.00
140.00 115.63
165.00
751.50 590.00
875.00
70.85
56.05
85.50
2.35
1.36
17.38
119.40
95.05
173.10
397.30 311.60
541.50
277.00 197.90
345.00
408.00 318.40
522.00
903.50 756.50 1076.00
147.50 104.50
284.40
1244.00 977.00 1290.00
1588.00 1183.00 1906.00
1249.00 970.00 1554.00
ST Rec
LT Rec
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Neutral
Neutral
Neutral
Neutral
Buy
Target
174
130
18041
306
223
380
87
0
100
333
285
296
771
189
1223
1676
1676
Beta
1.09
0.71
0.86
0.93
0.70
0.81
0.92
0.66
1.42
1.08
1.65
1.56
1.17
1.25
0.75
1.33
1.32
Intellisys
www.intellisys.uk.com
02 March 2012
Under 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
185.00 166.25
2241.00 1395.48
1122.00 740.50
255.40
99.40
756.50 550.50
388.50 230.00
973.00 676.50
270.50 192.25
764.00 611.50
39.25
23.75
637.00 512.50
515.50 402.70
968.50 717.00
830.00 690.00
397.00 263.50
246.60 182.20
449.10 293.00
291.30 219.90
85.25
58.85
221.20 218.50
303.90 245.00
2350.00 1744.00
27.75
25.25
35.25
27.75
586.00 425.00
477.70 323.00
268.20 195.90
15.75
4.75
148.00 114.00
581.00 395.00
218.00 144.50
112.80
64.00
80.45
58.20
417.00 299.80
376.13 325.00
239.00 158.25
384.00 231.50
227.50 156.60
563.50 458.00
107.00
90.80
29.00
18.50
76.13
36.25
42.63
36.25
246.50 191.00
52.00
47.00
270.00 160.00
12M Hi
367.50
2250.00
1207.00
255.40
758.00
388.50
973.00
318.50
786.50
39.75
641.00
568.00
1001.00
854.50
425.50
294.90
451.90
291.30
130.00
532.00
341.25
2350.00
36.00
45.50
614.00
567.00
271.00
154.75
166.50
593.00
308.80
119.00
100.90
417.00
410.00
335.50
393.20
253.00
618.50
130.90
34.00
77.00
52.88
256.50
1125.00
385.00
ST Rec
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Buy
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Page 22 of 25
Target
356
1320
1343
134
740
1134
1066
570
742
102
815
741
1087
1025
504
393
453
409
150
495
835
1713
71
60
1281
462
424
-308
300
774
373
73
53
556
576
367
470
313
707
173
-9
-335
66
615
-9305
603
Beta
0.92
1.18
1.02
1.50
0.55
0.71
0.54
0.30
0.41
0.73
0.73
1.03
#NA
0.21
1.02
1.03
1.12
0.59
0.98
0.67
1.36
0.86
1.16
0.66
1.45
1.35
0.61
0.89
0.36
0.76
1.21
1.41
1.31
0.88
0.81
1.21
0.81
1.58
0.57
1.45
1.30
0.60
0.88
0.88
0.76
0.96
Under Valued
Telecommunication Services
Stock
BT GROUP
C ABLE & WIRELESS C OMMS.
INMARSAT
KC OM GROUP
TELEC OM PLUS
VODAFONE GROUP
LT Rec
Strong Buy
Sell
Buy
Sell
Neutral
Strong Buy
Neutral
Strong Buy
Neutral
Strong Buy
Buy
Buy
Buy
Buy
Buy
Strong Buy
Neutral
Buy
Strong Buy
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Neutral
Strong Buy
Sell
Strong Buy
Buy
Strong Buy
Sell
Sell
Buy
Strong Buy
Strong Buy
Buy
Buy
Buy
Strong Buy
Sell
Sell
Strong Buy
Strong Buy
Sell
Strong Buy
Price 12M Lo
217.60 161.00
34.99
31.25
475.50 389.30
69.60
58.50
640.00 440.00
171.80 155.05
12M Hi
217.80
51.20
685.50
84.00
802.00
182.70
ST Rec
LT Rec
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Buy
Target
256
137
377
82
453
191
Beta
0.93
0.68
0.51
1.27
0.04
0.63
Intellisys
www.intellisys.uk.com
02 March 2012
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
201.80 156.00
387.50 282.00
1242.00 1015.00
439.80 301.00
295.10 291.20
558.50 440.50
1302.00 1190.00
241.80 201.60
257.20 190.90
274.70 199.97
83.00
56.00
12M Hi
223.40
505.00
1355.00
476.10
371.30
574.00
1598.00
270.20
346.70
287.40
138.50
ST Rec
LT Rec
Neutral
Sell
Neutral Strong Buy
Neutral
Buy
Neutral
Buy
Neutral
Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Sell Strong Buy
Neutral
Sell
Neutral Strong Buy
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Beta
1.40
0.95
0.81
0.78
1.08
0.82
0.94
1.29
1.37
0.90
0.83
Under Valued
Utilities
Stock
C ENTRIC A
NATIONAL GRID
PENNON GROUP
SEVERN TRENT
UNITED UTILITIES GROUP
Target
173
678
1640
562
439
354
1840
190
399
216
173
Price 12M Lo
304.80 278.80
645.00 543.50
722.50 584.50
1574.00 1375.00
615.50 551.00
12M Hi
337.60
649.50
737.50
1600.00
637.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
LT Rec
Neutral
Buy
Sell
Sell
Neutral
Target
310
800
638
1386
628
Beta
0.50
0.56
0.61
0.48
0.59
Intellisys
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02 March 2012
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