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.