thanks to MS for the analyst's update. Summary below, largely reflects my earlier take.Analyst Note Updated Jul 29, 2024No-moat Kogan’s June quarter 2024 earnings were better than we expected. Gross sales of AUD 184 million were slightly ahead of our AUD 177 million forecast due to a sooner-than-expected return to growth in the core Australian segment. EBITDA margins were much stronger than we anticipated, driven by operating leverage.
While operating cost control has improved, the next earnings leg-up depends on gross sales growth. We expect sales momentum to pick up in fiscal 2025 as consumers buy more online and household incomes rise. We forecast solid gross sales growth, averaging 7% per year over the next decade.
We maintain our AUD 10.70 fair value estimate, which is underpinned by our strong long-term earnings growth assumptions.
wazz
Ann: Kogan.com - July 2024 Business Update, page-36
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