No-moat Kogan’s fiscal 2024 results were largely disclosed, including adjusted EBITDA of AUD 40 million, an almost 500% improvement on the previous corresponding period. However, the adjusted net profit after tax of AUD 21 million beat our estimate by about 20%, owing to lower underlying amortization expenses. The higher adjusted earnings underpin higher-than-expected fully franked dividends of AUD 0.15 per share, representing a payout of 75%.
Kogan is well placed as a pure-play online retailer due to structural tailwinds from online migration.
Current unprecedented growth is vulnerable to potential higher unemployment and physical retail reopening in the near term, and growing competition from Amazon and omnichannel retailers in the long term.
|
Metric
|
KGN
|
BBY
|
HVN
|
|---|---|---|---|
Price/Earnings (Normalized) | 185.04 | 15.22 | 14.98 |
Price/Book Value | 4.17 | 6.92 | 1.35 |
Price/Sales | 1.13 | 0.51 | 1.55 |
Price/Cash Flow | 18.28 | 9.46 | 8.84 |
|
Metric
|
KGN
|
BBY
|
HVN
|
|---|---|---|---|
Quick Ratio | 0.46 | 0.27 | 1.53 |
Current Ratio | 1.20 | 1.01 | 2.31 |
Interest Coverage | 36.97 | 32.09 | 5.71 |
|
Metric
|
KGN
|
BBY
|
HVN
|
|---|---|---|---|
Return on Assets (Normalized) | 7.72% | 9.70% | 4.60% |
Return on Equity (Normalized) | 13.93% | 50.54% | 8.05% |
Return on Invested Capital (Normalized) | 11.84% | 22.07% | 6.24% |
|
1-Day Chart
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