Fine-tune model post results - STM seminar the next catalyst

We update our model following 9M results. We leave our FY group organic growth of 7.3% (7.9% ex Exhibitions) unchanged and increase our margin by 10bps to 35.3%. Our 2027 EPS falls by 1% to 158p due to an FX headwind since our last update, while our 2030 EPS falls by 5.5% to reflect the higher RELX share price and reduced accretion from buybacks. RELX continues to offer 2027-30 EPS growth of 14% pa and our DCF-based Dec-27 PT of 5,070p remains unchanged. RELX will host an STM seminar on 3 November; we see LeapSpace's product, pricing and take-up, together with RELX's content, data, tools and customer relationships, as a potential catalyst for STM organic growth acceleration, with longer-term growth of 10% or more possible. RELX trades on c19x 2027E earnings, a c20% discount to US peers, and on just c11x 2030E earnings after expected dividends and buybacks.