RELX PLC (REL.L) analysis

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Health is debt against a subscription business, not against a printing press. Quality separates the journal margin from the legal database and from analytics. Growth follows renewal and price, not an eternal licence. P/E is read against a year of loose budgets, not against that year as normal. Shareholder return is the dividend, checked against cash.

The P/E of a year of easy renewals is not normal earnings. EV/EBITDA is read without treating the archive as if it could not be searched elsewhere. Do not use Thomson Reuters' multiple as if LexisNexis and Westlaw were the same book. A dash if the REL.L cache is cold.

Limits of this report

Not advice on RELX. Vaultflake does not split science, law and fraud and does not treat the subscription as captive. This is not a 30% margin. Read the filings. A past dividend is not a right. The table is a snapshot, not a target price.

Questions from this report