Thomson Reuters Corporation
TSX-TRI
BUILD UP FREE CASH | 2022-12-31 (A) | 2023-12-31 (A) | 2024-12-31 (A) | 2025-12-31 (E) | 2026-12-31 (E) | 2027-12-31 (E) | 2028-12-31 (E) | 2029-12-31 (E) |
|---|---|---|---|---|---|---|---|---|
Revenue | 6,627 | 6,794 | 7,258 | 7,477.1 | 8,053 | 8,711 | 8,711 | 8,711 |
Revenue % Chg. | 4.4% | 2.5% | 6.8% | |||||
EBIT | 1,777 | 1,923 | 1,889 | 2,230.6 | 2,501.5 | 2,746.7 | 2,746.7 | 2,746.7 |
EBIT Margin | 26.8% | 28.3% | 26% | |||||
Tax Rate | 15.7% | 13.6% | -5.9% | |||||
NOPAT | 1,498.1 | 1,661.2 | 2,001.3 | 1,809.9 | 2,026.2 | 2,224.8 | 2,224.8 | 2,224.8 |
NOPAT Margin | 22.6% | 24.5% | 27.6% | 24.2% | 25.2% | 25.5% | 25.5% | 25.5% |
D&A | 239 | 213 | 204 | 872.3 | 880.8 | 928 | 928 | 928 |
D&A / Revenue | 3.6% | 3.1% | 2.8% | |||||
Capex | -595 | -544 | -607 | -622.8 | -649 | -675.3 | -675.3 | -675.3 |
Capex / Revenue | -9% | -8% | -8.4% | |||||
Chg. NWC | 8 | 457 | 176 | 231.1 | 248.9 | 269.2 | 269.2 | 269.2 |
Chg. NWC / Revenue | 0.1% | 6.7% | 2.4% | |||||
Unlevered FCF (UFCF) | 1,150.1 | 1,787.2 | 1,774.3 | 2,290.5 | 2,506.9 | 2,746.7 | 2,746.7 | 2,746.7 |
UFCF % Chg. | -33.8% | 55.4% | -0.7% | 29.1% | 9.4% | 9.6% | — | — |
PV of UFCF | — | — | — | 2,112.2 | 2,132 | 2,154.2 | 1,986.5 | 1,832 |
Sum of PV of UFCF | — | — | — | 2,112.2 | 4,244.2 | 6,398.3 | 8,384.9 | 10,216.9 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 4.9% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 8.6% |
| Total Debt | 3,097 |
| Market Cap | 59,724.7 |
| Total Capital | 62,821.7 |
| Debt Weighting | 4.9% |
| Equity Weighting | 95.1% |
| WACC | 8.4% |
| Exit Multiple EV/FCF | |
| Terminal Value | 61,432.1 |
| PV of Terminal Value | 37,785 |
| Cumulative PV of UFCF | 10,216.9 |
| Net Debt | 1,711 |
| Equity Value | 46,290.9 |
| Shares Outstanding | 446.7 |
| Implied Share Price | 103.6 |
| Current Share Price | 133.7 |
| Implied Upside / (Downside) | -22.5% |