Navigator Global Investments Ltd (AU:NGI)
ASX:NGI
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Navigator Global Investments Ltd
(Sydney:NGI)
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Rating:61Neutral
Price Target:
AU$2.00
▼(-3.85% Downside)
Action:DowngradedDate: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 and liquidity
Navigator's conservative leverage and sizable net assets provide durable financial flexibility. Net debt at 0.6x EBITDA and an under‑utilized USD100m facility leave capacity for M&A or to weather performance swings, reducing refinancing risk and supporting long‑term strategic execution.
Negative Factors
Revenue volatility and negative gross margin
Material revenue swings and a negative gross profit margin point to execution and earnings‑quality risk. Sustained volatility can undermine forward fee predictability, impair margin sustainability and complicate planning for bonuses, reinvestment and acquisitive growth over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet and liquidity
Navigator's conservative leverage and sizable net assets provide durable financial flexibility. Net debt at 0.6x EBITDA and an under‑utilized USD100m facility leave capacity for M&A or to weather performance swings, reducing refinancing risk and supporting long‑term strategic execution.
Read all positive factors
Navigator Global Investments Ltd (NGI) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.02B
Dividend Yield1.5%
Average Volume (3M)603.62K
Price to Earnings (P/E)―
Beta (1Y)0.72
Revenue Growth29.98%
EPS Growth39.74%
CountryAU
Employees286
SectorFinancial
Sector Strength70
IndustryAsset Management - Global
Share Statistics
EPS (TTM)-0.01
Shares Outstanding491,118,070
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$3.23Price Target Upside55.05% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.14
Revenue Forecast (FY)AU$208.97M
Navigator Global Investments Ltd Business Overview & Revenue Model
Company Description
Navigator Global Investments Limited operates as a fund management company in Australia. The company, through its subsidiaries, offers open-ended products and structured products to retail, wholesale, and institutional investors. Navigator Global ...
How the Company Makes Money
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Navigator Global Investments Ltd Earnings Call Summary
Earnings Call Date:Feb 22, 2026
(Q2-2026)
| Next Earnings Date:Aug 13, 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 | 184.90M | 84.15M | 121.85M |
| Gross Profit | 67.52M | -5.34M | 177.28M | 225.73M | 129.37M | 100.16M |
| EBITDA | 144.56M | 147.97M | 116.40M | 86.61M | 101.34M | 47.65M |
| Net Income | 46.18M | 119.36M | 66.31M | 35.51M | 53.37M | 26.93M |
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 | 101.88M | 136.76M | 52.10M |
| Total Debt | 74.47M | 28.24M | 24.34M | 57.02M | 38.02M | 23.61M |
| Total Liabilities | 164.23M | 145.27M | 124.64M | 512.86M | 377.90M | 116.17M |
| Stockholders Equity | 795.86M | 793.62M | 663.21M | 633.27M | 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 | -92.79M | -64.88M | 12.52M |
| Financing Cash Flow | 1.61M | -14.37M | -28.13M | -2.82M | 2.63M | -22.92M |
Navigator Global Investments Ltd Technical Analysis
Negative
2.08
Price Trends
2.58
Negative
2.76
Negative
2.40
Negative
Market Momentum
-0.13
Negative
38.49
Neutral
56.30
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:NGI, the sentiment is Negative. The current price of 2.08 is below the 20-day moving average (MA) of 2.11, below the 50-day MA of 2.58, and below the 200-day MA of 2.40, indicating a bearish trend. The MACD of -0.13 indicates Negative momentum. The RSI at 38.49 is Neutral, neither overbought nor oversold. The STOCH value of 56.30 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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$2.72B | 5.94 | 17.76% | 3.34% | ― | ― | |
71 Outperform | AU$1.77B | 6.19 | 14.31% | 5.99% | -13.22% | -29.69% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | AU$1.02B | -61.86 | 5.81% | 1.50% | 29.98% | 39.74% | |
61 Neutral | AU$3.08B | 14.10 | 13.61% | 3.45% | 37.42% | 38.37% | |
60 Neutral | AU$577.56M | 80.82 | 1.27% | 3.56% | ― | ― | |
58 Neutral | AU$2.62B | 1.91 | 58.96% | 23.72% | -26.58% | -86.02% |
* Financial Sector Average
AU:NGI
Navigator Global Investments Ltd
2.08
0.50
31.23%
AU:MFG
Magellan Financial Group Ltd
9.57
3.19
49.93%
AU:L1G
Platinum Asset Management Ltd
1.03
0.49
90.74%
AU:PNI
Pinnacle Investment Management Group Limited
14.20
-0.54
-3.67%
AU:MFF
MFF Capital Investments Ltd.
4.62
0.68
17.26%
AU:MIR
Mirrabooka Investments Ltd
2.58
-0.47
-15.52%
Navigator Global Investments Ltd Corporate Events
Navigator Global lifts half-year profit on AUM and fee growth but warns of softer FY26 earnings
Feb 22, 2026
Navigator Global Investments reported a 17% rise in adjusted EBITDA to USD48.2 million for the half year to 31 December 2025, alongside a 5% increase in ownership-adjusted assets under management to USD29 billion. Revenue grew 17% to USD108.3 mill...
Navigator Global Swings to Loss Despite Higher Revenue as It Halts Dividends for Growth Push
Feb 22, 2026
Navigator Global Investments reported a 19% rise in revenue to $175.5 million for the six months to 31 December 2025, but swung to a net loss of $4.3 million as statutory EBITDA fell 77%. The loss was driven by reductions in the fair value of inve...
Navigator Global to Host Webcast on 2026 Interim Results
Feb 11, 2026
Navigator Global Investments Limited will host a live webcast to present its 2026 interim financial results, offering investors and analysts an opportunity to hear management discuss the company’s performance and outlook. The event will be s...
Navigator Global Holds AUM Steady as Performance and Private Markets Drive Growth
Jan 15, 2026
Navigator Global Investments reported that its ownership-adjusted assets under management held steady at USD29 billion at 31 December 2025, up 7% year-on-year, while total firm-level AUM dipped 3.2% in the quarter to USD83.7 billion but remained 6...
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.