Is RELX a good stock to buy? We came across a bullish thesis on RELX PLC on Rock & Turner’s Substack by James Emanuel. In this article, we will summarize the bulls’ thesis on RELX. RELX PLC’s share was trading at $30.83 as of June 22nd. RELX’s trailing and forward P/E were 20.81 and 16.29 respectively according to Yahoo Finance.
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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. RELX is positioned as a structurally advantaged global analytics and decision-tools company that has successfully transformed from a legacy print publisher into a high-margin, data-driven workflow platform embedded across legal, scientific, risk, and exhibitions markets.
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Its Risk segment, the largest contributor, benefits from secular demand in fraud detection, identity verification, and regulatory compliance, while STM leverages proprietary scientific and medical datasets, Legal is scaling AI-enabled Lexis+ workflows, and Exhibitions adds cyclical but cash-generative exposure.
The business model is reinforced by deep integration into customer workflows, high switching costs, and recurring revenue, supporting resilient earnings and pricing power. Structural digitisation and AI adoption are enhancing rather than disrupting RELX moat, as proprietary datasets become more valuable for training and delivering domain-specific outputs. Financially, the company has expanded adjusted operating margins to 34.8%, generates near 100% cash conversion, and continues disciplined buybacks alongside a conservative leverage profile.
Despite these strengths, the stock trades at roughly 17.5x forward earnings versus a historical average closer to 30x, implying a notable valuation disconnect. This creates multiple upside paths, including analyst-implied upside of approximately 47% to £36.39, mid-teens earnings CAGR driven by ~7% organic growth, and longer-term scenarios suggesting 70%+ total shareholder returns over five years, or potentially over 150% if re-rating toward historical multiples occurs.
With durable growth, AI-enabled product expansion, and strong capital allocation, RELX offers a high-quality compounding profile that the market appears to be undervaluing relative to its structural advantages and long-term earnings power, supported by sustained free cash flow generation and steadily compounding shareholder value creation.
