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NWG

Natwest Group PLC

NYSE: NWG · FINANCIAL SERVICES · BANKS - REGIONAL

$15.91
+3.72% today

Updated 2026-04-30

Market cap
$63.35B
P/E ratio
8.74
P/S ratio
3.97x
EPS (TTM)
$1.82
Dividend yield
2.12%
52W range
$12 – $19
Volume
4.1M
OverviewPrice TargetsFinancialsValuationInsidersEarnings

Natwest Group PLC (NWG) Financial Forecast & Price Target 2030

Research-backed projections from analyst consensus, management guidance, and sector analysis.

Price target summary

Current
$15.91
Consensus
$18,300.00
+114922.00%
2030 Target
$71.86
+351.67%
DCF
—
—
21 analysts:
1 Buy1 Hold0 Sell

Management guidance

NatWest Group management has outlined performance targets following Q4 2025 results, targeting a Return on Tangible Equity (RoTE) of 19.2% and positioning for income growth through wealth management expansion (Evelyn Partners acquisition for £2.7B). CEO guidance emphasizes digital transformation and sustainable finance as growth drivers, though specific revenue targets through 2030 were not explicitly disclosed in available earnings calls or investor day materials.

Sources: Management guidance, analyst consensus, sector analysishigh confidence

Revenue & price projection

Actual revenue Projected revenue Base case Bull to bear range
Bull case (2030)
$119.26
$23.9B Rev × 20x P/S
Base case (2030)
$71.86
$23.9B Rev × 12x P/S
Bear case (2030)
$47.40
$23.9B Rev × 8x P/S

Financial forecast — research-backed

Metric2023202420252026 (E)2027 (E)2028 (E)2029 (E)2030 (E)
Revenue$24.8B$28.6B$29.5B$18.3B$20.0B$21.3B$22.5B$23.9B
Revenue growth—15.4%3.2%14.7%9.0%6.4%6.0%5.9%
EPS$31.21$79.93$1.80$0.73$0.82$0.91$0.99$1.08
P/S ratio———12.0x12.0x12.0x12.0x12.0x
Implied price———$55.04$59.63$64.22$67.28$71.86

Catalysts & risks

Growth catalysts
+ Evelyn Partners acquisition (£2.7B deal closing 2026) expanding wealth management and private banking revenue streams
+ Exclusive Rightmove mortgage partnership driving digital mortgage origination and fee income growth
+ Sainsbury's financial products distribution agreement expanding retail customer base and revenue per customer
+ UK interest rate environment stabilization supporting net interest margin expansion
+ Mentor HR consultancy divestiture (closing H2 2026) allowing capital redeployment to higher-margin businesses
+ Share buyback program (ongoing through 2026-2027) supporting EPS accretion as profitability grows
Key risks
- UK macroeconomic headwinds including potential recession, geopolitical tensions (oil price shocks), and inflation volatility pressuring customer activity
- Interest rate cycle risk: BOE rate cuts from current levels would compress net interest margins and reduce net interest income growth
- Regulatory capital requirements changes and Basel IV implementation could require higher capital buffers, limiting distributions
- Analyst downgrade trend (Barclays downgrade Jan 2026, BNP Paribas downgrade Jun 2023) signals cautious sentiment despite strong execution
- Customer concentration risk and competitive pressures from HSBC, Barclays, Lloyds in UK retail/commercial banking
- Technology investment requirements for digital transformation and cybersecurity in capital-intensive banking model

Methodology

Natwest Group PLC's forward estimates are derived from AI-powered research synthesis combining analyst consensus from 21 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts from industry research. Revenue and EPS projections use analyst consensus where available and conservative extrapolation with growth deceleration for outer years. Price targets are calculated using a tiered Price-to-Sales (P/S) methodology, where the P/S multiple is determined by the projected revenue growth rate.

WallStSmart proprietary research model · Not financial advice · Past performance is not indicative of future results · Last researched: April 7, 2026.