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What is Morgan’s view on Navigator Global Investments shares after update

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Navigator Global Investments Ltd (ASX: NGI) shares are in focus after the release of a quarterly assets under management (AUM) update.

This led to a 6% share price rise on opening.

At the time of writing, Navigator Global Investments shares are up 2% during today’s session. 

The company remains down more than 17% year to date. 

What did the company report?

Today, the company reported: 

  • Navigator’s ownership-adjusted AUM increased by 9% to USD31.6 billion in Q3, up 16% over the last 12 months
  • Total NGI Firm Level AUM2 increased by 17% to USD98 billion in Q3, up 20% over the last 12 months
  • The Lighthouse Partners business remains the largest contributor, with AUM rising 8% during the quarter to a record US$18.7 billion. Over the past 12 months, that figure is up 17%

The company advised that growth was driven by a mix of inflows and investment performance across its platform.

The company expects strong asset growth (AUM) in Q3 FY26, putting NGI in a good position for FY27.

The company continues to expect FY26 adjusted EBITDA to be lower than FY25, driven by: 

  • The timing of AUM growth recognised this quarter
  • A higher proportion of inflows into lower fee-generating AUM
  • The concentration of NGI’s performance fee revenues, with the majority expected to crystallise in December

This announcement pleased investors, who were gobbling up shares in the company this morning.

What did Morgans have to say?

Following the release, the team at Morgans released updated guidance on Navigator Global Investments shares.

The broker said it was a broadly solid quarter, punctuated by a +9% increase in group Ownership adjusted AUM in a volatile market, and robust quarterly net flows into Lighthouse (+US$1.2bn). 

We update our NGI numbers for the quarterly and also following a broad review of our earnings assumptions. Our FY26F EPS estimate is revised down -3%, reflecting more conservative performance fee assumptions for the current year, while FY27F EPS moves up +2% on higher FUM estimates following today’s update.

Upside and buy rating intact

It appears the company is quickly recovering from an early-year lull. 

Since late March, Navigator Global Investments shares have risen more than 23%. 

It seems that, based on Morgans’ guidance, this recovery can continue. 

Morgans has retained its buy recommendation, along with a largely unchanged price target of $2.97. 

From today’s current price target of $2.46, this indicates an upside potential of approximately 20%. 

The post What is Morgan’s view on Navigator Global Investments shares after update appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Bell has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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