SP valuation 18.24 cents based on 4C June 2020, page-71

Disclosure: This is not advice, just my own opinion. Do your own research. I own shares in HT8.

1H accounts show 17.5% gross profit.
Announcement in May says Pro-Hygiene sales are approx 20% margin

If you back out the 1H OpEx (x2 to get full year) from the revenue and profit update in the 4C, it would give an estimate of 20.5% gross profit margin.

20.5% gross margin seems reasonable.



If you assume 4Q cash receipts is "sales revenue" (given online mostly, should receive cash fairly quickly after making the sale), then 1HFY21 sales could be 2x that (plus 5% growth?? - who knows) = $14.3m 1H and say the same in the 2H

Revenue FY21 = $28.6m

Kogan FY19 actual 13.9x EV/EBITDA multiple for online comparison (it is 33.3x FY20est currently)
EV $44m less the Net Debt estimate for FY21 = $41.5m Mkt Cap

Perhaps $0.22/share is fair if they can keep the sales momentum and if the market would be willing to pay that kind of multiple?