Kogan.com Ltd

KGN: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$59.30	Tpxpv	Zlnjrhfh

Kogan Earnings: Dividend Reinstated With Improving Operating Performance

Johannes Faul

Feb 26, 2024

No-moat Kogan’s first-half 2024 underlying earnings per share of AUD 0.10 met our expectations, with underlying EBITDA of AUD 21.5 million already reported in January 2024. Nevertheless, we increase our fiscal 2024 underlying EPS estimate by 8% to AUD 0.16 due to a significant hike in subscription fees from April 2024. While we expect higher Kogan First earnings to boost the bottom line in the near term, we anticipate the elevated fee structure to hamper longer-term membership growth.

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How we make money

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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Develop and improve features of our offerings.
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Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

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.

United States