NatWest Group PLC

NWG: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 296.00	Qrpqs	Xrdndwtft

NatWest Pumps the Brakes on Further NIM Improvements; Fair Value Estimate Maintained

Niklas Kammer

Feb 21, 2023

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.

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