Modestly Increasing Fair Value Estimate for Narrow Moat RELX to GBX 1400
Following the recent set of full-year results from narrow-moat RELX, we are increasing our fair value estimate for the stock by just over 9% from GBX 1280 to GBX 1400 for the UK listing, EUR 15.60 to EUR 16.10 for the Dutch listing, and from USD 17.40 to USD 17.30 for the ADRs. These fair value movements take into account the time value of money, changes to the share count following substantial buybacks over the period, and changes in foreign exchange rates.Over the last decade RELX has transfo...
RELX is a holding company. Through its subsidiaries, Co. operates in four market segments: Scientific, Technical and Medical, which is a global information and analytics business that helps institutions and professionals advance healthcare, open science, and improve performance for the benefit of humanity; Risk and Business Analytics, which provides customers with solutions and decision tools that combine public and industry specific content with advanced technology; Legal, which is a provider of legal, regulatory and business information and analytics; and Exhibitions, which the events business improve the power of face-to-face through data and digital tools.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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