Investec (INVP)

Sector:

Banking

Index:

FTSE 250

554.50p
   
  • Change Today:
    -4.00p
  • 52 Week High: 562.00p
  • 52 Week Low: 406.10p
  • Currency: UK Pounds
  • Shares Issued: 645.16m
  • Volume: 899,179
  • Market Cap: £3,577.42m
  • RiskGrade: 206

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Annualisation Factor 1.0 1.0 n/a 1.0 0.2
Dividend Yield 6.9% 5.0% 5.9% 7.2% 5.5%
           
Continuing Operations          
PE Ratio - Adjusted 6.5 9.1 7.6 4.5 9.1
PE Ratio - Diluted 5.4
6.5		 6.3
9.2		 8.8
8.7		 8.8
4.5		 11.2
9.1
PEG - Adjusted 0.3 0.1 n/a n/a 0.4
PEG - Diluted 1.8
0.3		 0.0
0.1		 0.2
n/a		 n/a
n/a		 0.2
0.1
Return on Capital Employed n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a
Operating Margin 44.25%
37.41%		 31.81%
32.21%		 17.52%
15.44%		 15.18%
25.17%		 23.77%
28.85%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 6.5 9.1 751.4 3.3 29.1
PE Ratio - Diluted 5.4
6.5		 6.3
9.2		 872.1
864.7		 1.3
3.1		 34.8
28.3
PEG - Adjusted 0.3 0.0 n/a 0.0 n/a
PEG - Diluted 1.8
0.3		 0.0
0.0		 n/a
n/a		 0.0
0.0		 n/a
n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Net Gearing n/a n/a (45.97%) (61.92%) 38.16%

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Price/Book Value 0.8 0.9 0.4 0.3 0.9
Price/Tangible Book Value 1.0 1.0 0.5 0.4 1.1
Price/ Cash Flow 8.5 1.5 (3.3) 2.0 3.0
Price/Revenue 1.83 2.49 137.52 0.89 9.75
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 561.98p 591.61p 538.29p 480.08p 506.99p
Net Cash per Share n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Continuing Operations          
Revenue 2,187.32 1,854.00 14.81 1,607.03 427.55
EBITDA 998.66
849.07		 631.15
638.54		 2.78
2.48		 324.64
485.17		 94.22
115.96
Depreciation (30.74)
(30.74)		 (41.42)
(41.42)		 (0.19)
(0.19)		 (80.68)
(80.68)		 7.39
7.39
Net Interest (17.15)
(17.15)		 27.97
27.97		 0.32
0.32		 39.27
39.27		 26.94
26.94
Profit Before Tax 979.92
830.34		 697.26
704.65		 3.35
3.04		 310.48
471.01		 128.55
150.29
           
Revenue per Share 245.23p 202.08p 1.59p 169.91p 45.38p
Pre-Tax Profit per Share 109.86p
93.09p		 76.00p
76.81p		 0.36p
0.33p		 32.83p
49.80p		 13.64p
15.95p
Market Capitalisation £ (Millions) 2,893.10 6,028.16 1,525.81 1,057.35 3,017.02
Enterprise Value (EV) £ (Millions) 2,823.78 5,994.50 2,954.98 2,434.81 (328.53)
EBITDA/EV 35.37%
30.07%		 10.53%
10.65%		 0.09%
0.08%		 13.33%
19.93%		 (28.68%)
(35.30%)
Operating Margin 44.25%
37.41%		 31.81%
32.21%		 17.52%
15.44%		 15.18%
25.17%		 23.77%
28.85%
Capital Employed £ (Millions) 5,012.50 5,427.76 6,522.52 6,021.86 6,447.77
Return on Capital Employed n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a
Invested Equity Capital £ (Millions) 4,482.26 4,791.70 4,469.47 4,075.61 4,340.00
           
Earnings per Share - Basic 85.80p
71.54p		 52.00p
56.77p		 25.20p
25.41p		 17.50p
33.73p		 40.40p
49.70p
Earnings per Share - Diluted 82.50p
68.81p		 80.20p
54.90p		 24.90p
25.11p		 17.30p
33.46p		 39.60p
48.67p
Earnings per Share - Adjusted 68.90p 55.10p 28.90p 33.90p 48.70p
Earnings per Share Growth - Basic 65%
26%		 106%
123%		 44%
-25%		 -57%
-32%		 66%
115%
Earnings per Share Growth - Diluted 3%
25%		 222%
119%		 44%
-25%		 -56%
-31%		 71%
122%
Earnings per Share Growth - Adjusted 25% 91% -15% -30% 24%
PE Ratio - Diluted 5.4
6.5		 6.3
9.2		 8.8
8.7		 8.8
4.5		 11.2
9.1
PEG - Diluted 1.8
0.3		 0.0
0.1		 0.2
n/a		 n/a
n/a		 0.2
0.1
Tax Rate 17.09% 22.81% 28.56% 11.65% 5.97%
Dividend Cover 2.22
2.31		 2.20
2.27		 2.22
1.95		 3.08
3.07		 1.99
2.03
Interest Cover n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a
           
Continuing & Discontinued Operations          
Earnings per Share - Basic 85.80p
71.54p		 52.00p
56.77p		 0.25p
0.26p		 115.30p
49.44p		 12.99p
15.98p
Earnings per Share - Diluted 82.50p
68.81p		 80.20p
54.90p		 0.25p
0.25p		 114.40p
49.04p		 12.72p
15.65p
Earnings per Share - Adjusted 68.90p 55.10p 0.29p 46.50p 15.21p
Earnings per Share Growth - Basic 65%
26%		 20,343%
22,036%		 -100%
-100%		 788%
209%		 -47%
-31%
Earnings per Share Growth - Diluted 3%
25%		 31,809%
21,557%		 -100%
-100%		 800%
213%		 -45%
-29%
Earnings per Share Growth - Adjusted 25% 18,788% -99% 206% -61%
PE Ratio - Diluted 5.4
6.5		 6.3
9.2		 872.1
864.7		 1.3
3.1		 34.8
28.3
PEG - Diluted 1.8
0.3		 0.0
0.0		 n/a
n/a		 0.0
0.0		 n/a
n/a
Dividend Cover 2.22
2.31		 2.20
2.27		 0.02
0.02		 4.23
4.49		 0.62
0.65
Return on Equity (ROE) 17.96%
14.24%		 10.77%
10.87%		 0.06%
0.05%		 27.85%
11.47%		 3.08%
3.47%
Operating Cash Flow per Share 52.67p 334.79p (66.70p) 74.74p 149.13p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share (73.52p) 284.50p (0.66p) (75.06p) 26.11p
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 31.00p 25.00p 13.00p 11.00p 24.50p
Dividend per Share Growth 24.00% 92.31% 18.18% (55.10%) 22.50%
Dividend Yield 6.9% 5.0% 5.9% 7.2% 5.5%
Shareholders Funds 4,482.26 4,791.70 4,429.14 4,030.82 4,316.41
Net Borrowings £ (Millions) n/a n/a (2,036.15) (2,495.69) 1,647.27
Net Asset Value per Share (inc. Intangibles) 466.75p 488.28p 441.05p 388.44p 407.80p

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Shareholders' Funds inc Intangibles 4,482.26 4,791.70 4,429.14 4,030.82 4,316.41
Net Borrowings £ (Millions) n/a n/a (2,036.15) (2,495.69) 1,647.27
Net Gearing n/a n/a (45.97%) (61.92%) 38.16%
Cash & Near Cash n/a n/a 3,517.10 3,932.05 n/a
Cash n/a n/a 79.41% 97.55% n/a
Gross Borrowings n/a n/a 1,480.95 1,436.36 1,647.27
Gross Gearing n/a n/a 33.44% 35.63% 38.16%
Borrowings Under 5 years n/a n/a 1,480.95 1,436.36 1,647.27
Under 5 years n/a n/a 33.44% 35.63% 38.16%
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - exc Intangibles 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Shareholders' Funds exc Intangibles 4,163.09 4,479.70 4,097.79 3,673.90 3,842.31
Net Borrowings £ (Millions) n/a n/a (2,036.15) (2,495.69) 1,647.27
Net Gearing n/a n/a (49.69%) (67.93%) 42.87%
Cash & Near Cash n/a n/a 3,517.10 3,932.05 n/a
Cash n/a n/a 85.83% 107.03% n/a
Gross Borrowings n/a n/a 1,480.95 1,436.36 1,647.27
Gross Gearing n/a n/a 36.14% 39.10% 42.87%
Borrowings Under 5 years n/a n/a 1,480.95 1,436.36 1,647.27
Under 5 years n/a n/a 36.14% 39.10% 42.87%
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Cover 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Quick Ratio n/a n/a n/a n/a n/a
Current Ratio 0.83 0.81 n/a n/a n/a

Key

* GAAP

a. Includes discontinued activities

b. Based on operating cash flow before tax

c. Not disclosed under IFRS

d. Includes non-current assets

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

Note 3: Above ratios are on a 'per annum' basis, adjusted for corporate actions and based on the fundamentals of the primary listed security.

Note 4: Under IFRS, all figures are based on 'Continuing' operations unless otherwise stated.

Note 5: Normalised ratios are shown in blue text

Note 6: Forecast figures based on normalised accounts.

 

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