Kogan.com Ltd

KGN: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$87.60	Qhzn	Yybnwgrzlw

Kogan: Profit Margins Continue To Expand Despite Weaker-Than-Expected Sales

Johannes Faul

Jul 26, 2023

We maintain our AUD 10.70 fair value estimate for no-moat Kogan. Share prices have doubled in the last 12 months, but nevertheless we still think they screen as significantly undervalued. Current share prices could imply the market is more cautious than us on Kogan’s growth potential, which we expect to be underpinned by a structural shift to e-commerce.

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