Morningstar

Morningstar, Inc.

Equity Bottom-Up

Narrow-moat Thomson Reuters showed good progress with its business transformation efforts in the first quarter, posting 8% revenue growth and 2% operating profit growth compared with the year prior. Adjusted EPS, which excludes the discontinued financial and risk business, was $0.36 for the quarter, an improvement from fourth-quarter adjusted EPS of $0.20. Regarding expenses, management is expecting one-time costs of $330 million in 2019 and advised that 2020 should be the first year of…

Now that Thomson Reuters has shed 55% of its finance and risk business, it can get to work investing in its higher-return businesses in legal data and accounting software. Going forward, the company will be divided into five segments: Legal Professionals, Corporates, Tax Professionals, Reuters News, and Global Print. The company no longer reports its results based on products but on customer type. Legal professionals now accounts for more than half of the company’s operating income. Given…

Canada

Thomson Reuters Corporation provides business information services. The Company offers information-enabled software and tools for legal, tax, accounting, and compliance professionals. Thomson Reuters also provides news services worldwide.

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