|Bid||88.60 x 0|
|Ask||88.66 x 0|
|Day's Range||88.30 - 90.48|
|52 Week Range||62.89 - 94.28|
|Beta (3Y Monthly)||0.36|
|PE Ratio (TTM)||13.34|
|Earnings Date||Oct 31, 2019|
|Forward Dividend & Yield||1.91 (2.14%)|
|1y Target Est||67.10|
Thomson Reuters Third-Quarter 2019 Earnings Announcement and Webcast Scheduled for October 31, 2019
TORONTO , Sept. 11, 2019 /PRNewswire/ -- Thomson Reuters (TSX/NYSE: TRI) today announced Tony Kinnear has been appointed president of its Legal Professionals customer segment, effective October 1, 2019 ...
Jim Smith has been the CEO of Thomson Reuters Corporation (TSE:TRI) since 2012. First, this article will compare CEO...
(Bloomberg Opinion) -- The London Stock Exchange’s trading failure on Friday came at a bad time for the markets but a relatively good time for its newish CEO David Schwimmer. The former Goldman Sachs Group Inc. banker has been enjoying a glorious honeymoon. It had to end at some point.The precise cause of the outage, fixed within an hour and 40 minutes, isn’t clear. But when trading isn’t available for such a long period after the scheduled open, something has gone badly wrong. Time for an investigation.Schwimmer’s mind has been on big strategic matters. That’s what bankers like to do. Last month’s $27 billion deal to acquire the data provider Refinitiv (which competes with Bloomberg LP, the parent of Bloomberg News) from a Blackstone Group LP-led consortium and Thomson Reuters Corp was widely applauded. It saves London Stock Exchange Group Plc’s investment case from being defined by worries about Brexit. As a result, Schwimmer has plenty of personal capital right now. It helps also that he is relatively new and was appointed after a period of board turmoil.Leading the LSE nevertheless requires operational expertise. Schwimmer ran teams in his previous career, but in taking this job he has chosen a life as a full-time operator. Day-to-day management is as important as the 10-year vision. The consequences of this outage could have been far worse: It's been a volatile week in financial markets. Fortunately, there was little market-moving news flow on Friday morning.The LSE is a relatively small company, with roughly 4,500 staff. It comprises semi-autonomous silos, partly the result of being assembled through acquisition. When the former CEO Xavier Rolet’s future was in doubt, investors were relaxed about the individual units being able to run themselves if there was a long wait for a successor.Maybe the LSE’s fragmented organizational structure and governance has nothing to do with Friday’s failure. However, the outage gives Schwimmer a good reason to probe whether operations are sufficiently robust and ask if operational expertise is fully shared across the entire group. While this is a dull job compared to transformational M&A, management so often is.Refinitiv takes the LSE into new rather than overlapping areas. A big integration looms, although with little overlap it may not hamper the enlarged group’s ability to deal with a mini-crisis like this one. The deal will also further diminish the revenue contribution from trading in the FTSE 100 and FTSE 250 stocks that were suspended on Friday. Cash equities will still be the disproportionate driver of the LSE’s corporate reputation. Failures are highly visible. The business requires disproportionate focus.A week ago, large parts of the U.K. – including elements of the London transport commuter network – were hit by a power cut. Memories of that are already fading. People tend to forget about temporary outages so long as they don’t repeat. But Schwimmer shouldn’t waste this opportunity to channel his gaze inwardly.To contact the author of this story: Chris Hughes at firstname.lastname@example.orgTo contact the editor responsible for this story: James Boxell at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
TORONTO, Aug. 14, 2019 /PRNewswire/ -- Thomson Reuters Corporation (TSX / NYSE: TRI) today announced that it has received approval from the Toronto Stock Exchange (TSX) for the annual renewal of its normal course issuer bid (NCIB). Under the renewed NCIB, up to 25 million common shares (representing approximately 5% of the company's total outstanding shares) may be repurchased between August 19, 2019 and August 18, 2020. For its NCIB that began on May 30, 2018 and expired on May 29, 2019, Thomson Reuters previously received approval from the TSX to repurchase up to 32,230,450 common shares (which reflects the company's share consolidation in November 2018).
A look at the shareholders of Thomson Reuters Corporation (TSE:TRI) can tell us which group is most powerful. Large...
Moody's Investors Service ("Moody's") placed Refinitiv US Holdings Inc.'s ("Refinitiv" or the "company") B3 Corporate Family Rating (CFR) and existing debt ratings on review for upgrade following the announcement that the company has entered into a definitive agreement to be acquired by London Stock Exchange Group plc ("LSEG") for approximately $27 billion in an all share transaction. The $27 billion purchase price reflects an EV/EBITDA multiple of 13x Refinitiv's as-reported adjusted EBITDA excluding run-rate cost synergies (or approximately 11x including run rate cost synergies) as of LTM 30 June 2019 based on Moody's calculations.
(Bloomberg Opinion) -- London Stock Exchange Group Plc has put another obstacle in the way of any bidder looking to buy the venerable bourse and stop its proposed $27 billion purchase of Refinitiv.On Thursday, LSE shares leapt again after the exchange confirmed its plans to buy the financial data provider and give its owners Blackstone Group LP and Thomson Reuters Corp. a 37% stake in the enlarged company. LSE stock is now 25% above its price before the transaction became public last week, lifting the company’s market value by about 5 billion pounds ($6.1 billion).It was already clear that the LSE is buying Refinitiv (which competes with Bloomberg LP, the parent of Bloomberg News) at an attractive valuation multiple. But there is some justification for renewed enthusiasm. LSE said it could reap 225 million pounds of annual revenue gains from the tie-up within five years, on top of the already announced 350 million pounds of cost savings.Assume a 50% margin on those extra sales and the financial benefits of the deal jump to more than 450 million pounds annually. Allow for integration costs and the long wait for full delivery and this uplift is worth perhaps 4 billion pounds, and will be shared with Blackstone and Thomson.Everything else about the transaction could be expected to exert a downward force on LSE’s stock price: It’s big, it’s different, it dilutes revenue growth and it will push leverage above three times Ebitda, normally a red line for shareholders. Returns look humdrum.If the cost synergies are convincing, the revenue profile of the combination is less easy to be sure about. Refinitiv, whose products include the Eikon terminal, is a mix of mature and growing businesses. LSE says the enlarged group’s sales will grow between 5% and 7% in the first three years after the deal closes. The bottom end of that range would represent something of a come-down for LSE, which grew revenue by 9% last year.Still, Thursday’s reaction suggests investors are relaxed about all this. They may also be giving LSE some credit for moving to a more predictable revenue base. Recurring income will account for about 69% of LSE’s total, up from 39%. And rather than fret about leverage, shareholders appear to be welcoming the earnings uplift from taking on debt. Analysts at Berenberg suggest CME Group Inc. and Intercontinental Exchange Inc. could be potential interlopers. They face a challenge. The rise in LSE’s stock over the last week is already close to the typical premium that would be demanded in a traditional takeover and investors could expect further gains if things go really well.A 198 million-pound break fee is no deterrent – but the approval timetable is. The LSE has chosen to hold its own shareholder vote on the deal before the year-end. If investors say yes, the exchange has to buy Refinitiv once regulatory approval comes through, assuming there’s no cunning legal get-out. That gives only a four-month window for any alternative deal to emerge.True, that sounds like a long time. But it forces interlopers to make a decision about buying the LSE at a time when the U.K.’s relationship with Europe is highly uncertain. That may give them pause. The LSE could have chosen to hold the shareholder vote after regulatory approvals were received – but a canny vendor like Blackstone would hardly have been willing to give the LSE a free option on the deal for more than a year. Still, December seems very soon. An interesting few months lie ahead.To contact the author of this story: Chris Hughes at firstname.lastname@example.orgTo contact the editor responsible for this story: Edward Evans at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Italian investment banker Matteo Canonaco brokered an introduction between David Craig, who at the time ran Thomson Reuters Corp's Financial and Risk division, the company that became Refinitiv last year, and Joseph Baratta, head of private equity at Blackstone Group Inc. The meeting would set in motion a sequence of events involving Blackstone, Refinitiv and LSE that led to a deal which was announced on Thursday. Craig and Canonaco, who now runs advisory firm Canson Capital Partners, pitched Baratta with an idea: The F&R unit would be better off split from Thomson Reuters, where the duo felt it was not getting enough investment, three sources with direct knowledge of the matter said.
LONDON/NEW YORK (Reuters) - Thomson Reuters Corp raised its sales and earnings outlook for 2019 and 2020 on Thursday after reporting 4% organic revenue growth in the second quarter, which it said was its best since 2008. The news and information provider also confirmed that, along with Blackstone, it had agreed to sell Refinitiv, which provides data and news to financial customers, to the London Stock Exchange in a $27-billion all-share deal. Growth in the second quarter was driven by recurring revenues at all three of its biggest units - Legal, Corporates and Tax & Accounting - since the news and information provider sold a majority in its Financial and Risk business, now known as Refinitiv, to Blackstone last year.
- Outlook raised for revenue growth and adjusted EBITDA - Agreement signed to sell Refinitiv business to London Stock Exchange Group TORONTO , Aug. 1, 2019 /PRNewswire/ -- Thomson Reuters (TSX/NYSE: TRI) ...
LONDON/NEW YORK (Reuters) - London Stock Exchange Group's $27 billion purchase of financial-data business Refinitiv has its origins in May 2013, amid the crocuses, champagne and corporate hobnobbing of the British capital's Chelsea Flower Show. Italian investment banker Matteo Canonaco brokered an introduction between David Craig, who at the time ran Thomson Reuters Corp's Financial and Risk division, the company that became Refinitiv last year, and Joseph Baratta, head of private equity at Blackstone Group Inc. The meeting would set in motion a sequence of events involving Blackstone, Refinitiv and LSE that led to a deal which was announced on Thursday.
(Bloomberg Opinion) -- The market’s positive reaction to London Stock Exchange Group Plc’s planned $27 billion takeover of Refinitiv is a sign investors think the U.K. bourse is getting a great deal. If that’s right, couldn’t buyout firm Blackstone Group LP, which is selling the data provider, drive a harder bargain?London Stock Exchange shares jumped as much as 16% on Monday morning, adding 3.1 billion pounds ($3.8 billion) to the group’s market value. One interpretation is that investors think the company is paying a low price for the former Financial & Risk division of Canadian information group Thomson Reuters Corp. (Bloomberg LP, the parent of Bloomberg News, competes with Refinitiv in providing financial news, data and information.)For LSE, a transaction of this scale isn’t without its risks – even if it intends to pay in shares rather than cash. Taking on Refinitiv’s net borrowings – $12 billion at Dec. 31 – could push leverage to comfortably over three times Ebitda at the point of completion, well above LSE’s target limit of two times. There’s also the risk of a distracting and lopsided integration: Refinitiv has 18,500 employees and LSE only 4,500.But the market judges that the strategic and financial benefits clearly outweigh the risks. The takeover would accelerate LSE’s transformation into a data provider from a trading platform. Financial information and index revenue would account for more than half of the group’s total after the deal, according to Bloomberg Intelligence.And the valuation put on Refinitiv is undemanding. The initial terms value it at 13 times adjusted 2018 Ebitda, according to JPMorgan Cazenove analysts. If you assume that the company’s future financial performance will benefit from Blackstone’s cost-cutting, the purchase price could be roughly 10 times underlying Ebitda for 2019 – about half the multiple at which LSE shares trade.Couldn’t Blackstone have pushed for a higher valuation – something closer to, say, $30 billion? True, it’s already doing well on the terms as proposed. The private equity firm’s consortium deployed $4 billion in equity and preferred stock when it bought a 55% stake in Refinitiv last year. As things stand, it would receive LSE shares worth more than double that based on their current price.But lock-ups will prevent Blackstone and its partners from cashing in their stakes in a hurry. LSE says this provision will involve a “long-term partnership”. If that is to be meaningful, the restriction would have to endure for the typical holding period for private equity investments, about five years. So the final internal rate of return on Refinitiv will be much lower than that implied by the preliminary terms of this deal.It would nevertheless be difficult for Blackstone to demand a higher price. The warm reaction of LSE shares makes it more likely that the exchange’s shareholders will approve the transaction. That should matter a lot to Blackstone, which has endured some knock-backs from the public markets recently – Scout24 AG shareholders recently rejected the buyout firm's offer as too low. Here the New York-based firm happens to be the vendor, but a transaction would still need to get the nod from LSE shareholders.Blackstone clients may wish the private equity firm was getting a bigger slice of the enlarged LSE. But the jump in the exchange’s shares – assuming it holds – should increase both the certainty of the deal completing and the value of it to them. Sometimes it pays to leave something on the table.To contact the author of this story: Chris Hughes at firstname.lastname@example.orgTo contact the editor responsible for this story: Edward Evans at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
U.S. buyout fund Blackstone Group Inc is expected to announce the merger of its majority-owned financial data firm Refinitiv with the London Stock Exchange Group Plc within a week, but the deal is expected to face a long antitrust review before it can close, four sources told Reuters. Negotiations on the $27 billion deal are at an advanced stage, with Blackstone, the LSE and Thomson Reuters Corp in broad agreement on the main aspects of the deal, the sources said, speaking on condition of anonymity. A formal announcement could come on Aug. 1 when the LSE publishes half-year results, two of the sources said.