Intrinsic value of Thomson Reuters - TRI

Previous Close

$47.93

  Intrinsic Value

$38.04

stock screener

  Rating & Target

sell

-21%

Previous close

$47.93

 
Intrinsic value

$38.04

 
Up/down potential

-21%

 
Rating

sell

We calculate the intrinsic value of TRI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 34.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  11,560
  11,826
  12,129
  12,471
  12,849
  13,264
  13,715
  14,204
  14,731
  15,296
  15,901
  16,547
  17,234
  17,964
  18,739
  19,560
  20,429
  21,349
  22,320
  23,345
  24,427
  25,569
  26,772
  28,039
  29,374
  30,779
  32,259
  33,815
  35,453
  37,175
Variable operating expenses, $m
  10,071
  10,253
  10,460
  10,693
  10,951
  11,234
  11,542
  11,876
  12,236
  12,621
  10,853
  11,293
  11,762
  12,261
  12,789
  13,350
  13,943
  14,571
  15,233
  15,933
  16,672
  17,451
  18,272
  19,137
  20,048
  21,007
  22,017
  23,079
  24,197
  25,373
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  10,071
  10,253
  10,460
  10,693
  10,951
  11,234
  11,542
  11,876
  12,236
  12,621
  10,853
  11,293
  11,762
  12,261
  12,789
  13,350
  13,943
  14,571
  15,233
  15,933
  16,672
  17,451
  18,272
  19,137
  20,048
  21,007
  22,017
  23,079
  24,197
  25,373
Operating income, $m
  1,489
  1,573
  1,669
  1,778
  1,898
  2,030
  2,173
  2,328
  2,495
  2,675
  5,048
  5,253
  5,472
  5,703
  5,949
  6,210
  6,486
  6,778
  7,086
  7,412
  7,756
  8,118
  8,500
  8,902
  9,326
  9,772
  10,242
  10,736
  11,256
  11,803
EBITDA, $m
  4,070
  4,164
  4,271
  4,391
  4,524
  4,670
  4,829
  5,002
  5,187
  5,386
  5,599
  5,826
  6,068
  6,326
  6,598
  6,888
  7,194
  7,517
  7,859
  8,220
  8,602
  9,003
  9,427
  9,873
  10,343
  10,838
  11,359
  11,907
  12,484
  13,090
Interest expense (income), $m
  347
  401
  416
  433
  452
  474
  498
  524
  553
  584
  618
  654
  693
  734
  778
  825
  874
  926
  982
  1,041
  1,103
  1,168
  1,237
  1,310
  1,387
  1,468
  1,553
  1,643
  1,737
  1,836
  1,941
Earnings before tax, $m
  1,087
  1,157
  1,237
  1,326
  1,424
  1,532
  1,649
  1,775
  1,911
  2,057
  4,394
  4,561
  4,738
  4,925
  5,125
  5,336
  5,560
  5,796
  6,046
  6,309
  6,587
  6,881
  7,190
  7,515
  7,858
  8,219
  8,599
  8,999
  9,419
  9,862
Tax expense, $m
  294
  312
  334
  358
  384
  414
  445
  479
  516
  555
  1,186
  1,231
  1,279
  1,330
  1,384
  1,441
  1,501
  1,565
  1,632
  1,704
  1,779
  1,858
  1,941
  2,029
  2,122
  2,219
  2,322
  2,430
  2,543
  2,663
Net income, $m
  794
  845
  903
  968
  1,040
  1,118
  1,203
  1,296
  1,395
  1,501
  3,208
  3,329
  3,458
  3,596
  3,741
  3,895
  4,059
  4,231
  4,413
  4,606
  4,809
  5,023
  5,248
  5,486
  5,736
  6,000
  6,277
  6,569
  6,876
  7,199

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  27,009
  27,630
  28,340
  29,137
  30,020
  30,990
  32,045
  33,187
  34,418
  35,739
  37,152
  38,660
  40,266
  41,972
  43,782
  45,701
  47,732
  49,880
  52,149
  54,545
  57,074
  59,740
  62,550
  65,512
  68,630
  71,914
  75,370
  79,007
  82,834
  86,858
Adjusted assets (=assets-cash), $m
  27,009
  27,630
  28,340
  29,137
  30,020
  30,990
  32,045
  33,187
  34,418
  35,739
  37,152
  38,660
  40,266
  41,972
  43,782
  45,701
  47,732
  49,880
  52,149
  54,545
  57,074
  59,740
  62,550
  65,512
  68,630
  71,914
  75,370
  79,007
  82,834
  86,858
Revenue / Adjusted assets
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
Average production assets, $m
  12,010
  12,287
  12,602
  12,957
  13,350
  13,781
  14,250
  14,758
  15,306
  15,893
  16,521
  17,192
  17,906
  18,664
  19,470
  20,323
  21,226
  22,181
  23,190
  24,256
  25,380
  26,566
  27,816
  29,132
  30,519
  31,980
  33,517
  35,134
  36,836
  38,625
Working capital, $m
  -1,040
  -1,064
  -1,092
  -1,122
  -1,156
  -1,194
  -1,234
  -1,278
  -1,326
  -1,377
  -1,431
  -1,489
  -1,551
  -1,617
  -1,686
  -1,760
  -1,839
  -1,921
  -2,009
  -2,101
  -2,198
  -2,301
  -2,409
  -2,524
  -2,644
  -2,770
  -2,903
  -3,043
  -3,191
  -3,346
Total debt, $m
  7,697
  8,012
  8,371
  8,774
  9,221
  9,712
  10,246
  10,824
  11,447
  12,115
  12,830
  13,593
  14,405
  15,269
  16,185
  17,156
  18,183
  19,270
  20,418
  21,631
  22,910
  24,259
  25,682
  27,180
  28,758
  30,420
  32,168
  34,009
  35,945
  37,981
Total liabilities, $m
  13,666
  13,981
  14,340
  14,743
  15,190
  15,681
  16,215
  16,793
  17,416
  18,084
  18,799
  19,562
  20,374
  21,238
  22,154
  23,125
  24,152
  25,239
  26,387
  27,600
  28,879
  30,228
  31,651
  33,149
  34,727
  36,389
  38,137
  39,978
  41,914
  43,950
Total equity, $m
  13,342
  13,649
  14,000
  14,394
  14,830
  15,309
  15,830
  16,395
  17,003
  17,655
  18,353
  19,098
  19,891
  20,734
  21,628
  22,576
  23,580
  24,641
  25,762
  26,945
  28,194
  29,512
  30,900
  32,363
  33,903
  35,526
  37,233
  39,030
  40,920
  42,908
Total liabilities and equity, $m
  27,008
  27,630
  28,340
  29,137
  30,020
  30,990
  32,045
  33,188
  34,419
  35,739
  37,152
  38,660
  40,265
  41,972
  43,782
  45,701
  47,732
  49,880
  52,149
  54,545
  57,073
  59,740
  62,551
  65,512
  68,630
  71,915
  75,370
  79,008
  82,834
  86,858
Debt-to-equity ratio
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
  0.650
  0.660
  0.670
  0.690
  0.700
  0.710
  0.720
  0.740
  0.750
  0.760
  0.770
  0.780
  0.790
  0.800
  0.810
  0.820
  0.830
  0.840
  0.850
  0.860
  0.860
  0.870
  0.880
  0.890
Adjusted equity ratio
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  794
  845
  903
  968
  1,040
  1,118
  1,203
  1,296
  1,395
  1,501
  3,208
  3,329
  3,458
  3,596
  3,741
  3,895
  4,059
  4,231
  4,413
  4,606
  4,809
  5,023
  5,248
  5,486
  5,736
  6,000
  6,277
  6,569
  6,876
  7,199
Depreciation, amort., depletion, $m
  2,582
  2,591
  2,602
  2,613
  2,626
  2,641
  2,657
  2,673
  2,692
  2,711
  551
  573
  597
  622
  649
  677
  708
  739
  773
  809
  846
  886
  927
  971
  1,017
  1,066
  1,117
  1,171
  1,228
  1,288
Funds from operations, $m
  3,375
  3,436
  3,504
  3,581
  3,666
  3,759
  3,860
  3,969
  4,087
  4,213
  3,759
  3,902
  4,055
  4,218
  4,390
  4,573
  4,766
  4,970
  5,186
  5,414
  5,655
  5,908
  6,176
  6,457
  6,754
  7,066
  7,395
  7,740
  8,104
  8,487
Change in working capital, $m
  -20
  -24
  -27
  -31
  -34
  -37
  -41
  -44
  -47
  -51
  -54
  -58
  -62
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -103
  -108
  -114
  -120
  -126
  -133
  -140
  -147
  -155
Cash from operations, $m
  3,396
  3,460
  3,532
  3,612
  3,700
  3,796
  3,901
  4,013
  4,134
  4,264
  3,813
  3,960
  4,117
  4,283
  4,460
  4,647
  4,844
  5,053
  5,274
  5,507
  5,752
  6,011
  6,284
  6,571
  6,874
  7,192
  7,528
  7,880
  8,251
  8,642
Maintenance CAPEX, $m
  -393
  -400
  -410
  -420
  -432
  -445
  -459
  -475
  -492
  -510
  -530
  -551
  -573
  -597
  -622
  -649
  -677
  -708
  -739
  -773
  -809
  -846
  -886
  -927
  -971
  -1,017
  -1,066
  -1,117
  -1,171
  -1,228
New CAPEX, $m
  -232
  -276
  -316
  -355
  -393
  -431
  -469
  -508
  -547
  -587
  -628
  -671
  -714
  -759
  -805
  -853
  -903
  -955
  -1,009
  -1,066
  -1,124
  -1,186
  -1,250
  -1,317
  -1,387
  -1,460
  -1,537
  -1,617
  -1,702
  -1,790
Cash from investing activities, $m
  -625
  -676
  -726
  -775
  -825
  -876
  -928
  -983
  -1,039
  -1,097
  -1,158
  -1,222
  -1,287
  -1,356
  -1,427
  -1,502
  -1,580
  -1,663
  -1,748
  -1,839
  -1,933
  -2,032
  -2,136
  -2,244
  -2,358
  -2,477
  -2,603
  -2,734
  -2,873
  -3,018
Free cash flow, $m
  2,771
  2,783
  2,807
  2,837
  2,875
  2,920
  2,972
  3,030
  3,095
  3,166
  2,655
  2,739
  2,830
  2,928
  3,033
  3,145
  3,264
  3,391
  3,525
  3,668
  3,819
  3,979
  4,149
  4,327
  4,516
  4,715
  4,925
  5,146
  5,379
  5,624
Issuance/(repayment) of debt, $m
  263
  314
  359
  403
  447
  490
  534
  578
  623
  668
  715
  763
  812
  863
  916
  971
  1,028
  1,087
  1,148
  1,212
  1,279
  1,349
  1,422
  1,498
  1,578
  1,662
  1,749
  1,840
  1,936
  2,036
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  263
  314
  359
  403
  447
  490
  534
  578
  623
  668
  715
  763
  812
  863
  916
  971
  1,028
  1,087
  1,148
  1,212
  1,279
  1,349
  1,422
  1,498
  1,578
  1,662
  1,749
  1,840
  1,936
  2,036
Total cash flow (excl. dividends), $m
  3,034
  3,098
  3,166
  3,241
  3,322
  3,411
  3,506
  3,608
  3,718
  3,834
  3,370
  3,502
  3,642
  3,791
  3,949
  4,115
  4,291
  4,477
  4,674
  4,881
  5,099
  5,329
  5,571
  5,826
  6,094
  6,376
  6,674
  6,986
  7,315
  7,661
Retained Cash Flow (-), $m
  -265
  -307
  -351
  -394
  -436
  -479
  -521
  -564
  -608
  -653
  -698
  -745
  -793
  -843
  -894
  -948
  -1,003
  -1,061
  -1,121
  -1,184
  -1,249
  -1,317
  -1,388
  -1,463
  -1,541
  -1,622
  -1,707
  -1,797
  -1,890
  -1,988
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  2,769
  2,791
  2,815
  2,847
  2,886
  2,932
  2,985
  3,044
  3,110
  3,182
  2,672
  2,757
  2,849
  2,948
  3,054
  3,168
  3,288
  3,416
  3,553
  3,697
  3,850
  4,011
  4,182
  4,363
  4,553
  4,754
  4,966
  5,190
  5,425
  5,672
Discount rate, %
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
  2,622
  2,489
  2,352
  2,214
  2,076
  1,938
  1,798
  1,659
  1,521
  1,383
  1,023
  920
  820
  723
  631
  544
  463
  389
  322
  262
  210
  165
  128
  97
  72
  52
  37
  25
  17
  11
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Thomson Reuters Corp (Thomson Reuters) is a Canada-based provider of news and information for professional markets. The Company is organized in three business units: Financial & Risk, Legal, and Tax & Accounting. The Financial & Risk unit is a provider of critical news, information and analytics, enabling transactions and connecting communities of trading, investment, financial and corporate professionals. The Legal unit is a provider of critical online and print information, decision tools, software and services that support legal, investigation, business and government professionals around the world. The Tax & Accounting unit is a provider of integrated tax compliance and accounting information, software and services for professionals in accounting firms, corporations, law firms and government. The Company also operates Reuters, Global Growth Organization (GGO) and Enterprise Technology & Operations (ET&O). Thomson Reuters operates in over 100 countries.

FINANCIAL RATIOS  of  Thomson Reuters (TRI)

Valuation Ratios
P/E Ratio 11.3
Price to Sales 3.1
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 11.7
Price to Free Cash Flow 16.8
Growth Rates
Sales Growth Rate -0.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -4.8%
Cap. Spend. - 3 Yr. Gr. Rate -2.1%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity 49.2%
Total Debt to Equity 58.4%
Interest Coverage 4
Management Effectiveness
Return On Assets 12.1%
Ret/ On Assets - 3 Yr. Avg. 8.3%
Return On Total Capital 14.9%
Ret/ On T. Cap. - 3 Yr. Avg. 9.6%
Return On Equity 24.4%
Return On Equity - 3 Yr. Avg. 15.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 92.5%
Gross Margin - 3 Yr. Avg. 92.2%
EBITDA Margin 26.3%
EBITDA Margin - 3 Yr. Avg. 29.1%
Operating Margin 12.4%
Oper. Margin - 3 Yr. Avg. 15.3%
Pre-Tax Margin 9.3%
Pre-Tax Margin - 3 Yr. Avg. 11.8%
Net Profit Margin 27.7%
Net Profit Margin - 3 Yr. Avg. 18%
Effective Tax Rate -1.4%
Eff/ Tax Rate - 3 Yr. Avg. 1.5%
Payout Ratio 31.7%

TRI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TRI stock intrinsic value calculation we used $11333 million for the last fiscal year's total revenue generated by Thomson Reuters. The default revenue input number comes from 0001 income statement of Thomson Reuters. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our TRI stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.6%, whose default value for TRI is calculated based on our internal credit rating of Thomson Reuters, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Thomson Reuters.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of TRI stock the variable cost ratio is equal to 87.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for TRI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Thomson Reuters.

Corporate tax rate of 27% is the nominal tax rate for Thomson Reuters. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the TRI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for TRI are equal to 103.9%.

Life of production assets of 76.4 years is the average useful life of capital assets used in Thomson Reuters operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for TRI is equal to -9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $13077 million for Thomson Reuters - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 709.302 million for Thomson Reuters is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Thomson Reuters at the current share price and the inputted number of shares is $34.0 billion.

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COMPANY NEWS

▶ Hedge Funds Are Dumping Thomson Reuters (TRI)   [Nov-11-18 09:06PM  Insider Monkey]
▶ Thomson Reuters Investor Day 2018   [Nov-08-18 04:15PM  PR Newswire]
▶ Thomson Reuters: 3Q Earnings Snapshot   [08:42AM  Associated Press]
▶ Thomson Reuters Announces Pricing for Debt Tender Offer   [Oct-03-18 02:15PM  PR Newswire]
▶ CANADA STOCKS-TSX futures lower on global cues   [Oct-02-18 07:34AM  Reuters]
▶ Thomson Reuters closes deal with Blackstone   [Oct-01-18 04:32PM  Reuters]
▶ Stocks Relieved as Tariffs Could've Been Worse   [Sep-19-18 09:15AM  Zacks]
▶ Refinitiv loan to launch September 4   [Aug-28-18 03:21PM  Reuters]
▶ IIROC Trading Halt - TRI   [11:06AM  CNW Group]
▶ Thomson Reuters: 2Q Earnings Snapshot   [08:26AM  Associated Press]
▶ FX trading volumes rebound in June after May dip   [Jul-09-18 11:38AM  Reuters]

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