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.

Good one paul. Thanks for keeping us all up to speed and in touch with whats going on in the industry.

MS

There is a massive amount of anecdotal news surrounding LNG at the moment. What we need is some more contract wins for HMY. Given the speed that some of these projects are progressing, we shouldn't have to wait long.

Im keeping my fingers crossed that we get some.

cheers GF.

More anecdotal news...

"Spanish energy groups Repsol YPF and Gas Natural SDG are creating a joint venture which they believe will be the third largest liquefied natural gas company in the world, based on sales volume, writes Tony Gray.

The new alliance will have a marketing capacity of about 12m tonnes of LNG a year and a fleet of 12 LNG carriers, including one vessel on order.

The joint venture is structured in three stages.

In the development of new upstream projects in exploration, production and liquefaction Repsol will be the operator, owning 60% of the assets, with Gas Natural owning the remaining 40%.

In the midstream areas of transport, trading and wholesale marketing, the partners will establish a 50:50 owned company. This companys chairman will change on a rotational basis, and the chief executive will be appointed by Gas Natural.

Repsol and Gas Natural will also form a regasification partnership on a 50:50 basis to co-ordinate the development of LNG plants.

The operator will be Gas Natural and the new joint company will have the regasification rights.

Repsol and Gas Natural said the new joint venture, would be the third largest LNG company in the world in terms of sales volume, behind only Korea Gas and Tokyo Electric."

It's as if the world has just woken up to LNG. In the years to come this is going to be a massive energy source, and HMY are right in there.

MS

And its going rather cheap now is HMY. Should be attracting new buyers.

cheers GF.

A P/E of just 14 is cheap g for a growth stock like this. For those that missed it first time....................

citywire recommends again:
".... Another alternative energy source is liquid natural gas (LNG) which is a methane gas cooled to minus 260F. Since LNG is a natural gas, it burns clean and is environmentally friendly. At the moment LNG makes up only 6% of the worlds natural gas trade but is expected to grow on average 6.7% per year.

A stock that offers an indirect exposure to LNG is Hamworthy . This was mentioned as a trading idea on 10 February at 198p, the shares are now trading at a mid price of 235.5p, an increase of 18%. The company designs and makes LNG handling systems for tankers and has a healthy order book worth about 130 million. This stock is well worth keeping an eye on and should the shares slip below 230p it might be worth considering a top-up on existing long positions.

cheers GF.

Some news from HMY might put a stop to the downward drift. A good buying time.

MS

And its even cheaper now Mickey on a P/E of just 13.

cheers GF.

Punters should be buying in big time but I don't think it's on their radar screens. If you want a long term stock this is it.

MS

REsults out at end of this month, an RNS today re- to analyst meeting. Must be good.

cheers GF.

This should perk the price up a bit..........


Hamworthy plc
12 May 2005


Press release 12 May 2005



Confirmed LNG-RS contracts from Samsung Heavy Industries Limited


Further to the announcement issued on 10 December 2004, Hamworthy, a world
leader in the design and manufacture of innovative marine and offshore fluid
handling systems, has won firm orders for four more liquid natural gas
reliquefaction systems ('LNG-RS') plus an option for one further shipset from
Samsung Heavy Industries Limited ('SHI').


The contracts announced in December 2004 included a total of 11 option shipsets,
with the options exercisable by the shipyards. All those options have now
expired which is not unusual in the maritime industry as the plans of ship
owners as to required delivery times and ship specifications change. If orders
for those optional vessels are placed they will now be awarded as newly
specified orders and these contracts from SHI are the first of those.


The systems will be deliverable to SHI over the period mid 2006 to mid 2007.
Due to commercial sensitivities Hamworthy is unable to disclose the value of
this contract. These LNG tankers will be part of the fleet which will carry LNG
from the expanding QatarGasII field.


LNG liquefies at minus 160 degrees centigrade and reliquefaction is a process
which enables LNG cargo boil-off (evaporated LNG) to be reliquefied and returned
to the cargo during transportation. This enables a ship to be powered by more
efficient and lower maintenance cost slow speed diesel engines. Such diesel
powered units can provide ship owners with annual operating savings of up to
US$5 million per vessel. Historically LNG carriers have used boil-off to
produce steam to power a vessel.


Kelvyn Derrick, Chief Executive, Hamworthy plc said: 'These orders bring the
total number of confirmed LNG-RS orders on Hamworthy to 12 shipsets. They
reflect a growing trend for oil companies to seek the long term cost savings
provided by slow speed diesel propulsion with LNG-RS. The company will continue
to update shareholders on developments regarding other LNG-RS orders taken with
other ship builders when appropriate.'


- Ends -

excellent news. price up 5p

Yes superb news. Should give this one a lift over the coming days.

cheers GF.

A good web site well worth taking a look, with top people running the show. A definite winner long term.

MS

Well after such excelent contracts you can see why NLR and MMG are having an hard time.

2 months back what a 20% rise at least?.

I may withdraw from the markets until September and build a cash pile.

F the MMs who I have had no real problems with until this year and Ive been in the business over 21 years. I just feel theres far too much credit/margin available now and this is affecting the markets leading to sideways volatile conditions.

cheers GF.

excellent news, and this should be the first of many more contracts to be awarded.

Can anyone tell me how many shares are in issue. Many thanks.

MS

This one is holding its price and quite rightly too.

cheers GF

One of the few firms not affected by the recent sell off, a purwe quality play.

cheers GF.