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 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.

Have you got the details madders, I have no notification from money am on my portfolio.

As issued today:
HHI awards contract for three ship-sets of LPG packages


Hamworthy plc (AIM:HMY), a world leader in the design and manufacture of
innovative marine and offshore fluid handling systems, announces today that it
has won further contracts with the Hyundai Heavy Industries (HHI) Group to
supply liquefied petroleum gas (LPG) packages for three very large gas carriers
(VLGCs). The packages include cargo handling engineering, reliquefaction plant,
deepwell cargo pumps and inert gas systems packages with a total value of over
12 million.

The ships will be constructed at HHI's Ulsan shipyard for delivery to the Hong
Kong based Korean owner CIDO Shipping. Equipment deliveries to HHI will take
place between January 2009 and November 2009.


Kelvyn Derrick, Chief Executive of Hamworthy plc, said: 'This brings the total
number of LPG reliquefaction systems orders received from HHI to thirteen ship
sets since our breakthrough orders in August 2005 and further strengthens our
relationship with this shipyard that constructs more LPG carriers than any
other.'

Cashed in a few tranches here.

Not as relatively cheap as it was going back a year or so.

Holding the balance.