A strong report in a strong market

Q2 in line, Q3 guidance ~30% above cons

Target reached, neutral risk/reward

Up to Buy on valuation

Q1 below, Q2 guidance in line

Consensus is too conservative

Torm Plc: 1 director

A director at Torm Plc bought 30,603 shares at 98.132DKK and the significance rating of the trade was 72/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...

Cheaper now, but market risk still too high

Much as expected

Adj. EBITDA of USD 122m (-1% vs. ABGSCe, -7% vs cons.); FY'25 guidance in line, ~4% downside to cons Q1 EBITDA; Neutral share price reaction warranted.

2025 could be wild. Or not.

No longer great risk/reward

Oil transportation demand is faltering

Q3 miss and lowered FY'24 guidance

Adj. EBITDA of USD 180m (-7% vs. ABGSCe, -8% vs cons.), FY'24 guidance lowered, ~40% downside to cons Q4 EBITDA, Q3 below expectations, FY'24 guidance lowered.

Record-low fleet growth and winter is coming

Solid rates ahead

Record-low fleet growth and winter is coming. ABGSC '25e EBITDA of USD 961m (+10% vs. consensus). TP of DKK 286 (297) – BUY.

Seasonal weakness, not structural decline

Lift lower-end of FY guidance, but weaker in Q3e

Adj. EBITDA of USD 241m (-6% vs. ABGSCe, -5% vs cons.). FY'24 guidance narrowed, ~11% downside to cons Q3 EBITDA. Q2 below expectations, slightly better FY'24 guidance, share to down vs. peers.

Estimates up on more vessels

Long-term estimates up on more vessels. ABGSC '25e EBITDA of USD 1,146m (+44% vs. cons.). TP of DKK 310 (340) – BUY.

Stronger market, stronger guidance

Q2'24e up on solid guidance. ABGSC '25e EBITDA of USD 1,121m (+36% vs. consensus). TP of DKK 340 (310) – BUY.

Q1 slightly below expectations, but strong Q2'24 guidance

Adj. EBITDA of USD 250m (-3% vs. ABGSCe, -1% vs cons.). FY'24 guidance narrowed, ~29% upside to cons Q2 EBITDA. Q1 below expectations, strong Q2'24 guidance, share to trade up vs. peers.