Kogan.com Ltd

KGN: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$11.90	Lqpxw	Bmcfgfmql

Kogan: Tentative Signs of Sales Growth, Despite a Weakening Consumer

Johannes Faul

Nov 23, 2023

We maintain our fair value estimate on no-moat Kogan at AUD 10.70 per share. Shares screen as significantly undervalued. Despite encouraging improvements, the market appears cautious over Kogan’s ability to expand profit margins and its long-term sales growth potential, which we expect to be underpinned by a structural shift to e-commerce.

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