What?
They gave their own guidance this morning for FY21 adjusted EBITDA of $58-63, if I recall correctly.
They also reported demand levels for May as around the same as the prior release, and down from the March quarter, and down from March-December 2020.
This suggests that FY22 is likely to be flat at best while the trading multiple of Kogan is more likely to contract as market sentiment and growth prospects sour.
Plugging in $61m this year and $58m for next year in EBITDA with a 14-15x EV/EBITDA multiple (Kogan average for last 5 years, distorted by last year) pops out a fair value of around $8.90.
I'm not trying to down ramp here but some of these comments border on delusional.
Ann: May 2021 Business Update, page-55
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