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CA8849038085

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Delayed Toronto S.E. Other stock markets 02:50:26 2024-09-09 pm EDT			5-day change	1st Jan Change
228.00 ^CAD	+1.10%		+0.03%	+17.69%

06:55pm	Thomson Reuters Upgraded to Outperform, Target Raised to $260, at National Bank	MT
02:43pm	Thomson Reuters Brief: Upgraded To Outperform From Sector Perform, Target Raised To C$260 From $231 at National Bank As It "Increasingly Looks Beyond 2024 Investment Year"	MT

Projected Income Statement: Thomson Reuters Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,906	5,984	6,348	6,627	6,794	7,277	7,772	8,353
Change	-	1.32%	6.08%	4.4%	2.52%	7.11%	6.81%	7.47%
EBITDA ¹	1,493	1,975	1,970	2,329	2,678	2,791	3,039	3,331
Change	-	32.28%	-0.25%	18.22%	14.98%	4.21%	8.88%	9.63%
EBIT ¹	890	1,306	1,319	1,704	2,050	2,035	2,212	2,513
Change	-	46.74%	1%	29.19%	20.31%	-0.73%	8.67%	13.63%
Interest Paid ¹	-163	-195	-196	-196	-152	-139.2	-127.8	-120.2
Earnings before Tax (EBT) ¹	971	1,764	1,054	2,082	1,988	1,768	2,004	2,238
Change	-	81.67%	-40.25%	97.53%	-4.51%	-11.09%	13.35%	11.7%
Net income ¹	1,564	1,122	5,689	1,402	2,695	1,827	1,636	1,882
Change	-	-28.26%	407.04%	-75.36%	92.23%	-32.2%	-10.45%	15%
Announcement Date	2/25/20	2/23/21	2/8/22	2/9/23	2/8/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2
Net sales ¹	1,413	1,583	1,520	1,405	1,443	1,616	1,580	1,532	1,526	1,710	1,674	1,614	1,574	1,765	1,738	1,647	1,594	1,815	1,885	1,740	1,714	1,937	2,012	1,862	1,828	2,074	2,153	1,990
Change	-	12.03%	-3.98%	-7.57%	2.7%	11.99%	-2.23%	-3.04%	-0.39%	12.06%	-2.11%	-3.58%	-2.48%	12.13%	-1.53%	-5.24%	-3.22%	13.86%	3.86%	-7.69%	-1.5%	13%	3.9%	-7.44%	-1.83%	13.42%	3.81%	-7.57%
EBITDA ¹	345	396	480	479	491	525	558	502	458	452	600	561	535	633	677	662	632	707	806	646	597.9	739.1	824.9	700.8	682.5	815.9	916.3	759.7
Change	-	14.78%	21.21%	-0.21%	2.51%	6.92%	6.29%	-10.04%	-8.76%	-1.31%	32.74%	-6.5%	-4.63%	18.32%	6.95%	-2.22%	-4.53%	11.87%	14%	-19.85%	-7.44%	23.6%	11.61%	-15.04%	-2.62%	19.55%	12.31%	-17.09%
EBIT ¹	190	229	329	318	297	362	397	338	299	285	448	402	382	472	529	506	472	543	625	463	430.5	538.7	655.1	512.8	511.5	565.8	692.8	543.4
Change	-	20.53%	43.67%	-3.34%	-6.6%	21.89%	9.67%	-14.86%	-11.54%	-4.68%	57.19%	-10.27%	-4.98%	23.56%	12.08%	-4.35%	-6.72%	15.04%	15.1%	-25.92%	-7.02%	25.13%	21.61%	-21.72%	-0.25%	10.61%	22.44%	-21.56%
Charge d'intérêts ¹	-40	-51	-45	-52	-49	-49	-51	-49	-46	-50	-48	-49	-48	-51	-59	-34	-32	-31	-40	-36	-31.67	-29.33	-	-	-	-	-	-
Earnings before Tax (EBT)	219	132	292	300	271	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-39.73%	121.21%	2.74%	-9.67%	-100%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	-44	1,324	193	126	241	562	5,036	1,068	-240	-	1,007	-115	228	282	756	894	367	678	481	841	283.1	398.3	-	-	-	-	-	-
Change	-	-	-85.42%	-34.72%	91.27%	133.2%	796.09%	-78.79%	-	-100%	-	-	-	23.68%	168.09%	18.25%	-58.95%	84.74%	-29.06%	74.84%	-66.34%	40.71%	-100%	-	-	-	-	-
Announcement Date	10/31/19	2/25/20	5/5/20	8/5/20	11/3/20	2/23/21	5/4/21	8/5/21	11/2/21	2/8/22	5/3/22	8/4/22	11/1/22	2/9/23	5/2/23	8/2/23	11/1/23	2/8/24	5/2/24	8/1/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Thomson Reuters Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,430	1,985	3,008	3,692	1,979	1,288	1,127	829
Change	-	-18.31%	51.54%	22.74%	-46.4%	-34.92%	-12.5%	-26.44%
Announcement Date	2/25/20	2/23/21	2/8/22	2/9/23	2/8/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Thomson Reuters Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	505	504	487	595	544	614.8	631.2	682.8
Change	-	-0.2%	-3.37%	22.18%	-8.57%	13.01%	2.68%	8.17%
Free Cash Flow (FCF) ¹	159	1,330	1,256	1,340	1,871	1,810	1,958	2,089
Change	-	736.48%	-5.56%	6.69%	39.63%	-3.27%	8.17%	6.71%
Announcement Date	2/25/20	2/23/21	2/8/22	2/9/23	2/8/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Thomson Reuters Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	25.28%	33%	31.03%	35.14%	39.42%	38.35%	39.1%	39.88%
EBIT Margin (%)	15.07%	21.82%	20.78%	25.71%	30.17%	27.97%	28.45%	30.09%
EBT Margin (%)	16.44%	29.48%	16.6%	31.42%	29.26%	24.29%	25.78%	26.79%
Net margin (%)	26.48%	18.75%	89.62%	21.16%	39.67%	25.11%	21.05%	22.53%
FCF margin (%)	2.69%	22.23%	19.79%	20.22%	27.54%	24.87%	25.19%	25.01%
FCF / Net Income (%)	10.17%	118.54%	22.08%	95.58%	69.42%	99.05%	119.64%	111.02%
Profitability
ROA	3.77%	5.24%	4.82%	5.65%	8.07%	8.87%	9.8%	10.77%
ROE	6.88%	9.43%	8.1%	9.61%	14.2%	15.04%	15.66%	16.29%
Financial Health
Leverage (Debt/EBITDA)	1.63x	1.01x	1.53x	1.59x	0.74x	0.46x	0.37x	0.25x
Debt / Free cash flow	15.28x	1.49x	2.39x	2.76x	1.06x	0.71x	0.58x	0.4x
Capital Intensity
CAPEX / Current Assets (%)	8.55%	8.42%	7.67%	8.98%	8.01%	8.45%	8.12%	8.17%
CAPEX / EBITDA (%)	33.82%	25.52%	24.72%	25.55%	20.31%	22.03%	20.77%	20.49%
CAPEX / FCF (%)	317.61%	37.89%	38.77%	44.4%	29.08%	33.97%	32.24%	32.68%
Items per share
Cash flow per share ¹	1.449	3.635	3.719	4.097	5.046	5.265	5.668	6.14
Change	-	150.82%	2.32%	10.14%	23.16%	4.35%	7.65%	8.32%
Dividend per Share ¹	1.494	1.577	1.681	1.847	1.96	2.173	2.306	2.492
Change	-	5.56%	6.58%	9.88%	6.14%	10.87%	6.1%	8.06%
Book Value Per Share ¹	19.74	20.79	29.08	25.62	24.43	25.19	25.95	27.36
Change	-	5.33%	39.91%	-11.92%	-4.65%	3.14%	3%	5.43%
EPS ¹	3.226	2.334	11.93	2.988	5.8	4.025	3.712	4.252
Change	-	-27.65%	411.11%	-74.96%	94.13%	-30.6%	-7.79%	14.56%
Nbr of stocks (in thousands)	481,852	479,200	469,581	463,557	455,491	449,713	449,713	449,713
Announcement Date	2/25/20	2/23/21	2/8/22	2/9/23	2/8/24	-	-	-