Kogan IPO, page-171

The business is forecast to turn 2014-15's net loss of $300,000 into a profit of $400,00 in 2015-16. Profit is then tipped to grow more than sixfold to $2.4 million in the 2017 financial year.

That's impressive growth year-on-year, but it's worth noting that Kogan.com posted a profit of $1.8 million back in the 2014 financial year. So even if the business delivers on its prospectus forecast, net profit will have only grown 33 per cent in three years – hardly the sort of manic pace tech companies are used to.

http://www.copyright link/technology/kogancom-is-no-tech-unicorn-20160606-gpczro#ixzz4BCXukqyU

So the 80x is based on forward earnings of $2m in 2017. 2016 not even $2m... only $400k, 2015 a loss. When the stag dies, I think the whole SP will crash.

With such small margins Kogan's moat is vulnerable to some difficult predict factors like RMB exchange rates; and any unforeseeable event can plunge it into loss too easily. In that event, unlikely perhaps, but very possible; and no divvies, will the instos desert?

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