Relx reported its worst quarter in over a decade Relx reported a 12% ccy revenue decline and refrained from disclosing an underlying revenue growth number for Exhibitions and group. We estimate group underlying revenue fell by 11% driven by a 71% constant currency decline in Exhibitions. STM was below, Risk above and Legal in line with consensus expectations. Adj. operating profit came in 4% below expectations. Lower financial charges and one-off tax credits help EPS reach 37p (vs. cons. 35p). Risk and BA current growth trending below H2 consensus forecasts Management pointed out that RBA underlying revenue growth for July was at 3.5-4%. An acceleration towards 5-6% for the remainder of H2 is required to meet consensus H2 numbers. We have cut our FY20 orgrev growth forecasts from 5% to 4%. RBA is 53% of group EV. Our -43% orgrev growth (cons. at -32%) for FY20 assume all the 252 H2 shows run on schedule and see an average revenue attrition of 10-15%. We believe there is room for downside on 2020 numbers. STM 2021 thesis intact Our recent double downgrade (MEDIA - PROFESSIONAL INFORMATION: The Science Behind the Show) was largely based on the idea that STM could turn negative for the first time next year. Management sees regulatory changes in China as slow and not material but claimed it was too early to comment on journal subscription renewal rates for 2021. We have not changed our views on the risk of unbundling for the 6,000 customers on the ''big deal'' contract. Underperform maintained Relx H1 has proven less resilient than expected. We continue to believe that the shares could derate further with signs of pressure on STM 2021 revenue growth trends. Forecasts for Exhibitions (c13% of group EBIT19) are likely to remain uncharacteristically volatile. Risk needs to accelerate further from current levels to meet FY expectations. Reverting to a steady 4% top-line growth profile will take time in our view. GBP720m of acquisitions in Q1 have...