Added to YB: 2026-03-25
Pitch date: 2026-03-22
KPG.AX [neutral]
Kelly Partners Group Holdings Limited
-2.89%
current return
Author Info
No bio for this author
Company Info
Kelly Partners Group Holdings Limited provides chartered accounting and other professional services to private businesses and high net worth individuals in Australia and internationally.
Market Cap
AUD 217.3M
Pitch Price
AUD 4.84
Price Target
6.40 (+36%)
Dividend
N/A
EV/EBITDA
8.86
P/E
71.54
EV/Sales
2.59
Sector
Professional Services
Category
growth
Kelly Partners Group: The Constellation Software of Accounting?
KPG.AX (watchlist): Australian accounting roll-up using Partner-Owner-Driver model (51% ownership, partners keep 49%). Targets 2x industry EBITDA margins (35% vs 18-19%) via centralized systems. Acquires firms at mid-single-digit earnings multiples, trades at 13-16x NPATA. Rev CAGR 30%+ since IPO, targets doubling every 3yrs. US expansion (15% rev). Risks: key-man (Brett Kelly owns ~50%), finite target universe vs software VMS, recent COO lawsuit, AI commoditization of basic work. Fair value A$6.40 vs A$4.90 current (20%+ IRR base case, mid-single digits bear case). Needs sustained deal flow of 6-8 acquisitions/yr.
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