Are you kidding me!?
THATS a hammer head!?
I call that a J-hook, and you can do it in every single plane in this game.
Some do it better than others, and twin engine planes need to have engine's managed while proceeding thru the turn.
All in all, its very simple, its just knowing at what speed your current plane will start* to stall at, already have your nose moving just as it get to that point, and when stall hits your engine weight will RIP that nose down, power up and off/down you go.
Sadly double engines planes can do hammer heads very easly, if you have a double control stick like i do for Rpm.
The thing that stops people from doing the hammer head is keeping full or higher engine power at the end of the stall, they reach stall then try to get the nose to fall left or right, by then its too late no air speed over wings, the tourque kicks in and you spin down. Realy its just a directionaly controlled stall.
PS. the P39 does AWESOME hammer heads with easy with or without stalling.

Something about slappin' that rudder hard and the momentum carrying the engine/tail right over your head, sure the comin' down's hell, but the flip is quick and effective.