Morningstar maintains fair value estimate on Kogan.com despite a slump in results

Kogan.com

20/05/2025 20:43

** Analysts at Morningstar maintain fair value estimate on Australia's Kogan.com KGN.AX at A$10.70 per share
** The company, which manages a portfolio of retail and services businesses, reported a drop of 37.5% in its adjusted EBITDA on Tuesday for the four-month period to April 30, 2025

** Morningstar expects domestic competition to moderate, as the Australian e-commerce market consolidates; sees Kogan to retain its market share while gradually reducing marketing costs
** Forecasts adjusted EBITDA margins, as percentage of gross sales, to expand some 600 basis points to 11% by fiscal 2028

** Two of six analysts rate the stock "buy" or higher, two "hold" and two "sell" or lower; their median PT is A$5.66, according to data compiled by LSEG
** Stock down 33.7% this year, as of last close

(Reporting by Roshan Thomas in Bengaluru)

((Roshan.Thomas@thomsonreuters.com))