Ann: KPG FY23 Full Year Results Commentary, page-4

PabloB, this is a very good analysis.

Earnings from acquisitions look like they have made less for shareholders than the interest costs on the debt to fund - so much for the Buffett approach.
High debt levels of real concern, as is the fall in NPAT attributable to shareholders after minorities. Lots of "fluff" in the investor presentation but when you strip it all back to the real underlying financials the reported business performance is not matching the CEO rhetoric. The valuation multiple is at nose bleed levels and this is for an accounting roll-up not a tech player. Note the comments in investor deck around taking private and strategic review - why would a PE player pay this multiple on earnings? The comments on taking to the US and listing there are delusional.