Mizuho Financial Group Inc ADR (MFG) 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 -13% for MFG.
Values as of the 22 Sept 2026 close.
Book value at 1.79x, the multiple a 12.5% return on equity justifies, blended with earnings, values the shares at $9.60; the price of $10.87 is 13% above that value.
Leak Score 0/100 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 | MFG | NWG |
|---|---|---|
| Verdict | Slightly overvalued | Undervalued |
| Price | $10.87 | $18.57 |
| Intrinsic value | $9.60 | $24.70 |
| Margin of safety | -13% | +25% |
| Leak Score | 0/100 (3/12) | 41/100 (3/12) |
| Market cap | $132.3B | $73.7B |
| Revenue growth, 5 years | 15.6% | 17.4% |
| Operating margin | 18.0% | 27.5% |
| Net margin | 15.7% | 19.6% |
| Return on equity | 12.5% | 16.1% |
| Debt to equity | 5.91 | 4.29 |
| P/E | 14.9x | 9.3x |
| Forward P/E | 12.6x | 8.3x |
| P/B | 1.9x | 1.4x |
| Dividend yield | 1.7% | 5.4% |