DDM Analysis: TRI

Valuation Snapshot

Stable Growth	$44.85 - $73.59	$57.65
Multi-Stage	$54.20 - $59.22	$56.67
Blended Fair Value	$57.16
Current Price	$155.33
Upside	-63.20%
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	9.32%	9.32%	9.32%
Growth Rate	2.21%	3.21%	4.21%
Fair Value	$44.85	$57.65	$73.59
Upside / Downside	-71.12%	-62.88%	-52.63%

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	9.32%	9.32%	9.32%
Growth Rate	2.21%	3.21%	4.21%
Year 1 PV (M)	1,050.91	1,061.19	1,071.47
Year 2 PV (M)	1,082.54	1,103.83	1,125.32
Year 3 PV (M)	1,105.62	1,138.39	1,171.80
Year 4 PV (M)	1,121.13	1,165.65	1,211.49
Year 5 PV (M)	1,129.94	1,186.31	1,244.91
PV of Terminal Value (M)	18,941.31	19,886.22	20,868.47
Equity Value (M)	24,431.45	25,541.59	26,693.46
Shares Outstanding (M)	450.73	450.73	450.73
Fair Value	$54.20	$56.67	$59.22
Upside / Downside	-65.10%	-63.52%	-61.87%

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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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