Everything you have stated is incorrect.
Kogan's profit is growing at 50% per year and is expanding into new verticals. Hence their NPV is higher than Myer's.
Myer have $12m net profit. Ordinarily it would be higher than this in FY18 but it is sales not profit which is declining by 10%. I expect them to post an operating loss in FY18 - hence yesterday's update.
Additionally, they hold $1b of goodwill. This needs to be repriced - probably to a $200m fair value.
If the choice is whether to invest in Kogan or Myer, there is only one option - the one growing by 50% rather than the one in decline.
MYR Price at posting:
65.3¢ Sentiment: Sell Disclosure: Not Held
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