Kogan.com Ltd

KGN: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$64.20	Dtjt	Svmfjvfll

Kogan’s Operating Margins Improve as High Inventories Unwind; AUD 11.70 FVE Unchanged

Johannes Faul

Aug 23, 2022

We maintain our AUD 11.70 per share fair value estimate for no-moat Kogan. Kogan's underlying loss per share of AUD 0.03 for fiscal 2022 missed our estimate of a loss of AUD 0.01 per share, mainly due to lesser than expected income tax benefit. Gross sales of AUD 1.2 billion, gross profit of close to AUD 184 million, and underlying EBITDA of AUD 19 million were released in July 2022.

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