Description
This is our first report on Relx, a well-known provider of information-based analytics and decision tools for professionals as well as businesses. In the first half of 2022, the company generated solid financial results, with revenue growing by 13% at constant exchange rates. Business Services, accounting for around 45% of the division’s sales, produced a significant revenue increase. Their digital identification solutions for fraud and identity saw extremely significant growth, with ThreatMetrix and Emailage expanding by almost 20%. Besides, the company’s most recent acquisitions in financial crime and compliance and behavioral biometrics have increased its client value offering and are working effectively. Clinical solutions, research management, corporate, and medical education all continued to experience significant growth. In general, new sales and renewals are going well. The management anticipates underlying adjusted operating profit growth to be slightly higher than underlying sales growth in the future, with underlying revenue growth remaining above historical norms. Furthermore, during the first half, they completed 6 acquisitions for a total of GBP 342 million. Most significant were the additions of BehavioSec, a pioneer in behavioral biometrics, Flyreel, an insurance self-inspection software, and Interfolio, a provider of faculty information systems, to the Risk business and STM, respectively. We initiate coverage on the stock of RELX with a ‘Hold’ rating.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures
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