RELX PLC: Strategic developments - we are increasingly confident STM will make the LEAP to 8% growth; H1 preview

Research evidence excerpt

RELX PLC: Strategic developments - we are increasingly confident STM will make the LEAP to 8% growth; H1 preview

C A Z E N O V E Europe Equity Research

21 July 2026

RELX PLC Overweight

REL.L, REL LN

Strategic developments - we are increasingly confident Price (20 Jul 26):2,518p

STM will make the LEAP to 8% growth; H1 preview Price Target (Dec-27):5,070p

RELX will report H1 results on Thursday. We forecast 7% organic growth and European Media

AC30bp of margin improvement and expect RELX to re-iterate its FY and mid-term Daniel Kerven

guidance for improving growth. We see scope for STM’s subscription-based (44-20) 7134-3057

growth to tick up to 6% in H1, rather than having to wait until H2. We trim our FY daniel.kerven@jpmorgan.com

forecasts by 1% to reflect dollar strength & temporary disruption to exhibitions in J.P. Morgan Securities plc

the Middle East. Specialist Sales contact details:

We continue to believe group organic growth will accelerate to 8% from next year Scott Silver - Specialist Sales -

European TMT

driven by mix and an AI driven acceleration to legal and STM. RELX trades on (44-20) 7134-0412

16x, an unwarranted 30% discount to US peers in our view. Through a combination scott.silver@jpmorgan.com

of growth, consistent 95-100% cash conversion, dividends & buybacks, RELX

Key Changes (FYE Dec)

trades on just 9.5x earnings by 2030E; we believe 25x would better reflect its

Prev Cur Δ

quality and growth and would suggest 2.5x upside. Adj. EPS - 26E (p) 140.42 139.61 -0.6%

Adj. EPS - 27E (p) 158.42 156.72 -1.1%

Our confidence in the continued improvement in RELX’s Legal and STM growth Adj. EBIT - 26E (£ mn) 3,577 3,535 -1.2%

is reinforced by three important strategic developments in Q2: Adj. EBIT - 27E (£ mn) 3,857 3,814 -1.1%

Adj.