DDM Analysis: REL.L

Valuation Snapshot

Stable Growth	$55.45 - $193.91	$91.60
Multi-Stage	$62.07 - $68.05	$65.01
Blended Fair Value	$78.30
Current Price	$39.37
Upside	98.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.89%	7.09%	0.60	0.56	0.52	0.49	0.47	0.45	0.42	0.41	0.36	0.31
YoY Growth	-	-	5.85%	7.73%	6.85%	4.55%	4.51%	5.78%	4.46%	11.57%	17.15%	3.19%
Dividend Yield	-	-	1.64%	1.81%	2.28%	2.04%	2.61%	2.35%	2.62%	2.33%	2.51%	2.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,817.00
(-) Cash Dividends Paid (M)	2,266.00
(=) Cash Retained (M)	1,551.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	763.40	477.13	286.28
Cash Retained (M)	1,551.00	1,551.00	1,551.00
(-) Cash Required (M)	-763.40	-477.13	-286.28
(=) Excess Retained (M)	787.60	1,073.88	1,264.73
(/) Shares Outstanding (M)	1,880.74	1,880.74	1,880.74
(=) Excess Retained per Share	0.42	0.57	0.67
LTM Dividend per Share	1.20	1.20	1.20
(+) Excess Retained per Share	0.42	0.57	0.67
(=) Adjusted Dividend	1.62	1.78	1.88
WACC / Discount Rate	6.05%	6.05%	6.05%
Growth Rate	3.03%	4.03%	5.03%
Fair Value	$55.45	$91.60	$193.91
Upside / Downside	40.84%	132.67%	392.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,817.00	3,970.97	4,131.16	4,297.80	4,471.17	4,651.53	4,791.08
Payout Ratio	59.37%	65.49%	71.62%	77.75%	83.87%	90.00%	92.50%
Projected Dividends (M)	2,266.00	2,600.70	2,958.72	3,341.39	3,750.12	4,186.38	4,431.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.05%	6.05%	6.05%
Growth Rate	3.03%	4.03%	5.03%
Year 1 PV (M)	2,428.75	2,452.32	2,475.89
Year 2 PV (M)	2,580.40	2,630.73	2,681.55
Year 3 PV (M)	2,721.46	2,801.47	2,883.03
Year 4 PV (M)	2,852.40	2,964.76	3,080.41
Year 5 PV (M)	2,973.69	3,120.83	3,273.73
PV of Terminal Value (M)	103,187.16	108,292.75	113,598.46
Equity Value (M)	116,743.85	122,262.85	127,993.06
Shares Outstanding (M)	1,880.74	1,880.74	1,880.74
Fair Value	$62.07	$65.01	$68.05
Upside / Downside	57.67%	65.12%	72.86%

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RELX Plc (REL.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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