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.

Jason usually trading updates, and results. Hoping to go into these in the morning. Shares will obviously do a back up article very soon I should think. Im with most of the big brokers but no one I can find except the house broker as it on the radar yet. I do know that a lot in the city thought that they had been underpriced on flotation. Mores the better for us.

cheers Gf.

Gone into these this morning just over 5,000 shares bought in two transactions.

Seemingly Hargreave Lansdown or what used to be them are tipping them and advising their clients to buy. Dertails can be found at pauly pilots cafe on the Motley fool website.

cheers GF.

Cheers for the update GF, I will take a look on Motley Fool in a bit. Nice steady flow of buys over the last week, I'm hoping we get another tick up in the price soon. Not too bothered if we don't, but I like seeing blue and knowing we are all a bit richer each time it does. LOL.

Good luck and keep the news flowing guys.

J.

Blimey , what does it take to move this one, come on MMs play the game properly.

Buys far exceed sells.

cheers GF.

Strong looking chart.



cheers gf.

gf, Hopefully we will see the fruits of todays trading at start of play Friday with a nice move in the price. I'm amazed it's not moved a couple of ticks during today but as long as the buy's keep coming its all a question of time.

Yup and Im amazed, I had some more this afternoon aswell.

Funny day today, very strange all round.

cheers Gf

Wise move GF, I think today saw the biggest volume of buys yet, which is great. I thought trading would slow once the resulting action from the Shares article faded but this baby just keeps getting stronger.

Interesting article found in I.C. indicating an increase in expenditure by the big oil companies which will have a positive effect for the oil services. Hamworthy is not mentioned directly but similar companies such as Sondex are. Posted below for any interested parties.

Oil services outlook brightens

Business is picking up for oil services companies after a long period of weakness. Consensus estimates for the growth in capital expenditure among major oil companies now stand at around 10 per cent, compared to five per cent at the start of the year. Some think it will be as high as 17 per cent.
The main pick-up has been onshore in the US and Canada, where high oil and gas prices have encouraged an every last barrel mentality. There has also been more activity in the North Sea; Shell said last week that it was increasing capital expenditure in Europe by $150m this year. Most of this will go on projects where there is a quick payback, making the most of high oil prices.
Over in the US, where oil service companies are much bigger, share prices have posted solid gains. The chart below shows the S&P Oil Equipment and Service sub-index over the past year (this includes such giants as Halliburton, Schlumberger and Baker Hughes). In the UK, oil service companies are smaller and more specialised, and don't have their own index. But there have been some notable gains, particularly Sondex, Hunting and Abbot.

GF, my hunch on the price moving up this morning was correct, lets see how things move on today.

loaded up with some more this morning.

nice one chester1, price is moving up nicely now.

UP 4p thats more like it, some nice buying going on aswell.

cheers GF.

The Shares article (Post 19) suggested HMY should be on a par with the likes of Sondex, which has just been rated as a buy at 223p by I.C. this morning. I think this share has quite a way to go and would not be surprised to see 200p - 220p by the end of the year.

Yup you could be right there Jason.

Heres an interesting factual table............

Hamworthy's strong market position (in the world market) is illustrated in the table below for product
sales during 2003:
Percentage Hamworthy
of world market
market share
Product share ranking* Principal competitors

Deepwell gas pumps 95 1 Shinko, Teikoku, Desmi
Deepwell product/chemical pumps 8 3 Framo, Marflex, Presvac
Pump room pumps 15 2 Shinko, Naniwa
Engine room pumps 12** 3 Naniwa, Taiko, Desmi, Allweiler
LPG gas reliquefaction systems 53 1 TGE, LGE, Nissin
VOC gas reliquefaction systems 47 1 APL, Aker Coolsorption
Inert gas equipment 22 2 Smit, AP, Kashiwa, Aalborg Ind
Conventional water treatment 14 1 EVAC, DVZ, Taiko, Isir
Advanced water treatment 44 1 Zenon,
Scanship, Rochem


cheers GF.

I'm amazed at the number of trades going through today, has this share been tipped in another mag or something? If this keeps up the 2 mark will be looming quicker than I thought.

Good day Jason, makes up for yesterday.

cheers GF.

Broker forecast from Colin Stewart as below.


Broker Date 01 - 09 - 04
.................2004....................................2005
Pre-tax( ) EPS ( p ) DPS ( p )...........Pre-tax ( ) EPS( p ) DPS( p )

5.50 .......11.00......4.70...................6.80.....14.00.......5.40

Tipped in the Mail On Saturday. Nice big piece on how GAS is important to the world and its growing share in World Markets. Hamworthy well worth buying into.

cheers GF.

Must say....I do like this one.