"its currently around 40-45x now. in 5 years if it continues at...

"its currently around 40-45x now. in 5 years if it continues at 15% growth compounded the p/e will be 20x not 40x."

You reckon the market will de-rate a stock growing at 15% pa, without recourse to shareholders, to just 20x?

Where is the precedent for the market paying 20x for growth that is in the mid-teens?

Unless you are arguing that the stock somehow becomes ex-growth in 5 years' time which, given the accounting industry structure and KPG's minute size within the industry in the US and Australia, combined with the relative youth of the founder and the fire in his belly, would be an almighty big call to make.

I first encountered B. Kelly at an investment conference about 8 or 9 years ago, when the company was a mere fraction of its size today. After following him for a few years to see if he walked the talk, I was satisfied that he was authentic in his passion and drive and that he understood the principles of shareholder value creation, so in 2019 I commenced buying shares in the company.

Part of that investment thesis was expressed in the following June 2020 post:

https://hotcopper.com.au/posts/45112470/single

I feel that post is as relevant today as it was back then; the only difference is that there are now an additional 5 years of track record during which my initial expectations have been exceeded.

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