Discounted Cash Flow

Relx Plc. ADR

RELX · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $6.9b $1.2b $982.0m 16.8%
2017 $7.4b (6.7%) $1.7b (42.9%) $1.1b (16.9%) 22.6% (34.0%)
2018 $7.5b (1.9%) $1.4b (-14.3%) $1.3b (11.9%) 19.0% (-15.9%) $0.72
2019 $7.9b (5.1%) $1.5b (5.8%) $1.5b (15.9%) 19.1% (0.7%) $0.77 (7.6%)
2020 $7.1b (-9.7%) $1.2b (-18.7%) $1.4b (-2.9%) 17.2% (-9.9%) $0.64 (-18.0%)
2021 $7.2b (1.9%) $1.5b (20.2%) $2.0b (37.5%) 20.3% (18.0%) $0.76 (20.2%)
2022 $8.6b (18.1%) $1.6b (11.1%) $2.4b (19.0%) 19.1% (-5.9%) $0.85 (11.7%)
2023 $9.2b (7.1%) $1.8b (9.0%) $2.4b (2.6%) 19.4% (1.8%) $0.94 (10.4%)
2024 $9.4b (3.0%) $1.9b (8.6%) $2.6b (6.6%) 20.5% (5.4%) $1.04 (10.1%)
2025 $9.6b (1.7%) $2.1b (6.8%) $2.8b (8.8%) 21.5% (5.0%) $1.13 (8.7%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model