Kelly Partners Group Holdings Ltd. (KPG) AI Stock Analysis

• Market Cap: AU$258.52M
• Dividend Yield: 0.11%
• Average Volume (3M): 40.17K
• Price to Earnings (P/E): 81.3
• Beta (1Y): 0.60
• Revenue Growth: 24.47%
• EPS Growth: 21.28%
• Country: AU
• Employees: N/A
• Sector: Industrials
• Sector Strength: 72
• Industry: Specialty Business Services
• EPS (TTM): N/A
• Shares Outstanding: 45,274,956
• 10 Day Avg. Volume: 47,437
• 30 Day Avg. Volume: 40,175
• PEG Ratio: -48.26
• Price to Book (P/B): 17.02
• Price to Sales (P/S): 3.59
• P/FCF Ratio: 16.83
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 64 Neutral
• Price Target: AU$6.50 ▼(-22.62% Downside)

The score is driven primarily by solid fundamentals and a positive earnings-call outlook (strong growth, margins, and cash conversion), offset by balance-sheet leverage risk and a weak technical setup. Valuation is mixed: the high P/E is a headwind, while the dividend yield provides support.

Positive Factors

Robust revenue growth & M&A-driven scaling

Sustained 25% revenue growth and a programmatic acquisition strategy materially expand the firm's SME client network and recurring fee base. Repeatable roll-up economics accelerate market share and cross-sell, creating a durable, diversified revenue stream that supports medium-term scaling.

Strong cash generation and conversion

Near-100% cash conversion and rising free cash flow indicate earnings reliably convert to cash, improving funding for acquisitions, compliance costs, and dividends. Robust operating cash growth and a strong FCF-to-net-income ratio support durable capital allocation and debt servicing over the next 2-6 months.

High operational margins and ROE

Elevated EBITDA/EBIT margins and very strong ROE reflect efficient, scalable practice economics and effective margin management. High operating profitability provides a buffer to absorb integration and expansion costs while enabling reinvestment and attractive returns for shareholders over the medium term.

Negative Factors

High leverage

Significant leverage and rising net debt increase financial risk and reduce flexibility. Elevated debt-to-equity constrains optionality for further M&A or unexpected shocks, increases interest expense sensitivity, and requires sustained cash generation to avoid refinancing stress in the medium term.

Low net profit margin

Despite strong top-line and healthy EBITDA margins, a low net margin suggests sizable amortisation, compliance or non-operating costs eroding the bottom line. Persistently thin net profit reduces retained earnings and limits the firm's ability to build equity buffers or absorb cyclical downturns.

International profitability & compliance costs

International expansion has produced market-average profitability while PCAOB and legal costs are material. These structural regulatory and integration expenses can delay international breakeven, raise amortisation, and compress group returns until scale and local efficiency are achieved.

Kelly Partners Group Holdings Ltd. Business Overview & Revenue Model

Company Description

Kelly Partners Group Holdings Limited provides chartered accounting and other professional services to private businesses and high net worth individuals in Australia. The company operates through two segments, Accounting and Other Services. It offers accounting and taxation, corporate secretarial, outsourced CFO, audit, business structuring, bookkeeping, and other accounting related services. The company also provides financial broking, wealth management, investment office, and other non-accounting services. Kelly Partners Group Holdings Limited was founded in 2006 and is based in North Sydney, Australia.

How the Company Makes Money

Kelly Partners Group Holdings Ltd. generates revenue through multiple streams. The primary source of income comes from fees for accounting and tax services provided to SMEs, which include compliance services and advisory fees. KPG also earns revenue from consulting services that offer strategic insights and business development assistance. Additionally, the company may benefit from performance-based fees linked to the financial improvement of its clients. Strategic partnerships with technology providers enhance service delivery, allowing KPG to integrate advanced solutions into their offerings, which can lead to increased client retention and new business opportunities. The company's growth strategy includes expanding its network of partner firms, which contributes to its overall revenue growth by increasing its client base and service capabilities.

Kelly Partners Group Holdings Ltd. Financial Statement Overview

Summary

Solid operating performance and growth supported by generally positive cash generation, but balance-sheet risk is elevated due to high leverage (debt-to-equity 3.58) and low net margin (2.54%).

Income Statement

Kelly Partners Group Holdings Ltd. has demonstrated strong revenue growth with a rate of 11.98% in the most recent year, indicating a positive trajectory. The gross profit margin is exceptionally high at 100%, suggesting efficient cost management. However, the net profit margin is relatively low at 2.54%, which may indicate high operating expenses or other costs. The EBIT and EBITDA margins are healthy at 16.88% and 27.63%, respectively, showing good operational efficiency.

Balance Sheet

The company has a high debt-to-equity ratio of 3.58, indicating significant leverage, which could pose financial risks if not managed properly. Return on equity is moderate at 12.01%, reflecting decent profitability relative to shareholder equity. The equity ratio is not provided, but the overall leverage suggests a need for cautious financial management.

Cash Flow

The free cash flow growth rate is positive at 5.64%, indicating improving cash generation capabilities. The operating cash flow to net income ratio is 0.58, suggesting that cash flow generation is not fully aligned with reported earnings. The free cash flow to net income ratio is strong at 0.92, indicating that a significant portion of earnings is converted into free cash flow.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	134.61M	134.61M	108.14M	86.52M	64.86M	48.91M
Gross Profit	44.87M	26.01M	53.90M	14.71M	16.66M	14.02M
EBITDA	36.94M	37.20M	31.69M	24.92M	24.14M	18.38M
Net Income	3.41M	3.41M	3.52M	3.93M	5.56M	4.62M
Balance Sheet
Total Assets	198.96M	198.96M	159.32M	132.59M	106.64M	67.61M
Cash, Cash Equivalents and Short-Term Investments	6.87M	6.87M	3.27M	5.33M	2.97M	4.04M
Total Debt	101.88M	101.88M	79.75M	72.66M	53.74M	31.85M
Total Liabilities	132.48M	132.48M	106.96M	97.12M	72.69M	42.46M
Stockholders Equity	28.42M	28.42M	22.64M	20.54M	20.70M	17.95M
Cash Flow
Free Cash Flow	28.84M	28.74M	21.33M	16.85M	10.11M	12.76M
Operating Cash Flow	31.27M	31.27M	25.61M	19.50M	17.58M	15.08M
Investing Cash Flow	-19.78M	-19.78M	-14.82M	-11.33M	-20.93M	-4.45M
Financing Cash Flow	-11.39M	-11.39M	-5.95M	-14.95M	3.58M	-11.00M

Kelly Partners Group Holdings Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 8.40
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:KPG, the sentiment is Negative. The current price of 8.4 is above the 20-day moving average (MA) of 7.36, above the 50-day MA of 8.01, and below the 200-day MA of 9.93, indicating a bearish trend. The MACD of -0.58 indicates Positive momentum. The RSI at 29.78 is Positive, neither overbought nor oversold. The STOCH value of 13.09 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:KPG.

Kelly Partners Group Holdings Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SIQ	79 Outperform	$1.13B	13.76	31.30%	5.51%	11.64%	18.08%
CUP	76 Outperform	AU$184.34M	20.88	8.06%	4.11%	27.05%	520.93%
KPG	64 Neutral	AU$258.52M	81.32	13.37%	0.11%	24.47%	21.28%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

Kelly Partners Group Holdings Ltd. Corporate Events

Kelly Partners Founder Brett Kelly Restructures Shareholdings Under New Loan Security Arrangements

Kelly Partners Group Holdings has disclosed changes in the shareholdings of its founder and director Brett Kelly, detailing a series of transfers between his direct and indirect holdings and various custodial arrangements over the period 19–22 December 2025. The notice shows that a significant portion of Kelly’s directly held ordinary shares was moved into structures involving custodians and lenders as security under loan and pledge agreements, signalling a reorganisation of his personal financing and security arrangements rather than a straightforward sale, and clarifying his ongoing economic interest in the company for investors monitoring board and insider ownership.

The most recent analyst rating on (AU:KPG) stock is a Hold with a A$10.00 price target. To see the full list of analyst forecasts on Kelly Partners Group Holdings Ltd. stock, see the AU:KPG Stock Forecast page.

Kelly Partners Group Climbs to 17th in AFR Top 100 Accounting Firms

Kelly Partners Group Holdings Limited has been ranked as the 17th largest accounting firm in Australia according to the 2025 Australian Financial Review’s Top 100 Accounting Firms list. The company has demonstrated consistent growth, with a current annual run rate revenue of AUD 164 million, and aims to break into the Top 10 accounting firms in Australia by achieving a revenue target of approximately AUD 200 million. Recent acquisitions and organic growth have contributed to this upward trajectory, positioning Kelly Partners for further expansion and increased market share.

The most recent analyst rating on (AU:KPG) stock is a Hold with a A$10.00 price target. To see the full list of analyst forecasts on Kelly Partners Group Holdings Ltd. stock, see the AU:KPG Stock Forecast page.

Kelly Partners Expands with New Partnership in Narrandera

Kelly Partners Group Holdings Limited has completed a partnership with an accounting firm in Narrandera, NSW, forming a new entity where it holds a 50.10% interest. This partnership, while not materially significant, highlights the company’s effective succession planning model and its ability to attract established firms. The acquisition contributes to the company’s growth strategy, with Kelly Partners completing multiple partnerships this financial year, boosting its revenue growth and market positioning.

The most recent analyst rating on (AU:KPG) stock is a Hold with a A$10.00 price target. To see the full list of analyst forecasts on Kelly Partners Group Holdings Ltd. stock, see the AU:KPG Stock Forecast page.

Kelly Partners Expands with Southern Highlands Acquisition

Kelly Partners Group Holdings Limited has announced a new partnership with an accounting firm in Southern Highlands, NSW, acquiring a 50.10% interest. This acquisition is part of Kelly+Partners’ strategy to assist with business succession and expand its market reach, contributing to an estimated annual revenue increase to $163 million.

The most recent analyst rating on (AU:KPG) stock is a Hold with a A$10.00 price target. To see the full list of analyst forecasts on Kelly Partners Group Holdings Ltd. stock, see the AU:KPG Stock Forecast page.

Kelly Partners Group AGM Results: Resolutions Carried with Strong Support

Kelly Partners Group Holdings Ltd. announced the results of its Annual General Meeting held on November 25, 2025. All resolutions presented to shareholders were carried, indicating strong support for the company’s current strategies and leadership. This outcome suggests continued stability and confidence in the company’s direction, which may positively impact its market positioning and stakeholder relations.

The most recent analyst rating on (AU:KPG) stock is a Hold with a A$10.00 price target. To see the full list of analyst forecasts on Kelly Partners Group Holdings Ltd. stock, see the AU:KPG Stock Forecast page.

Kelly Partners Group Reports Strong FY25 Growth

Kelly Partners Group Holdings Ltd. reported significant growth in its 2025 financial year, with a 17% increase in team size and a 25% rise in revenue, reaching $134 million. The company also expanded its operations to more countries, reflecting its commitment to helping private business owners and communities thrive. This growth highlights the company’s strong market positioning and dedication to its mission and values.

The most recent analyst rating on (AU:KPG) stock is a Hold with a A$10.00 price target. To see the full list of analyst forecasts on Kelly Partners Group Holdings Ltd. stock, see the AU:KPG Stock Forecast page.

Kelly Partners Group Expands with Sydney CBD/Bowral Partnership

Kelly Partners Group Holdings Limited has completed a partnership with the Sydney CBD and Bowral accounting business, contributing to a significant revenue growth of 19.2% year-to-date and an annualized growth rate of 60%. This strategic move, along with other recent acquisitions, is expected to increase the company’s annual run rate revenue to approximately AUD 160 million, reflecting a strong market position and growth trajectory.

The most recent analyst rating on (AU:KPG) stock is a Hold with a A$10.00 price target. To see the full list of analyst forecasts on Kelly Partners Group Holdings Ltd. stock, see the AU:KPG Stock Forecast page.