More of the Same for Narrow-Moat RELX in First Quarter, Some Patience Is Required

All in all, this morning’s trading update from narrow-moat RELX told us very little we didn’t already know. The exhibitions division continues to be a drag on the overall business, with little in the way of improvement seen thus far in 2021. RELX’s other three businesses, which have historically generated around 85% of group revenue are broadly following precoronavirus patterns of growth. While we continue to monitor developments, particularly in the exhibitions business, we believe progress so far this year has been closely tracking our expectations. As such we do not expect to make any material changes to our forecasts at this time, nor to our GBX 1,615 fair value estimate. We believe the shares are moderately overvalued.