- British bank NatWest has faced a plethora of headwinds over the past ten years that have frustrated its post-financial crisis restructuring.
- Many of those issues are now largely behind it, while the bank has also come through the COVID downturn in good shape.
- With NatWest sitting on billions in surplus capital, in part a result of the regulator-mandated dividend freeze, capital returns are set to be significant over the next few years.
- At 214.5p in London trading, the stock trades for around 0.8x TNAV, with some upside left to my fair value estimate.
For further details see:
NatWest Still Has Some Upside Left As Capital Returns Ramp Up