Seek Looks Overvalued Despite Huge Chinese Opportunity
Narrow-moat-rated Seek has performed well over the past year, with its share price up 27% versus the 10% increase in the S&P/ASX 200 Index. Investors have been encouraged by a stronger-than-expected first-half contribution from the relatively mature Australian business, which comprises 50% of group EBIT, and the massive earnings growth potential of the Chinese business, Zhaopin. We have increased our fair value estimate by 2% to AUD 18.70 to reflect the time value of money on our financial m...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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