RELX PLC: Risk Business Services: deep moats

研报英文原文证据摘录

RELX PLC: Risk Business Services: deep moats

Equity Research

European Media

14 May 2026

RELX PLC

Risk Business Services: deep

moats

Yesterday's session on Business Services in Risk fleshed out REL.L/REL LN OVERWEIGHT

content & tech moats, and measurable benefits for Unchanged

customers. This adds confidence to our view that Risk is European Media UnchangedNEUTRAL

unlikely to see negative AI impacts. If c.75% of RELX is Price Target GBp 3095

immune from AI risks, the shares are pricing notable declines Unchanged

in the rest. Price (13-May-26) GBp 2333 Potential Upside/Downside +32.7%

Source: Bloomberg, Barclays Research

At their investor session on Risk Business Services yesterday, RELX was convincing on the

staying power of growth at this unit (16% of group revenue and c.18% of group adjusted Market Cap (GBP mn) 41435

operating profit). They see these reasons why they are protected from AI risks and can Shares Outstanding (mn) 1776.06

continue to grow well: 1) very deep content moats with 10 different proprietary Free Float (%) 99.67

contributory databases driving a significant part of the value offered; 2) tech platform 52 Wk Avg Daily Volume (mn) 3.6

based on big data technology which can yield up the right data for machine-to-machine Dividend Yield (%) 2.89

decision-making, and has been tuned using their own data to improve over decades; 3) Return on Equity TTM (%) 70.63

significant underlying market drivers with fraud attacks growing (helped by AI) and a Current BVPS (GBp) 130

proliferation in the ways that consumers interact with financials services digitally; and 4) Source: Bloomberg

very measurable outcomes (fraud reduction, fewer false positives, operational efficiency)

which can show the customer that they are getting good value.