Added to YB: 2026-09-10
Pitch date: 2026-09-08
NWG.L [neutral]
NatWest Group plc
-0.2%
current return
Author Info
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Company Info
NatWest Group plc, together with its subsidiaries, provides banking and financial products and services in the United Kingdom and internationally.
Market Cap
GBP 55.7B
Pitch Price
GBP 6.89
Price Target
7.07 (+2%)
Dividend
4.64%
EV/EBITDA
N/A
P/E
9.38
EV/Sales
N/A
Sector
Banks
Category
N/A
THE NIM ACCRETION TRADE - $NWG: Fairly Valued
NWG.L (earnings): NatWest appears fairly valued after a sector-leading H1, with 19.7% ROTE and 248bp NIM; Q2 NIM expanded to 249bp despite no change in Bank Rate. At roughly 683p, the shares trade at 1.90x tangible book versus an implied 1.97x based on 19.7% ROTE and a 10% cost of equity, supporting fair value near 707p and only a ~3% margin of safety.
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