RBC Capital analysts provided their key takeaways from Thomson Reuters Corporation (NYSE:TRI) investor meeting, noting they view the company as a high-quality core holding with both growth and defensive attributes.
The analysts believe the company has the ability to deliver average annual total returns of approximately 10—15% over the longer term and has entered a new phase of 8—12% annual dividend growth underpinned by a step-up in free cash flow generation driven by the ongoing Change Program.
According to the analysts, the company remains on track to meet its upwardly revised financial outlook for 2022 and 2023 despite rising macro uncertainty.
The company reiterated previously provided guidance for Q3/22 and 2022, noting no material signs of a slowdown across its businesses. Notwithstanding any major realized cyclical headwinds, management remains confident in delivering above 5%-6% organic revenue growth through 2023 and beyond.