Avior Capital Markets - Investec Limited (101G) Investec | Starting to break the mould

Report

Avior Capital Markets

Harry Botha

Investec | Starting to break the mould

Investec's H1 '19 results highlighted positive trends regarding revenue growth in the UK Specialist Bank. Although Hendrik du Toit and Fani Titi have been joint CEOs of the Group for the last six months, the H1 '19 results reflect the previous management team's efforts in the banking operations. In our discussions with management, we found it encouraging that the joint CEOs identified the need to address the cost efficiency of the Group and the historic investment in low-return initiatives. Please find our analysis and updated forecasts in this report.

26/11/2018 19 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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Harry Botha

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Investec | Starting to break the mould

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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