Torm Plc - Ordinary Shares - Class A
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+ FollowMarket Cap$3.51B
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Earnings Call Q3 2026
November 4, 2026 - AI Summary
Record financial momentum in Q3 (and raised guidance): TORM reported Q3 TCE earnings of $353m vs $236m in Q3’25 (+~49% YoY); EBITDA $274m vs $152m; net profit $199m vs $78m. Average fleet TCE rate ~ $41k/day vs ~$31k/day YoY. Despite moderation from an “exceptional” Q2, earnings stayed very strong across MR / LR1 / LR2 (LR2 ~$52.6k/day, LR1 ~$38.7k/day, MR ~$36.1k/day). Outlook upgrade: raised full-year TCE guidance to $1.75–$1.9b (from $1.7–$1.9b) and EBITDA to $1.35–$1.5b (from $1.3–$1.5b).
Shareholder returns + disciplined payout despite a large delivery pipeline: Board declared an interim dividend of $1.35/share (vs $0.62/share in the prior-year quarter), equating to $138m total cash distribution. Management emphasized capital allocation discipline with a 78% payout ratio, while still investing heavily. Since 2023, TORM distributed $17.45 per share in dividends. No buybacks mentioned in this transcript; instead, the approach is “dynamic” between distributions and reinvestment.
Fleet strategy (OneTORM) remains consistent: maintain earnings while renewing capacity: Core strategy is maximize value across each vessel lifecycle using integrated commercial/technical/operational control (“OneTORM”), disciplined maintenance to extend usefulness, plus active fleet buying/selling and investment when attractive. During Q3 they sold TORM Venture (2007) and TORM Lara (2008); fleet on water after sales: 95 vessels.
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$48.19
40.1% upside
Current Fair Value
40.1% upsideUndervalued by 40.1% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $3.51 Billion |
|---|---|
| Enterprise Value | $4.23 Billion |
| Annual dividend | $2.42 |
| Dividend yield | 10.26% |
| Earnings per Share | $3.01 |
| Beta | 0.01 |
| Outstanding Shares | 102,200,000 |
Return
| Return on Equity | 24.28% |
|---|---|
| Return on Assets | 16.20% |
| Return on Invested Capital | 20.06% |
Valuation & Multiples
| P/E Ratio | 6.96 |
|---|---|
| PEG | 1.5 |
| Price to Sales | 2.02 |
| Price to Book Ratio | 1.43 |
| Enterprise Value to Revenue | 2.42 |
| Enterprise Value to EBIT | 6.13 |
| Enterprise Value to Net Income | 6 |
| Total Debt to Enterprise | 0.26 |
| Debt to Equity | 0.42 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$1.55
Consensus analyst estimateRevenue Estimate
$330.95 M
Consensus analyst estimateNext Earnings Call
Expected Date
March 3, 2027
EPS Estimate
$3.90
Consensus analyst estimateRevenue Estimate
$574.76 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 413.80% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 0.19%▼ 43.63% |
|---|---|
| Total Invested | $10.04M▼ 99.14% |
| Investors Holding | 11▼ 152.00% |
About TORM Plc
481 employees
CEO: Jacob Balslev Meldgaard
TORM Plc engages in the ownership and operation of product tankers. The firm transports refined oil products such as gasoline, jet fuel, kerosene, naphtha and gas oil, and occasionally dirty petroleum products, such as fuel oil. The comp...