The sell-off is illogical. Wait for the bounce on Friday.
1. NPAT is positive, so equity would be up around $4M from 31 Dec 2023
2. EBIT is similar to H1 levels, on a pro-rata basis
3. Cash is down $49.2m, mainly due to a reduction in 31 Dec 2023 liabilities (predominately current) that were sitting ~$31m above normal levels present at 30 June 2023, share buybacks of $5.8m, $16.4m due to early payment of non-current liabilities relating to leases and the purchase of some inventory or PP&E, offset by ~$4m in net profit for the quarter
4. The only red flags are declining Kogan First subscriber growth (11000 new subscribers in Q3), declining EBITDA in Feb24 and Mar24 of $4.1m vs $4.9m for Jan24. However, Kogan is still profitable in FY24, with ~$13m NPAT over 3 quarters vs $25.9m loss in FY23 (that's a $43m turnaround, assuming similar profit in Q4).
5. KGN is cheap valued at approx 30 x NPAT or 15 x EBITDA after today's chaotic sell-off
Ann: Kogan.com - April 2024 Business Update, page-31
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Last
$4.40 |
Change
0.120(2.80%) |
Mkt cap ! $443.6M | |||
| Open | High | Low | Value | Volume |
| $4.30 | $4.41 | $4.25 | $1.842M | 424.1K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1964 | $4.40 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $4.42 | 920 | 2 |
View Market Depth
| Last trade - 16.10pm 07/06/2024 (20 minute delay) ? |
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Last
$4.41 |
Change
0.120 ( 3.10 %) |
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| Open | High | Low | Volume | ||
| $4.29 | $4.41 | $4.25 | 95130 | ||
| Last updated 15.59pm 07/06/2024 ? | |||||
| KGN (ASX) Chart |