The investment team from the listed investment company (LIC) WAM Microcap Ltd (ASX: WMI) believe the online retailer is one of the most exciting and undervalued growth opportunities in the Australian microcap market.

At the end of May, Kogan.com was one of the largest 20 positions in the WAM Microcap portfolio. Let's take a look at why it's so appealing to the experts from Wilson Asset Management.

Ongoing growth for the ASX share

WAM noted that in May, the business released a business update for the 10 months to 30 April 2026, which demonstrated continued sales growth in the core Kogan.com business and improved operating leverage.

The fund manager said that Mighty Ape, the New Zealand-based online retailer acquired by Kogan in 2020, has made significant progress to profitability through strategic shifts and the progressive implementation of the Kogan operating model across the business.

In the four months to 30 April 2026, Mighty Ape's gross profit margin improved by 8.4% to 37.8%, while the adjusted operating profit (EBITDA) losses reduced by 52.8% compared to the prior corresponding period.

For the overall business, the ASX share reported gross sales growth of 13.2% to $875.6 million, driven by 18.2% growth in Kogan.com.

Group active customers increased by 4% to 3.5 million as at 30 April 2026, with Kogan.com active customers increasing by 9%.

Group revenue rose 6% to $433.7 million, with 18.1% growth for Kogan.com. This helped adjusted operating profit (EBITDA) rise 17.4% to $37.5 million and adjusted EBIT grew 25.4% to $26.9 million.

Why the fund manager likes Kogan.com shares

WAM said that these improvements reflect a transition towards a simpler, more profitable operating model.

The fund manager concluded:

We see scope for continued earnings recovery in Mighty Ape and expect the company's price leadership will continue to win market share in the current tougher macro environment. We also believe Kogan will be a beneficiary of artificial intelligence (AI), with respect to both revenue and cost savings.

In a world with a higher cost of living, the outlook seems promising for the business and its revenue and earnings growth reflects this. Operating leverage is a very powerful force for a business like this ASX share. But, Kogan.com isn't the only attractive opportunity out there, of course.

The post Why this small ASX share could generate big returns! appeared first on The Motley Fool Australia.

Thanks to a marked improvement in the ASX stock's performance, investors have bid the ecommerce company's shares almost 40% higher since the middle of February.

Does this mean it is too late to invest? Let's see what Bell Potter is saying about the company.

What is the broker saying?

Bell Potter was pleased with Kogan's recent trading update, highlighting that its performance was tracking ahead of expectations. It said:

Kogan.com (KGN)'s FY26 to-date trading update (Jul-Apr) from a gross sales and adjusted EBITDA perspective was tracking ahead of Consensus/BPe (BPe below Consensus). KGN delivered gross sales growth of 18% for the first 10 months, while Adjusted EBITDA of $38m at an 8.5% margin (% of revenue) remained towards the top end of the margin guidance range of 6-9% for FY26.

The Feb-Apr non-seasonal period appears to have grown at 14% in gross sales at Kogan.com (Aus), which we see as a healthy outcome while cycling 22% comps in the pcp (based on BPe). NZ based Mighty Ape (MA) having completed majority of restructuring initiatives post-optimisation of the platform and inventory continues to expect reaching profitability on a run-rate basis in 2H26.

In response, the broker has boosted its earnings estimates. However, it has only done so conservatively given the importance of the EOFY period. It adds:

We make changes to our gross sales (GS), gross margin and EBITDA assumptions for Kogan.com factoring in the beats and the current run-rate, however with some conservatism for the EOFY seasonal period in May/Jun which cycles +27% GS in the pcp. With group revenue growth to-date tracking in line with BPe +6% for FY26, our revenue estimates remain largely unchanged as we factor in some cautiousness ahead given the current weak consumer spend environment. Our medium-term Adjusted EBITDA margins remain broadly unchanged towards the bottom end of KGN's target margin range of 8-12%. The net result sees our NPAT forecasts +18%/+6%/+2% for FY26/27/28e.

Should you buy this ASX stock?

According to the note, Bell Potter has retained its hold rating on Kogan's shares with an improved price target of $4.20 (from $3.80).

This implies only modest upside from its current share price of $4.11.

Commenting on its recommendation, the broker said:

Our PT +11% to $4.20 (prev. $3.80) driven by earnings upgrades and a roll-forward of earnings within our relative valuation (FY27e EBITDA), while our 10x target multiple remains unchanged. While KGN has seen beats in both 1H and 2H to-date, we remain cautious on the FY27 period across our overall Consumer Discretionary coverage to see some downside risk to the current growth rate in optimising for EBITDA margins within KGN's target range of 8-12% in a challenging and competitive e-commerce landscape. We continue to view EBITDA margins as highly sensitive to the investment into sustaining the GS/customer/subscriber growth. At our revised PT of $4.20 the total expected return is <15% so we maintain our HOLD rating.

The post Up 40%! What is Bell Potter saying about this popular ASX stock? appeared first on The Motley Fool Australia.

The market is in the red overall this week, down 0.3% since Monday, amid no progress on a peace deal in the Middle East.

Tough economic news has also weighed on ASX 200 shares this week.

Gross domestic product (GDP) lifted just 0.3% in the March quarter, with annual growth now at 2.5%, according to the Bureau of Statistics. 

Additionally, the Fair Work Commission ordered a 4.75% lift to award wages, which will add to company's labour costs.

On top of that, businesses are trying to understand the impact of proposed changes to capital gains tax (CGT) in the Federal Budget.

The share market sure is volatile this year, and year to date, we have seen a 0.5% decline in the value of the ASX 200 overall.

Now, let's take a look at some fresh buy, hold, and sell calls from the experts.

IPD Group Ltd (ASX: IPG)

The IPD Group share price fell 0.49% to $6.17 yesterday. The stock is 51% higher over the past six months.

Shaw and Partners has a buy rating on this ASX 200 industrials share.

The broker comments:

IPD Group Ltd (ASX:IPG) provided an FY26 trading update that included circa 19% growth in EBIT, including 10% growth ex the Platinum Cables acquisition.

Though this was a very solid result, FactSet consensus sat marginally above the top end of guidance and the IPG share price had rallied almost 26% over the past month leading into this trading update.

IPG remains exposed to strong tailwinds that include expenditure on electrification and data centres. 

Shaw & Partners increased its price target on the electrical products and services company from $5.35 to $5.85 per share.

This implies a 5% downside from here.

Kogan.com Ltd (ASX: KGN)

The Kogan share price closed at $4.16, down 1.32% yesterday and up 24% over six months.

Bell Potter has a hold rating on this ASX consumer discretionary share.

This week, the broker lifted its 12-month price target from $3.80 to $4.20.

This implies the stock is fully valued already.

The broker said:

While KGN has seen beats in both 1H and 2H to-date, we remain cautious on the FY27 period across our overall Consumer Discretionary
coverage to see some downside risk to the current growth rate in optimising for EBITDA margins within KGN's target range of 8-12% in a challenging and competitive e-commerce landscape.

We continue to view EBITDA margins as highly sensitive to the investment into sustaining the GS/customer/subscriber growth.

Rio Tinto Ltd (ASX: RIO)

The Rio Tinto share price closed Thursday's session at $194.47, down 3.29% yesterday and up 36% over six months.

Rio Tinto and other ASX 200 iron ore shares, such as BHP Group Ltd (ASX: BHP) and Fortescue Ltd (ASX: FMG), fell heavily yesterday on news of significantly higher production at Simandou.

The Simandou project in Africa is the world's largest untapped, high-grade iron ore deposit.

It is majority-owned by Chinese interests, but Rio Tinto has a stake.

Simandou began producing iron ore six months ago and is expected to significantly add to global supply once fully ramped up.

While higher production bodes well for Rio Tinto, it also increases global supply, which can negatively impact the iron ore price.

The iron ore price is currently at a 7-week low of US$103.71 per tonne.

RBC Capital reiterated its sell rating on Rio Tinto shares with a $143 target on Wednesday.

This suggests a near 25% downside ahead.

The post Buy, hold, sell: IPD, Kogan, Rio Tinto shares appeared first on The Motley Fool Australia.

The ASX 200 is up 1.5% to 8,721.7 points at the time of writing.

Reported expectations are that the ceasefire will be extended by 60 days and the Strait of Hormuz may be reopened.

Despite today's recovery, ASX 200 shares remain in the red for 2026.

However, the experts have flagged five ASX shares that they believe will outperform over the next 12 months.

Champion Iron Ltd (ASX: CIA) 

The Champion Iron share price is $4.51, down 5.7% today.

This ASX mining share is down 27% in the calendar year to date (YTD).

RBC Capital has a buy rating on Champion Iron shares with an $8.11 target.

This indicates a potential 80% upside ahead.

Kogan.com Ltd (ASX: KGN)

The Kogan share price is $4.17, up 1.5% today.

This ASX consumer discretionary share has increased 12.4% YTD.

Canaccord Genuity has a buy rating with a $7.50 target.

This implies potential capital gains of 80% ahead.

Kingsgate Consolidated Ltd (ASX: KCN)

The Kingsgate share price is $6.10, up 4.1% today.

This ASX gold mining share is up 5.7% YTD.

Canaccord Genuity has a buy rating with a $10.30 target.

This implies a potential near-70% upside ahead.

Guzman Y Gomez Ltd (ASX: GYG)

The Guzman y Gomez share price is $19.50, up 0.6% today.

This ASX 200 consumer discretionary share has fallen 9.6% in 2026.

After Guzman upgraded its earnings guidance and announced its US exit, Morgans renewed its buy rating.

The broker also raised its 12-month price target from $26.70 to $29.40.

This suggests capital growth of 51% over the next 12 months.

The broker said:

The exit removes a loss sooner than consensus anticipated and simplifies the story while the Australian operations are performing well and in line with expectations.

Stripping out the US losses results in material upgrades to our EBITDA and NPAT forecasts.

We maintain our BUY rating and upgrade our price target to A$29.40.

Australian Agricultural Company Ltd (ASX: AAC)

The Australian Agricultural Company share price is $1.31, up 0.5% today.

This ASX agriculture share is down 9.8% YTD.

Bell Potter has a buy rating with a $1.85 price target.

This implies a potential 41% capital gain over the next 12 months.

The broker said:

AAC delivered a record operating performance that was understated, due to the inclusion of $9m in flood related costs.

While costs are currently experiencing inflationary pressure (grain and oil), continued strong pricing in core offshore markets, uplifts in grainfed cattle capacity (FY27-28e sales program) and a larger herd are reason for optimism in future periods.

The post 5 ASX shares set to soar 40% to 80% in 12 months: experts appeared first on The Motley Fool Australia.

Cost of living pressures, subdued consumer confidence, and fierce competition have weighed on virtually every player in the sector.

Yet ASX retailer Kogan.com Ltd (ASX: KGN) just delivered a May business update that sent its shares surging 19% in a single session, and the numbers behind the jump deserve a closer look.

What the update showed

The May 2026 Business Update, covering the ten months ended 30 April 2026, was the strongest trading update the company has delivered in years.

Group Gross Sales rose 13.2% to $875.6 million, while Group Revenue grew 6.0% to $433.7 million.

Gross Profit climbed 11.1% to $177.9 million, and Group Adjusted EBITDA jumped 17.4% to $37.5 million.

Group Adjusted EBIT grew even more strongly, surging 25.4% to $26.9 million.

The Group Adjusted EBITDA margin reached 8.6%, placing Kogan towards the upper end of its FY2026 guidance range of 6% to 9%.

Active customers across the group grew 4% to 3.5 million.

The Mighty Ape turnaround is gaining traction

The most encouraging element of the update was not the Kogan.com core business, which has been performing well for several quarters, but the early signs of a recovery at Mighty Ape, the New Zealand subsidiary that had been a persistent drag on group earnings.

In the four months to 30 April 2026, Mighty Ape's Gross Margin improved by 8.4 percentage points to 37.8%, a remarkable turnaround from the inventory-driven losses of the prior year.

Adjusted EBITDA losses at Mighty Ape fell 52.8% compared to the prior corresponding period, reflecting the success of the pivot toward a capital-light, higher-margin operating model.

CEO Ruslan Kogan said in the update:

Kogan.com continues to go from strength to strength, with strong growth across all key metrics. The early signs of the Mighty Ape turnaround are encouraging and we are focused on continuing to drive profitable growth across the group.

What Bell Potter thinks

Bell Potter rates Kogan shares as a buy with a price target of $5.50, describing the company as well-positioned to capture a growing share of Australia's online retail market as digital penetration continues to rise.

The broker has noted that Kogan's platform-based revenue streams, including Kogan FIRST memberships, Kogan Mobile, and the Kogan Marketplace, provide a more resilient and higher-margin earnings base than pure product sales.

Bell Potter also noted that these divisions are growing at a materially faster rate than the broader retail business.

The risks worth knowing

ASX retailer Kogan is not without its challenges.

The company remains loss-making on a reported basis due to non-cash items and the ongoing Mighty Ape integration costs.

Competition from global online retailers including Amazon Australia and Temu remains intense, and any deterioration in consumer spending would likely weigh on volumes quickly.

Foolish takeaway

Kogan.com's May update confirmed that the business is firing on almost all cylinders, with core growth accelerating and the troubled Mighty Ape subsidiary showing its first real signs of recovery.

For investors who have been watching from the sidelines, today's result makes the investment case harder to ignore than it has been in some time.

The post Why this ASX retailer just surged 19% on a strong May business update appeared first on The Motley Fool Australia.

Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:

Fisher & Paykel Healthcare Corporation Ltd (ASX: FPH)

The Fisher & Paykel Healthcare share price is up 7% to $29.66. Investors have been buying this medical device company's shares following the release of a strong FY 2026 result. Fisher & Paykel Healthcare reported a 14% increase in total operating revenue to NZ$2.31 billion and a 24% increase in net profit after tax to NZ$469.5 million for FY 2026. The company's CEO, Lewis Gradon, said: "Our Hospital business performed strongly across the portfolio of therapies globally. We were especially encouraged by consumables growth, given it occurred during a period in which hospital admissions for seasonal respiratory illnesses in the United States and other major markets appeared to be subdued compared to the previous year. This suggests that changing clinical practice continues to be a strong growth driver."

GR Engineering Services Ltd (ASX: GNG)

The GR Engineering Services share price is up 5.5% to $5.50. This morning, this engineering services company won an engineering, procurement and construction (EPC) contract from Boab Metals Ltd (ASX: BML). This is in relation to the Sorby Hills Silver-Lead Project, which is located 50 km from Kununurra in Western Australia. The company estimates that the contract is worth $109 million.

Kogan.com Ltd (ASX: KGN)

The Kogan share price is up 16% to $3.99. The catalyst for this has been the release of a trading update from the ecommerce company this morning. For the 10 months ended 30 April, Kogan reported total gross sales growth of 13.2% to $875.6 million and a 25.4% increase in group adjusted EBIT to $26.9 million. This was driven by a strong performance from the core Kogan business and a much-improved performance from the Mighty Ape business. It said: "The Company delivered a Group Adjusted EBITDA margin of 8.6%, towards the upper end of previously provided FY26 guidance, which includes the impact of the turnaround of Mighty Ape. This performance was driven by strong profitability within Kogan.com, which achieved Adjusted EBITDA margin of 11.5%, together with materially improved performance at Mighty Ape in the most recent four months to 30 April 2026."

Wesfarmers Ltd (ASX: WES)

The Wesfarmers share price is up almost 2% to $77.14. This may have been driven by a broker note out of Morgans. It has upgraded the Bunnings owner's shares to an accumulate rating (from trim) with a slightly improved price target of $81.10 (from $80.50). It said: "WES's share price has fallen 9% over the past 12 months and 7% over the past 6 months. The stock is now trading on a more reasonable 26.5x FY27F PE compared to a peak one-year forward multiple of ~37x in August 2025."

The post Why Fisher & Paykel Healthcare, GR Engineering, Kogan, and Wesfarmers shares are pushing higher appeared first on The Motley Fool Australia.

In morning trade, the ASX All Ords share is up 20% to $4.14.

This compares very favourably to the performance of the All Ordinaries index (ASX: XAO), which is down 0.55% at the time of writing.

Why is this ASX All Ords share rocketing today?

The online retailer's shares are rallying today after it released a trading update before the market open.

According to the release, Kogan has recorded strong sales growth, expanding operating leverage, and profitability over the 10 months ended 30 April.

The core Kogan business achieved gross sales growth of 18.2%, revenue growth of 18.1%, and gross profit growth of 19.5% during the period.

The ASX All Ords share notes that this performance was driven by growth in active customers, increased customer engagement, and continued expansion in platform-based sales.

In addition, the business benefitted from strategic marketing investment and operational cost management, which is contributing to strong operating leverage.

As a result, Kogan segment adjusted EBITDA and adjusted EBIT increased by 32% and 43.2%, respectively, over the prior corresponding period.

Another positive is that the Mighty Ape business continued to make significant progress to profitability. This was driven by aligning its strategy to the wider group.

It notes that momentum accelerated in the four months to 30 April, with its gross margin increasing 8.4 percentage points to 37.8% and adjusted EBITDA losses reducing by 52.8% against the prior corresponding period.

The company stated:

The Company delivered a Group Adjusted EBITDA margin of 8.6%, towards the upper end of previously provided FY26 guidance, which includes the impact of the turnaround of Mighty Ape. This performance was driven by strong profitability within Kogan.com, which achieved Adjusted EBITDA margin of 11.5%, together with materially improved performance at Mighty Ape in the most recent four months to 30 April 2026.

Group results look strong

In light of the above, for the 10 months, total gross sales were up 13.2% to $875.6 million.

Group active customers increased by 4% to 3.5 million, with Kogan active customers increasing by 9%.

The company's gross profit increased by 11.1% to $177.9 million after its gross margin improved by 1.9 percentage points to 41%.

This ultimately led to group adjusted EBITDA increasing 17.4% to $37.5 million and group adjusted EBIT increasing 25.4% to $26.9 million.

This is quite a turnaround for the ecommerce company after a challenging period.

Following today's gain, Kogan's shares are now up over 40% from the 52-week low they reached back in November.

The post Guess which ASX All Ords share is rocketing 20% on big news appeared first on The Motley Fool Australia.

Meanwhile, three experts give us their views on three ASX 200 shares.

Let's check them out.

Bega Cheese Ltd (ASX: BGA)

The Bega Cheese share price is $5.22, up 0.1% today and down 14% in the year to date (YTD).

Pac Partners has a buy rating on this ASX consumer staples share with a 12-month price target of $7.50.

This implies potential upside of 44% ahead.

In a new note, the broker said:

Bega Group Limited (ASX:BGA) is a great Australian food company with a scalable platform of #1 and #2 "better for you" dairy and spread brands.

We rate BGA a Buy for its high 21% average EPS growth to FY'29F with  FY'27F EV/EBITDA multiple of 9.9x at our Price Target of $7.50/share.

The ASX200 trades at a similar multiple with EPS growth of just 5-10%.

Pac Partners expects Bega Cheese to deliver at the high end of its FY26 earnings guidance due to its "earnings resilience in the short term" amid the current global oil shock, and the impact of $110 million spent on high-margin internal growth projects.

Pac Partners said:

Despite higher fuel and fertiliser costs, BGA has maintained 32-38% EPS growth guidance for FY'26F.

Macquarie Group Ltd (ASX: MQG)

The Macquarie share price is $242.70, up 2.5% today and up 19% YTD.

This week, Morgans maintained its hold rating on the ASX bank share and increased its price target from $223 to $248.

This implies limited share price growth over the next 12 months.

Morgans said:

MQG delivered a very strong FY26 result with NPAT (A$4.8bn) up +30% on the pcp and +8% above company-compiled consensus.

Whilst acknowledging this result was aided by significant volatility in commodity markets that assisted CGM, MQG's performance was generally strong across the board.

MQG is a quality franchise, and a proven performer, but with <10% upside to our PT, we maintain our Hold call.

Kogan.com (ASX: KGN)

The Kogan share price is $3.43, down 3.4% today and down 8% YTD.

On The Bull, Nathan Lodge from Securities Vault explained his sell rating on the ASX consumer discretionary share.

Lodge said:

The online retailer benefited from pandemic-era demand. Kogan Group statutory revenue was up 5.5 per cent in the first half of 2026 when compared to the prior corresponding period. However, group statutory net profit after tax was down 20.2 per cent.

The company operates in a highly competitive, low-margin retail segment with limited differentiation. Inventory management and discounting cycles have also weighed on profitability in recent periods.

Consumer spending remains under pressure in a high interest rate environment. In our view, the market is unlikely to assign premium multiples given the lack of durable competitive advantages.

The post Buy, hold, sell: Bega Cheese, Kogan, Macquarie shares appeared first on The Motley Fool Australia.

Here's a quick recap of how Kogan shares have performed recently. 

Big jump after results 

Kogan is an Australian pure-play online retailer. The ASX retailer primarily caters to value-driven consumers through its private label products, spanning multiple categories including consumer electronics, appliances, homewares, hardware and toys.

In late February, Kogan shares jumped 36% across just a few days following the company's half-year results.

However since then, its share price has been on a steady decline, dropping 13% in the last month. 

All in all, Kogan shares are almost even from where they started in 2026. 

So, what's Bell Potter's updated view?

It seems that Bell Potter has cautious optimism on Kogan's future.

In a new report released yesterday, the broker it said its 1H26 result, from a revenue, gross profit, adjusted EBITDA and dividends perspective, significantly beat Bell Potter's estimates. 

KGN delivered 1H Adjusted EBITDA margins of 7.5% toward the top end of the margin guidance range of 6-9% for FY26. The Nov-Dec seasonal period in particular was a sizable beat to BPe growing at 12% in gross sales at Kogan.com (Aus) despite cycling 47% comps in the pcp (based on BPe).

The broker also adjusted its outlook going forward. 

We make changes to our revenue and EBITDA assumptions factoring in the 1H beats and the current run-rate. We also apply some conservatism throughout our estimates given the growing competition within KGN's category in a more challenging consumer landscape. 

This sees our medium term Adjusted EBITDA margins towards the bottom end of KGN's target margin range of 8-12% and below company expected longer term margin aspirations towards +20%.

The net result sees NPAT forecasts +11%/+10%/+3% for FY26/27/28e.

Updated price target 

Based on this guidance, the team at Bell Potter has maintained its hold recommendation on Kogan shares. 

However, the broker did increase its target price to $3.80 (previously $3.30). 

Based on this target, it appears Kogan shares are close to fair value. 

Yesterday, Kogan shares closed at $3.66, which is roughly 3.5% lower than the target price from Bell Potter. 

The broker said:

While KGN has seen some sizeable beats in the latest result and has seen some conducive performance in the Australian business, we remain cautious on the sensitivity of the marketing investment required to cycle 2H comps in a challenging and competitive e-commerce landscape, with potentially Kogan First seeing some normalisation in the current paid subscriber base.

The post What is Bell Potter's latest outlook for Kogan shares? appeared first on The Motley Fool Australia.

For you to be entitled to a stock's next dividend, you must own it before its ex-dividend date.

Here are some of the ASX shares going ex-dividend next week.

ASX shares with ex-dividend dates next week

The post 32 ASX shares about to go ex-dividend appeared first on The Motley Fool Australia.

In a statement to the ASX on Monday, Kogan.com said it had boosted gross sales by 16%, while revenue was 5% higher at $287.6 million.

Adjusted EBITDA was $24.4 million, down 3% on the same period the previous year, while net profit of $8.2 million was down 20%.

Despite a decline in some figures, the team at RBC Capital Markets said it was a "very strong result," beating EBITDA expectations by 23%.

The RBC team added:

Pleasing to us, the significant beat to expectations for EBITDA has been driven by both segments Kogan.com (+16.5% vs consensus) and Mighty Ape (+15.1% vs consensus). January trading (revenue growth: +7.8%) is tracking below current consensus expectations for 2H26 (+13.8%). However, we note this has been driven by weaker than expected top-line growth at Mighty Ape with Kogan.com tracking ahead. Given the well-flagged and one-off nature of issues within the Mighty Ape segment, we expect the market may choose to look through lower than expected performance in this segment in early 2H26.

And it seems that was the case, with Kogan.com shares trading 6.8% higher at $3.30 around noon on Monday.

Fleshing out the results further, the company said it had 3 million active customers on Kogan.com at the end of the half, up 28% year on year, while Mighty Ape had 700,000 customers, up 3%.

The company also increased its interim dividend by 14.3% to 8 cents per share, fully-franked.

Company well-positioned

Kogan.com chief executive officer Ruslan Kogan said the company was performing well.

Kogan.com's consistent focus on delivering value to our growing customer base is driving significant momentum across our business. Our platform's strength allows us to continuously improve the shopping experience and deliver increasing value for our customers. We are very pleased with our ability to grow and serve over 3 million Active Customers. This dedication to value resonated during the crucial Christmas trading months of November and December. By helping millions of shoppers stretch their holiday budgets, we achieved a 35% increase in Adjusted EBITDA over the period.

Mr Kogan said there had been a "deliberate operational and inventory reset'' within the Mighty Ape division, and he was encouraged by the early signs of that strategy paying off.

Mr Kogan added that the company was well-positioned in challenging times.

The broader economic environment remains challenging for many households. In times like these, customers gravitate towards trusted brands that consistently deliver value. The Kogan Group is well positioned in this regard, having built its reputation on providing marketing leading prices, supporting customers with unbeatable value that makes everyday shopping more affordable.

RBC has a bullish price target of $5.50 on Kogan.com shares. Kogan was valued at $302.4 million at the close of trade on Friday.

The post This online ASX retailer is trading strongly higher after beating earnings expectations appeared first on The Motley Fool Australia.

But not all of my ASX stocks did well in 2025. In fact, two stood out as notable laggards.

Two ASX shares that dragged on my portfolio in 2025

CSL Ltd (ASX: CSL)

I first picked up CSL shares a number of years ago for about $225 each. This healthcare stock had a horrid 2025, which prompted me to pick up some more shares at just under $200. Alas, CSL finished the year at $172.65 each. That means my position went backwards by the best part of 30% last year. Ouch. At least I didn't buy my entire position on 1 January last year, which would have lost me closer to 40% of my investment.

Even so, CSL was a stinker investment. But I'm not too worried. For one, it is still growing, with the company reporting underlying profit growth of 14% in August for its full-year earnings.

Yes, the company is facing some short-term hurdles, particularly from US tariffs. But as a world-leading vaccine and blood plasma medicine manufacturer, I think its long-term future is bright. Some experts agree, with Morgan Stanley recently giving the company a buy rating and a 12-month share price target of $256.

Kogan.com Ltd (ASX: KGN)

ASX e-commerce share Kogan is my other 2025 stinker. This stock had a disastrous year last year, falling from $6.21 to the $3.67 it finished December. That's a drop with a nasty 40.9%.

I'll admit, I didn't buy this ASX share at the right price. Kogan has had a few issues in recent years, including problems with its acquisition of the New Zealand-based Mighty Ape. But I'm not selling, as I think Kogan is primed for a recovery. Its 2025 financial results were encouraging, with Kogan reporting 6.2% revenue growth and a 12.7% lift in net profits.

With the company writing down some of the goodwill from its Mighty Ape acquisition last year, I feel confident that 2026 will be a better year. I am also encouraged by the ongoing share buyback program Kogan is pursuing. Given the company's low share price over much of 2025, this should boost shareholder returns quite nicely in the years ahead.

The post Time to sell? These were my worst ASX shares in 2025 appeared first on The Motley Fool Australia.

Household spending can be linked to metrics like inflation, interest rates and CPI. 

When times are tough, we're less likely to splurge on non-essential items like electronics and jewellery. 

Two ASX consumer discretionary stocks that offer these kinds of products are Lovisa Holdings Limited (ASX: LOV) and Kogan.Com Limited (ASX: KGN). 

The team at Bell Potter has just released fresh guidance on both these consumer discretionary stocks. 

Here's the latest analysis from Bell Potter. 

Lovisa Holdings Limited (ASX: LOV)

Lovisa offers affordable, on-trend fashion jewellery and other accessories. 

Its vertically integrated business model involves developing, designing, sourcing, and merchandising 100% of its Lovisa-branded products.

Its stock price has experienced plenty of volatility this year, and at the time of writing, is trading at $30.68 per share. 

However, as the chart shows below, shares have been as high as $43.00 and as low as $21 in 2025. 

The company held its AGM last week. 

Following the AGM, Bell Potter maintained its hold recommendation on this ASX consumer discretionary stock. 

However, the broker reduced its price target to $33.50 (from $42.00 previously). 

Bell Potter reduced its price target on the company primarily because the latest trading update showed softer-than-expected comparable sales and a need to temper earlier, more optimistic assumptions, which flowed through to lower earnings forecasts and a lower valuation multiple.

Our Price Target decreases by ~20% to $33.50 (prev $42.00). Along with our earnings revisions, we also reduce our target P/E multiple to ~32x on FY27e (prev. 38x on FY27e) to reflect the de-rating in LOV/broader peer group and our relative expectations for growth within our overall coverage.

Kogan.Com Limited (ASX: KGN)

This consumer discretionary stock is an Australian pure-play online retailer. 

The company primarily caters to value-driven consumers through its private label products, spanning multiple categories including consumer electronics, appliances, homewares, hardware and toys.

Kogan's share price has dropped 50% year to date. 

Following its AGM last week, Bell Potter maintained its hold rating but reduced its price target to $3.30 (from $4.30 previously). 

The broker said EBITDA for the period was at the lower end of the 6-9% EBITDA margin guidance for FY26.

It also noted that while the company does showcase some stability, it is focused on the Nov-Dec period for the Australian business, as challenging comps are being tested. A path to recovery is expected in the NZ business in 2H thereafter.

We continue to view EBITDA margins as highly sensitive to the investment into sustaining the GS/customer/subscriber growth. At our revised PT of $3.30 the total expected return is <15% so we maintain our HOLD rating.

Based on the broker's revised price target of $3.30, there is an estimated upside of 9.27% from Kogan's closing price yesterday of $3.02. 

The post Lovisa vs Kogan – Which consumer discretionary stock does Bell Potter prefer? appeared first on The Motley Fool Australia.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:

Gentrack Group Ltd (ASX: GTK)

The Gentrack share price is up 7.5% to $6.82. This morning, this billing software company revealed that its new g2 platform has been selected to enhance operations and customer experience at Pennon Water Services. It is one of the UK's leading business water and wastewater retailers. This marks the first customer to adopt g2 in the UK, and the first g2 water implementation. In other news, Bell Potter reaffirmed its buy rating on Gentrack's shares with a reduced price target of $9.80. It said: "We are positive on secular tailwinds in decentralised energy driving utility billing stack transformations broadly."

Kogan.com Ltd (ASX: KGN)

The Kogan share price is up over 1% to $3.03. Investors have been buying this online retailer's shares following the release of an update at its annual general meeting. Kogan revealed that in the first four months of FY 2026, adjusted EBITDA was $10.1 million with a margin of 6.5%. The latter is within its guidance range of 6% to 9%.

Webjet Group Ltd (ASX: WJL)

The Webjet share price is up over 2% to 91 cents. This has been driven by news that the online travel agent has received another takeover offer. Helloword Travel Ltd (ASX: HLO) made an offer of 90 cents per share earlier this week, but this morning BGH Capital has joined the bidding with a 91 cents per share proposal. In response, the company said: "After carefully considering the revised BGH proposal, the Webjet board has agreed with BGH's request to provide BGH with an opportunity to conduct due diligence, subject to the parties agreeing to a mutually acceptable non-disclosure agreement."

WiseTech Global Ltd (ASX: WTC)

The WiseTech Global share price is up 4% to $66.82. This morning, this logistics solutions technology company released its annual general meeting update and reaffirmed its guidance for FY 2026. WiseTech's new CEO, Zubin Appoo, said: "Looking ahead, we reconfirm our guidance and expect revenue between $1.39 and $1.44 billion and EBITDA of $550 to $585 million. As outlined when we announced our FY25 Results in August, the e2open integration will temporarily impact margins – and that is exactly as planned. We have a clear execution roadmap, backed by more than three decades of successfully integrating strategic acquisitions and rebuilding margin strength. We know how to do this."

The post Why Gentrack, Kogan, Webjet, and WiseTech shares are pushing higher today appeared first on The Motley Fool Australia.

Kogan is best known for its retail platform that sells numerous items such as phones, TVs, computers, tablets, other consumer electronics, appliances, furniture, clothes and lots more.

It also has other offerings including mobile, home internet, insurance, travel, credit cards and energy.

The Kogan share price has had a rough time of it over the last few years since the COVID-19 boom of online shopping in 2020; it's down more than 80% since 2020.

You'd think the ASX dividend stock was experiencing deteriorating sales and very limited prospects for profitable growth with how far it has fallen. However, that's not reality and the business could be a dark horse contender to be a surprisingly good ASX dividend stock.

Pleasing passive income potential

In the 2025 financial year, the business decided to pay an annual dividend per share of 14 cents.

If the business was to repeat that in FY26 with (100% franked) dividends of 14 cents per share, that'd equate to a grossed-up dividend yield of 6.5%, including franking credits.

The estimate on CMC Markets suggests in FY27 it could pay an annual dividend per share of 16.8 cents. That could equate to a grossed-up dividend yield of 7.8%, including franking credits.

There are not many growing businesses that may offer a dividend yield as strong as that in the next couple of years.

Let's take a look at whether the business is actually growing.

The ASX dividend stock is making progress

While the FY25 result included a $46.3 million impairment of goodwill related to New Zealand-based Mighty Ape, other numbers were positive.

It reported gross sales growth of 15.1% to $930.9 million and 6.2% growth of revenue to $488.1 million. Gross profit grew 12.7% year-over-year to $189.9 million.

Kogan also reported 35.1% year-over-year growth of active customers to more than 3.5 million. The group's platform-based sales grew by 24.4% to $111.9 million, which comes with high profit margins and leveraging its capital-light model.

The month of July 2025 saw group gross sales growth of 26.5% year-over-year to $80.7 million, with Kogan.com gross sales growth of 32.5% to $70.4 million. Group revenue increased 2.6% year-over-year to $41.3 million.

The forecast on CMC Markets suggests the ASX dividend stock could achieve earnings per share (EPS) of 22.3 cents in FY27. It's trading at 14x FY27's estimated earnings, which I think looks cheap if it grows its revenue and EPS.

The post 1 ASX dividend stock down 88% I'd buy right now appeared first on The Motley Fool Australia.

The e-commerce business benefited from huge online demand in 2020 as well as strong overall retail spending. But the reopening of the economy, excess inventory, and a weak period of retail spending amid high inflation have led to a major decline in investor excitement.

Plus, there is strong competition from other discount retailers such as Kmart and Temu.

The ASX share has fallen so much that it has been removed from the S&P/ASX 300 Index (ASX: XKO). A $10,000 investment five years ago would not have done well, to put it mildly.

Now that there's less attention on the business, is this the right time to invest?

Good business progress

The FY25 result showed a number of positives, including growth of its top line.

Gross sales increased by 15.1% year over year to $930.9 million, while revenue increased by 6.2% year over year to $488.1 million.

The gross profit margin improved by 2.3 basis points (2.30%) to 38.9%, enabling the gross profit to increase by 12.7% to $189.9 million.

Excluding its goodwill impairment of Mighty Ape, the business remains profitable. In FY25, it generated $35.8 million of adjusted EBITDA, $24.1 million of adjusted EBIT, and $14.9 million of adjusted net profit.

The ASX share also reported that its group active customers increased to more than 3.5 million, group platform-based revenue jumped 24.4% to $111.9 million, and Kogan FIRST (its membership) revenue increased 17.5% to $51.3 million.

The platform-based revenue growth is particularly pleasing because it comes with operating leverage and it's capital-light.

Promising outlook for the ASX share

The company reported that its group adjusted EBITDA margin was 7.5% in FY25. It wants to reach an adjusted EBITDA margin of between 8% to 12% in the medium term and more than 20% in the long term.

While those goals aren't guaranteed to be reached, I think just a progression of the EBITDA margin would excite the market in the longer term, in my view.

The ASX share revealed good growth in its trading update for July 2025. Gross sales increased 26.5% year over year to $80.7 million, while revenue increased 2.6% year over year to $41.3 million.

The business also paid an annual dividend per share of 14 cents in FY25, which translates into a dividend yield of 4.4%, excluding franking credits.

Using the forecasts on Commsec, the Kogan share price is valued at 16x FY26's estimated earnings and 12x FY27's estimated earnings. While it may be unloved, I think this ASX share could be a dark horse to produce good returns over the next two to three years.

The post Down 86%! Thank goodness I didn't invest $10,000 in this ASX share five years ago – but should I buy today? appeared first on The Motley Fool Australia.

With the August reporting season done and dusted, scores of companies have ex-dividend dates next week.

If you're keen to buy any of these ASX shares while they are still trading cum dividend, time is running out!

To receive a stock's next dividend, you must buy or already own it before the ex-dividend day.

We provide a sample of the ASX shares going ex-dividend next week below.

35 ASX shares about to go ex-dividend

The post 35 ASX shares with ex-dividend dates next week appeared first on The Motley Fool Australia.

Four ASX shares that are rising more than most today are listed below. Here's why they are storming higher:

Aussie Broadband Ltd (ASX: ABB)

The Aussie Broadband share price is up 19% to $5.31. This follows the release of the broadband provider's full year results this morning. Aussie Broadband posted an 18.7% increase in revenue to $1,187.1 million and a 14.7% lift in underlying EBITDA to $138.2 million. The latter was at the top end of its guidance range. Looking ahead, management expects further growth in FY 2026 and is forecasting underlying EBITDA of $157 million to $167 million. This represents growth of 14% to 21%.

Kogan.com Ltd (ASX: KGN)

The Kogan share price is up over 3% to $4.16. Investors have been buying the ecommerce company's shares following the release of its FY 2025 results. Kogan posted a 6.2% increase in revenue to $488.1 million but an 8% decline in adjusted EBITDA to $36.8 million. This represents an adjusted EBITDA margin of 7.5%. Management is guiding to a potential improvement in this metric in FY 2026, with a target of 6% to 9%. And longer term, it is aiming for greater than 20%.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is up 3% to $2.18. This morning, this lithium giant released its FY 2025 results and reported revenue of $769 million and underlying EBITDA of $97 million. While both were down sharply year on year, they appear to have been better than feared. Commenting on the result, Pilbara Minerals CEO, Dale Henderson, said: "FY25 marked a transformational year for PLS. While the lithium market experienced material pricing pressure, we maintained strong operational performance, completed a major phase of capital investment, and positioned the business for the next phase of growth." It is also worth noting that a number of lithium stocks are charging higher today following a strong finish to last week for their peers on Wall Street.

Polynovo Ltd (ASX: PNV)

The Polynovo share price is up over 8% to $1.19. This has been driven by the release of the medical device company's FY 2025 results. It reported a 28.9% increase in sales to $118.6 million and a 151.2% jump in net profit after tax to $13.2 million. Acting CEO, Dr Robyn Elliott, said: "FY25 has been a successful year with significant growth in all major indicators: patients treated, units sold, revenue, profit and regulatory approvals. I thank our staff for their dedication and look forward to FY26, as we drive the commercial roll out of MTX and deliver increased value and positive outcomes for all our stakeholders."

The post Why Aussie Broadband, Kogan, Pilbara Minerals, and Polynovo shares are storming higher appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:

Audinate Group Ltd (ASX: AD8)

The Audinate share price is down 22% to $4.76. Investors have been selling this audio-visual networking solution provider's shares following the release of another disappointing full year result. Audinate posted a 33% decline in revenue to US$40 million and a 26% decline in gross profit to US$32.9 million. This ultimately led to the company's net profit swinging to a loss of A$6.4 million for the year. One positive is that management is expecting an improved performance in FY 2026 and is guiding to gross profit growth of 13% to 15%.

DigiCo Infrastructure REIT (ASX: DGT)

The DigiCo Infrastructure REIT share price is down 11% to $2.86. This follows the release of the data centre operator's full year results. DigiCo reported FY 2025 annualised underlying EBITDA of $99 million, which is ahead of its prospectus guidance. However, its guidance for FY 2026 was somewhat uncertain and may have spooked investors. It stated: "FY26 EBITDA growth will ultimately be dependent on the timing of new contract commencements, renewals and remixing of existing capacity in the Australian business."

Kogan.com Ltd (ASX: KGN)

The Kogan share price is down 3.5% to $3.86. This follows news that the struggling ecommerce company is writing down the goodwill of its Mighty Ape acquisition. It advised that "the decision to write down the goodwill reflects a recognition of the poorer-than-expected trading performance and longer than anticipated recovery from the platform technology challenges following the October 2024 website upgrade. This was compounded by the recent challenging retail environment in New Zealand marked by weak consumer confidence." The value of goodwill associated with the disastrous Mighty Ape acquisition was $46.3 million at 30 June 2024.

New Hope Corporation Ltd (ASX: NHC)

The New Hope share price is down 5.5% to $4.29. Investors have been selling this coal miner's shares following the release of its full year update. New Hope revealed an 18.1% increase in group saleable coal production to 10.7Mt, but an 11% decline in its average realised sales price. This ultimately led to it reporting underlying EBITDA of $765.8 million for FY 2025, which is down from $860 million a year earlier.

The post Why Audinate, DigiCo, Kogan, and New Hope shares are tumbling today appeared first on The Motley Fool Australia.

Kogan shares are proving to be a major drag on the markets so far today. The e-commerce stock closed at a flat $4 a share last week. But this morning, those same shares opened at $3.93 before dropping as low as $3.79. That was a 5.25% drop at the time. At present, Kogan has recovered a little and is back up to $3.86 a share. Even so, that still translates into a 3.6% loss for the day so far.

So why are Kogan shares being so severely punished by investors today?

Well, it appears the culprit is an ASX announcement Kogan made to the markets just before open this morning.

Kogan drops on Mighty Ape impairment

This announcement revealed that Kogan's board has decided to write down the value of goodwill associated with the 2020 acquisition of the Mighty Ape brand in New Zealand.

The write-down will come in the form of a one-off, non-cash impairment that will not impact the company's adjusted earnings before interest, tax, depreciation and amortisation (EBITDA). The final writedown amount was not released today. Kogan informed investors that it will be included in the company's upcoming earnings report. That's scheduled for release on 25 August next week.

As of 30 June 2024, the value of Might Ape's goodwill was estimated at $46.3 million.

Here's how Kogan explained why it has made this write-down decision:

The decision to write down the goodwill reflects a recognition of the poorer-than-expected trading performance and longer than anticipated recovery from the platform technology challenges following the October 2024 website upgrade1. This was compounded by the recent challenging retail environment in New Zealand marked by weak consumer confidence.

While the Company continues to believe that the Mighty Ape business will return to positive trading performance in the second half of FY26, the Board considers the write down of goodwill to be a prudent measure notwithstanding their ongoing confidence in the Mighty Ape business and brand.

It's clear that investors were not impressed with this announcement today, judging by how Kogan shares have reacted so far this session.

Kogan share price snapshot

Today's share price drop would be particularly unwelcome for shareholders, as it is just the latest setback for the company. Kogan has had a horrid year, with its shares down almost 27% year to date.

Over the past 12 months, investors are also nursing a loss of 12.4%. The all-time highs of $25 a share that we saw back in 2020 are also a distant memory at this point.

At the current Kogan share price, this ASX 200 stock is trading on a market capitalisation of $385.85 million. That's with a trailing dividend yield of 3.71%.

The post Nasty drop: Why are Kogan shares down 5% today? appeared first on The Motley Fool Australia.