Report
Philip Gorham, CFA, FRM
EUR 147.86 For Business Accounts Only

Transfer of Coverage of RELX and WKL, Both Stocks Fairly Valued

Following a transfer of coverage, we have revised our fair value estimates for information services providers RELX and Wolters Kluwer, while maintaining our narrow moat rating for both stocks. For Wolters Kluwer we have increased our fair value estimate by more than 25% to EUR 38, while for RELX, our fair value estimate has been increased by just over 10% to GBX 1280, for the primary United Kingdom-listed entity.
Both Wolters and RELX have undergone significant transformations over the past deca...
Underlying
RELX PLC

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Philip Gorham, CFA, FRM

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