Intangible Valuation
Value, contrarian, coat tail rider, idiosyncratic research

Thomson Reuters: Big Without 'Scale,' But The Times Are Changing

Thomson Reuters Corp. (NYSE:TRI) is a 160-year-old news and financial information firm. It is the industry leader, or a close second, in many of its product categories. It is controlled by the Canadian firm Woodbridge (55% ownership). Being Canadian themselves, they file 40-Fs with the SEC and their accounting is in IFRS, the international accounting standard.

For such an old company, it is a sign of the times that they receive 91% of their 2013 revenues from information delivered electronically. Further, 87% of the company's revenues are recurring.

Some of the company's revenue sources are in decline (2013 40-F, p. 72):

The company still achieved $1.1 billion in free-cash-flow in 2013 (a 3.9% yield). Adjusted for a...

Join Seeking Alpha PRO to read this archived article and 11,574 other archived articles
IDEA GENERATORXExclusive access to 10 PRO ideas every day
INVESTING IDEAS LIBRARYXExclusive access to PRO library of more than 15,000 ideas
SECTOR EXPERT NETWORKXExclusive access to all sector experts for direct consultation
PERFORMANCE TRACKINGXTrack performance of all PRO stock ideas
PROFESSIONAL TOOLSXProfessional Idea Filters to zero-in based on industry, market cap and more
"In just the first month of using PRO, I used it to generate two ideas which were actionable for me. As a result of these two positions, I have earned more than 20 times the annual subscription costs for PRO."Michael Yagemann, Greenbridge Capital
"I am pleasantly surprised with the scope of small and mid-cap coverage PRO offers. You can't find that any where else."Patrick Rice, Mainstay Capital Management
You may cancel at any time for any reason, and receive a prompt refund for membership on months paid and not used (max. 6 months). Details