TORM looks cheap against its earnings, trading at 6x current and 8x next year's earnings versus the roughly 14x oil and gas midstream operators usually get. Applying 14x to mid-cycle earnings of $5.15 a share, give or take 12%, puts fair value at $63.42-$80.71, so the $35.08 stock is 45% below the low end. This is a valuation screen only, without fundamental work. x.com