Navigator Global Investments (ASX: NGI) is an ASX financials stock that has already risen more than 75% in 2025.
Navigator Global Investments is a diversified alternative asset management company that partners with a variety of institutional asset managers operating across different investment styles, product types, and client bases.
It has around US$73 billion in assets under management and is currently partnered with 11 businesses.
Yesterday, it closed trading at $2.94, and is now up 24.58% in just the last month.
In a fresh note out of Ord Minnett, it appears the broker sees plenty more upside in this ASX financials stock following Navigator Global Investments' recent investor day.
Ord Minnett said the recent investor day underscored the immense growth opportunity that the asset manager has in front of it.
The broker has a buy rating on the stock and has just raised its target price to $3.50 from $2.80.
Let's see what was behind the upgrade.
Highlights from investor day
The team at Navigator Global Investments reiterated that in FY25, ownership-adjusted AUM increased to US$27.7 billion, up 6% from the previous year.
The team at Ord Minnett also pointed out principals from partner firms referred glowingly to the company's assorted value-add levers, in particular, the Blue Owl Business Services Platform.
Blue Owl's GP Strategic Capital platform offers minority equity and financing solutions to private capital managers.
Ord Minnett also pointed to organic growth and targeted acquisitions as key drivers of future growth.
The combination of organic growth, supplemented by targeted US$80 million ($125 million) of strategic acquisitions from a large opportunity set, sees the business well-placed to achieve its 2030 target of a doubling of operating earnings (EBITDA) from 2025.
Other noted highlights included:
- A strong endorsement of Navigator's offering from the principals of the 1315 Healthcare and Waterfall AM fund managers.
- Because Navigator's partners are highly diversified, aggregated performance fees are more consistent, and along with the high margins of alternative managers, this generates steady cash flows that investors are only just starting to value.
- The size of Navigator's acquisition target set, i.e. firms in the US$1–US$10 billion range, is significant at more than 8,000.
Ultimately, this diversification can help smooth earnings, and paired with high margins, creates steady cash flows that Ord Minnett believes the market hasn't fully valued until now.
This has positively influenced Ord Minnett's view of the company moving forward.
Earnings forecasts and target price adjusted
Following the investor day, Ord Minnett bumped up its earnings forecasts and price target for this ASX financials stock.
We made minor adjustments to our earnings forecasts post the investor day, notably our EBITDA estimate for FY26 has increased by 3% to $106.5m, after adjusting our performance fee estimates for Lighthouse Partners.
Based on the new price target from Ord Minnett, the broker now sees an upside of 19.05% for this financials stock.
