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Thomson Reuters Corp TRI

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Stock XTSE Rating as of
CAD 234.54 +2.67 (1.15%)
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Company Report

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Thomson Reuters Earnings: Strong Underlying Revenue Trends Across the Firm's Segments

Rajiv Bhatia

Thomson Reuters reported a very good start to 2024. First-quarter organic revenue growth accelerated to 9% from 7% in the fourth quarter with organic growth particularly strong in corporate and tax and accounting professionals segments. While there were some one-time and seasonal items impacting growth that likely won’t occur in the rest of 2024, underlying trends were still strong, in our view. As we take up our revenue estimates, we are increasing our fair value estimate to $137 from $128 but still regard shares as pricey.

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Price vs Fair Value

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TRI is trading at a 163% premium.
Price
CAD 234.54
Fair Value
CAD 479.00
Uncertainty
Low
1-Star Price
CAD 598.00
5-Star Price
CAD 649.80
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

A renewed focus and new management following the Refinitiv divestment could see margins improve, driving profitability.

Bears

Since divesting Refinitiv and instituting its expense reduction programs, the firm's valuation has risen, which could limit upside given that the firm's efforts are already appreciated by the market.

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Trading Information

Previous Close Price
CAD 231.87
Day Range
CAD 230.42–234.64
52-Week Range
CAD 163.01–242.92
Bid/Ask
CAD 233.19 / CAD 235.27
Market Cap
CAD 105.67 Bil
Volume/Avg
779,410 / 270,043

Key Statistics

Price/Earnings (Normalized)
46.35
Price/Sales
11.49
Dividend Yield (Trailing)
1.19%
Dividend Yield (Forward)
1.26%
Total Yield
4.71%

Company Profile

Thomson Reuters is the result of the $17.6 billion megamerger of Canada’s Thomson and the United Kingdom’s Reuters Group in 2008. In 2021, Thomson Reuters completed the sale of Refinitiv to LSE Group. Thomson Reuters' three largest segments are its legal professionals, Tax and accounting, and corporates segments. Legal professionals is about 42% of the firm's revenue and 47% of the firm's adjusted EBITDA. Tax and accounting makes up about 20%-25% of the firm's revenue and EBITDA. Corporates, which consists of legal professionals and tax and accounting products sold to corporations, also makes up about 20%-25% of the firm's revenue and EBITDA. Thomson Reuters' smaller segments include its Reuters news business and global print business.
Sector
Industrials
Industry
Specialty Business Services
Stock Style Box
Large Growth
Total Number of Employees
25,600
Website
https://www.thomsonreuters.com

Competitors

Valuation

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Metric
TRI
INTU
RELX
Price/Earnings (Normalized)
 46.3536.0031.03
Price/Book Value
 7.108.9219.08
Price/Sales
 11.4910.747.47
Price/Cash Flow
 37.9431.9926.60
Price/Earnings
TRI
INTU
RELX

Financial Strength

Metric
TRI
INTU
RELX
Quick Ratio
 0.841.000.45
Current Ratio
 0.971.500.52
Interest Coverage
 10.5114.098.62
Quick Ratio
TRI
INTU
RELX

Profitability

Metric
TRI
INTU
RELX
Return on Assets (Normalized)
 8.20%15.81%14.24%
Return on Equity (Normalized)
 14.24%26.45%61.55%
Return on Invested Capital (Normalized)
 11.04%19.62%23.47%
Return on Assets
TRI
INTU
RELX
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