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    NatWest Group (LSE:NWG) Reshuffles Leadership, Is It Still 19% Below Fair Value?

    Simply Wall St·10/29/2026 08:29:39
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    NatWest Group (LSE:NWG) has announced a major reshuffle in its Commercial & Institutional arm, with Isabelle Girolami lined up as CEO and Walid Assaf set to lead Markets from 2027.

    Against this management reshuffle, NatWest Group’s share price has eased in recent months, with a 30 day share price return that is 6.26% lower and a 90 day move that is 5.41% lower. However, the 1 year total shareholder return of 17.02% and a very large 3 year total shareholder return near 4x suggest that longer term momentum has been strong as investors have reacted to earlier business moves and shifting expectations around risk and growth.

    Scan how other banks and lenders are positioned for their next leadership or growth phase by comparing NatWest Group with a hand picked list of solid balance sheet and fundamentals (10 results)

    NatWest Group trades at a sizeable discount to both analyst targets and some intrinsic value models, even after the recent leadership reshuffle knocked sentiment. Is that discount caution well placed, or is it starting to look excessive as the numbers are unpacked next?

    Most Popular Narrative: 19% Undervalued

    NatWest Group last closed at £6.47, against a widely followed fair value estimate of £7.98 that is built on explicit revenue, margin and capital return assumptions. That gap focuses attention on whether fee income growth, AI driven efficiencies and lending mix can support the cash flows implied by that narrative.

    Completion of the Evelyn Partners acquisition at the end of June 2026, which more than doubled NatWest Group assets under management and administration to £131b and is expected to lift group fee income by about 20%, sets up a larger mix of capital light, recurring revenue that could support earnings resilience relative to pure interest income.

    See why 124 investors see NatWest Group as 19% undervalued.

    Result: Fair Value of £7.98 (UNDERVALUED)

    Still, the narrative can unravel if fee income growth and AI efficiencies fail to offset pressure on lending margins, or if faster loan growth than deposits pushes funding costs higher.

    Find out about the key risks to this NatWest Group narrative.

    Next Steps

    Mixed signals on NatWest Group so far, right? Act while the debate is fresh and weigh both sides by checking the 5 key rewards and 3 important warning signs.

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