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Morningstar's Thomson Reuters Corp Stock Analysis

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Thomson Reuters' First Quarter Highlights Business Resilience in Uncertain Environment

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

Narrow-moat-rated Thomson Reuters started 2022 with robust results. Revenue in the first quarter was $1.67 billion, up 7% organically and 1% above the FactSet consensus. Adjusted EBTIDA of $600 million and adjusted EPS of $0.66 topped the consensus estimates of $573 million and $0.61, respectively. Thomson Reuters nudged its revenue outlook for 2022 slightly higher. Overall, there was little in its press release that would alter our long-term thinking on the firm, and we will maintain our fair value estimate of $107 on the firm’s shares.

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Thomson Reuters Corp's Company Profile

Business Description

Thomson Reuters is the result of the $17.6 billion megamerger of Canada’s Thomson and the United Kingdom’s Reuters Group in 2008 and the 2018 carve-out of its finance and risk business, Refinitiv, in which it holds a 45% stake. In 2019, the company agreed to exchange its 45% stake in Refinitiv for a 15% stake in LSE, which closed in early 2021. Since the divestiture, the company is more concentrated on selling its flagship legal data and software, Westlaw, and its tax accounting software, Onesource. Reuters sees roughly 80% of revenue and 70% of expenses attributed to the United States, while the remainder (largely through the global print and Reuters News segments) is distributed across Latin America, Europe, the Middle East, Africa, and Asia-Pacific.

333 Bay Street, Suite 300
Toronto, ON, M5H 2R2, Canada
T +1 416 687-7500
Sector Industrials
Industry Specialty Business Services
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type
Employees 24,400

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