NatWest: Another Exceptional Quarter

Lubo Ivanko I did wonder whether NatWest stock (NYSE:NWG) had run its course when I I last covered the bank back in May. It wasrit that a then-valuation of 1.1x tangible book value was expensive as such, but with the bank guiding for a circa 12-13% return on tangible equity ("ROTE"), theses shares were as close to fair value as they had been for a long time, and this ultimately drove my downgrade to 'Hold'. That call was clearly premature. Not only have these shares continued their excellent run, outperform ...