Valuation Update With 7 Day Price Move • May 29
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €23.00, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 7x in the Oil and Gas industry in Europe. Total returns to shareholders of 49% over the past three years. New Risk • May 28
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 21% Last year net profit margin: 39% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 14% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (115% cash payout ratio). Profit margins are more than 30% lower than last year (21% net profit margin). Significant insider selling over the past 3 months (€10m sold). Recent Insider Transactions • May 22
CEO & Executive Director recently sold €10m worth of stock On the 20th of May, Jacob Meldgaard sold around 379k shares on-market at roughly €27.61 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Jacob has been a net seller over the last 12 months, reducing personal holdings by €13m. Declared Dividend • May 20
First quarter dividend of US$0.70 announced Shareholders will receive a dividend of US$0.70. Ex-date: 27th May 2026 Payment date: 11th June 2026 Dividend yield will be 7.8%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but not covered by cash flows (254% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 56% over the next 3 years. Since a fall of 45% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Non-Executive Independent Director Annette Beate Wacknitz Justad was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 08
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Non-Executive Independent Director Annette Beate Wacknitz Justad was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Jan 07
TORM plc Announces Departure of Deputy Chairman and Senior Independent Director David Weinstein and Board Structure Changes, Effective January 6, 2026 TORM plc announced that as the ownership stake held by Oaktree Capital Management, L.P. and its affiliates is now below the one-third threshold, the position and authority of the B-Director is extinguished. As a result, Deputy Chairman and Senior Independent Director, David Weinstein, will leave the Board effective as of January 6, 2026. Upon his departure from the Board, the Company has retained Mr. Weinstein in an ongoing capacity as a Special Advisor to the Board. The limitations on TORM plc's actions set out in Article 137 stop having effect immediately at the threshold date and no approvals will be needed other than any provided under the legislation for any reserved matter after that time. The B- and C-shares are in the process of being redeemed and cancelled in accordance with the Articles and no further B- or C-shares can then be issued. The C-share right to vote 350,000,000 shares has ceased as from the threshold date. The right of the B-share to one vote continues until it is redeemed. Therefore, from the threshold date, the voting rights are 101,332,707 A-shares and one B-share, each with one vote per share. After the redemption/cancellation, TORM plc's share capital will amount to USD 1,013,327.07 dividend into 101,332,707 A-shares of USD 0.01 each. Tillkännagivande • Dec 24
Hafnia Limited (OB:HAFNI) completed the acquisition of 13.97% stake in TORM plc (CPSE:TRMD A) from Oaktree Capital Management, L.P. and and its affiliates. Hafnia Limited (OB:HAFNI) enters into a preliminary agreement to acquire 14.45% stake in TORM plc (CPSE:TRMD A) from Oaktree Capital Management, L.P. and and its affiliates for approximately $310 million on September 3, 2025. Hafnia Limited entered into a binding share purchase agreement to acquire 14.45% stake in TORM plc on September 11, 2025. A cash consideration valued at $22 per share will be paid by Hafnia Limited.
The Announcement notes that completion of the Share Purchase is subject to entry into a definitive agreement and the fulfilment of customary conditions precedent, including among others, obtaining any required regulatory clearances and approvals, the satisfaction of certain covenants, The appointment of a new independent board chairman of TORM and approval of the Transaction by the Administrative Council for Economic Defense (Conselho Administrativo de Defesa Econômica – CADE) in Brazil.
As of December 18, 2025, all conditions precedent required for the completion of Hafnia’s acquisition of approximately 14.1 million A-shares in TORM plc have been satisfied. Since September 11, 2025, TORM has announced to have increased its issued share capital by 3,380,278 new A-shares. Consequently, Hafnia’s acquisition of approximately 14.1 million A-shares will represent approximately 13.97% of TORM’s issued share capital as per the date hereof. Upon completion, Hafnia will hold approximately 13.97% of the issued share capital of TORM.
Completion of the acquisition is expected to take place shortly.
Dan Schuster-Woldan, Matthew Hearn, Ross Ferguson, Christopher J. Cummings, Deeksha Rathi of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Oaktree Capital Management, L.P., and its affiliates in the sale of stake in TORM. Henrik Laursen, Janus Jepsen, Peter E. Stassen, Lise Aaby Nielsen, Lynge Daugaard Jensen of Plesner Advokatpartnerselskab acted as legal advisor to Hafnia Limited.
Hafnia Limited (OB:HAFNI) completed the acquisition of 13.97% stake in TORM plc (CPSE:TRMD A) from Oaktree Capital Management, L.P. and and its affiliates on December 22, 2025. Tillkännagivande • Dec 20
TORM plc, Annual General Meeting, Apr 15, 2026 TORM plc, Annual General Meeting, Apr 15, 2026. Tillkännagivande • Jun 04
TORM plc (CPSE:TRMD A) acquired remaining 25% stake in ME Production A/S from Jens Peter Faldt. TORM plc (CPSE:TRMD A) acquired remaining 25% stake in ME Production A/S from Jens Peter Faldt on June 3, 2025.
TORM plc (CPSE:TRMD A) Completed the acquisition of remaining 25% stake in ME Production A/S from Jens Peter Faldt on June 3, 2025. New Risk • Jan 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 29% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (181% cash payout ratio). Share price has been volatile over the past 3 months (6.9% average weekly change). Shareholders have been diluted in the past year (10% increase in shares outstanding). Board Change • Dec 30
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 5 highly experienced directors. Employee Representative Board Observer Christian Gorrissen was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Declared Dividend • Nov 10
Third quarter dividend of US$1.20 announced Shareholders will receive a dividend of US$1.20. Ex-date: 20th November 2024 Payment date: 4th December 2024 Dividend yield will be 24%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (73% earnings payout ratio) but not covered by cash flows (178% cash payout ratio). The dividend has increased by an average of 28% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to decline by 47% over the next 2 years. Since a fall of 19% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: US$1.38 (vs US$1.47 in 3Q 2023) Third quarter 2024 results: EPS: US$1.38. Revenue: US$372.1m (up 3.9% from 3Q 2023). Net income: US$130.5m (up 5.0% from 3Q 2023). Profit margin: 35% (in line with 3Q 2023). Revenue is forecast to decline by 18% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to remain flat. Tillkännagivande • Nov 08
TORM plc, Annual General Meeting, Apr 16, 2025 TORM plc, Annual General Meeting, Apr 16, 2025. Recent Insider Transactions • Oct 09
CEO & Executive Director recently sold €7.8m worth of stock On the 4th of October, Jacob Meldgaard sold around 261k shares on-market at roughly €29.94 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Jacob has been a net seller over the last 12 months, reducing personal holdings by €22m. Upcoming Dividend • Aug 21
Upcoming dividend of US$1.80 per share Eligible shareholders must have bought the stock before 28 August 2024. Payment date: 30 August 2024. Payout ratio is on the higher end at 76%, and the cash payout ratio is above 100%. Trailing yield: 15%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.5%). Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: US$2.08 (vs US$2.23 in 2Q 2023) Second quarter 2024 results: EPS: US$2.08. Revenue: US$437.7m (up 14% from 2Q 2023). Net income: US$194.5m (up 4.7% from 2Q 2023). Profit margin: 44% (down from 48% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 19% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 37%. Tillkännagivande • May 31
TORM plc has filed a Follow-on Equity Offering. TORM plc has filed a Follow-on Equity Offering.
Security Name: Class A Common Shares
Security Type: Common Stock
Securities Offered: 6,896,552 Declared Dividend • May 13
Fourth quarter dividend of US$1.50 announced Shareholders will receive a dividend of US$1.50. Ex-date: 21st May 2024 Payment date: 4th June 2024 Dividend yield will be 16%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (75% earnings payout ratio) but not covered by cash flows (184% cash payout ratio). The dividend has increased by an average of 28% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to decline by 60% over the next 3 years. Since a fall of 17% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Tillkännagivande • Apr 11
TORM plc Approves a Final Dividend for the Year Ended 31 December 2023 TORM plc approved a final dividend of USD 1.36 per A-share for the year ended 31 December 2023. Upcoming Dividend • Apr 08
Upcoming dividend of US$1.36 per share Eligible shareholders must have bought the stock before 15 April 2024. Payment date: 24 April 2024. Payout ratio is a comfortable 75% but the company is paying out more than the cash it is generating. Trailing yield: 16%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (3.2%). Tillkännagivande • Mar 08
TORM plc Provides Earnings Guidance for the Year 2024 TORM plc provided earnings guidance for the year 2024. For the full year 2024, TCE earnings are expected to be in the range of USD 1.0 billion – 1.35 billion. Reported Earnings • Mar 08
Full year 2023 earnings released: EPS: US$7.75 (vs US$6.92 in FY 2022) Full year 2023 results: EPS: US$7.75 (up from US$6.92 in FY 2022). Revenue: US$1.52b (up 5.3% from FY 2022). Net income: US$648.3m (up 15% from FY 2022). Profit margin: 43% (up from 39% in FY 2022). Revenue is forecast to decline by 21% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 62% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Mar 07
TORM plc Recommends Final Dividend for the Financial Year Ended 31 December 2023, Payable on 24 April 2024 According to the TORM plc’s Distribution Policy, the Company intends to declare a quarterly dividend based on the cash position at the end of each quarter. The Board is recommending a final dividend for the financial year ended 31 December 2023 of USD 1.36 per A-share. When taking into account share issuances that are expected to take place prior to the dividend record date, this is expected to equate to an aggregate dividend payment of USD 126.3 million. This dividend is expected to be paid on 24 April 2024 to all shareholders appearing on the register of members as of 16 April 2024. The payment of the dividend is not conditional on the proposed Capital Reduction. Tillkännagivande • Jan 19
TORM plc has completed a Follow-on Equity Offering in the amount of $19.100624 million. TORM plc has completed a Follow-on Equity Offering in the amount of $19.100624 million.
Security Name: Class A shares
Security Type: Common Stock
Securities Offered: 616,746
Price\Range: $30.97 New Risk • Nov 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 12% per year for the foreseeable future. Minor Risks High level of debt (54% net debt to equity). Dividend is not well covered by cash flows (104% cash payout ratio). Share price has been volatile over the past 3 months (6.5% average weekly change). Shareholders have been diluted in the past year (3.2% increase in shares outstanding). Significant insider selling over the past 3 months (€15m sold). Recent Insider Transactions • Nov 17
CEO & Executive Director recently sold €28m worth of stock On the 14th of November, Jacob Meldgaard sold around 507k shares on-market at roughly €55.78 per share. This transaction amounted to 99% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Jacob's only on-market trade for the last 12 months. Upcoming Dividend • Nov 14
Upcoming dividend of US$1.46 per share at 19% yield Eligible shareholders must have bought the stock before 21 November 2023. Payment date: 23 November 2023. Payout ratio is on the higher end at 84%, and the cash payout ratio is above 100%. Trailing yield: 19%. Within top quartile of German dividend payers (5.0%). Higher than average of industry peers (2.7%). New Risk • Nov 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 13% per year for the foreseeable future. Minor Risks High level of debt (54% net debt to equity). Dividend is not well covered by cash flows (104% cash payout ratio). Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Tillkännagivande • Nov 12
Torm plc Revises Earnings Guidance for the Full-Year 2023 TORM plc revised earnings guidance for the full-year 2023. For the year, TCE earnings are expected to be in the range of USD 1,075 million -1,125 million (previous outlook: USD 1,050 million -1,175 million). Tillkännagivande • Nov 11
TORM plc Approves Interim Dividend for the Third Quarter of 2023, Payable on 05 December 2023 TORM plc Board of Directors has approved an interim dividend for Third Quarter 2023 of USD 1.46 per share, resulting in an expected total dividend payment of USD 123.2m. The payment date is 05 December 2023 while the ex-dividend date is 21 November 2023, and the record date is 22 November 2023. Reported Earnings • Nov 10
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: US$358.1m (down 20% from 3Q 2022). Net income: US$124.3m (down 43% from 3Q 2022). Profit margin: 35% (down from 48% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is expected to decline by 22% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 2.5%. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 70% per year, which means it is significantly lagging earnings growth. New Risk • Aug 18
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 55% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 42% per year for the foreseeable future. Minor Risks High level of debt (55% net debt to equity). Dividend is not well covered by cash flows (116% cash payout ratio). Reported Earnings • Aug 18
Second quarter 2023 earnings released: EPS: US$2.23 (vs US$1.31 in 2Q 2022) Second quarter 2023 results: EPS: US$2.23 (up from US$1.31 in 2Q 2022). Revenue: US$384.3m (up 14% from 2Q 2022). Net income: US$185.8m (up 74% from 2Q 2022). Profit margin: 48% (up from 32% in 2Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is expected to decline by 30% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 1.5%. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 55% per year, which means it is significantly lagging earnings growth. Board Change • Jun 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. Employee Representative Board Observer Christian Gorrissen was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Upcoming Dividend • May 15
Upcoming dividend of US$1.46 per share at 16% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 06 June 2023. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 16%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.8%). Tillkännagivande • May 12
TORM plc Reaffirms Earnings Guidance for the Year 2023 TORM plc reaffirmed earnings guidance for the year 2023. For the full year 2023, the company earnings are expected to be in the range of USD 1,025 million to USD 1,375 million (unchanged from the outlook released on 16 March 2023). Reported Earnings • May 12
First quarter 2023 earnings released: EPS: US$1.87 (vs US$0.13 in 1Q 2022) First quarter 2023 results: EPS: US$1.87 (up from US$0.13 in 1Q 2022). Revenue: US$390.2m (up 86% from 1Q 2022). Net income: US$153.6m (up US$143.2m from 1Q 2022). Profit margin: 39% (up from 5.0% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 27% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 2.5%. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • May 11
TORM plc Approves an Interim Dividend for First Quarter 2023, Payable on 6 June 2023 TORM plc's board of directors has approved an interim dividend for first quarter 2023 of USD 1.46 per share, resulting in an expected total dividend payment of USD 121.1 million. The payment is expected on 6 June 2023, with ex-dividend date on 22 May 2023 and record date on 23 May 2023. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to €31.82, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 400% over the past three years. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €26.36, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 416% over the past three years. Reported Earnings • Mar 17
Full year 2022 earnings released Full year 2022 results: Revenue: US$1.44b (up 133% from FY 2021). Net income: US$562.8m (up US$604.8m from FY 2021). Profit margin: 39% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue is expected to decline by 26% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 4.5%. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 68% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €21.22, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 4x in the Oil and Gas industry in Europe. Total returns to shareholders of 231% over the past three years. Tillkännagivande • Dec 07
TORM plc, Annual General Meeting, Apr 13, 2023 TORM plc, Annual General Meeting, Apr 13, 2023. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: US$2.66 (vs US$0.18 loss in 3Q 2021) Third quarter 2022 results: EPS: US$2.66 (up from US$0.18 loss in 3Q 2021). Revenue: US$448.1m (up 188% from 3Q 2021). Net income: US$217.1m (up US$231.8m from 3Q 2021). Profit margin: 48% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is expected to decline by 22% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 4.5%. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 47% per year, which means it is well ahead of earnings. Upcoming Dividend • Nov 16
Upcoming dividend of US$1.46 per share Eligible shareholders must have bought the stock before 22 November 2022. Payment date: 08 December 2022. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 11%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (0.9%). Reported Earnings • Nov 13
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: US$448.1m (up 188% from 3Q 2021). Net income: US$217.1m (up US$231.8m from 3Q 2021). Profit margin: 48% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is expected to fall by 22% p.a. on average during the next 3 years compared to a 4.6% decline forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 117 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 16% share price gain to €29.84, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 321% over the past three years. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment improved over the past week After last week's 18% share price gain to €21.92, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 4x in the Oil and Gas industry in Europe. Total returns to shareholders of 179% over the past three years. Upcoming Dividend • Aug 24
Upcoming dividend of US$0.58 per share Eligible shareholders must have bought the stock before 31 August 2022. Payment date: 16 September 2022. Trailing yield: 5.6%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (1.1%). Reported Earnings • Aug 19
Second quarter 2022 earnings released: EPS: US$1.31 (vs US$0.027 in 2Q 2021) Second quarter 2022 results: EPS: US$1.31 (up from US$0.027 in 2Q 2021). Revenue: US$338.5m (up 125% from 2Q 2021). Net income: US$106.6m (up US$104.5m from 2Q 2021). Profit margin: 32% (up from 1.4% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 14%, compared to a 51% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 42% per year, which means it is well ahead of earnings. Tillkännagivande • Aug 18
Torm plc Approves an Interim Dividend for Second Quarter 2022, Payment Is Expected on 16 September 2022 TORM plc announced that Board of Directors has approved an interim dividend for Second Quarter 2022 of USD 0.58 per share, with an expected total dividend of USD 47 million. Payment is expected on 16 September 2022, with ex-dividend date on 31 August 2022. Tillkännagivande • Aug 17
TORM plc (CPSE:TRMD A) completed the acquisition of 75% stake in Me Production A/S from Jens Peter Faldt and other shareholders. TORM plc (CPSE:TRMD A) acquired 75% stake in Me Production A/S from Jens Peter Faldt and other shareholders on August 16, 2022. Jens Peter Faldt will maintain 25% ownership of Me Production.TORM plc (CPSE:TRMD A) completed the acquisition of 75% stake in Me Production A/S from Jens Peter Faldt and other shareholders on August 16, 2022. Reported Earnings • May 12
First quarter 2022 earnings released First quarter 2022 results: Revenue: US$209.4m (up 69% from 1Q 2021). Net income: US$10.4m (up US$31.7m from 1Q 2021). Profit margin: 5.0% (up from net loss in 1Q 2021). Over the next year, revenue is forecast to stay flat compared to a 59% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Mar 04
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: US$0.54 loss per share (down from US$1.19 profit in FY 2020). Revenue: US$619.5m (down 17% from FY 2020). Net loss: US$42.1m (down 148% from profit in FY 2020). Revenue exceeded analyst estimates by 4.4%. Over the next year, revenue is forecast to grow 26%, compared to a 68% growth forecast for the oil industry in Germany. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Nov 11
Third quarter 2021 earnings released: US$0.18 loss per share (vs US$0.008 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: US$155.5m (down 5.0% from 3Q 2020). Net loss: US$14.7m (down US$15.3m from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 11
Second quarter 2021 earnings released The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$150.8m (down 35% from 2Q 2020). Net income: US$2.10m (down 97% from 2Q 2020). Profit margin: 1.4% (down from 31% in 2Q 2020). The decrease in margin was driven by lower revenue. Reported Earnings • May 14
First quarter 2021 earnings released The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: US$124.1m (down 50% from 1Q 2020). Net loss: US$21.3m (down 138% from profit in 1Q 2020). Reported Earnings • Mar 02
Full year 2020 earnings released The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: US$747.4m (up 7.9% from FY 2019). Net income: US$88.1m (down 47% from FY 2019). Profit margin: 12% (down from 24% in FY 2019). The decrease in margin was driven by higher expenses. Analyst Estimate Surprise Post Earnings • Mar 02
Revenue beats expectations Revenue exceeded analyst estimates by 3.8%. Over the next year, revenue is expected to shrink by 53% compared to a 30% growth forecast for the Oil and Gas industry in Germany. Is New 90 Day High Low • Feb 13
New 90-day high: €6.54 The company is up 12% from its price of €5.85 on 13 November 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 37% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.67 per share. Is New 90 Day High Low • Jan 14
New 90-day high: €6.34 The company is up 12% from its price of €5.66 on 16 October 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 37% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.65 per share. Tillkännagivande • Dec 19
TORM plc to Report First Half, 2021 Results on Aug 10, 2021 TORM plc announced that they will report first half, 2021 results on Aug 10, 2021