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 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.