reports
- Michael Field
Morningstar | RELX continues its transition into a business with both ...
Over the past decade, RELX has undergone wholesale changes to the structure of the company, taking its exposure to electronic-format businesses from 35% to more than double this figure. This change was achieved primarily through a series of targeted acquisitions and disposals, such as that of data aggregator ChoicePoint in early 2008, which subsequently burdened the company with significant debt service costs. Despite these challenges, the company has managed to significantly drive operating mar...
- Michael Field
RELX continues its transition into a business with both a moat and gro...
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...
- Michael Field
Morningstar | 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...
- Michael Field
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...
- Hendrik Wiersma
- Job Veenendaal
- Marina Le Blanc
- Maureen Schuller
- Nadège Tillier
- Suvi Platerink Kosonen
108W ARCELORMITTAL SOUTH AFRICA LTD
FLUX FLUXYS BELGIUM
LIGHT SIGNIFY NV
RENX REED ELSEVIER N.V. ADS
ASML ASML HOLDING N.V.
HEINY HEINEKEN N.V
UNLC UNILEVER COTE D`IVORE
ABNRY ABN AMRO GROUP N.V
KKPNY ROYAL KPN N.V. ADS
NNGRY NN GROUP NV
TLGHY TELENET GROUP HOLDING N.V. ADS
UCBJY UCB SA
BGAOY PROXIMUS ADR
BVT RELIANCE INFRASTRUCTURE LTD. GDR
WDISD WORDSMITH MEDIA INC.
- Hendrik Wiersma
RELX/Satisfactory 2017 results; “Stable†maintained/STABLE
RELX released a satisfactory set of 2017 results and the company expects further growth in underlying revenue and adjusted profit and an increase in adjusted earnings per share on a constant currency basis in 2018. RELX announced the acquisition of ThreatMetrix for £580m on 29 January 2018 and today a new £700m share buyback programme for 2018 (same amount as in 2017). We believe that this can be executed within the company's financial policy. Net debt/EBITDA, adjusted for pensions and leases,...
- Hendrik Wiersma
- Jeroen van den Broek
- Job Veenendaal
- Marina Le Blanc
- Nadège Tillier
- Suvi Platerink Kosonen
Coffee, Croissants & Credit/Rabobank disappoints
Rabobank (RABOBK) reported a soft set of earnings and higher than expected Basel IV effect. While the bank's reported income looks solid, the underlying operating trends less so. The leverage ratio was very strong, something that brings comfort despite softer tone in the earnings development.
- Michael Field
Narrow-Moat RELX Prints a Solid First Half
RELX’s first-half results were reassuringly dull, highlighting the robustness of the firm's business model and delivering underlying revenue and EPS growth of 4% and 8%, respectively. These underlying numbers were almost bang in line with our forecasts; as such, we do not expect to make any changes to our estimates or to our GBX 1,400 fair value estimate for the RELX PLC shares. We reiterate our narrow moat rating for the company. RELX has transformed itself from a business with almost two thi...
- Michael Field
Modestly Increasing Fair Value Estimate for Narrow Moat RELX to GBX 14...
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...
Ford Equity US Rating and Forecast Report
Ford Equity Research covers more than 4,000 stocks using a proprietary quantitative model that evaluates a company’s earnings strength, its relative valuation and recent price movement. Ford’s five recommendation ratings include strong buy, buy, hold, sell, strong sell. For all stocks in our coverage universe, ratings are generated each week and reflect the fundamental and price data as of the last trading day of the week.
- Michael Field
Another Solid Quarter for RELX, but Shares Fully Valued
RELX released a solid nine-month trading update that was in line with our expectations, with no real surprises whatsoever. Organic revenue growth stood at 4% for the period; if maintained for the full year, this would be the highest full-year level since 2012. We maintain our narrow moat rating for the company and our fair value estimate of GBX 1280 for the London-traded shares, indicating that the shares are currently fairly valued. Divisionally, underlying revenue growth rates varied heavily a...
- Michael Field
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...
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