Key Morningstar Metrics for RELX
- : GBX 4,200Fair Value Estimate
- : ★★★★★Morningstar Rating
- : WideMorningstar Economic Moat Rating
- : MediumMorningstar Uncertainty Rating
What We Thought of RELX’s Earnings
RELX REL‘s first-half results were broadly in line with FactSet consensus, and 2026 guidance was maintained. Shares traded flat on July 23.
Why it matters: RELX continued to deliver incrementally better results, with first-half underlying growth rising to 10% for legal and 6% for scientific, technical, and medical, while risk maintained its consistent 8% growth rate.
- STM is benefiting from continued strong growth in article submissions (up 20%) and the rollout of new artificial intelligence-driven products, such as Scopus AI and Leapspace.
- Growth in the law firms and corporate legal subsegment was reported to be in the double digits, indicating continued success with the rollout of artificial intelligence-driven products such as Lexis+ with Protégé.
The bottom line: We maintain our fair value estimate of GBX 4,200, USD 57, and EUR 48 for wide-moat RELX. The shares look deeply undervalued.
- RELX shares are down significantly from their 2025 peak after getting caught in the sell-off of information services amid the AI-disruption narrative. We think its wide moat is secure, and it will benefit from AI through enhanced opportunities for product innovation.
Coming up: 2026 guidance is for another year of strong underlying growth in revenue, EBIT, and EPS on a constant-currency basis.
- 2026 guidance by segment includes strong revenue growth and EBIT growth exceeding revenue growth in risk, STM, and legal. Exhibitions is expected to have strong revenue growth with an improvement in EBIT margin.
