Thomson Reuters
Thomson Reuters Corporation provides news and information-based tools to professionals worldwide. The last earnings update was 11 days ago. More info.
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TRI Share Price and Events
7 Day Returns
1 Year Returns
TRI Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Thomson Reuters (TRI) | -0.3% | 8.2% | 24.5% | 57.7% | 43.6% | 110.5% |
| CA Professional Services | -0.8% | 7.4% | 21.3% | 49% | 41.1% | 91% |
| CA Market | -1.7% | -3.5% | -0.2% | -2.4% | 10.4% | 3.7% |
1 Year Return vs Industry and Market
- TRI outperformed the Professional Services industry which returned 49% over the past year.
- TRI outperformed the Market in Canada which returned -2.4% over the past year.
Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Thomson Reuters
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Thomson Reuters.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 17 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 6.7% |
| Perpetual Growth Rate | 10-Year CA Government Bond Rate | 1.9% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year CA Govt Bond Rate | 1.9% |
| Equity Risk Premium | S&P Global | 6% |
| Professional Services Unlevered Beta | Simply Wall St/ S&P Global | 0.42 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.417 (1 + (1- 26.5%) (10.74%)) |
0.632 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.8 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (0.8 * 5.96%) |
6.72% |
Discounted Cash Flow Calculation for TSX:TRI using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Thomson Reuters is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
| Levered FCF (USD, Millions) | Source |
Present Value Discounted (@ 6.72%) |
|
|---|---|---|---|
| 2019 | 170.60 | Analyst x5 | 159.87 |
| 2020 | 1,119.50 | Analyst x7 | 983.04 |
| 2021 | 797.46 | Est @ -28.77% | 656.19 |
| 2022 | 641.54 | Est @ -19.55% | 494.67 |
| 2023 | 557.48 | Est @ -13.1% | 402.81 |
| 2024 | 509.60 | Est @ -8.59% | 345.05 |
| 2025 | 481.95 | Est @ -5.43% | 305.79 |
| 2026 | 466.45 | Est @ -3.22% | 277.33 |
| 2027 | 458.68 | Est @ -1.67% | 255.55 |
| 2028 | 456.01 | Est @ -0.58% | 238.08 |
| Present value of next 10 years cash flows | $4,118.39 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= $456.01 × (1 + 1.95%) ÷ (6.72% – 1.95%) |
$9,750.12 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $9,750.12 ÷ (1 + 6.72%)10 |
$5,090.44 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $4,118.39 + $5,090.44 |
$9,208.83 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $9,208.83 / 500.45 |
$18.4 |
| Calculation | Result | |
|---|---|---|
| Exchange Rate | USD/CAD
(Reporting currency to currency of TSX:TRI) |
1.345 |
| Value per Share (CAD) |
= Value per Share in USD x Exchange Rate (USD/CAD)
= $18.4 x 1.345 |
CA$24.76 |
| Value per share (CAD) | From above. | CA$24.76 |
| Current discount | Discount to share price of
CA$87.16
= -1 x (CA$87.16 - CA$24.76) / CA$24.76 |
-252.1% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
- The current share price of Thomson Reuters is above its future cash flow value.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Thomson Reuters's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Thomson Reuters's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in USD | $0.11 |
| TSX:TRI Share Price ** | TSX (2019-05-24) in CAD | CA$87.16 |
| TSX:TRI Share Price converted to USD reporting currency | Exchange rate (CAD/ USD) 0.743 | $64.78 |
| Canada Professional Services Industry PE Ratio | Median Figure of 5 Publicly-Listed Professional Services Companies | 20.41x |
| Canada Market PE Ratio | Median Figure of 544 Publicly-Listed Companies | 14.69x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Thomson Reuters.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = TSX:TRI Share Price ÷ EPS (both in USD) = 64.78 ÷ 0.11 |
593.12x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Thomson Reuters is overvalued based on earnings compared to the CA Professional Services industry average.
- Thomson Reuters is overvalued based on earnings compared to the Canada market.
Price based on expected Growth
Does
Thomson Reuters's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 593.12x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 17 Analysts |
52.6%per year |
| North America Professional Services Industry PEG Ratio | Median Figure of 35 Publicly-Listed Professional Services Companies | 1.69x |
| Canada Market PEG Ratio | Median Figure of 250 Publicly-Listed Companies | 1.14x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 593.12x ÷ 52.6% |
11.28x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Thomson Reuters is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
Thomson Reuters's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in USD | $17.92 |
| TSX:TRI Share Price * | TSX (2019-05-24) in CAD | CA$87.16 |
| TSX:TRI Share Price converted to USD reporting currency | Exchange rate (CAD/ USD) 0.743 | $64.78 |
| Canada Professional Services Industry PB Ratio | Median Figure of 9 Publicly-Listed Professional Services Companies | 3.2x |
| Canada Market PB Ratio | Median Figure of 2,405 Publicly-Listed Companies | 1.41x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = TSX:TRI Share Price ÷ Book Value per Share (both in USD) = 64.78 ÷ 17.92 |
3.62x |
* Primary Listing of Thomson Reuters.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Thomson Reuters is overvalued based on assets compared to the CA Professional Services industry average.
Value checks
We assess Thomson Reuters's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Professional Services industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Professional Services industry average (and greater than 0)? (1 check) Thomson Reuters has a total score of 0/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Thomson Reuters's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
- Thomson Reuters's earnings growth is expected to exceed the Canada market average.
- Thomson Reuters's revenue growth is positive but not above the Canada market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| TSX:TRI Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 17 Analysts | 52.6% |
| TSX:TRI Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 17 Analysts | 4.3% |
| Canada Professional Services Industry Earnings Growth Rate | Market Cap Weighted Average | 50% |
| Canada Professional Services Industry Revenue Growth Rate | Market Cap Weighted Average | 4.5% |
| Canada Market Earnings Growth Rate | Market Cap Weighted Average | 14.3% |
| Canada Market Revenue Growth Rate | Market Cap Weighted Average | 6% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 17 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | 6,404 | 1,324 | 5 | |
| 2020-12-31 | 6,176 | 1,545 | 1,059 | 17 |
| 2019-12-31 | 5,914 | 786 | 816 | 14 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 5,609 | 1,585 | 69 |
| 2018-12-31 | 5,501 | 2,062 | 87 |
| 2018-09-30 | 11,432 | 2,827 | 1,276 |
| 2018-06-30 | 11,412 | 2,785 | 1,489 |
| 2018-03-31 | 5,345 | 2,816 | 587 |
| 2017-12-31 | 5,297 | 2,029 | 571 |
| 2017-09-30 | 6,743 | 2,272 | 543 |
| 2017-06-30 | 8,215 | 2,222 | 673 |
| 2017-03-31 | 9,704 | 2,158 | 931 |
| 2016-12-31 | 11,166 | 2,984 | 1,003 |
| 2016-09-30 | 11,193 | 2,949 | 1,093 |
| 2016-06-30 | 11,196 | 2,871 | 1,088 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 17 Analyst Estimates (S&P Global) | See Below |
All data from Thomson Reuters Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | ||||
| 2020-12-31 | 1.71 | 2.16 | 1.29 | 3.00 |
| 2019-12-31 | 0.57 | 0.69 | 0.45 | 2.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2019-03-31 | 0.11 |
| 2018-12-31 | 0.13 |
| 2018-09-30 | 1.98 |
| 2018-06-30 | 2.30 |
| 2018-03-31 | 0.90 |
| 2017-12-31 | 0.88 |
| 2017-09-30 | 0.83 |
| 2017-06-30 | 1.01 |
| 2017-03-31 | 1.39 |
| 2016-12-31 | 1.48 |
| 2016-09-30 | 1.59 |
| 2016-06-30 | 1.57 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess Thomson Reuters's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Thomson Reuters has a total score of 3/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Past Performance
How has Thomson Reuters performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Thomson Reuters's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
- Thomson Reuters's 1-year earnings growth is negative, it can't be compared to the 5-year average.
- Thomson Reuters's 1-year earnings growth is negative, it can't be compared to the CA Professional Services industry average.
Earnings and Revenue History
All data from Thomson Reuters Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 5,609.00 | 69.00 | 26.00 | |
| 2018-12-31 | 5,501.00 | 87.00 | 27.00 | |
| 2018-09-30 | 11,432.00 | 1,276.00 | 31.00 | |
| 2018-06-30 | 11,412.00 | 1,489.00 | 32.00 | |
| 2018-03-31 | 5,345.00 | 587.00 | 29.00 | |
| 2017-12-31 | 5,297.00 | 571.00 | 29.00 | |
| 2017-09-30 | 6,743.00 | 543.00 | 34.00 | |
| 2017-06-30 | 8,215.00 | 673.00 | 41.00 | |
| 2017-03-31 | 9,704.00 | 931.00 | 46.00 | |
| 2016-12-31 | 11,166.00 | 1,003.00 | 52.00 | |
| 2016-09-30 | 11,193.00 | 1,093.00 | 53.00 | |
| 2016-06-30 | 11,196.00 | 1,088.00 | 52.00 | |
| 2016-03-31 | 11,229.00 | 1,004.00 | 52.00 | |
| 2015-12-31 | 11,257.00 | 1,069.00 | 52.00 | |
| 2015-09-30 | 11,581.00 | 1,866.00 | 48.00 | |
| 2015-06-30 | 11,941.00 | 1,847.00 | 45.00 | |
| 2015-03-31 | 12,298.00 | 1,889.00 | 42.00 | |
| 2014-12-31 | 12,607.00 | 1,906.00 | 39.00 | |
| 2014-09-30 | 12,674.00 | 404.00 | 44.00 | |
| 2014-06-30 | 12,653.00 | 445.00 | 50.00 | |
| 2014-03-31 | 12,657.00 | 437.00 | 56.00 | |
| 2013-12-31 | 12,702.00 | 124.00 | 62.00 | |
| 2013-09-30 | 12,788.00 | 828.00 | 64.00 | |
| 2013-06-30 | 12,883.00 | 996.00 | 95.00 | |
| 2013-03-31 | 12,992.00 | 1,657.00 | 64.00 | |
| 2012-12-31 | 13,132.00 | 1,984.00 | 63.00 | |
| 2012-09-30 | 13,345.00 | -939.00 | 47.00 | |
| 2012-06-30 | 13,617.00 | -1,009.00 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Thomson Reuters has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Thomson Reuters used its assets less efficiently than the CA Professional Services industry average last year based on Return on Assets.
- Thomson Reuters's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Thomson Reuters's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Professional Services industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Thomson Reuters has a total score of 0/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Health
How is Thomson Reuters's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Thomson Reuters's finances.
The net worth of a company is the difference between its assets and liabilities.
- Thomson Reuters is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- Thomson Reuters's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- Low level of unsold assets.
- Debt is covered by short term assets, assets are 1.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Thomson Reuters Company Filings, last reported 1 month ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 8,968.00 | 3,482.00 | 2,306.00 |
| 2018-12-31 | 9,226.00 | 3,292.00 | 2,782.00 |
| 2018-09-30 | 12,550.00 | 7,367.00 | 549.00 |
| 2018-06-30 | 12,163.00 | 7,836.00 | 927.00 |
| 2018-03-31 | 13,384.00 | 7,380.00 | 555.00 |
| 2017-12-31 | 13,575.00 | 7,272.00 | 972.00 |
| 2017-09-30 | 13,238.00 | 7,359.00 | 1,004.00 |
| 2017-06-30 | 13,133.00 | 7,339.00 | 857.00 |
| 2017-03-31 | 13,235.00 | 7,432.00 | 943.00 |
| 2016-12-31 | 13,256.00 | 7,716.00 | 2,556.00 |
| 2016-09-30 | 11,830.00 | 9,476.00 | 956.00 |
| 2016-06-30 | 12,313.00 | 9,085.00 | 801.00 |
| 2016-03-31 | 12,836.00 | 9,212.00 | 979.00 |
| 2015-12-31 | 13,100.00 | 8,794.00 | 1,142.00 |
| 2015-09-30 | 13,271.00 | 8,844.00 | 869.00 |
| 2015-06-30 | 14,085.00 | 8,870.00 | 1,299.00 |
| 2015-03-31 | 13,894.00 | 8,712.00 | 1,032.00 |
| 2014-12-31 | 14,659.00 | 8,317.00 | 1,179.00 |
| 2014-09-30 | 15,499.00 | 9,000.00 | 1,837.00 |
| 2014-06-30 | 16,117.00 | 8,120.00 | 847.00 |
| 2014-03-31 | 16,167.00 | 8,086.00 | 800.00 |
| 2013-12-31 | 16,430.00 | 8,139.00 | 1,499.00 |
| 2013-09-30 | 17,277.00 | 7,031.00 | 672.00 |
| 2013-06-30 | 17,047.00 | 7,997.00 | 1,708.00 |
| 2013-03-31 | 17,078.00 | 7,532.00 | 527.00 |
| 2012-12-31 | 17,498.00 | 7,246.00 | 1,355.00 |
| 2012-09-30 | 17,362.00 | 7,270.00 | 850.00 |
| 2012-06-30 | 17,051.00 | 7,198.00 | 1,892.00 |
- Thomson Reuters's level of debt (38.8%) compared to net worth is satisfactory (less than 40%).
- The level of debt compared to net worth has been reduced over the past 5 years (50% vs 38.8% today).
- Debt is well covered by operating cash flow (45.5%, greater than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 3.3x coverage).
Financial health checks
We assess Thomson Reuters's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Thomson Reuters has a total score of 5/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
Dividends
What is Thomson Reuters's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
CA$2,000 of
Thomson Reuters
shares you are expected to receive
CA$44
in your first year as a dividend.
Dividend Amount
- Thomson Reuters's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.05%).
- Thomson Reuters's dividend is below the markets top 25% of dividend payers in Canada (5.75%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 17 Analyst Estimates (S&P Global) | See Below |
| North America Professional Services Industry Average Dividend Yield | Market Cap Weighted Average of 25 Stocks | 1.8% |
| Canada Market Average Dividend Yield | Market Cap Weighted Average of 331 Stocks | 3.6% |
| Canada Minimum Threshold Dividend Yield | 10th Percentile | 1.2% |
| Canada Bottom 25% Dividend Yield | 25th Percentile | 2.1% |
| Canada Top 25% Dividend Yield | 75th Percentile | 5.8% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2021-12-31 | 1.45 | 2.00 |
| 2020-12-31 | 1.45 | 7.00 |
| 2019-12-31 | 1.42 | 7.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-05-08 | 1.440 | 2.237 |
| 2019-02-26 | 1.440 | 2.481 |
| 2018-10-09 | 1.400 | 2.746 |
| 2018-08-08 | 1.520 | 3.105 |
| 2018-01-30 | 1.520 | 3.441 |
| 2017-11-01 | 1.520 | 3.135 |
| 2017-04-28 | 1.520 | 3.026 |
| 2017-03-09 | 1.520 | 3.190 |
| 2017-02-09 | 1.520 | 3.175 |
| 2016-11-01 | 1.498 | 3.116 |
| 2016-07-28 | 1.498 | 3.316 |
| 2016-04-26 | 1.498 | 3.274 |
| 2016-03-08 | 1.498 | 3.420 |
| 2016-02-11 | 1.498 | 3.739 |
| 2015-10-27 | 1.476 | 3.514 |
| 2015-10-23 | 1.476 | 3.265 |
| 2015-07-31 | 1.476 | 3.336 |
| 2015-07-29 | 1.476 | 3.329 |
| 2015-05-01 | 1.476 | 3.414 |
| 2015-04-29 | 1.476 | 3.253 |
| 2015-03-13 | 1.476 | 3.270 |
| 2015-02-11 | 1.476 | 3.396 |
| 2014-07-30 | 1.454 | 3.460 |
| 2014-04-30 | 1.454 | 3.674 |
| 2014-03-12 | 1.454 | 3.834 |
| 2014-02-12 | 1.454 | 3.847 |
| 2013-10-29 | 1.432 | 3.491 |
| 2013-07-30 | 1.432 | 3.764 |
| 2013-04-30 | 1.432 | 3.847 |
| 2013-03-11 | 1.432 | 4.025 |
| 2013-02-13 | 1.432 | 4.272 |
| 2012-11-02 | 1.410 | 4.423 |
| 2012-07-31 | 1.410 | 4.446 |
| 2012-05-01 | 1.410 | 4.501 |
| 2012-02-09 | 1.410 | 4.462 |
| 2011-11-01 | 1.366 | 4.525 |
| 2011-07-28 | 1.366 | 4.206 |
| 2011-04-28 | 1.366 | 3.307 |
| 2011-02-10 | 1.366 | 3.145 |
| 2010-10-28 | 1.278 | 3.054 |
| 2010-07-29 | 1.278 | 3.131 |
| 2010-05-04 | 1.278 | 3.150 |
| 2010-02-24 | 1.278 | 3.206 |
| 2009-11-05 | 1.234 | 3.415 |
| 2009-08-06 | 1.234 | 3.418 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
- Dividends per share have increased over the past 10 years.
Income/ dividend checks
We assess Thomson Reuters's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Thomson Reuters afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Thomson Reuters has a total score of 3/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| COMPENSATION | $14,485,109 |
| AGE | 58 |
| TENURE AS CEO | 7.3 years |
CEO Bio
Mr. James C. Smith, also known as Jim, has been the Chief Executive Officer and President of Thomson Corporation (Now Thomson Reuters Corporation) since January 2012. Mr. Smith served as chief operating officer of Thomson Corporation from September 28, 2011 to December 2011 and previously since January 1, 2007. He served as Chief Executive Officer of Professional Division of Thomson Corporation form April 2008 to September 2009 and served as its President of Professional division. He served as Chief Executive Officer of Professional Division at Thomson Reuters UK Limited. He served as Executive Vice President of Thomson Corporation. Mr. Smith served as President and Chief Executive Officer of Thomson Learning’s Academic and Reference/International Group of Thomson Corporation since April 2005. Following the sale of the Newspaper Group in 2000, he joined the Thomson Corporate Office and served as an Executive Vice President of Human Resources and Administration of Thomson Corporation since December 2001. He served as an Executive Vice President of Development and Corporate Affairs of Thomson Corporation since January 2002. He was responsible for Human Resources, Succession Planning, Training and Development, Organizational Development and various administrative activities for Thomson Corporation. He oversaw the Thomson's professional business information segments, including North American legal, tax and accounting, international legal and regulatory, healthcare and scientific. Mr. Smith joined Thomson Newspaper Group in 1987. He has worked for Thomson Corporation for 15 years, primarily in Newspaper Group that sold and held a number of operating positions. He began his career as a Journalist and held several Editorial and General Management positions prior to joining Thomson. He led a number of professional publishing businesses serving the legal, regulatory and academic markets. He has been a Non-Independent Director at Thomson Corporation since January 2012. He has been an Independent Director at Pfizer Inc. since June 26, 2014. Mr. Smith is a member of the International Business Council of the World Economic Forum and the Board of Directors of the Brazil-U.S. Business Council. He also serves on the board of the World Economic Forum’s Partnering Against Corruption Initiative He serves on the International Advisory Boards of British American Business and the Atlantic Council. Mr. Smith holds a BA from Marshall University.
CEO Compensation
- Jim's compensation has been consistent with company performance over the past year, both up more than 20%.
- Jim's remuneration is higher than average for companies of similar size in Canada.
Management Team Tenure
Average tenure and age of the Thomson Reuters management team in years:
- The average tenure for the Thomson Reuters management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team
Jim Smith
President
$14M
58
7.3 yrs
Stephane Bello
Executive VP & CFO
$5M
58
7.3 yrs
Brian Peccarelli
Executive VP & COO of Customer Markets
$7M
57
8.3 yrs
Neil Masterson
Executive VP and COO of Operations & Enablement
$7M
49
Mike Friedenberg
President of Reuters News & Media Operations
$6M
51
0.4 yrs
Linda Walker
Chief Accounting Officer
Stewart Beaumont
Chief Technology Officer
Frank Golden
Senior Vice President of Investor Relations
60
Deirdre Stanley
Executive VP
$2M
54
17.3 yrs
Andrew Perrin
Vice President of Corporate Development
4.3 yrs
Board of Directors Tenure
Average tenure and age of the Thomson Reuters board of directors in years:
- The tenure for the Thomson Reuters board of directors is about average.
Board of Directors
David Kenneth Thomson
Chairman of the Board
$600K
61
17 yrs
Jim Smith
President
$14M
58
7.3 yrs
David Binet
Deputy Chairman of the Board
$350K
60
5 yrs
Sheila Bair
Corporate Director
$228K
64
5 yrs
Mike Daniels
Corporate Director
$228K
63
5 yrs
Ed Clark
Corporate Director
$250K
70
3.7 yrs
Barry Salzberg
Corporate Director
$250K
64
3.7 yrs
Vance Opperman
Lead Independent Director
$350K
75
6.3 yrs
Peter Thomson
Director
$200K
53
24.3 yrs
Wulf von Schimmelmann
Corporate Director
$200K
71
7.8 yrs
Who owns this company?
Recent Insider Trading
- Thomson Reuters insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (CA$) | Value (CA$) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 17. May 19 | Sell | Marc Gold | Individual | 17. May 19 | 17. May 19 | -3,548 | CA$87.89 | CA$-311,774 | ||
| 22. Mar 19 | Sell | Stewart Beaumont | Individual | 18. Mar 19 | 18. Mar 19 | -5,212 | CA$74.98 | CA$-390,831 | ||
| 22. Mar 19 | Sell | Charlotte Rushton | Individual | 21. Mar 19 | 21. Mar 19 | -2,145 | CA$76.85 | CA$-164,851 | ||
| 20. Mar 19 | Sell | Brian Peccarelli | Individual | 19. Mar 19 | 19. Mar 19 | -19,579 | CA$75.61 | CA$-1,480,435 | ||
| 19. Mar 19 | Sell | Sean Cannizzaro | Individual | 18. Mar 19 | 18. Mar 19 | -380 | CA$75.05 | CA$-28,519 | ||
| 19. Mar 19 | Sell | Linda Walker | Individual | 19. Mar 19 | 19. Mar 19 | -11,832 | CA$75.49 | CA$-893,235 | ||
| 18. Mar 19 | Sell | Neil Masterson | Individual | 14. Mar 19 | 14. Mar 19 | -31,854 | CA$74.37 | CA$-2,369,074 | ||
| 18. Mar 19 | Sell | Brian Scanlon | Individual | 18. Mar 19 | 18. Mar 19 | -4,567 | CA$75.17 | CA$-343,302 | ||
| 11. Mar 19 | Sell | Brian Scanlon | Individual | 07. Mar 19 | 07. Mar 19 | -37,654 | CA$73.15 | CA$-2,754,463 | ||
| 11. Mar 19 | Buy | Brian Scanlon | Individual | 07. Mar 19 | 07. Mar 19 | 20,894 | CA$49.21 | CA$1,028,221 | ||
| 01. Mar 19 | Sell | Brian Peccarelli | Individual | 27. Feb 19 | 27. Feb 19 | -29,419 | CA$70.93 | CA$-2,086,794 | ||
| 11. Dec 18 | Sell | Stuart Corbin | Individual | 07. Dec 18 | 07. Dec 18 | -1,916 | CA$67.48 | CA$-129,296 | ||
| 11. Dec 18 | Sell | Marc Gold | Individual | 06. Dec 18 | 06. Dec 18 | -12,336 | CA$68.00 | CA$-838,235 | ||
| 11. Dec 18 | Buy | The Woodbridge Company Limited | Company | 06. Dec 18 | 07. Dec 18 | 123,700 | CA$67.47 | CA$8,324,302 | ||
| 07. Dec 18 | Sell | Stewart Beaumont | Individual | 07. Dec 18 | 07. Dec 18 | -9,900 | CA$67.84 | CA$-671,623 | ||
| 07. Dec 18 | Sell | Brian Peccarelli | Individual | 06. Dec 18 | 06. Dec 18 | -2 | CA$67.87 | CA$-136 | ||
| 06. Dec 18 | Buy | David Binet | Individual | 05. Dec 18 | 05. Dec 18 | 22,775 | CA$67.94 | CA$1,547,334 | ||
| 05. Dec 18 | Sell | Ruth Clamp-Held | Individual | 04. Dec 18 | 04. Dec 18 | -2,592 | CA$67.88 | CA$-175,933 | ||
| 13. Nov 18 | Sell | The Woodbridge Company Limited | Company | 09. Nov 18 | 09. Nov 18 | -789,455 | CA$69.94 | CA$-55,215,789 | ||
| 12. Nov 18 | Sell | Vance Sider | Individual | 08. Nov 18 | 08. Nov 18 | -434 | CA$68.98 | CA$-29,936 | ||
| 14. Sep 18 | Sell | Vance Sider | Individual | 12. Sep 18 | 13. Sep 18 | -81,477 | CA$65.41 | CA$-5,318,784 | ||
| 09. Aug 18 | Sell | Sean Cannizzaro | Individual | 09. Aug 18 | 09. Aug 18 | -484 | CA$60.70 | CA$-29,373 | ||
| 22. Jun 18 | Sell | David W. Craig | Individual | 21. Jun 18 | 21. Jun 18 | -8,479 | CA$59.08 | CA$-500,919 | ||
| 15. Jun 18 | Sell | Deirdre Stanley | Individual | 15. Jun 18 | 15. Jun 18 | -4,725 | CA$59.60 | CA$-281,588 | ||
| 13. Jun 18 | Sell | Deirdre Stanley | Individual | 12. Jun 18 | 12. Jun 18 | -6,624 | CA$58.02 | CA$-384,347 | ||
| 08. Jun 18 | Sell | Marc Gold | Individual | 08. Jun 18 | 08. Jun 18 | -14,526 | CA$58.03 | CA$-843,022 | ||
| 29. May 18 | Buy | The Woodbridge Company Limited | Company | 25. May 18 | 25. May 18 | 2,017 | CA$55.28 | CA$111,522 | ||
Management checks
We assess Thomson Reuters's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Thomson Reuters has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
News
Simply Wall St News
What Kind Of Shareholder Appears On The Thomson Reuters Corporation's (TSE:TRI) Shareholder Register?
Check out our latest analysis for Thomson Reuters TSX:TRI Ownership Summary, May 16th 2019 What Does The Institutional Ownership Tell Us About Thomson Reuters? … As you can see, institutional investors own 24% of Thomson Reuters. … Insider Ownership Of Thomson Reuters While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders.
Simply Wall St - – Full articleIs Thomson Reuters Corporation (TSE:TRI) As Strong As Its Balance Sheet Indicates?
Investors looking for stocks with high market liquidity and little debt on the balance sheet should consider Thomson Reuters Corporation (TSE:TRI). … With a market valuation of CA$41b, TRI is a safe haven in times of market uncertainty due to its strong balance sheet. … In times of low liquidity in the market, these firms won’t be left high and dry.
Simply Wall St - – Full articleBased On Its ROE, Is Thomson Reuters Corporation (TSE:TRI) A High Quality Stock?
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … Our data shows Thomson Reuters has a return on equity of 2.0% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleThomson Reuters Corporation (TSE:TRI) Might Not Be A Great Investment
Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Return On Capital Employed (ROCE): What is it? … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.
Simply Wall St - – Full articleWhy Thomson Reuters Corporation's (TSE:TRI) CEO Pay Matters To You
In 2012 Jim Smith was appointed CEO of Thomson Reuters Corporation (TSE:TRI). … This analysis aims first to contrast CEO compensation with other large companies. … At the time of writing our data says that Thomson Reuters Corporation has a market cap of CA$36b, and is paying total annual CEO compensation of US$10m.
Simply Wall St - – Full articleWhat Thomson Reuters Corporation's (TSE:TRI) ROE Can Tell Us
Over the last twelve months Thomson Reuters has recorded a ROE of 11%. … That means that for every CA$1 worth of shareholders' equity, it generated CA$0.11 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleHow Should Investors Feel About Thomson Reuters Corporation's (TSE:TRI) CEO Pay?
First, this article will compare CEO compensation with compensation at other large companies. … How Does Jim Smith's Compensation Compare With Similar Sized Companies. … According to our data, Thomson Reuters Corporation has a market capitalization of CA$33.0b, and pays its CEO total annual compensation worth US$10m.
Simply Wall St - – Full articleThomson Reuters Corporation (TSE:TRI): What You Have To Know Before Buying For The Upcoming Dividend
To qualify for the dividend check of US$0.34 per share, investors must have owned the shares prior to 15 August 2018, which is the last day the company's management will finalize their list of shareholders to which they will send dividend payments. … Is this future income stream a compelling catalyst for dividend investors to think about the stock as an investment today? … Is its earnings sufficient to payout dividend at the current rate
Simply Wall St - – Full articleShould You Be Tempted To Sell Thomson Reuters Corporation (TSE:TRI) Because Of Its PE Ratio?
Although some investors may jump to the conclusion that you should avoid the stock or sell if you own it, understanding the assumptions behind the P/E ratio might change your mind. … I will deconstruct the P/E ratio and highlight what you need to be careful of when using the P/E ratio … Check out our latest analysis for Thomson Reuters
Simply Wall St - – Full articleHow Does Thomson Reuters Corporation (TSE:TRI) Fare As A Dividend Stock?
In the past 10 years Thomson Reuters Corporation (TSE:TRI) has returned an average of 4.00% per year to investors in the form of dividend payouts. … Does Thomson Reuters tick all the boxes of a great dividend stock? … View our latest analysis for Thomson Reuters
Simply Wall St - – Full articleCompany Info
Description
Thomson Reuters Corporation provides news and information-based tools to professionals worldwide. It operates through five segments: Legal Professionals, Corporates, Tax Professionals, Reuters News, and Global Print. The Legal Professionals segment offers research and workflow products focusing on legal research and integrated legal workflow solutions that combine content, tools, and analytics. It serves law firms and governments. The Corporates segment provides a suite of services across legal, tax, regulatory, and compliance functions to corporate customers, including accounting firms. The Tax Professionals segment offers research and workflow products focusing on tax offerings and automating tax workflows to tax, accounting, and audit professionals in accounting firms, as well as governmental taxing authorities. The Reuters News segment provides trusted business, financial, and national and international news to professionals through desktop terminals and media organizations, as well as directly to consumers through reuters.com and Reuters TV. The Global Print segment offers legal and tax information primarily in print format to legal and tax professionals, governments, law schools, and corporations. The company was formerly known as The Thomson Corporation and changed its name to Thomson Reuters Corporation in April 2008. Thomson Reuters Corporation was founded in 1799 and is headquartered in Toronto, Canada. Thomson Reuters Corporation is a subsidiary of The Woodbridge Company Limited.
Details
| Name: | Thomson Reuters Corporation |
| TRI | |
| Exchange: | TSX |
| Founded: | 1799 |
| CA$43,619,065,199 | |
| 500,448,201 | |
| Website: | http://www.thomsonreuters.com |
| Address: |
Thomson Reuters Corporation 333 Bay Street, Suite 400, Toronto, Ontario, M5H 2R2, Canada |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| TSX | TRI | Corporation Common Shares | The Toronto Stock Exchange | CA | CAD | 06. Jun 1989 | |
| NYSE | TRI | Corporation Common Shares | New York Stock Exchange | US | USD | 06. Jun 1989 | |
| DB | TOCB | Corporation Common Shares | Deutsche Boerse AG | DE | EUR | 06. Jun 1989 | |
| BST | TOCB | Corporation Common Shares | Boerse-Stuttgart | DE | EUR | 06. Jun 1989 | |
| DUSE | TOCB | Corporation Common Shares | Dusseldorf Stock Exchange | DE | EUR | 06. Jun 1989 | |
| LSE | 0Q89 | Corporation Common Shares | London Stock Exchange | GB | CAD | 06. Jun 1989 |
Number of employees
Current staff
Industry
| Research and Consulting Services | |
| Commercial Services |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/05/24 23:47 |
| End of day share price update: | 2019/05/24 00:00 |
| Last estimates confirmation: | 2019/05/23 |
| Last earnings filing: | 2019/05/13 |
| Last earnings reported: | 2019/03/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
