Seek’s AUD 18.30 FVE Unchanged Following Seek Asia Acquisition
Narrow-moat Seek’s decision to increase its stake in Seek Asia, from 86.25% to 100.0%, has no impact on our AUD 18.30 fair value estimate. Seek Asia comprises just 13% of Seek’s group revenue and 20% of group EBIT, meaning the new investment will only increase group EBIT attributable to Seek shareholders by around 3%. However, as Seek already owns a majority stake in Seek Asia, its investment is fully consolidated, meaning most of our earnings forecasts are unchanged. The key change is to deduct...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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