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.