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TORM plc (TRMD-A) fair value: what the stock is really worth

As of Nov 11, 2026: fair value (intrinsic value) of TORM plc stock DKK 223, price DKK 239, that is 6.7% below the price, quality 44 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

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Energy DK · Home US · ISIN GB00BZ3CNK81

This is a secondary listing. View primary listing Torm PLC Class A (TRMD.US) →

TP TORM plc logo Broad data Oct 5, 2026

TORM plc

TRMD-A · CO
Low Priority

The stock costs about what our calculation considers fair.

Highly profitable · 35.5% net margin (TTM)
Low debt
Generates free cash flow
1.9% dividend yield · Sustainable
Wide moat 76/100
Broad data
Fair value kr 222.67 · Fairly valued
Quality 44/100
Mixed Growth (revenue 5y +13.2 %/yr in USD)
Downbeat coverage

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

kr 284.80 kr 23.70 Fair Value kr 222.67 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Oct 5, 2026.

How to read this chart

60‑month range kr 23.70 – kr 284.80 · fair‑value band kr 136.69 – kr 327.85 · the kr 238.60 price screens above the kr 222.67 fair value. As of Oct 5, 2026.

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Company profile

TORM plc, a shipping company, owns and operates a fleet of product tankers in the United Kingdom and internationally. It operates in two segments, Tanker and Marine Engineering.

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The Tanker segment transports refined oil products, such as gasoline, jet fuel, diesel, naphtha, and gas oil, as well as dirty petroleum products, such as residual fuels and crude oil. The Marine Engineering segment engages in developing and producing advanced and green marine equipment.

TORM plc was founded in 1889 and is based in London, the United Kingdom.

Stock analysis

TORM plc (TRMD-A) currently trades at kr 238.60, while our model-based Fair Value estimate is kr 222.67, so the stock looks roughly fairly valued today (gap 7.2%).

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Valuation

Bull case: the Growth Earnings group reads highest at a median of kr 257.52 per share, and 9 of the 26 models we run sit above the kr 238.60 price.

Bear case: the Asset-Based group reads lowest at kr 99.47, and 17 of the 26 models stay below the price. Data coverage for this calculation is high.

Scenario range: kr 136.69 (bear) to kr 327.85 (bull), the price of kr 238.60 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 44/100 (below-average quality), in the Energy sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

TORM plc reported revenue of $1.4B in FY2025 versus $620M in FY2021, a compound +22.4%/yr. Reported net income was $296M in FY2025.

Key figures

Market cap 24.8B DKK (≈ $3.7B) · P/E ratio 6.1 · P/S ratio 1.31 · EPS (TTM) kr 38.87 · Dividend yield 1.9% · Net margin 21.3% · Return on equity 26.8% · Return on assets (EBIT) 15.4% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).

What moves the price

The share trades about 16% below its 52-week high and 102% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Energy peers we cover trades at −31% fair-value upside, at −7%, TRMD-A screens cheaper than that median.

Fair Value models

Bear kr 136.69 Fair Value kr 222.67 Bull kr 327.85
Price kr 238.60 · Downside -6.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 29.83 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF kr 151.23 kr 244.03 kr 376.20 79
Growth DCF kr 153.94 kr 235.96 kr 345.87 78
Residual Income kr 140.52 kr 165.70 kr 215.02 76
All 26 models by family
DCF Models
FCF DCF kr 151.23 kr 244.03 kr 376.20 79
Owner Earnings kr 127.30 kr 208.34 kr 323.68 75
5Y Revenue Exit kr 79.72 kr 128.00 kr 186.85 72
5Y EBITDA Exit kr 130.78 kr 222.67 kr 327.85 74
5Y P/E Exit kr 149.91 kr 258.15 kr 370.14 70
10Y Revenue Exit kr 103.09 kr 152.34 kr 213.77 67
10Y EBITDA Exit kr 136.69 kr 215.57 kr 317.07 68
10Y P/E Exit kr 148.45 kr 239.30 kr 348.02 63
Earnings-Based
Graham-Dodd kr 136.34 kr 407.36 kr 539.53 65
Lynch FV kr 168.13 kr 240.20 kr 312.27 61
PEG = 1.0 kr 168.13 kr 240.20 kr 312.27 57
EPV kr 155.68 kr 185.45 kr 210.91 74
Dividend Discount
Gordon GGM kr 122.50 kr 239.71 kr 356.44 67
DDM Multi-Stage kr 122.50 kr 194.08 kr 253.63 66
Multiples
P/E Multiple kr 210.50 kr 280.69 kr 350.87 63
P/S Multiple kr 84.73 kr 112.97 kr 141.21 58
P/B Multiple kr 94.19 kr 125.63 kr 157.00 55
EV/EBIT kr 123.13 kr 183.37 kr 243.54 65
EV/EBITDA kr 118.74 kr 177.45 kr 236.23 66
EV/Revenue kr 21.63 kr 55.51 kr 89.39 50
Asset-Based
NCAV (Graham) kr 74.22 kr 99.47 kr 148.45 54
Growth DCF
Growth DCF kr 153.94 kr 235.96 kr 345.87 78
Rev-Margin DCF kr 79.72 kr 130.50 kr 189.28 72
Economic Profit
Residual Income kr 140.52 kr 165.70 kr 215.02 76
ROIC Compounder kr 157.28 kr 202.29 kr 256.83 72
Growth Earnings
Growth-Adj P/E kr 180.24 kr 257.52 kr 334.81 67

Models of TRMD.US, converted to this listing with the same factor as the fair value.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 44/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 50
How much profit the company makes from its sales and capital
Quality Growth 6
Are margins and returns getting better?
Cashflow 63
Do the profits arrive as real cash?
Financial strength 66
Debt, balance sheet and risk of trouble
Investment 30
Does it invest with discipline instead of growing at any price?
Low Volatility 71
How calm the share price moves, does not count
Price momentum 78
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 83
Distance to the 52-week high, does not count
New shares 28
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 78/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−10.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.2%
Start year 2020 (pandemic). Over 10 years: +9.9% a year
Revenue growth 27 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.4%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+13.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.5%
Dividend (yield on the price)1.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.11.5% vs 2.0%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.19% → 26%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 38.4%/yr over ~10Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

Growth Forecast

A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+11.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−1.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +8.9% a year for the price and −3.3% for the forecasts.
Forecast 2026 (sales)+9.8%
Forecast 2027 (sales)−4.7%
Projected 2028 (sales)−3.9%
Projected 2029 (sales)−3.1%
Projected 2030 (sales)−2.2%

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Recent news

News mood ⓘNews mood, the average tone of recent news (83 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Very negative
Recent news coverage is unusually downbeat.

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Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

Similar stocks

10 more Oil & Gas Midstream stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
MPLX LP owns and MPLX $56.71 $70.89 +25% vs TRMD-A
Cheniere Energy, Inc LNG $293.49 $341.70 +16% vs TRMD-A
Kinder Morgan, Inc KMI $31.19 $28.04 −10% vs TRMD-A
Energy Transfer LP, ET $19.43 $15.12 −22% vs TRMD-A
ONEOK, Inc OKE $87.37 $59.87 −31% vs TRMD-A
Enterprise Products Partners L.P. EPD $37.13 $24.66 −34% vs TRMD-A
Enbridge Inc ENB $47.76 $25.64 −46% vs TRMD-A
TC Energy Corporation TRP $63.46 $17.27 −73% vs TRMD-A
Targa Resources Corp TRGP $281.32 $64.88 −77% vs TRMD-A
The Williams Companies, Inc WMB $67.46 $11.72 −83% vs TRMD-A

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Frequently asked questions

Is TORM plc (TRMD-A) overvalued or undervalued?
As of Oct 5, 2026, our model estimates a fair value of kr 222.67 versus a price of kr 238.60, about 7% lower (fairly valued).
What is the fair value of TRMD-A?
Our model-based fair value for TORM plc is kr 222.67 (as of Oct 5, 2026), built from audited fundamentals. The current price: kr 238.60.
What is the quality score of TRMD-A?
TORM plc has a Quality Score of 44/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for TORM plc (TRMD-A)?
Our model-based price target is the fair value of kr 222.67 (as of Oct 5, 2026) from 26 valuation models. Cautious scenario kr 136.69, optimistic scenario kr 327.85. It is a calculation from audited fundamentals, not an analyst target.
What is the TORM plc stock forecast for 2026?
Our models put fair value at kr 222.67, about 7% lower versus a price of kr 238.60 (fairly valued). Cautious scenario kr 136.69, optimistic scenario kr 327.85. The calculation is refreshed regularly with new filings.
What is the revenue of TORM plc (TRMD-A)?
TORM plc reported trailing-twelve-month revenue of about $1.8B (latest available figure, as of Oct 5, 2026).
Does TORM plc pay a dividend?
TORM plc currently shows a dividend yield of 1.85% relative to its recent price (as of Oct 5, 2026).
How much is the dividend of TORM plc (TRMD-A) and when is the ex-dividend date?
TORM plc pays a dividend of kr 4.42 per share a year, a dividend yield of 1.9%. The last ex-dividend date was Sep 9, 2026. A dividend has been paid every year since 2022. The payout ratio is 70.0% of earnings. Free cash flow covers the dividend 0.95 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into TORM plc (TRMD-A)?
For today's price to be fair in a discounted-cash-flow model, TORM plc would have to grow free cash flow by +11.5 % per year for five years (discount rate 9.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.2 % per year. As of Oct 5, 2026.
What discount rate (WACC) does the fair value of TRMD-A use?
Our models discount TORM plc at 9.5 %: a base by market capitalisation (mid), country premium for Denmark. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For TORM plc that is +11.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.5 %) and the same formula as our fair value.
How much growth has TORM plc (TRMD-A) delivered so far?
Over the past 5 years revenue at TORM plc grew +13.2 % a year. The price currently implies free-cash-flow growth of +11.5 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of TORM plc (TRMD-A) growing?
The median revenue growth in the sector is +13.1 % a year. That is the yardstick for the growth priced into TORM plc (+11.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of TORM plc (TRMD-A)?
The free-cash-flow yield on the price is 5.35 %: that much free cash flow TORM plc produces per unit of market value. When it exceeds the discount rate of our models (9.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of TORM plc (TRMD-A)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TORM plc it is kr 222.67 per share (as of Oct 5, 2026), against a price of kr 238.60. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is TORM plc stock overvalued or undervalued in 2026?
As of Oct 5, 2026, TRMD-A trades above its calculated fair value: price kr 238.60, fair value kr 222.67, a gap of about −7% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TRMD-A?
No. The price is what the market pays today (kr 238.60); the fair value is what the company's own numbers justify (kr 222.67). For TORM plc the two are kr 15.93 per share apart. That gap is exactly why we show both numbers side by side.
How much is TORM plc worth?
The market values TORM plc at about 24.8B DKK (market capitalisation, as of Oct 5, 2026). Per share that is kr 238.60; our models calculate a fair value of kr 222.67 per share.
What do the bullish and bearish scenarios say about TRMD-A?
Our models span a range for TORM plc: cautious scenario kr 136.69, base kr 222.67, optimistic kr 327.85 per share (as of Oct 5, 2026, price kr 238.60). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is TRMD-A from its 52-week high?
TORM plc trades at kr 238.60, about 16% below its 52-week high of kr 284.80 and 102% above the low of kr 118.21 (as of Nov 11, 2026). Distance from the high says nothing about value: that is what the fair value of kr 222.67 is for.
Which stocks are comparable to TORM plc?
From the same area (Energy) we also value Enbridge Inc, The Williams Companies, Inc, Enterprise Products Partners L.P., Kinder Morgan, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is TORM plc stock attractive at the current price?
The data as of Oct 5, 2026: price kr 238.60, calculated fair value kr 222.67 (−7%), Quality Score 44/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TRMD-A calculated?
We run TORM plc through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 222.67 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0% above its aggregate fair value. TORM plc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of TORM plc (TRMD-A)?
The closing price on Nov 11, 2026 was kr 238.60. Our model-based fair value is kr 222.67, about 7% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with TORM plc right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (kr 136.69 to kr 327.85) leaves room in how you read the outcome.

Key figures of TORM plc

How large is the market capitalisation of TORM plc (TRMD-A)?
The market capitalisation of TORM plc is 24.8B DKK (≈ $3.7B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of TORM plc (TRMD-A)?
The price-to-earnings ratio of TORM plc is 6.1. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of TORM plc (TRMD-A)?
The price-to-sales ratio of TORM plc is 1.31 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of TORM plc (TRMD-A)?
Earnings per share at TORM plc are kr 38.87 (price ÷ EPS = P/E 6.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of TORM plc (TRMD-A)?
The dividend yield of TORM plc is 1.9% (payout 11.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of TORM plc (TRMD-A)?
The net margin of TORM plc is 21.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of TORM plc (TRMD-A)?
The return on equity (ROE) of TORM plc is 26.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of TORM plc (TRMD-A)?
On an EBIT basis the return on assets of TORM plc is 15.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of TORM plc (TRMD-A)?
The operating margin of TORM plc is 53.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at TORM plc (TRMD-A)?
Revenue at TORM plc is growing +110% versus a year earlier (3y avg −1.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at TORM plc (TRMD-A)?
Earnings per share at TORM plc are growing +460% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does TORM plc (TRMD-A) carry?
The net debt of TORM plc is $848M (fiscal year 2025, ≈ 4.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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