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.

There have been a couple of big deals for LNG going through with the major oil companies over the past week and this will have a positive effect for HMY due to the increase in tanker orders that will result. Could be the reason for the extra interest over the past week.

mickeyskint - thanks for the offer, but I will stick to my turkey, lol!

Hmm, thanks Mickey, I'd rather have the Qourn, or even the turkey.

Acutally so would I.

MS

Nice move up again today on the back od not much volume. Strange.

cheers GF.

A liittle bit of research from the BBC site.....................

Backer found for gas depot


The gas depot is one of two planned for Milford Haven
A cash backer has been found for a major gas storage depot in Pembrokeshire which would create hundreds of jobs.
The UK oil and gas producer, BG Group plc, formerly part of British Gas, has signed up as an equal partner in the project to build the 250m plant at Milford Haven.

Dutch firm Petroplus has already won planning permission to create the depot for liquefied natural gas, or LNG, at Milford Haven.

The industrial project is one of two which are set to put west Wales at the forefront of the UK's switch to a new supply of gas once North Sea reserves run out.


We couldn't have had better news at a better time - we must have a Father Christmas somewhere

Pembrokeshire councillor

LNG is gas which has been super-cooled into liquid form so that it can be carried by tanker rather than by pipeline.

The BG Group's involvement means Petroplus can go ahead with its plans to upgrade its current storage depot on a site in Milford Haven to allow tankers carrying LNG to berth and unload their cargo ready for pumping across Britain.

The scheme, given final approval by county planners in the spring, promises to create up to 700 construction jobs over three years and up to 30 permanent posts.

Construction jobs

Britain is expected to become a net gas importer around 2005 and this has triggered a flurry of pipeline and LNG import schemes.

Oil giant Exxon Mobil is to build a similar LNG plant on the old Esso refinery site nearby.

It says the project, granted planning permission last month, will create 700 construction jobs and a further 50 permanent posts. The firm has signed a deal to import LNG from Qatar.

But the development in the Petroplus project has been welcomed as "a significant step forward" by Paul van Poecke, the firm's chief executive officer.

"We are looking forward to working closely with our new partner, whose experience and leading role in the global LNG market will help us to develop further the work we have done over the past two years at our Milford Haven site."

Councillor Brian Hall, Pembrokeshire Council's Cabinet member for Highways, Transportation and Environment, said the two LNG projects promised to make Milford Haven the third busiest port in the UK after London and Liverpool.

"We couldn't have had better news at a better time, we must have a Father Christmas somewhere," he said.


cheers GF.

Still way undervalued and unloved. Time to jump aboard before the fireworks start happening. SEE ABOVE.

cheers GF.

Just started to tick upwards.

cheers Gf.

Jason , we still have the old header.

cheers GF.

All buys no sells. Suprised we havent had a move upwards.

cheers GF.

Blimey look at the buy volume and no move northwards.

cheers GF.

GF - away on business at moment but will sort the header out when I get back next week. Good volumes over the past couple of days and looks like we will see a further move up before the end of play if the current buying continues. Can't believe how well these have done over the past couple of months. I will try and check back later today to see how things are going.

Cheers Jas.

Going great Jason. Really moving today. Hope you have a good time away.

cheers GF.

Wow look at the buys coming in.

cheers GF.

Well we lost some ground at the end of the day but it looks like another upday in the morning. MMs need stock to satisfy demand.

cheers GF.

Going great guns and please remember this, this one was originally going to be floated at 180p.

Going fantastic and time to jump aboard.

cheers GF.

Blimey the first down day in what????????????????????????

Two Months???????????????????????????????????????????????????????????

regards GF.

Who's Oliver??

ME. Strange we didnt get a rise on this one today, I was sure the MMs had plenty of stock on the books. Never mind it could do well monday.

cheers GF.

Looks set to rise again.

cheers GF.

I hope so! I took profits on NLR to buy into this one as I think all the herd are moving on from NLR at the moment. I hope to buy back later but HMY looks a good bet. fingers crossed! I have spent this evening adding my losses over the past few years---seriously upsetting, I have a lot to make up! I still I'll start a biggest loser competition!! bet it would be a well used thread.
Come on HMY!! hope you feel better soon GF