KOGAN.COM LIMITED (KGN)
Share Price Analysis and Chart

05/06/2026

3

Hold

$4.20

3.96%

Kogan.com provided a trading update that was ahead of Bell Potter's expectations. Gross sales growth of 18% was delivered for the first 10 months of FY26 while adjusted EBITDA of $38m was at an 8.5% margin and at the top end of the guidance range.

Estimates are updated while retaining some conservatism in the broker's view on FY27, given weak consumer expenditure.

Bell Potter continues to envisage some downside risk in a challenging and competitive e-commerce environment with EBITDA margins highly sensitive to the investment in sustaining growth.

Hold rating retained. Target is raised to $4.20 from $3.80.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 12.80 cents and EPS of 17.40 cents.
Bell Potter forecasts a full year FY27 dividend of 17.60 cents and EPS of 19.60 cents.

28/05/2026

1

Buy

$7.50

85.64%

Canaccord Genuity maintains a Buy rating for Kogan.com with a $7.50 target price following a strong ten-month business update.

Group gross sales increased 13% over the period, driven by an 18% surge in the core platform which offset a -14% decline across the New Zealand-based Mighty Ape division.

Gross profit margins expanded to a record 41%, while disciplined operating expenditure supported adjusted earnings of $38m at an 8.6% margin, commentary highlights, sitting at the top end of management guidance.

The report concludes the integration of the core marketplace strategy at Mighty Ape has successfully removed underperforming product categories, placing the subsidiary on track to exit FY26 at an earnings breakeven run rate.

Adjusted earnings estimates are revised 5% and 2% higher for FY26 and FY27 respectively, with the broker noting the retailer's resilient market positioning amidst broader consumer headwinds.