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Thomson Reuters Corp TRI

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Stock XTSE Rating as of
CAD 211.07 +2.72 (1.31%)
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Company Report

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Thomson Reuters' Businesses Are Resilient; Internal Initiatives Drive Growth but Impact Margins

Rajiv Bhatia

For most of the 2010s, Thomson Reuters was a laggard relative to its information services peers, in our view. Since deciding to spin off its Refinitiv financial and risk operations to London-based LSE Group, we believe the firm has gained more focus. Some of its past offerings have been clunky, and we believe efforts to streamline its businesses should lead to meaningful margin expansion and higher retention in the years ahead.

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Price vs Fair Value

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TRI is trading at a 21% premium.
Price
CAD 209.92
Fair Value
CAD 873.00
Uncertainty
Low
1-Star Price
CAD 579.98
5-Star Price
CAD 369.80
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 208.35
Day Range
CAD 208.36–212.13
52-Week Range
CAD 163.01–217.83
Bid/Ask
CAD 210.66 / CAD 211.58
Market Cap
CAD 95.18 Bil
Volume/Avg
208,317 / 257,111

Key Statistics

Price/Earnings (Normalized)
44.77
Price/Sales
10.67
Dividend Yield (Trailing)
1.29%
Dividend Yield (Forward)
1.85%
Total Yield
5.75%

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)
 44.7741.1328.55
Price/Book Value
 6.5810.3717.55
Price/Sales
 10.6711.776.87
Price/Cash Flow
 38.7836.3124.47
Price/Earnings
TRI
INTU
RELX

Financial Strength

Metric
TRI
INTU
RELX
Quick Ratio
 0.760.570.45
Current Ratio
 0.901.170.52
Interest Coverage
 9.0313.538.62
Quick Ratio
TRI
INTU
RELX

Profitability

Metric
TRI
INTU
RELX
Return on Assets (Normalized)
 8.01%15.60%14.24%
Return on Equity (Normalized)
 14.14%26.20%61.55%
Return on Invested Capital (Normalized)
 10.90%19.07%23.47%
Return on Assets
TRI
INTU
RELX
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