1H26 thoughts. Buy

研报英文原文证据摘录

1H26 thoughts. Buy

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy Relx PLC 23 June 2026

Company Update

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 19 Jun 2026 (GBP) 2,377.00

REL.L REL LN LSE REL

Price Target (GBP) 3,050.00

Media and Online

Publishing ADR ISIN 52-week range (GBP) 4,012.002,013.00-

RUK US7582052079

Valuation & Risks

Steve Liechti

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

Research Analyst

underpinned our positive view on strategic positioning and trading. For 1H26E, +44-20-7541-1549

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

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

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

+44-20-754-11560

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

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

that LLMs/open market models would fail access or replicate. PT 3050p Research Analyst

(unchanged). +44-20-754-11574

Price/price relative

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

We forecast 1H26E revenue £4867m (+3%) with LFL +7% and group adj OP 6000

£1699m (+3%) – margin 34.9% (1H25 34.8%). This gives adj PTP £1550m (+2%) 4000

with interest payable up yoy but below 2H26E sequentially, with adj BASIC EPS 2000

66.8p (+5%) helped by share buybacks. 1H DPS is +7%. We do not forecast net debt 0

by half year but expect 1H gearing to be higher - to the top of the REL ‘typical range’ 2024 2025 2026

at 2.0 to 2.5x (vs FY26E at the bottom) given 1H share buybacks and payment of the Relx PLC – (Rebased)

final FY25 dividend in 1H.

Performance (%) 1m 3m 12m