INL:JSEInvestec Limited Analysis

Investec Group (INL.JO) is trading at ZAc 13,868, comfortably above its 20‑day (13,468), 50‑day (13,336) and 200‑day (13,060) simple moving averages, confirming a strong bullish bias. The RSI of 61 and a bullish MACD histogram (+45.6) reinforce short‑term momentum, while the price sits near the upper end of its support‑resistance range (support 12,944, resistance 14,066).
Fundamentally, the stock appears cheap – a trailing P/E of 8.3 versus an industry average of 16.7 and a forward P/E of 6.3 – and offers an attractive 6.77% dividend yield with a payout ratio of just 51.5%. Revenue grew 7.8% YoY and operating margins sit at 40.6%, yet operating cash flow is negative, a point to watch despite a robust cash balance (ZAc 12 bn) that dwarfs debt (ZAc 6 bn). Recent unaudited results highlight a “resilient performance in an uncertain macro‑economic environment,” underscoring the strength of its diversified model.