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Uk Trading & Value Indicator 20120117
Uk Trading & Value Indicator 20120117
Value
Indicator
17 January 2012
Intellisys
www.intellisys.uk.com
17 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
........................................................
..............................
.............................
........................................
...............................................
...................................
.....................................................
..............................................................
....................................
..........................
........................................................
..................................................
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
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
Over Valued 20
Under Valued 21
Under Valued 21
Over Valued 21
Under Valued 22
Under Valued 22
Over Valued 23
Under Valued 23
Utilities
.............................................................
DISCLAIMER ............................................................................................. 24
Page 2 of 25
Intellisys
www.intellisys.uk.com
17 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.
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
17 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.
Page 4 of 25
Intellisys
www.intellisys.uk.com
17 January 2012
Index
FTSE 100
5Y Hi
FTSE 100 PE
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
5,657.4
1Y Lo
14.1
Last Close
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
4000
6000
8000
% change
1M
5.0; 3M
10
15
20
% change
3.5; 12M
-5.7
1M
6.1; 3M
18.0; 12M
Yield
-17.3
RSI
FTSE 100 DY
5Y Hi
6.2
Hi
3Y Hi
74.8
6.0
3.9
1Y Hi
Last Close
3.5
1Y Lo
2.9
3Y Lo
2.9
Last Close
59.2
Lo 11.1
2.9
5Y Lo
1.0
3.0
5.0
7.0
20
40
60
80
% change
1M
-5.1; 3M
Page 5 of 25
-0.6; 12M
20.0
Intellisys
www.intellisys.uk.com
17 January 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
10,478.6
1Y Lo
3Y Lo 7.1
5,769.8
5Y Lo
5Y Lo 7.1
5,491.5
500
15.9
1Y Lo 7.1
9,425.9
3Y Lo
19.3
5500
10500
15500
% change
1M
6.9; 3M
10
15
20
25
30
% change
1.4; 12M
-10.8
1M
5.0; 3M
Yield
5.1; 12M
-18.0
RSI
FTSE 250 RSI
FTSE 250 DY
5Y Hi
5.7
Hi
3Y Hi
72.5
5.1
1Y Hi
3.3
Last Close
Last Close
3.0
1Y Lo
2.2
3Y Lo
2.2
70.5
Lo 7.9
5Y Lo
1.9
1.0
2.0
3.0
4.0
5.0
6.0
20
40
60
80
% change
1M
-5.9; 3M
Page 6 of 25
4.5; 12M
38.1
Intellisys
www.intellisys.uk.com
17 January 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
2,910.0
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
5.2; 3M
10
15
20
25
% change
3.2; 12M
-6.6
1M
6.3; 3M
Yield
16.6; 12M
-17.7
RSI
FTSE ALL SHARE RSI
5Y Hi
6.1
Hi
3Y Hi
74.8
5.8
1Y Hi
3.8
Last Close
3.5
Last Close
1Y Lo
2.8
3Y Lo
2.8
61.4
Lo 10.4
5Y Lo
2.7
1.0
3.0
5.0
7.0
20
40
60
80
% change
1M
-5.2; 3M
Page 7 of 25
0.0; 12M
21.8
Intellisys
www.intellisys.uk.com
17 January 2012
Index
FTSE AIM ALL-SHARE
5Y Hi
1,236.6
1,439.5
5Y
Hi
3Y Hi
968.3
1,240.8
3Y
Hi
1Y Hi
968.3
1Y211.5
Hi
Last Close
734.3
1Y Lo
97.4
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
% change
1M
8.6; 3M
-150000
-100000
-50000
50000
% change
2.6; 12M
-23.4
Yield
RSI
5Y Hi
2.1
3Y Hi
2.1
Hi
1Y Hi
86.4
0.8
Last Close
Last Close
0.7
1Y Lo
0.5
3Y Lo
0.5
82.9
Lo6.9
5Y Lo 0.4
0.2
0.7
1.2
1.7
2.2
50
100
% change
1M
-6.6; 3M
Page 8 of 25
-1.4; 12M
34.0
Intellisys
www.intellisys.uk.com
17 January 2012
Index
S&P 500 COMPOSITE
5Y Hi
1,565.2
5Y Hi
146.3
146.3
3Y Hi
1,363.6
3Y Hi
1Y Hi
1,363.6
1Y Hi
18.4
Last Close
Last Close
14.9
1,289.1
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
60
% change
1M
5.7; 3M
110
160
% change
5.3; 12M
-0.3
1M
5.5; 3M
Yield
4.2; 12M
-17.0
RSI
S&P 500 COMPOSITE RSI
5Y Hi
3.4
Hi
3Y Hi
71.1
3.2
1Y Hi
2.4
2.2
Last Close
1Y Lo
1.8
3Y Lo
1.8
64.6
Last Close
Lo 11.2
5Y Lo
1.8
0.5
1.5
2.5
3.5
4.5
20
40
60
80
% change
1M
-4.8; 3M
Page 9 of 25
-4.4; 12M
17.9
Intellisys
www.intellisys.uk.com
17 January 2012
5.75
3Y Hi
1.50
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
66.7
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
17 January 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
-22.2; 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
17 January 2012
5.41
3Y Hi
0.25
1Y Hi
0.19
Last Close
0.08
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
14.3; 3M
14.3; 12M
-50.0
US Lending PE
400.0
1Y Lo
526.3
Last Close
1,250.0
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
17 January 2012
US$/
5Y Hi
2.11
3Y Hi
1.70
1Y Hi
1.67
Last Close
1.53
1Y Lo
1.53
3Y Lo
1.37
5Y Lo
1.37
1.00
1.20
1.40
1.60
1.80
2.00
2.20
% change
1M
-1.3; 3M
-3.0; 12M
-3.5
EURO/
5Y Hi
1.53
3Y Hi
1.24
1Y Hi
1.21
Last Close
1.21
1Y Lo
3Y Lo
1.11
1.06
5Y Lo
1.02
1.00
1.10
1.20
1.30
1.40
1.50
1.60
% change
1M
Page 13 of 25
1.6; 3M
6.1; 12M
1.8
Intellisys
www.intellisys.uk.com
17 January 2012
US$/EURO
5Y Hi
1.60
3Y Hi
1.51
1Y Hi
1.48
Last Close
1.27
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
-2.9; 3M
-8.7; 12M
-5.3
YEN/
5Y Hi
250.1
3Y Hi
1Y Hi
162.5
139.4
150.0
200.0
250.0
300.0
% change
1M
Page 14 of 25
-2.6; 3M
-3.8; 12M
-10.6
Intellisys
www.intellisys.uk.com
17 January 2012
145.6
3Y Hi
126.6
1Y Hi
126.6
Last Close
111.6
1Y Lo
95.9
3Y Lo
39.1
5Y Lo
34.6
0
50
100
150
200
% change
1M
6.35; 3M
-2.27; 12M
12.95
Page 15 of 25
Intellisys
www.intellisys.uk.com
17 January 2012
Over Valued
Price 12M Lo
304.90 248.10
436.30 368.80
188.10 165.90
371.10 305.00
764.00 552.19
937.50 869.50
1540.00 1305.00
359.50 243.50
12M Hi
361.10
736.50
236.50
397.60
769.00
1429.00
1830.00
512.50
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Neutral
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Price 12M Lo
202.70 157.00
306.40 268.60
51.00
47.00
7.32
6.80
12M Hi
245.00
425.40
72.75
19.71
ST Rec
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
199.10 138.85
507.70 463.50
29.46
21.84
24.42
17.34
1468.00 1169.50
12M Hi
333.55
730.90
69.30
49.00
1725.50
ST Rec
LT Rec
Neutral
Sell
Neutral Strong Buy
Sell Strong Buy
Sell
Sell
Neutral
Sell
Price
1180.00
1406.00
2327.00
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
Beta
1.93
1.40
1.34
1.08
Target
64
848
146
-26
1317
Beta
1.81
1.12
1.72
1.23
1.69
LT Rec
Neutral
Sell
Buy
Target
1204
1260
2720
Beta
0.42
0.55
0.97
Over Valued
Chemicals
Stock
C RODA INTERNATIONAL
ELEMENTIS
JOHNSON MATTHEY
VIC TREX
YULE C ATTO
ZOTEFOAMS
Target
160
273
61
7
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
0.63
0.53
0.94
1.34
1.09
0.71
0.59
0.80
Over Valued
Target
600
467
234
330
590
996
1202
363
Price
1907.00
147.00
2025.00
1199.00
179.30
117.00
12M Lo
1456.00
107.50
1523.00
1025.00
148.00
109.00
12M Hi
2081.00
187.40
2119.00
1590.00
253.00
158.00
ST Rec
LT Rec
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Neutral Strong Buy
Target
1571
147
1671
1121
294
193
Beta
1.06
1.06
1.43
1.20
1.25
1.01
Intellisys
www.intellisys.uk.com
17 January 2012
Over Valued
Price 12M Lo
282.30 214.60
108.00
67.50
735.50 540.50
1296.00 884.50
453.60 326.50
303.40 281.00
40.38
35.50
201.75 180.00
480.00 307.50
308.75 239.25
1390.00 1097.00
43.00
38.00
90.00
83.25
627.00 510.00
519.50 374.00
114.20 103.50
102.50
76.95
40.75
28.71
855.50 715.00
2100.00 1404.00
12M Hi
357.30
119.00
776.50
1360.00
499.60
403.20
105.00
265.00
530.00
679.50
1458.00
76.75
124.50
720.00
519.50
136.20
153.50
43.31
1101.00
2261.00
ST Rec
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Price 12M Lo
778.00 540.00
540.00 434.30
110.50
86.75
183.00 180.90
156.00 127.90
918.50 600.50
1061.00 800.00
1466.00 1039.00
0.16
0.14
170.00 120.50
252.50 207.50
12M Hi
847.00
705.00
146.00
359.90
207.00
1010.00
1886.00
1679.00
0.34
208.00
295.00
ST Rec
LT Rec
Neutral
Sell
Neutral
Neutral
Neutral
Buy
Buy Strong Buy
Neutral
Neutral
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Buy
Neutral
Sell
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
Target
394
556
137
330
163
703
1631
1058
0
216
113
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
Target
255
55
629
1307
187
433
186
745
501
322
2968
54
57
1290
611
78
2
11
999
1588
Under Valued
LT Rec
Sell
Sell
Sell
Neutral
Sell
Buy
Strong Buy
Strong Buy
Neutral
Neutral
Strong Buy
Buy
Sell
Strong Buy
Buy
Sell
Sell
Sell
Buy
Sell
Price
77.00
290.10
265.00
556.00
438.80
344.50
268.00
869.50
7.37
301.90
1913.00
180.40
180.00
1900.00
555.00
2098.00
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
446.30
429.60
393.50
1119.00
12.00
357.10
1979.00
190.60
297.00
2063.00
661.75
2218.00
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Buy
Neutral
Sell
Neutral
Neutral
Neutral Strong Buy
Neutral
Buy
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Buy
Neutral
Buy
Neutral
Sell
Target
288
341
491
741
272
349
560
1296
8
326
1686
177
164
2140
704
767
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
17 January 2012
Under Valued
Price 12M Lo
513.00 445.00
288.20 262.70
283.20 263.50
312.35 312.35
9.88
9.88
12M Hi
550.50
328.00
391.20
420.05
100.75
ST Rec
LT Rec
Neutral
Sell
Neutral
Buy
Neutral Strong Buy
Buy
Buy
Buy
Buy
Price 12M Lo
1131.00 940.00
742.50 588.50
322.80 315.00
250.30 223.50
5.74
3.29
387.50 233.25
697.00 520.00
2077.00 1793.00
12M Hi
1143.00
862.00
410.40
296.90
35.12
387.50
720.50
2189.00
ST Rec
LT Rec
Neutral
Sell
Neutral
Neutral
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Price 12M Lo
20.88
16.00
227.90 227.00
1300.00 1030.00
529.50 375.00
10.50
7.50
9.89
9.36
3.44
2.20
39.63
36.00
3.48
3.35
295.60 269.50
11.75
5.20
695.50 570.00
68.45
60.20
246.50 217.00
316.50 301.80
34.50
23.75
176.00 127.30
2607.00 1868.00
730.00 572.50
35.00
21.50
12M Hi
25.25
311.20
1600.00
829.00
27.00
22.31
10.72
134.00
73.25
416.00
52.70
1030.00
152.90
287.10
402.20
40.00
551.50
2810.00
830.00
84.50
ST Rec
Neutral
Neutral
Neutral
Sell
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
535.00 498.00
43.25
36.50
596.00 521.00
12M Hi
590.00
59.00
742.00
ST Rec
Neutral
Neutral
Neutral
Page 18 of 25
LT Rec
Neutral
Sell
Sell
Sell
Sell
Strong Buy
Sell
Strong Buy
Strong Buy
Neutral
Strong Buy
Buy
Strong Buy
Sell
Sell
Sell
Buy
Sell
Sell
Sell
Target
22
185
420
144
7
22
0
81
130
303
1110
962
224
222
284
18
261
1677
359
20
Beta
0.73
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
474
41
611
Beta
0.39
0.70
0.39
Under Valued
Beta
0.59
0.58
0.96
0.31
1.43
0.38
0.65
0.63
Over Valued
Health
Stock
C ONSORT MEDIC AL
C ORIN GROUP
SMITH & NEPHEW
Target
557
727
359
404
-4
515
398
1796
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
0.54
0.50
0.65
0.81
0.80
Over Valued
Target
102
323
482
383
12
Price 12M Lo
37.88
21.75
537.50 347.50
262.00 233.25
124.00 105.00
12M Hi
40.00
537.50
354.00
145.00
ST Rec
Neutral
Neutral
Neutral
Neutral
LT Rec
Sell
Sell
Buy
Buy
Target
31
475
342
143
Beta
0.47
0.34
0.91
0.70
Intellisys
www.intellisys.uk.com
17 January 2012
Over Valued
Price 12M Lo
581.00 464.00
207.00 154.10
24.00
14.50
536.00 296.90
46.00
43.88
120.00 105.80
145.00
96.00
12M Hi
651.00
447.00
62.00
575.50
102.75
160.00
312.00
ST Rec
Neutral
Sell
Sell
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
878.00 787.00
330.00 270.60
137.20 109.60
404.00 334.00
387.00 340.50
689.00 576.00
109.90
99.60
342.75 285.00
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 12M Lo
43.50
26.00
1878.00 1742.00
27.75
26.50
164.90 136.70
687.50 590.00
485.80 410.00
134.00 114.00
1220.00 955.00
394.30 371.20
250.50 215.60
164.10 100.60
11.00
9.14
129.80 109.50
286.70 254.90
415.90 380.50
1616.00 1409.00
209.00 169.70
91.20
84.60
12M Hi
43.50
3119.00
110.20
271.90
752.00
518.00
155.30
1435.00
600.50
357.00
212.10
15.70
153.70
335.00
468.30
1863.00
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
351
2351
1227
66
2330
1849
986
2244
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
Strong Buy
Strong Buy
Sell
Buy
Sell
Sell
Sell
Strong Buy
Buy
Strong Buy
Buy
Buy
Strong Buy
Target
18
3726
92
588
738
744
240
864
523
102
137
-177
198
345
718
1853
309
173
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
C HESNARA
LEGAL & GENERAL
OLD MUTUAL
PRUDENTIAL
ST.JAMES'S PLAC E
Beta
0.77
1.13
0.59
0.96
1.19
1.01
1.02
Under Valued
Target
1369
5620
-211
1193
2572
1261
22
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
324.50 275.30
190.00 161.75
112.70
89.80
142.40
98.05
670.00 509.00
341.00 275.00
12M Hi
477.90
264.00
123.80
144.80
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
1.22
0.60
1.65
1.62
1.72
0.79
Intellisys
www.intellisys.uk.com
17 January 2012
Over Valued
Price 12M Lo
149.20 116.17
99.00
91.25
683.50 618.50
35.25
32.50
428.20 343.40
645.00 522.50
373.40 313.90
213.60 157.70
73.95
51.65
6.10
4.11
1250.00 1001.00
52.25
39.50
275.00 132.75
28.50
26.21
86.13
76.25
74.00
68.50
48.50
37.50
515.50 416.00
83.75
82.50
738.00 578.00
5.13
3.35
12M Hi
159.08
138.00
850.00
73.00
594.50
736.00
461.10
258.20
93.45
12.75
1250.00
67.00
292.00
41.49
168.00
108.50
93.00
725.00
183.00
846.50
12.50
ST Rec
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Price
2595.00
271.80
1301.00
2080.00
969.50
7215.00
3589.00
30.50
12M Lo
2138.50
237.90
900.50
1667.00
941.00
4425.00
2712.50
28.50
928.00
1073.00 764.00
12M Hi
3437.00
369.25
1531.00
2631.50
1896.00
7555.00
4712.00
54.00
2518.00
1550.00
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Buy
Price
1456.00
478.00
291.40
11.13
798.00
126.50
111.00
414.00
2258.50
2338.00
293.10
1428.00
661.50
12M Lo
1144.00
363.20
257.80
9.00
530.00
120.50
95.25
310.00
1883.50
1890.50
278.00
945.50
469.90
12M Hi
1564.50
509.00
469.70
14.75
818.00
335.10
297.00
535.00
2402.00
2489.00
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
Target
6504
368
1092
4655
850
1883
5359
-73
5422
1204
Beta
1.74
0.92
1.38
1.40
1.90
0.30
1.41
1.05
2.05
1.76
Price 12M Lo
114.00 110.75
320.00 308.70
3319.00 3015.00
LT Rec
Buy
Strong Buy
Buy
Strong Buy
Buy
Strong Buy
Strong Buy
Buy
Strong Buy
Strong Buy
Sell
Sell
Buy
Target
1876
1237
339
23
918
359
622
518
6287
6348
196
452
755
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
Over Valued
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
Target
86
119
639
-54
546
628
305
145
76
58
1028
84
142
25
106
212
449
1581
105
788
43
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 Rec
Sell
Buy
Sell
Sell
Buy
Neutral
Sell
Sell
Neutral
Strong Buy
Sell
Strong Buy
Sell
Sell
Buy
Strong Buy
Strong Buy
Strong Buy
Buy
Neutral
Strong Buy
12M Hi
153.18
401.10
3578.00
ST Rec
Neutral
Neutral
Neutral
LT Rec
Sell
Neutral
Sell
Target
101
351
3130
Beta
0.85
0.80
0.32
Intellisys
www.intellisys.uk.com
17 January 2012
Under Valued
Price
3.63
3070.50
321.00
526.50
1445.50
3.09
9.25
2186.00
34.50
19.50
12M Lo
3.13
2543.50
210.10
433.00
1127.50
2.91
6.40
1627.00
31.50
18.75
12M Hi
5.68
3194.00
331.30
532.00
1497.00
7.20
9.75
2243.00
66.13
50.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Buy
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
23.13
21.50
93.00
57.75
1535.00 1298.00
359.70 324.70
269.00 225.00
20.13
15.25
74.40
58.95
421.50 242.90
265.70 214.90
166.00 154.75
65.25
41.50
1623.00 1444.00
301.70 231.70
12M Hi
27.00
95.00
1799.00
490.00
535.00
23.00
147.20
432.43
420.20
290.00
175.00
2109.00
302.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Sell
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
Sell
Sell
Strong Buy
Sell
Buy
Strong Buy
Strong Buy
Sell
Neutral
Target
44
55
878
827
251
16
168
397
348
416
340
1536
288
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
Target
11
10921
124
1027
1503
-1
-2
1432
302
-16
Under Valued
LT Rec
Strong Buy
Strong Buy
Sell
Strong Buy
Neutral
Sell
Sell
Sell
Strong Buy
Sell
Price 12M Lo
12M Hi
218.90 167.80
240.00
140.00 113.70
185.40
9310.00 8800.00 10950.00
270.00 240.00
350.00
127.50 115.63
165.00
615.50 590.00
887.00
64.40
56.05
92.50
1.87
1.36
17.38
103.80
95.05
173.10
331.40 311.60
569.50
246.90 197.90
360.30
351.70 318.40
525.50
841.50 756.50 1076.00
110.30 104.50
311.00
1095.00 977.00 1257.00
1348.00 1183.00 1906.00
1115.00 970.00 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
Strong Buy
Neutral
Buy
Buy
Target
90
131
16194
270
192
302
81
3
87
288
240
222
683
168
1147
1531
1531
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
www.intellisys.uk.com
17 January 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
178.75 166.25
2035.00 1394.48
977.00 740.50
221.10
99.40
743.50 542.00
352.50 230.00
880.00 676.50
231.00 192.25
647.50 611.50
26.50
23.75
610.00 512.50
422.40 402.70
935.00 667.00
815.50 648.50
369.90 263.50
209.10 182.20
397.60 273.10
268.70 219.90
65.05
58.85
301.00 218.50
307.00 239.75
2085.00 1715.00
25.75
25.25
32.25
27.75
535.00 425.00
375.70 323.00
266.50 195.90
5.15
4.75
136.00 112.50
545.00 327.25
188.50 144.50
86.10
64.00
72.75
58.20
373.70 299.80
355.00 314.00
181.75 158.25
378.00 231.50
202.80 156.60
513.00 458.00
99.90
90.80
19.75
18.50
61.25
36.25
38.50
36.25
216.50 191.00
51.00
48.38
236.25 160.00
12M Hi
367.50
2131.00
1251.00
230.20
744.00
357.00
906.50
318.50
786.50
37.00
616.00
568.00
936.00
854.50
414.25
294.90
404.50
291.00
130.00
532.00
341.25
2148.00
36.00
45.50
550.00
567.00
271.00
154.75
166.50
570.00
308.80
119.00
104.90
400.00
410.00
341.00
387.90
253.00
618.50
130.90
34.00
61.25
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
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
Sell
Neutral
Neutral
Neutral
Neutral
Page 22 of 25
Target
322
1186
1201
116
652
1012
945
512
658
90
686
659
990
916
304
350
404
363
134
443
744
1532
63
52
1150
415
378
-268
265
696
332
67
48
492
512
331
415
277
630
153
-7
-269
59
546
-8107
539
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
C ABLE & WIRELESS C OMMS.
INMARSAT
KC OM GROUP
TELEC OM PLUS
VODAFONE GROUP
LT Rec
Strong Buy
Sell
Buy
Sell
Sell
Strong Buy
Neutral
Strong Buy
Neutral
Strong Buy
Buy
Strong Buy
Neutral
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
Neutral
Buy
Buy
Strong Buy
Sell
Sell
Strong Buy
Strong Buy
Sell
Strong Buy
Price 12M Lo
207.60 161.00
38.00
31.25
397.70 389.30
69.00
57.50
730.00 440.00
175.85 155.05
12M Hi
207.60
51.20
719.50
84.00
802.00
182.75
ST Rec
LT Rec
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Neutral
Target
261
137
350
84
490
185
Beta
0.92
0.65
0.52
1.27
0.06
0.65
Intellisys
www.intellisys.uk.com
17 January 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
186.80 156.00
332.50 282.00
1138.00 1015.00
401.00 301.00
315.90 301.80
502.50 440.50
1293.00 1190.00
219.50 201.60
205.00 190.90
275.60 199.97
66.50
56.00
12M Hi
240.80
521.00
1355.00
455.80
398.40
574.00
1598.00
270.20
346.70
281.20
159.75
ST Rec
LT Rec
Neutral
Sell
Neutral Strong Buy
Neutral
Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral Strong Buy
Page 23 of 25
Beta
1.40
0.90
0.81
0.76
1.10
0.83
0.97
1.30
1.34
0.90
0.86
Under Valued
Utilities
Stock
C ENTRIC A
NATIONAL GRID
PENNON GROUP
SEVERN TRENT
UNITED UTILITIES GROUP
Target
169
658
1559
377
426
342
1784
186
372
208
167
Price 12M Lo
283.70 278.80
628.50 531.00
705.00 584.50
1549.00 1368.00
610.50 543.50
12M Hi
345.80
649.50
737.50
1600.00
637.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
LT Rec
Neutral
Buy
Sell
Sell
Neutral
Target
289
783
625
1356
621
Beta
0.50
0.57
0.63
0.47
0.60
Intellisys
www.intellisys.uk.com
17 January 2012
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