TORM plc
TRMDdata completeness 100%11 fiscal years on fileTORM plc earns about 18% on invested capital, far above its ~9% cost of capital, but has diluted owners by 25% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $57.55 and $135.51 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $619.5M1 | $1.44B2 | $1.52B3 | $1.56B3 | $1.34B3 |
| Net income | −$42.1M4 | $562.8M5 | $648.3M6 | $612.5M6 | $285.3M6 |
| Operating cash flow | $47.9M7 | $502M8 | $805M9 | $826.8M9 | $498.9M9 |
| Capital expenditure | $319.8M10 | $119.3M11 | $509.7M12 | $582.4M12 | $308.5M12 |
| Free cash flow (derived) | −$271.8M7 | $382.7M8 | $295.3M9 | $244.4M9 | $190.4M9 |
| Total debt | $1.14B13 | $966.9M14 | $1.06B15 | $1.23B15 | $1B15 |
| Cash & equivalents | $144.8M16 | $320.5M17 | $265.5M17 | $271.9M17 | $158.1M17 |
| Diluted shares | 81.2M | 82.3M | 86.2M | 97.8M | 101.3M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $217.36 of net worth that earned you $28.15 and generated $18.79 of cash last year, against $98.99 of debt.
It earned about 18% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is up 25% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 12% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $57.55 and $135.51 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$244.4M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$244.4M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$562.8M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $26.12 |
| Base | 20.0% | $70.3 |
| Bull | 20.0% | $70.3 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001655891-24-000014 (RevenueFromContractsWithCustomers)
- 20-F · period ending 2022-12-31 · accession 0001655891-25-000013 (RevenueFromContractsWithCustomers)
- 20-F · period ending 2023-12-31 · accession 0001628280-26-011954 (RevenueFromContractsWithCustomers)
- 20-F · period ending 2021-12-31 · accession 0001655891-24-000014 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2022-12-31 · accession 0001655891-25-000013 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2023-12-31 · accession 0001628280-26-011954 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2021-12-31 · accession 0001655891-24-000014 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001655891-25-000013 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001628280-26-011954 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001655891-24-000014 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2022-12-31 · accession 0001655891-25-000013 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2023-12-31 · accession 0001628280-26-011954 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2021-12-31 · accession 0001655891-24-000014 (Borrowings)
- 20-F · period ending 2022-12-31 · accession 0001655891-25-000013 (Borrowings)
- 20-F · period ending 2023-12-31 · accession 0001628280-26-011954 (Borrowings)
- 20-F · period ending 2021-12-31 · accession 0001655891-25-000013 (CashAndCashEquivalents)
- 20-F · period ending 2022-12-31 · accession 0001628280-26-011954 (CashAndCashEquivalents)