Seek Set To Find A Slower Year

While Online jobs site Seek told the market yesterday that expects to report full-year earnings and revenue at the top end of its guidance range – despite revealing three significant items totalling $142 million – investors just didn’t believe the positive spin and sent the shares down 9% at one stage.

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Seek’s Half-Year Result

Seek is a high quality business that has been a core part of our portfolio for a few years. We like Seek for a number of reasons. These include its dominant market position and its ability to pull the pricing power lever. The company lived up to our expectations when it recently delivered its HY17 results.

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SEEK Is Transitioning From Growth Stock To Blue-Chip; Outlook Remains Strong

When was the last time you applied for a job on SEEK? The Australian job portal was visited more than 35 million times on average per month in 2015. SEEK’s international websites received even more than 340 million clicks. Having been in the business for 18 years, SEEK has established itself as the domestic market leader for online job employment. As a reward for doing things differently, SEEK Ltd was also named the 14th most innovative growth company by Forbes. However, I’ve been asked many times if SEEK’s stock is currently in buy territory or if there are better opportunities elsewhere. In order to answers this let us dig deeper into the company’s profile:

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Trouble at SEEK?

SEEK Limited (ASX: SEK) this week released a trading update that contained some disappointing news. SEEK’s learning division has not performed as well as hoped in the second half of 2015, and SEEK now expects the second half of 2015 Net Profit After Tax to be broadly in line with the first half of 2015 – some 10 per cent short of what was implied by broker consensus.

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Seek Sell-Off Excessive

Seek (SEK) has learned a hard lesson from its online vocational education business as technology issues at a major supplier have caused it to downgrade earnings forecasts for FY15. Seek now expects the second half to be in line with the first, having previously expected moderate growth. Furthermore, the company has also moderated its outlook for FY16, stating it expects to make aggressive re-investment in its brands.

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Are Expectations For Seek Set Too High?

Online employment classifieds and education business, Seek (SEK), missed profit forecasts in its first half result, despite delivering solid growth at the top line and increasing the dividend pay-out ratio. The market was clearly disappointed and the share price reacted negatively. While there were both pleasing and not-so-pleasing aspects to the numbers, several brokers wonder whether the market has set its expectations too high.

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