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.

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.

Into the blue.

Forward P/E of just over 19 to end of March 2008 suggests theres still scope for further SP gains.

Any idea of broker target price?

Well I took the figure HC from Digitalook.com and they provide the concensus figure of all brokers so I would have a shuffty over there.

Still looks to be more in here to me. Quite a bit more.

Agreed. To quite possibly pass 8 this year methinks.

Another contract win, and the recent dip provides a great opportunity for a top-up.