RELX PLC

REL: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 6,427.00	Vpvn	Cqcsrflgnt

Narrow-Moat RELX Over the Hump

Michael Field

Oct 21, 2021

Narrow-moat RELX printed a solid third quarter update. Organic revenue growth rose by 6% in the first nine months of year, with relatively broad-based growth across the divisions. This level of growth is roughly in line with our full expectations, so we do not expect to make any material changes to our group level forecasts at this point in time. We reiterate our GBX 1,615 fair value estimate and believe the shares represent little value currently, sitting more than 20% above their pre-pandemic levels.

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