RELX PLC (REL.L): Positive H1 reinforces confidence in organic sustainability

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RELX PLC (REL.L): Positive H1 reinforces confidence in organic sustainability

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24 Jul 2026 00:00:00 ET │ 17 pages

RELX PLC (REL.L)

Positive H1 reinforces confidence in organic sustainability

CITI'S TAKE

Buy We reiterate our Buy rating on RELX as the H1 results reinforce our

confidence in the sustainability of its organic growth and margin Price (23 Jul 26 16:30) £24.51

expansion. Accelerated growth in the Legal and STM divisions, supported Target price £28.70

by strong new sales and successful AI product innovation, underpins this Expected share price return 17.1%

positive outlook. We see upward pressure on consensus margin forecasts, Expected dividend yield 3.1%

prompting us to raise our FY26 and FY27 EPS estimates by 1% and 2%, Expected total return 20.2%

respectively. The stock's recent de-rating on AI concerns appears

Market Cap £42,932M overdone, with the shares now trading on 16x FY27E P/E; the risk/reward

US$57,422M is positively skewed given its defensive earnings profile and the improving

organic trends in H1 reducing AI-related concerns. We maintain our

2,870p target price.

Ciaran DonnellyAC

Confidence in sustainability of organic growth — Management was positive on the +44-207-508-3219

conference call about the sustainability of organic growth, following the acceleration ciaran.donnelly@citi.com

in organic growth in Legal to 10% (from 9%) and STM to 6% (from 5%). Management

Doyinsola Ojocommented the strong new sales in Risk, STM and Legal will support growth over

+44-20-7986-4112the coming years, although given the revenue model this improvement will come

through gradually. In the context of the acceleration in growth in Legal and STM, doyinsola.ojo@citi.com

management has reiterated its target of continuing to improve growth trajectory.