Hamworthy Share Discussion Threads

[choppa] 21/5/2009 12:03

Around the 1.90 resistance. Can it break through.

[momentos] 21/5/2009 07:10

No.

They are engineering focussed supplying the LNG industry and very undervalued!

[bluepill] 20/5/2009 23:04

is it their workers on strike?

[choppa] 20/5/2009 15:42

Could be some resistance around £1.90 then if through that next level £2.20 imho.

[choppa] 20/5/2009 13:13

Creeping past £1.80 towards £2.

[momentos] 19/5/2009 16:28

Indeed, that was my hope too!

I got in on the last dip to mid 170's in early April.

It has gone back down but the risk - reward here seems very advantageously balanced, pretty limited downside given NAv/Cash, huge potential upside.

[alanrex] 19/5/2009 16:08

im in. i hope so, in fact i hope it tests 250-300p!!! this seesm very cheap to me!

all imo dyor

[choppa] 19/5/2009 14:33

Closing in on results. Will it restest £2?

[peter27] 15/5/2009 15:05

website says 2 June . all in a chorus dyor

[onlythebest2] 15/5/2009 14:40

when are the results due out?

[momentos] 15/5/2009 11:04

Probsbly all a bit of agadoo doo doo to help a fund buy in cheaply pre results ... await the holding in company RNS!

[momentos] 14/5/2009 16:18

Just as long as they sink them or hold them for a good while!

TBH I've always felt that the shipping downturn could in a funny way help them slightly.

If you are a ship owner and your ships are lying idle, what better time to upgrade them to meet legislation / shoot the elephants in the boiler-room or whatever? Far better than taking them offline during a peak demand period. Subject of course to having the cashflow to pay for the work.

Just an idea, but I wonder if this has happened a little bit.

[peter27] 14/5/2009 16:15

So if a few ships are captured and held by pirates it might help sales!!

[momentos] 14/5/2009 14:57

They dont own ships. Or elephants.

Their business is diversified and not reliant on shipping even though they appear to have been bagged as such.

Good job 2/3 of the market capital is cash...

Interims (25 Nov 08)

The Group operates in four main markets: gas transportation and production; oil transportation and production; cruise ships; and merchant shipping. The oil and gas markets in aggregate account for over 75% of Group revenues with merchant shipping accounting for less than five per cent.

As reported previously the focus of investment in the oil and gas markets has been changing. The gas transportation and production market saw significant ordering of large LNG and LPG carriers in 2005 and 2006 leading to deliveries of those vessels being currently at very high levels. Anticipating the reduction in contracting of new large gas carriers as that shipping capacity comes on stream, the Group has invested in developing its system solutions across the broader LNG supply chain. The focus of investment in the gas markets has been shifting towards onshore and offshore production and regasification and the Group has had a number of successes in winning contracts in these areas. Alongside that the smaller LPG and ethylene carrier market has remained robust with contracting volumes above historical average levels.

In the oil transportation and production market tanker deliveries are also at high levels following record ordering in 2006 and 2007 with contracting now lower but at levels which are strong compared to the historic average. Here the shift in investment focus has been towards offshore production with the Pump Systems and Inert Gas Systems businesses benefitting from higher activity in FPSO projects.

Cruise activity remains high with major European shipyards for these vessels reporting full order books through to 2011 and in some cases 2012. The Group has seen relatively few new orders placed for large cruise ships as cruise companies review their positions in the current economic climate although the underlying growth prospects in the medium to long term remain strong. Retrofit activity for advanced waste treatment plant continues at a steady pace, driven by the need to meet increasing environmental legislation in protected waters around
the world.

The merchant shipping market continued the high level of new shipbuild deliveries seen in 2007 into 2008. Freight rates for commodity ship types, in particular bulk carriers and container vessels have fallen dramatically in recent weeks as new capacity comes into the fleet at a time when demand for transportation of raw materials and finished goods is weakening. As a result, contracting levels for new vessels of these types have weakened markedly. The Group's exposure to this merchant ship newbuild market is relatively low, representing less than ten percent of the Group's order book.

The aftersales market for the Group's products remains buoyant with a growing installed base from the high levels of deliveries over recent years.

[mdrans1] 14/5/2009 13:53

I have not seen any mention of pirates in connection with LNG shipping. Could that be the elephant in the room?

[momentos] 14/5/2009 11:55

But not the share price!

Riciculously cheap again.

[thepsychic] 08/5/2009 13:15

The Baltic Dry Index is showing signs of a recovery

[momentos] 05/5/2009 11:59

Heavy buying going on today. 300k vs 6k

[momentos] 08/4/2009 09:37

Well we appear to be trying to break back up into the open gap back to £3.

Loverly!

[momentos] 02/4/2009 15:54

Sorry for the confusion.

Seems we have a persistent seller and an overhang anyway keeping us down.

[alter ego] 02/4/2009 15:23

thanks momentos. agrees with my assumptions too but it sounded like you "knew". Totally agree that share price does not reflect value here.

[momentos] 02/4/2009 11:37

This presentation is helpful.



eg Page 8 has orders deliverable outside 09FY of 176m. Current order book is around 270m, suggesting 09H2 order intake of about 90m vs historic 100m, so there is a slight but not catastrophic drop off. (assuming no delay of FY09 orders since interims)

[momentos] 02/4/2009 11:23

Indeed, which is well over £1 a share (50m=110p per share).

So for your perhaps max 80p ex cash you get EPS of 37p and a strong forward orderbook.

What a lovely balance sheet. Debt? Wot Debt!



30/09/2008

Non-current assets
Intangible assets 12,052
Property, plant and equipment 10,127
Derivative financial instruments 560
Deferred taxation assets 5,911
28,650

Current assets
Inventories 72,522
Trade and other receivables 43,189
Derivative financial instruments 2,960
Corporation tax 387
Cash and cash equivalents 57,351
176,409

Current liabilities
Borrowings (97)
Trade and other payables (89,316)
Derivative financial instruments (5,425)
Corporation tax (4,149)
(98,987)

Non-current liabilities
Borrowings (649)
Trade and other payables (24,740)
Derivative financial instruments (3,199)
Deferred taxation liabilities (6,494)
Provisions (5,284)
Retirement benefit obligations (2,097)
(42,463)

Net Assets 63,609

Capital and Reserves
Called up share capital 2,307
Share premium account 19,107
Other reserves (1,216)
Profit and loss account 43,411

Shareholders' Funds 63,609

[wjccghcc] 02/4/2009 11:11

momentos, they did say at the time of the interims that H1 cashflow was strong because of timing and there would be partial reversal in H2. Having said that, I doubt it will drop by more than a few million so you're still looking at net cash of over 50mm.

[momentos] 02/4/2009 11:06

alter ego -

Given that historic cash generation is strong, I have kind of assumed it had. The historics do show a slightly different picture, H2 cashflow being weaker.

So yes the Cash position may be static, but this has previously been strongly affected by paying down of debt and acquisitions.

But I doubt it has moved much inless they are agressively paying down debt.


Op Net Cash / Net Cash Increase

09H1 13m / 7m
08H2 2m/ -2m
08H1 18m/14m
07H2 4m / -2m
07H1 8.5m / -3m