RELX Doesn't Disappoint in First Half
As per usual, there were very few surprises from publishing colossus narrow-moat RELX, with underlying revenue growth of 4%, operating profit growth of 6% and earnings growth of 7%, very much in line with the 4-6-8 model that investors have come to expect of late. The first-half numbers were also on track to meet our full-year forecasts; as such, we do not expect to make any material changes to our numbers or to our GBX 1,510 fair value estimate. We believe the current share price is fully up wi...
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