TORM Valuation

Q: What is the Fair Price of TRMD A when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

TRMD A (DKK163.6) is trading below our estimate of [[fair value]] (DKK413.46)

Is TRMD A undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TRMD A when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TRMD A (DKK163.6) is trading below our estimate of fair value (DKK413.46)

Significantly Below Fair Value: TRMD A is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TRMD A?

Key metric: As TRMD A is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for TRMD A. This is calculated by dividing TRMD A's market cap by their current earnings.
What is TRMD A's PE Ratio?
PE Ratio	3.1x
Earnings	US$719.37m
Market Cap	US$2.22b

TRMD A key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.8x
Enterprise Value/EBITDA	3.5x
PEG Ratio	-0.1x

Price to Earnings Ratio vs Peers

How does TRMD A's PE Ratio compare to its peers?

The above table shows the PE ratio for TRMD A vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	5.4x
CMBT Cmb.Tech	2.1x	-51.6%	€2.3b
STNG Scorpio Tankers	3.6x	-31.7%	US$2.5b
INSW International Seaways	4x	-13.2%	US$2.0b
NFE New Fortress Energy	11.8x	8.4%	US$2.2b
TRMD A TORM	3.1x	-29.4%	DKK 15.8b

Price-To-Earnings vs Peers: TRMD A is good value based on its Price-To-Earnings Ratio (3.1x) compared to the peer average (5.4x).

Price to Earnings Ratio vs Industry

How does TRMD A's PE Ratio compare vs other companies in the European Oil and Gas Industry?

5 Companies	Price / Earnings	Estimated Growth	Market Cap

5 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: TRMD A is good value based on its Price-To-Earnings Ratio (3.1x) compared to the European Oil and Gas industry average (8.3x).

Price to Earnings Ratio vs Fair Ratio

What is TRMD A's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TRMD A PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	3.1x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate TRMD A's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst TRMD A forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	DKK 163.60	DKK 242.04 +47.9%	18.1%	DKK 285.82	DKK 198.26	n/a	2
Nov ’25	DKK 179.00	DKK 247.81 +38.4%	13.2%	DKK 292.37	DKK 214.36	n/a	3
Oct ’25	DKK 218.60	DKK 267.66 +22.4%	8.4%	DKK 284.24	DKK 236.06	n/a	3
Sep ’25	DKK 247.20	DKK 287.95 +16.5%	2.4%	DKK 297.33	DKK 280.90	n/a	3
Aug ’25	DKK 263.20	DKK 286.32 +8.8%	1.0%	DKK 290.38	DKK 283.28	n/a	3
Jul ’25	DKK 265.80	DKK 290.41 +9.3%	0.4%	DKK 291.27	DKK 288.94	n/a	3
Jun ’25	DKK 254.60	DKK 283.79 +11.5%	1.8%	DKK 289.91	DKK 277.19	n/a	3
May ’25	DKK 235.80	DKK 283.07 +20.0%	2.0%	DKK 290.53	DKK 277.00	n/a	3
Apr ’25	DKK 234.20	DKK 278.54 +18.9%	2.9%	DKK 290.03	DKK 272.57	n/a	3
Mar ’25	DKK 233.20	DKK 267.75 +14.8%	2.1%	DKK 275.20	DKK 260.12	n/a	4
Feb ’25	DKK 249.60	DKK 261.88 +4.9%	0.9%	DKK 265.06	DKK 260.16	n/a	3
Jan ’25	DKK 204.20	DKK 264.56 +29.6%	1.5%	DKK 269.36	DKK 259.96	n/a	3
Dec ’24	DKK 199.00	DKK 264.56 +32.9%	1.5%	DKK 269.36	DKK 259.96	n/a	3
Nov ’24	DKK 221.80	DKK 253.19 +14.2%	4.0%	DKK 264.23	DKK 239.77	DKK 179.00	3
Oct ’24	DKK 191.30	DKK 247.87 +29.6%	1.8%	DKK 252.21	DKK 243.53	DKK 218.60	2
Sep ’24	DKK 173.70	DKK 240.93 +38.7%	1.1%	DKK 244.81	DKK 238.82	DKK 247.20	3
Aug ’24	DKK 168.40	DKK 255.34 +51.6%	5.0%	DKK 273.34	DKK 244.54	DKK 263.20	3
Jul ’24	DKK 164.20	DKK 258.96 +57.7%	3.8%	DKK 272.75	DKK 249.82	DKK 265.80	3
Jun ’24	DKK 176.20	DKK 261.11 +48.2%	3.7%	DKK 274.76	DKK 252.38	DKK 254.60	3
May ’24	DKK 206.00	DKK 267.91 +30.1%	4.1%	DKK 276.70	DKK 252.60	DKK 235.80	3
Apr ’24	DKK 210.80	DKK 263.74 +25.1%	10.2%	DKK 298.52	DKK 232.86	DKK 234.20	3
Mar ’24	DKK 254.60	DKK 235.06 -7.7%	0.7%	DKK 236.19	DKK 232.82	DKK 233.20	3
Feb ’24	DKK 178.40	DKK 232.67 +30.4%	0.04%	DKK 232.82	DKK 232.60	DKK 249.60	3
Jan ’24	DKK 198.40	DKK 236.49 +19.2%	1.1%	DKK 238.25	DKK 232.97	DKK 204.20	3
Dec ’23	DKK 202.80	DKK 242.22 +19.4%	2.7%	DKK 246.84	DKK 233.00	DKK 199.00	3
Nov ’23	DKK 208.60	DKK 240.58 +15.3%	3.8%	DKK 253.48	DKK 232.66	DKK 221.80	3

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.