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Uk Trading & Value Indicator 20120329
Uk Trading & Value Indicator 20120329
Value
Indicator
29 March 2012
Intellisys
www.intellisys.uk.com
29 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
Under Valued 16
Over Valued 16
Under Valued 16
Over Valued 17
Over Valued 17
Over Valued 17
Under Valued 18
Over Valued 18
Over Valued 18
Under 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
Under Valued 23
Under Valued 23
Utilities
.............................................................
DISCLAIMER ............................................................................................. 24
Page 2 of 25
Intellisys
www.intellisys.uk.com
29 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
29 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
29 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
5,809.0
1Y Lo
Last Close
4,944.4
3Y Lo
3,762.9
5Y Lo
14.1
9.8
1Y Lo
7.9
3Y Lo
7.9
5Y Lo
3,512.1
2000
4000
6000
7.0
5
8000
% change
1M
-2.0; 3M
10
15
20
% change
5.5; 12M
-1.6
1M
-2.5; 3M
Yield
-1.3; 12M
-28.3
RSI
FTSE 100 DY
5Y Hi
6.2
74.8
Hi
3Y Hi
5.5
1Y Hi
3.9
Last Close
3.6
1Y Lo
Last Close
37.9
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
6.6; 3M
Page 5 of 25
-1.9; 12M
16.7
Intellisys
www.intellisys.uk.com
29 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
11,589.7
1Y Lo
3Y Lo 7.1
6,224.3
5Y Lo
5Y Lo 7.1
5,491.5
500
19.0
1Y Lo 7.1
9,425.9
3Y Lo
19.5
5500
10500
15500
% change
1M
0.5; 3M
10
15
20
25
30
% change
15.7; 12M
-0.4
1M
11.6; 3M
Yield
25.7; 12M
11.3
RSI
FTSE 250 RSI
FTSE 250 DY
5Y Hi
5.7
Hi
3Y Hi
83.4
4.3
1Y Hi
3.3
Last Close
Last Close
2.7
1Y Lo
50.1
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
2.2; 3M
Page 6 of 25
-12.7; 12M
15.1
Intellisys
www.intellisys.uk.com
29 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
3,022.4
1Y Lo
2,557.8
3Y Lo
1,906.8
5Y Lo
10.6
1Y Lo
8.5
3Y Lo
8.5
5Y Lo 7.4
1,781.6
500
14.6
1500
2500
3500
4500
% change
1M
-1.6; 3M
10
15
20
25
% change
7.0; 12M
-1.5
1M
-1.3; 3M
Yield
1.4; 12M
-25.1
RSI
FTSE ALL SHARE RSI
5Y Hi
6.1
Hi
3Y Hi
74.8
5.3
1Y Hi
3.8
Last Close
Last Close
3.4
1Y Lo
40.0
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
5.6; 3M
Page 7 of 25
-3.9; 12M
15.5
Intellisys
www.intellisys.uk.com
29 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
921.6
Last Close
1Y304.6
Hi
796.9
1Y Lo
148.1
Last Close
657.8
1Y Lo
-203,906.0
3Y Lo 412.3
3Y Lo
-203,906.0
5Y Lo373.8
5Y Lo
-203,906.0
200
700
1200
1700
-250000
-200000
-150000
% change
1M
-3.7; 3M
-100000
-50000
50000
% change
15.9; 12M
-12.0
Yield
RSI
5Y Hi
2.1
Hi
3Y Hi
91.9
1.9
1Y Hi
0.8
Last Close
0.7
1Y Lo
Last Close
44.7
0.6
3Y Lo
0.5
Lo
16.5
5Y Lo 0.4
0.2
0.7
1.2
1.7
2.2
50
100
% change
1M
9.8; 3M
Page 8 of 25
-8.2; 12M
17.5
Intellisys
www.intellisys.uk.com
29 March 2012
Index
S&P 500 COMPOSITE
5Y Hi
1,565.2
5Y Hi
146.3
146.3
3Y Hi
1,416.5
3Y Hi
1Y Hi
1,416.5
1Y 17.5
Hi
Last Close
1,405.5
Last Close
16.2
1Y Lo
3Y Lo
5Y Lo
1Y13.4
Lo
1,099.2
3Y13.4
Lo
787.5
5Y13.4
Lo
676.5
400
900
1400
10
1900
% change
1M
2.4; 3M
60
110
160
% change
12.5; 12M
7.3
1M
3.7; 3M
Yield
11.1; 12M
-3.9
RSI
S&P 500 COMPOSITE RSI
5Y Hi
3.4
Hi
3Y Hi
81.6
2.7
1Y Hi
2.4
Last Close
2.1
1Y Lo
Last Close
60.4
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
-1.4; 3M
Page 9 of 25
-6.8; 12M
6.2
Intellisys
www.intellisys.uk.com
29 March 2012
5.75
3Y Hi 0.50
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
200.0
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
29 March 2012
5.25
3Y Hi
2.50
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
0.0; 12M
0.0
Eurozone Lending PE
19.0
3Y Lo
40.0
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
29 March 2012
5.41
3Y Hi0.25
1Y 0.17
Hi
Last Close
0.14
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
40.0; 3M
100.0; 12M
7.7
US Lending PE
400.0
1Y Lo
588.2
Last Close
714.3
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
29 March 2012
US$/
5Y Hi
2.11
3Y Hi
1.70
1Y Hi
1.67
Last Close
1.59
1Y Lo
1.53
3Y Lo
1.42
5Y Lo
1.37
1.00
1.20
1.40
1.60
1.80
2.00
2.20
1.50
1.60
% change
1M
0.1; 3M
2.5; 12M
-1.0
EURO/
5Y Hi
1.50
3Y Hi
1.24
1Y Hi
1.21
Last Close
1.19
1Y Lo
3Y Lo
1.11
1.07
5Y Lo
1.02
1.00
1.10
1.20
1.30
1.40
% change
1M
Page 13 of 25
1.1; 3M
-0.2; 12M
5.1
Intellisys
www.intellisys.uk.com
29 March 2012
US$/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
-1.1; 3M
2.9; 12M
-5.4
YEN/
5Y Hi
250.1
3Y Hi
1Y Hi
Last Close
162.5
139.4
131.4
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
3.0; 3M
9.0; 12M
0.4
Intellisys
www.intellisys.uk.com
29 March 2012
145.6
3Y Hi
126.6
1Y Hi
126.6
Last Close
124.5
1Y Lo
104.0
3Y Lo
46.3
5Y Lo
34.6
0
50
100
150
200
% change
1M
0.49; 3M
14.72; 12M
7.41
Page 15 of 25
Intellisys
www.intellisys.uk.com
29 March 2012
Over Valued
Price 12M Lo
301.00 248.10
405.30 368.80
223.50 165.90
398.00 305.00
824.00 552.19
1033.00 869.50
1727.00 1305.00
388.00 243.50
12M Hi
340.80
712.00
236.50
408.30
842.50
1340.00
1779.00
499.88
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Buy
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Sell
Price 12M Lo
207.10 157.00
385.10 268.60
63.25
47.00
13.50
6.80
12M Hi
245.00
425.40
72.75
19.71
ST Rec
LT Rec
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Neutral Strong Buy
Price 12M Lo
245.60 138.85
561.40 463.50
34.43
21.84
28.61
17.34
1580.50 1169.50
12M Hi
308.85
667.20
62.36
44.43
1690.00
ST Rec
LT Rec
Neutral Strong Buy
Neutral Strong Buy
Sell Strong Buy
Sell
Sell
Neutral
Sell
Price
1230.00
1527.00
2538.00
12M Lo
1031.00
1112.00
1979.00
12M Hi
1395.00
1553.00
2660.00
ST Rec
Neutral
Neutral
Neutral
Page 16 of 25
Target
427
1086
88
11
795
Beta
1.85
1.13
1.76
1.28
1.70
LT Rec
Neutral
Sell
Buy
Target
1272
1361
2945
Beta
0.41
0.55
0.98
Under Valued
Chemicals
Stock
C RODA INTERNATIONAL
ELEMENTIS
JOHNSON MATTHEY
VIC TREX
YULE C ATTO
ZOTEFOAMS
Beta
1.98
1.42
1.36
1.14
Over Valued
Beverages
Stock
BARR (AG)
DIAGEO
SABMILLER
Target
164
313
65
22
Under 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
0.53
0.92
1.34
1.10
0.72
0.60
0.79
Over Valued
Target
610
592
243
350
679
1059
1290
345
Price
2115.00
185.10
2292.00
1335.00
246.30
186.50
12M Lo
1597.00
107.50
1523.00
1025.00
148.00
109.00
12M Hi
2238.00
196.10
2403.00
1590.00
253.00
186.50
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
LT Rec
Sell
Neutral
Neutral
Neutral
Buy
Buy
Target
1700
178
2480
1386
349
237
Beta
1.08
1.08
1.47
1.23
1.28
1.04
Intellisys
www.intellisys.uk.com
29 March 2012
Over Valued
Price
297.40
146.20
835.00
1328.00
500.50
302.80
51.38
226.50
619.00
455.00
1168.00
61.75
103.62
675.00
656.50
129.00
119.20
52.35
1094.00
2445.00
12M Lo
214.60
67.50
540.50
1019.00
326.50
281.00
35.50
180.00
368.00
239.25
1097.00
38.00
83.25
510.00
374.00
103.50
76.95
28.71
715.00
1404.00
12M Hi
345.10
151.50
859.50
1414.00
518.50
403.20
105.00
262.00
628.00
671.50
1489.00
76.75
124.50
725.00
706.50
135.30
153.50
52.75
1112.00
2558.00
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
900.50 643.50
562.50 434.30
125.75
86.75
200.00 180.90
217.60 127.90
1220.00 700.00
1291.00 800.00
1813.00 1039.00
0.22
0.14
169.25 120.50
245.00 212.00
12M Hi
921.00
701.50
146.50
354.90
217.60
1262.00
1886.00
1835.00
0.28
208.00
295.00
ST Rec
LT Rec
Neutral
Sell
Neutral
Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Buy
Neutral
Sell
Page 17 of 25
Beta
0.85
1.43
1.02
0.69
1.08
1.10
0.83
0.59
1.05
1.33
1.04
1.10
1.35
0.89
1.10
0.97
1.60
1.51
1.89
1.42
Target
438
681
151
374
194
794
1896
1170
1
236
122
Beta
0.75
1.18
1.34
1.47
2.21
0.98
1.28
1.43
0.63
1.60
1.12
Over Valued
Target
323
72
715
1367
218
388
211
821
593
450
3346
154
73
1534
658
93
15
14
1147
1870
Over Valued
LT Rec
Neutral
Sell
Sell
Neutral
Sell
Buy
Strong Buy
Strong Buy
Neutral
Neutral
Strong Buy
Strong Buy
Sell
Strong Buy
Neutral
Sell
Sell
Sell
Neutral
Sell
Price
91.00
388.80
308.00
697.00
437.70
386.70
342.00
969.00
8.75
324.70
1975.00
195.00
183.75
2072.00
645.00
1753.00
12M Lo
62.50
225.60
252.50
395.80
280.00
306.30
235.00
636.50
7.25
224.00
1501.00
135.60
150.00
1649.00
488.00
1375.00
12M Hi
128.00
426.50
358.00
724.50
483.70
429.60
393.50
1119.00
12.00
360.00
2099.00
201.00
272.00
2184.00
661.75
2236.00
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral Strong Buy
Neutral
Buy
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Target
270
321
466
699
417
330
532
1224
6
309
1582
216
158
2015
675
1429
Beta
1.33
1.60
0.98
2.29
1.41
0.76
1.42
1.42
0.86
1.76
1.00
1.77
1.06
0.86
1.52
1.39
Intellisys
www.intellisys.uk.com
29 March 2012
Under Valued
Price 12M Lo
514.00 445.00
303.10 268.50
313.90 263.50
336.75 310.45
25.63
9.50
12M Hi
558.00
328.00
362.80
420.05
85.50
ST Rec
LT Rec
Neutral
Sell
Neutral
Buy
Neutral Strong Buy
Neutral
Buy
Sell
Neutral
Price 12M Lo
1219.00 977.00
812.00 588.50
338.00 311.00
308.00 232.00
18.00
3.29
704.50 544.50
2053.00 1885.00
12M Hi
1228.00
841.00
409.70
332.20
35.12
720.50
2189.00
ST Rec
LT Rec
Neutral
Sell
Neutral Strong Buy
Neutral Strong Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Price 12M Lo
21.88
16.00
238.20 227.00
1508.00 1092.00
700.00 375.00
10.25
7.50
19.26
9.36
3.61
2.20
47.25
36.00
307.50 269.50
10.00
5.20
775.00 570.00
73.70
60.20
309.80 217.00
384.20 301.80
48.25
25.50
178.25 127.30
3009.00 1980.00
814.00 633.00
38.00
21.50
12M Hi
25.25
304.50
1600.00
741.00
22.50
19.91
8.70
111.00
405.90
31.00
1030.00
151.40
312.70
402.20
48.25
452.00
3014.00
830.00
77.00
ST Rec
Neutral
Neutral
Neutral
Sell
Sell
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
627.00 498.00
41.00
36.50
633.50 521.00
12M Hi
630.00
59.00
715.00
ST Rec
Neutral
Neutral
Neutral
Page 18 of 25
LT Rec
Buy
Neutral
Sell
Sell
Sell
Buy
Sell
Strong Buy
Buy
Strong Buy
Strong Buy
Strong Buy
Sell
Neutral
Sell
Strong Buy
Sell
Sell
Sell
Target
30
259
541
208
10
28
3
101
420
1173
1215
291
291
398
21
369
2172
479
23
Beta
0.72
0.49
1.36
1.03
0.65
1.46
0.97
0.93
0.64
0.87
0.49
1.27
0.99
0.74
1.05
0.55
0.80
0.55
1.34
LT Rec
Sell
Buy
Buy
Target
423
49
776
Beta
0.40
0.75
0.37
Under Valued
Beta
0.60
0.59
0.94
0.32
1.42
0.63
0.61
Under Valued
Health
Stock
C ONSORT MEDIC AL
C ORIN GROUP
SMITH & NEPHEW
Target
1013
1513
726
664
-28
818
1001
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
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
0.46
0.65
0.74
0.78
Over Valued
Target
324
365
558
422
26
Price 12M Lo
38.63
21.75
577.50 370.00
300.38 233.25
97.50
97.00
12M Hi
40.00
577.50
310.00
145.00
ST Rec
Neutral
Neutral
Neutral
Neutral
LT Rec
Sell
Sell
Buy
Buy
Target
30
493
345
144
Beta
0.47
0.38
0.93
0.65
Intellisys
www.intellisys.uk.com
29 March 2012
Over Valued
Price 12M Lo
600.00 464.00
240.00 154.10
33.75
14.50
694.00 296.90
59.50
41.00
158.70 105.80
186.00
96.00
12M Hi
645.00
391.40
35.00
717.00
102.75
160.30
260.00
ST Rec
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
1161.00 787.00
336.90 270.60
143.00 109.60
418.00 336.00
396.10 340.50
694.00 576.00
107.10
99.60
376.25 285.00
12M Hi
1754.00
427.00
151.80
449.00
424.70
764.50
139.80
385.25
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
44.13
27.25
2027.00 1742.00
56.50
26.50
197.40 136.70
725.00 596.00
513.50 410.00
159.60 114.00
1445.00 955.00
484.40 371.20
274.30 215.60
146.20 100.60
10.75
9.14
129.50 109.50
294.70 254.90
411.00 380.50
1849.00 1409.00
258.80 179.30
98.15
84.60
12M Hi
44.25
2642.00
96.15
250.00
752.00
523.50
161.80
1497.00
540.00
336.80
204.00
15.70
153.70
335.00
468.30
1849.00
258.80
112.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Buy
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Page 19 of 25
LT Rec
Sell
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Strong Buy
Target
-8469
7172
2337
85
6471
4470
2762
6212
Beta
0.54
0.47
0.52
0.31
0.50
0.33
0.44
0.51
LT Rec
Sell
Strong Buy
Strong Buy
Strong Buy
Neutral
Buy
Buy
Sell
Neutral
Strong Buy
Neutral
Sell
Strong Buy
Buy
Strong Buy
Neutral
Buy
Strong Buy
Target
17
3840
93
592
692
725
193
978
509
444
139
-135
209
366
705
1900
324
201
Beta
0.79
1.07
1.74
0.97
0.45
0.87
0.99
1.31
1.41
1.04
1.30
1.30
0.98
0.87
0.73
1.05
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
1.18
0.65
0.97
1.20
1.02
1.06
Under Valued
Target
414
620
61
266
350
387
84
Over Valued
Insurance
Stock
ADMIRAL GROUP
AMLIN
BEAZLEY
C ATLIN GROUP
HISC OX
JARDINE LLOYD THOMPSON
RSA INSURANC E GROUP
NOVAE GROUP
LT Rec
Sell
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Sell
Price 12M Lo
336.60 275.30
185.00 161.75
132.50
89.80
158.00
98.05
768.50 509.00
356.60 294.00
12M Hi
452.70
264.00
135.00
164.60
797.50
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
1.67
1.64
1.73
0.81
Intellisys
www.intellisys.uk.com
29 March 2012
Over Valued
Price 12M Lo
181.30 116.17
110.50
91.25
673.00 618.50
38.25
32.50
454.70 343.40
779.00 522.50
447.40 313.90
227.60 157.70
87.40
51.65
6.50
4.11
1200.00 1038.00
46.50
39.50
283.50 158.00
29.35
26.21
117.25
76.25
83.50
68.50
38.50
35.25
627.00 416.00
97.75
78.50
862.50 578.00
3.87
3.35
12M Hi
185.90
138.00
850.00
56.25
505.50
809.50
450.80
258.00
89.90
8.95
1255.00
67.00
292.00
39.25
168.00
104.50
54.25
635.00
157.00
880.00
11.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Price
2347.00
329.00
1118.00
1885.00
1053.00
5490.00
3316.00
18.00
1232.00
1068.50
12M Lo
2138.50
237.90
900.50
1667.00
941.00
4567.00
2712.50
18.00
928.00
764.00
12M Hi
3344.00
340.00
1491.00
2631.50
1760.00
7565.00
4595.00
47.00
2518.00
1550.00
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Neutral
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Neutral
Price
1450.00
468.10
332.40
10.50
941.00
157.75
126.00
394.70
2216.00
2225.50
298.50
1511.00
711.50
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
504.60
531.75
14.75
968.00
331.40
297.00
520.50
2402.00
2489.00
400.00
1601.00
763.50
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Buy
Neutral
Neutral
Neutral
Neutral
Neutral
Page 20 of 25
Target
5835
329
1040
4340
891
1628
4858
-60
4850
1054
Beta
1.76
0.95
1.39
1.41
1.92
0.31
1.43
0.96
2.10
1.79
Price 12M Lo
120.00 108.75
296.80 285.00
3522.00 3100.00
LT Rec
Buy
Strong Buy
Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Buy
Strong Buy
Strong Buy
Sell
Sell
Buy
Target
1972
1345
419
25
815
381
663
548
6705
6767
204
481
810
Beta
0.71
1.06
1.35
0.85
1.33
1.36
1.13
1.36
0.91
0.92
0.51
1.06
1.34
Over Valued
Beta
1.32
0.50
0.61
1.03
1.09
1.06
1.52
1.40
1.52
1.47
0.68
0.84
0.35
0.51
0.80
1.45
1.57
1.31
0.87
1.29
1.31
Under Valued
Target
101
143
671
-78
512
622
359
187
83
72
1193
91
173
9
30
239
521
1801
123
916
56
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
Neutral
Sell
Buy
Sell
Sell
Sell
Neutral
Strong Buy
Neutral
Strong Buy
Sell
Sell
Sell
Strong Buy
Strong Buy
Strong Buy
Buy
Neutral
Strong Buy
12M Hi
151.06
387.90
3599.00
ST Rec
Neutral
Neutral
Neutral
LT Rec
Sell
Buy
Sell
Target
94
355
3212
Beta
0.88
0.75
0.34
Intellisys
www.intellisys.uk.com
29 March 2012
Under Valued
Price
3.60
2806.00
339.40
494.00
1422.50
3.12
7.80
2140.00
40.00
23.75
12M Lo
3.13
2543.50
226.00
433.00
1184.00
2.88
6.40
1791.00
31.00
18.75
12M Hi
5.35
3194.00
365.00
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
22.50
21.75
120.75
57.75
1683.00 1298.00
436.40 324.70
305.00 225.00
20.25
16.00
100.00
58.95
452.40 242.90
357.20 214.90
195.25 154.75
81.25
41.50
1639.00 1444.00
300.00 231.70
12M Hi
27.00
128.00
1799.00
490.00
535.00
23.00
144.80
471.20
420.20
262.75
156.63
2109.00
312.40
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Page 21 of 25
Beta
0.95
0.45
0.72
0.30
0.48
0.60
0.92
0.62
0.72
0.82
LT Rec
Strong Buy
Sell
Sell
Strong Buy
Neutral
Neutral
Strong Buy
Neutral
Buy
Strong Buy
Sell
Neutral
Neutral
Target
50
65
991
1146
303
20
224
488
444
512
-22
1796
329
Beta
0.72
0.84
1.46
1.09
1.09
0.90
1.37
0.74
1.33
0.88
0.47
0.81
0.64
Over Valued
Target
-7
10526
221
1890
1932
15
2
1944
276
93
Under Valued
LT Rec
Sell
Strong Buy
Sell
Strong Buy
Buy
Strong Buy
Sell
Sell
Strong Buy
Strong Buy
Price 12M Lo
12M Hi
256.80 167.80
265.80
169.40 113.70
176.50
9575.00 8800.00 10950.00
293.25 240.00
350.00
146.00 115.63
160.50
790.00 590.00
845.00
67.50
56.05
81.70
1.85
1.36
14.87
126.80
95.05
173.10
394.60 311.60
541.50
281.60 197.90
345.00
386.40 318.40
522.00
1015.00 756.50 1076.00
133.30 104.50
259.60
1278.00 977.00 1316.00
1576.00 1183.00 1906.00
1241.00 970.00 1554.00
ST Rec
LT Rec
Neutral
Sell
Neutral
Sell
Neutral Strong Buy
Neutral
Neutral
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
180
133
18524
313
229
395
88
0
103
343
302
312
818
164
1240
1718
1718
Beta
1.09
0.72
0.86
0.95
0.72
0.82
0.92
0.67
1.43
1.08
1.65
1.56
1.17
1.27
0.75
1.33
1.32
Intellisys
www.intellisys.uk.com
29 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
213.00 166.25
2228.00 1522.00
1113.00 740.50
257.00
99.40
797.50 570.50
345.00 270.00
1005.00 676.50
256.50 192.25
741.00 611.50
34.88
23.75
653.00 512.50
530.00 402.70
917.50 730.00
814.00 693.00
429.00 284.00
252.80 182.20
466.20 296.30
274.50 219.90
84.80
58.85
239.10 214.70
298.90 252.75
2492.00 1744.00
30.75
25.25
39.25
27.75
603.50 445.50
480.00 323.00
284.10 196.10
10.75
4.75
160.50 122.00
617.50 410.00
213.00 144.50
115.00
64.00
84.65
58.20
430.50 299.80
351.75 325.00
253.75 158.25
381.00 281.00
243.50 156.60
548.50 458.00
99.70
90.80
28.75
18.50
79.75
36.75
46.00
36.25
246.00 191.00
54.00
47.00
268.00 160.00
12M Hi
344.00
2316.00
1207.00
271.10
800.00
392.50
1013.00
318.50
767.00
39.75
668.00
568.00
1001.00
854.50
432.40
294.90
470.60
292.10
119.60
532.00
341.25
2526.00
36.00
45.50
614.00
567.00
288.30
100.25
166.50
638.00
301.00
117.70
100.90
436.00
410.00
326.00
393.20
253.00
597.50
130.90
34.00
79.75
52.88
258.00
956.25
375.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
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
Sell
Neutral
Page 22 of 25
Target
360
1310
1360
135
744
1142
1043
574
743
103
819
1114
1075
1023
504
394
453
412
151
493
843
1712
71
60
1293
462
427
-316
304
772
373
74
53
559
577
370
474
315
711
174
-8
-356
67
615
-9726
608
Beta
0.93
1.18
1.03
1.50
0.55
0.72
0.56
0.32
0.45
0.75
0.74
1.04
#NA
0.21
1.01
1.03
1.13
0.60
0.99
0.65
1.36
0.87
1.16
0.67
1.46
1.37
0.61
0.92
0.38
0.75
1.20
1.42
1.31
0.88
0.82
1.23
0.82
1.59
0.59
1.47
1.31
0.62
0.88
0.90
0.77
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
Sell
Strong Buy
Neutral
Strong Buy
Neutral
Strong Buy
Buy
Strong Buy
Buy
Buy
Buy
Strong Buy
Neutral
Strong 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
Buy
Buy
Buy
Buy
Strong Buy
Sell
Sell
Buy
Strong Buy
Sell
Strong Buy
Price 12M Lo
227.60 161.00
32.28
31.25
459.30 389.30
69.80
58.50
689.00 452.25
173.70 155.05
12M Hi
232.10
48.92
628.50
84.00
802.00
182.70
ST Rec
LT Rec
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Buy
Target
262
139
370
84
472
191
Beta
0.93
0.65
0.53
1.26
0.04
0.62
Intellisys
www.intellisys.uk.com
29 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
216.30 156.00
417.50 282.00
1310.00 1015.00
489.10 302.54
289.10 282.50
600.00 440.50
1301.00 1190.00
252.00 201.60
215.80 190.90
263.10 215.90
78.00
56.00
12M Hi
223.40
505.00
1355.00
495.80
370.20
605.00
1598.00
270.20
346.70
287.40
123.25
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Page 23 of 25
Target
178
692
1681
579
455
364
1891
195
411
222
179
Beta
1.40
0.95
0.82
0.78
1.08
0.82
0.95
1.30
1.38
0.90
0.84
Under Valued
Utilities
Stock
C ENTRIC A
NATIONAL GRID
PENNON GROUP
SEVERN TRENT
UNITED UTILITIES GROUP
LT Rec
Sell
Strong Buy
Buy
Buy
Strong Buy
Sell
Buy
Sell
Strong Buy
Sell
Strong Buy
Price 12M Lo
313.30 278.80
631.00 569.00
712.00 620.00
1540.00 1375.00
602.50 560.00
12M Hi
333.00
659.00
737.50
1610.00
637.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
LT Rec
Neutral
Buy
Sell
Sell
Neutral
Target
328
801
603
1377
614
Beta
0.50
0.56
0.61
0.47
0.58
Intellisys
www.intellisys.uk.com
29 March 2012
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