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.

is there any news on contracts being awarded?

There is news brewing, but no contracts awarded yet, and all signs are that HMY should be included in these awards, so todays move not due to that... I didnt pick up any news over the weekend either, so maybe some people confused that HMY is a play on oil and tankers, which is dropping along with other shipping stocks? Thats my guess anyway. I am encouraged by the fact the volume on the sells was quiet small, and that we have recovered somewhat. And as GF, i too added this morning, i dont think we will see these cheap prices again. IMHO

Almost recovered...back upto 2.25. As we thought, no reason for the fall!

Good stuff.

cheers GF.

paulgrip
wheres the best place to get wind of any news on this, i tend to use UK Wire as my news site but if theres any others / better ones out there then please let us know.

Cheers

Accord...I work in shipping so have access to all the trade press...lloyds list daily, and tradewinds on fridays, as well as daily reports from various sources...there is often good stuff in these as they have dedicated LNG pages, and i usually copy onto this board. All i know for sure is that the second Qatari tender process is underway and once the owners of the new ships have been assigned (hopefully by end of this month) then we will get the news on what systems will be used. I posted a schedule a couple of weeks ago which should provide a timeframe for news out of Qatar, which relate very closely to possible news from HMY.

Looks like we could be in for some good early news then paul, fingers crossed.

cheers GF.

paulgrip

i thank you.

Nice to see this moving up.

cheers Gf.

Another one with a late run up.

cheers GF.

Good news from Lloyd's list this morning about LNG. "Majors link in Nigeria LNG profect. Shell, BG and Texaco involved in multi-million-dollar plan to create one of the worlds biggest producers...The project will produce 20m tonnes a year from four LNG trains, becoming one of the worlds largest producers...At his stage, ownership of the many LNG carriers that will be required to transport the gas has yet to be decided...But to put their LNG shipping needs into perspective, Nigeria LNG will employ 18 vessels...This LNG project will also be another boost to Nigeria's ambition to challenge Qatar for the role of the world's leading LNG producer in the next five or six years."

So far everyones eyes have been on Qatar that will probably need in excess of 80 ships...if Nigeria wants to compete with them I would expect the conservative estimate of 18 ships stated above, to rise pretty fast...and all these ships need to be built...hopefully using HMY's leading technology. More good news to add to the pile. IMHO

Another fact I found out from a sale and purchase seminar i attended today is that the LNG fleet is set to double over the next five years, and then double again over the following five years!! The expansion is going to be huge.

Thanks for keeping us in the picture Paul. Wow this does look very exciting for the LNG industry and HMY.

cheers GF.

Well done paul, nice one.

MS

Looks good doesnt it Mickey. If we can capture some of that action this stock will be re rated for certain.

cheers GF.

I agree GF.

MS

Any ideas on MOS international (an oilfield services provider)...ticker symbol 'moi' lots of recent activity...and at only 0.008 pence...could be worth a look! some quite good info on the moi board.

Considering the carnage that's been going on elsewhere, these have held up well today. Lets hope its a good sign for next week

B2B

Same here.

cheers GF.

Not now they haven't. HMY has now joined the small cap party. The share price has tanked back to its intra day low of last week. If it can hold here then this is definately the bottom and time to top up on any rebound.
For now, I'm not touching anything. Those braver than me can go first.

Have I missed something or is this an excellent opportunity to buy at a good price?

Cheers, Madison