TORM

TRMD

Oil & Gas Midstream · Energy

Price

$28.45

-0.94 (-3.21%)

Market Cap

$2.91B

Exchange

NASDAQ

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+28.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 78.1M (2021) → 100.1M (2025)

TORM plc, a product tanker company, engages in the transportation of refined oil products and crude oil worldwide. The company transports gasoline, jet fuel, and naphtha. As of March 23, 2022, it operated a fleet of approximately 85 vessels. The company was founded in 1889 and is headquartered in London, the United Kingdom.

Winston Score History

Score breakdown

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Quality

Gross Margin

38.0%

Modest — 38.0% gross margin

Operating Margin

27.7%

Excellent — 27.7% operating margin

ROCE

3.1%

Weak — 3.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-13.9%

Shrinking sales (-13.9% YoY)

EPS YoY

-55.9%

Earnings shrinking (-55.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

171%

Turns 171% of profit into real cash

FCF Margin

13.5%

Converts sales into free cash efficiently (13.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.46

Conservative — low debt load (0.46)

Interest Cover

4.72x

Adequate interest coverage (4.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

9.8x

Attractive valuation — P/E 9.8

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+1.8

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

8.28%

Healthy income — 8.28% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

-39.5%

Dividend cut (-39.5% YoY) — warning sign

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