Great podcast and article. I'm seeing underlying NAPTA of $8 million Australian to the parent company, which will make this much more expensive than 17x... What am I missing??
Just saw your pod on Kelly Partners. It was great. 2 points I wanna check with u. I see Lawrence A. Cunningham as one of the major shareholders, do u see that too? Secondly the CEO has relocated to the U.S. just pointing that out.
Thanks for the podcast. I have been slowly following KPG over the last year. Any idea what the businesses they are acquiring are actually like? Who are their customers? I get that they are akin to Constellation in that they are acquiring small businesses, but accounting businesses seem like they would be more narrow in their scope than general software type small businesses. I wonder if they are more HR Block style or more focused on small businesses accounting or if it matters?
Interesting analysis. I'm surprised you guys hadn't heard of the company before, since it was all the rage in 2021/2022 in value investing circles. Brett Kelly did a load of podcasts around that time.
Given that the accounting their operating businesses are doing is fairly common or garden tax accounting (rather than M&A, etc), what do you think about the risk of AI taking out a lot of this business over the next 5-10 years? e.g. an AI assistant that knows the tax code, and can prepare your accounts for you once given the data.
Great podcast and article. I'm seeing underlying NAPTA of $8 million Australian to the parent company, which will make this much more expensive than 17x... What am I missing??
Ryan made a mistake. 17x was incorrect
Just saw your pod on Kelly Partners. It was great. 2 points I wanna check with u. I see Lawrence A. Cunningham as one of the major shareholders, do u see that too? Secondly the CEO has relocated to the U.S. just pointing that out.
Thanks for the podcast. I have been slowly following KPG over the last year. Any idea what the businesses they are acquiring are actually like? Who are their customers? I get that they are akin to Constellation in that they are acquiring small businesses, but accounting businesses seem like they would be more narrow in their scope than general software type small businesses. I wonder if they are more HR Block style or more focused on small businesses accounting or if it matters?
Interesting analysis. I'm surprised you guys hadn't heard of the company before, since it was all the rage in 2021/2022 in value investing circles. Brett Kelly did a load of podcasts around that time.
Given that the accounting their operating businesses are doing is fairly common or garden tax accounting (rather than M&A, etc), what do you think about the risk of AI taking out a lot of this business over the next 5-10 years? e.g. an AI assistant that knows the tax code, and can prepare your accounts for you once given the data.