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Narrow-Moat RELX Over the Hump

Michael Field, CFA Senior Equity Analyst

Analyst Note

| Michael Field, CFA |

Narrow-moat RELX printed a solid third quarter update. Organic revenue growth rose by 6% in the first nine months of year, with relatively broad-based growth across the divisions. This level of growth is roughly in line with our full expectations, so we do not expect to make any material changes to our group level forecasts at this point in time. We reiterate our GBX 1,615 fair value estimate and believe the shares represent little value currently, sitting more than 20% above their pre-pandemic levels.

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Company Profile

Business Description

RELX, formerly known as Reed Elsevier, is a FTSE 100 diversified information and analytics company. The firm operates across four main areas: scientific, technical, and medical (38% of 2020 sales); risk and business analytics (34%); legal (23%); and exhibitions (5%). RELX Group has three listings: its primary one in London and two more in New York and Amsterdam.

1-3 Strand
London, WC2N 5JR, United Kingdom
T +44 2071665500
Sector Communication Services
Industry Publishing
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 33,000