$10 party, who still HODLing in 2025, page-8

"why not track the npata attributable to shareholders and its growth or lack of growth over the years?"

@Squeaks,

You do investors a good service by pointing out that consolidated P&L metrics, such as EBIT and even Statutory NPAT, are meaningless representations of profits attributable to shareholders in Kelly Partners Group Holdings, because of the outside minority interests in many of KPG's subsidiaries.

And I agree with your implied suggestion that Attributable NPATA is a valid measure.
But where I do take a bit of issue is your suggestion that Attributable NPATA is lacking growth. As can be seen in the graphic below, which tracks Statutory NPAT, Attributable NPAT and Attributable NPATA, the latter (represented by the blue line) is indeed growing (if not consistently):



Of course, even looking through that particular rosy lens, a Market Value in excess of $450m being supported by just $8m of trailing NPATA attributable to shareholders sounds a little loco.

You'd have to believe that $8m figure is going to treble, or even quadruple, in coming years for the valuation to make any sense. (And clearly, some market participants think that to be the case because over the past month, every time I've hung out a couple of thousand shares on the sell side, my offers have been hit within a minute.)

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