Definitive Analysis
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Definitive Analysis

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Thomson Reuters Corporation (TRI)

Company Dividend Discount ModelIndustry: Specialty Business ServicesSector: Industrials

Valuation Snapshot

Stable Growth$75.17 - $167.74$108.65
Multi-Stage$101.09 - $110.85$105.88
Blended Fair Value$107.26
Current Price$155.33
Upside-30.95%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.70%-0.91%1.992.001.781.701.711.581.892.202.152.07
YoY Growth---0.51%12.77%4.54%-0.31%7.61%-16.38%-13.76%2.29%3.78%-5.28%
Dividend Yield--1.15%1.29%1.32%1.51%1.88%2.25%3.08%4.97%4.35%4.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,757.00
(-) Cash Dividends Paid (M)1,009.64
(=) Cash Retained (M)747.36
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)351.40219.63131.78
Cash Retained (M)747.36747.36747.36
(-) Cash Required (M)-351.40-219.63-131.78
(=) Excess Retained (M)395.96527.73615.58
(/) Shares Outstanding (M)450.73450.73450.73
(=) Excess Retained per Share0.881.171.37
LTM Dividend per Share2.242.242.24
(+) Excess Retained per Share0.881.171.37
(=) Adjusted Dividend3.123.413.61
WACC / Discount Rate6.45%6.45%6.45%
Growth Rate2.21%3.21%4.21%
Fair Value$75.17$108.65$167.74
Upside / Downside-51.61%-30.05%7.99%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,757.001,813.381,871.571,931.631,993.612,057.582,119.31
Payout Ratio57.46%63.97%70.48%76.99%83.49%90.00%92.50%
Projected Dividends (M)1,009.641,160.041,319.051,487.071,664.521,851.821,960.36

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.45%6.45%6.45%
Growth Rate2.21%3.21%4.21%
Year 1 PV (M)1,079.201,089.761,100.32
Year 2 PV (M)1,141.621,164.071,186.74
Year 3 PV (M)1,197.351,232.841,269.03
Year 4 PV (M)1,246.831,296.351,347.33
Year 5 PV (M)1,290.471,354.851,421.77
PV of Terminal Value (M)39,608.7241,584.6543,638.65
Equity Value (M)45,564.2147,722.5349,963.84
Shares Outstanding (M)450.73450.73450.73
Fair Value$101.09$105.88$110.85
Upside / Downside-34.92%-31.84%-28.64%

High-Yield Dividend Screener

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