Navigator Global Investments Ltd · ASX:NGI
Navigator Global Investments — H1 FY2022 Earnings Presentation
26 slides from Navigator Global Investments's earnings presentation, Feb 17, 2022
Slide 1: 2022 Interim Results
2022 Interim Results 17 February 2022 Authorised by: Board of Navigator Global Investments Limited
Slide 2: Agenda
Agenda 1. Introduction 2. Review of Lighthouse 3. Review of NGI Strategic 4. Financial Results 5. Q&A 2
Slide 3: Introduction
Introduction Sean McGould, CEO 3
Slide 4: 2022 Interim results
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. 2022 Interim results Group AUM USD 21.6 bn1 Adjusted Ownership adjusted ▲ 3% From 30 June 2021 Revenue Adjusted USD 53.4 m EBITDA ▲ 12% pcp USD 20.0 m Dividend ▲ 33% pcp US 5.5 cps ▲ 43% pcp 4 1. Fir
Slide 5: Expanding exposure to alternative assets
Expanding exposure to alternative assets Operating businesses Strategic Investments Strategic Partners Full/majority owned Minority Stakes Associates / JVs NGI Strategic Holdings Strategic Portfolio AUM Aggregate AUM FUMA USD 13.9 bn ~ USD 40.0 bn AUD 2.2 bn as at 31 December 2021 as at 31 December
Slide 6: Highlights
Highlights NGI is a USD 56 billion1 asset management company exclusively focused on institutional quality alternative investment strategies Increasing market demand for well established and proven alterative investment managers Inflation and changing interest rate environment presents the strongest
Slide 7: Compelling Value Proposition
Compelling Value Proposition NGI is well positioned for continued growth and expansion Highly diversified earnings and with organic and inorganic growth potential High quality of earnings across eight established and scaled alternative investment businesses, each with numerous institutional qual
Slide 8: Review of Lighthouse
Review of Lighthouse Sean McGould, CEO 8
Slide 9: Lighthouse Investment Partners
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. Lighthouse Investment Partners Delivering alternative investment solutions through the advantages of hedge fund managed account innovation. 13.9 billion AUM Track 25+ years record 163 Employees Core
Slide 10: Lighthouse Investment Partners
Lighthouse Investment Partners Diversified product mix and continued Innovation will support long term growth Hedge Hedge Managed Fund Funds Account Solutions Solutions USD 6.6 bn USD 2.1 bn USD 5.2 bn ‒ Lighthouse commingled and ‒ North Rock’s multi-portfolio manager ‒ Managed Account Services AUM
Slide 11: Lighthouse Investment Partners: AUM composition
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. Lighthouse Investment Partners Composition of AUM as at 31 December 2021: Sovereign Wealth 14.2 13.9 13.9 Funds 14% Individuals 10% 11.8 11.3 Endowments / Foundations Investor 9% Type Other Instituti
Slide 12: Review of NGI Strategic
Review of NGI Strategic Ross Zachary, MD Strategic Corporate Development 12
Slide 13: NGI Strategic Portfolio
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. NGI Strategic Portfolio Strong recent performance further positions these businesses as leaders in their respective strategies and asset classes Portfolio Assets Under Management1 Ownership-adjusted
Slide 14: Recap of the NGI Strategic transaction
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. Recap of the NGI Strategic transaction Terms negotiated to provide a well-covered income stream for the first 5 years, before meaningful step up in FY2026 Preferred Annual Minimum Acquire Dyal share
Slide 15: Recent investments
Recent investments H1 2022 saw Navigator invest in two new Strategic Partners 34.1% stake acquired in September 2021 Founded in 2016, Longreach is an Australian based investment management firm providing support and infrastructure to a stable of alternative asset managers: Longreach Credit Inv
Slide 16: Financial results
Financial results Amber Stoney, CFO 16
Slide 17: 2022 Interim financial results
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. 2022 Interim financial results No change to FY22 Adjusted EBITDA Guidance Adjusted EBITDA USD 40 - 42 million USD 20.0 m ▲ 33% pcp 17
Slide 18: Navigator Group Results
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. Navigator Group Results Annual result HY2022 Adjusted EBITDA of USD 20.0 million Excluded from Adjusted USD millions (unaudited) Adjusted (unaudited, Statutory assets and liabilities setting revenue
Slide 19: Navigator Group Results: Adjusted EBITDA
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. Navigator Group Results Annual result Adjusted EBITDA up 33% on pcp (Unaudited, non-IFRS measure) 31 December 2021 31 December 2020 Change to pcp USD millions USD millions Management fees revenue 37.
Slide 20: Navigator Group Results: Statutory EBITDA
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. Navigator Group Results Annual result Statutory EBITDA down 7% on pcp 31 December 2021 31 December 2020 Change to pcp USD millions USD millions Management fees revenue 37.2 37.7 ▼1% Performance fee r
Slide 21: Revenue: management and performance fees
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. Revenue Management fees 46.6 USD 37.2 million (▼ 1% pcp) Performance fees USD 8.8 million (▼ 10% pcp) Management fees Performance fees 40.9 USD millions USD millions 9.8 37.9 37.7 37.2 8.8 1.9 3.8 3.
Slide 22: Revenue: NGI Strategic distributions and accounting
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. Revenue Summary of NGI Strategic Portfolio accounting approach: Investments classified as fair value through P&L Income is only recognised when cash distributions are received NGI Strategic Distrib
Slide 23: Net operating expenses
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. Net operating expenses 31 December 2021 31 December 2021 Change to pcp USD millions USD millions Employee expenses 24.8 24.8 - Professional & consulting 1.7 3.7 ▼54% Information technology 1.1 2.2 ▼4
Slide 24: Interim Dividend
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. Interim Dividend USD Dividend cents per share Dividend Pay-out ratio 5.5 cps Interim dividend payout ratio is 74% of H12022 Adjusted EBITDA AUD Dividend cents per share Shares participating in divi
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Slide 26: Disclaimer
The numbers in this presentation have been presented in US dollars (USD) unless otherwise indicated. Disclaimer This presentation has been prepared by Navigator Global Investments Limited (NGI) and provides information regarding NGI and its activities current as at 17 February 2022. It is in summary
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