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.

I believe HMY is coming up to divi date, hence the recent rise.
Anyone know the exact date & amount, please?

Ex-divi date is the 28th June '07.
Very nice rise up in anticipation.
Bid 564p, Offer 569p.

LONDON (Thomson Financial) - "Hamworthy PLC said it has won an order for three Liquid Natural Gas (LNG) regasification units worth in excess of 15 mln stg with Golar LNG Ltd.

The marine and offshore fluid handling systems maker said the units will be delivered at the end of 2008.

The units will be installed on the Golar Winter, a 138,000 cubic metre LNG vessel that will be chartered by Petrobas as a Floating Storage Regasification Unit (FSRU) in an LNG import project located in Guanabara Bay, Brazil"

LONDON (Thomson Financial) -" Hamworthy PLC said it has won two more contracts, worth more than 17 mln stg, with Korea's Hyundai Heavy Industries (HHI) Group, to supply cargo handling engineering and equipment packages for six mid-sized liquid petroleum gas (LPG) carriers.
The marine and offshore fluid handling systems maker said the packages include reliquefaction systems, deepwell cargo pumps, inert gas systems and engineering of cargo handling and deck tanks.

Hamworthy said the ships will be constructed at HHI's Ulsan shipyard in Korea, and equipment deliveries to HHI will take place between August 2008 and January 2010."

Down 25p this morning on profit taking, but news is good:

LONDON (Thomson Financial) - "Hamworthy PLC said demand for its products remains strong and order intake for the quarter to end-June came in at 47 mln stg.

The marine and offshore fluid handling systems maker said its principal product groups performed in line with expectations.

It added the outstanding order book as on June 30 rose to 270 mln stg from 268 mln stg on March 31.

It said its pump systems business has returned to buoyant conditions, benefiting from orders for offshore floating production storage and offloading vessels."

"Hamworthy plc (AIM:HMY), a world leader in the design and manufacture of
innovative marine and offshore fluid handling systems, is pleased to give the
following trading update as it enters its close period.

The order book at 31 August 2007 stood at 301 million for delivery over the
next three years compared with 270 million as at 30 June 2007.

The Group has made progress in all of its principal product areas and is
performing in line with expectations.

Joe Oatley, who succeeded Kelvyn Derrick as Chief Executive on 3 September 2007,
commented: 'I am pleased to report good progress across the business and look
forward to reporting the Group's Interim Results in November.'

Hamworthy will be announcing its Interim Results on 19 November 2007."

Sp is down 13% on release of their interim results, but I cannot see very much in the detailed report to justify this:

"LONDON (Thomson Financial) - Marine and offshore fluid handling firm Hamworthy PLC saw its half-year pretax profit jump 15 pct as the shipbuilding and gas markets continued to boom.

The company's interim pretax jumped to 6.51 mln stg from 5.75 mln on sales 30.5 pct higher at 106.2 mln. The group's half-year basic EPS increased to 10.9 pence from 9.6 pence, with the firm set to pay an interim dividend of 2.65 pence -- up from last year's interim handout of 2.3 pence.

Hamworthy's board said it was confident on the outlook for the full-year and confirmed it would 'continue to seek selected acquisition opportunities."

I agree, cant understand the 15% sp drop based on what seems some very solid results. Can anyone else shed light on this?

Reasonably good support in the 500-550p trading range on the chart, but gone through the 200 DMA which is a little worrying. Hopefully it will bounce back over the 550p mark and stay above the 200 DMA.

No cause for concern, imo, as the following suggests:

"LONDON (Thomson Financial) - Hamworthy, which designs and manufactures marine and offshore fluid handling systems, was off 115 pence, or 18.1 pct, at 520, despite announcing that first-half turnover had risen 30.5 pct to 106.2 mln stg, and operating profit before amortisation was up 15.1 pct at 6.3 mln. The shares have enjoyed a strong run before today and some investors decided to take profits."

It will bounce back - the city often reacts to such good results and order book etc by deciding that there is no room for improvement - so sell is the result.

Looks like the Directors agree with you Oakapple:
LONDON (Thomson Financial) - "Hamworthy PLC said chairman Gordon Page purchased 10,000 shares in the company at 513.5 pence each and now holds 0.09 pct or 41,000 shares.

It said chief executive Joe Oatley purchased 0.01 pct or 4,760 shares in the company at 513.5 pence each.

Additionally, finance director Paul Crompton purchased 5,710 shares in the company at 513.5 pence each and now holds 0.12 pct or 52,233 shares."

Down another 5%, which is probably annoying the directors who just bought at 513p.
HMY goes ex-divi next wednesday 28th Nov.

Well below the 200 DMA now, which is a bit alarming. I assume a bit of a selloff & mark down as it has now gone ex-divi.

"Engineering group Hamworthy said it expects its results for the year to end-March 2008 to be 'modestly ahead' of previous expectations, reflecting strong demand from the cruise ship market.

The maker of fluid handling systems said its order book for delivery over the next three years stood at 285m at end-February, against 254m a year earlier.

Hamworthy announces its full-year results on June 3rd, 2008."

"Full-year results (3rd June) from Hamworthy Plc., a designer and manufacturer of innovative marine and offshore fluid handling systems, are expected to be at the top end of expectations, and also highlight continued strong order intake for the year.

The group has a portfolio of innovative products with very strong market positions that are benefiting from the strong demand in the cruise ship market, and the growth in the demand for innovative solutions for the shipping and handling of natural gas.

For the year to March 2008, Raymond Greaves of Collins Stewart expects revenues of 240 million pounds, up 26 percent, EBIT of 16 million pounds, up 23 percent, and a 20 percent increase in EPS to 27.4 pence.

Going forward, the analyst is forecasting high single-digit revenue growth and mid-teens EPS growth. He sees upside to his forecasts from FPSO orders and/or bolt-on acquisitions.

Meanwhile, Scott Cagehin of Numis Securities predicts year to March 2008 pretax profits of 16.8 million pounds, up from 13.6 million pounds, for EPS of 27.0 pence against 22.8. He puts the dividend payout at 7.9 pence, compared with 6.9 a year earlier."

"Hamworthy reported a rise in full-year pretax profit and said it expects another year of strong sales.

The company said the near term outlook is secure, underpinned by a strong order book.

The company reported a pretax profit of 17.4m compared with 13.6m.

Revenue in the period rose to 231.8m from 190.8m year ago.

The company proposed a final dividend of 5.29p a share, lifting the total dividend by 15% to 7.94p a share from 6.9p a year ago.

Hamworthy said its year-end order book rose 16% to 311.8m."

harrycat , you appear lonely here - come and join in at http://boards.fool.co.uk/Messages.asp?mid=11093979&bid=51549 where there are at least a few people who you can share ideas with about hmy

Thanks for that. I am registered on the Motley Fool & I do watch the boards, but MAM boards seem to be busier with more active investors. MF is very good for 'in depth' opinion & between the two I can't fail!!! ;O)

HMY goes ex-divi wed 25th June.
Historically the sp has recovered quickly from the divi adjustment. This year may be different given the economic climate.