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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Thomson Reuters Corp    TRI   CA8849037095

THOMSON REUTERS CORP

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Thomson Reuters : CFRA Agrees to Buy ETF Data Provider First Bridge

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08/05/2019 | 07:15am EDT

By Britton O'Daly

CFRA LLC, a New York-based investment-research firm, has agreed to acquire data-and-analytics firm First Bridge Data LLC.

CFRA said the acquisition of First Bridge will allow the company to base its research on more in-house data instead of relying on third-party data providers. CFRA competes with other research providers including Morningstar Inc. and Thomson Reuters Corp. to provide institutional investors and wealth managers with insights into the performance and potential of fund managers.

"We do the research, but we don't own the underlying data and analytics, " said CFRA Chief Executive Peter de Boer in an interview. "By owning that and investing in that, we set ourselves up to compete with companies like Morningstar."

Both companies are private. Financial terms of the transaction weren't disclosed.

In a news release, CFRA said its research team comprises 75 analysts spread across the U.S., England and Asia. Mr. de Boer declined to give any information on the size or revenue of First Bridge, which has a focus on exchange-traded funds. According to ZoomInfo.com, a business-to-business information provider, First Bridge has 21 employees.

Mr. de Boer said that acquiring First Bridge will put CFRA in line with Morningstar as the only companies who can "provide the holistic research and the underlying data and analytics." He added that this recent acquisition isn't about "efficiencies" or consolidating their own business, but expanding CFRA's capabilities for clients.

The acquisition follows CFRA's purchase of S&P Global Inc.'s equity- and fund-research business in late 2016. CFRA was founded in 1994 as the "Center for Financial Research and Analysis."

Aniket Ullal, who founded First Bridge in 2011 and published a book in 2013 about ETF investment advice, is joining CFRA as an employee.

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Financials (USD)
Sales 2019 5 930 M
EBIT 2019 981 M
Net income 2019 1 499 M
Debt 2019 1 827 M
Yield 2019 2,18%
P/E ratio 2019 77,4x
P/E ratio 2020 40,2x
EV / Sales2019 5,86x
EV / Sales2020 5,58x
Capitalization 32 946 M
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Mean consensus HOLD
Number of Analysts 14
Average target price 61,63  $
Last Close Price 65,74  $
Spread / Highest target 10,4%
Spread / Average Target -6,26%
Spread / Lowest Target -49,4%
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Managers
NameTitle
James C. Smith President, CEO & Non-Independent Director
David K. R. Thomson Non-Independent Chairman
Brian Peccarelli Co-Chief Operating Officer
Neil Masterson Co-Chief Operating Officer
Stephane Bello Chief Financial Officer & Executive Vice President
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