Important notes

Equity research

The equity research team currently covers 159 companies (UK and European) which are rated relative to other researched stocks within the sector. A full list of covered companies is below.

The research recommendation breakdown for the equity research team at the last quarter was:

Total Issue as at Q1 2012

Buy 40%
Hold 38%
Sell 21%

AB Foods
Admiral Group
African Barrick Gold
Aggreko
Amec
Amlin
Anglo American
Antofagasta
Aquarius Platinum
ArcelorMittal
ARM Hldgs
Ashmore Group
AstraZeneca
Atlas Copco
Aviva
BAE Systems
Balfour Beatty
Barclays
BAT
Berkeley Grp
BG Group
BHP Billiton
BP
British Land
BSkyB
BT Group
BTG Group
Bunzl
Burberry
Cable & Wireless Communications
Cable & Wireless Worlwide
Cairn Energy
Capita
Capital & Counties
Capital Shopping Centres
Carillion
Carnival Cruises
Centamin Egypt
Centrica
Chemring
Close Bros.
Cobham
Compass
Cookson
Credit Suisse
Croda International
Daimler
De La Rue
Derwent London
Deutsche Telekom
Diageo
Drax Group
EADS
EasyJet
EDF
ENI
Essar Energy
Eurasian Natural Resources
Experian
FirstGroup
Fresnillo
G4S
GKN
Glaxosmithkline
Glencore
Go-Ahead Group
Greene King
Hammerson
Hennes & Mauritz
Home Retail Group
HSBC
IAG
ICAP
IMI
Imp.Tobacco
Inditex
Informa
Inmarsat
Intercontinental Hotels
International Power
Intertek Group
Invensys
Investec
ITV
Johnson Matthey
Kazakhmys
Kesa
Kingfisher
Land Sec.Grp
Legal&Gen.
Lloyds TSB
London Stock Exchange
Lonmin
LVMH
Man Group
Marks & Sp.
Marston's
Meggitt
Melrose
Mitchells & Butlers
Morrison
National Express
National Grid
Nestle
Next
Novartis
Old Mutual
Pearson
Pennon Group
Pernod - Ricard
Persimmon
Petrofac
Prudential
Qinetiq
Randgold Resources
Reckitt Benckiser
Reed Elsev
Rentokil
Repsol YPF
Resolution Limited
REXAM
RioTinto
Roche
Rolls-Royce
Royal Bank of Scotland
Royal Dutch Shell A
Royal Dutch Shell B
Royal Sun Alliance
SABMiller
Sage Group
Sainsbury (J)
SAP
Schroders
Segro
Serco
Severn Trent
Shire Pharm.
Smith & Nephew
Smiths Group
SSE
St. James's Place
Stagecoach
Standard Chartered
Standard Life
Syngenta
Tate & Lyle
Telefonica
Tesco
TUI Travel
TULLOW OIL
UBS
Ultra Electronics Holdings
Unilever
United Business Media
United Utilities
Vedanta Resources
Vodafone
Weir
Wetherspoon (JD)
Whitbread
Wolseley
Wood Group
WPP
Xstrata

Mid-cap research

The mid-cap equity research team currently covers 14 companies (UK only) which are rated relative to the other stocks researched by the team. A full list of covered companies is below.

The research recommendation breakdown for the mid-cap equity research team at the last quarter was:

Total Issue as at Q1 2012

Buy 40%
Hold 60%
Sell 0%

Babcock Intl.
Barratt Developments
Bellway
Berendsen
Bovis Homes Group
Halma Howden Joinery Group
Morgan Crucible
Spectris
Mitie Group
Renishaw
Shanks Group
Taylor Wimpey
Travis Perkins

Glossary

CYCLICALS = Companies whose earnings prospects are more sensitive than average to the business cycle and whose shares are therefore likely to exhibit above average volatility over the entire course of the cycle.

DEFENSIVES = Companies whose earnings prospects are less sensitive than average to the business cycle and whose shares are therefore likely to exhibit below average volatility over the entire course of the cycle.

GROWTH = Companies whose sales and earnings prospects are less tied to the short to medium term swings and roundabouts of the business cycle and more tied to such external factors such as technological innovation, demographics, and various structural changes. The distinction here is on growth that is sustained over the long term.

FINANCIALS = Companies whose earnings are tied to the business cycle but where, as with the banks and property companies, the balance sheet plays a key role in the prospects for earnings. In other cases, as with investment management companies, the exposure is through the financial markets, which in turn, are geared to the swings and roundabouts of the economic cycle.

ROA = Return on assets
ROE = Return on equity
EBIT = Earnings before interest and tax
EBITDA = Earnings before interest, tax, depreciation, and amortisation
EV = Enterprise Value (Debt plus equity minus cash)
EPS = Earnings Per Share
NAV = Net Asset Value

The information contained in Brewin Dolphin reports have been taken from sources disclosed in the presentations and is believed to be reliable and accurate but, without further investigation, cannot be warranted as to accuracy or completeness. The opinions expressed in Brewin Dolphin documents are not the views held throughout Brewin Dolphin Ltd. No Director, representative or employee of Brewin Dolphin Ltd. accepts liability for any direct or consequential loss arising from the use of these documents or its contents. We or a connected person may have positions in, or options on, the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such securities from time to time. In addition, we reserve the right to act as principal or agent with regard to the sale or purchase of any security mentioned in these documents. For further information, please refer to our conflicts policy, which is available on request or can be accessed via our website.

Past performance is not a reliable guide to future performance. If you are in any doubt concerning the suitability of these investments for your portfolio you should seek the advice of your Brewin Dolphin investment manager.