Kelly Partners Group Holdings Limited
KPG AU
pitch
long
NS
Thesis
Kelly Partners is a compelling investment opportunity due to its high-quality, organically growing core business and a strong management team. The company is consolidating the accounting industry in Australia with a unique acquisition strategy that allows it to acquire businesses at lower valuations, and it is poised to replicate this strategy in the US and UK, which could significantly enhance its valuation.
Did it work?
failed
confidence: high
The investment thesis for Kelly Partners was based on its growth potential and acquisition strategy, which has not translated into positive price performance. A decline of 37.2% over 34 months indicates that the anticipated growth and valuation enhancement have not materialized, leading to a failure of the thesis.
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