Premiums can go up as well as down: A slow-down in the Risk division (despite fast growing Threatmetrix now contributing to organic growth) was in large part the cause of group growth disappointing for the first time in years. We highlighted the risks from slowing US auto insurance premium growth (figure 1 overleaf) in a recent note (here) and although management highlight that the current run-rate is back at historical trend levels, this market backdrop suggests switching-driven transaction volumes could slow further and more sustainably. Focus on margin, not just growth: On the flip side, easing comps for book sales at Elsevier should easily lead to the growth rate re-accelerating there, and we are optimistic that new divisional management could bring a more proactive, engaging approach to renewing delayed customer contracts. On the margin side, Legal saw modestly smaller than forecast expansion, and this could become a repetitive theme given the headwinds of a) reduced cost savings from decommissioning old platforms, b) increased competition from TRI, and c) depreciation rising towards capex levels as the new platform roll-out completes. Look past currency: On forecasts, our EPS estimates are upgraded 1-2%, largely driven by the impact of weak sterling. This however masks downward tweaks – albeit modest – to growth in the Risk division whilst we await evidence on the trajectory of growth into next year. Our price target also reflects the re-rating of peers. With the stock still trading at >19x FY20E earnings, the valuation leaves little room for disappointment on underlying trends, and hence we think the stock may struggle to outperform now the more balanced skew of risks is apparent.