Boardroom Moves, Flat Profit Sees Seek Sold Off
Shares in recruitment group Seek sold off on a basket of news yesterday: no dividend + new CEO and Chairman + flat earnings = shares down 7%.
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Seek Limited
SEEK is a diverse group of companies that have a unified purpose to help people live more fulfilling and productive working lives and help organisations succeed.
The Group encompasses a strong international portfolio of employment and education businesses and is a market leader in online employment marketplaces, with deep and rich insights into the future of work.
SEEK makes a positive impact on a global scale, with exposure to 2.9 billion people, more than 51 million students and learners and a presence in 18 countries including China and across South-East Asia and Latin America.
At SEEK we create world-class products through the ongoing investment into AI and technology and have a culture of innovation, empowerment and collaboration. Australian owned and operated, SEEK employs 1,000 people in Australia and over 10,000 people around the world.
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News
Seek Confirms Softer Result As China Story Leaves Investors Cold
Online recruitment group Seek was another leading company (like IAG last Friday and Downer EDI, also yesterday) to confirm previously announced write-downs, losses, and impairments, and no final dividend.
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Seek Drops Dividend In Favour Of “Flexibility”
Online jobs group, Seek has made the early decision to drop its final dividend for the 2019-20 financial year to allow it to build up its financial reserves for the coming financial year.
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Seek Investors See Through Brazil, Mexico Writedowns
Investors treated the shares of Seek, the jobs group, nicely yesterday despite the company signaling a big round of asset impairments, an after-tax loss and casting doubt on the final dividend for the 2019-20 financial year.
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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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Analyst Views
SEK – UBS rates the stock as Neutral
Seek's announcement in early November on phasing out job ad templates will help the company lift depth penetration, suggests UBS, and reminds the broker of the strategy followed by REA Group ((REA)) and Domain Holdings Australia ((DHG)).
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SEK – Credit Suisse rates the stock as Outperform
Seek has guided to FY20 being slightly ahead of Credit Suisse's estimates, expecting operating earnings (EBITDA) of $410m.
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SEK – UBS rates the stock as Neutral
The company has signalled the upcoming changes to contract structure, effective July 1. Concessions will cease and recruiters/corporates on subscriptions will transfer back to minimum dollar commitments.
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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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