UK Trading & Value Indicator 20120502

8/2/2019 UK Trading & Value Indicator 20120502

1/15

02 May 2012


2/15

Intellisys Value Indicator UK Main market 02 May 2012

Page 2 of 15 www.intellisys.uk.com Intelligent Analysis Limited

Contents

Introduction ...................................................................................................................... 3Timing .......................................................................................................................... 3

Value ........................................................................................................................... 4Conclusion .................................................................................................................... 4

Aerospace & Defence Over Valued .................................................................. 5Automobiles & Parts Over Valued ................................................................... 5Banks Under Valued ................................................................................... 5Beverages Over Valued ............................................................................ 5Chemicals Over Valued ............................................................................ 5Construction & Building Materials Over Valued .................................................. 6Electronics & Electrical Equipment Over Valued ................................................. 6Engineering & Machinery Over Valued ............................................................ 6Food & Drug Stores Under Valued .................................................................... 7Food Producers & Processors Over Valued ....................................................... 7General Retail Over Valued .......................................................................... 7Health Under Valued .................................................................................... 7Household Goods & Textiles Under Valued ......................................................... 8Information Technology & Hardware Over Valued ............................................. 8Insurance Over Valued ................................................................................ 8Leisure & Hotels Under Valued .................................................................... 8Life Assurance Over Valued .......................................................................... 9Media & Entertainment Over Valued ............................................................... 9Mining Over Valued .................................................................................... 9Oil & Gas Under Valued .............................................................................. 10Personal Care & Household Products Over Valued ........................................... 10Pharmaceuticals & Biotechnology Over Valued ................................................. 10Software & Computer Services Under Valued ................................................... 10Speciality & Other Finance Over Valued ......................................................... 11Support Services Over Valued .................................................................. 12Telecommunication Services Under Valued ...................................................... 12Transport Under Valued .............................................................................. 13Utilities Under Valued .................................................................................. 13DISCLAIMER ................................................................................................................... 14RISK WARNING Recommendations and Target Prices ..................................................... 15


3/15



Introduction

The overriding purpose of this daily report is to provide users with a quick guide that willidentify those shares that merit their investment attention in an increasingly time critical andinformation 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 thetwo primary drivers behind a successful portfolio performance.

Timing

Intellisys has invested considerably in identifying what it believes are the key factors thatinfluence investment timing. Having identified the key parameters, these have beenestablished 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 wellas the daily pressures exerted upon primary stock promoters (analysts and traders) to findstories for their investment meetings.

From an analysis of a years data for 40 stocks within Intellisys stock coverage, the tradingindicators appear to be, on average, about 77% accurate in identifying good trading points aswell as some 74% accurate for overall trend correlation.

The following chart provides an indication the accuracy scores for each of the 40 stocksanalysed.

Individual Stock Recommendation & Trend Accuracy Scores

Source: Intellisys

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

1 2 3 4 5 6 7 8 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

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

Best Buy/Sell Trend


4/15



Value

A similar discipline has been applied to the process of establishing Target Prices. On a dailybasis, 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 datawithin its proprietary valuation models.

Intellisys architect, Philip Morrish, has successfully applied these disciplines to his investmentresearch for the last 15+ years. Additionally, these investment valuation techniques lendthemselves to accurate cross-border analysis.

The resultant Target is also discounted to a Net Present Value to make the Target asrealistically valid as possible.

Nevertheless, Intellisys recognises that Target Price delivery is not only a function of marketlevels but a management teams ability to establish and maintain a value generatingoperating 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 providingthe intuitive result. Intellysis approach is the opposite we use as many valuationmethodologies 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 tochallenge their established or perceived valuation opinion of a stock.

In short, this disciplined approach provides an investment reality check to assist investorsfrom 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 systemsactive position monitoring is critical for maximised investment performance.

Therefore, Intellisys recommends that its products should be used in conjunction with, andnot separate from subscribers existing investment systems as well as discussing investmentoptions with their financial advisers.

Philip Morrish ([email protected])

RISK WARNING Recommendations and Target Prices

Intellisys does not make personal recommendations. The information in this publication isprovided solely to enable you to make your own investment decisions.

If you are unsure about dealing in shares and other equity investments, you should contactyour 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 youmay not get back the full amount you originally invested. If denominated in a foreigncurrency, fluctuations in the exchange rate will also affect the value of stocks and shares andthe income from them. Past performance is not necessarily a guide to future performance.


5/15



Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

BAE SYSTEMS 296.40 248.10 340.80 Neutral Strong Buy 602 0.65

CHEMRING GROUP 391.90 316.90 677.00 Neutral Strong Buy 628 0.52

COBHAM 229.00 165.90 239.50 Neutral Buy 257 0.91

MEGGITT 413.50 305.00 413.50 Neutral Neutral 414 1.34

ROLLS-ROYCE HOLDINGS 853.00 545.04 853.00 Sell Sell 772 1.10

SMITHS GROUP 1085.00 869.50 1332.00 Neutral Sell 967 0.73

ULTRA ELECTRONICS HDG. 1698.00 1305.00 1780.00 Neutral Sell 1270 0.60

UMECO 575.00 243.50 576.25 Sell Sell 479 0.80

Automobiles & Parts Over Valued


GKN 206.00 157.00 245.00 Neutral Sell 169 1.98

INCHCAPE 370.00 268.60 425.40 Neutral Sell 314 1.42

LOOKERS 63.25 47.00 72.75 Neutral Neutral 61 1.34

PENDRAGON 15.25 6.80 19.71 Neutral Buy 20 1.14

Banks Under Valued


BARCLAYS 226.20 138.85 286.20 Neutral Strong Buy 367 1.86

HSBC HDG. (ORD $0.50) 565.00 463.50 662.50 Neutral Strong Buy 1007 1.14

LLOYDS BANKING GROUP 33.60 21.84 59.25 Sell Strong Buy 87 1.77

ROYAL BANK OF SC TL.GP. 25.30 17.34 42.91 Sell Sell 11 1.29

STANDARD CHARTERED 1512.00 1169.50 1672.00 Neutral Sell 892 1.71

Beverages Over Valued


BARR (AG) 1167.00 1031.00 1395.00 Neutral Neutral 1240 0.43

DIAGEO 1570.00 1112.00 1589.00 Neutral Sell 1381 0.55

SABMILLER 2592.00 1979.00 2660.00 Neutral Buy 2983 0.99

Chemicals Over Valued


CRODA INTERNATIONAL 2251.00 1597.00 2282.00 Neutral Neutral 2168 1.08

ELEMENTIS 207.50 107.50 208.10 Neutral Buy 246 1.07

JOHNSON MATTHEY 2340.00 1523.00 2408.00 Neutral Sell 1944 1.47

VICTREX 1449.00 1025.00 1590.00 Neutral Neutral 1441 1.22

YULE CATTO 232.60 148.00 253.00 Neutral Sell 175 1.29

ZOTEFOAMS 180.50 109.00 186.50 Neutral Neutral 175 1.01


6/15



Construction & Building Materials Over Valued


BALFOUR BEATTY 268.70 214.60 333.70 Neutral Sell -70 0.84

BARRATT DEVELOPMENTS 132.00 67.50 151.50 Neutral Sell 125 1.45

BELLWAY 787.00 540.50 859.50 Neutral Sell 229 1.01

BERKELEY GROUP HDG.(THE) 1295.00 1025.00 1414.00 Neutral Buy 1645 0.68

BOVIS HOMES GROUP 463.90 326.50 518.50 Neutral Sell 54 1.07

CARILLION 294.80 264.60 403.20 Neutral Sell -236 1.09

CLARKE (T) 50.25 35.50 98.25 Neutral Sell 25 0.80

COSTAIN GROUP 224.75 180.00 247.50 Neutral Strong Buy 387 0.56

GALLIFORD TRY 646.50 383.75 653.00 Neutral Sell -104 1.05

KELLER 455.00 239.25 671.50 Neutral Sell 266 1.32

KIER GROUP 1191.00 1095.00 1489.00 Neutral Buy 1327 1.04

LOW & BONAR 58.00 38.00 76.75 Neutral Strong Buy 115 1.11

MARSHALLS 94.00 83.25 124.50 Neutral Sell 52 1.35

MORGAN SINDALL GROUP 676.00 510.00 725.00 Neutral Sell -39 0.89

PERSIMMON 628.00 374.00 706.50 Neutral Sell 394 1.10

REDROW 123.50 103.50 135.30 Neutral Sell 32 0.97

SIG 105.60 76.95 153.50 Neutral Buy 131 1.59

TAYLOR WIMPEY 50.65 28.71 52.75 Neutral Sell -1 1.50

TRAVIS PERKINS 1055.00 715.00 1125.00 Neutral Sell 414 1.89

WOLSELEY 2423.00 1404.00 2558.00 Neutral Sell 576 1.44

Electronics & Electrical Equipment Over Valued


DIALIGHT 1022.00 643.50 1095.00 Neutral Sell 622 0.76

DOMINO PRINTING SCIENCES 598.00 434.30 701.50 Neutral Buy 729 1.18

E2V TECHNOLOGIES 145.00 86.75 149.50 Neutral Buy 180 1.35

INVENSYS 219.40 180.90 340.60 Neutral Strong Buy 409 1.47

LAIRD 217.50 128.50 222.00 Neutral Sell 131 2.17

OXFORD INSTRUMENTS 1225.00 714.00 1285.00 Neutral Sell 865 0.99

RENISHAW 1444.00 800.00 1886.00 Neutral Buy 1745 1.29

SPECTRIS 1890.00 1039.00 1890.00 Neutral Sell 1393 1.43

BIOME TECHNOLOGIES 0.16 0.14 0.28 Neutral Sell 0 0.64

TT ELECTRONICS 190.00 120.50 208.00 Neutral Strong Buy 350 1.60

XAAR 226.50 212.00 295.00 Neutral Sell 207 1.13

Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 77.00 62.50 123.25 Neutral Strong Buy 130 1.32

BODYCOTE 435.00 225.60 437.10 Neutral Buy 517 1.59

CASTINGS 297.50 252.50 358.00 Neutral Buy 441 0.98

COOKSON GROUP 729.00 395.80 747.50 Neutral Neutral 759 2.29FENNER 449.20 280.00 483.70 Neutral Sell 389 1.41

HALMA 406.20 306.30 429.60 Neutral Sell 314 0.76

HILL & SMITH 330.00 235.00 393.50 Neutral Buy 495 1.41

IMI 985.00 636.50 1119.00 Neutral Buy 1189 1.40

METALRAX GROUP 8.37 7.25 11.88 Neutral Sell 5 0.86

MORGAN C RUCIBLE 330.30 224.00 360.00 Neutral Buy 467 1.77

ROTORK 2247.00 1501.00 2247.00 Sell Sell 1774 0.99

SENIOR 210.40 135.60 213.00 Neutral Neutral 203 1.77

SEVERFIELD-ROWEN 186.75 150.00 250.00 Neutral Sell 141 1.07

SPIRAX-SARCO 2315.00 1649.00 2334.00 Sell Sell 2105 0.85

VITEC GROUP 659.00 488.00 690.00 Neutral Sell 608 1.52

WEIR GROUP 1704.00 1375.00 2236.00 Neutral Neutral 1866 1.39


7/15



Food & Drug Stores Under Valued


GREGGS 504.00 445.00 558.00 Neutral Sell 288 0.52

MORRISON(WM)SPMKTS. 279.40 277.00 328.00 Neutral Buy 352 0.45

SAINSBURY (J) 309.20 263.50 362.80 Neutral Strong Buy 538 0.64

TESCO 319.20 310.45 420.05 Neutral Buy 407 0.73

THORNTONS 24.75 9.50 80.25 Neutral Neutral 27 0.77

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1235.00 977.00 1239.00 Neutral Buy 1728 0.60

CRANSWICK 822.00 588.50 841.00 Neutral Strong Buy 1885 0.60

DAIRY CREST 306.40 290.40 409.70 Neutral Strong Buy 1112 0.93

DEVRO 308.50 232.00 332.20 Neutral Strong Buy 543 0.33

PREMIER FOODS 16.25 3.29 35.12 Neutral Sell -6 1.40

TATE & LYLE 696.00 544.50 720.50 Neutral Buy 972 0.63

UNILEVER (UK) 2128.00 1892.00 2189.00 Neutral Sell 824 0.58

General Retail Over Valued


ASHLEY(LAURA) HOLDINGS 23.50 16.00 23.75 Neutral Buy 29 0.71

BROWN (N) GROUP 241.80 222.40 304.50 Neutral Neutral 259 0.49

BURBERRY GROUP 1483.00 1092.00 1600.00 Neutral Sell 574 1.36

CARPETRIGHT 600.00 375.00 741.00 Neutral Sell 186 1.03

CLINTON CARDS 8.37 7.50 17.50 Sell Sell 6 0.65

DIXONS RETAIL 18.09 9.36 19.91 Neutral Buy 23 1.45

FINDEL 3.55 2.20 8.70 Neutral Sell 2 0.97

FRENCH CONNECTN.GROUP 42.75 36.00 106.00 Neutral Strong Buy 94 0.93HALFORDS GROUP 279.10 269.50 405.90 Neutral Strong Buy 426 0.64

JJB SPORTS 13.12 5.20 31.00 Sell Strong Buy 1729 0.88

JD SPORTS FASHION 841.00 570.00 1030.00 Neutral Buy 1216 0.48

KESA ELECTRICALS 54.45 52.80 151.40 Neutral Strong Buy 267 1.28

KINGFISHER 289.60 217.00 313.80 Neutral Sell 275 0.97

MARKS & SPENCER GROUP 357.70 301.80 402.20 Neutral Buy 396 0.74

MOSS BROTHERS GROUP 49.50 26.00 51.00 Neutral Sell 17 1.07

MOTHERCARE 167.00 127.30 448.50 Neutral Strong Buy 333 0.56

NEXT 2896.00 2153.00 3060.00 Neutral Sell 2736 0.78

TED BAKER 884.00 633.00 928.50 Neutral Sell 488 0.56

TOPPS TILES 38.88 21.50 77.00 Neutral Sell 23 1.33

Health Under Valued


CONSORT MEDICAL 663.00 498.00 665.00 Neutral Sell 431 0.39

CORIN GROUP 42.25 35.25 57.75 Neutral Buy 52 0.76

SMITH & NEPHEW 614.00 521.00 694.00 Neutral Buy 776 0.36


8/15



Household Goods & Textiles Under Valued


HARVARD INTL. 44.00 21.75 44.00 Neutral Sell 31 0.48

GAMES WORKSHOP 568.00 405.00 577.50 Neutral Sell 444 0.38

HEADLAM GROUP 305.00 233.25 310.00 Neutral Buy 401 0.93

HORNBY 91.50 91.25 145.00 Neutral Strong Buy 142 0.65

Information Technology & Hardware Over Valued


ARM HOLDINGS 522.00 464.00 645.00 Neutral Sell 396 0.76

CSR 222.80 154.10 391.40 Neutral Strong Buy 488 1.20

FILTRONIC 30.00 14.50 35.00 Sell Buy 38 0.66

IMAGINATION TECHNOLOGIES 656.50 296.90 717.00 Neutral Sell 249 0.96

PSION 56.00 41.00 101.50 Neutral Strong Buy 262 1.16

SPIRENT COMMUNICATIONS 169.00 105.80 172.80 Neutral Strong Buy 621 1.01

WOLFSON MICROELECTRONICS 184.25 96.00 244.50 Neutral Sell 47 1.06

Insurance Over Valued


ADMIRAL GROUP 1200.00 787.00 1754.00 Neutral Sell -1547 0.51

AMLIN 335.40 270.60 427.00 Neutral Sell -4626 0.49

BEAZLEY 140.90 109.60 151.80 Neutral Strong Buy 1904 0.51

CATLIN GROUP 427.40 336.00 449.00 Neutral Sell 69 0.31

HISCOX 402.30 340.50 424.70 Neutral Strong Buy 2269 0.50

JARDINE LLOYD THOMPSON 712.50 576.00 764.50 Neutral Strong Buy 4140 0.32

RSA INSURANC E GROUP 105.60 99.60 139.80 Neutral Strong Buy 2535 0.43

NOVAE GROUP 369.00 285.00 385.25 Neutral Strong Buy 8249 0.50

Leisure & Hotels Under Valued


CARNIVAL 2040.00 1742.00 2642.00 Neutral Strong Buy 3101 1.08

ENTERPRISE INNS 66.00 26.50 96.15 Neutral Sell 25 1.73

TUI TRAVEL 194.00 136.70 250.00 Neutral Strong Buy 671 0.95

FULLER SMITH 'A' 710.00 615.00 752.00 Neutral Sell 564 0.44

GREENE KING 526.00 410.00 526.00 Neutral Neutral 551 0.86

LADBROKES 181.10 114.00 181.10 Neutral Sell 163 1.00

ICTL.HTLS.GP. 1484.00 955.00 1497.00 Neutral Buy 1681 1.31

MILLENNIUM & CPTH.HTLS. 489.70 371.20 535.00 Neutral Buy 567 1.41

MITCHELLS & BUTLERS 265.50 215.60 336.80 Neutral Buy 330 1.02

BWIN PARTY DIGITAL ENTM. 151.90 100.60 174.00 Neutral Sell 117 1.26PUNCH TAVERNS 10.00 9.14 15.57 Neutral Sell -196 1.30

RANK GROUP 113.50 109.50 153.70 Neutral Strong Buy 178 0.99

RESTAURANT GROUP 290.00 254.90 335.00 Neutral Neutral 310 0.85

WETHERSPOON (JD) 408.40 380.50 468.30 Neutral Buy 576 0.72

WHITBREAD 1946.00 1409.00 1946.00 Neutral Sell 1562 1.02

WILLIAM HILL 281.10 183.30 281.70 Neutral Sell 267 0.94

MARSTON'S 99.40 84.60 112.00 Neutral Strong Buy 151 1.26


9/15



Life Assurance Over Valued


AVIVA 317.50 275.30 450.30 Neutral Strong Buy 419 1.26

CHESNARA 178.00 161.75 255.00 Neutral Buy 182 0.58

LEGAL & GENERAL 119.10 89.80 135.00 Neutral Strong Buy 89 1.67

OLD MUTUAL 149.40 98.47 165.31 Neutral Sell 158 1.66

PRUDENTIAL 758.50 509.00 797.50 Neutral Neutral 359 1.72

ST.JAMES'S PLACE 332.80 294.00 376.00 Neutral Neutral 138 0.81

Media & Entertainment Over Valued


AEGIS GROUP 178.20 116.17 187.40 Neutral Sell 146 1.31

BLOOMSBURY PBL. 108.50 91.25 138.00 Neutral Buy 136 0.51

BRITISH SKY BCAST.GROUP 691.00 618.50 850.00 Neutral Sell 650 0.61

CENTAUR MEDIA 32.00 30.50 56.25 Neutral Sell -67 1.04

DAILY MAIL 'A' 417.10 343.40 505.50 Neutral Buy 492 1.09

EUROMONEY INSTL.INVESTOR 781.50 522.50 809.50 Neutral Sell 599 1.05

INFORMA 417.00 313.90 451.00 Neutral Sell 312 1.52ITE GROUP 226.40 157.70 258.00 Neutral Sell 182 1.42

ITV 85.65 51.65 89.90 Neutral Buy 94 1.52

JOHNSTON PRESS 5.80 4.11 8.00 Neutral Strong Buy 68 1.46

PEARSON 1153.00 1038.00 1255.00 Neutral Buy 1589 0.66

PHOTO-ME INTL. 45.00 41.50 67.00 Neutral Strong Buy 88 0.86

PINEWOOD SHEPPERTON 338.00 198.25 357.50 Sell Sell 164 0.35

THOMSON REUTERS 29.78 26.21 38.35 Neutral Sell 8 0.51

STV GROUP 112.25 76.25 168.00 Neutral Sell 28 0.81

ST.IVES 78.25 68.50 102.25 Neutral Strong Buy 230 1.45

TRINITY MIRROR 32.50 30.75 54.25 Neutral Strong Buy 373 1.57

UBM 596.00 416.00 641.50 Neutral Strong Buy 1725 1.30

WILMINGTON GROUP 99.00 78.50 151.00 Neutral Buy 116 0.86

WPP 848.00 578.00 880.00 Neutral Neutral 869 1.29

YELL GROUP 3.78 3.35 11.00 Neutral Strong Buy 52 1.32

Mining Over Valued


ANGLO AMERIC AN 2412.00 2138.50 3181.00 Neutral Buy 3245 1.75

ANGLO PACIFIC GROUP 316.20 237.90 340.00 Neutral Neutral 308 0.95

ANTOFAGASTA 1189.00 900.50 1491.00 Neutral Sell 1077 1.38

BHP BILLITON 2039.00 1667.00 2524.50 Neutral Strong Buy 4012 1.40

LONMIN 1061.00 941.00 1642.00 Neutral Sell 734 1.92

RANDGOLD RESOURCES 5460.00 4580.00 7565.00 Neutral Sell 3622 0.33

RIO TINTO 3505.50 2712.50 4595.00 Neutral Sell 3258 1.42

UK COAL 22.50 12.50 47.00 Neutral Sell -54 0.94VEDANTA RESOURCES 1238.00 928.00 2325.00 Neutral Strong Buy 4051 2.10

XSTRATA 1205.00 764.00 1521.50 Neutral Sell 997 1.78


10/15



Oil & Gas Under Valued


BG GROUP 1450.50 1144.00 1547.00 Neutral Sell 1251 0.70

BP 441.30 363.20 504.60 Neutral Strong Buy 2480 1.06

CAIRN ENERGY 349.00 291.86 511.60 Neutral Sell 137 1.36

FORTUNE OIL 10.75 9.00 14.75 Neutral Strong Buy 17 0.86

HUNTING 947.50 530.00 968.00 Neutral Sell 487 1.30

JKX OIL & GAS 136.00 120.50 314.00 Neutral Strong Buy 231 1.36

MELROSE RESOURC ES 122.00 95.25 281.50 Neutral Strong Buy 293 1.14

PREMIER OIL 378.40 310.00 500.00 Neutral Sell 319 1.36

ROYAL DUTCH SHELL A(LON) 2213.50 1883.50 2402.00 Neutral Strong Buy 6719 0.91

ROYAL DUTCH SHELL B 2283.00 1890.50 2489.00 Neutral Strong Buy 6701 0.92

SOC O INTERNATIONAL 297.30 278.00 397.50 Neutral Sell 274 0.47

TULLOW OIL 1547.00 945.50 1601.00 Neutral Sell 763 1.06

WOOD GROUP (JOHN) 784.50 469.90 787.50 Neutral Neutral 822 1.36

Personal Care & Household Products Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaMCBRIDE 129.00 107.06 148.71 Neutral Sell 120 0.87

PZ CUSSONS 339.00 285.00 387.90 Neutral Neutral 361 0.74

RECKITT BENCKISER GROUP 3620.00 3100.00 3660.00 Neutral Sell 3435 0.34

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 3.73 3.13 5.35 Buy Strong Buy 23 0.97

ASTRAZENECA 2728.00 2543.50 3194.00 Neutral Strong Buy 7530 0.45

BTG 376.70 236.80 385.30 Neutral Sell 251 0.73

DECHRA PHARMACEUTICALS 464.00 392.50 524.84 Neutral Strong Buy 1922 0.32

GLAXOSMITHKLINE 1438.00 1205.00 1497.00 Neutral Sell 1165 0.49OXFORD BIOMEDICA 3.98 2.88 7.20 Buy Strong Buy 25 0.61

PHYTOPHARM 7.80 6.40 9.50 Buy Sell 1 0.92

SHIRE 2016.00 1818.00 2300.00 Neutral Sell 1617 0.63

SKYEPHARMA 81.50 31.00 87.00 Neutral Sell 75 0.70

VERNALIS 25.00 18.75 49.00 Neutral Strong Buy 90 0.82

Software & Computer Services Under Valued


TIMEWEAVE 21.13 21.13 27.00 Neutral Strong Buy 46 0.73

ANITE 123.50 57.75 129.75 Neutral Sell 68 0.84

AVEVA GROUP 1677.00 1298.00 1799.00 Neutral Sell 1018 1.48COMPUTACENTER 415.30 324.70 490.00 Neutral Strong Buy 1268 1.09

KOFAX 292.75 225.00 503.50 Neutral Neutral 312 1.11

INNOVATION GROUP 21.25 16.63 23.00 Neutral Neutral 21 0.92

LOGICA 79.20 58.95 144.80 Neutral Strong Buy 159 1.36

MIC RO FOC US INTL. 467.50 242.90 476.70 Neutral Neutral 504 0.75

MISYS 348.60 214.90 420.20 Neutral Buy 486 1.33

PHOENIX IT GROUP 209.75 154.75 262.75 Neutral Strong Buy 534 0.88

RM 89.00 41.50 156.63 Neutral Sell -62 0.48

FIDESSA GROUP 1539.00 1444.00 2109.00 Neutral Buy 1951 0.82

SAGE GROUP 293.70 231.70 312.40 Neutral Buy 344 0.65


11/15



Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 282.40 167.80 283.50 Neutral Sell 125 1.07

BREWIN DOLPHIN 164.50 113.70 177.00 Neutral Sell 104 0.72

CAMELLIA 9674.50 8800.00 10950.00 Neutral Buy 13229 0.87

CHARLES STANLEY GROUP 290.25 240.00 350.00 Neutral Sell 218 0.96

CHARLES TAYLOR CNSL. 146.50 115.63 160.00 Neutral Buy 162 0.70

CLOSE BROTHERS GROUP 744.00 590.00 820.00 Neutral Sell 292 0.83

F&C ASSET MANAGEMENT 67.70 56.05 81.70 Neutral Buy 96 0.91

HELPHIRE GROUP 1.67 1.36 13.50 Neutral Strong Buy 79 0.67

HENDERSON GROUP 122.40 95.05 163.70 Neutral Sell 58 1.42

ICAP 384.00 311.60 524.00 Neutral Sell 218 1.06

INTERMEDIATE CAPITAL GP. 259.70 197.90 345.00 Neutral Sell 195 1.65

INVESTEC 355.40 318.40 522.00 Neutral Sell 98 1.56

LONDON STOCK EX.GROUP 1075.00 756.50 1093.00 Neutral Sell 731 1.17

MAN GROUP 97.80 92.55 259.60 Neutral Buy 131 1.27

RATHBONE BROTHERS 1342.00 977.00 1342.00 Neutral Sell 1184 0.74

SCHRODERS 1437.00 1183.00 1906.00 Neutral Sell 1124 1.31

SCHRODERS NV 1137.00 970.00 1554.00 Neutral Neutral 1124 1.30


12/15



Support Services Over Valued


ACAL 202.50 166.25 339.00 Neutral Strong Buy 323 0.94

AGGREKO 2266.00 1522.00 2316.00 Neutral Sell 1266 1.16

AMEC 1147.00 740.50 1207.00 Neutral Neutral 1098 1.01

ASHTEAD GROUP 254.30 99.40 271.10 Neutral Sell 102 1.52

BABCOCK INTL. 818.50 570.50 851.00 Neutral Sell 592 0.56

BRITISH POLYTHENE INDS. 342.63 273.00 392.50 Neutral Strong Buy 722 0.73

BUNZL 1048.00 676.50 1048.00 Sell Sell 803 0.54

UK MAIL GROUP 236.50 192.25 318.50 Neutral Strong Buy 473 0.34

CAPITA 684.50 611.50 767.00 Neutral Sell 569 0.43

COMMUNISIS 34.75 23.75 39.75 Neutral Strong Buy 84 0.77

COMPASS GROUP 658.50 512.50 671.00 Neutral Neutral 648 0.71

BERENDSEN 511.50 402.70 568.00 Neutral Strong Buy 938 1.02

DE LA RUE 983.50 730.00 1001.00 Neutral Sell 878 #NA

DIGNITY 866.00 727.00 866.00 Neutral Neutral 867 0.20

DIPLOMA 460.50 284.00 460.50 Neutral Sell 405 1.01

ELECTROCOMP. 233.60 182.20 294.90 Neutral Buy 310 1.01

FILTRONA 467.80 296.30 484.50 Neutral Sell 358 1.11

G4S 283.30 219.90 292.10 Neutral Neutral 285 0.58

HAYS 91.60 58.85 118.70 Neutral Buy 122 0.98

HOMESERVE 252.00 214.70 532.00 Neutral Strong Buy 409 0.65INTERSERVE 295.30 270.10 341.25 Neutral Strong Buy 760 1.35

INTERTEK GROUP 2557.00 1744.00 2605.00 Neutral Sell 1448 0.86

JOHNSON SERVIC E GROUP 28.75 25.25 36.00 Neutral Strong Buy 94 1.14

MANAGEMENT C NSL.GP. 38.50 27.75 45.50 Neutral Strong Buy 59 0.68

MENZIES (JOHN) 650.00 445.50 652.00 Neutral Strong Buy 1257 1.47

MIC HAEL PAGE INTL. 421.40 323.00 552.50 Neutral Sell 326 1.35

MITIE GROUP 296.70 206.80 296.70 Neutral Buy 340 0.61

MOUCHEL GROUP 5.55 4.75 78.00 Neutral Sell -112 0.91

OFFICE2OFFICE 148.50 122.00 166.50 Neutral Strong Buy 248 0.39

PAYPOINT 663.00 450.00 670.00 Neutral Neutral 633 0.72

PREMIER FARNELL 219.90 144.50 301.00 Neutral Buy 285 1.18

REGUS 106.90 64.00 117.50 Neutral Neutral 109 1.40

RENTOKIL INITIAL 87.00 58.20 100.90 Neutral Sell 27 1.30

REXAM 433.30 299.80 438.00 Neutral Buy 589 0.87RICARDO 350.00 325.00 410.00 Neutral Buy 465 0.82

ROBERT WALTERS 255.50 158.25 326.00 Neutral Buy 334 1.25

RPC GROUP 371.50 300.50 393.20 Neutral Neutral 375 0.84

RPS GROUP 238.50 156.60 253.00 Neutral Neutral 250 1.58

SERCO GROUP 552.50 458.00 597.50 Neutral Neutral 590 0.57

SHANKS GROUP 95.70 90.80 130.90 Neutral Buy 140 1.46

SPEEDY HIRE 26.50 18.50 34.00 Neutral Sell 5 1.31

TRIBAL GROUP 76.50 38.50 79.75 Neutral Sell -7 0.63

TRIFAST 48.50 36.25 52.88 Neutral Buy 54 0.88

VP 257.00 191.00 269.00 Neutral Strong Buy 506 0.90

WYG 50.50 47.00 956.25 Neutral Sell -4527 0.77

WSP GROUP 252.25 160.00 359.00 Neutral Strong Buy 515 0.95

Telecommunication Services Under Valued


BT GROUP 216.90 161.00 232.10 Neutral Buy 252 0.92

CABLE & WIRELESS COMMS. 32.61 30.07 48.92 Neutral Strong Buy 126 0.65

INMARSAT 441.80 389.30 620.00 Neutral Sell 404 0.53

KCOM GROUP 72.50 60.50 84.00 Neutral Buy 82 1.27

TELECOM PLUS 689.00 472.00 802.00 Neutral Sell 491 0.04

VODAFONE GROUP 172.90 155.05 182.70 Neutral Neutral 180 0.63


13/15



Transport Under Valued


BBA AVIATION 195.90 156.00 223.40 Neutral Neutral 191 1.41

BRAEMAR SHIPPING SVS. 385.50 282.00 505.00 Neutral Strong Buy 600 0.94

CLARKSON 1355.00 1015.00 1367.00 Neutral Buy 1742 0.81

EASYJET 513.50 302.54 513.50 Neutral Sell 487 0.77

FIRST GROUP 200.50 190.00 370.20 Neutral Strong Buy 353 1.08

FISHER(JAMES)& SONS 556.50 440.50 615.00 Neutral Sell 362 0.83

GO-AHEAD GROUP 1133.00 1125.00 1598.00 Neutral Buy 1681 0.94

NATIONAL EXPRESS 221.50 201.60 270.20 Neutral Neutral 221 1.28

NORTHGATE 198.90 190.00 342.00 Neutral Strong Buy 344 1.38

STAGECOACH GROUP 255.10 219.96 287.40 Neutral Sell 192 0.88

WINCANTON 48.50 48.50 123.25 Neutral Strong Buy 116 0.85

Utilities Under Valued


CENTRICA 312.30 278.80 330.30 Neutral Buy 361 0.49

NATIONAL GRID 668.00 569.00 668.00 Neutral Buy 825 0.55PENNON GROUP 742.00 623.50 751.00 Neutral Sell 672 0.59

SEVERN TRENT 1683.00 1375.00 1720.00 Neutral Sell 1547 0.46

UNITED UTILITIES GROUP 627.50 560.00 637.00 Neutral Neutral 621 0.58


14/15



DISCLAIMER

Intelligent Analysis Limited has prepared this report. Intellisys (Intellisys) is the trading name ofIntelligent Analysis Limited.

Intelligent Analysis Limited is a provider of financial research reports that indicate the possible value ofquoted company shares. The information contained within any and all of Intellisys reports are designed to

present an objective assessment of the possible value or relative value of a company and/or an actuarialsector or stock market index. Intellisys utilises as extensive as possible range of valuation tools andproprietary systems to derive its outputs. The base data for the models are derived from sources believed tobe accurate but Intelligent Analysis Limited does not warrant or guarantee the accuracy or reliability of thesource data or its models and proprietary systems. Subscribers, and casual readers, should not rely upon theIntellisys research outputs when forming specific investment decisions but should seek advice specific totheir situation and investment requirements from a person authorized under the Financial Services andMarkets Act 2000, before entering into any investment agreement.

Intelligent Analysis Limited has used reasonable care and skill in compiling the content of this report. Norepresentation or warranty, expressed or implied, is given by any person as to the accuracy or completenessor accuracy of the information and no responsibility or liability is accepted to the accuracy or sufficiency of

any of the information, for any errors, omissions or misstatements, negligent or otherwise. In no event willIntelligent Analysis Limited, Intellisys or any of its officers, employees or agents be liable to any other partyfor any direct, indirect, special or other consequential damages arising from the use of this report.

The Intelligent Analysis Limited and/or Intellisys reports are not directed to any person in any jurisdictionwhere (by reason of that persons nationality, residence or otherwise) the publication or availability of theIntelligent Analysis Limited and/or Intellisys information may be prohibited. Persons in respect of whom suchprohibitions apply must not access the Intelligent Analysis Limited and/or Intellisys reports. Neither thisdocument, nor any copy in whatever form of media, may be taken or transmitted into the United States,Canada, Australia, Ireland, South Africa or Japan or into any jurisdiction where it would be unlawful to do so.

Any failure to comply with this restriction may constitute a violation of relevant local securities laws.Recipients of Intelligent Analysis Limited and/or Intellisys reports outside the UK are not covered by the

rules and regulations made for the protection of investors in the UK.

Any user distributing information taken from any Intelligent Analysis Limited or Intellisys report and/or theIntellisys website, in whatever form, to any other person, agrees to attach a copy of this Disclaimer and theTerms and Conditions of Use pages and obtain the agreement of such other person to comply with theterms set forth.

Intellisys' published reports are published for information purposes and only available to marketcounterparties, high net-worth and sophisticated individual investors.

No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or otherfinancial instruments in any company or any interest therein, nor shall it form the basis of any contract

entered into for the sale of shares or any other financial instrument in any company.

Intelligent Analysis Limited believes that the information within each and any of its reports to be correct, butits accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, isgiven by any person as to the accuracy or completeness of the information and no responsibility or liability isaccepted for the accuracy or sufficiency of any of the information, for any errors, omissions or mis-statements, negligent or otherwise.

Intelligent Analysis Limited (including its Directors, employees and representatives) or a connected personmay have positions in or options or other financial instruments on any of the securities mentioned within areport, and may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictionsimposed by internal rules.


15/15



Subscribers, and casual reader, are reminded that the value of shares in any company may go up or downand that past performance is not necessarily a guide to future performance.

Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authority and doesnot offer, provide or purport to provide or offer investment advice.

RISK WARNING Recommendations and Target Prices

Intellisys does not make personal recommendations. The information in this publication is provided solely toenable you to make your own investment decisions.

If you are unsure about dealing in shares and other equity investments, you should contact your financialadviser 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 backthe full amount you originally invested. If denominated in a foreign currency, fluctuations in the exchangerate will also affect the value of stocks and shares and the income from them. Past performance is not

necessarily a guide to future performance.

Documents

UK Trading & Value Indicator 20120502