Avior Capital Markets - Investec Limited (101G) Investec | A challenging second half

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Avior Capital Markets

Harry Botha

Investec | A challenging second half

Investec's pre-close guidance highlighted muted revenue growth due to challenging operating conditions. Management expects the Group's SA Specialist Bank, Asset Manager and Wealth Manager to report lower operating profit YoY. However, the muted near-term growth does not change our investment case for the stock. Please find our analysis and updated forecasts in this note.

18/03/2019 12 EN

Underlying

Investec Limited

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ZAE000081949 Johannesburg Stock Exchange South Africa

Provider

Avior Capital Markets

Avior is a globally recognised capital markets research and trading firm, with the broadest research coverage within the region, with 100+ SA and 20+ SSA companies under coverage. Avior services clients from offices in London, Cape Town and Johannesburg.

Our research quality is consistently recognised in local and global surveys, with 18 analysts currently rated in their respective sectors (FM 2017). Value add through in-depth, innovative, high quality and consistent research with comprehensive underlying fundamental modelling supported by regular analyst and roadshow interactions.

Avior has proven that by working closely with our clients we can mutually develop dominant positions in certain sectors, going from strength to strength. Avior has a dedicated ESG team, having been ranked #1 in Corporate Governance research since 2008.

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Analysts

Harry Botha

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Investec | A challenging second half

Investec | Seeing opportunity

Investec | Banking on progress

Investec | Value hidden by short-term costs

Tiger Brands | ESG | Pressed to execute

SA Investment Strategy | Review of January 2020 for SA investors: Coronavirus weighs on the ZAR

SA Banks | Low credit risk in commercial property | Time to buy SA banks

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