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.

StockMarketWire.com
Hamworthy said it continued to make good progress in Q1 with a closing order book at end-June of 261m (2010: 134m).

The Group said it has been particularly successful in securing orders across its Pumps, Oil & Gas and Inert Gas Systems businesses from the offshore and gas carrier markets. Demand for the Group's Aftersales products and services remains robust.

Market conditions continue to follow the trends reported at the year end, with the offshore and LNG regasification markets being buoyant, increased activity in the gas carrier market and the remaining sectors of the new ship build market showing only slight improvement in the rate of new vessel contracting.

The Group is progressing as expected in its development and commercialisation of technologies for the emerging environmentally driven markets of exhaust gas cleaning and ballast water treatment. Following land based testing of the ballast water prototypes, two systems are now undergoing shipboard trials in accordance with the IMO test protocol. The Group continues to see an encouraging rate of enquiries for exhaust gas cleaning systems.

Hamworthy said it is confident of meeting expectations for the financial year ending 31 March 2012.

Thursday 22 September, 2011Hamworthy plc
Investor Site Visit
RNS Number : 6879O
Hamworthy plc
22 September 2011







Press Release
22 September 2011





Hamworthy plc



("Hamworthy" or the "Group")



Investor Site Visit



Hamworthy plc (AIM:HMY) a world leader in the design and manufacture of innovative marine and offshore fluid handling systems, is today hosting a site visit for a group of institutional investors and investment professionals in Aalborg, Denmark.



The purpose of the visit is to provide these investors with the opportunity to gain a broader understanding of the Group's operations.



No new trading or financial information will be made available during the visit. A copy of the presentation will be available on the Group's investor relations website.

Hamworthy (AIM:HMY), announces that it has acquired 100 per cent of the issued share capital of AW Flow Holdings Limited ("AW Flow") and its subsidiary undertakings, a UK based specialist valve manufacturer for the oil and gas sector.

The consideration is 24 million on a debt free/cash free basis, funded entirely from Hamworthy's own cash reserves. 21.6 million was paid on completion with a further 2.4 million of deferred consideration payable over the next two years.

In the year to 31 October 2010 AW Flow had revenue of 20.2 million and pre-tax profit of 4.6 million in respect of its continuing businesses. Consolidated net assets at 31 October 2010 were 14.2 million of which 9.0 million was subsequently distributed by way of net dividend. The business employs 141 people.

AW Flow includes the well-known brands of Shipham Valves, Leeds Valve, John Mills Valves and Robert Cort. Its range of valves are highly complementary to Hamworthy's existing pump range and the acquired business will be merged with the Group's Pumps Systems business to form a new division, Hamworthy Flow Solutions.

Great stuff with no doubt some nice upgrades to follow. new commentary published at investorschampion.com

Hamworthy buoyed by LNG demand
StockMarketWire.com
Marine engineer Hamworthy described the LNG market as 'dynamic' as it confirmed it was on course to meet expectations for the year ending 31 March 2012.

The group, which announces interim results on 22 November, saw its order book advance from 187 million to 256 million, though it noted that order intake in the six months was lower than the same period last year due to two large contract wins in that period and the timing of current project awards.

The improvement in performance of the Inert Gas and Oil & Gas Systems businesses witnessed in the second half of last financial year continued. The group reported that investment in the oil exploration and production market remains robust and that it had been successful in winning orders in this area, with two contracts worth approximately 11 million in aggregate for FPSO flare gas recovery systems for use in Brazil.

The company indicated that the LNG market remains 'dynamic' with high levels of contracting of new build carriers this year and a sustained interest in the developing market for offshore regasification facilities. On 3 October 2011, Hamworthy announced the 24 million acquisition of AW Flow Holdings Limited, a specialist valve manufacturer for the oil and gas sector.

In the year to 31 October 2010 AW Flow had revenue of 20.2 million and pre-tax profit of 4.6 million in respect of its continuing businesses. Hamworthy expects the range of acquired valves to be complementary to its existing pump range.

Story provided by StockMarketWire.com



Story provided by StockMarketWire.com

StockMarketWire.com
Hamworthy expects to exceed its previous full year forecasts following contract wins totalling around 40m.

Hamworthy, a world leader in the design and manufacture of innovative marine and offshore fluid handling systems, has won contracts for the supply of liquid natural gas regasification and liquid petroleum gas cargo handling systems with Hyundai Heavy Industries.

The first contract is for the supply of LNG regasification systems to be installed on two floating storage regasification unit vessels ordered earlier this year by Hgh LNG.

The regasification systems are scheduled for delivery in 2012 and early 2013.

The second contract is for the supply of the LPG cargo handling system to be installed on an 84,000 cu m new build LPG carrier ordered earlier this year by Solvang.

The equipment, which includes Hamworthy's newly patented reliquefaction technology, is due for delivery in 2012.

Possible offer for Hamworthy plc

The Company announces that it is in advanced discussions with WtsilCorporation ("Wtsil) regarding a 825 pence per ordinary share cash offer for the Company. The potential offer is likely to assume that no further dividend will be paid but, if a dividend is paid, Wtsils offer will be reduced by the amount of that dividend.

This announcement does not amount to an announcement of a firm intention to make an offer and there can be no certainty that an offer will be made.

In accordance with Rule 2.6(a) of the City Code on Takeovers and Mergers (the "Code"), Wtsilmust, by not later than 5.00 p.m. on 15 December 2011, either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.

Wtsils statement regarding announcement by Hamworthy plc

WtsilCorporation notes the recent announcement by Hamworthy plc. Wtsilconfirms that it is in advanced discussions with Hamworthy regarding an 825 pence per ordinary share cash offer. The potential offer is likely to assume that no further dividend will be paid but, if a dividend is paid, Wtsils offer will be reduced by the amount of that dividend.

The Board of Wtsilbelieves that the combination would create an exciting platform in the offshore, marine gas and environmental solutions markets creating long-term growth to the benefit of shareholders, customers, and employees alike.

Wtsilhas strategically developed its Ship Power division in recent years beyond traditional engine technology to encompass ancillary equipment and systems, to be able to provide customers with more value added marine solutions. Hamworthy would extend that strategy by offering excellent technology in strong market positions, on which Wtsilcould leverage its international sales and service network.

Wtsilbelieves that the combined resource and competence base would improve the potential in the offshore markets, help to capture a bigger share of the growing marine gas application market as well as create a stronger position within the rapidly evolving environmental solutions markets. The combination of Wtsiland Hamworthy would deliver benefits to both businesses' current and future customers and stakeholders.

This announcement does not amount to an announcement of a firm intention to make an offer and there can be no certainty that an offer will be made.

The potential offer will not have an impact on Wtsils prospects for 2011.

StockMarketWire.com
Hamworthy has agreed a 383m takeover by WtsilTechnology.

Hamworth says the 825p per share offer represents an attractive premium of 56.2% to the average closing price of 528p for the 12 months ended on 16 November and 50.2% to the average closing price for the last three months.

Hamworthy would be integrated as a business unit within Wtsils ship power division, introducing new products to Wtsils current portfolio.