LONDON, July 7, 2026, 12:05 BST
- RELX shares rose between 2.4% and 2.7% in London. The FTSE 100 was up around 0.2%.
- RELX is planning a £2.25 billion buyback for 2026, which amounts to roughly 5.2% of its present £42.9 billion market cap.
- Consensus figures still show gains ahead in 2026 for sales, cash flow and dividends, even after the stock’s de-rating.
RELX PLC LON:REL climbed over 2% Tuesday. But the bigger focus for some investors is the buyback numbers. The data and analytics group is picking up shares while the valuation is still weak, and consensus still has both cash flow and earnings growing.
RELX was changing hands at 2,451p/2,452p late morning in London, up 58p or 2.42% on AJ Bell’s delayed quotes. MarketScreener had RELX at 2,457p, showing a 2.67% rise, with the FTSE 100 up around 0.2%.
RELX set up a new £100 million buyback for July, running July 1 through July 21, after wrapping up a £200 million round on June 26. Both tranches are part of the £2.25 billion repurchase plan running through 2026, which was rolled out in February. At AJ Bell’s market cap of £42.90 billion, the full buyback is around 5.2% of RELX’s equity. The July buyback alone comes to about 0.23%.
This is worth noting since RELX is buying back shares at a much cheaper multiple than what investors have typically paid. The LSE/FTSE Russell snapshot from July 6 had RELX down 40.4% from its 52-week high, 3.4% below its 50-day moving average, and 14.5% under the 200-day moving average. The stock had dropped 20.8% for the year and trailed the FTSE 350 by 27.7 percentage points.
| RELX valuation measure | Latest | 5-year median | Gap |
|---|---|---|---|
| Trailing P/E | 21.0x | 30.3x | down about 31% |
| Price to sales | 4.62x | 6.06x | down about 24% |
| EV/EBITDA | 14.6x | 21.1x | about 31% below |
| Free cash flow yield | 2.61% | 1.85% | up 76 bps |
MarketScreener’s consensus forecast still looks good for management. The 2026 revenue estimate is over £10 billion, with free cash flow at £2.59 billion and EBITDA margin above 40%.
| Consensus item | 2025 | 2026e | 2027e | 2028e |
|---|---|---|---|---|
| Net sales are seen at £9,590m in 2025, moving up to £10,112m in 2026, £10,768m for 2027, then £11,549m for 2028. | 9,590 | 10,112 | 10,768 | 11,549 |
| Consensus puts EBITDA at £3,846m for 2025, then forecasts £4,097m in 2026, £4,389m in 2027 and £4,729m in 2028. | 3,846 | 4,097 | 4,389 | 4,729 |
| The EBITDA margin starts at 40.1% before rising to 40.5% in 2026, 40.8% in 2027, and 41.0% in 2028. | 40.1% | 40.5% | 40.8% | 41.0% |
| Free cash flow looks set to go from £2,311m in 2025 to £2,592m in 2026, £2,778m for 2027, and then £3,000m in 2028. | 2,311 | 2,592 | 2,778 | 3,000 |
| Dividend per share is seen at £0.675 in 2025, rising to £0.7225 for 2026, £0.7866 in 2027, and £0.8530 for 2028. | £0.675 | £0.7225 | £0.7866 | £0.8530 |
The buyback is big compared to the projected number of shares. MarketScreener is looking for about 1.762 billion shares in 2026. It sees 2026 EPS at £1.271 and £1.589 for 2028. That puts the estimated P/E at 18.8 for 2026, dropping to 16.8 for 2027.
RELX CEO Erik Engstrom said in February the company saw “strong underlying revenue and profit growth” in 2025, helped by AI tools that let it “launch products at a faster pace”. The group posted 2025 revenue of £9.59 billion, underlying revenue up 7%, adjusted operating profit at £3.34 billion, and adjusted EPS of 128.5p.
Legal is the focus, with investors looking to see if generative AI will lower costs for research tools or keep RELX’s competitive edge intact. RELX reported that Legal revenue was up 9% on an underlying basis in 2025 at £1.81 billion. Adjusted operating profit climbed 12% to £415 million. The company pointed to Lexis+ AI and Protégé uptake in the unit.
Target price calls on RELX are all over the map. MarketScreener lists 16 analysts with a “Buy” consensus, an average target of £34.08, the highest at £50.70 and a low of £21.00. LSEG data shown by Investors’ Chronicle put the median 12-month target at 3,140p, which is 31.2% higher than the previous 2,393p close. MarketScreener
RELX put its next company update, half-year results, on the calendar for July 23. The date is listed on the company’s financial calendar.
