Good questions elpaso96 and great valuation and model CHill.
My valuation from Feb is very similar, I will attach to a straw for your reference which I didn’t at the time due to needing a better format (as you will see). The only significant variances I have is around discount rate (9% Vs 10%) and perpetual growth rate (5% Vs 3%) which make a big difference in terminal value. I just think KGN has a very very long runway (much like Amazon had and still does), which is totally underappreciated – but each to their own on this.
To Bear’s point on margins, a good one that I would go with normally, but as Chill points the Kogan marketplace is why they will grow. My valuation explains this more so I wont repeat.
Great work and great questions everyone – model, test, model, test gets to the best!
Hi @CHill, your attachment in your Business Model/Strategy straw for Kogan did not work - there is no file. If the file is larger than 2Mb it won't get attached, or if it's the wrong format (the site likes JPG, PNG, PDF or DOC files, but not any other file types), and (finally) if there are certain characters in the file name - then the site will not accept the file. One of those characters that the site dislikes in file names is the apostrophe ('). I found that a file called ABC'H1'Report.png would NOT be accepted, but if I changed the file name to ABC-H1-Report.png, it would work (example only). Obviously, the site doesn't have any issues with the use of hyphens (-) in the file name. Other potential problem characters are spaces, dots and some of the special characters found above the numbers on most keyboards (!@#$% etc).
You can usually get the file to attach to your straw if you ensure (1) the file size is under 2 megabytes, and (2) is the correct file format (one of those 4 that Strawman.com likes - .jpg, .png, .pdf or .doc - being pictures, Adobe Reader files or Word documents) and (3) by simplifying the file name - including replacing any spaces, extra dots and other special characters with hyphens (-).
Hope that helps.
P.S. Back in 2018 and I think in early 2019 as well I found I could copy and paste pictures into straws, and I still have a number of those old straws full of pictures (photos, images, graphs, etc.) still floating around this site - like my "#ASX Announcements and Stuff..." straw for ARB - about the 7th straw down - however we haven't been able to paste pictures or images into straws for a couple of years now here, so the only way to include them is via the "Attach File" feature in straws (not available in forum posts or in valuations) - and the "Attach File" feature has it's limitiations, as discussed above.