DDM Analysis: TRI

Valuation Snapshot

Stable Growth	$75.17 - $167.72	$108.64
Multi-Stage	$101.08 - $110.84	$105.87
Blended Fair Value	$107.25
Current Price	$155.33
Upside	-30.95%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.70%	-0.91%	1.99	2.00	1.78	1.70	1.71	1.58	1.89	2.20	2.15	2.07
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

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	351.40	219.63	131.78
Cash Retained (M)	747.36	747.36	747.36
(-) Cash Required (M)	-351.40	-219.63	-131.78
(=) Excess Retained (M)	395.96	527.73	615.58
(/) Shares Outstanding (M)	450.73	450.73	450.73
(=) Excess Retained per Share	0.88	1.17	1.37
LTM Dividend per Share	2.24	2.24	2.24
(+) Excess Retained per Share	0.88	1.17	1.37
(=) Adjusted Dividend	3.12	3.41	3.61
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	2.21%	3.21%	4.21%
Fair Value	$75.17	$108.64	$167.72
Upside / Downside	-51.61%	-30.06%	7.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,757.00	1,813.38	1,871.57	1,931.63	1,993.61	2,057.58	2,119.31
Payout Ratio	57.46%	63.97%	70.48%	76.99%	83.49%	90.00%	92.50%
Projected Dividends (M)	1,009.64	1,160.04	1,319.05	1,487.07	1,664.52	1,851.82	1,960.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	2.21%	3.21%	4.21%
Year 1 PV (M)	1,079.20	1,089.76	1,100.32
Year 2 PV (M)	1,141.62	1,164.06	1,186.73
Year 3 PV (M)	1,197.35	1,232.83	1,269.02
Year 4 PV (M)	1,246.82	1,296.34	1,347.32
Year 5 PV (M)	1,290.46	1,354.83	1,421.75
PV of Terminal Value (M)	39,605.47	41,581.23	43,635.07
Equity Value (M)	45,560.91	47,719.06	49,960.21
Shares Outstanding (M)	450.73	450.73	450.73
Fair Value	$101.08	$105.87	$110.84
Upside / Downside	-34.92%	-31.84%	-28.64%

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Thomson Reuters Corporation (TRI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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