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NatWest Group plc (NWG) — Strong Buy: Earning More, Priced for Less

NatWest seems to really have managed to get their act together. Income up 11% to £8,862m, the margin up 20 basis points to 2.48%, impairments flat at 19 basis points, and the Evelyn Partners deal shifting the income mix towards fees. On a full-year earnings estimate of 84.6p, a 9% growth rate, an 8x multiple and a 5% uplift, that gives an actual valuation of 1,222.30p against 716.00p — a value opportunity of +70.7%. NatWest continues to be a strong buy for me.

Aug 26, 202625 min read

Company Analysis

Barclays (BARC) — Buy: The Market Is Still Underpricing This Bank

Barclays' H1 2026: income up 11% to £16.5bn, pre-tax profit up 16.6% to £6.1bn — 2.1% ahead of consensus — and a return on tangible equity of 14.8%. Strip out the American Airlines gain and the one-off impairment and the half is still good. On 58.95p of override earnings at an 8x multiple I get 750.41p against 530.40p — a value opportunity of +41.5%. Buy, grade A+. The card-arrears drift is the thing to watch.

Jul 28, 202620 min read