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

Michael Field, CFA Senior Equity Analyst

Analyst Note

| Michael Field, CFA |

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.

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Company Profile

Business Description

RELX, formerly known as Reed Elsevier, is a FTSE 100 diversified information and analytics company. The firm operates across four main areas: scientific, technical, and medical (38% of 2020 sales); risk and business analytics (34%); legal (23%); and exhibitions (5%). RELX Group has three listings: its primary one in London and two more in New York and Amsterdam.

1-3 Strand
London, WC2N 5JR, United Kingdom
T +44 2071665500
Sector Communication Services
Industry Publishing
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 33,200