olivLaw · European equity research
Investec plc INVP.L
United Kingdom · London Stock Exchange · ISIN GB00B17BBQ50 · Vertical: Listed companies from United Kingdom
Investec plc is a banking and financial services group with main operations in the United Kingdom and South Africa, focused on high-income and high-net-worth clients, companies and transition finance. The annual report for the year ended 31 March 2026 describes a prudent risk profile, high liquidity and credit indicators within set limits, in an economic environment described as weakened. For investors and analysts following the sector, these disclosures outline how the group manages risk in a period of uncertainty.
At the close of 05 Nov 2026, Investec plc (INVP.L) stock was 6.15 GBP (−0.49% on the day), with beta 0.89, 52-week range 5.18–6.82 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 52.6
- neutral
- Bollinger (20, 2)
- 5.86 – 6.21
- in the upper half of the band · %B 0.84 · band width 5.8%
- SMA 50 / 200
- 6.25 / 6.24
- mixed trend
- MACD (12, 26, 9)
- -0.02 / -0.05
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.5% | −0.6% | +0.2 pp | — |
| 3 months | −8.5% | −4.2% | −4.3 pp | — |
| 6 months | −0.1% | +4.3% | −4.4 pp | — |
| Year to date | +11.5% | +7.5% | +4.0 pp | — |
| 1 year | +6.1% | +9.9% | −3.8 pp | +6.7% |
| 3 years | +27.9% | +49.8% | −21.9 pp | +24.8% |
| 5 years | +98.7% | +42.8% | +55.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable |
| Net income | 293.1 m | 706.2 m | 331.8 m | 340.6 m |
| Net income YoY | unavailable | +140.9% | −53.0% | +2.7% |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 4.0 bn GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 3.7 bn GBP
- Total assets
- 32.0 bn GBP
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 9.4%
- ROA
- 1.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 6.3 bn | 6.3 bn | 5.1 bn | 4.0 bn | esef· 07 Jul 2026verified |
| Goodwill | 255.3 m | 68.7 m | 67.5 m | 75.7 m | esef· 07 Jul 2026verified |
| Total assets | 28.4 bn | 30.1 bn | 29.8 bn | 32.0 bn | esef· 07 Jul 2026verified |
| Total liabilities | 25.7 bn | 26.6 bn | 26.3 bn | 28.3 bn | esef· 07 Jul 2026verified |
| Equity | 2.7 bn | 3.5 bn | 3.5 bn | 3.7 bn | esef· 07 Jul 2026verified |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -368.4 m | 319.5 m | -931.0 m | -679.0 m | esef· 07 Jul 2026verified |
| Investing cash flow | 3.2 m | -204.9 m | -3.7 m | -51.9 m | esef· 07 Jul 2026verified |
| Financing cash flow | -189.1 m | -69.6 m | -345.0 m | -353.8 m | esef· 07 Jul 2026verified |
| Share repurchases | 36.8 m | 54.0 m | 45.2 m | 62.1 m | esef· 07 Jul 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 0 of at least 6
- score weight coverage: 0.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
0% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
INVESTEC PLC (INVP.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: ROE 9.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for INVP.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Investec plc is a banking and financial services group with main operations in the United Kingdom and South Africa, focused on high-income and high-net-worth clients, companies and transition finance. The annual report for the year ended 31 March 2026 describes a prudent risk profile, high liquidity and credit indicators within set limits, in an economic environment described as weakened. For investors and analysts following the sector, these disclosures outline how the group manages risk in a period of uncertainty.
SWOT
Strengths
- The group keeps a high liquidity buffer and a solid deposit base, giving it capacity to withstand system shocks. A prudent lending policy with collateral and selected clients supports asset quality.
- Positioning on high-net-worth clients and mid-sized companies offers deep relationships and fee income. The dual listed structure and presence in two countries diversify revenue sources.
- Capital and leverage indicators sit within target ranges, and the group maintains low tolerance for market risk. These elements support confidence in the stability of the business model.
Weaknesses
- Exposure to a weakened economic environment could pressure credit quality, particularly in client segments with lower incomes. Concentration in certain geographies amplifies sensitivity to local developments.
- Climate compliance and reporting costs rise with new requirements, and developing green finance products needs ongoing investment. These expenses could reduce operating margins.
- Investment activity in unlisted companies brings volatility in asset values. Concentration risk in investments and large credits remains a vulnerability.
Opportunities
- Growing demand for renewable energy and transition infrastructure finance could expand business volume. The group aims to facilitate substantial sustainable finance by 2030.
- Sustainable urban development, including energy-efficient buildings and electric vehicle charging infrastructure, could open new lending opportunities. Local policies and building standards support this direction.
- Deepening relationships with existing clients through wealth management and structured finance products could support growth in fee income.
Threats
- A deterioration in the UK or South African economy could lead to higher credit losses and capital pressure. Stress scenarios in the report identify this vulnerability.
- Changes in climate regulation, reporting and banking rules could raise costs and alter business practices. Climate-related litigation risk is mentioned as an emerging concern.
- Extreme weather events and reputational risk tied to sustainability claims could affect operations, assets and stakeholder trust.
Risks
- Credit riskhigh
Clients failing to meet contractual obligations could generate higher losses in a weakened economic environment. The report sets tolerances and limits for exposure per client and per industry.
- Liquidity riskmedium
The group could face funding difficulties under stress if access to liquidity or cash flow timing deteriorates. Contingency funding plans and liquidity buffers are designed to limit this risk.
- Interest rate risk in the banking bookmedium
Adverse interest rate movements can affect interest income and the economic value of equity. The report shows the group within tolerance limits, but the risk remains present.
- Capital riskmedium
Insufficient capital relative to regulatory requirements or potential losses could constrain activity. The group states it met all its capital targets at 31 March 2026.
- Sustainability and reputational risklow
The environmental impact of lending activities, and the risk that sustainability claims are seen as inconsistent, could affect reputation and stakeholder relationships.
Investment thesis
What would need to be true (bull case)
- If the UK and South African economies recover, credit quality could remain stable and business volume could grow. High liquidity and solid capital could allow expansion into preferred segments.
- Demand for transition and sustainable finance could become a growth driver, and the group's position in this segment could bring new clients and revenue.
- A model centred on high-net-worth clients could generate recurring fee and wealth management income, reducing dependence on interest margins.
What would break the thesis
- If the economic environment worsens, credit losses could rise above current levels, and pressure on profitability could become significant.
- Climate compliance and reporting costs could keep rising, and the investment needed in green products could compress margins in the short term.
- Concentration on selected clients and certain geographies could amplify the impact of a local shock on the portfolio and revenues.
What to watch
- Trend in the credit loss ratio and Stage 3 net of ECLnext 10-K
- Level of the liquidity buffer relative to customer deposits2027
- Progress toward the 2030 sustainable and transition finance target2027
- Trend in climate compliance and reporting costsQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Investec plc is the UK holding company of a banking and wealth management group, with banks operating in the United Kingdom and South Africa under a dual listed companies structure. Its activity centres on high-income and high-net-worth clients, small and medium-sized enterprises, financial institutions and sovereigns, according to the annual report. The group states a strategy built on a truly client-centred organisation, growth initiatives and capital allocation discipline.
The lending policy described in the report favours income-based loans with well collateralised exposures, risk taken over the short to medium term and limited appetite for unsecured debt. The group aims for low concentration across geographies, asset classes and industries, and caps exposure to a single or connected counterparty at £120 million. The model rests on a substantial deposit base and liquidity buffer.
The report also mentions investment activities, particularly in unlisted companies and some property investments, and trading activity that is largely focused on supporting clients. The group intends that proprietary trading remains limited. The structure is therefore closer to a relationship bank and wealth manager than to a mass-market retail bank.
Segments
Banking and lending
The banking segment lends to high-income clients, companies and institutions. The report shows a credit loss ratio of 0.57% at 31 March 2026, compared with 0.60% at 31 March 2025, below the stressed-scenario target threshold.
Liquidity and deposits
Each geographic entity is funded on a self-sufficient basis, and the group keeps a significant liquidity buffer, with cash and near cash balances representing a large share of customer deposits at year end.
Investments and trading
Investment in unlisted companies is limited to a tolerance below 15% of CET1 capital, while trading is largely client-related. Market risk measured by one-day 95% VaR remained within internal limits at 31 March 2026.
Market context
Investec operates in banking and wealth management in the United Kingdom and South Africa, where high-net-worth clients and mid-sized companies are the target segments. The report describes a weakened economic environment at the time of writing, which affects credit quality and demand for financing. The group states that it remains within its risk tolerance levels.
In transition finance, the group has committed to facilitate £18 billion across the group by 2030, of which £14.9 billion is attributable to Investec plc. Demand for sustainable finance is described as growing, but how far it materialises depends on climate policy and market dynamics.
Trends
- Rising demand for sustainable financetailwind
Client demand for green and transition finance could grow as decarbonisation policies advance, opening opportunities for new products. Developing these products requires ongoing investment in staff and systems.
- Regulatory and reporting pressureheadwind
Climate disclosure requirements and ESG standards, including TCFD-aligned reporting and CSRD, increase compliance costs. The report states that these costs remain below 1% of operating expenditure.
- Weakened economic environmentheadwind
The report describes current conditions as weakened, which could affect credit portfolio quality and loss levels. The group remains within tolerance limits, but a harsher scenario could put pressure on credit indicators.
- Interest rate policy and net marginmixed
Movements in interest rates can influence net interest income, and the group manages the risk through hedging instruments and long-term sensitivity limits. The effect depends on the direction and pace of changes.
Competitive position
The annual report does not detail direct competitors, but it describes a group targeting high-income and high-net-worth clients, small and medium-sized enterprises, financial institutions and sovereigns. Competitive positioning therefore depends on client relationships and local expertise in the geographies where the group operates.
In the United Kingdom and South Africa, competition comes from investment banks, retail banks with wealth management divisions and specialist finance providers. An advantage could arise from the dual listed structure and the ring-fenced separation of the UK bank, if that separation supports client confidence.
- UK investment banks
Direct competition for corporate clients and mid-sized company finance, especially in London.
- Retail banks with wealth management
Competition for high-net-worth clients through wealth management and personal lending offerings.
- South African banks
Competition in the local South African market, where the group has a significant client and deposit base.
- Specialist green finance providers
Competition in renewable energy and transition project finance, where demand is growing.
News & filings
In the press
- South Africa on Path to Investment-Grade Rating, Investec SaysBloomberg Markets · 19 Oct 2026 · EN
- Investec Raises $43 Million in Debut Loss-Absorbing Debt IssueBloomberg Markets · 27 May 2026 · EN
- Investec Seeks Ireland Banking License as Lender Eyes EU BountyBloomberg Markets · 22 May 2026 · EN
- Investec Eyes EU BountyBloomberg Markets · 22 May 2026 · EN
- Investec Sweetens Private-Banking Offering to Lure Rich ClientsBloomberg Markets · 21 May 2026 · EN
- South Africa Gains Lift Investec Profit, Dividend to RecordBloomberg Markets · 21 May 2026 · EN
Annual reports (ESEF)
- Annual report 202607 Jul 2026
- Annual report 202404 Jul 2024
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Investec plc · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.