Seek Delays Dividend, McGrath Drops Guidance
Seek was another company yesterday to withdraw its earnings guidance and postpone the payment of dividends because of the COVID-19 pandemic.
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News
Cautious Seek Cuts Payout
Online jobs listing provider Seek has slashed its interim dividend after warning about the potential fallout from the coronavirus crisis which is worsening outside of China.
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Seek Realigns “Growth Aspirations”
Online jobs listing and employment services group sprang a major surprise on investors yesterday by revealing plans to rejig its dividend payout policy that could very well see the company reward shareholders with smaller payments in coming years.
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Softer Seek Steps Up Expansion Plans
For some odd reason shares in online employment services group Seek rose yesterday, despite the company warning of a possible dip in full-year earnings because it was stepping up investment in early-stage ventures.
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An Update On Seek’s Full Year Results
In this week’s video insight Stuart takes a look at Seek’s (ASX:SEK) full year results. In the 2018 year, Seek reported 24.4 per cent revenue growth. This was a strong result driven by an acceleration in revenue growth in the Australasian, Chinese and Asian businesses.
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Analyst Views
SEK – Morgan Stanley rates the stock as Overweight
FY19 earnings were in line with expectations. First time guidance for FY20 is for revenue growth of 15-18%, ahead of Morgan Stanley's forecasts.
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SEK – UBS rates the stock as Upgrade to Neutral from Sell
After the latest ANZ job advertising series and UBS proprietary data, the broker concludes that FY19 guidance, which indicates a net profit of around $200m, should be secure. This view is held despite the softening macro conditions and the slowing in domestic job growth.
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SEK – Citi rates the stock as Sell
Citi expects depth revenue growth to accelerate but not completely offset slower volume growth in the core business. The broker upgrades estimates for earnings per share by 3-5% in FY19-21.
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SEK – Citi rates as Sell
Seek is spending more next year and Citi analysts point out management’s updated guidance for FY19 effectively translates into a -13% downgrade for consensus forecasts.
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SEK – Morgans rates as Reduce
SEEK has launched new pricing for advertising and database products which will yield an average price rise of 4.5%, with rises skewed to premium products. Morgans says the figures suggest the company could outpace in FY19 but refrains from upgrading a week out from the FY18 results.
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