DB Media & Online #what's appening: RELX/H1-26 preview, BNJ/credit rating, DATA/share buyback, WPP

研报英文原文证据摘录

DB Media & Online #what's appening: RELX/H1-26 preview, BNJ/credit rating, DATA/share buyback, WPP

Deutsche Bank

Research

Europe Industry Date

Netherlands 23 June 2026

United Kingdom DB Media & Online

Periodical

Media and Online #what's appening

RELX/H1-26 preview, BNJ/credit rating,

DATA/share buyback, WPP

Silvia Cuneo

Newsflow, overnight research, valuation comps - if you'd like to discuss any of the

Research Analyst

following in more detail or require models, please get in touch with Gareth, Nizla, +44-20-754-73770

Steve or Annabel. Our contact details are listed in the right-hand margin.

Nizla Naizer

Relx PLC (Steve Liechti): 1H26 thoughts. Buy +44-20-754-12403

We preview 1H figures due 23 July. Recent meetings with REL management

Gareth Davies

underpinned our positive view on strategic positioning and trading. For 1H26E,

we forecast good +7% LFL revenue growth, with STM growth upside 2H weighted

+44-20-754-11560

in our model and some near term Middle East disruption in Events. BUY - we see

good value given solid/consistent LFL revenue growth with AI worries Steve Liechti

overplayed. RELX looks well positioned to leverage its high-quality proprietary Research Analyst

+44-20-7541-1549

content and big model playbook, sitting on well invested big data infrastructure

that LLMs/open market models would fail access or replicate. PT 3050p Annabel Hames

(unchanged). Research Analyst

+44-20-754-11574

Key 1H26E forecasts: good LFL revenue growth and steady margin progression. Tarun Mittal

We forecast 1H26E revenue £4867m (+3%) with LFL +7% and group adj OP Research Associate

£1699m (+3%) – margin 34.9% (1H25 34.8%). This gives adj PTP £1550m (+2%)

with interest payable up yoy but below 2H26E sequentially, with adj BASIC EPS Shrishti Shubham