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Kelly Partners Group Holdings Ltd.
(Sydney:KPG)
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Rating:60Neutral
Price Target:
AU$4.50
▲(13.92% Upside)
Action:Reiterated
Date:08/17/26
The score is driven mainly by solid financial execution and cash flow alongside a positive earnings-call outlook on growth and returns, partially offset by balance-sheet leverage and net-margin compression. Technicals are only moderately supportive with a mixed long-term trend, while valuation is the biggest headwind due to the high P/E and no dividend yield provided.
Positive Factors
Strong Revenue Growth
Revenue has grown from approximately A$48.9m in 2021 to A$159.2m in 2026. The practice-network model and disciplined acquisitions provide a scalable platform for continued expansion.
Negative Factors
Elevated and Rising Leverage
Leverage has risen substantially as KPG funds growth and acquisitions, reducing financial flexibility. Higher interest and refinancing exposure could constrain investment or amplify earnings pressure if growth slows.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
Revenue has grown from approximately A$48.9m in 2021 to A$159.2m in 2026. The practice-network model and disciplined acquisitions provide a scalable platform for continued expansion.
Read all positive factors
Kelly Partners Group Holdings Ltd. (KPG) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$195.59M
Dividend YieldN/A
Average Volume (3M)40.17K
Price to Earnings (P/E)54.7
Beta (1Y)1.29
Revenue Growth18.25%
EPS Growth2.90%
CountryAU
Employees192
SectorIndustrials
Sector Strength72
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)0.08
Shares Outstanding45,274,956
10 Day Avg. Volume47,437
30 Day Avg. Volume40,175
Financial Highlights & Ratios
PEG Ratio18.46
Price to Book (P/B)5.68
Price to Sales (P/S)1.08
P/FCF Ratio4.95
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Kelly Partners Group Holdings Ltd. Business Overview & Revenue Model
Company Description
Kelly Partners Group Holdings Limited, an Australian firm founded in 2006 and based in North Sydney, delivers a comprehensive array of chartered accounting and professional services. The company caters to both private enterprises and high-net-wort...
How the Company Makes Money
KPG makes money primarily by delivering accounting and advisory services through its operating practices and charging clients professional fees. Key revenue streams include (1) recurring and periodic compliance work (e.g., preparation and lodgemen...
Kelly Partners Group Holdings Ltd. Earnings Call Summary
Earnings Call Date:Aug 11, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Feb 03, 2027
Earnings Call Sentiment Positive
Overall the call presented a solid operational and financial performance: strong revenue (+18.2%), margin and profitability improvement (underlying NPATA +~18%), robust cash generation (+30% cash from ops, +50% FCF) and high returns (ROIC 23.2%, ROE ~35.7%). Management emphasized disciplined M&A, global expansion, and strategic initiatives (international listing, long-dated debenture, dual-class governance) while also noting AI advantages and a scalable adjacent business (WrkPod). Key negatives were market-driven share price volatility (large declines), founder dilution from margin financing, U.S. profitability lag, some accounting noncash adjustments that complicate headline 'nonrecurring' numbers, and modestly increased debt to fund acquisitions. On balance the company demonstrated strong fundamentals and disciplined strategy with manageable risks.Positive Updates
Strong Revenue Growth
Group revenue AUD 159.2M, up 18.2% year-over-year; current run rate ~AUD 164M. Growth composed of organic +2.9% (4.5% excluding consolidation/exits) and acquired growth +15.3%.
Negative Updates
Significant Share Price Volatility and Founder Dilution
Share price has been highly volatile (management cited up to ~70% fall from peak); founder took margin loans for personal reasons resulting in reported dilution of his stake to ~31%, which generated market and shareholder concern.
Read all updates
Q4-2026 Updates
Positive
Negative
Strong Revenue Growth
Group revenue AUD 159.2M, up 18.2% year-over-year; current run rate ~AUD 164M. Growth composed of organic +2.9% (4.5% excluding consolidation/exits) and acquired growth +15.3%.
Read all positive updates
Company Guidance
The call guided that Kelly Partners will push aggressive global expansion over the next 5 years — pursuing an international listing, securing long‑dated HoldCo funding (a Constellation‑style 15‑year debenture or similar) and implementing a dual‑class governance structure to accelerate M&A — while keeping disciplined capital metrics (A$74.7m drawn of A$89.4m facilities, net debt A$70.7m, cash/headroom A$18.6m, net debt/EBITDA 1.52x from 1.42x and historically ≤2x). Management stressed continued reinvestment into high‑return opportunities rather than routine dividends while ROIC remains strong (ROIC 23.2%, ROIC+organic 26.1%, parent ROE 35.7%, group ROE 40.8%) and said the group can fund sizable global growth at moderate gearing (comfortable up to ~2.5x). Underpinning the guidance were FY26 operating metrics: revenue A$159.2m (run‑rate ~A$164m, +18.2% YoY: organic 2.9% / 4.5% adj, acquisitions +15.3%), underlying EBITDA A$17.9m, underlying NPATA A$10.8m (+18.9%), statutory NPATA A$8.4m (+18%), cash from operations A$32.4m (+30.1%), consolidated free cash flow A$18.4m (+50.5%; FCF per share A$0.221, +17.5%), operating EBITDA margin 28.4% (Australia 31.9%), EV/EBITDA ~12.6x, and scale metrics of >700 people, revenue per person >A$220k, 105 partners, 43 businesses in 6 countries (45.2m shares on issue vs 45.5m at IPO).Kelly Partners Group Holdings Ltd. Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
45
Neutral
Cash Flow
73
Positive
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 159.17M | 134.61M | 108.14M | 86.52M | 64.86M |
| Gross Profit | 29.21M | 26.01M | 53.90M | 14.71M | 16.66M |
| EBITDA | 46.02M | 37.20M | 31.69M | 24.92M | 24.14M |
| Net Income | 3.53M | 3.41M | 3.52M | 3.93M | 5.56M |
Balance Sheet | |||||
| Total Assets | 231.44M | 198.96M | 159.32M | 132.59M | 106.64M |
| Cash, Cash Equivalents and Short-Term Investments | 3.94M | 6.87M | 3.27M | 5.33M | 2.97M |
| Total Debt | 117.43M | 101.88M | 79.75M | 72.66M | 53.74M |
| Total Liabilities | 158.75M | 132.48M | 106.96M | 97.12M | 72.69M |
| Stockholders Equity | 30.23M | 28.42M | 22.64M | 20.54M | 20.70M |
Cash Flow | |||||
| Free Cash Flow | 34.66M | 28.74M | 21.33M | 16.85M | 10.11M |
| Operating Cash Flow | 38.89M | 31.27M | 25.61M | 19.50M | 17.58M |
| Investing Cash Flow | -26.69M | -19.78M | -14.82M | -11.33M | -20.93M |
| Financing Cash Flow | -14.89M | -11.39M | -5.95M | -14.95M | 3.58M |
Kelly Partners Group Holdings Ltd. Technical Analysis
Positive
3.95
Price Trends
4.03
Positive
4.18
Positive
5.67
Negative
Market Momentum
0.12
Negative
65.29
Neutral
69.95
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:KPG, the sentiment is Positive. The current price of 3.95 is below the 20-day moving average (MA) of 4.32, below the 50-day MA of 4.03, and below the 200-day MA of 5.67, indicating a neutral trend. The MACD of 0.12 indicates Negative momentum. The RSI at 65.29 is Neutral, neither overbought nor oversold. The STOCH value of 69.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:KPG.
Kelly Partners Group Holdings Ltd. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | AU$281.02M | 17.08 | 12.32% | 4.47% | 9.90% | 216.48% | |
73 Outperform | AU$1.77B | 20.95 | 29.68% | 3.82% | 7.67% | 5.03% | |
70 Outperform | AU$930.46M | 11.71 | 12.36% | 9.32% | 0.59% | 19.69% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | AU$67.64M | -34.88 | -8.93% | ― | -6.17% | -191.49% | |
60 Neutral | AU$195.59M | 54.74 | 11.79% | ― | 18.25% | 2.90% | |
40 Underperform | AU$14.80M | -2.67 | -26.25% | ― | -13.52% | 7.82% |
* Industrials Sector Average
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Kelly Partners Group Holdings Ltd. Corporate Events
Kelly Partners rides out share slump with record cash flow and global expansion
Aug 11, 2026
Kelly Partners Group Holdings reported a sharp decline in its share price over the 2026 financial year, closing at $3.79 versus $10.77 a year earlier, but management framed the setback as short-term market sentiment rather than a reflection of und...
Kelly Partners Updates Corporate Governance and Diversity Metrics
Aug 11, 2026
Kelly Partners Group Holdings has issued its latest Corporate Governance Statement, confirming broad compliance with the ASX Corporate Governance Council’s 4th edition principles and recommendations as at 12 August 2026. The document outline...
Kelly Partners Publishes 2026 Annual Report Detailing Group Performance
Aug 11, 2026
Kelly Partners Group Holdings Ltd. has released its annual report for the year ended 30 June 2026, detailing the performance and position of the consolidated group. The report includes directors’ commentary, audited financial statements, cas...
Kelly Partners Sets Earnings and Acquisition Targets to Lift Intrinsic Value
Aug 11, 2026
Kelly Partners has outlined a strategic framework aimed at building per-share intrinsic value by lifting the earning power of its operating businesses. Central to this plan is a 35% EBITDA target, supported by organic growth in its accounting and ...
Kelly Partners lifts FY26 revenue and scale as growth momentum eases
Aug 11, 2026
Kelly Partners Group Holdings reported solid operational expansion in FY26, increasing headcount to 711, partners to 105 and businesses to 43, while adding a sixth country with the Philippines. Revenue rose to $159 million with a revenue run rate ...
Kelly Partners lifts core earnings on acquisitive growth despite weaker comprehensive income
Aug 11, 2026
Kelly Partners Group Holdings reported an 18.2% rise in revenues from ordinary activities to $159.2 million for the year to 30 June 2026, with statutory profit attributable to owners edging up 3.5% to $3.53 million. Underlying NPATA, a non-standar...
Kelly+Partners sets FY26 results release and investor briefing
Aug 7, 2026
Kelly+Partners Group Holdings Ltd, an ASX-listed specialist chartered accounting network, focuses on providing services to private clients, private businesses, their owners and families, particularly in the SME segment. Since its establishment in ...
Kelly Partners Founder Restructures Shareholding Under Loan Funding Deal
Jul 31, 2026
Kelly Partners Group Holdings has disclosed a change in director Brett Kelly’s interests, reflecting a restructuring of how his family investment vehicle holds shares in the company. The notice details that Kelly Investments 1 Pty Ltd, actin...
Kelly Partners Founder Brett Kelly Trims Stake in Modest On-Market Trade
Jul 3, 2026
Kelly Partners Group Holdings reported a minor change in the shareholding of founder and director Brett Kelly, reflecting an on-market sale of 20,000 ordinary shares held through Kelly Investments 1 Pty Ltd. Following the transaction, Kelly retain...
Kelly Partners Founder Brett Kelly Trims Stake in Modest Share Sale
Jun 26, 2026
Kelly Partners Group Holdings has disclosed a minor change in the shareholding of its founder and CEO Brett Kelly, who remains a major shareholder through a combination of direct holdings, family investment vehicles and superannuation entities. Th...
Kelly Partners Discloses Brett Kelly’s Modest On-Market Share Sale
Jun 19, 2026
Kelly Partners Group Holdings has disclosed a change in managing director Brett Kelly’s interests in the company’s shares, as required under ASX listing rules. The notice details that Kelly, through his associated entities and accounts...
Kelly Partners abandons planned Eurofast partnership after due diligence delays
Jun 16, 2026
Kelly Partners Group Holdings Ltd., an Australian listed accounting and business advisory firm, had been pursuing a potential partnership with Eurofast International, a Nicosia-based professional services provider with operations across 18 countri...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.