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Data-driven stock valuation

Investec Ltd (INL) fair value: what the stock is really worth

As of Nov 2, 2026: fair value (intrinsic value) of Investec Ltd stock ZAR 21.45, price ZAR 133, that is 83.9% below the price, quality 50 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

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Financial Services ZA · ISIN ZAE000081949

IL Investec Ltd logo Thin data Oct 31, 2026

Investec Ltd

INL · JSE
Solid, but very expensive

Our calculation puts a fair price 84% below what the stock costs today.

Highly profitable · 34.1% net margin (TTM)
Generates free cash flow
Quality 50/100
Expensive Growth (revenue YoY +6.6 %/yr in ZAR)
Moderate debt
Wide moat 65/100 · thin data
Fair value R21.45 · Strongly overvalued (−83.9%)
Trails peers (5/14)
Thin data
Extreme value

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

R144.00 R35.77 Fair Value R21.45 Jul 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Oct 31, 2026.

How to read this chart

60‑month range R35.77 – R144.00 · fair‑value band R19.10 – R26.53 · the R133.33 price screens above the R21.45 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 31, 2026.

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Company profile

Investec Group provides various financial products and services in South Africa, the United Kingdom, and internationally.

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The company provides private banking services; wealth services, including wealth and portfolio management, stockbroking, and offshore and retirement investment, and intergenerational wealth solutions; savings accounts; personal and property financing, and finance for practice; and insurance solutions comprising severe illness, disability, life, mortgage and income protection, and business overloads.

It also offers business banking solutions, such as trade and debtor, asset and leverage, structured property, technology asset, supply chain, and medical practice financing services, as well as financing for corporate and private equity firms; transaction banking, private capital, and forex and risk management solutions; foreign exchange services; instant access and call, notice, and fixed-term deposit accounts; and money market services and equity structured products.

In addition, the company provides advisory; treasury and risk management for foreign exchange, commodities, interest rates, liquidity management, and equity structuring; fixed-income instruments; execution and custody solutions for institutions, hedge funds, corporates, and intermediaries; securities lending; and clearing services.

Investec Group was founded in 1974 and is based in Sandton, South Africa.

Stock analysis

Investec Ltd (INL) currently trades at R133.33, while our model-based Fair Value estimate is R21.45, 83.9% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of R29.74 per share, and 0 of the 6 models we run sit above the R133.33 price.

Bear case: the Dividend Discount group reads lowest at R14.04, and 6 of the 6 models stay below the price. Data coverage for this calculation is low.

Scenario range: R19.10 (bear) to R26.53 (bull), the price of R133.33 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 50/100 (solid quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Investec Ltd reported revenue of 2.1B ZAR in FY2026 versus 1.9B ZAR in FY2022, a compound +3.1%/yr. Reported net income was 725M ZAR in FY2026, compounding +8.8%/yr from FY2022.

Key figures

Market cap 34.0B ZAR Mid · P/E ratio 14.5 · P/S ratio 4.95 · EPS (TTM) R9.17 · Dividend yield 1.0% · Net margin 34.1% · Return on equity 12.4% · Return on assets (EBIT) 2.2%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 65 out of 100 (low confidence).

What moves the price

The share trades about 7% below its 52-week high and 21% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −32% fair-value upside, at −84%, INL screens richer than that median.

Fair Value models

Bear R19.10 Fair Value R21.45 Bull R26.53
Price R133.33 · Downside -83.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (5.22 ZAR per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income R19.10 R21.45 R26.53 76
Gordon GGM R10.00 R16.24 R22.42 68
DDM Multi-Stage R10.00 R14.04 R17.66 67
All 6 models by family
Dividend Discount
Gordon GGM R10.00 R16.24 R22.42 68
DDM Multi-Stage R10.00 R14.04 R17.66 67
Multiples
P/E Multiple R27.76 R37.01 R46.26 63
P/B Multiple R22.31 R29.74 R37.18 55
Asset-Based
NCAV (Graham) R10.62 R14.23 R21.24 54
Economic Profit
Residual Income R19.10 R21.45 R26.53 76

Open the full fair value analysis →

Quality Score breakdown

Overall quality 50/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 36
How much profit the company makes from its sales and capital
Quality Growth 30
Are margins and returns getting better?
Cashflow 50
Do the profits arrive as real cash?
Financial strength 21
Debt, balance sheet and risk of trouble
Investment 57
Does it invest with discipline instead of growing at any price?
Low Volatility 93
How calm the share price moves, does not count
Price momentum 42
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 55
Distance to the 52-week high, does not count
New shares 97
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
What shareholders gained per year (last 5 years), in ZAR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in ZAR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+9.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.8%
Dividend (yield on the price)1.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.8.8% vs 7.5%, steady
Pace: the 5-year rate starts in 2021 (pandemic)

Growth Forecast

Price in line with expectations
The price assumes about as much growth as the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+8.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+7.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (South Africa: IMF forecast 3.3% a year to 2030, 4.9% from 2016 to 2025) that is about +4.9% a year for the price and +3.9% for the forecasts.
Forecast 2027 (sales)+11.7%
Forecast 2028 (sales)+7.2%
Projected 2029 (sales)+6.5%
Projected 2030 (sales)+5.9%
Projected 2031 (sales)+5.2%

INL screens overvalued: fair value 84% below the price. Compare with DBS Group →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 999 stocks

Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score 50 · Below median
Fair Value upside −83.9% · Bottom 25%
Profitability
Return on equity (12 months) 12.4% · Above median
Return on assets 1.1% · Above median
Net margin (12 months) 34.1% · Above median
Operating margin (12 months) 43.8% · Above median
Growth and dividend
Revenue growth (quarter YoY) 9.4% · Below median
Dividend yield (12 months) 1.0% · Bottom 25%
Balance sheet
Debt / equity 0.65× · Above median

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 14.5× · Priciest 25%
P/B 6.18× · Priciest 25%
P/S (12 months) 16.00× · Priciest 25%
Price / free cash flow 4.2× · Cheapest 25%
EV/EBITDA 38.3× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 9
FUTURE (revenue growth)47 · sector 48
PAST (return on equity)49 · sector 43
HEALTH (low debt)67 · sector 85
DIVIDEND (yield)21 · sector 52

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
China Merchants Bank Co 600036 ¥43.18 ¥52.73 +22% vs INL
BNP Paribas SA BNP €87.04 €106.06 +22% vs INL
Itaú Unibanco Holding ITUB $7.13 $6.90 −3% vs INL
Intesa Sanpaolo S.p.A ISP €5.95 €4.53 −24% vs INL
UniCredit S.p.A UCG €74.40 €50.44 −32% vs INL
Oversea-Chinese Banking Corporation O39 28.32 SGD 18.20 SGD −36% vs INL
Mizuho Financial Group MFG $9.66 $5.92 −39% vs INL
HDFC Bank Limited HDFCBANK ₹700.00 ₹406.39 −42% vs INL
DBS Group D05 71.71 SGD 40.39 SGD −44% vs INL
ICICI Bank Limited ICICIBANK ₹1,387 ₹615.63 −56% vs INL

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Investec Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Investec Ltd Fair Value". https://www.fairvalue-calculator.com/stock/INL.JSE

Frequently asked questions

Is Investec Ltd (INL) overvalued or undervalued?
As of Oct 31, 2026, our model estimates a fair value of R21.45 versus a price of R133.33, about 84% lower (overvalued).
What is the fair value of INL?
Our model-based fair value for Investec Ltd is R21.45 (as of Oct 31, 2026), built from audited fundamentals. The current price: R133.33.
What is the quality score of INL?
Investec Ltd has a Quality Score of 50/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Investec Ltd (INL)?
Our model-based price target is the fair value of R21.45 (as of Oct 31, 2026) from 6 valuation models. Cautious scenario R19.10, optimistic scenario R26.53. It is a calculation from audited fundamentals, not an analyst target.
What is the Investec Ltd stock forecast for 2026?
Our models put fair value at R21.45, about 84% lower versus a price of R133.33 (overvalued). Cautious scenario R19.10, optimistic scenario R26.53. The calculation is refreshed regularly with new filings.
What is the revenue of Investec Ltd (INL)?
Investec Ltd reported trailing-twelve-month revenue of about 2.1B ZAR (latest available figure, as of Oct 31, 2026).
Does Investec Ltd pay a dividend?
Investec Ltd currently shows a dividend yield of 1.03% relative to its recent price (as of Oct 31, 2026).
What growth is priced into Investec Ltd (INL)?
For today's price to be fair in a discounted-cash-flow model, Investec Ltd would have to grow free cash flow by +8.3 % per year for five years (discount rate 11.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.5 % per year. As of Oct 31, 2026.
What discount rate (WACC) does the fair value of INL use?
Our models discount Investec Ltd at 11.9 %: a base by market capitalisation (mid), damped by beta 0.44, country premium for South Africa. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Investec Ltd that is +8.3 % per year a year over ten years, using the same discount rate (11.9 %) and the same formula as our fair value.
How much growth has Investec Ltd (INL) delivered so far?
Over the past 5 years revenue at Investec Ltd grew +7.5 % a year. The price currently implies +8.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Investec Ltd (INL) growing?
The median revenue growth in the sector is +9.6 % a year. That is the yardstick for the growth priced into Investec Ltd (+8.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Investec Ltd (INL)?
The free-cash-flow yield on the price is 6.98 %: that much free cash flow Investec Ltd produces per unit of market value. When it exceeds the discount rate of our models (11.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Investec Ltd (INL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Investec Ltd it is R21.45 per share (as of Oct 31, 2026), against a price of R133.33. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Investec Ltd stock overvalued or undervalued in 2026?
As of Oct 31, 2026, INL trades above its calculated fair value: price R133.33, fair value R21.45, a gap of about −84% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of INL?
No. The price is what the market pays today (R133.33); the fair value is what the company's own numbers justify (R21.45). For Investec Ltd the two are R111.88 per share apart. That gap is exactly why we show both numbers side by side.
How much is Investec Ltd worth?
The market values Investec Ltd at about 34.0B ZAR (market capitalisation, as of Oct 31, 2026). Per share that is R133.33; our models calculate a fair value of R21.45 per share.
What do the bullish and bearish scenarios say about INL?
Our models span a range for Investec Ltd: cautious scenario R19.10, base R21.45, optimistic R26.53 per share (as of Oct 31, 2026, price R133.33). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of INL?
Investec Ltd trades at a price-to-earnings ratio of 14.5 (as of Oct 31, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R21.45 is built from several models across several years. Other multiples: P/B 6.2, P/S 16.0, EV/EBITDA 38.3.
How solid is the balance sheet of Investec Ltd (INL)?
Balance-sheet figures for Investec Ltd (as of Oct 31, 2026): return on equity 12.4%, debt of 0.65 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is INL from its 52-week high?
Investec Ltd trades at R133.33, about 7% below its 52-week high of R144.00 and 21% above the low of R109.86 (as of Nov 2, 2026). Distance from the high says nothing about value: that is what the fair value of R21.45 is for.
Which stocks are comparable to Investec Ltd?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Investec Ltd stock attractive at the current price?
The data as of Oct 31, 2026: price R133.33, calculated fair value R21.45 (−84%), Quality Score 50/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of INL calculated?
We run Investec Ltd through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R21.45, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. Investec Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Investec Ltd (INL)?
The closing price on Nov 2, 2026 was R133.33. Our model-based fair value is R21.45, about 84% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Investec Ltd right now?
The price sits above even our optimistic bull case (R26.53). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Investec Ltd (INL) come from?
Earnings per share at Investec Ltd grew +9.9 % a year from 2015 to 2026. Broken into its drivers: revenue per share +4.9 %, EBIT margin +1.2 %, tax rate +0.8 %, residual (interest, one-offs) +2.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Investec Ltd

How large is the market capitalisation of Investec Ltd (INL)?
The market capitalisation of Investec Ltd is 34.0B ZAR. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Investec Ltd (INL)?
The price-to-sales ratio of Investec Ltd is 4.95 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Investec Ltd (INL)?
Earnings per share at Investec Ltd are R9.17 (price ÷ EPS = P/E 14.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Investec Ltd (INL)?
The dividend yield of Investec Ltd is 1.0% (payout 15.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Investec Ltd (INL)?
The net margin of Investec Ltd is 34.1% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Investec Ltd (INL)?
The return on equity (ROE) of Investec Ltd is 12.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Investec Ltd (INL)?
On an EBIT basis the return on assets of Investec Ltd is 2.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Investec Ltd (INL)?
The operating margin of Investec Ltd is 43.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Investec Ltd (INL)?
Revenue at Investec Ltd is growing +9.4% versus a year earlier (3y avg +5.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Investec Ltd (INL)?
Earnings per share at Investec Ltd are growing +9.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Investec Ltd (INL) carry?
The net debt of Investec Ltd is 4.0B ZAR (fiscal year 2026, ≈ 0.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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