Q3 22: RELX stands tall despite the surrounding turmoil

The 9-months 2022 trading statement was in line, confirming organic revenue growth above historical trends for the second year. The group reiterated its FY22e guidance as “momentum remains strong”, which is very reassuring in light of the current macro environment.

H1 22: RELX looks recession-proof

RELX reported excellent H1 22 results in light of the current macro environment. The management said that the momentum remains strong entering H2 22 and that it continues to expect the FY22e performance to be above the historical trend.

April trading update: No worries

RELX released a reassuring trading statement ahead of its April 2022 AGM to confirm its FY22e outlook, as all business lines performed well in Q1 22. Not to look a gift horse in the mouth, but perhaps a little more detail about Exhibitions would have been appreciated…

FY21 results: good, but not as great as expected

RELX’s FY21 top- and bottom-line trends fall short of expectations, dampening investor sentiment. The better-than-anticipated adjusted EPS and dividend, as well as the long-awaited return of the share buy-back programme, were not enough to support the share price…

Q3 21 trading update: stronger than ever

RELX shares reached a new all-time high this morning following the publication of the group’s 9-month trading update. Investors welcomed the – long-awaited – bounce back in Exhibitions as well as the improved FY21e guidance.

H1 21 performance strengthens our confidence

RELX raised its FY21e guidance on the back of very encouraging H1 21 results. Its three major divisions delivered a sound performance, similar to pre-COVID-19 trends, which offset the continued weakness in Exhibitions.

Good start to the year… excluding Exhibitions obviously

RELX released a trading statement ahead of its April 2021 AGM to confirm its FY21e outlook as most of the business performed well in Q1 21. The timing and pace of recovery in Exhibitions remains uncertain.

Encouraging FY20 results despite clouds over Exhibitions

The FY20 results are both satisfactory and in line. More than 4/5ths of the business are continuing to hold up well, with uncertainty remaining on Exhibitions. The FY dividend’s increase by 3% is good news. Positive stance maintained after allowing for negative tweaks on the Exhibitions outlook.

A sound trading statement despite very poor Exhibitions

RELX issued a fairly sound 9 month trading statement despite the Exhibitions division remaining highly impacted by the current pandemic. More than 4/5 of the business are continuing to hold up well, which we consider a positive. The FY20e outlook is unchanged for the three largest divisions while Exhibitions continue to suffer. Some downgrade adjustments are expected to our forecasts, mostly due to Exhibitions, but we intend to reiterate a positive recommendation on the stock.

High pandemic impact on Exhibitions but otherwise reassuring

RELX’s H1 20 results are clearly not good, impacted by COVID-19 as expected. Both revenues and adjusted OP were below our estimates and the street’s as Exhibitions were significantly hurt. Positively, all other businesses continued to deliver and are continuing to hold up well. The flat interim dividend, contrary to market fears, was also a positive. Our earnings will be downgraded. High volatility expected going forward for the share price but we remain confident in the group’s long-term strate

FY20e guidance and share buy-back suspended amidst COVID-19

RELX just released a trading statement ahead of is 23 April 2020 AGM to inform that it has suspended both its FY20e guidance and share buy-back due to the uncertainties related to COVID-19.

Another good year for RELX

The FY19 results were sound and globally in line with expectations. The group once again managed to improve its adjusted operating margin (31.6% from 31.3%) on underlying revenue rising by 4%. All in all, a satisfactory performance. RELX anticipates more or less the same positive trends over FY20e, although the Coronavirus impact on the exhibitions division is still highly uncertain. Not coming as a surprise, the Chairman of the Board Mr Habgood (74 years old) will retire once a successor is a

Accelerating Risk Solutions' expansion again

Three weeks after announcing the expansion of its fastest growing LexisNexis Risk Solutions division through the acquisition of ID Analytics for $375m (i.e. c.£290m), RELX announced a definitive agreement to acquire Emailage for an estimated c.$480m in cash or c.£370m (CNBC Wires source; not disclosed by RELX).

Further expansion in Risk Solutions Fraud and Credit Risk Assessment

RELX today announced that its LexisNexis Risk Solutions division has agreed to buy the US company ID Analytics, a provider of credit and fraud risk solutions for enterprises, for $375m (i.e. c.£290m). This is a rather significant acquisition for the group and, at first sight, an interesting one, in line with LexisNexis Risk Solutions’ offering. No change to our recommendation.

Continued organic revenue growth for RELX

In line 9 months 2019 trading statement, reflecting a return to previous rates of organic revenue growth at the group level (+4%) after the slowdown registered in H1 (+3%). The FY19e guidance is reiterated, i.e. another year of underlying revenue, profit, and adjusted EPS at CER, as key business trends are in line with FY18.

LIBERUM: hVIVO plc* - Update exceeds expectations

Top Picks for 2023 - 2022 review and outlook for 2023

On 10 January last year, we set out our ten top stock picks for 2022, in what turned out to be a very poor twelve months for global equities, due to war, accelerating inflation, political instability and recession fears. Between 7 January 2022 and 31 December 2022, the AIM All-Share Index declined 30.0%, whilst the average performance of our ten top picks was -24.7%, a modest relative outperformance. In this note we discuss the performance of our 2022 top picks, equities trends in 2022, and our

QuotedData’s Real Estate Monthly Roundup – January 2023

Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month

SHORE CAPITAL - Sureserve Group+ (SUR, House Stock at 91p)

This Week's AIM Highlights 20th January 2023

Cenkos: Bidstack Group Plc -- Termination of Coverage

Cenkos Securities plc has terminated coverage on Bidstack Group Plc. Our previous recommendation (BUY) and forecasts can no longer be relied upon. Please contact Cenkos for further information.

SHORE CAPITAL - Sureserve Group ^ (SUR) - House Stock at 85p

City of London Investments (CLIG LN) - Six-month trading update

CLIG’s half-year pre close trading update reveals $9.15bn of Funds Under Management (FUM): up in 2Q, but down 1% since 30 June. CLIG’s run-rate profit remains at levels reported in the 1Q IMS; the interim DPS remains at 11p.

Hybridan Small Cap Feast - 17 Jan 23

17 January 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object

Hybridan Small Cap Feast - 25 Jan 23

25 January 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object

Morning Note – 20 January 2023

Hybridan Small Cap Feast - 23 Jan 23

23 January 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object

Feedback on CMD

Franchise Brands held a well-attended CMD yesterday which highlighted the group's strategy, the robust performance of its two key operating divisions (B2B and Filta International), and how the application of technology and effective marketing are driving growth.

Morning Note – 23 January 2023

Morning Note – 24 January 2023