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Anglo-South African banking and wealth-management group offering corporate/private banking, asset management and wealth advisory.
Anglo-South African banking and wealth-management group offering corporate/private banking, asset management and wealth advisory.
Runs as a dual-listed group, Investec plc in London and Investec Limited in Johannesburg, managed as one business, with earnings from lending to private clients, entrepreneurs and mid-sized companies and fees from wealth management, rather than mass retail banking. South Africa and the UK are the two home markets. Its asset-management arm was separated as Ninety One in 2020.
In one line: A UK/South African merchant bank, like a smaller Northern Trust plus a boutique investment.
Moat: narrow (brand, switching costs, distribution). Niche private/merchant banking relationships in the UK and South Africa give client stickiness, but banking is competitive.
Headquarters: London, UK · Founded: 1974
Size Investec (INVP.L) is a United Kingdom Financials company (Investment Banks/Brokers) with a market value of $7.34B, the 66th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £614.50 on 6 Nov 2026.
Performance Over six months the shares gained 2.9%, against -8.7% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue fell 3.5% over the last twelve months (peer median +6.8%); the operating margin is 37.5% (peer median 38.5%).
Valuation It trades at 7.1× forward earnings against a peer median of 13.0× (5th cheapest of 21).
Credit Investec has 8 bonds outstanding ($3.83B), rated A3 by the agencies and trading like BBB- at a weighted spread of 121 bp.
Next results Next results expected around 19 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £4.80B | £4.76B | £4.92B | £4.78B | £3.89B |
| Revenue growth | — | -3% | +3% | +23% | — |
| Net income | £655M | £655M | £623M | £893M | £765M |
| Free cash flow | n/a | £439M | £1.46B | £820M | £623M |
| Capital expenditure | £0 | £59.2M | £17.0M | £19.0M | £30.3M |
| Total debt | n/a | £7.86B | £7.23B | £8.02B | £8.17B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Investec INVP.L | $7.34B | +3% | -4% | 37% | 7.1× | n/a |
| Close Brothers CBG.L | $791M | -10% | -12% | 16% | 7.0× | n/a |
| Rathbones RAT.L | $2.42B | -8% | +5% | 26% | 9.9× | n/a |
| Julius Baer Gruppe BAER.SW | $17.1B | +2% | 0% | 30% | 11.3× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | INVP.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.4% | -1.2% | 4th highest of 21 |
| 6-month return | +2.9% | -8.7% | 8th highest of 21 |
| Distance from 52-week high | -10.9% | -24.9% | 6th highest of 21 |
| Revenue growth (TTM) | -3.5% | +6.8% | 5th lowest of 21 |
| Operating margin | 37.5% | 38.5% | 10th lowest of 21 |
| Forward P/E | 7.1× | 13.0× | 5th cheapest of 21 |
| Bond spread | 121 bp | 205 bp | 2nd tightest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Investec INVP.L | United Kingdom | $7.34B | +3% | -4% | 37% | 7.1× | n/a | n/a |
| Mirae Asset Sec 006800.KS | South Korea | $7.57B | -66% | +5% | 114% | 4.0× | n/a | n/a |
| XP Inc. Class A XP | United States | $7.83B | -21% | +17% | 32% | 6.7× | n/a | n/a |
| Guolian Minsheng Securities 601456.SS | China | $6.75B | -13% | +9% | 25% | 20.1× | n/a | n/a |
| Allfunds ALLFG.AS | Netherlands | $6.69B | +18% | +1% | 43% | 20.5× | n/a | n/a |
| StoneX SNEX | United States | $6.55B | -33% | +21% | 2% | 13.0× | n/a | n/a |
| NHIS 005940.KS | South Korea | $6.46B | -32% | +156% | 34% | 5.2× | n/a | n/a |
| Virtu Financial VIRT | United States | $8.37B | +5% | +28% | 38% | 7.8× | n/a | n/a |
| Swissquote SQN.SW | Switzerland | $6.33B | -13% | +4% | 44% | 15.9× | n/a | n/a |
| Founder Securities 601901.SS | China | $8.52B | -4% | -21% | 47% | 11.7× | n/a | n/a |
| Zhongtai Securities 600918.SS | China | $6.31B | -12% | -4% | 21% | 17.1× | n/a | n/a |
| Everbright Securities 6178.HK | Hong Kong | $8.59B | -20% | +15% | 42% | 6.0× | n/a | n/a |
| Nordnet SAVE.ST | Sweden | $8.70B | +13% | +11% | 58% | 23.7× | n/a | n/a |
| Zheshang Securities 601878.SS | China | $6.03B | -10% | -4% | 32% | 13.0× | n/a | n/a |
| ASX ASX.AX | Australia | $9.02B | +15% | +3% | 65% | 24.2× | n/a | n/a |
| SDIC Capital 600061.SS | China | $5.96B | -7% | -28% | 33% | 12.0× | n/a | n/a |
| Avanza Bank AZA.ST | Sweden | $5.95B | +13% | +13% | 54% | 19.1× | n/a | n/a |
| MarketAxess MKTX | United States | $5.83B | +12% | +3% | 39% | 19.5× | n/a | n/a |
| Changjiang Securities 000783.SZ | China | $5.77B | -13% | +13% | 37% | 8.1× | n/a | n/a |
| Multi Commodity Exchange of India MCX.NS | India | $9.51B | +16% | +122% | 79% | 50.8× | n/a | n/a |
| Soochow Securities 601555.SS | China | $5.64B | -5% | +3% | 36% | 10.3× | n/a | n/a |
Investec has 8 bonds outstanding with $3.83B face value. The agencies rate it A3; its bonds trade like BBB-. Weighted yield 4.17%, a spread of 121 bp over government bonds.