UK Trading &

Value
Indicator
05 January 2012

Intellisys

www.intellisys.uk.com

05 January 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

..........................................................

Construction & Building Materials

................................

Electronics & Electrical Equipment

...............................

Engineering & Machinery

..........................................

Food & Drug Stores

.................................................

Food Producers & Processors

General Retail
Health

.....................................

.......................................................
................................................................

Household Goods & Textiles

......................................

Information Technology & Hardware

Insurance

............................

..........................................................

Leisure & Hotels

....................................................

Life Assurance

....................................................

Media & Entertainment

Mining

............................................

................................................................

Oil & Gas

.............................................................

Personal Care & Household Products

Pharmaceuticals & Biotechnology
Software & Computer Services
Speciality & Other Finance
Support Services

................................
...................................
........................................

....................................................

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
Over Valued 18
Over Valued 18
Over Valued 18
Under Valued 18
Over Valued 19
Over Valued 19
Under Valued 19
Over Valued 19
Over Valued 20
Under Valued 20
Under Valued 20
Fair Value 20
Under Valued 21
Under Valued 21
Over Valued 21
Under Valued 22
Under Valued 22
Under Valued 23
Over Valued 23

Utilities
.............................................................
DISCLAIMER............................................................................................. 24

Page 2 of 25

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05 January 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 Recommendation & 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 25

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05 January 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 Cashflow
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.

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

RISK WARNING Recommendations and Target Prices

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

Page 4 of 25

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05 January 2012

Market Pictures - Indices

FTSE 100
Index

PE

FTSE 100

FTSE 100 PE

5Y Hi

6,732.4

5Y Hi

18.2
18.2

3Y Hi

6,091.3

3Y Hi

1Y Hi

6,091.3

1Y Hi

Last Close

Last Close

5,668.5

1Y Lo

14.1

10.2

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

3000

4000

5000

6000

7000

10

% change
1M

2.1; 3M

15

20

% change

14.6; 12M

-5.7

1M

3.1; 3M

30.1; 12M

Yield

RSI

FTSE 100 DY

FTSE 100 RSI

-17.2

6.2

5Y Hi

Hi

74.8

6.0

3Y Hi

3.9

1Y Hi

Last Close

Last Close

3.5

1Y Lo

2.9

3Y Lo

2.9

5Y Lo

2.9

69.2

Lo

1.0

2.0

3.0

4.0

5.0

6.0

11.1

7.0

20

40

60

80

% change
1M

-2.5; 3M

Page 5 of 25

-10.0; 12M

20.1

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05 January 2012

Market Pictures - Indices

FTSE 250
Index

PE

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

10,273.8

Last Close

3Y Lo 7.1

5,769.8

3Y Lo

5Y Lo 7.1

5,491.5

5Y Lo
500

15.5

1Y Lo 7.1

9,425.9

1Y Lo

19.5

5500

10500

15500

10

% change
1M

-0.3; 3M

15

20

25

30

% change

9.0; 12M

-12.4

1M

104.2; 3M

12.2; 12M

Yield

RSI

FTSE 250 DY

FTSE 250 RSI

5Y Hi

-20.0

5.7

Hi

72.5

5.1

3Y Hi
1Y Hi

3.3

Last Close

3.1

1Y Lo

2.2

3Y Lo

2.2

Last Close

64.6

Lo
5Y Lo

7.9

1.9
1.0

2.0

3.0

4.0

5.0

6.0

20

40

60

80

% change
1M

1.0; 3M

Page 6 of 25

-2.9; 12M

40.4

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05 January 2012

Market Pictures - Indices

FTSE All Share Index
Index

PE

FTSE ALL SHARE

FTSE ALL SHARE PE

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

2,906.4

1Y Lo

14.6

10.8

Last Close

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

10

% change
1M

1.8; 3M

15

20

25

% change

13.6; 12M

-6.8

1M

11.8; 3M

27.6; 12M

Yield

RSI

FTSE ALL SHARE DY

FTSE ALL SHARE RSI

5Y Hi

-18.0

6.1
Hi

3Y Hi

74.8

5.8

1Y Hi

3.8

Last Close

3.5

1Y Lo

2.8

3Y Lo

2.8

5Y Lo

2.7

Last Close

68.7

Lo

1.0

2.0

3.0

4.0

5.0

6.0

7.0

10.4

20

40

60

80

% change
1M

-2.0; 3M

Page 7 of 25

-8.7; 12M

21.8

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05 January 2012

Market Pictures - Indices

FTSE AIM All Share
Index

PE

FTSE AIM ALL-SHARE

FTSE AIM ALL-SHARE PE

5Y Hi

1,236.6

5Y1,439.5
Hi

3Y Hi

968.3

3Y1,240.8
Hi

1Y Hi

968.3

1Y 211.5
Hi

Last Close

703.3

1Y Lo

98.0
Last Close

657.8

3Y Lo 373.8

5Y Lo 373.8
200

400

600

800

1000

1200

1400

-250000

203,906.0-

1Y Lo

203,906.0-

3Y Lo

203,906.0-

5Y Lo

-200000

% change
1M

0.0; 3M

-150000

-100000

-50000

50000

% change

6.9; 12M

-25.3

1M -13.4; 3M 31.3; 12M -170.6

Yield

RSI

FTSE AIM ALL-SHARE DY

FTSE AIM ALL-SHARE RSI

5Y Hi

2.1

3Y Hi

2.1

Hi

73.6

0.8

1Y Hi

Last Close

Last Close

0.7

1Y Lo

0.5

3Y Lo

0.5

69.9

Lo 6.9

5Y Lo 0.4
0.2

0.7

1.2

1.7

2.2

20

40

60

80

% change
1M

-1.4; 3M

Page 8 of 25

-11.1; 12M

33.3

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05 January 2012

Market Pictures - Indices

S&P 500
Index

PE

S&P 500 COMPOSITE

S&P 500 COMPOSITE PE

5Y Hi

1,565.2

5Y Hi

146.3

146.3

3Y Hi

1,363.6

3Y Hi

1Y Hi

1,363.6

1Y Hi18.4

Last Close

14.6
Last Close

1,277.3

1Y Lo

13.4
1Y Lo

1,099.2

3Y Lo

676.5

3Y Lo
13.4

5Y Lo

676.5

5Y Lo
13.4

400

900

1400

10

1900

60

% change
1M

2.7; 3M

110

160

% change

13.6; 12M

0.6

1M

1.5; 3M

3.9; 12M

Yield

RSI

S&P 500 COMPOSITE DY

S&P 500 COMPOSITE RSI

-17.0

3.4

5Y Hi

Hi

73.6

3.2

3Y Hi

2.4

1Y Hi

Last Close

Last Close

2.2

1Y Lo

1.8

3Y Lo

1.8

5Y Lo

1.8

64.5

Lo

0.5

1.5

2.5

3.5

11.2

4.5

20

40

60

80

% change
1M

0.5; 3M

Page 9 of 25

-3.5; 12M

18.7

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05 January 2012

Market Pictures Interest Rates

UK Bank Lending Rates
UK

UK CLEARING BANKS BASE RATE

5Y Hi

5.75

3Y Hi

2.00

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

UK CLEARING BANKS BASE RATE PE

5Y Lo17.4
3Y Lo

50.0

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

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05 January 2012

Market Pictures Interest Rates

Eurozone Lending Rates
Eurozone

EUROZONE MARGINAL LENDING RATE

5Y Hi

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

-12.5; 3M

-22.2; 12M

0.0

Eurozone Lending PE

EUROZONE MARGINAL LENDING RATE - PE

5Y Lo

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

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05 January 2012

Market Pictures Interest Rates

US Federal Funds Rate
US

US FEDERAL FUNDS RATE

5Y Hi

5.41

3Y Hi0.25
1Y Hi
0.19
Last Close
0.07
1Y 0.04
Lo
3Y 0.04
Lo
5Y 0.04
Lo
0.00

1.00

2.00

3.00

4.00

5.00

6.00

% change
1M

-12.5; 3M

0.0; 12M

-61.1

US Lending PE

US FEDERAL FUNDS RATE - PE

5Y 18.5
Lo
3Y Lo

400.0

1Y Lo

526.3
1,428.6

Last Close
1Y Hi

2,500.0

3Y Hi

2,500.0

5Y Hi

2,500.0
10

Page 12 of 25

510

1010

1510

2010

2510

3010

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05 January 2012

Market Pictures Exchange Rates

US$/

US$/
5Y Hi

2.11

3Y Hi

1.70

1Y Hi

1.67

Last Close

1.56

1Y Lo

1.53

3Y Lo

1.37

5Y Lo

1.37

1.00

1.20

1.40

1.60

1.80

2.00

2.20

% change
1M

-0.1; 3M

1.3; 12M

0.1

EURO/
5Y Hi

1.53

3Y Hi

1.24

1Y Hi

1.21

Last Close

1.21

1Y Lo
3Y Lo

1.11
1.06

5Y Lo1.02
1.00

1.10

1.20

1.30

1.40

1.50

1.60

% change
1M

Page 13 of 25

3.9; 3M

4.2; 12M

3.3

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05 January 2012

Market Pictures Exchange Rates

US$/

US$/EURO
5Y Hi

1.60

3Y Hi

1.51

1Y Hi

1.48

Last Close

1.29

1Y Lo

1.29

3Y Lo

1.19

5Y Lo

1.19

0.80

0.90

1.00

1.10

1.20

1.30

1.40

1.50

1.60

1.70

% change
1M

-3.4; 3M

-3.0; 12M

-2.7

YEN/
5Y Hi

250.1

3Y Hi

162.5

1Y Hi

139.4

Last Close

119.8

1Y Lo

117.1

3Y Lo

117.1

5Y Lo

117.1

100.0

120.0

140.0

160.0

180.0

200.0

220.0

240.0

260.0

% change
1M

Page 14 of 25

-1.7; 3M

1.4; 12M

-6.4

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05 January 2012

Market Pictures - Oil

Brent Monthly FOB US$/bbl

Oil (Brent) Monthly FOB U$/bbl

5Y Hi

145.6

3Y Hi

126.6

1Y Hi

126.6

Last Close

113.9

1Y Lo

94.3

3Y Lo

39.1

5Y Lo

34.6
0

20

40

60

80

100

120

140

160

% change
1M

3.73; 3M

9.38; 12M

21.45

RISK WARNING Recommendations and Target Prices

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

Page 15 of 25

Intellisys 05 January 2012

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05 January 2012

Over Valued

Aerospace & Defence

Stock
BAE SYSTEMS
CHEMRING GROUP
COBHAM
MEGGITT
ROLLS-ROYCE HOLDINGS
SMITHS GROUP
ULTRA ELECTRONICS HDG.
UMECO

Price
286.60
401.60
183.80
356.90
750.00
938.50
1465.00
359.50

12M Lo
248.10
368.80
165.90
305.00
552.19
869.50
1305.00
243.50

12M Hi
361.10
736.50
236.50
397.60
757.00
1429.00
1830.00
512.50

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

Price
190.70
299.90
50.50
7.75

12M Lo
157.00
268.60
47.00
6.80

12M Hi
245.00
425.40
72.75
19.71

ST Rec
Neutral
Neutral
Neutral
Neutral

Price
188.35
500.00
26.60
20.76
1442.00

12M Lo
138.85
463.50
21.84
17.34
1169.50

12M Hi
333.55
730.90
69.61
49.00
1769.00

ST Rec
Neutral
Neutral
Sell
Sell
Neutral

Price
1243.00
1412.00
2310.00

12M Lo
1031.00
1112.00
1979.00

12M Hi
1395.00
1428.00
2354.50

ST Rec
Neutral
Neutral
Neutral

Page 16 of 25

Target
151
267
60
8

Beta
1.93
1.40
1.34
1.08

LT Rec
Sell
Strong Buy
Strong Buy
Sell
Sell

Target
57
841
143
-29
1297

Beta
1.81
1.12
1.72
1.23
1.69

LT Rec
Neutral
Sell
Buy

Target
1246
1273
2733

Beta
0.42
0.55
0.97

Over Valued

Chemicals
Stock
CRODA INTERNATIONAL
ELEMENTIS
JOHNSON MATTHEY
VICTREX
YULE CATTO
ZOTEFOAMS

LT Rec
Sell
Sell
Buy
Neutral

Over Valued

Beverages
Stock
BARR (AG)
DIAGEO
SABMILLER

Beta
0.63
0.53
0.94
1.34
1.09
0.71
0.59
0.80

Over Valued

Banks
Stock
BARCLAYS
HSBC HDG. (ORD $0.50)
LLOYDS BANKING GROUP
ROYAL BANK OF SCTL.GP.
STANDARD CHARTERED

Target
585
448
228
320
579
958
1150
356

Over Valued

Automobiles & Parts

Stock
GKN
INCHCAPE
LOOKERS
PENDRAGON

LT Rec
Strong Buy
Buy
Buy
Sell
Sell
Neutral
Sell
Neutral

Price
1825.00
136.50
1911.00
1124.00
172.20
112.50

12M Lo
1456.00
107.50
1523.00
1025.00
148.00
110.00

12M Hi
2081.00
187.40
2119.00
1590.00
253.00
158.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rec
Sell
Neutral
Sell
Sell
Strong Buy
Strong Buy

Intellisys 05 January 2012

Target
1486
139
1587
1060
279
182

Beta
1.06
1.06
1.43
1.20
1.25
1.01

Intellisys

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05 January 2012
Over Valued

Construction & Building Materials

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

Price
276.70
91.30
696.50
1226.00
424.90
309.60
41.25
192.00
473.00
278.25
1409.00
40.00
89.75
618.50
472.20
116.00
85.65
37.00
824.50
2127.00

12M Lo
214.60
67.50
540.50
884.50
326.50
281.00
35.50
180.00
307.50
239.25
1097.00
38.00
83.25
510.00
374.00
103.50
76.95
28.71
715.00
1404.00

12M Hi
357.30
119.00
776.50
1360.00
499.60
403.20
128.00
265.00
530.00
698.50
1458.00
76.75
124.50
730.00
518.50
137.60
153.50
43.31
1127.00
2261.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral

Price
690.00
542.50
103.75
217.50
150.00
993.00
1046.00
1310.00
0.17
138.00
248.00

12M Lo
516.00
434.30
86.75
180.90
127.90
600.50
800.00
1039.00
0.14
120.50
207.50

12M Hi
847.00
705.00
146.00
364.30
207.00
1010.00
1886.00
1679.00
0.34
208.00
295.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

Page 17 of 25

Beta
0.85
1.39
1.00
0.69
1.07
1.10
0.84
0.58
1.02
1.26
1.05
1.04
1.35
0.88
1.05
0.95
1.56
1.48
1.85
1.41

LT Rec
Sell
Neutral
Buy
Buy
Neutral
Sell
Strong Buy
Sell
Strong Buy
Strong Buy
Sell

Target
383
543
132
325
155
688
1602
1026
0
208
109

Beta
0.73
1.15
1.30
1.51
2.20
0.97
1.22
1.37
0.65
1.55
1.13

Over Valued

Engineering & Machinery

Stock
AGA RANGEMASTER GROUP
BODYCOTE
CASTINGS
COOKSON GROUP
FENNER
HALMA
HILL & SMITH
IMI
METALRAX GROUP
MORGAN CRUCIBLE
ROTORK
SENIOR
SEVERFIELD-ROWEN
SPIRAX-SARCO
VITEC GROUP
WEIR GROUP

Target
268
54
613
1203
186
430
180
695
507
353
2829
54
60
1290
578
77
-4
12
966
1581

Under Valued

Electronics & Electrical Equipment

Stock
DIALIGHT
DOMINO PRINTING SCIENCES
E2V TECHNOLOGIES
INVENSYS
LAIRD
OXFORD INSTRUMENTS
RENISHAW
SPECTRIS
BIOME TECHNOLOGIES
TT ELECTRONICS
XAAR

LT Rec
Neutral
Sell
Sell
Neutral
Sell
Buy
Strong Buy
Strong Buy
Neutral
Buy
Strong Buy
Buy
Sell
Strong Buy
Buy
Sell
Sell
Sell
Buy
Sell

Price
71.25
277.90
267.50
530.50
403.40
339.10
253.00
791.50
8.25
273.80
1946.00
176.00
170.75
1890.00
556.25
2100.00

12M Lo
62.50
225.60
250.50
395.80
280.00
306.30
235.00
636.50
7.37
224.00
1501.00
132.60
150.00
1649.00
488.00
1375.00

12M Hi
138.00
397.70
358.00
724.50
422.50
429.60
393.50
1119.00
12.00
357.10
1979.00
190.60
333.50
2063.00
661.75
2218.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell

LT Rec
Strong Buy
Buy
Strong Buy
Buy
Sell
Neutral
Strong Buy
Strong Buy
Sell
Buy
Sell
Neutral
Sell
Buy
Buy
Sell

Intellisys 05 January 2012

Target
279
330
481
715
263
343
545
1275
7
316
1670
173
156
2108
681
752

Beta
1.31
1.56
0.96
2.26
1.39
0.74
1.36
1.40
0.85
1.73
1.01
1.75
1.03
0.84
1.51
1.41

Intellisys

www.intellisys.uk.com

05 January 2012
Under Valued

Food & Drug Stores

Stock
GREGGS
MORRISON(WM)SPMKTS.
SAINSBURY (J)
TESCO
THORNTONS

Price
519.00
321.70
305.50
405.50
18.75

12M Lo
445.00
262.70
263.50
356.25
18.50

12M Hi
550.50
328.00
391.50
436.65
100.75

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral

Price
1105.00
745.50
334.70
256.90
5.75
246.00
709.50
2156.00

12M Lo
940.00
588.50
318.80
223.50
3.29
233.25
520.00
1793.00

12M Hi
1150.00
882.00
410.40
296.90
35.12
356.50
720.50
2189.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

Price
19.63
1.13
233.90
1219.00
494.90
11.00
9.70
3.52
41.00
6.93
301.60
5.60
608.00
66.65
248.80
308.80
34.75
160.00
2656.00
658.00
26.50

12M Lo
16.00
0.75
227.00
1030.00
375.00
7.50
9.36
2.20
37.50
6.20
269.50
5.20
570.00
60.20
217.00
301.80
23.75
127.30
1868.00
572.50
21.50

12M Hi
25.25
42.25
311.20
1600.00
835.50
28.00
23.73
10.72
134.00
73.25
440.00
52.70
1030.00
164.00
287.10
402.20
40.00
598.00
2810.00
830.00
84.50

ST Rec
Neutral
Sell
Neutral
Neutral
Sell
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral

Price
542.00
43.50
626.00

12M Lo
498.00
36.50
521.00

12M Hi
590.00
59.00
742.00

ST Rec
Neutral
Neutral
Neutral

Page 18 of 25

Target
529
702
340
409
-5
496
387
1785

Beta
0.59
0.58
0.96
0.31
1.43
0.38
0.65
0.63

LT Rec
Buy
Strong Buy
Sell
Sell
Sell
Sell
Strong Buy
Sell
Strong Buy
Strong Buy
Neutral
Strong Buy
Strong Buy
Strong Buy
Sell
Sell
Sell
Strong Buy
Sell
Sell
Sell

Target
22
68
183
408
142
7
22
0
80
130
299
974
922
219
219
278
18
265
1572
353
19

Beta
0.73
0.27
0.50
1.34
0.98
0.64
1.40
0.96
0.91
0.91
0.62
0.86
0.46
1.27
0.98
0.73
1.02
0.51
0.81
0.52
1.30

LT Rec
Sell
Sell
Neutral

Target
488
40
637

Beta
0.39
0.70
0.39

Under Valued

Household Goods & Textiles

Stock
HARVARD INTL.
GAMES WORKSHOP
HEADLAM GROUP
HORNBY

LT Rec
Sell
Sell
Neutral
Strong Buy
Sell
Strong Buy
Sell
Sell

Over Valued

Health
Stock
CONSORT MEDICAL
CORIN GROUP
SMITH & NEPHEW

Beta
0.54
0.50
0.65
0.81
0.80

Over Valued

General Retail
Stock
ASHLEY(LAURA) HOLDINGS
BLACKS LEISURE
BROWN (N) GROUP
BURBERRY GROUP
CARPETRIGHT
CLINTON CARDS
DIXONS RETAIL
FINDEL
FRENCH CONNECTN.GROUP
GAME GROUP
HALFORDS GROUP
JJB SPORTS
JD SPORTS FASHION
KESA ELECTRICALS
KINGFISHER
MARKS & SPENCER GROUP
MOSS BROTHERS GROUP
MOTHERCARE
NEXT
TED BAKER
TOPPS TILES

Target
427
366
551
432
23

Over Valued

Food Producers & Processors

Stock
ASSOCIATED BRIT.FOODS
CRANSWICK
DAIRY CREST
DEVRO
PREMIER FOODS
ROBERT WISEMAN DAIRIES
TATE & LYLE
UNILEVER (UK)

LT Rec
Sell
Buy
Strong Buy
Neutral
Buy

Price
37.75
450.00
262.38
133.00

12M Lo
21.75
342.50
233.25
105.00

12M Hi
40.00
470.00
354.00
150.00

ST Rec
Neutral
Neutral
Neutral
Neutral

LT Rec
Sell
Sell
Buy
Neutral

Intellisys 05 January 2012

Target
33
413
337
139

Beta
0.47
0.34
0.91
0.70

Intellisys

www.intellisys.uk.com

05 January 2012
Over Valued

Information Technology & Hardware

Stock
ARM HOLDINGS
CSR
FILTRONIC
IMAGINATION TECHNOLOGIES
PSION
SPIRENT COMMUNICATIONS
WOLFSON MICROELECTRONICS

Price
594.50
187.90
21.00
556.00
45.50
118.10
125.25

12M Lo
459.60
154.10
14.50
296.90
43.88
105.80
96.00

12M Hi
651.00
447.00
62.00
564.50
102.75
160.00
312.00

ST Rec
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral

Price
877.50
322.40
135.50
398.60
380.30
680.00
108.20
337.25

12M Lo
787.00
270.60
109.60
334.00
340.50
576.00
99.60
285.00

12M Hi
1754.00
427.00
139.20
421.40
424.70
764.50
143.50
410.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

Price
37.63
2147.00
27.25
165.80
695.00
488.90
134.50
1169.00
403.70
236.30
168.00
10.00
131.60
288.00
424.00
1579.00
202.50
92.05

12M Lo
26.00
1742.00
26.75
136.70
590.00
410.00
114.00
955.00
371.20
215.60
100.60
9.14
109.50
254.90
380.50
1409.00
168.60
84.60

12M Hi
42.75
3153.00
121.70
271.90
752.00
518.00
155.30
1435.00
600.50
361.00
214.70
15.70
153.70
335.00
468.30
1887.00
244.10
112.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
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
358
2317
1210
65
2298
1826
971
2211

Beta
0.50
0.45
0.51
0.32
0.49
0.32
0.45
0.49

LT Rec
Sell
Strong Buy
Strong Buy
Strong Buy
Neutral
Buy
Strong Buy
Sell
Buy
Sell
Sell
Sell
Buy
Buy
Strong Buy
Buy
Strong Buy
Strong Buy

Target
17
3666
87
582
726
732
237
858
515
97
135
-168
195
341
707
1829
305
170

Beta
0.76
1.13
1.69
0.95
0.45
0.87
0.99
1.29
1.39
1.02
1.29
1.28
0.97
0.88
0.75
1.04
0.93
1.24

Over Valued

Life Assurance
Stock
AVIVA
CHESNARA
LEGAL & GENERAL
OLD MUTUAL
PRUDENTIAL
ST.JAMES'S PLACE

Beta
0.77
1.13
0.59
0.96
1.19
1.01
1.02

Under Valued

Leisure & Hotels

Stock
ARENA LEISURE
CARNIVAL
ENTERPRISE INNS
TUI TRAVEL
FULLER SMITH 'A'
GREENE KING
LADBROKES
ICTL.HTLS.GP.
MILLENNIUM & CPTH.HTLS.
MITCHELLS & BUTLERS
BWIN PARTY DIGITAL ENTM.
PUNCH TAVERNS
RANK GROUP
RESTAURANT GROUP
WETHERSPOON (JD)
WHITBREAD
WILLIAM HILL
MARSTON'S

Target
1227
4943
-180
1068
2268
1144
19

Over Valued

Insurance
Stock
ADMIRAL GROUP
AMLIN
BEAZLEY
CATLIN GROUP
HISCOX
JARDINE LLOYD THOMPSON
RSA INSURANCE GROUP
NOVAE GROUP

LT Rec
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Sell

Price
309.00
182.50
105.30
139.10
643.50
329.00

12M Lo
275.30
161.75
89.80
98.05
509.00
272.50

12M Hi
477.90
264.00
123.80
144.80
777.00
376.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rec
Strong Buy
Neutral
Buy
Sell
Sell
Strong Buy

Intellisys 05 January 2012

Target
435
177
83
160
316
121

Beta
1.22
0.60
1.65
1.62
1.72
0.79

Intellisys

www.intellisys.uk.com

05 January 2012
Over Valued

Media & Entertainment

Stock
AEGIS GROUP
BLOOMSBURY PBL.
BRITISH SKY BCAST.GROUP
CENTAUR MEDIA
DAILY MAIL 'A'
EUROMONEY INSTL.INVESTOR
INFORMA
ITE GROUP
ITV
JOHNSTON PRESS
PEARSON
PHOTO-ME INTL.
PINEWOOD SHEPPERTON
THOMSON REUTERS
STV GROUP
ST.IVES
TRINITY MIRROR
UBM
WILMINGTON GROUP
WPP
YELL GROUP

Price
141.30
97.75
730.00
33.13
403.90
650.00
364.50
200.00
71.05
6.30
1229.00
51.25
272.00
27.36
82.63
81.25
48.75
488.70
84.50
679.00
5.20

12M Lo
116.17
91.25
618.50
32.75
343.40
522.50
313.90
157.70
51.65
4.11
983.00
39.50
132.75
26.21
81.00
68.50
37.50
416.00
82.50
578.00
3.35

12M Hi
159.08
138.00
850.00
73.00
594.50
736.00
461.10
258.20
93.45
12.75
1234.00
67.00
276.13
41.49
168.00
108.50
93.00
725.00
183.00
846.50
14.75

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

Price
2471.50
270.00
1269.00
1975.00
1014.00
6935.00
3342.00
29.75
1032.50

12M Lo
2138.50
237.90
900.50
1667.00
941.00
4425.00
2712.50
28.50
928.00
764.00

12M Hi
3437.00
369.25
1586.00
2631.50
1940.00
7555.00
4712.00
55.25
2518.00
1550.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

Price
1429.50
473.45
266.80
11.75
765.50
139.50
120.00
376.90
2370.00
2467.00
298.30
1408.00
655.00

12M Lo
1144.00
363.20
257.80
9.00
530.00
128.00
95.25
310.00
1883.50
1890.50
278.00
945.50
469.90

12M Hi
1564.50
509.00
469.70
14.75
817.00
335.10
297.00
535.00
2380.00
2477.00
400.00
1493.00
715.75

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

Page 20 of 25

LT Rec
Strong Buy
Buy
Sell
Strong Buy
Sell
Sell
Strong Buy
Sell
Strong Buy
Buy

Target
6326
359
1064
4522
826
1836
5214
-74
5276
1171

Beta
1.74
0.92
1.38
1.40
1.90
0.30
1.41
1.05
2.05
1.76

Price
115.00
347.00
3265.00

LT Rec
Buy
Strong Buy
Buy
Strong Buy
Buy
Strong Buy
Strong Buy
Buy
Strong Buy
Strong Buy
Sell
Sell
Buy

Target
1880
1231
329
23
920
360
625
518
6293
6356
195
454
753

Beta
0.70
1.06
1.34
0.87
1.31
1.35
1.12
1.34
0.94
0.95
0.50
1.07
1.34

Fair Value

Personal Care & Household Products

Stock
MCBRIDE
PZ CUSSONS
RECKITT BENCKISER GROUP

Beta
1.30
0.48
0.64
1.00
1.08
1.04
1.50
1.39
1.49
1.45
0.70
0.86
0.37
0.52
0.77
1.31
1.58
1.28
0.86
1.27
1.32

Under Valued

Oil & Gas

Stock
BG GROUP
BP
CAIRN ENERGY
FORTUNE OIL
HUNTING
JKX OIL & GAS
MELROSE RESOURCES
PREMIER OIL
ROYAL DUTCH SHELL A(LON)
ROYAL DUTCH SHELL B
SOCO INTERNATIONAL
TULLOW OIL
WOOD GROUP (JOHN)

Target
84
117
627
-53
533
615
298
143
74
56
1006
82
138
24
102
208
438
1543
102
770
41

Under Valued

Mining
Stock
ANGLO AMERICAN
ANGLO PACIFIC GROUP
ANTOFAGASTA
BHP BILLITON
LONMIN
RANDGOLD RESOURCES
RIO TINTO
UK COAL
VEDANTA RESOURCES
XSTRATA

LT Rec
Sell
Buy
Sell
Sell
Buy
Sell
Sell
Sell
Neutral
Strong Buy
Sell
Strong Buy
Sell
Sell
Buy
Strong Buy
Strong Buy
Strong Buy
Buy
Buy
Strong Buy

12M Lo
110.75
308.70
3015.00

12M Hi
174.76
404.00
3578.00

ST Rec
Neutral
Neutral
Neutral

LT Rec
Neutral
Neutral
Neutral

Intellisys 05 January 2012

Target
111
359
3156

Beta
0.85
0.80
0.32

Intellisys

www.intellisys.uk.com

05 January 2012
Under Valued

Pharmaceuticals & Biotechnology

Stock
ARK THERAPEUTICS GP.
ASTRAZENECA
BTG
DECHRA PHARMACEUTICALS
GLAXOSMITHKLINE
OXFORD BIOMEDICA
PHYTOPHARM
SHIRE
SKYEPHARMA
VERNALIS

Price
3.38
3034.50
331.30
514.00
1483.00
3.40
7.93
2169.00
34.00
20.38

12M Lo
3.13
2543.50
210.10
433.00
1127.50
2.91
6.40
1561.00
31.50
18.75

12M Hi
5.68
3194.00
331.30
536.50
1484.50
7.20
9.75
2243.00
66.13
50.00

ST Rec
Buy
Neutral
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Neutral

Price
24.00
93.75
1491.00
343.70
238.25
20.50
70.30
393.80
236.20
161.62
65.25
1564.00
293.00

12M Lo
21.50
57.75
1298.00
324.70
225.00
15.00
58.95
239.40
214.90
154.75
41.50
1444.00
231.70

12M Hi
27.00
95.00
1799.00
490.00
535.00
23.00
147.20
426.20
420.20
290.00
175.00
2109.00
302.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

Page 21 of 25

Beta
0.92
0.46
0.72
0.32
0.49
0.60
0.89
0.64
0.71
0.81

LT Rec
Strong Buy
Sell
Sell
Strong Buy
Neutral
Sell
Strong Buy
Neutral
Buy
Strong Buy
Strong Buy
Sell
Neutral

Target
42
53
851
795
242
15
162
383
334
400
326
1484
278

Beta
0.73
0.82
1.44
1.07
1.05
0.91
1.33
0.71
1.29
0.85
0.39
0.79
0.65

Over Valued

Speciality & Other Finance

Stock
ABERDEEN ASSET MAN.
BREWIN DOLPHIN
CAMELLIA
CHARLES STANLEY GROUP
CHARLES TAYLOR CNSL.
CLOSE BROTHERS GROUP
F&C ASSET MANAGEMENT
HELPHIRE GROUP
HENDERSON GROUP
ICAP
INTERMEDIATE CAPITAL GP.
INVESTEC
LONDON STOCK EX.GROUP
MAN GROUP
RATHBONE BROTHERS
SCHRODERS
SCHRODERS NV

Target
10
10817
121
971
1454
-2
-2
1407
285
-20

Under Valued

Software & Computer Services

Stock
TIMEWEAVE
ANITE
AVEVA GROUP
COMPUTACENTER
KOFAX
INNOVATION GROUP
LOGICA
MICRO FOCUS INTL.
MISYS
PHOENIX IT GROUP
RM
FIDESSA GROUP
SAGE GROUP

LT Rec
Strong Buy
Strong Buy
Sell
Strong Buy
Neutral
Sell
Sell
Sell
Strong Buy
Sell

Price
218.40
141.90
9737.50
266.50
127.50
629.50
63.85
1.89
103.20
344.90
240.70
340.10
810.00
127.10
1081.00
1315.00
1084.00

12M Lo
167.80
113.70
8800.00
240.00
115.63
590.00
56.05
1.36
95.05
311.60
197.90
318.40
756.50
123.60
977.00
1183.00
970.00

12M Hi
240.00
185.40
10950.00
350.00
165.00
888.50
92.90
17.38
173.10
570.50
360.30
538.00
1076.00
311.00
1257.00
1922.00
1554.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rec
Sell
Sell
Strong Buy
Neutral
Strong Buy
Sell
Buy
Strong Buy
Sell
Sell
Neutral
Sell
Sell
Buy
Neutral
Buy
Buy

Intellisys 05 January 2012

Target
91
131
16218
271
193
305
82
3
88
289
240
224
675
169
1149
1533
1533

Beta
1.07
0.70
0.87
0.94
0.70
0.80
0.91
0.64
1.41
1.08
1.62
1.53
1.15
1.27
0.73
1.30
1.29

Intellisys

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05 January 2012
Under Valued

Support Services
Stock
ACAL
AGGREKO
AMEC
ASHTEAD GROUP
BABCOCK INTL.
BRITISH POLYTHENE INDS.
BUNZL
UK MAIL GROUP
CAPITA
COMMUNISIS
COMPASS GROUP
BERENDSEN
DE LA RUE
DIGNITY
DIPLOMA
ELECTROCOMP.
FILTRONA
G4S
HAYS
HOMESERVE
INTERSERVE
INTERTEK GROUP
JOHNSON SERVICE GROUP
MANAGEMENT CNSL.GP.
MENZIES (JOHN)
MICHAEL PAGE INTL.
MITIE GROUP
MOUCHEL GROUP
OFFICE2OFFICE
PAYPOINT
PREMIER FARNELL
REGUS
RENTOKIL INITIAL
REXAM
RICARDO
ROBERT WALTERS
RPC GROUP
RPS GROUP
SERCO GROUP
SHANKS GROUP
SPEEDY HIRE
TRIBAL GROUP
TRIFAST
VP
WYG
WSP GROUP

Price
173.00
2026.00
934.00
223.30
729.00
342.50
888.50
221.50
645.00
28.50
613.00
440.20
890.50
829.50
359.10
207.20
399.90
272.60
66.75
309.40
319.30
2063.00
26.63
31.38
525.00
353.40
258.00
5.00
138.50
555.00
193.10
89.10
64.70
364.60
384.00
161.75
366.00
180.50
490.00
97.15
20.00
45.75
38.00
217.50
52.50
205.00

12M Lo
169.50
1394.48
740.50
99.40
542.00
230.00
676.50
192.25
611.50
23.75
512.50
402.70
667.00
648.50
263.50
182.20
250.00
219.90
58.85
218.50
231.75
1715.00
25.50
27.75
425.00
323.00
195.90
5.00
112.50
327.25
144.50
64.00
58.20
299.80
292.00
158.25
231.50
156.60
458.00
90.80
18.50
36.25
36.25
191.00
48.38
160.00

12M Hi
367.50
2063.00
1251.00
230.20
737.00
345.00
888.50
335.00
786.50
37.00
616.00
568.00
936.00
854.50
414.25
294.90
399.90
291.00
132.40
532.00
341.25
2148.00
36.00
45.50
550.00
567.00
258.10
154.75
166.50
570.00
308.80
119.00
104.90
400.00
410.00
347.00
384.80
253.00
618.50
130.90
34.00
51.00
52.88
253.75
1237.51
385.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
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

Page 22 of 25

Target
318
1175
1197
113
648
1008
940
509
656
89
683
651
986
920
301
348
402
361
133
441
740
1523
63
52
1143
413
377
-271
263
693
331
66
48
487
510
329
413
275
628
151
-8
-274
58
541
-8456
535

Beta
0.93
1.18
1.01
1.50
0.56
0.70
0.55
0.28
0.42
0.72
0.75
1.03
#NA
0.22
0.98
0.99
1.13
0.60
0.95
0.67
1.40
0.86
1.16
0.67
1.44
1.33
0.60
0.84
0.36
0.76
1.18
1.39
1.29
0.87
0.83
1.18
0.81
1.55
0.57
1.44
1.27
0.54
0.86
0.89
0.77
0.92

Under Valued

Telecommunication Services
Stock
BT GROUP
CABLE & WIRELESS COMMS.
INMARSAT
KCOM GROUP
TELECOM PLUS
VODAFONE GROUP

LT Rec
Strong Buy
Sell
Buy
Sell
Sell
Strong Buy
Neutral
Strong Buy
Neutral
Strong Buy
Buy
Buy
Buy
Buy
Sell
Strong Buy
Neutral
Buy
Strong Buy
Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Buy
Buy
Sell
Strong Buy
Buy
Strong Buy
Sell
Sell
Buy
Buy
Strong Buy
Buy
Strong Buy
Buy
Strong Buy
Sell
Sell
Strong Buy
Strong Buy
Sell
Strong Buy

Price
198.00
38.13
421.50
70.25
741.00
180.00

12M Lo
161.00
31.25
389.30
57.50
433.00
155.05

12M Hi
204.10
51.20
719.50
84.00
802.00
182.75

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rec
Buy
Strong Buy
Sell
Buy
Sell
Neutral

Intellisys 05 January 2012

Target
263
139
360
85
493
188

Beta
0.92
0.65
0.52
1.27
0.06
0.65

Intellisys

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05 January 2012
Under Valued

Transport
Stock
BBA AVIATION
BRAEMAR SHIPPING SVS.
CLARKSON
EASYJET
FIRST GROUP
FISHER(JAMES)& SONS
GO-AHEAD GROUP
NATIONAL EXPRESS
NORTHGATE
STAGECOACH GROUP
WINCANTON

Price
178.90
300.00
1120.00
392.40
341.90
510.00
1380.00
225.50
195.40
268.80
68.25

12M Lo
156.00
282.00
1015.00
301.00
301.80
440.50
1190.00
201.60
191.80
199.97
56.00

12M Hi
240.80
550.00
1355.00
474.00
406.30
574.00
1598.00
270.20
346.70
272.41
163.50

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral

Page 23 of 25

Target
169
660
1541
380
428
342
1787
188
364
208
167

Beta
1.40
0.90
0.81
0.76
1.10
0.83
0.97
1.30
1.34
0.90
0.86

Over Valued

Utilities
Stock
CENTRICA
NATIONAL GRID
PENNON GROUP
SEVERN TRENT
UNITED UTILITIES GROUP

LT Rec
Sell
Strong Buy
Buy
Neutral
Buy
Sell
Buy
Sell
Strong Buy
Sell
Strong Buy

Price
297.00
630.00
726.00
1537.00
620.50

12M Lo
278.80
530.00
584.50
1368.00
543.50

12M Hi
345.80
649.50
737.50
1600.00
637.00

ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral

LT Rec
Neutral
Neutral
Sell
Sell
Neutral

Intellisys 05 January 2012

Target
320
604
604
604
604

Beta
0.50
0.57
0.63
0.47
0.60

Intellisys

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05 January 2012

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05 January 2012

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RISK WARNING Recommendations and Target Prices

Intellisys does not make personal recommendations. The information in this publication is
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If you are unsure about dealing in shares and other equity investments, you should contact
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The value of stocks and shares, and the income from them, can fall as well as rise and you
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Intellisys 05 January 2012