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Thomson Reuters Corp TRI

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Morningstar’s Analysis

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Economic Moat


Capital Allocation


Solid Execution, Performance for Thomson Reuters

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

Narrow-moat Thomson Reuters reported solid second-quarter results. Total revenue of $1.53 billion beat the FactSet consensus estimate of $1.49 billion, while adjusted EPS of $0.48 per share easily beat the consensus estimate of $0.43. Given the firm's business momentum, full-year revenue guidance was raised 50 basis points and firmwide adjusted EBITDA guidance increased 100 basis points at the midpoint. Thomson Reuters also announced plans to buy back up to $1.2 billion of its shares, a move we expect investors will be pleased with. Overall, we expect to increase our fair value estimate for the firm in a 5%-15% range.

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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 Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 24,000