Rankings Transport & logistics TORM
TORM
56
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Quality of growth−8
- Multiples vs own history−8
- Macro and geopolitics−8
Strengths
- Dividend+2
- Raised guidance+2
- Secured earnings and low debt+1
How the score is built
From 100 to 56, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 274.40 DKK
- Median analyst target
- 300.53 DKK
- Upside to median
- +9.5%
- Analysts
- 4
- Target range
- 216.13 – 324.65 DKK
- 52-week change
- +97%
- P/E (trailing)
- 6.8
- Forward P/E
- 5.4
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 5 findings−19 of −30
- −8Quality of growthThe record quarter (net profit USD 338m vs 59m) is due entirely to rates: the fleet earned USD 59,301/day in Q2 vs 26,672 a year earlier, because the Strait of Hormuz was closed during the conflict between the US, Israel and Iran.
- −3ROIC through the cycleROIC 44% in Q2 and 21% TTM, but only 10.8% in 2025 and 0.3% in 2021. The record return is not structural.
- −3MoatTransport of oil products without pricing power: rates are set by the market. The advantage is only scale (97 vessels) and the integrated 'One TORM' platform.
- −3Future earningsAnalysts expect EPS of USD 8.29 in 2026 and only USD 5.22 in 2027 (−37%).
- −2Capital allocationThe dividend equals 222% of FCF (TTM), while ships are being bought (capex USD 259m in H1), and the share count has risen 2.4% in a year.
Price
Today's multiples against the company's own history and its peers. · 2 findings−10 of −35
- −8Multiples vs own historyP/B 1.59 vs 0.9 in 2024–2025 and 1.55 at the peak in 2022–2023; P/S 2.3 vs 1.0–1.7. The price of DKK 262 is approx. 10% above NAV (USD 36.50 ≈ DKK 239). P/E 6.5 is built on record rates.
- −2FCF yieldFCF yield only 4.9% (TTM) despite record earnings, because ship purchases swallow the operating cash flow (capex 3.3 bn DKK).
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−15 of −35
- −8Macro and geopoliticsThe rates depend on a fragile 'no war, no peace' situation around Hormuz; Q3 is covered at 38,606 USD/day vs 59,301 in Q2, so rates are already falling, and a lasting ceasefire could normalise them quickly.
- −3Major shareholder sellingOaktree (OCM Njord) sold 9m A shares in September 2026 for about USD 290m (about USD 32.25 per share, below NAV) and went from about 20% to 11%; the remaining stake is an overhang.
- −2Ship purchases at the peakCommitments for 6 MR resales with delivery 2027–2028 and 6 MR newbuilds in 2029 (plus 2 options) have been entered into while ship prices are high.
- −2
Plus
Only documented strengths. · 3 findings+5 of +15
- +2DividendQuarterly dividend of USD 2.40 for Q2 (73% of net income, USD 246m in total), paid 24 September.
- +2Raised guidance2026 guidance raised to TCE earnings of USD 1,400–1,600m (from 1,150–1,450) and EBITDA of USD 1,000–1,200m (from 800–1,100).
- +1Secured earnings and low debt70% of the year's days are hedged at USD 45,391/day; net debt only USD 715m (net debt/EBITDA 0.8).
Caveats
What the score does not capture, or where the data is weak.
Reports in USD, price in DKK (converted at about DKK 6.55/USD). NAV per share of USD 36.50 (30/6) is the company's own vessel valuation and falls if rates normalise. The product tanker order book being delivered over the next years has not been examined. Only 3–4 analysts. Q3 report 4/11.
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