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.

Maybe one day all UK stocks will be traded on a straight electronic exchange and we can get rid of these MM shenanigans for ever.

In the meantime, a lot of people still get stung by a poor understanding of what might cause the MM's to move the price up or down.

Doug

Derd cheap and a great oportunity to buy.

cheers GF.

Nice to see these moving back up again.

cheers GF.

One of the small cap picks of the year from the Share Centre.

cheers GF.

Buy buy buy blackbird good bye.

cheers GF.

Ps, couldnt resist that one.

About time this one woke up again.

cheers GF.

There's some really good investments out there and this one looks as if it's going to stick for a while. Really tempted to move on and come back later.

MS

Wouldnt do If I were you Mickey. Theres still some big contracts up for grabs in the LNG market.

cheers GF.

Respect to you GF, I thought all contracts were placed. Will hold.

MS

100% agreement with GF. The LNG market is only just beginning. Within the next month, 12 new Qatar/Exxon contracts are up for grabs, with the LNG ships hopefully being built to the same specifications as the last 8 that Hamworthy won, and within a couple of years another 40 or so are needed! And thats not even taking into account the various other major oil companies that are also jumping on the LNG wagon, and in need of ships within the next few years. This is one to hold and buy on the dips!! IMHO

LNG is definitely the story of the moment - I watched a short piece on Bloomberg yesterday where American politicians were talking about the need for the US to diversify its energy use, particularly away from oil from "unfriendly" countries. They talked about nuclear power but kept going back to importing LNG - apparently some of the world's largest supplies of free gas ( that is gas not associated with oil fields ) are in "friendly" countries. It has obviously got political momentum in the USA.

Nice to see this one ticking up.

cheers GF. PS, jason you still in???????.

GF, sure am, waiting for some more contracts to appear before I take my profits and move on. SP has held well over the last few weeks on very little news which is always a good sign.

Blimey that was a quick reply. Nice to see you still aboard. Just wondering if I should add. Will have some lunch and think it over.

cheers GF.

I would hold on for a bit, could be a while before the rest of the deals go through so worth keeping the current holding in but I don't see a huge rush to top up just yet. IMHO DYOR.

Been a nice earner for me so far and keeping my fingers crossed for a dividend within the next 18 months or so.

Starting to move again

Starting to move up very quickly.

cheers GF.

Glad I held on now. All mine are blue at the moment.

MS

Tipped Yet again in Sharemag today.

Did it give any targets?.

cheers GF.