RELX Group PLC: AI drives acceleration but not yet the re-rating

研报英文原文证据摘录

RELX Group PLC: AI drives acceleration but not yet the re-rating

6E 139.80 139.27 -0 140.84

Reiterate Buy although the AI overhang persists 12/27E 156.88 156.63 -0 156.68

The divergence between RELX’s share price and earnings momentum continues to 12/28E 174.41 172.98 -1 175.45

widen. The 1H print showed no evidence of AI-related disruption; instead, STM and

Jo Barnet-LambLegal both accelerated organic growth, strong new sales continued across the group,

Analyst

and the adoption of AI-enabled products remains encouraging. While RELX's 17.6x joseph.barnet-lamb@ubs.com

2026E P/E is at a premium to professional information peers, we believe this is supported +44-20-7567 4599

by the company's stronger growth, consistent execution and capital allocation. Whilst

Ashna Gautamwe think the business is unlikely to be structurally disrupted by AI, we expect the broader

Associate Analyst

AI overhang to continue weighing on the shares in the near term. This is a re-rating story, ashna.gautam@ubs.com

with continued delivery and evidence of AI-led growth needed to ultimately close the +44-20-7567 6364

gap between strong earnings and share price performance.

We keep our 2026-2027E EPS forecasts broadly unchanged

Following 1H results, we now expect organic growth of c10% for Legal in 2026E (prev:

9%) and continue to expect the Group to grow c7% organically. We raise FY26E adj.

EBIT margins by +20bps for STM, Risk and Legal, and raise group margins +20bps to

35.3% (Cons: 35.2%). We keep adj EPS for 2026-2027E broadly unchanged, with FX

headwinds offsetting our u/l changes.

Valuation: SOTP/DCF based price target unchanged at £36.0

Highlights (£m) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 9,161 9,434 9,590 10,119 10,806 11,637 12,436 13,417