KPG

2.09%

$8.29 kelly partners group holdings limited

Ann: KPG FY23 Full Year Results Commentary, page-5

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iamdumbinvestor

37 Posts.

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13/08/23

22:18

Post #: 69315387
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Originally posted by PabloB: ↑

What a disastrous result.
Revenue up yet earnings down. The earnings decrease eaten mostly by SHs - partnership model lolz!
SH NPAT only $4m butevenworse that includes $1.9m in contingent FV Δ* so normalised earnings is a tiny $2.5m or so (assuming tax affected?).
Organic revenue growth only a couple of percent, and I reiterate for negative earnings growth.
Trailing norm P/E 80+
[* As an aside, IMO the contingent FV Δ is not only incorrect accounting (should be against G/W first), it's an open indication of underperformance of acquas]

Yeah yeah markets are forward looking, but have a think about it.
How comfortable are people that you'll hit next year's profit target after this miss?
And what'll the valuation on that be even then (maybe >30x at norm NPAT) for minimal organic growth. That's the best case.
What happens if the cost blowout continues or the acqua binge is stopped?

Will you get the revenue target with bank debt now 90% used and at record levels?
Almost $40m in net debt - 16x this year's norm profit.
Even if you hit next year's profit target (debatable given this year's performance) that's still high (roughly 6 or 7 times).
Companies have collapsed at these levels.

Mgt conducting strategic review to close MC to IV lolz!
More like external capital required to keep the show going. Divi cut a hint. Negative NCA another.
The investment thesis now is essentially the greater fool theory.

CEO selling shares and almost tripling his cash salary.

Like I said before, either valuation gets it or the bankers do.

Expand

CEO's taking 1% of the total revenue as cash salary.
Charlie Munger famously said, “Show me the incentive, and I'll show you the outcome.”
Who cares about profitability?

KPG Price at posting: $4.65 Sentiment: None Disclosure: Not Held
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(20min delay)
Last $8.29		Change 0.170(2.09%)		Mkt cap ! $372.6M

Open	High	Low	Value	Volume
$8.32	$8.33	$7.96	$722.2K	89.33K

Buyers (Bids)

No.	Vol.	Price($)
1	500	$8.08

Sellers (Offers)

Price($)	Vol.	No.
$8.33	27	1

View Market Depth

No.	Vol.	Price($)
1	120	8.000
2	305	7.750
2	400	7.700
1	100	7.650
1	594	7.600

Price($)	Vol.	No.
8.330	27	1
8.450	510	2
8.500	5490	2
8.510	530	1
8.650	190	1

Last trade - 16.10pm 01/11/2024 (20 minute delay)

KPG (ASX) Chart

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