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.

More good news...

Hamworthy wins 20 mln stg contracts for offshore gas handling equipment
AFX


LONDON (AFX) - Hamworthy PLC, a designer and manufacturer of marine and offshore fluid handling systems, said it has won 20 mln stg of contracts from Daewoo Shipbuilding and Marine Engineering Co (DSME).

One contract to supply liquid petroleum gas reliquification systems and other equipment for six very large gas carriers is worth around 15 mln stg, the company said.

Hamworthy will also supply the same very large gas carriers with deepwell cargo pumps and inert gas systems for around 5 mln stg.

Chief executive Kelvyn Derrick said: 'This together with our breakthrough into Hyundai Heavy Industries last November leaves us in a strong and diversified position in the LPG gas handling market.'

newsdesk@afxnews.com

ks

And more good news.........

Hamworthy happy as profits boom
MoneyAM
Marine technology group Hamworthy said profits for the year to March 31st were up 29% to 8.5m on a turnover up 20% to 137m.

It also said that outstanding orders at year end were valued at 206.8m, up 71% year on year.

In a statement alongside the figures the company said: 'The strength of the current order book gives the company confidence that the results for the new year may exceed its expectations.'

Chairman Gordon Page said: 'These are excellent results and provide a solid foundation for continued future growth.'

The group is paying a final dividend of 4.2p for a total payout of 6p, up sharply form 3.24p in 2005.

Interesting read from Citywire - all 5 pages of it.

http://www.citywire.co.uk/News/NewsArticle.aspx?VersionID=82509&NewsPage=1

Includes comments from Kelvyn Derrick - the Chief Executive

All very positive.

Times - 31 May 2006

Hamworthy, which makes fluid-handling systems for ships, put on 30p to 337p as Collins Stewart set a 400p target on in-line full-year figures. Paul Compton, analyst, reckons that new products related to liquefied natural gas offer the prospect of a quantum leap in earnings.

Going great guns at the moment.

Moving along nicely, steady does it.

More excellent news:
26 July 2006

Hamworthy announces first onboard LNG regasification orders with Samsung

Hamworthy (AIM:HMY), a world leader in the design and manufacture of innovative
marine and offshore fluid handling systems, has won an order to supply onboard
LNG regasification plants for two LNG Shuttle Regasification Vessels ('SRVs')
from Samsung Heavy Industries Limited ('SHI') for a significant but undisclosed
value. In addition, the Group has received an option for a further shipset of
equipment. It is expected that the equipment for these SRVs will be delivered to
SHI during 2008 and 2009.

The SRVs have been ordered by Norwegian ship owner, Hoegh LNG with whom the
Group has been engaged in the development of onboard LNG regasification plants.
Once delivered by SHI these SRVs will serve the proposed Neptune LNG deepwater
terminal in Massachusetts Bay bringing gas into the United States. The SRV
system provides a method for delivering gas to market with a solution that is
safe, commercially competitive and environmentally friendly and which avoids the
need for an onshore receiving terminal.

The Neptune deepwater terminal, which will be located approximately ten miles
south of the City of Gloucester and 22 miles north east of Boston in water
depths of circa 250 feet, is still subject to approval by the US Coastguard. As
a result, SHI has the right to cancel the orders and option no later than 30
January 2007 if the Neptune project does not receive the necessary US approvals.
Should the order be cancelled Hamworthy does not expect to incur any material
net loss.

Kelvyn Derrick, Chief Executive of Hamworthy plc, said: 'This is a new gas
technology for Hamworthy serving a new market where the preferred solution for
the discharge of LNG is to maintain the vessel offshore and regasify onboard in
order to avoid the need for a terminal on land. We believe that many new
terminals will be built to handle the increasing volumes of LNG particularly in
the US thus enhancing the prospects of further organic growth for Hamworthy.'


- Ends -

Cheers, Madison

This is a lovely company. Regular (good) newsflow, factual, without ever being speculative. Yet more good contract news released today. Been in this one now for 2 years and it is hard to find the will to sell such a steady performer.

LONDON (AFX) - Hamworthy PLC said it has won a 15 mln stg order from Hyundai Heavy Industries to supply three more LNG reliquefaction systems.

The contract will be undertaken on a consortium basis. Deliveries will start in the fourth quarter of 2007, the company said in a statement.

The systems will be installed on 'QFlex' LNG carriers, which have about 215,000 cubic metres capacity, and will service the QatarGasIII LNG plant.

This brings Hamworthy's total orders for the product since December 2004 to 23 shipsets worth over 110 mln stg.

newsdesk@afxnews.com

i find it amazing, a fine steadily rising share (about 95% since i bought) gets very little attention. All the go sideways or downwards speculative shares get loads. Still signing contracts. Are they big enough to keep taking on the extra work or do they contract it out??

Kivver, I believe last years placing sought to address your concern. In addition, they have clearly increased production capacity and moved much of it to China where additional labour etc should not be hard to find.
Like you I'm a long term holder and agree that this is one of the best unheard of shares around. I suppose engineering isn't sexy but as long as they keep racking up orders we can look forward to higher earnings and one day the news may reach the masses. That might be the time to bail out - but not for a while yet IMO.

Still rather cheap with a prospective P/E of 16 and PEG of just over 1 to end of March 2008. The recent contract wins could make these forecasts look very conservative indeed.
Knocking on for a 2 bagger and hope to see that doubling in the next 2 year

Ticking up this morning.

Should continue on the march upwards.

HMY closed on friday 17th at 410p mid. It opened at 428p this morning! So of course a number of investors taking profit.
Nice to see this move up though, as sp has been reluctant to move far from 400 for a while.

Strong order book at Hamworthy
MoneyAM
Maker of marine and offshore fluid handling systems Hamworthy said shipbuilding berths are now full until 2008 with new vessels with orders for 2006 likely to come in for over 2000 ships.

The comments came alongside the company's results for the first half which showed an increase in pretax profit to 5.75m from 3.79m a year earlier on the back of strong growth in order books.

Hamworthy declared an interim dividend of 2.3p a share, an increase from 1.8p a share a year ago.

The company also reported a 31.5% increase in turnover to 81.4m for the half-year.

Tipped in todays Financial Times.

Yes, described as "Blue chip AIM stock".
Can't get a better recommendation than that.

And going great guns this morning.

And another blue day.

IMO should be a steady rise as I believe the divi date is around the 23rd Dec, followed by a small fall back.