Stock TRI THOMSON REUTERS CORPORATION
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Financials Thomson Reuters Corporation

Equities

TRI

CA8849038085

Professional Information Services

Delayed Toronto S.E.
Other stock markets
 10:48:46 2024-05-07 am EDT 		5-day change 1st Jan Change
228.9 CAD +0.22% Intraday chart for Thomson Reuters Corporation +9.99% +18.06%
May. 06 Thomson Reuters Price Target Raised to US$165 at RBC MT
May. 03 UBS Raises Thomson Reuters Target to US$190, Maintains Buy Rating MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 35,721 40,660 58,281 54,780 66,561 75,336 - -
Enterprise Value (EV) 1 38,151 42,645 61,289 58,472 68,540 76,876 76,765 77,876
P/E ratio 23 x 36.4 x 10.4 x 39.6 x 25.2 x 49.4 x 45.6 x 39.5 x
Yield 2.02% 1.86% 1.35% 1.56% 1.34% 1.26% 1.35% 1.45%
Capitalization / Revenue 6.05 x 6.79 x 9.18 x 8.27 x 9.8 x 10.3 x 9.69 x 9.03 x
EV / Revenue 6.46 x 7.13 x 9.65 x 8.82 x 10.1 x 10.6 x 9.87 x 9.33 x
EV / EBITDA 25.6 x 21.6 x 31.1 x 25.1 x 25.6 x 27.3 x 25.1 x 23.2 x
EV / FCF 240 x 32.1 x 48.8 x 43.6 x 36.6 x 43.2 x 39.5 x 37.1 x
FCF Yield 0.42% 3.12% 2.05% 2.29% 2.73% 2.32% 2.53% 2.7%
Price to Book 3.76 x 4.08 x 4.27 x 4.61 x 5.98 x 6.94 x 6.73 x 6.62 x
Nbr of stocks (in thousands) 481,852 479,200 469,581 463,557 455,491 450,531 - -
Reference price 2 74.13 84.85 124.1 118.2 146.1 167.2 167.2 167.2
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 7,280 7,777 8,343
EBITDA 1 1,493 1,975 1,970 2,329 2,678 2,811 3,063 3,355
EBIT 1 890 1,306 1,319 1,704 2,050 2,061 2,240 2,506
Operating Margin 15.07% 21.82% 20.78% 25.71% 30.17% 28.31% 28.8% 30.03%
Earnings before Tax (EBT) 1 971 1,764 1,054 2,082 1,988 1,772 1,966 2,264
Net income 1 1,564 1,122 5,689 1,402 2,695 1,481 1,613 1,875
Net margin 26.48% 18.75% 89.62% 21.16% 39.67% 20.34% 20.74% 22.47%
EPS 2 3.226 2.334 11.93 2.988 5.800 3.388 3.668 4.238
Free Cash Flow 1 159 1,330 1,256 1,340 1,871 1,780 1,944 2,101
FCF margin 2.69% 22.23% 19.79% 20.22% 27.54% 24.45% 24.99% 25.19%
FCF Conversion (EBITDA) 10.65% 67.34% 63.76% 57.54% 69.87% 63.31% 63.44% 62.64%
FCF Conversion (Net income) 10.17% 118.54% 22.08% 95.58% 69.42% 120.22% 120.49% 112.07%
Dividend per Share 2 1.494 1.577 1.681 1.847 1.960 2.102 2.251 2.428
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 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
Net sales 1 1,710 1,674 1,614 1,574 1,765 1,738 1,647 1,594 1,815 1,885 1,750 1,709 1,931 2,011 1,873
EBITDA 1 452 600 561 535 633 677 662 632 707 806 651.8 646.5 732.9 817.5 728
EBIT 1 285 448 402 382 472 529 506 472 543 625 475.7 453.8 533.5 643.5 562.9
Operating Margin 16.67% 26.76% 24.91% 24.27% 26.74% 30.44% 30.72% 29.61% 29.92% 33.16% 27.18% 26.55% 27.62% 32% 30.05%
Earnings before Tax (EBT) - - - - - - - - - - - - - - -
Net income 1 - 1,007 -115 228 282 756 894 367 678 481 309.3 299.3 367.6 - -
Net margin - 60.16% -7.13% 14.49% 15.98% 43.5% 54.28% 23.02% 37.36% 25.52% 17.67% 17.51% 19.03% - -
EPS 2 -0.3735 2.137 -0.2490 0.4876 0.6121 1.649 1.900 0.8000 1.490 1.060 0.7605 0.7374 0.8731 0.9127 0.8481
Dividend per Share 2 0.4201 - 0.4616 0.4616 0.4616 0.5083 0.4900 0.4900 0.4800 0.5400 0.5150 0.4900 0.4900 0.5900 0.5900
Announcement Date 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 - - - - -
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 1,606 1,429 2,539
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.628 x 1.005 x 1.527 x 1.585 x 0.739 x 0.57 x 0.4665 x 0.7569 x
Free Cash Flow 1 159 1,330 1,256 1,340 1,871 1,800 1,944 2,101
ROE (net income / shareholders' equity) 6.88% 9.43% 8.1% 9.61% 14.2% 15.6% 17.1% 18.4%
ROA (Net income/ Total Assets) 3.77% 5.24% 4.82% 5.65% 8.07% 8.73% 9.53% 11.6%
Assets 1 41,537 21,427 117,995 24,815 33,414 16,961 16,921 16,164
Book Value Per Share 2 19.70 20.80 29.10 25.60 24.40 24.10 24.90 25.30
Cash Flow per Share 2 1.450 3.640 3.720 4.100 5.050 5.290 5.690 6.140
Capex 1 505 504 487 595 544 613 631 682
Capex / Sales 8.55% 8.42% 7.67% 8.98% 8.01% 8.42% 8.11% 8.17%
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

Ratings for Thomson Reuters Corporation

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
16
Last Close Price
167.2 USD
Average target price
163.9 USD
Spread / Average Target
-1.99%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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