NatWest Group PLC
NWG: XLON (GBR)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
GBX 543.00 | Qhq | Cqgbxfv |
NatWest Pumps the Brakes on Further NIM Improvements; Fair Value Estimate Maintained
No-moat NatWest reported good fourth-quarter results, but guidance on further upside from net interest income in 2023 did disappoint. We maintain our GBX 300 per-share fair value estimate.