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Uk Trading & Value Indicator 20120420
Uk Trading & Value Indicator 20120420
Uk Trading & Value Indicator 20120420
Value
Indicator
20 April 2012
Intellisys
www.intellisys.uk.com
20 April 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
........................................................
..............................
.............................
Over Valued 18
Over Valued 18
.....................................................
Under Valued 18
Under Valued 18
..............................................................
....................................
Over Valued 19
Over Valued 19
..........................
........................................................
..................................................
Life Assurance
..................................................
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
......................................
..................................................
Telecommunication Services
Transport
Over Valued 17
Under Valued 18
...................................
Mining
Over Valued 17
Over Valued 17
...............................................
Over Valued 16
Over Valued 16
........................................
Health
Over Valued 16
Under Valued 16
..............................................
Under Valued 22
Over Valued 23
....................................
........................................................
Under Valued 23
Utilities
.............................................................
DISCLAIMER ............................................................................................. 24
Page 2 of 25
Intellisys
www.intellisys.uk.com
20 April 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
20 April 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
20 April 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
5,744.6
1Y Lo
Last Close
4,944.4
3Y Lo
3,987.5
5Y Lo
14.1
9.7
1Y Lo
7.9
3Y Lo
7.9
5Y Lo
3,512.1
2000
4000
6000
7.0
5
8000
% change
1M
-3.6; 3M
10
15
20
% change
0.1; 12M
-2.6
1M
-3.7; 3M
Yield
-6.2; 12M
-28.6
RSI
FTSE 100 DY
5Y Hi
6.2
74.8
Hi
3Y Hi
5.2
1Y Hi
3.9
Last Close
3.6
1Y Lo
Last Close
49.6
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
4.6; 3M
Page 5 of 25
3.7; 12M
18.3
Intellisys
www.intellisys.uk.com
20 April 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
11,423.0
1Y Lo
3Y Lo 7.1
6,987.3
5Y Lo
5Y Lo 7.1
5,491.5
500
18.5
1Y Lo 7.1
9,425.9
3Y Lo
19.5
5500
10500
15500
% change
1M
-3.1; 3M
10
15
20
25
30
% change
5.7; 12M
-1.3
1M
-1.9; 3M
Yield
13.0; 12M
7.5
RSI
FTSE 250 RSI
FTSE 250 DY
5Y Hi
5.7
Hi
3Y Hi
83.4
3.8
1Y Hi
3.3
Last Close
Last Close
2.8
1Y Lo
50.3
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
6.0; 3M
Page 6 of 25
-3.4; 12M
17.5
Intellisys
www.intellisys.uk.com
20 April 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
2,987.8
1Y Lo
2,557.8
3Y Lo
2,038.4
5Y Lo
10.5
1Y Lo
8.5
3Y Lo
8.5
5Y Lo 7.4
1,781.6
500
14.6
1500
2500
3500
4500
% change
1M
-3.5; 3M
10
15
20
25
% change
1.0; 12M
-2.4
1M
-3.9; 3M
Yield
-4.2; 12M
-25.6
RSI
FTSE ALL SHARE RSI
5Y Hi
6.1
Hi
3Y Hi
74.8
5.0
1Y Hi
3.8
Last Close
Last Close
3.5
1Y Lo
49.7
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
4.8; 3M
Page 7 of 25
2.7; 12M
17.5
Intellisys
www.intellisys.uk.com
20 April 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
782.7
1Y Lo
-354.3
Last Close
657.8
1Y Lo
-203,906.0
3Y Lo 448.9
3Y Lo
-203,906.0
5Y Lo373.8
5Y Lo
-203,906.0
200
700
1200
1700
-250000
-200000
% change
1M
-3.1; 3M
-150000
-100000
-50000
50000
% change
3.9; 12M
-13.6
Yield
RSI
5Y Hi
2.1
Hi
3Y Hi
91.9
1.7
1Y Hi
0.8
Last Close
0.7
1Y Lo
Last Close
46.7
0.6
3Y Lo
0.5
Lo
23.6
5Y Lo 0.4
0.2
0.7
1.2
1.7
2.2
50
100
% change
1M
10.9; 3M
Page 8 of 25
9.2; 12M
18.3
Intellisys
www.intellisys.uk.com
20 April 2012
Index
S&P 500 COMPOSITE
5Y Hi
1,565.2
5Y Hi
146.3
146.3
3Y Hi
1,419.0
3Y Hi
1Y Hi
1,419.0
1Y 17.5
Hi
Last Close
1Y Lo
1Y13.4
Lo
1,099.2
3Y Lo
5Y Lo
Last Close
16.0
1,376.9
3Y13.4
Lo
832.4
5Y13.4
Lo
676.5
400
900
1400
10
1900
% change
1M
-2.3; 3M
60
110
160
% change
4.8; 12M
4.9
1M
-0.4; 3M
Yield
7.6; 12M
-5.8
RSI
S&P 500 COMPOSITE RSI
5Y Hi
3.4
Hi
3Y Hi
81.6
2.6
1Y Hi
2.4
Last Close
2.2
1Y Lo
Last Close
45.2
1.9
3Y Lo
1.8
Lo
5Y Lo
28.5
1.8
0.5
1.5
2.5
3.5
4.5
20
40
60
80
100
% change
1M
5.8; 3M
Page 9 of 25
0.9; 12M
12.9
Intellisys
www.intellisys.uk.com
20 April 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
20 April 2012
5.25
3Y Hi
2.25
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
-12.5
Eurozone Lending PE
19.0
3Y Lo
44.4
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
20 April 2012
5.41
3Y Hi0.25
1Y 0.17
Hi
Last Close
0.15
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
0.0; 3M
50.0; 12M
36.4
US Lending PE
400.0
1Y Lo
588.2
Last Close
666.7
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
20 April 2012
US$/
5Y Hi
2.11
3Y Hi
1.70
1Y Hi
1.67
Last Close
1.61
1Y Lo
1.53
3Y Lo
1.43
5Y Lo
1.37
1.00
1.20
1.40
1.60
1.80
2.00
2.20
1.50
1.60
% change
1M
1.1; 3M
3.8; 12M
-1.6
EURO/
5Y Hi
1.50
3Y Hi
1.24
1Y Hi
1.22
Last Close
1.22
1Y Lo
3Y Lo
1.11
1.07
5Y Lo
1.02
1.00
1.10
1.20
1.30
1.40
% change
1M
Page 13 of 25
1.8; 3M
1.8; 12M
7.2
Intellisys
www.intellisys.uk.com
20 April 2012
US$/EURO
5Y Hi
1.60
3Y Hi
1.51
1Y Hi
1.48
Last Close
1.31
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
-0.8; 3M
1.3; 12M
-8.4
YEN/
5Y Hi
250.1
3Y Hi
1Y Hi
Last Close
162.5
136.6
131.0
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
-1.1; 3M
9.8; 12M
-2.7
Intellisys
www.intellisys.uk.com
20 April 2012
145.6
3Y Hi
126.6
1Y Hi
126.6
Last Close
118.8
1Y Lo
104.0
3Y Lo
48.3
5Y Lo
34.6
0
50
100
150
200
% change
1M
-5.58; 3M
7.38; 12M
-2.01
Page 15 of 25
Intellisys
www.intellisys.uk.com
20 April 2012
Over Valued
Price 12M Lo
291.40 248.10
370.30 368.80
239.50 165.90
407.30 305.00
844.00 552.19
1045.00 869.50
1680.00 1305.00
569.00 243.50
12M Hi
340.80
677.00
239.50
412.00
844.00
1340.00
1780.00
569.00
ST Rec
LT Rec
Neutral Strong Buy
Neutral Strong Buy
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Sell
Sell
Price 12M Lo
206.90 157.00
361.60 268.60
64.00
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
212.30 138.85
554.60 463.50
29.29
21.84
23.84
17.34
1522.00 1169.50
12M Hi
301.85
662.50
60.39
42.91
1672.00
ST Rec
LT Rec
Neutral Strong Buy
Neutral Strong Buy
Sell Strong Buy
Sell
Sell
Neutral
Sell
Price
1169.00
1589.00
2602.50
12M Lo
1031.00
1112.00
1979.00
12M Hi
1395.00
1589.00
2660.00
ST Rec
Neutral
Sell
Neutral
Page 16 of 25
Target
399
1056
84
8
750
Beta
1.86
1.14
1.77
1.29
1.71
LT Rec
Neutral
Sell
Buy
Target
1246
1394
3000
Beta
0.43
0.55
0.99
Over Valued
Chemicals
Stock
C RODA INTERNATIONAL
ELEMENTIS
JOHNSON MATTHEY
VIC TREX
YULE C ATTO
ZOTEFOAMS
Beta
1.98
1.42
1.34
1.14
Over Valued
Beverages
Stock
BARR (AG)
DIAGEO
SABMILLER
Target
163
307
64
21
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
0.52
0.91
1.34
1.10
0.73
0.60
0.80
Over Valued
Target
678
630
264
374
754
1030
1170
431
Price
2257.00
201.00
2364.00
1508.00
239.50
171.00
12M Lo
1597.00
107.50
1523.00
1025.00
148.00
109.00
12M Hi
2257.00
206.00
2408.00
1590.00
253.00
186.50
ST Rec
LT Rec
Sell
Sell
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral Strong Buy
Neutral
Buy
Target
1819
183
2393
1524
364
242
Beta
1.08
1.07
1.47
1.22
1.29
1.01
Intellisys
www.intellisys.uk.com
20 April 2012
Over Valued
Price
271.00
134.70
796.00
1283.00
473.20
274.20
50.25
221.00
625.00
440.00
1136.00
60.50
96.13
680.00
650.00
122.30
109.40
50.75
1063.00
2411.00
12M Lo
214.60
67.50
540.50
1025.00
326.50
274.20
35.50
180.00
383.75
239.25
1095.00
38.00
83.25
510.00
374.00
103.50
76.95
28.71
715.00
1404.00
12M Hi
333.70
151.50
859.50
1414.00
518.50
403.20
101.00
247.50
630.00
671.50
1489.00
76.75
124.50
725.00
706.50
135.30
153.50
52.75
1125.00
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
1090.00 643.50
617.00 434.30
139.00
86.75
190.80 180.90
221.10 128.50
1275.00 714.00
1450.00 800.00
1857.00 1039.00
0.20
0.14
179.75 120.50
229.00 212.00
12M Hi
1090.00
701.50
146.50
340.60
222.00
1280.00
1886.00
1857.00
0.28
208.00
295.00
ST Rec
LT Rec
Sell
Sell
Neutral
Buy
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Neutral
Buy
Sell
Sell
Neutral Strong Buy
Neutral
Buy
Neutral
Sell
Page 17 of 25
Beta
0.84
1.45
1.01
0.68
1.07
1.09
0.80
0.56
1.05
1.32
1.04
1.11
1.35
0.89
1.10
0.97
1.59
1.50
1.89
1.44
Target
474
736
164
404
199
857
2037
1270
1
253
130
Beta
0.76
1.18
1.35
1.47
2.17
0.99
1.29
1.43
0.64
1.60
1.13
Over Valued
Target
323
70
698
1296
215
384
205
789
587
458
3243
147
73
1514
633
91
11
13
1116
1842
Over Valued
LT Rec
Buy
Sell
Sell
Neutral
Sell
Buy
Strong Buy
Strong Buy
Sell
Neutral
Strong Buy
Strong Buy
Sell
Strong Buy
Neutral
Sell
Sell
Sell
Neutral
Sell
Price
83.50
412.80
300.00
747.50
456.50
406.90
320.00
974.00
7.87
329.60
2219.00
202.50
176.00
2290.00
656.00
1752.00
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
124.00
426.50
358.00
747.50
483.70
429.60
393.50
1119.00
12.00
360.00
2219.00
204.80
250.00
2290.00
690.00
2236.00
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Sell
Sell
Sell
Neutral Strong Buy
Neutral
Buy
Neutral
Sell
Neutral
Neutral
Sell
Sell
Neutral
Buy
Neutral
Sell
Sell
Sell
Neutral
Neutral
Neutral
Sell
Target
266
321
484
694
427
348
543
1311
5
314
1723
224
150
2147
678
1500
Beta
1.32
1.59
0.98
2.29
1.41
0.76
1.41
1.40
0.86
1.77
0.99
1.77
1.07
0.85
1.52
1.39
Intellisys
www.intellisys.uk.com
20 April 2012
Under Valued
Price 12M Lo
514.50 445.00
294.20 277.00
311.20 263.50
320.05 310.45
27.75
9.50
12M Hi
558.00
328.00
362.80
420.05
81.50
ST Rec
LT Rec
Neutral
Sell
Neutral
Buy
Neutral Strong Buy
Buy
Buy
Neutral
Neutral
Price 12M Lo
1226.00 977.00
813.50 588.50
302.20 302.20
313.00 232.00
16.75
3.29
685.00 544.50
2069.00 1892.00
12M Hi
1233.00
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
23.00
16.00
225.40 222.40
1489.00 1092.00
601.00 375.00
8.00
7.50
17.95
9.36
3.35
2.20
43.00
36.00
288.80 269.50
13.75
5.20
791.50 570.00
54.15
54.15
305.70 217.00
355.60 301.80
51.00
26.00
174.75 127.30
3013.00 2153.00
902.00 633.00
38.63
21.50
12M Hi
23.75
304.50
1600.00
741.00
18.00
19.91
8.70
106.00
405.90
31.00
1030.00
151.40
313.80
402.20
51.00
448.50
3060.00
902.00
77.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Buy
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Price 12M Lo
653.50 498.00
38.50
36.50
608.00 521.00
12M Hi
658.00
59.00
694.00
ST Rec
Neutral
Neutral
Neutral
Page 18 of 25
LT Rec
Buy
Buy
Sell
Sell
Buy
Strong Buy
Sell
Strong Buy
Buy
Strong Buy
Buy
Strong Buy
Sell
Neutral
Sell
Strong Buy
Sell
Sell
Sell
Target
29
251
528
203
10
28
3
100
408
1170
1186
287
284
387
22
360
2112
467
23
Beta
0.71
0.49
1.36
1.03
0.65
1.45
0.97
0.93
0.64
0.88
0.48
1.28
0.97
0.74
1.07
0.56
0.78
0.56
1.33
LT Rec
Sell
Buy
Buy
Target
422
49
769
Beta
0.39
0.76
0.36
Under Valued
Beta
0.60
0.60
0.93
0.33
1.40
0.63
0.58
Under Valued
Health
Stock
C ONSORT MEDIC AL
C ORIN GROUP
SMITH & NEPHEW
Target
1006
1510
722
665
-30
816
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
0.52
0.45
0.64
0.73
0.77
Over Valued
Target
304
364
559
419
27
Price 12M Lo
43.88
21.75
569.50 405.00
295.00 233.25
94.13
93.00
12M Hi
44.00
577.50
310.00
145.00
ST Rec
LT
Neutral
Neutral
Neutral
Neutral Strong
Rec
Sell
Sell
Buy
Buy
Target
32
463
359
148
Beta
0.48
0.38
0.93
0.65
Intellisys
www.intellisys.uk.com
20 April 2012
Over Valued
Price 12M Lo
607.50 464.00
203.90 154.10
30.00
14.50
705.00 296.90
55.88
41.00
167.20 105.80
178.50
96.00
12M Hi
645.00
391.40
35.00
717.00
101.50
172.80
244.50
ST Rec
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Price 12M Lo
1209.00 787.00
328.10 270.60
141.50 109.60
422.10 336.00
402.30 340.50
676.00 576.00
103.80
99.60
372.00 285.00
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
1995.00 1742.00
60.25
26.50
192.60 136.70
718.50 609.00
518.00 410.00
173.40 114.00
1474.00 955.00
481.20 371.20
265.10 215.60
156.20 100.60
10.25
9.14
122.00 109.50
285.10 254.90
417.20 380.50
1835.00 1409.00
266.80 183.30
98.40
84.60
12M Hi
2642.00
96.15
250.00
752.00
523.50
173.40
1497.00
535.50
336.80
174.00
15.57
153.70
335.00
468.30
1872.00
266.80
112.00
Page 19 of 25
LT Rec
Sell
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Strong Buy
ST Rec
LT Rec
Neutral Strong Buy
Neutral
Sell
Neutral Strong Buy
Neutral
Sell
Neutral
Neutral
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Sell
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Sell
Neutral
Neutral
Neutral Strong Buy
Target
-8529
7236
2355
85
6529
4511
2785
6261
Beta
0.51
0.49
0.51
0.31
0.50
0.32
0.43
0.50
Target
3147
30
678
571
561
163
1675
425
338
118
-204
178
310
583
1576
269
154
Beta
1.08
1.73
0.95
0.44
0.86
1.00
1.31
1.41
1.02
1.26
1.30
0.99
0.85
0.72
1.02
0.94
1.26
Over Valued
Life Assurance
Stock
AVIVA
C HESNARA
LEGAL & GENERAL
OLD MUTUAL
PRUDENTIAL
ST.JAMES'S PLAC E
Beta
0.76
1.20
0.66
0.96
1.16
1.01
1.06
Under Valued
Target
419
610
58
270
352
394
79
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
299.60 275.30
182.25 161.75
118.60
89.80
148.90
98.05
755.50 509.00
340.80 294.00
12M Hi
450.30
255.00
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
1.26
0.58
1.67
1.66
1.72
0.81
Intellisys
www.intellisys.uk.com
20 April 2012
Over Valued
Price 12M Lo
179.30 116.17
109.87
91.25
665.50 618.50
34.25
32.50
423.60 343.40
784.00 522.50
432.10 313.90
227.50 157.70
88.10
51.65
5.50
4.11
1113.00 1038.00
46.00
41.50
316.00 198.25
28.27
26.21
114.50
76.25
73.25
68.50
31.00
31.00
598.00 416.00
91.25
78.50
855.50 578.00
3.40
3.35
12M Hi
187.40
138.00
850.00
56.25
505.50
809.50
451.00
258.00
89.90
8.18
1255.00
67.00
316.00
39.25
168.00
102.25
54.25
641.50
151.00
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
2307.00
310.20
1170.00
1940.00
1009.00
5445.00
3512.50
14.75
1200.00
1140.00
12M Lo
2138.50
237.90
900.50
1667.00
941.00
4580.00
2712.50
14.75
928.00
764.00
12M Hi
3181.00
340.00
1491.00
2560.00
1646.00
7565.00
4595.00
47.00
2366.00
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
Sell
Price
1412.50
440.05
341.40
10.75
916.00
141.00
115.50
384.10
2122.50
2183.00
288.90
1502.00
723.00
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
1547.00
504.60
515.11
14.75
968.00
314.00
288.00
500.75
2402.00
2489.00
397.50
1601.00
763.50
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Neutral
Page 20 of 25
Target
5829
326
1036
4347
892
1625
4858
-60
4840
1053
Beta
1.75
0.95
1.38
1.40
1.92
0.33
1.42
0.94
2.10
1.78
Price 12M Lo
128.50 108.75
331.30 285.00
3660.00 3100.00
LT Rec
Buy
Strong Buy
Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Buy
Strong Buy
Strong Buy
Sell
Sell
Neutral
Target
1930
1301
419
24
794
371
642
535
6565
6625
200
465
794
Beta
0.70
1.06
1.36
0.86
1.30
1.36
1.14
1.36
0.91
0.92
0.47
1.06
1.36
Over Valued
Beta
1.31
0.51
0.61
1.04
1.09
1.05
1.52
1.42
1.52
1.46
0.66
0.86
0.35
0.51
0.81
1.45
1.57
1.30
0.86
1.29
1.32
Under Valued
Target
99
140
663
-79
501
614
351
185
82
70
1170
90
170
9
29
235
514
1766
120
899
55
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
Sell
Strong Buy
Neutral
Strong Buy
Sell
Sell
Sell
Strong Buy
Strong Buy
Strong Buy
Buy
Neutral
Strong Buy
12M Hi
151.06
387.90
3660.00
ST Rec
Neutral
Neutral
Neutral
LT Rec
Sell
Buy
Sell
Target
107
379
3392
Beta
0.87
0.74
0.34
Intellisys
www.intellisys.uk.com
20 April 2012
Under Valued
Price
3.38
2823.50
381.70
510.00
1454.00
4.16
8.02
1995.00
41.38
24.25
12M Lo
3.13
2543.50
236.80
433.00
1205.00
2.88
6.40
1818.00
31.00
18.75
12M Hi
ST Rec
LT Rec
5.35 Strong Buy
Sell
Neutral Strong Buy
3194.00
381.70
Neutral
Sell
Neutral Strong Buy
579.00
1497.00
Neutral
Buy
7.20
Buy Strong Buy
9.50
Buy
Sell
2300.00
Neutral
Neutral
66.13
Neutral Strong Buy
49.00
Neutral Strong Buy
Price 12M Lo
21.88
21.75
126.25
57.75
1676.00 1298.00
407.00 324.70
299.00 225.00
20.50
16.63
79.70
58.95
463.50 242.90
348.60 214.90
190.00 154.75
82.00
41.50
1522.00 1444.00
284.70 231.70
12M Hi
27.00
129.75
1799.00
490.00
503.50
23.00
144.80
476.70
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
LT Rec
Strong Buy
Sell
Sell
Strong Buy
Neutral
Neutral
Strong Buy
Neutral
Buy
Strong Buy
Sell
Buy
Buy
Target
49
64
978
1123
299
20
219
481
436
501
-22
1767
324
Beta
0.73
0.84
1.48
1.09
1.11
0.92
1.36
0.75
1.33
0.88
0.48
0.82
0.65
Over Valued
Beta
0.97
0.45
0.73
0.32
0.49
0.61
0.92
0.63
0.70
0.82
Under Valued
Target
-7
10978
230
1969
2018
15
1
2037
295
97
Price 12M Lo
12M Hi
274.40 167.80
274.40
169.70 113.70
177.00
9752.50 8800.00 10950.00
290.00 240.00
350.00
140.00 115.63
160.00
750.50 590.00
820.00
66.50
56.05
81.70
1.61
1.36
14.00
124.00
95.05
163.70
376.50 311.60
524.00
257.90 197.90
345.00
355.40 318.40
522.00
1076.00 756.50 1093.00
93.40
93.40
259.60
1296.00 977.00 1316.00
1446.00 1183.00 1906.00
1115.00 970.00 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
Buy
Neutral
Sell
Neutral
Sell
Buy Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Buy
Target
172
126
17923
298
216
362
86
0
98
324
288
283
800
156
1210
1667
1667
Beta
1.07
0.72
0.87
0.96
0.70
0.83
0.91
0.67
1.42
1.06
1.65
1.56
1.17
1.27
0.74
1.31
1.30
Intellisys
www.intellisys.uk.com
20 April 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
191.00 166.25
2288.00 1522.00
1117.00 740.50
261.60
99.40
839.50 570.50
357.50 270.00
1029.00 676.50
232.00 192.25
744.00 611.50
32.00
23.75
657.50 512.50
531.50 402.70
894.50 730.00
840.00 727.00
443.50 284.00
231.90 182.20
478.50 296.30
287.90 219.90
92.45
58.85
235.60 214.70
289.10 261.00
2605.00 1744.00
29.63
25.25
39.38
27.75
612.00 445.50
438.00 323.00
290.00 206.80
8.00
4.75
147.50 122.00
654.00 450.00
213.50 144.50
112.70
64.00
89.00
58.20
431.30 299.80
359.00 325.00
257.00 158.25
369.40 300.50
233.20 156.60
563.50 458.00
93.25
90.80
26.75
18.50
74.25
38.50
45.38
36.25
245.00 191.00
54.00
47.00
236.25 160.00
12M Hi
344.00
2316.00
1207.00
271.10
839.50
392.50
1029.00
318.50
767.00
39.75
671.00
568.00
1001.00
854.50
453.00
294.90
484.50
292.10
119.60
532.00
341.25
2605.00
36.00
45.50
623.00
567.00
290.00
78.00
166.50
670.00
301.00
117.50
100.90
438.00
410.00
326.00
393.20
253.00
597.50
130.90
34.00
79.75
52.88
258.00
956.25
363.50
ST Rec
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
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Page 22 of 25
Target
359
1309
1354
133
741
1140
1038
571
742
102
816
1110
1073
1033
502
393
452
410
151
492
840
1709
71
60
1290
461
426
-314
303
770
372
73
53
555
575
368
472
312
709
173
-9
-347
66
612
-9790
605
Beta
0.94
1.16
1.01
1.52
0.56
0.73
0.54
0.34
0.43
0.77
0.71
1.02
#NA
0.20
1.01
1.01
1.11
0.58
0.98
0.65
1.35
0.86
1.14
0.68
1.47
1.35
0.61
0.91
0.39
0.72
1.18
1.40
1.30
0.87
0.82
1.25
0.84
1.58
0.57
1.46
1.31
0.63
0.88
0.90
0.77
0.95
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
Sell
Buy
Strong Buy
Strong Buy
Strong Buy
Sell
Strong Buy
Strong Buy
Strong Buy
Neutral
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
216.30 161.00
30.50
30.07
421.70 389.30
71.00
59.75
692.00 472.00
172.35 155.05
12M Hi
232.10
48.92
620.00
84.00
802.00
182.70
ST Rec
LT Rec
Neutral
Buy
Neutral Strong Buy
Neutral
Sell
Neutral
Buy
Neutral
Sell
Neutral
Neutral
Target
256
135
351
82
470
186
Beta
0.92
0.65
0.53
1.27
0.04
0.63
Intellisys
www.intellisys.uk.com
20 April 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
199.60 156.00
392.50 282.00
1341.00 1015.00
489.40 302.54
195.80 195.80
581.00 440.50
1150.00 1125.00
223.50 201.60
196.00 190.00
244.80 219.96
60.75
56.00
12M Hi
223.40
505.00
1367.00
495.80
370.20
615.00
1598.00
270.20
342.00
287.40
123.25
ST Rec
Neutral
Neutral
Neutral
Neutral
Buy
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Page 23 of 25
Target
161
645
1635
535
405
331
1754
174
382
205
158
Beta
1.41
0.94
0.81
0.77
1.08
0.83
0.94
1.28
1.38
0.88
0.85
Under Valued
Utilities
Stock
C ENTRIC A
NATIONAL GRID
PENNON GROUP
SEVERN TRENT
UNITED UTILITIES GROUP
LT Rec
Sell
Strong Buy
Buy
Neutral
Strong Buy
Sell
Strong Buy
Sell
Strong Buy
Sell
Strong Buy
Price 12M Lo
317.40 278.80
648.00 569.00
735.50 623.50
1659.00 1375.00
605.00 560.00
12M Hi
333.00
659.00
737.50
1659.00
637.00
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
LT Rec
Neutral
Buy
Sell
Sell
Neutral
Target
337
826
623
1426
635
Beta
0.49
0.55
0.59
0.46
0.58
Intellisys
www.intellisys.uk.com
20 April 2012
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