Edgware Insights Pty Ltd

Wayne Murray

Independent Insight Provider

Equity Bottom-Up

<p>Edgware initiated coverage on Kogan.com after its recent ASX-listing. We are the second broker to cover the online retailer besides the IPO broker. As with A2M:ASX we see the limited liquidity and immature share register as a risk but ultimately a source of upside as the operating leverage of the innovative business unfolds. Not a business for the feint-hearted but huge optionality with regards to organic growth and accretive bolt-on acquisitions makes this a AUD$1 billion dollar company in less than a decade. </p>

Edgware initiated coverage on Kogan.com after its recent ASX-listing. We are the second broker to cover the online retailer besides the IPO broker. As with A2M:ASX we see the limited liquidity and immature share register as a risk but ultimately a source of upside as the operating leverage of the innovative business unfolds. Not a business for the feint-hearted but huge optionality with regards to organic growth and accretive bolt-on acquisitions makes this a AUD$1 billion dollar company in less than a decade. 

Kogan.com

Kogan.com - Kompound Returns