Business
Kogan is ‘materially overvalued’ says Morningstar – The Australian Financial Review
Morningstar has valued Kogan.com shares at $10.50 – less than half their value a month ago – and expects earnings growth to slump to just 6 per cent in 2022.
Mr Faul said Kogan.com enjoyed high returns on invested capital in an industry facing structural tailwinds.
“However, at current levels we find Kogan.com to be materially overvalued,” he said.
The company was trading on a “markedly high” multiple relative to its peers, though sales and profit growth were expected to slow after growing at more than 100 per cent during the pandemic.
“Near term we expect customers to return to physical stores as restrictions ease, and higher unemployment to result…
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