Relx PLC: Content Enabled Growth Drivers

研报英文原文证据摘录

Relx PLC: Content Enabled Growth Drivers

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy Relx PLC 23 July 2026

Europe Reuters Bloomberg Rating Buy

United Kingdom REL.L REL LN Price target (GBX) 3,100 Price at 22 Jul 26 2,454

52-week range 3,972 – 2,013

Media and Online

Publishing Valuation & Risks

Content Enabled Growth Drivers

Steve Liechti

After strong 1H figures, the positive results call focused on content enabled AI Research Analyst

+44-20-7541-1549 workflow tools seeing strong take up and driving ongoing and future growth.

Rapid product introduction and increases in users/usage suggest that we are only Gareth Davies

at the beginning of the growth/upside journey according to RELX. We agree given Research Analyst

better 1H LFL revenue growth in key AI enabled divisions, and positive +44-20-754-11560

commentary on pace of change. BUY - we see good value given solid/consistent

Annabel Hames LFL revenue growth. AI worries look overplayed given RELX ability to leverage Research Analyst

high-quality proprietary content and well-invested big data infrastructure for +44-20-754-11574

embedded mission critical support that LLMs/open market models cannot access

or replicate. PT to 3100p from 3050p.

No material change to forecasts. Within the mix LFL revenue growth is roughly Key changes

unchanged with Legal LFL to +10% (+9% before) offset by Events now at +6% Price target (GBX) 3,050 3,100 2%

(+7.5% before) and slightly higher FX headwind (ex US$). STM LFL growth was

Source: Deutsche Bank

already at +6% for the FY (unchanged) and RISK is also unchanged at +8%. Group

AOP margin increases by 0.2% pts post a strong 1H performance (and arguably

still looks conservative subject to seasonal ups/downs). We forecast group LFL