FY 22 results broadly in line, Legal comes in ahead Revenues, at GBP8.553bn, came 1% ahead of VA consensus forecasts with 9% organic revenue growth. Risk (8%), STM (4%) and Exhibitions (64%) came in line while Legal orgrev growth of 5% beat consensus at 4%. Group adj. operating margin of 31.4% was 50bps below consensus. Adj. EPS was 1% ahead at 102.2p. DPS is up 10% to 54.6p. Solid outlook for FY and higher-than-expected share buyback Management provided solid comments underpinning the medium-term acceleration in orgrev growth in STM and Legal. Within Risk, some transactional revenues (bank accounting opening) have slowed in recent months while others (insurance) have accelerated. This division is likely to perform in line with its historical range. Exhibitions margins are guided to come back close to pre-pandemic levels in 2023. At GBP800m, Relx''s 2023 share buyback came in ahead of expectations. Disposal of Exhibitions division not ruled out Management did not rule out the disposal of the Exhibitions division (est. EV of GBP4bn). In the short term, it remains focussed on the Covid recovery, while in the medium term it will evaluate the value creation potential of the digital transition of this division to decide whether to keep the asset. We continue to think that a disposal within the next 18 months is a plausible scenario. Share price catch-up likely Relx''s share price performance is flat relative to the sector and the MSCI Europe over the last 3 and 12 months. The stock remains on attractive valuation levels at 21.6x PE23, a discount to its closest peers Wolters Kluwer (24.6x) and Thomson Reuters (33.3x). It offers an attractive double-digit annual total shareholder return. Its top-line growth profile is gradually accelerating. The stock offers defensive structural growth. We believe the share price performance is due for a relative acceleration after solid results, a strong outlook, higher-than-expected cash return, an attractive...