Ann: Kogan.com 1HFY20 reporting date, page-10

Numbers bandied about before last year’s abandoned initial public offering suggested Catch was heading for gross transactions of $412 million in the 2019 financial year, which would have been growth of about 31 per cent.The company’s quarterly numbers, released last November, suggested Catch was on track.Earnings before interest, tax, depreciation and amortisation were forecast to jump from $8.1 million to $17.4 million, which the float adviser UBS suggested was being driven both by Catch’s in-stock division (these are the goods that Catch buys on the cheap, and then sells to punters) and its marketplace division (where Catch allows other retailers to sell on its platform, and clips the ticket).UBS said the marketplace division has been responsible for 70 per cent of Catch’s incremental growth in the past couple of years.Customer numbers were forecast to grow from just over 1 million to about 1.4 million.

From the AFR.

So not worth 2.5 times current valuation based on an ASX 20 company valuation. Yes if Kogan keeps growing, but as we witnessed if the numbers aren't hot the stock will be punished.

Good luck to you brave souls...