Closure of Seek Learning Has no Impact on Seek Limited's AUD 14.00 Fair Value
Seek Limited's decision to close its Australian vocational education referral business, Seek Learning, has no impact on our AUD 14.00 fair value estimate or narrow economic moat rating. Seek Learning was just 1% of group EBITDA and our revised fiscal 2017 underlying net profit after tax forecast of AUD 213 million, is largely unchanged. Management reiterated fiscal 2017 underlying NPAT guidance of AUD 215 million to 220 million at the annual general meeting, which is broadly in line with our for...Seek is engaged in the online matching of hirers and candidates with career opportunities and related services; investing in early stage businesses and technologies which are in or adjacent to the main online employment marketplace; and distribution and provision of vocational training and higher education courses. Co.'s ANZ Employment, Zhaopin, SEEK Asia, Brasil Online and OCC segments provides online employment and marketplace services. Co.'s Education segment includes the marketing, sale and distribution of education courses. Co. also has an Early Stage Ventures segment consisting of a portfolio of Australian and international investments.
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