Kogan.com Ltd

KGN: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$73.60	Bhsv	Zrlcxdtnqq

Kogan: Next Leg of Earnings Growth Depends on Sales Momentum Picking Up

Johannes Faul

Apr 24, 2024

No-moat Kogan is grappling with muted consumer demand. Gross sales growth in the March quarter of 2024 missed our expectations. Operating margins, or adjusted EBITDA per gross sales, strengthened on the December 2023 quarter and on the previous corresponding period. However, without the expected return to top-line growth, operating costs weighed on margins. We materially downgrade our earnings outlook for fiscal 2024 and 2025 by 19% and 15%, respectively.

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