scroll

Navigator Global Investments (NGI)

Advanced Search

Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.

Ask a question

The Latest Q&A

Question asked 26/06/2025

Navigator Global Investments (NGI)

Dear James & Shawn Thank you for your wonderful insights. I would like to hear your views on Navigator Global (NGI). As a big fan of alternative asset managers (KKR, BN, BAM, CG, APO & BX), I like NGI's business model of investing in alternative asset managers. It has around USD 120 billion AUM, so it's not small. And as I look at the numbers, there are so much going for it, yet the market seems to completely overlook it. This is a company with great growth, an excellent ROE, an earnings yield of 25%, which has doubled its earnings over the last 3 years, yet it is trading at a P/E of 4 and a Price/Book of 0.7x. What am I missing? Looking forward to reading your response. Thank you and kind regards Lambertus

Answer

Hi Lambertus,

For subscribers unfamiliar with NGI, its a ~$800mn QLD based company which focuses is on investing in and partnering with established alternative asset managers across various strategies, including: Private Credit, Volatility Arbitrage, High-Yield Debt and Event-Driven and Macro Strategies.

The company operates through two main segments:

Lighthouse Group: A wholly owned subsidiary, which manages multi-manager hedge fund portfolios and provides customized investment solutions.
NGI Strategic Group: This segment encompasses minority ownership interests in various alternative asset managers, allowing NGI to diversify its investments and revenue streams.

NGI has upgraded its earnings guidance for the FY25, it now now anticipates Adjusted EBITDA of US106-110 million, representing a 17–22% increase over FY24’s USD 90.5 million. The company is benefiting from a strong equity market and stronger-than-expected profit distributions from its Partner firms, and robust investment performance from its Lighthouse business.

We like NGI around $1.60, noting we have it trading on 7.8x (not 4x). We’ll have a deeper look at NGI and in an upcoming report – we have owned this in the past.

chart

Navigator Global Investments (NGI)

LAST UPDATED 25/06/2025 16:49

Latest Reports

Weekend report 28/06/2025

Weekend Q&A: The ASX is knocking on the door of all-time highs, with one day to go

The ASX200 finished the week up just +0.1% after Friday's sharp, almost 100-point reversal lower from early highs, led by the banks, taking the index back towards the 8500 level. However, under the hood, not everyone danced as one, with eight of the mainboards' eleven sectors retreating, led by energy and utilities, while the advances by the heavyweight financial and resources were enough to ensure the index closed positive, albeit just:

Afternoon report 27/06/2025

The Match Out: ASX fades through the day as commodities rip, banks stall

The day kicked off with a promising +50pt open though it was short-lived as a steady rotation from the banks to resources swept through the market after a supposed resolution to US-China trade negotiations was reached triggering a –90pt swing from start to finish as we closed at the low of the day.