THOMSON REUTERS CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 211.1 CAD | +1.31% |
|
+2.13% | +8.95% |
| Apr. 23 | Thomson Reuters Upgraded to Sector Perform a National Bank, Target Raised to $217 | MT |
| Apr. 23 | Corporate results bound the become the next catalyst for markets |  |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 35,721 | 40,660 | 58,281 | 54,780 | 66,561 | 69,527 | - | - |
| Enterprise Value (EV) 1 | 38,151 | 42,645 | 61,289 | 58,472 | 68,540 | 71,481 | 71,194 | 71,707 |
| P/E ratio | 23 x | 36.4 x | 10.4 x | 39.6 x | 25.2 x | 46 x | 41.4 x | 36.9 x |
| Yield | 2.02% | 1.86% | 1.35% | 1.56% | 1.34% | 1.4% | 1.48% | 1.65% |
| Capitalization / Revenue | 6.05 x | 6.79 x | 9.18 x | 8.27 x | 9.8 x | 9.58 x | 8.96 x | 8.35 x |
| EV / Revenue | 6.46 x | 7.13 x | 9.65 x | 8.82 x | 10.1 x | 9.85 x | 9.18 x | 8.62 x |
| EV / EBITDA | 25.6 x | 21.6 x | 31.1 x | 25.1 x | 25.6 x | 25.6 x | 23.4 x | 21.6 x |
| EV / FCF | 240 x | 32.1 x | 48.8 x | 43.6 x | 36.6 x | 39.9 x | 36.7 x | 34.1 x |
| FCF Yield | 0.42% | 3.12% | 2.05% | 2.29% | 2.73% | 2.51% | 2.72% | 2.93% |
| Price to Book | 3.76 x | 4.08 x | 4.27 x | 4.61 x | 5.98 x | 6.4 x | 6.19 x | 6.06 x |
| Nbr of stocks (in thousands) | 481,852 | 479,200 | 469,581 | 463,557 | 455,491 | 450,930 | - | - |
| Reference price 2 | 74.13 | 84.85 | 124.1 | 118.2 | 146.1 | 154.2 | 154.2 | 154.2 |
| Announcement Date | 2/25/20 | 2/23/21 | 2/8/22 | 2/9/23 | 2/8/24 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 5,906 | 5,984 | 6,348 | 6,627 | 6,794 | 7,257 | 7,759 | 8,322 |
| EBITDA 1 | 1,493 | 1,975 | 1,970 | 2,329 | 2,678 | 2,787 | 3,042 | 3,314 |
| EBIT 1 | 890 | 1,306 | 1,319 | 1,704 | 2,050 | 2,083 | 2,275 | 2,511 |
| Operating Margin | 15.07% | 21.82% | 20.78% | 25.71% | 30.17% | 28.71% | 29.33% | 30.18% |
| Earnings before Tax (EBT) 1 | 971 | 1,764 | 1,054 | 2,082 | 1,988 | 1,803 | 2,011 | - |
| Net income 1 | 1,564 | 1,122 | 5,689 | 1,402 | 2,695 | 1,477 | 1,649 | 1,864 |
| Net margin | 26.48% | 18.75% | 89.62% | 21.16% | 39.67% | 20.36% | 21.26% | 22.4% |
| EPS 2 | 3.226 | 2.334 | 11.93 | 2.988 | 5.800 | 3.349 | 3.728 | 4.180 |
| Free Cash Flow 1 | 159 | 1,330 | 1,256 | 1,340 | 1,871 | 1,793 | 1,939 | 2,102 |
| FCF margin | 2.69% | 22.23% | 19.79% | 20.22% | 27.54% | 24.7% | 24.99% | 25.26% |
| FCF Conversion (EBITDA) | 10.65% | 67.34% | 63.76% | 57.54% | 69.87% | 64.31% | 63.74% | 63.43% |
| FCF Conversion (Net income) | 10.17% | 118.54% | 22.08% | 95.58% | 69.42% | 121.35% | 117.55% | 112.79% |
| Dividend per Share 2 | 1.494 | 1.577 | 1.681 | 1.847 | 1.960 | 2.163 | 2.286 | 2.550 |
| Announcement Date | 2/25/20 | 2/23/21 | 2/8/22 | 2/9/23 | 2/8/24 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,526 | 1,710 | 1,674 | 1,614 | 1,574 | 1,765 | 1,738 | 1,647 | 1,594 | 1,815 | 1,855 | 1,751 | 1,712 | 1,938 | 1,978 |
| EBITDA 1 | 458 | 452 | 600 | 561 | 535 | 633 | 677 | 662 | 632 | 707 | 732.2 | 671.4 | 649.3 | 733.6 | 791 |
| EBIT 1 | 299 | 285 | 448 | 402 | 382 | 472 | 529 | 506 | 472 | 543 | 559.6 | 497.2 | 476.4 | 553.2 | 588.9 |
| Operating Margin | 19.59% | 16.67% | 26.76% | 24.91% | 24.27% | 26.74% | 30.44% | 30.72% | 29.61% | 29.92% | 30.17% | 28.4% | 27.82% | 28.55% | 29.77% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net income 1 | -240 | - | 1,007 | -115 | 228 | 282 | 756 | 894 | 367 | 678 | 407.2 | 341 | 325.8 | 386 | - |
| Net margin | -15.73% | - | 60.16% | -7.13% | 14.49% | 15.98% | 43.5% | 54.28% | 23.02% | 37.36% | 21.95% | 19.48% | 19.03% | 19.92% | - |
| EPS 2 | -0.5083 | -0.3735 | 2.137 | -0.2490 | 0.4876 | 0.6121 | 1.649 | 1.900 | 0.8000 | 1.490 | 0.9028 | 0.7850 | 0.7548 | 0.8789 | 0.8963 |
| Dividend per Share 2 | 0.4201 | 0.4201 | - | 0.4616 | 0.4616 | 0.4616 | 0.5083 | 0.4900 | 0.4900 | 0.4800 | 0.5404 | 0.5397 | 0.5406 | 0.5395 | 0.5900 |
| Announcement Date | 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 | - | - | - | - | - |
1USD in Million2USD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 2,430 | 1,985 | 3,008 | 3,692 | 1,979 | 1,954 | 1,667 | 2,179 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.628 x | 1.005 x | 1.527 x | 1.585 x | 0.739 x | 0.7011 x | 0.548 x | 0.6575 x |
| Free Cash Flow 1 | 159 | 1,330 | 1,256 | 1,340 | 1,871 | 1,793 | 1,939 | 2,102 |
| ROE (net income / shareholders' equity) | 6.88% | 9.43% | 8.1% | 9.61% | 14.2% | 15.6% | 16.9% | 18.3% |
| ROA (Net income/ Total Assets) | 3.77% | 5.24% | 4.82% | 5.65% | 8.07% | 8.28% | 9.2% | 11.3% |
| Assets 1 | 41,537 | 21,427 | 117,995 | 24,815 | 33,414 | 17,843 | 17,924 | 16,496 |
| Book Value Per Share 2 | 19.70 | 20.80 | 29.10 | 25.60 | 24.40 | 24.10 | 24.90 | 25.40 |
| Cash Flow per Share 2 | 1.450 | 3.640 | 3.720 | 4.100 | 5.050 | 5.340 | 5.710 | 6.350 |
| Capex 1 | 505 | 504 | 487 | 595 | 544 | 616 | 629 | 680 |
| Capex / Sales | 8.55% | 8.42% | 7.67% | 8.98% | 8.01% | 8.49% | 8.11% | 8.18% |
| Announcement Date | 2/25/20 | 2/23/21 | 2/8/22 | 2/9/23 | 2/8/24 | - | - | - |
1USD in Million2USD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
HOLD
Number of Analysts
16
Last Close Price
154.2
USD
Average target price
159.7
USD
Spread / Average Target
+3.58%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +8.95% | 69.53B | |
| -5.62% | 130B | |
| -15.53% | 37.85B | |
| +11.03% | 36.35B | |
| -9.65% | 27.62B | |
| -11.65% | 16.06B | |
| +8.41% | 14.47B | |
| +10.70% | 10.47B | |
| -23.11% | 4.76B | |
| -20.09% | 4.14B |
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