Financials Kogan.com Ltd

Equities

KGN

AU000000KGN2

Department Stores

Market Closed - Australian S.E. Other stock markets 02:10:44 2024-04-26 am EDT			5-day change	1st Jan Change
5.07 ^AUD	-0.59%		-24.22%	-3.06%

Apr. 24	Australian Shares Finish Session Flat as Q1 Inflation Eases	MT
Apr. 24	Kogan.com Shares Sink 26%; Gross Sales Fall 6% to AU$178 Million, Revenue Drops 2% to AU$105 Million for March Quarter	MT

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	445.2	1,524	1,234	297.3	507.8	510.5	-	-
Enterprise Value (EV) ¹	417.8	1,380	1,221	266	442.4	459.6	441.4	424.4
P/E ratio	25.9 x	56.8 x	386 x	-8.42 x	-20.2 x	34.6 x	23.3 x	19.1 x
Yield	3.01%	1.43%	1.38%	-	-	2.43%	2.88%	3.53%
Capitalization / Revenue	1.01 x	3.06 x	1.58 x	0.41 x	1.04 x	1.1 x	1.03 x	0.96 x
EV / Revenue	0.95 x	2.77 x	1.56 x	0.37 x	0.9 x	0.99 x	0.89 x	0.8 x
EV / EBITDA	13.9 x	27.9 x	19.8 x	14.1 x	64.9 x	11.8 x	8.23 x	6.93 x
EV / FCF	-133 x	30.4 x	-18 x	4.73 x	6.63 x	15.2 x	12.4 x	11.1 x
FCF Yield	-0.75%	3.29%	-5.56%	21.1%	15.1%	6.58%	8.06%	8.98%
Price to Book	8.73 x	9.29 x	6.83 x	1.72 x	3.03 x	3.64 x	3.38 x	3.1 x
Nbr of stocks (in thousands)	93,730	103,532	106,562	106,928	104,709	100,688	-	-
Reference price ²	4.750	14.72	11.58	2.780	4.850	5.070	5.070	5.070
Announcement Date	8/19/19	8/16/20	8/23/21	8/22/22	8/21/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	438.7	497.9	780.7	718.5	489.5	463.1	496.5	529.5
EBITDA ¹	30.1	49.5	61.8	18.91	6.813	39.04	53.66	61.25
EBIT ¹	23.99	41.04	50.9	-0.3	-9.8	23.55	32.76	39.31
Operating Margin	5.47%	8.24%	6.52%	-0.04%	-2%	5.09%	6.6%	7.42%
Earnings before Tax (EBT) ¹	23.4	38.85	11.3	-42.71	-38.06	21.05	32.7	38.4
Net income ¹	17.2	26.82	3.5	-35.46	-25.85	15.07	22.39	26.7
Net margin	3.92%	5.39%	0.45%	-4.93%	-5.28%	3.25%	4.51%	5.04%
EPS ²	0.1835	0.2590	0.0300	-0.3300	-0.2400	0.1467	0.2172	0.2660
Free Cash Flow ¹	-3.146	45.41	-67.83	56.2	66.7	30.25	35.58	38.12
FCF margin	-0.72%	9.12%	-8.69%	7.82%	13.63%	6.53%	7.16%	7.2%
FCF Conversion (EBITDA)	-	91.74%	-	297.23%	978.97%	77.48%	66.3%	62.24%
FCF Conversion (Net income)	-	169.31%	-	-	-	200.71%	158.87%	142.77%
Dividend per Share ²	0.1430	0.2100	0.1600	-	-	0.1233	0.1460	0.1789
Announcement Date	8/19/19	8/16/20	8/23/21	8/22/22	8/21/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2023 S1	2023 S2
Net sales ¹	219.5	278.4	414	366.7	-	275.6	373.7
EBITDA ¹	18.2	31.3	-	10.1	-	-4.4	11.2
EBIT ¹	14.4	26.64	33.96	2.9	8.1	-12.7	3
Operating Margin	6.56%	9.57%	8.2%	0.79%	-	-4.61%	0.8%
Earnings before Tax (EBT)	12.8	-	-	-	-	-31.9	-
Net income ¹	8.9	17.92	-	-	-	-23.8	-2
Net margin	4.05%	6.44%	-	-	-	-8.64%	-0.54%
EPS	0.0900	0.1690	-	-	-	-0.2200	-
Dividend per Share	0.0750	-	-	-	-	-	-
Announcement Date	2/17/20	8/16/20	2/25/21	8/23/21	2/24/22	2/26/23	8/21/23

¹AUD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	27.5	144	13	31.3	65.4	50.9	69.1	86.1
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-3.15	45.4	-67.8	56.2	66.7	30.3	35.6	38.1
ROE (net income / shareholders' equity)	34.8%	24.9%	24.9%	-1.64%	-4.52%	11.1%	15.6%	17.7%
ROA (Net income/ Total Assets)	15.3%	14.2%	11.9%	-0.72%	-2.43%	5.9%	12.5%	14.3%
Assets ¹	112.2	189	29.36	4,905	1,065	255.4	179.1	186.7
Book Value Per Share ²	0.5400	1.580	1.700	1.610	1.600	1.390	1.500	1.630
Cash Flow per Share ²	-	-	-0.5400	0.5800	0.6600	0.1300	0.5500	0.6600
Capex ¹	5.22	8.15	4.73	5.6	4.16	4.77	5.31	6.33
Capex / Sales	1.19%	1.64%	0.61%	0.78%	0.85%	1.03%	1.07%	1.2%
Announcement Date	8/19/19	8/16/20	8/23/21	8/22/22	8/21/23	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Kogan.com Ltd

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

5.07 AUD

Average target price

6.694 AUD

Spread / Average Target

+32.03%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Internet & Mail Order Department Stores

	1st Jan change	Capi.
KOGAN.COM LTD	-3.06%	333M
JD.COM, INC.	+5.02%	46.43B
COUPANG, INC.	+41.51%	41.08B
ALLEGRO.EU S.A.	-0.17%	8.67B
ETSY, INC.	-16.80%	7.91B
ZOZO, INC.	+7.09%	6.41B
MONOTARO CO., LTD.	+15.78%	5.63B
WAYFAIR INC.	-15.71%	6.26B
FSN E-COMMERCE VENTURES LIMITED	+1.81%	6.07B
OCADO GROUP PLC	-53.44%	3.6B

Internet & Mail Order Department Stores