Added to YB: 2026-01-21
Pitch date: 2026-01-20
TRMD [bullish]
TORM plc
+50.51%
current return
Author Info
Aurelion Research is a research analyst with a passion for markets, specializing in high‑conviction ideas across shipping, offshore drilling, and thematic equity research. Sign up for the newsletter.
Company Info
TORM plc, a shipping company, owns and operates a fleet of product tankers in the United Kingdom and internationally.
Market Cap
DKK 3.4B
Pitch Price
DKK 21.73
Price Target
25.70 (-19%)
Dividend
N/A
EV/EBITDA
6.87
P/E
9.70
EV/Sales
3.03
Sector
Oil, Gas and Consumable Fuels
Category
value
Our Highest-Conviction Product Tanker Idea
TRMD (new position): Leading product tanker operator w/ 92 vessels. Bullish on segment timing as supply constrained by aging fleet (20+ yr vessels rising), low orderbook, sanctioned tonnage removal. Longer voyage times (Red Sea, Russia sanctions) boost ton-mile demand. High operating leverage: 60%+ EBITDA margins. Trading 0.82x P/NAV at DKK141 despite strong cash generation. PT $33.9 for 2026 (vs consensus ~$26-28) on sustained spot rates. Risk: rate normalization if routes shorten or deliveries surge.
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