Thomson Reuters Corp

TRI: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$189.00	Pzrpsw	Sxfhsygg

Thomson Reuters Earnings: Strong Underlying Revenue Trends Across the Firm's Segments

Rajiv Bhatia

May 2, 2024

Thomson Reuters reported a very good start to 2024. First-quarter organic revenue growth accelerated to 9% from 7% in the fourth quarter with organic growth particularly strong in corporate and tax and accounting professionals segments. While there were some one-time and seasonal items impacting growth that likely won’t occur in the rest of 2024, underlying trends were still strong, in our view. As we take up our revenue estimates, we are increasing our fair value estimate to $137 from $128 but still regard shares as pricey.

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