Seek Remains Fairly Valued as Management Sensibly Plays the Long Game
We maintain our fair value estimate for narrow-moat-rated Seek at AUD 17.20 per share following its fiscal 2017 result. At the current price of AUD 17.26, we believe the shares are fairly valued and are likely to generate a total shareholder return of around 8.5% per year. Fiscal 2017 net profit after tax, or NPAT, of AUD 193 million was 3% below our forecast, but this difference isn’t sufficiently material to justify revising our earnings forecasts. However, management’s earnings guidance conce...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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