RELX Plc ADR Dossier - Source-backed chat

RELX Plc ADR

RELLondon Stock Exchange

SectorIndustrials

IndustryResearch & Consulting Services

Beta (adjusted)0.51

Intrinsic Value $50.41median of 6 methods · middle span $43-$68based on filings through 31 Dec 2025

Market Price $33.49Price as of 1 Oct 2026

Significantly undervaluedIntrinsic value is 51% above the market price

−50% · IV below pricenear fair value ±15%IV above price · +50%

marker beyond scale (+51%)

Data confidence Sign in to view data confidence

Market Cap $58.2B

Shares Outstanding 1.8B diluted

Moat Rating Wide

Next Earnings Date18 Feb 2027

Last ex-dividend7 Aug 2026

All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference.

Thesis

Street consensus, scenarios, merits, risks, and invalidation triggers

AI-assisted

Thesis Summary

RELX entered the second half of 2026 with strong operating momentum: first-half underlying revenue grew 7%, underlying adjusted operating profit grew 9%, adjusted operating margin reached 35.5%, and constant-currency adjusted EPS grew 11%. Management reaffirmed its full-year outlook, supported by the continuing mix shift toward higher-growth analytics and AI-enabled decision tools.

This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today.

Street view · analyst 12-month targets2 analysts · as of 18 Aug 2026

Low · most bearish analyst$49.10

Mean target$53.05

High · most bullish analyst$57.00

Our research · scenarios, merits, risks, and invalidation triggersResearch as of 2 Sep 2026

Scenarios · 12-month scenario targetsAnchored at research date

Bear CaseDownside scenario

$49.1020%

The downside scenario is a loss of operating leverage or weaker adoption and renewal momentum for higher-value analytics products. Regulatory restrictions on data use, intellectual-property changes, research-integrity issues, cybersecurity incidents, macroeconomic weakness, or disruption to exhibitions could cause results to fall below the first-half growth profile.

Base CaseCentral scenario

$53.0555%

Matches the consensus mean

The modal scenario assumes RELX broadly delivers its reaffirmed 2026 outlook: strong underlying revenue and adjusted operating profit growth, with operating profit continuing to grow faster than revenue.

Bull CaseUpside scenario

$57.0025%

Sustained adoption of AI-enabled analytics and decision tools, continued strong new sales, and cost growth below revenue growth could preserve or improve on the first-half combination of 7% underlying revenue growth and 9% underlying adjusted operating profit growth. Further acceleration in Legal and Scientific, Technical & Medical would strengthen this outcome.

Scenarios are anchored to street consensus at the research date, with our probabilities and rationale.

Key Investment Merits

RELX demonstrated operating leverage in the first half of 2026: underlying revenue grew 7%, underlying adjusted operating profit grew 9%, and adjusted operating margin improved to 35.5% from 34.8%.
Management identifies the shift toward higher-growth analytics and AI-enabled decision tools as the driver of RELX's improving long-term growth trajectory, with strong momentum reported across all four business areas.

Key Investment Risks

RELX identifies material exposure to regulation of personal-data collection and use, intellectual-property changes, cybersecurity compromise, system interruption, research-integrity issues, and changing scientific-publishing payment models.
First-half net debt to EBITDA increased to 2.3 times from 2.2 times, reducing financial headroom if operating growth or cash conversion weakens.

All scenarios are estimates and subject to change. Past performance is not indicative of future results.

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Explore this dossier

ValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework.