Key Morningstar Metrics for RELX
- : GBX 4,200Fair Value Estimate
- : ★★★★★Morningstar Rating
- : WideMorningstar Economic Moat Rating
- : MediumMorningstar Uncertainty Rating
RELX REL released no first-quarter numbers in its trading update and made no changes to guidance wording. Commentary indicated that performance is in line with expectations set at the start of the year.
Why it matters: The only notable item in the update was some rescheduling of events in the Middle East in the exhibitions segment. Regardless, 2026 guidance for the segment was maintained.
- RELX cited strong new sales for the risk segment and noted very strong article submissions for the scientific, technical, and medical segment.
- 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 like Lexis+ with Protégé.
The bottom line: We maintain our GBX 4,200/USD 57/EUR 48 fair value estimate for wide-moat RELX. The shares look deeply undervalued.
- RELX shares are down significantly from their peak in 2025 after getting caught in the selloff in information services due to the AI disruption narrative. But we think the wide moat is secure and the company will benefit from AI through enhanced product innovation opportunities.
Coming up: 2026 guidance is for another year of strong underlying growth in revenue, EBIT, and earnings per share 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.
