Kogan.com was the best performing Australian stock this year and its market cap is now bigger than Myer

Ian Waldie/ Getty Images

Listed electronics retailer Kogan.com was the best performing stock on the ASX All Ordinaries index in 2017, with an annual gain of more than 300%.

Shares in Kogan started the year at $1.35 — a discount to their July 2016 listing price of $1.80 after the company struggled to gain traction following an opening day fall in July last year.

Since then, the company’s share price has steadily risen as it consistently beat earnings benchmarks throughout the year.

Source: Investing.com

Kogan’s stock rose by more than 6% in late August, when the company smashed full-year earnings expectations and announced a healthy dividend.

In late October, founder Ruslan Kogan sold down a 3% stake in the company at a share price of $4.25, netting around $13 million in the process.

Today’s opening price of $5.82 is a gain of more than 330% over the year, and leaves Kogan.com with a market capitalisation of $544 million, according to Commsec.

The company’s market cap now exceeds that of Myer, which has a market cap of $513 million after its share price more than halved this year.

Kogan.com’s online model has held up against the looming threat of Amazon, as traditional retailers saw their share prices decline amid challenging conditions for the broader industry.

“I’m very proud of what our team has built over the last 11 years and with our pipeline of initiatives, we feel like we’re just getting started,” Kogan told Business Insider.

The table below shows the top 10 performing Australian stocks in 2017 based on data from Market Index, a Perth-based company which provides information on the Australian stock market:

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.