RELX PLC

REL: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 8,692.00	Bbq	Hmywffsp

Narrow-Moat RELX Closes the Book on 2021

Michael Field

Feb 10, 2022

Narrow-moat RELX closed out the year strongly, with organic revenue growth of 7% and EPS back to within touching distance of precoronavirus levels. With the shares off 5% or so on Feb. 10 it appears the market has got ahead of itself in terms of expectations, but we believe management’s guidance of growth in 2022 above historical trends represents a coup in this generally uncertain economic environment. We reiterate our GBX 1,615 fair value estimate and believe the shares remain overvalued.

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