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Navigator Global Investments Ltd
(Sydney:NGI)
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Rating:61Neutral
Price Target:
AU$2.50
â–²(9.17% Upside)
Action:Downgraded
Date:02/23/26
The score is driven primarily by mixed financial performance (strong margins/cash flow and a stable balance sheet, but revenue volatility and a negative gross margin) and a cautious earnings outlook (FY26 EBITDA expected lower than FY25, cost pressure, dividend suspension). Valuation is a relative positive (low P/E), while technical indicators are broadly neutral with mild near-term weakness.
Positive Factors
Conservative balance sheet
Low leverage and sizeable net assets give NGI durable financial flexibility for acquisitive growth, cushioning fair-value and distribution variability. The under‑utilised USD100m facility and conservative debt metrics lower refinancing risk and support sustained capital deployment over the medium term.
Negative Factors
Revenue volatility & negative gross margin
Volatile top‑line and a negative gross margin point to recurring earnings‑quality risk from fair‑value swings and cost allocation. These structural volatility sources make distributable cash and underlying profitability less predictable, complicating multi‑period planning and investor return visibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Low leverage and sizeable net assets give NGI durable financial flexibility for acquisitive growth, cushioning fair-value and distribution variability. The under‑utilised USD100m facility and conservative debt metrics lower refinancing risk and support sustained capital deployment over the medium term.
Read all positive factors
Navigator Global Investments Ltd (NGI) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.40B
Dividend Yield1.5%
Average Volume (3M)603.62K
Price to Earnings (P/E)19.0
Beta (1Y)0.67
Revenue Growth28.00%
EPS Growth-70.45%
CountryAU
Employees286
SectorFinancial
Sector Strength70
IndustryAsset Management - Global
Share Statistics
EPS (TTM)0.09
Shares Outstanding551,525,270
10 Day Avg. Volume682,896
30 Day Avg. Volume603,622
Financial Highlights & Ratios
PEG Ratio0.11
Price to Book (P/B)0.78
Price to Sales (P/S)1346.09
P/FCF Ratio6.37
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$3.52Price Target Upside53.89% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.12
Revenue Forecast (FY)AU$206.02M
Navigator Global Investments Ltd Business Overview & Revenue Model
Company Description
Navigator Global Investments Limited, headquartered in Sydney, Australia, operates as an investment management firm. Through its various subsidiaries, the company provides a diverse array of financial instruments, including both open-ended and str...
How the Company Makes Money
NGI makes money primarily through economic interests in asset/funds-management businesses. Its earnings are typically derived from the underlying managers’ revenue streams, which commonly include (1) management fees charged as a percentage of asse...
Navigator Global Investments Ltd Earnings Call Summary
Earnings Call Date:Feb 22, 2026
(Q2-2026)
| Next Earnings Date:Aug 20, 2026
Earnings Call Sentiment Positive
The call conveyed strong underlying operational momentum: material top-line and EBITDA growth, record Lighthouse contributions, solid AUM expansion and a healthy balance sheet with room for M&A. However, management was cautious about near-term variability driven by fair-value volatility, softer NGI Strategic investment performance (impacting second-half distributions) and rising operating costs. The company emphasized diversification, an active deal pipeline and confidence in medium‑to‑long term compounding of earnings while flagging a lower FY26 EBITDA versus FY25.Positive Updates
Top-line Revenue Growth
First half revenue of USD 108.3 million, up 17% year-on-year, driven by higher management fees and strong risk-adjusted investment performance.
Negative Updates
Statutory Net Loss and Fair Value Volatility
Statutory net loss of USD 4.3 million versus a significant profit in the prior period, primarily due to movements in fair value of investments recognized through the P&L (non-cash volatility from USD 670 million of Partner Firm investments).
Read all updates
Q2-2026 Updates
Positive
Negative
Top-line Revenue Growth
First half revenue of USD 108.3 million, up 17% year-on-year, driven by higher management fees and strong risk-adjusted investment performance.
Read all positive updates
Company Guidance
Navigator reiterated that FY‑26 adjusted EBITDA is expected to be lower than FY‑25—driven by comparatively weaker NGI Strategic investment performance and the potential for lower H2 profit distributions—even as NGI Strategic is expected to contribute a larger share of earnings in H2 and the group expects higher net inflows in 2026 from new product launches and improved fundraising. Key metrics underpinning that outlook: H1 revenue USD108.3m (+17% y/y), H1 adjusted EBITDA USD48.2m (+17%), adjusted NPAT USD29.8m (+7%); ownership‑adjusted AUM USD29bn (up 5% H1; +7% over 12 months, +USD1.9bn) and Partner‑firm AUM USD84bn (+6% 12m); Lighthouse H1 performance fees USD39m (vs USD31.7m), Lighthouse AUM USD17.3bn with average management fee 56bps and ~23% of AUM eligible for performance fees (almost all at/above HWM); NGI Strategic AUM USD11.7bn with average management fee ~1.2% (up 2bps) and performance fee mechanics ~17% with ~80% of AUM eligible; five‑year average total fee yield 1.14% and CY‑25 performance fee yield 41bps (5‑yr avg 39bps). Balance‑sheet metrics supporting growth: net assets USD795m, investments in Partner Firms USD670m, net debt/adjusted EBITDA 0.6x (target up to 1.5x), USD100m facility (2029) ~30% drawn; dividends remain suspended to reinvest in growth toward the 2030 target of >USD45bn high fee‑paying AUM.Navigator Global Investments Ltd Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
70
Positive
Cash Flow
65
Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 249.47M | 457.00K | 276.28M | 83.54M | 84.15M | 89.10M |
| Gross Profit | 67.52M | -5.34M | 177.28M | 27.90M | 33.41M | 41.19M |
| EBITDA | 144.56M | 147.97M | 116.40M | 86.61M | 20.73M | 47.65M |
| Net Income | 46.18M | 119.36M | 66.31M | 35.51M | 38.70M | 26.75M |
Balance Sheet | ||||||
| Total Assets | 960.09M | 938.89M | 787.85M | 1.15B | 979.25M | 486.79M |
| Cash, Cash Equivalents and Short-Term Investments | 62.66M | 55.48M | 61.62M | 67.82M | 94.04M | 52.10M |
| Total Debt | 74.47M | 28.24M | 24.34M | 37.96M | 26.15M | 23.61M |
| Total Liabilities | 164.23M | 145.27M | 124.64M | 512.86M | 377.90M | 116.17M |
| Stockholders Equity | 795.86M | 793.62M | 663.21M | 421.54M | 601.35M | 370.62M |
Cash Flow | ||||||
| Free Cash Flow | 106.84M | 96.63M | 51.28M | 44.56M | 119.86M | 34.25M |
| Operating Cash Flow | 111.27M | 100.25M | 57.99M | 56.47M | 123.74M | 35.79M |
| Investing Cash Flow | -105.04M | -92.92M | -34.88M | -62.29M | -47.05M | 12.44M |
| Financing Cash Flow | 1.61M | -14.37M | -28.13M | -1.90M | 1.91M | -22.78M |
Navigator Global Investments Ltd Technical Analysis
Positive
2.29
Price Trends
2.49
Positive
2.45
Positive
2.55
Negative
Market Momentum
0.02
Negative
54.07
Neutral
77.95
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:NGI, the sentiment is Positive. The current price of 2.29 is below the 20-day moving average (MA) of 2.46, below the 50-day MA of 2.49, and below the 200-day MA of 2.55, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 54.07 is Neutral, neither overbought nor oversold. The STOCH value of 77.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:NGI.
Navigator Global Investments Ltd Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | AU$3.01B | 6.79 | 17.76% | 3.34% | 138.96% | -62.36% | |
71 Outperform | AU$1.78B | 12.04 | 14.31% | 5.99% | -12.42% | -36.36% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | AU$1.40B | 18.98 | 5.81% | 1.50% | 28.00% | -70.45% | |
61 Neutral | AU$3.82B | 29.30 | 13.61% | 3.45% | 11.69% | -15.05% | |
60 Neutral | AU$546.22M | 60.25 | 1.27% | 3.56% | 21.34% | 3.66% | |
58 Neutral | AU$2.83B | 139.38 | 58.96% | 23.72% | 215.38% | -82.04% |
* Financial Sector Average
AU:NGI
Navigator Global Investments Ltd
2.53
0.87
52.69%
AU:MFG
Magellan Financial Group Ltd
9.63
1.78
22.68%
AU:L1G
Platinum Asset Management Ltd
1.12
0.66
144.52%
AU:PNI
Pinnacle Investment Management Group Limited
16.70
-3.21
-16.11%
AU:MFF
MFF Capital Investments Ltd.
5.07
0.82
19.38%
AU:MIR
Mirrabooka Investments Ltd
2.44
-0.72
-22.78%
Navigator Global Investments Ltd Corporate Events
Navigator Global Director Increases Stake via Entitlement Offer
Jun 4, 2026
Navigator Global Investments director Stephen Jon Darke has increased both his direct and indirect holdings in the company through participation in a retail entitlement offer announced in early May 2026. Following on-market acquisitions totaling 3...
Navigator Global Director Increases Indirect Stake via Entitlement Offer
Jun 4, 2026
Navigator Global Investments has disclosed a change in the indirect shareholding of director Roger Andrew Davis, lodged under Australian listing rules. Davis holds his interest via the R P Davis Family Trust, with Invia Custodian Pty Limited as t...
Navigator Global Director Lifts Stake via Retail Entitlement Offer
Jun 4, 2026
Navigator Global Investments has disclosed a change in director Suvan de Soysa’s interests, with his self-managed superannuation fund increasing its indirect holding in the company. Through participation in a retail entitlement offer, de Soy...
Navigator Global Investor McGould Ceases to Be Substantial Holder After Entitlement Offer
Jun 4, 2026
Navigator Global Investments Ltd has disclosed that shareholder Sean McGould and his controlled entities have ceased to be substantial holders in the company. The change arose from dilution of his voting power following the issue of new shares und...
Navigator Global Seeks ASX Quotation for 4.5 Million New Shares
Jun 1, 2026
Navigator Global Investments Ltd has applied to the ASX for quotation of 4,536,894 additional fully paid ordinary shares under the NGI code, with U.S. investors prohibited except under qualifying exemptions. The new securities, issued on June 2, 2...
Navigator Global Raises A$145m as Retail Entitlement Offer Completes
May 28, 2026
Navigator Global Investments has completed the retail component of its A$145 million fully underwritten accelerated pro rata non-renounceable entitlement offer, priced at A$2.40 per new share. Eligible retail shareholders subscribed for about 1.7 ...
Navigator Global Seeks ASX Quotation for 55.9 Million New Shares
May 10, 2026
Navigator Global Investments Limited has applied for quotation on the ASX of 55,870,329 fully paid ordinary shares under the code NGI, designated as U.S. investor prohibited except QPS. The new securities, issued on May 11, 2026, expand the compan...
Navigator launches A$145m entitlement offer to fund Stable Asset Management deal
May 4, 2026
Navigator Global Investments has launched a fully underwritten pro-rata accelerated non-renounceable entitlement offer, seeking about A$145 million by issuing one new share for every 8.13 held at an offer price of A$2.40. The capital raising, whic...
Navigator Global to Raise Up to A$145m via Accelerated Entitlement Offer
May 4, 2026
Navigator Global Investments Limited has launched a fully underwritten, accelerated non-renounceable 1-for-8.13 pro rata entitlement offer to eligible shareholders, aiming to raise up to approximately A$145 million. The offer, which will be conduc...
Navigator Global to buy US$195m Stable portfolio and deepen alternative assets push
May 4, 2026
Navigator Global Investments has agreed to acquire a portfolio of net revenue share interests in 17 alternative asset managers from Stable Asset Management-related funds and clients for US$195 million, to be branded the NGI Stable Growth Portfolio...
Navigator Global lifts AUM on hedge fund strength and private markets push
Apr 19, 2026
Navigator Global Investments reported a strong third quarter to 31 March 2026, with ownership-adjusted assets under management rising 9% to USD31.6 billion and total partner firm AUM up 17% to USD98 billion. The gains were driven by robust perform...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.