Delivering growth: Whilst headline results for H122 were modestly ahead of expectations, the key stand-out was the further acceleration seen across both the STM and Legal divisions (with each delivering 4% organic revenue growth). Validating the strategy, management highlighted the Legal acceleration being a sustainable reflection of the incremental added value tools & services being offered, and the benefit in STM of faster growth databases & analytical tools now representing c.40% of the division. Although the transactional revenues in Risk are not immune from a US economic slowdown, the economic value generated for customers should ensure significant resilience in absolute terms. Dollar discussion: As a significant dollar earner, RELX benefits from recent sterling weakness in terms of the translational impact on operating profits, but the impact of this on the balance sheet and interest costs was an unusual focus at the presentation – with management highlighting that c.40% of the debt is based on a floating rate, with significant dollar denomination – hence leading to a notable yoy step up in costs in FY22/FY23. Valuation full, but fair: Modestly higher organic growth assumptions and updated FX forecasts are partially offset by interest and tax charges, leading earnings to increase 3% longer-term, and driving our target price increase from 2250p to 2350p. RELX currently trades at c.20x CY24E earnings. With the scope to sustainably deliver resilient 4-5% organic revenue growth, and cost control / share buybacks moving EPS growth ahead of this, we see the valuation as very much justified, although with peers such as Informa trading below 13x PE in the same year, we see more scope for upside elsewhere.