ICICI Bank Ltd ADR (IBN) is slightly overvalued 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 -16% for IBN.
Values as of the 22 Sept 2026 close.
Book value at 2.50x, the multiple a 15.7% return on equity justifies, blended with earnings, values the shares at $24.21; the price of $28.04 is 16% above that value.
Leak Score 27/100 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 | IBN | NWG |
|---|---|---|
| Verdict | Slightly overvalued | Undervalued |
| Price | $28.04 | $18.57 |
| Intrinsic value | $24.21 | $24.70 |
| Margin of safety | -16% | +25% |
| Leak Score | 27/100 (3/12) | 41/100 (3/12) |
| Market cap | $100.6B | $73.7B |
| Revenue growth, 5 years | 10.3% | 17.4% |
| Operating margin | 24.8% | 27.5% |
| Net margin | 17.7% | 19.6% |
| Return on equity | 15.7% | 16.1% |
| Debt to equity | 0.59 | 4.29 |
| P/E | 16.4x | 9.3x |
| Forward P/E | 14.4x | 8.3x |
| P/B | 2.5x | 1.4x |
| Dividend yield | 1.0% | 5.4% |