Investors in RELX Spook, but We See 1H As Robust
Investors banking on narrow-moat RELX’s dependable organic revenue growth model, which has been increasing at a 4% clip for the last three years, may be alarmed to see the number fall to 3% in the first half of the year. With no obvious operational issues highlighted in the announcement, we believe it is a bit early to panic, and as a result do not plan to make any material changes to our forecasts at this point. We reiterate our GBX 1,510 fair value estimate. We believe the market is currently ...
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