Morningstar - Seek Limited (SEK) Seeks Remains Undervalued Following OES Investment

Report

Morningstar

Gareth James

EUR 98.48 For Business Accounts Only

Seek's Remains Undervalued Following OES Investment

We maintain our fair value estimate for narrow moat-rated Seek at AUD 16.00 per share following its purchase of an additional 30% of Online Educational Services, or OES, for AUD 118 million, lifting its shareholding to 80%. At the current market price of AUD 14.74 per share, we continue to believe Seek shares are undervalued. The transaction implies a AUD 395 million valuation for 100% of the business, well above the AUD 10 million Seek and Swinburne have collectively invested to date. However, ...

20/03/2017 14 EN

Underlying

Seek Limited

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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AU000000SEK6 Australian Securities Exchange Australia

Provider

Morningstar

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.

We have operations in 27 countries.

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Analysts

Gareth James

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Seek's Remains Undervalued Following OES Investment

Seek Limited: 1 director

Recruit Holdings Co Ltd - Company Profile and SWOT Analysis

SEEK sees a downgrade to Slightly Negative on account of less fundamental stars

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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