Kogan, really cheap given the growth profile, page-5

When I wrote the above article 3 weeks ago, I was not expecting the stock to have such a short term rally. In particular after they announced their capital increase a couple of days later.
Anyway, my view on the stock has not changed. Even at today's price, I think the stock is cheap, in particular if you take a 3 to 5 years view on the company. 3 elements drive me to be confident on their growth :
- the ecommerce market is now accelerating,
- unlike the previous years, Kogan is now able to increase its market share, probably due to the success of its market place,
- lastly, it has proved in the past (like during the last 11 months) that it has a good control of its costs, so the profit can increase faster than the sales.

One thing which surprises me : I can't find many well known institutions among their major shareholders. I wonder if it may change.