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TRI

CA8849038085

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Market Closed - Toronto Stock Exchange Other stock markets 04:15:57 2023-11-30 pm EST			5-day change	1st Jan Change
189.58 ^CAD	+0.26%		-0.01%	+18.31%

Nov. 28	Moody's Upgrades Thomson Reuters; Outlook Change to Stable	MT
Nov. 16	Transcript : Thomson Reuters Corporation Presents at J.P. Morgan Ultimate Services Investor Conference, Nov-16-2023 02:15 PM	CI

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	24 376	35 721	40 660	58 281	54 780	63 454	-	-
Enterprise Value (EV) ¹	24 886	38 151	42 645	61 289	58 472	65 225	65 173	64 971
P/E ratio	358x	23,0x	36,4x	10,4x	39,6x	28,7x	39,4x	34,8x
Yield	2,98%	2,02%	1,86%	1,35%	1,56%	1,40%	1,53%	1,61%
Capitalization / Revenue	4,43x	6,05x	6,79x	9,18x	8,27x	9,31x	8,84x	8,36x
EV / Revenue	4,52x	6,46x	7,13x	9,65x	8,82x	9,57x	9,08x	8,56x
EV / EBITDA	18,2x	25,6x	21,6x	31,1x	25,1x	24,5x	23,4x	21,4x
EV / FCF	22,5x	240x	32,1x	48,8x	43,6x	36,2x	35,2x	33,0x
FCF Yield	4,45%	0,42%	3,12%	2,05%	2,29%	2,76%	2,84%	3,03%
Price to Book	2,62x	3,76x	4,08x	4,27x	4,61x	5,60x	5,56x	5,34x
Nbr of stocks (in thousands)	486 757	481 852	479 200	469 581	463 557	455 491	-	-
Reference price ²	50,1	74,1	84,8	124	118	140	140	140
Announcement Date	02/26/19	02/25/20	02/23/21	02/08/22	02/09/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	5 501	5 906	5 984	6 348	6 627	6 815	7 175	7 594
EBITDA ¹	1 365	1 493	1 975	1 970	2 329	2 661	2 788	3 029
EBIT ¹	855	890	1 306	1 319	1 704	2 111	2 126	2 311
Operating Margin	15,5%	15,1%	21,8%	20,8%	25,7%	31,0%	29,6%	30,4%
Earnings before Tax (EBT) ¹	533	971	1 764	1 054	2 082	2 028	1 934	2 101
Net income ¹	90,0	1 564	1 122	5 689	1 402	1 989	1 501	1 780
Net margin	1,64%	26,5%	18,8%	89,6%	21,2%	29,2%	20,9%	23,4%
EPS ²	0,14	3,23	2,33	11,9	2,99	4,86	3,55	4,01
Free Cash Flow ¹	1 107	159	1 330	1 256	1 340	1 800	1 852	1 970
FCF margin	20,1%	2,69%	22,2%	19,8%	20,2%	26,4%	25,8%	25,9%
FCF Conversion (EBITDA)	81,1%	10,6%	67,3%	63,8%	57,5%	67,6%	66,4%	65,0%
FCF Conversion (Net income)	1 230%	10,2%	119%	22,1%	95,6%	90,5%	123%	111%
Dividend per Share ²	1,49	1,49	1,58	1,68	1,85	1,96	2,13	2,25
Announcement Date	26/02/19	25/02/20	23/02/21	08/02/22	09/02/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December	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
Net sales ¹	1 532	1 526	1 710	1 674	1 614	1 574	1 765	1 738	1 647	1 594	1 828	1 820	1 737	1 699	1 943
EBITDA ¹	502	458	452	600	561	535	633	677	662	632	692	729	674	651	819
EBIT ¹	338	299	285	448	402	382	472	529	506	472	515	536	525	509	582
Operating Margin	22,1%	19,6%	16,7%	26,8%	24,9%	24,3%	26,7%	30,4%	30,7%	29,6%	28,2%	29,5%	30,2%	29,9%	30,0%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	1 068	-240	-	1 007	-115	228	282	756	894	367	316	-	-	-	-
Net margin	69,7%	-15,7%	-	60,2%	-7,13%	14,5%	16,0%	43,5%	54,3%	23,0%	17,3%	-	-	-	-
EPS ²	2,23	-0,51	-0,37	2,14	-0,25	0,49	0,61	1,65	1,90	0,80	1,05	0,89	0,79	0,76	0,88
Dividend per Share ²	0,42	0,42	0,42	-	0,46	0,46	0,46	0,51	0,49	0,49	0,49	0,54	0,54	0,54	0,54
Announcement Date	08/05/21	11/02/21	02/08/22	05/03/22	08/04/22	11/01/22	02/09/23	05/02/23	08/02/23	11/01/23	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	510	2 430	1 985	3 008	3 692	1 772	1 720	1 517
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0,37x	1,63x	1,01x	1,53x	1,59x	0,67x	0,62x	0,50x
Free Cash Flow ¹	1 107	159	1 330	1 256	1 340	1 800	1 852	1 970
ROE (net income / shareholders' equity)	4,51%	6,88%	9,43%	8,10%	9,61%	13,7%	15,3%	16,0%
Shareholders' equity ¹	1 995	22 722	11 902	70 196	14 587	14 517	9 840	11 103
ROA (Net income/ Total Assets)	2,31%	3,77%	5,24%	4,82%	5,65%	7,70%	8,69%	9,47%
Assets ¹	3 894	41 537	21 427	117 995	24 815	25 816	17 270	18 794
Book Value Per Share ²	19,1	19,7	20,8	29,1	25,6	25,0	25,1	26,1
Cash Flow per Share ²	3,20	1,45	3,64	3,72	4,10	5,04	5,28	5,72
Capex ¹	938	505	504	487	595	543	590	630
Capex / Sales	17,1%	8,55%	8,42%	7,67%	8,98%	7,97%	8,23%	8,30%
Announcement Date	02/26/19	02/25/20	02/23/21	02/08/22	02/09/23	-	-	-

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

Ratings for Thomson Reuters Corporation

Trading Rating :

Investor Rating :

ESG Refinitiv :

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

139.68USD

Average target price

134.24USD

Spread / Average Target

-3.89%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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