Added to YB: 2026-07-15
Pitch date: 2026-07-12
KPG.AX [neutral]
Kelly Partners Group Holdings Limited
-1.75%
current return
Author Info
Slow Compounding is an ex buy-side analyst looking for high-quality companies that create high shareholder returns. Investing for the long-term. Sign up for the newsletter.
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 175.2M
Pitch Price
AUD 3.99
Price Target
N/A
Dividend
N/A
EV/EBITDA
7.87
P/E
57.68
EV/Sales
2.30
Sector
Professional Services
Category
N/A
Kelly Partners’ EBITDA & Owners' Earnings Aren't What You Think
KPG.AX (pass): 51/49 acquisition structure inflates optics—consolidates 100% EBITDA (~A$39m) but only A$3.4m FY25 profit attributable to parent. NCI got 69% of profit FY16-25. A$19.1m distributions to NCI drain FCF (hidden in financing). Adj leverage ~5x vs 1.4x reported; only 4.2% owners' earnings yield on EV despite 60% drawdown. Not investable.
Read full article (10 min)