Brokers Hargreave Hale gave the following Valuation for HMY

VALUATION
The nearest comparisons to this Group are Sondex, trading on a current year multiple of 14 and Weir Group which typically trades on multiples of 12 plus. We would argue that Hamworthys prospects are brighter than both these companies in view of the strong order book and the global positioning. Fully taxed earnings of 13p this year and 16.5 p for the 2005/6 end March, suggests a current year PE of 9.9x and a prospective PE of 7.8x. There is a prospective yield in excess of 4%. If trading on a similar PER to Sondex the shares would be valued at in excess of 180p. We would argue that a premium to Sondex is justifiable, in particular because of the potential ramp up to sales as a result of the new product pipeline now gaining client acceptance in what is in any event one of the fastest growing markets in the world.

"Shares" Article relating to Hamworthy (HMY) posted below for info.

With a following wind these shares should double over the next year or so.

Some catty folk in the City say the flotation last month by Collins Stewart
could have been handled better, i.e. at a higher price. It was certainly over
subscribed but the rating is half that of similar oil sector service companies
including Sondex.

Gosh they do take some shifting. Mind it should also be the same the other way.

cheers GF.

Another quiet day, getting boring now!

Only bit of recent news I could find but it's a start.

Major order for Hamworthy electric-drive pumps
Hamworthy has secured its first major contract for its new Svaneh CKL 300 electric-drive deepwell cargo pump.

Hamworthy will supply complete pumping systems to six 49 900 dwt Stena P-MAX tankers being built.

Each system includes:


10 CKL 300 cargo pumps
two DL design slop pumps
two deepwell ballast pumps
one deepwell heavy fuel oil transfer pump
electric explosion-proof motors for open deck mounting
electric variable speed system
plus an outfit of C2G engine room pumps.

Really does need some more news or press exposure get these moving back up again.

This is like watching paint dry. At least I'm in profit, which is more than I can say for some of my holdings. Still I bought them for the long term so I'm not worried.

Same here but it would be nice to get at least one tick upwards during the week.

Hoping for a move up this week guys, surely it as to come.

cheers GF.

Not a bad start to the days trading, lets hope it continues and we get that move soon.

Up she goes!

Yes nice to see this at last. The MMs must have run out of ink for the printing press LOL.

cheers GF.

The trades just keep on coming, no wonder the MMs have run out of ink for the printing press!

Yup and we should be seeing more of a rise surely?.

cheers Gf.

Not a bad end to the day, same again tomorrow please!

Have a good evening, J.

Yes some large volume today.

cheers GF.

Buys easily outdoing sells no price move, gosh it takes some moving this one.

cheers Gf.

Wonder if they will pick up any new orders next week?

Hamburg, Germany, 28 September - 02 October


Hamworthy will demonstrate its new oily water separator that is fully compliant with the new IMO regulation MEPC 107(49) which comes into force on 1st January 2005.

Other products featured include pump systems, gas systems and inert gas systems.

Link to the SMM show website:- www.hamburg-messe.de/smm/smm_en/start_main.htm

Good volume again on the buy side on a day that saw the market moving down.

Nice 1/4 page right up in shares magazine today (buy recommendation), stating that the shares have much further to run and that profits could really rocket in a couple of years.

I'm holding on for the long term.

Thanks expert. Im afraid they are down like the rest of small caps in general.

Looks like MMs have overdone it though after the last 7 days or more of buys exceeding sells.

cheers GF

GF the drop in price did seem a bit OTT, buys are coming in nice and steady but I doubt we will see the price move up again today.