Deutsche Bank AG (DB) is slightly undervalued and NatWest Group Plc ADR (NWG) is undervalued.
Against our estimates of intrinsic value, NWG trades at the wider discount: a margin of safety of +25%, against +14% for DB.
Values as of the 22 Sept 2026 close.
Book value at 0.98x, the multiple a 9.8% return on equity justifies, blended with earnings, values the shares at $43.54; the price of $37.56 is 14% below that value.
Leak Score 22/100 on 3 of 12 signals
Book value at 1.97x, the multiple a 16.1% return on equity justifies, blended with earnings, values the shares at $24.70; the price of $18.57 is 25% below that value.
Leak Score 41/100 on 3 of 12 signals
| Metric | DB | NWG |
|---|---|---|
| Verdict | Slightly undervalued | Undervalued |
| Price | $37.56 | $18.57 |
| Intrinsic value | $43.54 | $24.70 |
| Margin of safety | +14% | +25% |
| Leak Score | 22/100 (3/12) | 41/100 (3/12) |
| Market cap | $70.6B | $73.7B |
| Revenue growth, 5 years | 13.7% | 17.4% |
| Operating margin | 16.5% | 27.5% |
| Net margin | 10.7% | 19.6% |
| Return on equity | 9.8% | 16.1% |
| Debt to equity | 2.22 | 4.29 |
| P/E | 9.8x | 9.3x |
| Forward P/E | 8.4x | 8.3x |
| P/B | 0.9x | 1.4x |
| Dividend yield | 3.5% | 5.4% |