Kogan Earnings: Sales Momentum Is Building

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%.