DDM Analysis: TRI

Valuation Snapshot

Stable Growth	$48.04 - $81.08	$62.48
Multi-Stage	$58.75 - $64.23	$61.44
Blended Fair Value	$61.96
Current Price	$155.33
Upside	-60.11%
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	8.84%	8.84%	8.84%
Growth Rate	2.21%	3.21%	4.21%
Fair Value	$48.04	$62.48	$81.08
Upside / Downside	-69.07%	-59.78%	-47.80%

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	8.84%	8.84%	8.84%
Growth Rate	2.21%	3.21%	4.21%
Year 1 PV (M)	1,055.47	1,065.79	1,076.12
Year 2 PV (M)	1,091.95	1,113.42	1,135.10
Year 3 PV (M)	1,120.07	1,153.27	1,187.12
Year 4 PV (M)	1,140.70	1,186.00	1,232.64
Year 5 PV (M)	1,154.66	1,212.26	1,272.14
PV of Terminal Value (M)	20,919.24	21,962.82	23,047.64
Equity Value (M)	26,482.09	27,693.57	28,950.76
Shares Outstanding (M)	450.73	450.73	450.73
Fair Value	$58.75	$61.44	$64.23
Upside / Downside	-62.17%	-60.44%	-58.65%

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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

High-Yield Dividend Screener