We present our note on TORM plc (NASDAQ:TRMD), a leading global product tanker company with a buy rating. We are drawn by the favorable industry backdrop, high FCF generation, attractive valuation, and hefty capital returns. We will provide an overview of the firm, discuss the main value drivers and risks, value the equity, and lay out the investment case. TORM is an international pure-play product tanker company that transports refined oil products and chemicals. The company operates a modern well-maintained fleet of more than 85 tankers, of which the majority are scrubber-fitted with eco-design.