A Solid Start to 2022 for Narrow-Moat RELX

RELX’s first-quarter update omitted numbers entirely, but the message was loud and clear, performance is on track, and the company will likely deliver a full year result at least as good as previous years. We are slightly more optimistic, believing that there are enough tailwinds to push growth materially above historical averages in 2022. We don’t expect to make any material changes to our forecasts on the back of this update, and reiterate our GBX 1,760 fair value estimate. With the shares up more than 20% over the last month, we believe they currently sit in overvalued territory.