Screened 2026-09-15 · the tape above runs as of 21:00 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
The Label · The Season, Not the Day
This name holds its accumulation label.
TORM plc holds its Accumulation at $34.93. Consolidating, no directional conviction, held for 3 days.
As held on the ledger · 2026-09-15
Phase
Accumulation
Quantitative state
Consolidating, no directional conviction, held for 3 days
Price at the screen
$34.93
Valuation
5.75 trailing · 8.09 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.04
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
29.79%
Below 33%
Interest-bearing debt is just 29.8% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.08%
Below 33%
Cash held in interest-bearing accounts and securities is 0.1% of assets, under the one-third limit.
Pass
Receivables
11.07%
Below 49%
Money owed to the company is 11.1% of assets, under the 49% limit.
Pass
Revenue purity
0.83%
Below 5%
Only 0.8% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
Fair value range in USD, drawn from the 2026-09-15 screen. The gold marker is the market price at the same screen. A 4.5% margin of safety to the base estimate.
Third-party analyst targets: 2 covering, consensus None. The average target sits +4% from the screen price.
Reading the gap · Our model sees value the Street hasn't fully caught up to yet.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-15 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Tanker fleet earnings look cheap until the cycle turns
Picture a fleet hauling gasoline and jet fuel across oceans where one spike in demand lifts every ship and the next glut strands them. TORM shows a forward P/E of 6.4x, 22% revenue growth and a 24% profit margin that together suggest the market is missing something. Yet the opportunity rating stays at none because the business sits squarely inside a classic cyclical industry.
The 16% ROE and ethical screen pass look solid on paper and the two analysts see a median target near $34. Those figures flatter only when utilisation stays high. In shipping the same low multiple that appears attractive at the top of the cycle often marks the point where earnings are about to roll over.
Risk sits in the timing of the downturn. Product tanker rates swing with refinery runs and global trade volumes, both of which can fall fast and stay low for years. A margin of safety calculated on peak earnings rarely survives the trough. Analysis, not advice.
The risks · The things to watch: its business and earnings are exposed to United Kingdom and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
TRMD trades on Nasdaq (the company is based in United Kingdom). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-09-15Accumulation$30.08+2.0%Entry 5
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 2.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 19% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 88%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (2 analysts) rates it none, with a mean price target of $35.
The framework has shifted from distribution to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 3.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 19% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 88%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (2 analysts) rates it none, with a mean price target of $35.
2026-07-18Distribution$30.40+0.0%Entry 3
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 19% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 88%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (2 analysts) rates it none, with a mean price target of $35.
2026-07-03Distribution$30.40+0.0%Entry 2
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows modest positive risk-adjusted returns.
2026-07-02Distribution$30.40Entry 1
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows modest positive risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.