Visitor formulated correct conclusion, by the sound of it (5)
I believe the answer is:
guest
'visitor' is the definition.
(someone visiting a place)
'formulated correct conclusion by the sound of it' is the wordplay.
I cannot quite see how this works, but
'the' could be 't' (the is pronounced as a 't' sound in some dialects) and 't' is located in the answer.
'it' could be 'e' ('e' can mean 'electronic' which is similar to 'IT') and 'e' is found in the answer.
The remaining letters 'gus' is a valid word which might be clued in a way I don't understand.
This explanation may well be incorrect...
Can you help me to learn more?
(Other definitions for guest that I've seen before include "company" , "Visitant" , "One receiving hospitality" , "Invited visitor" , "Invited person" .)