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Relx PLC (REL) Fair Value & Analysis

Industrials · GB · Market cap 41.9B GBX · ISIN GB00B2B0DG97

What is Relx PLC really worth?

RP Relx PLC REL · LSE
Price£26.20
Fair Value£23.53
Upside−10.2%
Quality79/100

A strong business, but trading 11% above our fair value of £23.53.

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Strengths

Healthy Growth (revenue 5y +6.2 %/yr)
Highly profitable · 21.5% net margin
Wide moat 88/100

Risks

!High debt · generates free cash flow
!Mixed vs. peers (7/15)
!Weak on valuation: 20 out of 100
!Weak on future: 6 out of 100

For context

·2.63% dividend yield
Evidence: High Range £14.44 – £30.58

Fair value as of: Sep 1, 2026

From 26 valuation models · updated 4 days ago

Share price −3.5% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • A fairly wide model range (£14.44 to £30.58) leaves room in how you read the outcome.
  • The price sits in the upper half of our model range, so the margin of safety is thin.
  • The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (5 years)

£40.32 £17.25 Fair Value £23.53 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 1, 2026.

How to read this chart

60‑month range £17.25 – £40.32 · fair‑value band £14.44 – £30.58 · the £26.20 price screens above the £23.53 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 1, 2026.

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Analysis

Relx PLC (REL) currently trades at £26.20, while our model-based Fair Value estimate is £23.53, implying the stock looks roughly 11.3% overvalued today. The Quality Score stands at 79/100 (high quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of £22.98 per share, and 0 of the 26 models we run sit above the £26.20 price. Bear case: the Earnings-Based group reads lowest at £5.98, and 26 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Relx PLC generated revenue of £9.6B at a net margin of 21.5%. Revenue grew 1.2% year over year. It earns a return on equity of 70.5%. Net debt stands at £7.2B. Fundamentals as of Sep 1, 2026

Our scenario range runs from £14.44 (bear case) to £30.58 (bull case); at £26.20, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Industrials peers we cover trades at −24% fair-value upside, at −10%, REL screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly £0.2928 per share, which is 1.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF £14.74 £23.54 £36.46 79
Growth DCF £15.17 £23.17 £34.32 78
Owner Earnings £14.37 £22.98 £35.65 75
All 26 models by family
DCF Models
FCF DCF £14.74 £23.54 £36.46 79
Owner Earnings £14.37 £22.98 £35.65 75
5Y Revenue Exit £7.43 £11.51 £16.42 72
5Y EBITDA Exit £15.04 £25.35 £37.03 74
5Y P/E Exit £13.78 £23.05 £32.46 70
10Y Revenue Exit £9.76 £14.00 £19.14 67
10Y EBITDA Exit £14.76 £23.46 £34.47 68
10Y P/E Exit £13.96 £21.89 £31.07 64
Earnings-Based
Graham-Dodd £8.03 £21.51 £28.15 65
Lynch FV £4.19 £5.98 £7.78 61
PEG = 1.0 £4.19 £5.98 £7.78 57
EPV £9.44 £11.53 £13.37 74
Dividend Discount
Gordon GGM £6.20 £12.89 £20.45 66
DDM Multi-Stage £6.20 £9.63 £13.29 66
Multiples
P/E Multiple £18.59 £24.79 £30.98 63
P/S Multiple £8.22 £10.96 £13.70 58
P/B Multiple £4.56 £6.09 £7.61 55
EV/EBIT £18.60 £25.84 £33.09 66
EV/EBITDA £17.67 £24.61 £31.55 67
EV/Revenue £3.76 £6.72 £9.68 52
Asset-Based
NCAV (Graham) £0.6800 £0.9100 £1.35 54
Growth DCF
Growth DCF £15.17 £23.17 £34.32 78
Rev-Margin DCF £7.43 £11.77 £16.66 72
Economic Profit
Residual Income £5.90 £8.25 £92.42 64
ROIC Compounder £10.08 £13.12 £16.39 72
Growth Earnings
Growth-Adj P/E £14.63 £20.91 £27.18 67

Widest divergence: DCF Models (£22.98) versus Asset-Based (£0.9100). Highest evidence: FCF DCF (79).

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Key figures & financial health

P/E ratio 23.4
P/S ratio 5.04 P/E × margin
EPS (TTM) £1.12 price ÷ EPS = P/E 23.4
Dividend yield 2.6% payout 61.5%
Net margin 21.5% FY2025
Return on equity 70.5% TTM
More key figures
Profitability
Return on assets (EBIT) 17.1% avg 5y
Operating margin 31.4% TTM
Growth
Revenue (TTM) £9.6B TTM
Revenue growth (YoY) +1.2% 3y avg +3.9%
EPS growth (YoY) +17.0%
Balance sheet & cash flow
Free cash flow 2.9B GBX FY2025
Net debt 7.2B GBX FY2025 · ≈ 2.5 yrs of FCF

Figures from reported company fundamentals · as of Sep 1, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 79/100

Of which business quality 73 · Market factors (momentum, volatility) 44

Profitability 78
Margins and returns on capital today
Quality Growth 50
Are margins and returns improving?
Cashflow 90
Earnings quality: real cash, not paper profit
Fin. Strength 36
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 77
Calm price path (market factor)
Momentum 35
Price trend over the last 3–12 months (market factor)
52W Momentum 20
Distance to the 52-week high (market factor)
Net Issuance 98
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

RELX PLC, together with its subsidiaries, provides information-based analytics and decision tools for professional and business customers in North America, Europe, and internationally. It operates through four segments: Risk; Scientific, Technical & Medical; Legal; and Exhibitions.

Full company description

RELX PLC, together with its subsidiaries, provides information-based analytics and decision tools for professional and business customers in North America, Europe, and internationally. It operates through four segments: Risk; Scientific, Technical & Medical; Legal; and Exhibitions. The Risk segment offers information-based analytics and decision tools that combine public and industry specific content with technology and algorithms to assist clients in evaluating and predicting risk, as well as a portfolio of commercial healthcare products. Its Scientific, Technical & Medical segment provides scientific and medical information and data sets for science and healthcare. The Legal segment provides legal, regulatory, and business information and analytics. Its Exhibitions segment combines digital tools and data to help customers connect in-person and online, discover new markets, source products, generate leads, and transact. The company was formerly known as Reed Elsevier PLC and changed its name to RELX PLC in July 2015. RELX PLC was incorporated in 1903 and is headquartered in London, the United Kingdom.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Relx PLC reported revenue of £9.6B in FY2025 versus £7.2B in FY2021, a compound +7.3%/yr. Reported net income was £2.1B in FY2025, compounding +8.8%/yr from FY2021.

Growth Quality 82/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
£9.6B
Latest YoY
+1.7%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.9%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.2%
Avg. revenue growth/yr (39Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.2%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+10.7% (8.1 + 2.6)
Revenue +7.3%/yr
FY21 £7.2B
FY22 £8.6B
FY23 £9.2B
FY24 £9.4B
FY25 £9.6B
Net income +8.8%/yr
FY21 £1.5B
FY22 £1.6B
FY23 £1.8B
FY24 £1.9B
FY25 £2.1B
Character of growth · EPS growth decomposed (2014-2025) +8.6 % p.a.
Revenue per share +6.2 %

of which total revenue +4.7 % · buybacks/dilution +1.4 %

EBIT margin +2.3 %
Tax rate −0.3 %
Residual (interest, one-offs) +0.3 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

REL screens 11% overvalued. Compare with Cintas Corporation →

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Cite: Fair Value Calculator (2026). "Relx PLC Fair Value". https://www.fairvalue-calculator.com/stock/REL

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Specialty Business Services · 248 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 79 · Top 25%
Fair Value upside −10% · Below median
Return on equity (TTM) 71% · Top 25%
Return on assets 12% · Top 25%
Net margin (TTM) 22% · Top 25%
Operating margin (TTM) 31% · Top 25%
Revenue growth 1% · Below median
Dividend yield (TTM) 2.6% · Above median
Debt / equity 2.38× · Higher than 75% of peers

Valuation Multiples vs Specialty Business Services median · lower = cheaper

P/E (TTM) 23.4× · Pricier than median
P/B 23.97× · Pricier than 75% of peers
P/S (TTM) 5.92× · Pricier than 75% of peers
P/FCF 19.9× · Pricier than 75% of peers
EV/EBITDA 19.4× · Pricier than 75% of peers
PEG 1.29× · Cheaper than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE20 · sector 25
FUTURE6 · sector 27
PAST100 · sector 36
HEALTH0 · sector 92
DIVIDEND53 · sector 48

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Specialty Business Services stocks, each showing price versus our Fair Value estimate (as of Sep 1, 2026).

Stock Price Fair Value vs Fair Value
Cintas Corporation CTAS $204.15 $95.19 −53%
Thomson Reuters Corporation TRI C$142.85 C$70.40 −51%
Copart, Inc CPRT $32.76 $28.59 −13%
Global Payments Inc GPN $91.05 $68.98 −24%
RB Global, Inc RBA C$119.68 C$68.30 −43%
Brambles Limited BXB A$19.47 A$17.27 −11%
UL Solutions Inc ULS $74.43 $33.62 −55%
Wolters Kluwer N.V WKL €68.88 €101.27 +47%
Aramark ARMK $59.08 $13.18 −78%
Rentokil Initial plc RTO $23.55 $19.63 −17%

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Frequently asked questions

Is Relx PLC (REL) overvalued or undervalued?
As of Sep 1, 2026, our model estimates a fair value of £23.53 versus a price of £26.20, about −10% upside (overvalued).
What is the fair value of REL?
Our model-based fair value for Relx PLC is £23.53 (as of Sep 1, 2026), built from audited fundamentals. The current price: £26.20.
What is the quality score of REL?
Relx PLC has a Quality Score of 79/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Relx PLC (REL)?
Relx PLC reported trailing-twelve-month revenue of about £9.6B (latest available figure, as of Sep 1, 2026).
What is the net profit margin of REL?
The net profit margin of Relx PLC is about 21.5%, meaning it keeps roughly 21.5% of revenue as net income. Based on the latest reported figures.
Does Relx PLC pay a dividend?
Relx PLC currently shows a dividend yield of about 2.63% relative to its recent price (as of Sep 1, 2026).
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