Kogan.Com up 5% after Jan results beat UBS estimates

Kogan.com

27/02/2023 02:23

** Shares of Australia's Kogan.Com  KGN.AX  rise as much as
4.7% to A$3.58, set to gain most since Feb 2
    ** Online retailer says it expects to return to
profitability in the second half of fiscal 2023
    ** Co returns to positive adjusted EBITDA of A$1.5 million 
($1.01 million) for January; posts 7.9 percentage points jump in
gross margin to 32.9%
    ** Analysts at UBS say the Jan update was ahead of its
estimates on the back of strong gross margin
    ** UBS adds the company's balance sheet has materially
improved with a solid net cash position
    ** Stock has fallen 2.3% this year, as of last close 


($1 = 1.4852 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))