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.

In today, today is just looking like a slip on the upward trend.

Have a look at RNS today - it looks like Artemis Fund Managers have been active.

Certainly have Jim.

Hamworthy plc
13 January 2005

SCHEDULE 10

NOTIFICATION OF MAJOR INTERESTS IN SHARES


1. Name of company

Hamworthy plc


2. Name of shareholder having a major interest

Artemis Investment Management Limited & it's subsidiary company


3. Please state whether notification indicates that it is in respect of holding of the shareholder named in 2 above
or in respect of a non-beneficial interest or in the case of an individual holder if it is a holding of that
person's spouse or children under the age of 18.

Artemis UK Smaller Companies Fund


4. Name of the registered holder(s) and, if more than one holder, the number of shares held by each of them

As above in No. 2


5. Number of shares/amount of stock acquired

Not disclosed


6. Percentage of issued class

Not disclosed


7. Number of shares/amount of stock disposed

N/A


8. Percentage of issued class

N/A


9. Class of security

Ordinary shares


10. Date of transaction

Not disclosed


11. Date company informed

11 January 2005


12. Total holding following this notification

2,300,550


13. Total percentage holding of issued class following this notification

6.22%



14. Any additional information


15. Name of contact and telephone number for queries

Paul Crompton 01202 662699


16. Name and signature of authorised company official responsible for making this notification.

Paul Crompton


Date of notification: 13 January 2005

cheers GF.

So much for my bid theory. The mystery buyer turned out to an institution stakebuilding. Ho hum. Roll on the next tick up towards 4. LOL

Pondy

Could this institution potentially build up a stake on behalf of a client in order to bid?

In my opinion, not really. It looks as though Artemis have bought the UBS stake. Artemis will have tucked these shares away in a growth fund, taking a long term view. Of course, if someone comes along and offers a silly price for them, then all things are possible, but I wouldn't bet on it.
More good buys today. It can't be too long before we enjoy another price hike.

Pondy

Something is brewing, any clues?

Not a clue. This isn't quite the price hike that I was hoping for! I hope its just a tree shake to gather in some loose stock.
There has been a positive broker upgrade on profit estimates for this year and the next two years.This should feed through into the share price.

The more i deal in shares the less i understand it. Why has the price gone down?

mm playing games i suspect - not enough stock around so they are trying to prompt some sells. Nothing has changed with HMY, all looks good.

Starting to recover.

MS

Fill yer boots time here at this price.

cheers GF.

Fully invested.

MS

Just wondering Mickey if they have a big buy order to fill for the Yanks (Fidelity) again. Same thing happened a couple of weeks back. if you remember soon recovered though.

cheers GF.

I think this recent price blip is due to some kind of market making stake building...weeding out the week hands. From Tradewinds (shipping press) last friday "QSAT (Qatar Gas Transport Co...which has a joint venture with Exxonmobil) is expected to emerge in the market with a tender for 12 LNG carriers or around 210,000 cbm later this month" If Hamworthy wins these contracts for the pumps on these 12 ships as it did the last 8...then the share price should rocket. And Qatar will still need 40 more big LNG ships before 2008-2009...so the growth prospects for this stock are massive!!! So with all these future prospects...there is no other reason for the share price to fall?!?!? Any views?

This is a great company with huge potential. I think someone is stake building no reason for the fall, but recovering well.

MS

Could be right Paul. Either way Im glad to take the MMs invitation up and buy on the cheap once again.

cheers GF.

great now asc has joined them, i give up.

Kivver

Don't despair. Second ASC challenge about to be launched so chance for fame, if not fortune. Your pals here welcome too.

Eric

Recovering after yesterdays strange going ons. Moving up nicely and derd cheap.

cheers GF.