RELX PLC (REL.L): Outlook maintained; lack of near-term catalysts

We maintain our Neutral rating and 3,125p target price on RELX, seeing limited upside following the recent re-rating and with the shares trading on c19x FY27E P/E. 9M underlying revenue grew 7%, and the group outlook is unchanged. We view the implied Q4 bridge to FY26E consensus as underpinned at a Group level. We reduce our Exhibitions underlying growth to 4% from 6% reflecting the impact from the Middle East, otherwise our divisional growth forecasts are unchanged. Following these results, we maintain our view that there are limited catalysts in the near-term. 9M underlying revenue growth of 7% came in line with 1H, while Exhibitions (4%) was moderated by ~3ppts from Middle East travel disruption. Management has reiterated its FY26E guidance for another year of strong underlying growth. We lower our Exhibitions underlying revenue growth forecast from 6% to 4% due to headwinds in the Middle East, while keeping all other divisional growth estimates unchanged, with minimal impact on our