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.

Yeah it was a bit of luck wasn't it? I was going to hang around to see if it was going any lower, but got too impatient - looks like it was a good move for once.
ps No relation, sorry!

Good on you, it makes you feel good when you get a result.

MS

Fully valued mickey, what with the new contracts today?.

You havent been to the local again have you. Bring on the world Cup.

PS, I have, cant keep out at the moment, no use in banging your head against a brick wall on the market.

cheers GF.

disagree with mickeyskint - in last 2 months alone they've taken about 50m in orders for reliquefaction kit. I think there's much more to come and this years estimate will have to be uplifted. Have put my money where my mouth is on this one too.

Very much agree alter ego.

In the last 12 months Hamworthy has taken reliquification system orders totalling 90m for LNG vessels, 8m for LPG vessels and 25m for a land based plant. Additionally, I would expect margins on this new high tech business to be much higher than the 6-7% currently being achieved for their traditional pump systems due to the high barriers to entry in this market.

Consequently, it will be a little surprising if future profit estimates are not revised upwards following this large increase in high margin turnover.

With shipyard newbuilding orderbooks full until 2008/9, and forecasts for the LNG industry to grow by 10%+ for the next 10-15 years I feel there are very exciting times ahead for Hamworthy and its shareholders.

A class company this. Anyone seen any broker upgrades ?, surely they must be due or out.

cheers GF.

I suspect we will see broker upgrades after the interims next month as anything before is guesswork. You only have to look at the trends in gas transportation market to see why hmy should do very well from its reliquefaction technology. Add on the solid pumps and wastewater business and we should see good growth for some years.

LNG Newbuilds corner unprecedented 90% of shipbuilding capacity

Lloyds List - Monday October 24 2005


THE LNG carrier newbuilding orderbook now represents about 90% of existing capacity, according to SSY, a leading London shipbroking group, writes Tony Gray.

The brokers consultancy and research unit points out that this is a far higher proportion than for any other major vessel type.

In the second volume of its 2005 world tanker trends, SSY says that by the end of August the LNG carrier fleet had risen to 184 vessels of 21.8m cu m, with eight newbuildings having been delivered since the end of last year and an absence of scrapping.

Furthermore, concerted interest in newbuilding contracting in the first eight months of this year boosted the orderbook to 126 ships of 19.6m cu m.

This ongoing expansion of the orderbook, SSY continues, was despite the lengthening lead times between contract placement and ship delivery, plus the ongoing escalation of newbuilding prices.

Excelent piece of news that.

cheers GF.

Quite a few buys going on here. Wonder if its been tipped?.

cheers Gf.

Motoring up through the gears now on very modest volume Bid/Ask 318p-322p - looks very much like mm's are walking this one back up to previous highs.

Good stuff.

cheers GF.

An LNG special report in Lloyd's List dated 24 October 2005 stated that 20 LNG ships in the 209,000 cu m to 216,000 cu m capacity currently under construction in South Korean yards feature Man B&W conventional slow speed diesel engines operating in conjunction with on board re-liquefaction plants. It went on to say that in every case the reliquefaction part of the package had been snapped up by Hamworthy.

To date Hamworthy has announced 15 such orders for LNG carriers. If correct this would suggest a further order announcement is not too far away.

why is Hamworthy winning all the orders for reliquefaction equipment? Is there no competition, are they cheaper, is their kit better than anyone elses? How long can this dominance last? Hopefully a long time, but does anyone know who else is in the same market and why they are not getting these contracts?

Alter ego

Their LNG-RS orders are linked to the development of the Qatar LNG Industry, which is being developed in conjunction with oil major ExxonMobil, who recently approved a 7.5Billion Usdollar investment programme, the biggest in its corporate history, for the next stage of developements connected to this project.

Knowing that they would need very large new generation vessels to make this business commercially viable ExxonMobil and the South Korean shipyards who are to build the vessels have been working with Hamworthy over a number of years in the developement of its LNG-RS for their proposed vessels.

As regards competitors, Cryostar and Tractebel are developeing competing products but have someway to go to catch up with Hamworthy, who has secured 100% of the world market to date. As always DYOR.

I think I should add some more on that excelent news.

cheers GF.

Moving ahead nicely.

cheers GF.

REG-Hamworthy plc Notice of Results


Released: 01/11/2005

RNS Number:4107T
Hamworthy plc
01 November 2005




Press Release 1 November 2005



Hamworthy plc

("Hamworthy" or "the Company")


Interim Results - Tuesday 22 November 2005



Hamworthy plc (AIM:HMY), a world leader in the design and manufacture of
innovative marine and offshore fluid handling systems focused on gas handling,
pumping and wastewater management, advises that it will be announcing its
Interim Results for the six months ended 30 September 2005 on Tuesday 22
November 2005.


An analyst briefing given by Gordon Page (Non-Executive Chairman), Kelvyn
Derrick (Chief Executive) and Paul Crompton (Finance Director), will be held at
10.30 am on Tuesday, 22 November 2005 at Abchurch Communications Ltd, 5th Floor,
100 Cannon Street, London, EC4N 6EU.




- Ends -

Wow - what happened to HMY - up niceley one minute - then down 13!!!

.......and another order

"Hamworthy plc
14 November 2005


Press release 14 November 2005


Hamworthy plc

Hamworthy receives a further order from Hyundai Heavy Industries

for a LPG reliquefaction package



Hamworthy plc (HMY.L), a world leader in the design and manufacture of
innovative marine and offshore fluid handling systems, has won a further order
at Hyundai Heavy Industries (HHI) to supply a liquefied petroleum gas (LPG)
reliquefaction package to three very large gas carriers (VLGC). The contract
has a value in excess of 12 million and includes all cargo related engineering
and equipment.



The ships will be constructed at HHI in Ulsan, Korea for delivery to Greek based
Consolidated Marine Management Inc (CMM). The Hamworthy LPG plants are expected
to be delivered to HHI during 2007 and 2008.



Kelvyn Derrick, Chief Executive of Hamworthy plc, said: 'Having won our first
LPG cargo handling package at HHI only two months ago, we are delighted to have
a further order for three shipsets bringing the total to five. As mentioned in
our announcement of 28 September 2005, HHI is the largest ship builder worldwide
and is also the largest builder of LPG ships. We are very pleased to be working
with HHI on projects for two different ship owners and look forward to
strengthening the relationship.'

Baza