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Research Alert: CFRA Maintains Hold Opinion On Adss Of Relx Plc

MT Newswires ·  {{timeTz}}

02:10 AM EST, 02/11/2022 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We keep our target price at $30, implying 22.4x our 2022 earnings per ADS estimate, in line with its 3-year mean. Underlying revenue and adjusted operating profit climbed by 7% and 13% Y/Y respectively in 2021 driven by the continued growth in its three largest segments (Scientific, Technical & Medical; Risk & Business Analytics; and Legal - together accounted for 93% of revenue) as well as the recovery in the Exhibitions segment following the gradual reopening of exhibition venues. Adjusted operating profit margin expanded by 1.3%-pts to 30.5% on cost control, with the Exhibitions segment returning to profit. We forecast revenue to grow by 8% in 2022 and adjusted operating profit margin to improve to ~31.5%, partly supported by the continued recovery in the Exhibitions segment. We adjust our 2022 earnings per ADS estimate to GBP0.98 from GBP1.05 to account for the latest results and introduce our 2023 earnings per ADS estimate of GBP1.05.

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