# Investec (INVP.LSE)

Canonical: https://gigainvestors.com/s/INVP.LSE

Analysis as of: 2026-10-16T07:37:31.961Z. Financial observations: FY2000–FY2026.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 601.50 per share; close as of 2026-10-15.

Estimated value: low GBX 1,551.96 per share, central GBX 1,765.94 per share, high GBX 2,050.79 per share. Buy at or below the central value GBX 1,765.94 per share. Valuation as of 2026-10-16T07:37:31.961Z; scenarios are not confidence intervals.

Expected annual return: 24.5% at the stated quote. About 24.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.16×

- FY2018: 0.14×

- FY2019: 0.12×

- FY2020: 0.08×

- FY2021: 0.11×

- FY2022: 0.21×

- FY2023: 0.22×

- FY2024: 0.16×

- FY2025: 0.16×

- FY2026: 0.17×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 9.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 13.4%

- ROIC, second-lowest year: 8.1%

- Typical minus recent gross margin: 9.2 pp

- Typical gross margin (annual median): 49.6%

- Recent gross margin (lower of latest and 3-year median): 40.5%

- Years with nonpositive capital: 2

- Capital spending / revenue: 0.7%

- ROIC including acquisitions, ten-year median: 14.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 14.4%

- FY2018: 14.0%

- FY2019: 12.7%

- FY2020: >100%

- FY2021: 15.9%

- FY2022: 5.6%

- FY2023: 9.2%

- FY2024: 10.8%

- FY2025: 21.6%

- FY2026: 8.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 3.4B

- Net income, five-year total: GBP 3.7B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -24.7 pp

- Working capital / revenue, change between three-year averages: -176.1 pp

- Working capital / revenue, final three-year average: -351.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.08×

- FY2023: 1.04×

- FY2024: 1.03×

- FY2025: 1.02×

- FY2026: 0.51×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 14.0% vs 10.8%

- Per-share earnings: 0.46 to 0.85 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.4%

- Ordinary dilution, 5-year annual growth: -2.3%

- Market cap gain: GBP 1.1B

- Cumulative retained earnings: GBP 3.2B

- Diluted shares, 10-year annual growth: -1.4%

- Diluted shares, 5-year annual growth: -2.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 7.9%

- Per-share value change: GBP 0.39

- Per-share value, starting three-year median: GBP 0.46

- Per-share value, ending three-year median: GBP 0.85

- Buybacks concentrated in cheaper years (correlation): 0.15

- Average buyback yield: 4.4%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 216M

- Cumulative net income, 10 years: GBP 6.6B

- ROIC, first three-year median: 14.0%

- ROIC, last three-year median: 10.8%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP 0.46

- FY2018: GBP 0.53

- FY2019: GBP 0.57

- FY2020: GBP 1.21

- FY2021: GBP 0.28

- FY2022: GBP 0.56

- FY2023: GBP 0.87

- FY2024: GBP 1.07

- FY2025: GBP 0.78

- FY2026: GBP 0.85

### accounting: fail

- latest-year receivables to sales index (DSRI) exceeds 1.465

- earnings not backed by cash

- Sloan accruals: 1.7%

- Receivables to sales index (DSRI): 2.16×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -0.53×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -0.7%

- FY2018: 0.1%

- FY2019: -1.5%

- FY2020: 2.1%

- FY2021: 1.9%

- FY2022: -4.3%

- FY2023: 0.6%

- FY2024: 4.6%

- FY2025: 2.2%

- FY2026: 1.7%

## Holders

## Price story

Price needs cash profits to shrink 12.8% a year for ten years · sales -3%

Story as of 2026-10-16T10:00:09.177Z; price observation 2026-10-15.

Price needs cash profits to shrink 12.8% a year for ten years

### Sales · FY2025–2026

sales -3%; source https://filings.xbrl.org/2138007Z3U5GWDN3MY22/2026-03-31/ESEF/GB/0/2138007Z3U5GWDN3MY22-2026-03-31/reports/2138007Z3U5GWDN3MY22-2026-03-31-T01.html; observed 2026-07-07.

- FY2017: GBP 4.0B 

- FY2018: GBP 4.3B 

- FY2019: GBP 3.7B 

- FY2020: GBP 3.5B 

- FY2021: GBP 2.7B 

- FY2022: GBP 2.9B 

- FY2023: GBP 4.0B 

- FY2024: GBP 4.8B 

- FY2025: GBP 4.9B 

- FY2026: GBP 4.7B 

### Gross margin · FY2026

gross margin 43.6%; source https://filings.xbrl.org/2138007Z3U5GWDN3MY22/2026-03-31/ESEF/GB/0/2138007Z3U5GWDN3MY22-2026-03-31/reports/2138007Z3U5GWDN3MY22-2026-03-31-T01.html; observed 2026-07-07.

- FY2017: 58.2% 

- FY2018: 56.5% 

- FY2019: 49.0% 

- FY2020: 43.4% 

- FY2021: 53.9% 

- FY2022: 65.1% 

- FY2023: 50.3% 

- FY2024: 40.5% 

- FY2025: 40.0% 

- FY2026: 43.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in capital markets; annual sales are GBP 4.7 billion.

- Source: https://filings.xbrl.org/2138007Z3U5GWDN3MY22/2026-03-31/ESEF/GB/0/2138007Z3U5GWDN3MY22-2026-03-31/reports/2138007Z3U5GWDN3MY22-2026-03-31-T01.html (filed 2026-07-07); FY2026: revenue 4725916000; grossProfit 2062838000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 40% to 43.6% during 2024–26; it earns 13.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-07); FY2024: grossProfit / revenue = 40.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-07); FY2025: grossProfit / revenue = 40%.

- Source: https://filings.xbrl.org/2138007Z3U5GWDN3MY22/2026-03-31/ESEF/GB/0/2138007Z3U5GWDN3MY22-2026-03-31/reports/2138007Z3U5GWDN3MY22-2026-03-31-T01.html (filed 2026-07-07); FY2026: grossProfit / revenue = 43.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-07); 10-year return on capital observations [[2017,0.144347230991477],[2018,0.13997216416547195],[2019,0.12721146441762782],[2020,1.8604161865181739],[2021,0.15875915891404016],[2022,0.05568212406204912],[2023,0.09210699427217309],[2024,0.10810351466778688],[2025,0.21589149156792126],[2026,0.0806730711401091]]; median 0.13359181429154987. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 3% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-07); FY2017: growth capex 18693000; upkeep 19055000; owner earnings 442466000. Growth capex / owner earnings = 0.04224731391790556.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-07); FY2018: growth capex 3428000; upkeep 21176000; owner earnings 505548000. Growth capex / owner earnings = 0.006780760679500265.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-07); FY2019: growth capex 0; upkeep 95819000; owner earnings 453424000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-07); FY2020: growth capex 0; upkeep 38847000; owner earnings 1141100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-07); FY2021: growth capex 0; upkeep 13338000; owner earnings 296964999. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-07); FY2022: growth capex 0; upkeep 9323000; owner earnings 555037000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-07); FY2023: growth capex 0; upkeep 30337000; cash acquisitions 9143000; owner earnings 833116000. Growth capex plus acquisitions / owner earnings = 0.01097446213972604.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-07); FY2024: growth capex 0; upkeep 18983000; cash acquisitions 190883000; owner earnings 966810000. Growth capex plus acquisitions / owner earnings = 0.19743589743589743.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-07); FY2025: growth capex 0; upkeep 16994000; cash acquisitions 4800000; owner earnings 709575000. Growth capex plus acquisitions / owner earnings = 0.00676461262023042.

- Source: https://filings.xbrl.org/2138007Z3U5GWDN3MY22/2026-03-31/ESEF/GB/0/2138007Z3U5GWDN3MY22-2026-03-31/reports/2138007Z3U5GWDN3MY22-2026-03-31-T01.html (filed 2026-07-07); FY2026: growth capex 0; upkeep 381377000; cash acquisitions 11317000; owner earnings 372481000. Growth capex plus acquisitions / owner earnings = 0.030382757778249093.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-07); Dividend observations: [[2017,290455000],[2018,324576000],[2019,343529000],[2020,367689000],[2021,109595000],[2022,261942000],[2023,331941000],[2024,354520000],[2025,320788000],[2026,337345000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/2138007Z3U5GWDN3MY22/2026-03-31/ESEF/GB/0/2138007Z3U5GWDN3MY22-2026-03-31/reports/2138007Z3U5GWDN3MY22-2026-03-31-T01.html (filed 2026-07-07); FY2026: cash repurchases 228407000 GBP.

### Are managers owners

Insiders own 8.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); INVP.LSE SharesStats.PercentInsiders = 8.061 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 12.8% yearly over ten years; actual growth was 1.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-07); Ten-year compound average after fade. Initial solved rate -0.19127707056806692. Price 601.5; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.3691241404466659 → FY2026 0.4380549126090675. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 370.38 per share

- 2016-11: GBX 379.13 per share

- 2016-12: GBX 390.79 per share

- 2017-01: GBX 409.39 per share

- 2017-02: GBX 421.78 per share

- 2017-03: GBX 396.63 per share

- 2017-04: GBX 416.68 per share

- 2017-05: GBX 443.29 per share

- 2017-06: GBX 418.13 per share

- 2017-07: GBX 419.96 per share

- 2017-08: GBX 430.16 per share

- 2017-09: GBX 397.36 per share

- 2017-10: GBX 375.85 per share

- 2017-11: GBX 376.94 per share

- 2017-12: GBX 390.06 per share

- 2018-01: GBX 398.81 per share

- 2018-02: GBX 462.97 per share

- 2018-03: GBX 400.71 per share

- 2018-04: GBX 420.98 per share

- 2018-05: GBX 405.08 per share

- 2018-06: GBX 392.25 per share

- 2018-07: GBX 402.31 per share

- 2018-08: GBX 369.21 per share

- 2018-09: GBX 393.42 per share

- 2018-10: GBX 352.88 per share

- 2018-11: GBX 347.27 per share

- 2018-12: GBX 321.60 per share

- 2019-01: GBX 356.67 per share

- 2019-02: GBX 359.30 per share

- 2019-03: GBX 322.48 per share

- 2019-04: GBX 353.61 per share

- 2019-05: GBX 336.18 per share

- 2019-06: GBX 372.57 per share

- 2019-07: GBX 342.82 per share

- 2019-08: GBX 307.97 per share

- 2019-09: GBX 305.27 per share

- 2019-10: GBX 319.05 per share

- 2019-11: GBX 320.00 per share

- 2019-12: GBX 323.06 per share

- 2020-01: GBX 305.64 per share

- 2020-02: GBX 285.88 per share

- 2020-03: GBX 142.40 per share

- 2020-04: GBX 153.69 per share

- 2020-05: GBX 136.68 per share

- 2020-06: GBX 151.40 per share

- 2020-07: GBX 141.09 per share

- 2020-08: GBX 138.13 per share

- 2020-09: GBX 133.87 per share

- 2020-10: GBX 134.38 per share

- 2020-11: GBX 173.99 per share

- 2020-12: GBX 175.58 per share

- 2021-01: GBX 178.44 per share

- 2021-02: GBX 183.51 per share

- 2021-03: GBX 205.49 per share

- 2021-04: GBX 273.27 per share

- 2021-05: GBX 290.89 per share

- 2021-06: GBX 270.27 per share

- 2021-07: GBX 256.49 per share

- 2021-08: GBX 286.77 per share

- 2021-09: GBX 299.05 per share

- 2021-10: GBX 311.05 per share

- 2021-11: GBX 352.48 per share

- 2021-12: GBX 377.32 per share

- 2022-01: GBX 397.95 per share

- 2022-02: GBX 382.76 per share

- 2022-03: GBX 472.10 per share

- 2022-04: GBX 443.51 per share

- 2022-05: GBX 482.40 per share

- 2022-06: GBX 444.80 per share

- 2022-07: GBX 443.90 per share

- 2022-08: GBX 415.20 per share

- 2022-09: GBX 363.10 per share

- 2022-10: GBX 438.50 per share

- 2022-11: GBX 518.20 per share

- 2022-12: GBX 511.40 per share

- 2023-01: GBX 517.60 per share

- 2023-02: GBX 530.80 per share

- 2023-03: GBX 449.60 per share

- 2023-04: GBX 443.30 per share

- 2023-05: GBX 409.00 per share

- 2023-06: GBX 440.80 per share

- 2023-07: GBX 489.60 per share

- 2023-08: GBX 467.30 per share

- 2023-09: GBX 481.70 per share

- 2023-10: GBX 456.10 per share

- 2023-11: GBX 512.80 per share

- 2023-12: GBX 531.80 per share

- 2024-01: GBX 520.80 per share

- 2024-02: GBX 493.10 per share

- 2024-03: GBX 531.60 per share

- 2024-04: GBX 511.50 per share

- 2024-05: GBX 518.50 per share

- 2024-06: GBX 573.50 per share

- 2024-07: GBX 615.50 per share

- 2024-08: GBX 579.50 per share

- 2024-09: GBX 569.00 per share

- 2024-10: GBX 595.00 per share

- 2024-11: GBX 570.50 per share

- 2024-12: GBX 544.00 per share

- 2025-01: GBX 519.50 per share

- 2025-02: GBX 517.00 per share

- 2025-03: GBX 479.20 per share

- 2025-04: GBX 470.60 per share

- 2025-05: GBX 530.00 per share

- 2025-06: GBX 545.00 per share

- 2025-07: GBX 561.50 per share

- 2025-08: GBX 541.00 per share

- 2025-09: GBX 555.50 per share

- 2025-10: GBX 573.00 per share

- 2025-11: GBX 546.50 per share

- 2025-12: GBX 551.50 per share

- 2026-01: GBX 608.00 per share

- 2026-02: GBX 642.00 per share

- 2026-03: GBX 574.00 per share

- 2026-04: GBX 629.00 per share

- 2026-05: GBX 652.50 per share

- 2026-06: GBX 600.50 per share

- 2026-07: GBX 649.00 per share

- 2026-08: GBX 663.00 per share

- 2026-09: GBX 623.50 per share

- 2026-10: GBX 601.50 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 305.88 per share, central GBX 348.05 per share, high GBX 404.20 per share

- FY2018: low GBX 548.50 per share, central GBX 624.13 per share, high GBX 724.80 per share

- FY2019: low GBX 483.22 per share, central GBX 549.85 per share, high GBX 638.54 per share

- FY2020: low GBX 472.31 per share, central GBX 537.43 per share, high GBX 624.12 per share

- FY2021: low GBX 358.35 per share, central GBX 407.76 per share, high GBX 473.53 per share

- FY2022: low GBX 430.59 per share, central GBX 489.96 per share, high GBX 568.99 per share

- FY2023: low GBX 887.67 per share, central GBX 1,010.06 per share, high GBX 1,172.98 per share

- FY2024: low GBX 1,196.59 per share, central GBX 1,361.57 per share, high GBX 1,581.20 per share

- FY2025: low GBX 1,131.62 per share, central GBX 1,287.65 per share, high GBX 1,495.35 per share

- FY2026: low GBX 1,143.68 per share, central GBX 1,301.37 per share, high GBX 1,511.29 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:43:17.867Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/2138007Z3U5GWDN3MY22/2026-03-31/ESEF/GB/0/2138007Z3U5GWDN3MY22-2026-03-31/reports/2138007Z3U5GWDN3MY22-2026-03-31-T01.html); period 2026-03-31, filed 2026-07-07.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.