TIVP064: Kelly Partners Group: The Constellation Software of Accounting? w/ Daniel Mahncke & Shawn O’Malley
The Intrinsic Value Podcast - The Investor’s Podcast Network
Position Sizing and Next Steps
Shawn and Daniel discuss potential small asymmetric position, further due diligence, and meeting Brett.
Daniel Mahncke and Shawn O'Malley take a deep dive into Kelly Partners — a fast-growing Australian chartered accounting network with over 25,000 SME clients and founder Brett Kelly's relentless ambition to build Australia's first global accounting firm. Join Daniel and Shawn as they assess whether Kelly Partners has a sustainable moat, an attractive valuation, and whether it deserves a spot in portfolio.
IN THIS EPISODE, YOU’LL LEARN:
00:00:00 - Intro 00:02:56 - Who the CEO and founder, Brett Kelly, is 00:04:27 - About the mission of Kelly Partners 00:06:53 - How the business model works 00:10:15 - How big the TAM is 00:26:12 - Whether AI is a threat or an opportunity 00:26:51- What the bull and bear cases look like 00:35:02 - What acquisition criteria Kelly Partners has 00:51:50 - How the financials work 01:03:07 - Whether Shawn and Daniel add Kelly Partners to the portfolio
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
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