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Navigator Global Investments Ltd
(Sydney:NGI)
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Rating:67Neutral
Price Target:
AU$2.50
â–¼(-4.21% Downside)
Action:Reiterated
Date:08/25/26
The score is anchored by strong financial resilience (low leverage and consistently positive free cash flow) and a generally optimistic earnings-call outlook tied to AUM growth and acquisitive scale. These positives are tempered by weak technical trend signals and a high P/E that leaves little margin for error, alongside ongoing earnings volatility and performance-fee timing risk highlighted on the call.
Positive Factors
AUM Growth and Inflows
Sustained net inflows, investment performance and higher AUM expand the recurring fee base. This supports medium-term revenue growth and demonstrates continued demand for NGI’s alternative investment platform.
Negative Factors
Earnings and Fair-Value Volatility
Non-cash fair-value movements can materially distort reported earnings and obscure underlying operating performance. This reduces earnings predictability and complicates assessment of sustainable profitability across reporting periods.
Read all positive and negative factors
Positive Factors
Negative Factors
AUM Growth and Inflows
Sustained net inflows, investment performance and higher AUM expand the recurring fee base. This supports medium-term revenue growth and demonstrates continued demand for NGI’s alternative investment platform.
Read all positive factors
Navigator Global Investments Ltd (NGI) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.46B
Dividend Yield1.89%
Average Volume (3M)611.49K
Price to Earnings (P/E)45.3
Beta (1Y)0.67
Revenue Growth2.27%
EPS Growth-84.63%
CountryAU
Employees286
SectorFinancial
Sector Strength70
IndustryAsset Management - Global
Share Statistics
EPS (TTM)0.04
Shares Outstanding610,198,200
10 Day Avg. Volume879,607
30 Day Avg. Volume611,490
Financial Highlights & Ratios
PEG Ratio-0.56
Price to Book (P/B)1.09
Price to Sales (P/S)2.05
P/FCF Ratio10.39
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$3.43Price Target Upside31.49% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.17
Revenue Forecast (FY)AU$253.97M
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 by earning economics from the investment management activities of its affiliated/partner managers. Its core revenue streams typically include: (1) management fees: recurring fees charged as a percentage of assets under ma...
Navigator Global Investments Ltd Earnings Call Summary
Earnings Call Date:Aug 23, 2026
(Q4-2026)
| Next Earnings Date:Feb 25, 2027
Earnings Call Sentiment Positive
The call conveyed a constructive strategic and growth story: significant AUM expansion (21% ownership-adjusted increase), product launches, important acquisitions (Stable and Georgian) and a strengthened balance sheet underpin an optimistic outlook for FY '27. Near-term profitability was moderated by expected reductions in NGI Strategic distributions after two exceptional years, non-cash fair value losses that materially depressed statutory NPAT, and higher operating costs. Management emphasized that adjusted earnings met guidance and highlighted a robust pipeline and earnings accretion from completed transactions, indicating confidence in future growth despite short-term volatility.Positive Updates
Strong AUM Growth
Ownership adjusted AUM increased 21% year-on-year to USD 33.6 billion, with an additional USD 2 billion acquired post-reporting period and affiliates managing over USD 104 billion (up 24% over 12 months). Aggregate net inflows were USD 3.4 billion and strong investment performance contributed USD 2.8 billion.
Negative Updates
Adjusted EBITDA Decline
Group adjusted EBITDA was USD 101.9 million, down 10% from the prior year and reported at the midpoint of prior guidance, reflecting lower distributions from NGI Strategic after two very strong years.
Read all updates
Q4-2026 Updates
Positive
Negative
Strong AUM Growth
Ownership adjusted AUM increased 21% year-on-year to USD 33.6 billion, with an additional USD 2 billion acquired post-reporting period and affiliates managing over USD 104 billion (up 24% over 12 months). Aggregate net inflows were USD 3.4 billion and strong investment performance contributed USD 2.8 billion.
Read all positive updates
Company Guidance
Management guided that FY‑27 should see continued net inflows and earnings accretion, driven by steady fee rates, minimal fee pressure and the recently settled Stable acquisition (adds $2.0bn ownership‑adjusted AUM, part of a $17bn firm‑level portfolio up 19% CY‑to‑June, average AUM per manager $1.0bn, 11% net YTD returns, 90% of AUM subject to performance fees at a ~17% rate). Pro forma NGI Strategic AUM is $15.3bn (avg. management fee 1.23%, 82% of AUM earning performance fees at 17%), Lighthouse AUM $20.3bn (54bps mgmt fee, ~88% able to earn performance fees at 13%, indicative margin 30–35%), and group ownership‑adjusted AUM to start FY‑27 is $7.9bn higher (29% growth over 12 months) as the company targets >$45bn by 2030; FY‑26 adjusted EBITDA was $101.9m (midpoint of guidance), pro‑forma net debt/adj. EBITDA ~0.8x vs target ~1.5x, and the undrawn $190m senior secured facility (matures May‑2031) supports measured acquisitive growth.Navigator Global Investments Ltd Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
86
Very Positive
Cash Flow
78
Positive
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 494.81M | 457.00K | 276.28M | 83.54M | 84.15M |
| Gross Profit | 201.92M | -5.34M | 177.28M | 27.90M | 33.41M |
| EBITDA | 56.33M | 147.97M | 116.40M | 86.61M | 20.73M |
| Net Income | 21.67M | 119.36M | 66.31M | 35.51M | 38.70M |
Balance Sheet | |||||
| Total Assets | 1.13B | 938.89M | 787.85M | 1.15B | 979.25M |
| Cash, Cash Equivalents and Short-Term Investments | 165.68M | 55.48M | 61.62M | 67.82M | 94.04M |
| Total Debt | 23.70M | 28.24M | 24.34M | 37.96M | 26.15M |
| Total Liabilities | 202.88M | 145.27M | 124.64M | 512.86M | 377.90M |
| Stockholders Equity | 929.92M | 793.62M | 663.21M | 421.54M | 601.35M |
Cash Flow | |||||
| Free Cash Flow | 97.48M | 96.63M | 51.28M | 44.56M | 119.86M |
| Operating Cash Flow | 102.66M | 100.25M | 57.99M | 56.47M | 123.74M |
| Investing Cash Flow | -62.86M | -92.92M | -34.88M | -62.29M | -47.05M |
| Financing Cash Flow | 74.16M | -14.37M | -28.13M | -1.90M | 1.91M |
Navigator Global Investments Ltd Technical Analysis
Negative
2.61
Price Trends
2.47
Negative
2.48
Negative
2.58
Negative
Market Momentum
-0.03
Positive
42.69
Neutral
21.76
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 2.61 is above the 20-day moving average (MA) of 2.52, above the 50-day MA of 2.47, and above the 200-day MA of 2.58, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 42.69 is Neutral, neither overbought nor oversold. The STOCH value of 21.76 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | AU$2.60B | 17.74 | 8.75% | 7.14% | -17.31% | -45.44% | |
70 Outperform | AU$3.42B | 18.19 | 16.92% | 4.06% | 22.38% | 22.74% | |
69 Neutral | AU$2.97B | 19.04 | 49.77% | 2.52% | 586.06% | 463.96% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | AU$1.46B | 45.29 | 2.41% | 1.89% | 2.27% | -84.63% | |
67 Neutral | AU$3.20B | 19.38 | 6.21% | 3.92% | 44.63% | -63.30% | |
63 Neutral | AU$558.95M | 41.90 | 2.07% | 4.27% | 45.10% | 44.28% |
* Financial Sector Average
AU:NGI
Navigator Global Investments Ltd
2.38
0.34
16.84%
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75.52%
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14.77
-3.16
-17.63%
AU:MFF
MFF Capital Investments Ltd.
5.36
0.77
16.70%
AU:MIR
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2.45
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-22.81%
Navigator Global Investments Ltd Corporate Events
Navigator Global Investments Unveils 2026 Corporate Governance Framework
Aug 23, 2026
Navigator Global Investments Ltd has outlined its 2026 corporate governance framework, emphasizing governance with purpose and growth with vision. The document details the company’s approach to board oversight, ethical conduct and risk manag...
Navigator Global Updates and Confirms 2026 Corporate Governance Framework
Aug 23, 2026
Navigator Global Investments Limited has released its updated corporate governance statement for the financial year ended 30 June 2026, confirming compliance with key ASX Corporate Governance Council principles. The statement, approved by the boar...
Navigator Global Releases 2026 Sustainability Report
Aug 23, 2026
Navigator Global Investments Limited has released its 2026 Sustainability Report, outlining the company’s approach to environmental, social, and governance considerations across its operations. The report, authorised by the Board of Director...
Navigator Global lifts revenue but profit slumps as growth strategy weighs on earnings
Aug 23, 2026
Navigator Global Investments Ltd reported a 14% rise in revenue to USD 417.7 million for the year to 30 June 2026, driven by strong growth in assets under management and higher fee income from its U.S. subsidiary. However, statutory profit after t...
Navigator Global to Release 185.8 Million Escrowed Shares Without Changing Issued Capital
Aug 13, 2026
Navigator Global Investments Limited has announced that 185,812,051 fully paid ordinary shares currently held under voluntary escrow will be released at 4:15 p.m. on 24 August 2026. The company stated that this release of escrowed shares will not ...
Navigator Global to Webcast 2026 Annual Results in August
Jul 30, 2026
Navigator Global Investments Limited will present its 2026 annual results via a live webcast on Monday, 24 August 2026, starting at 10:00 AM AEST, with access opening at 9:45 AM AEST. The webcast will be streamed through an online platform and lat...
Navigator Global Finalises Share Issuance for Stable Asset Management Deal
Jul 2, 2026
Navigator Global Investments has completed the issuance of 58,672,912 new ordinary shares to Stable Asset Management LP as part of its previously announced acquisition of a diversified portfolio of net revenue share interests. The shares were pric...
Navigator Global Seeks ASX Quotation for 58.7 Million New Shares
Jul 2, 2026
Navigator Global Investments Ltd has applied for quotation on the ASX of 58,672,912 fully paid ordinary shares under the code NGI, designated as U.S. investor prohibited except QPS. The securities, issued on July 1, 2026 as part of previously anno...
Navigator Global completes Stable portfolio acquisition and inks strategic partnership
Jul 2, 2026
Navigator Global Investments has completed the acquisition of a portfolio of net revenue share interests in 17 alternative asset managers from Stable Asset Management for total consideration of US$190 million. Funded via a recent A$145 million ent...
Norges Bank exits substantial holding in Navigator Global Investments
Jun 24, 2026
Navigator Global Investments Ltd disclosed that Norges Bank has ceased to be a substantial shareholder in the company after a series of trades between May and June 2026 reduced its voting interest below the substantial holding threshold. The trans...
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 ...
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.