NatWest Group Plc ADR (NWG) is undervalued and U.S. Bancorp (USB) is fairly valued.
Against our estimates of intrinsic value, NWG trades at the wider discount: a margin of safety of +25%, against -5% for USB.
Values as of the 22 Sept 2026 close.
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
Book value at 1.36x, the multiple a 12.6% return on equity justifies, blended with earnings, values the shares at $56.61; the price of $59.44 is 5% above that value.
Leak Score 43/100 on 9 of 12 signals
| Metric | NWG | USB |
|---|---|---|
| Verdict | Undervalued | Fairly valued |
| Price | $18.57 | $59.44 |
| Intrinsic value | $24.70 | $56.61 |
| Margin of safety | +25% | -5% |
| Leak Score | 41/100 (3/12) | 43/100 (9/12) |
| Market cap | $73.7B | $92.6B |
| Revenue growth, 5 years | 17.4% | 13.2% |
| Operating margin | 27.5% | 24.8% |
| Net margin | 19.6% | 17.9% |
| Return on equity | 16.1% | 12.6% |
| Debt to equity | 4.29 | 1.42 |
| P/E | 9.3x | 11.9x |
| Forward P/E | 8.3x | 10.2x |
| P/B | 1.4x | 1.5x |
| Dividend yield | 5.4% | 3.6% |