Definitive Analysis
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Definitive Analysis

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Company Industry Sector

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Margins Returns Growth Rates Metrics/Ratios

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Company Industry Sector

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Thomson Reuters Corporation (TRI)

Company Dividend Discount ModelIndustry: Specialty Business ServicesSector: Industrials

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%
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 Rate9.32%9.32%9.32%
Growth Rate2.21%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)
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 Rate9.32%9.32%9.32%
Growth Rate2.21%3.21%4.21%
Year 1 PV (M)1,050.911,061.191,071.47
Year 2 PV (M)1,082.541,103.831,125.32
Year 3 PV (M)1,105.621,138.391,171.80
Year 4 PV (M)1,121.131,165.651,211.49
Year 5 PV (M)1,129.941,186.311,244.91
PV of Terminal Value (M)18,941.3119,886.2220,868.47
Equity Value (M)24,431.4525,541.5926,693.46
Shares Outstanding (M)450.73450.73450.73
Fair Value$54.20$56.67$59.22
Upside / Downside-65.10%-63.52%-61.87%

High-Yield Dividend Screener

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