Kogan.com Ltd
KGN: XASX (AUS)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
A$79.10 | Sfr | Tcwynrnsw |
Kogan’s Trading Update Shows First Signs of Improving Profit Margins
We maintain our earnings forecasts and AUD 10.70 fair value estimate for no-moat Kogan. First-half fiscal 2023 results were released on Jan. 24, 2023, including a 33% decline in gross sales to AUD 471 million and an adjusted loss before interest, tax, and depreciation to AUD 4 million. See our note published the same day: “Clearing Excess Inventory Costs Kogan Dearly, but Allows Margin Recovery in Second Half.”