SEEK: Yield up, but ongoing spend to weigh on margins

About the author:

Steven Sassine
Author name:
By Steven Sassine
Job title:
Associate Analyst
Date posted:
16 August 2023, 7:30 AM
Sectors Covered:
Diversified Financials

  • SEK released its FY23 result, with revenue of ~A$1,225m (+10% on pcp), EBITDA of ~A$546m (+7% on pcp) and Adjusted NPAT (ex Growth fund/Sig. items) of ~A$255m (-1% on pcp) being slightly under Visible Alpha consensus. Whilst the SEEK (ASX:SEK) result highlighted some positive momentum with the platform unification project nearing completion (e.g. yield uplift across key regions), it was arguably the softer FY24 guidance than expected that saw the stock trade down on the day.
  • We lower our key estimates over the forecast period factoring in the latest guidance from SEK, which sees reductions in our topline, NPAT and EPS forecasts (details below). Our price target is lowered to (login to view). Add maintained.

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