Relx reported results broadly in line with expectations Group organic revenue growth (excl. Exhibitions) reached 5% driven by 9% growth in RBA and 3% at Legal and STM. Group adj. EBITA missed expectations by 1.6% excluding a one-off restructuring charge of GBP35m. Lower net financial charges and tax benefits drove EPS 1% ahead of expectations. Net debt to EBITDA of 2.3x and a DPS of 49.8p were in line with our forecasts. Relx has reinstated a share buy-back of GBP500m in line with our forecasts for FY22. STM and Legal top-line growth expected to accelerate above historical trends of 2% Management guided for STM and Legal top-line growth to be above the 2% long term historical average these two divisions have reported. As discussed in PROFESSIONAL INFORMATION: Buckle up, an improving product mix is driving higher renewal rates, improved upselling and new sales and pricing power. Management suggested it could raise product pricing if inflation were to remain at elevated levels. Risk and Business Analytics is guided to remain in the high single digits. Inflationary pressure to be offset by further cost efficiency gains Management continues to expect cost growth to lag revenue growth as the migration of the group''s IT infrastructure to the cloud and a reduction in the real estate footprint is expected to more than offset salary inflation. Our EPS22 is unchanged, with lower adj. EBITA offset by lower financial charges. Our EPS23e is up as we assume a GBP500m share buyback in FY23. Reaffirm Outperform, TP cut from GBP30 to GBP27 on peers'' derating We have adjusted our SOP in the context of the recent derating of professional information peers. With c20% upside we reaffirm our Outperform rating. The growth profile of Relx is improving as STM and Legal can sustainably albeit gradually accelerate while Risk continues to drive high single digit growth. This should warrant a higher relative PE multiple than in the past. Exhibitions faces easier comps...