Thomson Reuters Corp

TRI: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 768.00	Djpnbkf	Tcnxxsvh

Thomson Reuters Mostly Steady in the Fourth Quarter

Rajiv Bhatia

Feb 10, 2023

Thomson Reuters was mostly steady in the fourth quarter. Revenue grew 6% organically to $1.77 billion, a tad bit below the FactSet estimate of $1.78 billion. Better-than-expected margins resulted in adjusted EPS of $0.73 topping the consensus estimate of $0.66. In 2023, Thomson Reuters still expects organic revenue growth of 5.5%-6.0% and adjusted EBITDA margins are expected to be 39%, which is essentially in line with the previous outlook of being on the low end of its 39%-40% range. Overall, there was little in the firm’s earnings release that would alter our long-term view of the firm and we will maintain our narrow moat rating and $109 fair value estimate.

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