Relx hosts investment seminar on STM division: growth acceleration ahead Kumsal Bayazit, the CEO of STM and her team hosted a 90mn investor seminar on STM, the largest business unit, with 40% of Relx group adj. operating profit in 22e. The aim of management is to accelerate the revenue growth rate of this division as we discussed recently in RELX PLC : Untold opportunities and in RELX PLC : STM in rude health. We expect top-line growth to accelerate to 5% next year ahead of consensus 3-4% forecasts on new contract gains and improving mix. STM increasingly looking a lot more like the Risk division The mix shift towards mid to high single digit growth products in Databases and Tools (40% of divisional revenues) is driving the improvement in STM''s growth profile. Launched in 2014, SciVal, one of the key products, has seen 20% CAGR revenue growth in the last five years. Earlier this year, STM gained a new CTO from the Relx Risk division. She is in the process of migrating STM datasets to a common data model to drive further innovation in data and analytics. Over 30% of STM headcount are now technologists. Management sees a growth opportunity in the internationalisation of STM''s Health products. Open Access delivers same profit margins than Subscription journals Management has argued - somewhat surprisingly - that Open Access and Subscription articles operate on similar profit margins. Primary Research (c50% of revs.) is guided to sustain further revenue growth as article volume growth continues through the Open Access transition. Outperform maintained We believe this seminar underpins our view that the STM division is likely to see growth pick up, possibly ahead of current consensus, as the drag from print diminishes and the tailwinds from the mix shift to Data and Analytics continue. Relx offers a defensive structural growth profile with improving fundamentals. With a PE23 of 19x the stock trades at a discount to US information peers (i.e., TRI on...