Our opinion on the current state of INVICTA(IVT)

The Invicta Group consists of five operational segments, namely:

1. Replacement Parts, Services, & Solutions: Industrial
2. Replacement Parts, Services & Solutions: Auto-agri
3. Capital Equipment
4. Replacement Parts, Services & Solutions: Earthmoving Equipment
5. Kian Ann Group

Christo Wiese (of Steinhoff fame) is the chairperson and owns a 37.57% shareholding. In its results for the year to 31st March 2024, the company reported revenue up 7% and headline earnings per share (HEPS) down 4%. The company said, "...the gross profit margin increased by 0.5%, from 32.5% to 33.0%. Selling, administration, and distribution costs were 10% higher. The inclusion of Imexpart Limited acquired during the current financial year contributed 4% to the base cost. Further, we took asset impairments of R22 million in the current financial year."

Technically, the share gave a solid on-balance volume (OBV) buy signal on 5th June 2020 at 644c per share. Since then, the price has risen to 2760c but it is still well below its NAV of 5250c per share. We believe that it will continue to perform.