Kogan.com Ltd

KGN: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$19.30	Rqdgp	Lvxdrxmldh

Kogan: Australian Sales Momentum Improving

Johannes Faul

Jul 29, 2024

No-moat Kogan’s June quarter 2024 earnings were better than we expected. Gross sales of AUD 184 million were slightly ahead of our AUD 177 million forecast due to a sooner-than-expected return to growth in the core Australian segment. EBITDA margins were much stronger than we anticipated, driven by operating leverage.

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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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