Kogan.com Ltd

KGN: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$25.80	Nxrh	Mwspddcqs

Kogan’s Trading Update Shows First Signs of Improving Profit Margins

Johannes Faul

Feb 27, 2023

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.”

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.

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