H1 results broadly robust RELX have reported headline revenues of £4,641m, driven by organic growth of 7% - divisional growth rates (STM +4%, Legal +7%, Risk +8% and Exhibitions +16%) were all in line to ahead of consensus (and the exhibitions growth Informa reported yesterday) but reported revenues were c.2% below consensus. EBITA of £1,583m and EPS of 59.5p were both in line with expectations, albeit with a very strong profit performance in Exhibitions offsetting profits in the other 3 divisions, each modestly below consensus. AI to keep growth accelerating On the outlook, the qualitative commentary continues to be management highlighting positive momentum across the group, as they continue the further shift towards provision of analytical tools and combining their data / content sets with AI technologies. We would expect a key area of questioning at the presentation to be around the take up and monetisation of products such as Lexis+ AI, and the investment going in to support their roll out. Leverage was at 2x at the period end, with £700m of this year’s £1bn buyback done – this leaves plenty of headroom for bolt-on acquisitions to further bolster this process over time. Valuing a global AI winner The stock currently trades at c.18x CY25E EBITDA. As we wrote previously (see RELX.AI), as AI product roll out further accelerates organic growth, we see scope for further re-rating towards the level of US peers with EBITDA multiples in the mid-20s.