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NatWest Group: Latest Irish Exit Clears The Path For Medium-Term Upside

Jan. 03, 2022 5:05 AM ETNatWest Group plc (NWG), RBSPF2 Comments


  • With the sale of its c. €7.6 billion Irish loan book, NatWest continues to make encouraging progress on its exit from Ireland.
  • The bank stands to benefit from upcoming rate hikes and cost cuts, with the strong excess capital position also likely to drive an outsized capital return.
  • With shares trading at an undemanding 0.7x P/TBV, NatWest offers investors compelling value.

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Ian Forsyth/Getty Images News

NatWest Group (NYSE:NWG), a leading UK financial services company, continues to make good progress on its phased withdrawal from Ireland, reaching a binding agreement with Permanent TSB Group ((OTCPK:ILPMF)) for the proposed

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Comments (2)

Not real sure there is any immediate compelling value here. BCS trades at 65% TBV and has a 10% ROTE now in 2021, not 2023. LYG trades at 83% TBV and has a ROTE of 10% also in 2021. Both have excess capital and are again paying dividends and doing buybacks. NWG seems just about right and nothing special, especially as the government still owns a huge stake. All 3 will probably benefit a bit as the BOE raises rates.
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