RELX PLC “AI loser” sees another AI driven acceleration in its organic growth & margin improvement; The wrong price

研报英文原文证据摘录

RELX PLC “AI loser” sees another AI driven acceleration in its organic growth & margin improvement; The wrong price

C A Z E N O V E Europe Equity Research

23 July 2026

RELX PLC Overweight

REL.L, REL LN

“AI loser” sees another AI driven acceleration in its Price (22 Jul 26):2,454p

organic growth & margin improvement; The wrong price Price Target (Dec-27):5,070p

RELX does the double! With both STM and Legal growth stepping up, while also European Media

ACseeing stronger-than-expected margin expansion. H1 organic growth was 7% and Daniel Kerven

included an acceleration in its subscription-based STM and Legal growth. STM (44-20) 7134-3057

growth was 6% (cons. 5%) vs 5% in H1 last year and 4% in 2022 (“pre GenAI”), daniel.kerven@jpmorgan.com

while Legal was 10% (cons. 9%) vs 9% last year and 5% in 2022. Risk grew 8%. Mathilde Jorgensen

The operating margin improved by 70bps (cons. 30bps), driven by 70–80bps (44-20) 3493-4360

increases for Legal, STM and Risk, reflecting an AI-driven improvement in mathilde.jorgensen@jpmorgan.com

J.P. Morgan Securities plc

operational gearing. AI is accelerating the pace of new product development,

improving RELX’s value proposition to customers and expanding its addressable Specialist Sales contact details:

market as it adds intelligence and execution to its information, data and analytics.

Scott Silver - Specialist Sales -

This is not a one-time acceleration, but part of a 15-year journey driven by the European TMT

ongoing shift in its business mix towards higher-growth analytics and decision (44-20) 7134-0412

tools that deliver enhanced value. AI enables RELX to launch higher-value-added scott.silver@jpmorgan.com

products at a faster pace, and adds further impetus to “Moore’s law of innovation”. Recent research: