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...
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