Ann: Market Release 1H23 Half Year Results, page-4

I can understand the exclusion of amortisation when calculating EPS given its a non-cash item. I'm a long time out of technical accounting, but without reading the notes to the financials in detail I suspect the underlying nature of the intangible is almost identical to goodwill which isn't amortised.... Happy to be corrected though.

Out of interest, for holders who invest on fundamentals - how are you calculating a fair value from KPG, how are you comparing it to other players like CUP, PFG (I know they have differences in models, different concentrations of financial planning exposure and KPG has a superior track record of growth)?

Also interested as to how much people think the market understands the ownership structure and that (like Oftea mentioned) KPG report consolidated results but only a % of that NPAT is attributable to shareholders?

Really impressed with what these guys have achieved, but the market cap / earnings multiples over the last couple of years has always surprised me and seemed out of whack with other listed players.