Relx PLC (REL) fair value: what the stock is really worth
We calculate from audited financials what Relx PLC is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 18, 2026.
How to read this chart
60‑month range £17.30 – £40.32 · fair‑value band £14.44 – £30.58 · the £24.80 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 18, 2026.
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.
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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.
Stock analysis
Relx PLC (REL) currently trades at £24.80, while our model-based Fair Value estimate is £23.53, implying the stock looks roughly 5.4% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of £22.98 per share, and 2 of the 26 models we run sit above the £24.80 price.
Bear case: the Earnings-Based group reads lowest at £5.98, and 24 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: £14.44 (bear) to £30.58 (bull), the price of £24.80 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 79/100 (high quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
Key figures
Market cap 45.7B GBX · P/E ratio 22.1 · P/S ratio 4.77 · EPS (TTM) £1.12 · Dividend yield 2.8% · Net margin 21.5% · Return on equity 70.5% · Return on assets (EBIT) 17.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 54 out of 100 (low confidence).
What moves the price
For context, the median of 10 Industrials peers we cover trades at −10% fair-value upside, at −5%, REL screens cheaper than that median.
Fair Value models
Bear £14.44Fair Value £23.53Bull £30.58
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (£0.3117 per share) are deliberately not added.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 ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.82/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+1.7%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+3.9%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+6.2%
Revenue growth 39 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+4.2%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+10.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.1%
Dividend (yield on the price)2.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.8% vs 9%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.21% → 31%
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+5.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.6%
Yearly sales growth analysts expect, extended to five years.
News mood ⓘNews mood, the average tone of recent news (92 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Specialty Business Services · 244 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score79 · Top 25%
Fair Value upside−10% · Below median
Profitability
Return on equity (TTM)71% · Top 25%
Return on assets12% · Top 25%
Net margin (TTM)22% · Top 25%
Operating margin (TTM)31% · Top 25%
Growth and dividend
Revenue growth1% · Below median
Dividend yield (TTM)2.8% · Above median
Balance sheet
Debt / equity2.38× · Highest 25%
Valuation Multiplesvs Specialty Business Services median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Relx PLC Fair Value". https://www.fairvalue-calculator.com/stock/REL
Frequently asked questions
Is Relx PLC (REL) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of £23.53 versus a price of £24.80, about −5% upside (fairly valued).
What is the fair value of REL?
Our model-based fair value for Relx PLC is £23.53 (as of Sep 18, 2026), built from audited fundamentals. The current price: £24.80.
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 price target for Relx PLC (REL)?
Our model-based price target is the fair value of £23.53 (as of Sep 18, 2026) from 26 valuation models. Cautious scenario £14.44, optimistic scenario £30.58. It is a calculation from audited fundamentals, not an analyst target.
What is the Relx PLC stock forecast for 2026?
Our models put fair value at £23.53, about −5% upside versus a price of £24.80 (fairly valued). Cautious scenario £14.44, optimistic scenario £30.58. The calculation is refreshed regularly with new filings.
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 18, 2026).
Does Relx PLC pay a dividend?
Relx PLC currently shows a dividend yield of about 2.78% relative to its recent price (as of Sep 18, 2026).
What growth is priced into Relx PLC (REL)?
For today's price to be fair in a discounted-cash-flow model, Relx PLC would have to grow free cash flow by +5.2 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.2 % per year. As of Sep 18, 2026.
What discount rate (WACC) does the fair value of REL use?
Our models discount Relx PLC at 8.6 %: a base by market capitalisation (large), damped by beta 0.26, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Relx PLC that is +5.2 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Relx PLC (REL) delivered so far?
Over the past 5 years revenue at Relx PLC grew +6.2 % a year. The price currently implies +5.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Relx PLC (REL) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Relx PLC (+5.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Relx PLC (REL)?
The free-cash-flow yield on the price is 6.20 %: that much free cash flow Relx PLC produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Relx PLC (REL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Relx PLC it is £23.53 per share (as of Sep 18, 2026), against a price of £24.80. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Relx PLC stock overvalued or undervalued in 2026?
As of Sep 18, 2026, REL trades above its calculated fair value: price £24.80, fair value £23.53, a gap of about −5% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of REL?
No. The price is what the market pays today (£24.80); the fair value is what the company's own numbers justify (£23.53). For Relx PLC the two are £1.27 per share apart. That gap is exactly why we show both numbers side by side.
How much is Relx PLC worth?
The market values Relx PLC at about 45.7B GBX (market capitalisation, as of Sep 18, 2026). Per share that is £24.80; our models calculate a fair value of £23.53 per share.
What do the bullish and bearish scenarios say about REL?
Our models span a range for Relx PLC: cautious scenario £14.44, base £23.53, optimistic £30.58 per share (as of Sep 18, 2026, price £24.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of REL?
Relx PLC trades at a price-to-earnings ratio of 22.1 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £23.53 is built from several models across several years. Other multiples: PEG 1.3, P/B 24.0, P/S 5.9, EV/EBITDA 19.4.
What is the PEG ratio of REL?
The PEG ratio of Relx PLC is 1.29 (P/E divided by earnings growth, as of Sep 18, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Relx PLC (REL)?
Balance-sheet figures for Relx PLC (as of Sep 18, 2026): return on equity 70.5%, debt of 2.38 per unit of equity. They feed the Quality Score of 79/100, which measures business quality independently of the share price.
Which stocks are comparable to Relx PLC?
From the same area (Industrials) we also value Cintas Corporation, Thomson Reuters Corporation, Copart, Inc, Global Payments Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Relx PLC stock attractive at the current price?
The data as of Sep 18, 2026: price £24.80, calculated fair value £23.53 (−5%), Quality Score 79/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of REL calculated?
We run Relx PLC through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of £23.53, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. Relx PLC itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Relx PLC (REL)?
The closing price on Sep 21, 2026 was £24.80. Our model-based fair value is £23.53, about −5% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Relx PLC right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (£14.44 to £30.58) leaves room in how you read the outcome.
Where does the earnings growth of Relx PLC (REL) come from?
Earnings per share at Relx PLC grew +8.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.2 %, EBIT margin +2.3 %, tax rate −0.3 %, residual (interest, one-offs) +0.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Relx PLC
How large is the market capitalisation of Relx PLC (REL)?
The market capitalisation of Relx PLC is 45.7B GBX. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Relx PLC (REL)?
The price-to-sales ratio of Relx PLC is 4.77 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Relx PLC (REL)?
Earnings per share at Relx PLC are £1.12 (price ÷ EPS = P/E 22.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Relx PLC (REL)?
The dividend yield of Relx PLC is 2.8% (payout 61.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Relx PLC (REL)?
The net margin of Relx PLC is 21.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Relx PLC (REL)?
The return on equity (ROE) of Relx PLC is 70.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Relx PLC (REL)?
On an EBIT basis the return on assets of Relx PLC is 17.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Relx PLC (REL)?
The operating margin of Relx PLC is 31.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Relx PLC (REL)?
Revenue at Relx PLC is growing +1.2% versus a year earlier (3y avg +3.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Relx PLC (REL)?
Earnings per share at Relx PLC are growing +17.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Relx PLC (REL) carry?
The net debt of Relx PLC is 7.2B GBX (fiscal year 2025, ≈ 2.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 18, 2026