eyeQ: Capita, European banks, NatWest, GSK
Experts at eyeQ use AI and their own smart machine to generate actionable trading signals for 10 UK shares and 10 overseas stocks.
12th October 2026 10:15
by Kabir Chugani from eyeQ
“Our signals are crafted through macro-valuation, trend analysis, and meticulous back-testing. This combination ensures a comprehensive evaluation of an asset's value, market conditions, and historical performance.” eyeQ
- Discover: eyeQ analysis explained | eyeQ: our smart machine in action | Glossary
This series of weekly articles uses eyeQ’s smart machine to highlight 10 stocks whose share price trades at either a discount or premium to eyeQ’s Model Value price (where macro conditions say the share 'should’ trade).
A minus figure in these tables indicates a share trading below eyeQ’s Model Value, implying they are ‘cheap’ versus macro conditions. A plus figure screens as rich because the current share price is above eyeQ’s Model Value.
All companies must have a model relevance above 65%, which means the macro environment is critical and any valuation signals carry strong weight.
Here are definitions of terms used in the analysis:
Model value
Where our smart machine calculates that any stock market index, single stock or exchange-traded fund (ETF) should be priced (the fair value) given the overall macroeconomic environment.
Model relevance
How confident we are in the model value. The higher the number the better! Above 65% means the macro environment is critical, so any valuation signals carry strong weight. Below 65%, we deem that something other than macro is driving the price.
Fair Value Gap (FVG)
The difference between our model value (fair value) and where the price currently is. A positive Fair Value Gap means the security is above the model value, which we refer to as “rich”. A negative FVG means that it’s cheap. The bigger the FVG, the bigger the dislocation and therefore a better entry level for trades.
Long Term model
This model looks at share prices over the last 12 months, captures the company’s relationship with growth, inflation, currency shifts, central bank policy etc and calculates our key results - model value, model relevance, Fair Value Gap.
UK Top 10
| Company | Macro Relevance | Model Value | Fair Value Gap |
| Barclays (LSE:BARC) | 76 | 478.00p | -10.96% |
| Standard Chartered (LSE:STAN) | 82 | 2300.80p | -8.02% |
| NatWest Group (LSE:NWG) | 67 | 677.61p | -5.11% |
| GSK (LSE:GSK) | 86 | 1832.10p | -4.57% |
| Land Securities Group (LSE:LAND) | 67 | 630.49p | -3.61% |
| Smith & Nephew (LSE:SN.) | 70 | 970.12p | 4.94% |
| Rightmove (LSE:RMV) | 79 | 459.53p | 5.84% |
| RELX (LSE:REL) | 72 | 2553.41p | 6.12% |
| WPP (LSE:WPP) | 75 | 361.07p | 6.43% |
| Capita (LSE:CPI) | 76 | 205.92p | 12.38% |
Source: eyeQ. Long Term strategic models. Data correct as at 9 October 2026.
Capita
Capita (LSE:CPI) has had a bruising year. Even after Friday’s 9.5% bounce, the shares sit more than 40% below their 52-week high, and the National Audit Office is now reviewing Capita’s handling of the Civil Service Pension Scheme.
Yet on eyeQ, it is this week’s richest UK stock, sitting 12.4% above model value of 205.92p.
Anyone tempted to buy the dip should note that macro says the shares still aren’t cheap.
International Top 10
| Company | Macro Relevance | Model Value | Fair Value Gap |
| Intesa Sanpaolo (MTA:ISP) | 83 | 6.80 | -11.2% |
| ING Groep NV (EURONEXT:INGA) | 66 | 32.53 | -9.78% |
| UniCredit SpA (MTA:UCG) | 75 | 82.80 | -8.76% |
| JPMorgan Chase & Co (NYSE:JPM) | 67 | 359.03 | -7.82% |
| KBC Groupe NV (EURONEXT:KBC) | 69 | 131.18 | -7.66% |
| Christian Dior SE (EURONEXT:CDI) | 75 | 377.61 | 8.57% |
| Lowe's Companies Inc (NYSE:LOW) | 71 | 167.93 | 9.72% |
| ServiceNow Inc (NYSE:NOW) | 67 | 126.49 | 10.2% |
| Nike Inc Class B (NYSE:NKE) | 76 | 30.64 | 11.73% |
| Strategy Inc Class A (NASDAQ:MSTR) | 74 | 129.86 | 15.86% |
Source: eyeQ. Long Term strategic models. Data correct as at 9 October 2026.
European banks
A global bond sell-off hit banks hard last week. Intesa Sanpaolo (MTA:ISP) and UniCredit SpA (MTA:UCG) each fell more than 4% on Wednesday alone.
On eyeQ, all five of this week’s cheapest international stocks are banks. Intesa leads the list, sitting 11.2% below model value of €6.80.
If you think bond markets will settle, that’s a gap worth keeping on the watchlist.
These third-party research articles are provided by eyeQ (Quant Insight). interactive investor does not make any representation as to the completeness, accuracy or timeliness of the information provided, nor do we accept any liability for any losses, costs, liabilities or expenses that may arise directly or indirectly from your use of, or reliance on, the information (except where we have acted negligently, fraudulently or in wilful default in relation to the production or distribution of the information).
The value of your investments may go down as well as up. You may not get back all the money that you invest.
Equity research is provided for information purposes only. Neither eyeQ (Quant Insight) nor interactive investor have considered your personal circumstances, and the information provided should not be considered a personal recommendation. If you are in any doubt as to the action you should take, please consult an authorised financial adviser.
Disclosure
We use a combination of fundamental and technical analysis in forming our view as to the valuation and prospects of an investment. Where relevant we have set out those particular matters we think are important in the above article, but further detail can be found here.
Please note that our article on this investment should not be considered to be a regular publication.
Details of all recommendations issued by ii during the previous 12-month period can be found here.
ii adheres to a strict code of conduct. Contributors may hold shares or have other interests in companies included in these portfolios, which could create a conflict of interests. Contributors intending to write about any financial instruments in which they have an interest are required to disclose such interest to ii and in the article itself. ii will at all times consider whether such interest impairs the objectivity of the recommendation.
In addition, individuals involved in the production of investment articles are subject to a personal account dealing restriction, which prevents them from placing a transaction in the specified instrument(s) for a period before and for five working days after such publication. This is to avoid personal interests conflicting with the interests of the recipients of those investment articles.