Company Reports

We expect Seek’s near- and medium-term challenges to center on navigating the impact of artificial intelligence on the job-matching process.

Seek shares fell more than 15% as full-year EBITDA excluding share-based payments increased 15% to AUD 530 million. An 18% increase in yield per ad across ANZ and Asia, slightly offset by lower volumes, drove the result.

We expect Seek’s near- and medium-term challenges to center on navigating the impact of artificial intelligence on the job-matching process.

Seek shares have sold off materially during 2026 on fears of disruption from artificial intelligence. We have analyzed the AI threat and revisited our thesis about Seek's future market size and market share.

We expect Seek’s near- and medium-term challenges to center on navigating the impact of artificial intelligence on the job-matching process.

Seek's first-half 2026 EBITDA, which the company reports excluding share-based payments, increased 19%, driven by a 17% increase in ad yield across ANZ and Asia.

The S&P/ASX 200 technology sector has fallen 20% in the past month, with investors re-evaluating the sector's lofty return and earnings expectations. We take this opportunity to evaluate long-term returns across our Australian tech coverage through the lens of a company's reinvestment runway.

We expect Seek’s near-term challenges to center around navigating a return to trend in the Australian and New Zealand employment market. After the onset of the covid-pandemic, supportive fiscal and monetary policy, as well as changing societal attitudes toward work and work life balance, led to the great resignation and a booming jobs market, boosting Seek’s ANZ business. We estimate revenue from Seek’s ANZ business was around 10% above trend in fiscal 2025.

Seek's fiscal 2025 EBITDA, which the company reports excluding share-based payments, fell 2% on the prior year, driven by weak job listings. Guidance is for revenue and EBITDA growth to resume in fiscal 2026. Shares jumped about 7% on earnings.

We expect Seek’s near-term challenges to center around navigating a return to trend in the Australian and New Zealand employment market. After the onset of the covid-pandemic, supportive fiscal and monetary policy, as well as changing societal attitudes toward work and work life balance, led to the great resignation and a booming jobs market, boosting Seek’s ANZ business. We estimate revenue from Seek’s ANZ business was around a third above trend in fiscal 2023. However, Seek also more than doubled expenses in its ANZ business since the pandemic, leading us to believe it will be challenged with material operating deleverage when the employment market normalizes.

Seek provided a trading update and updated the market on various long-term growth initiatives during its investor day. The company expects full-year revenue at the top half of the range of AUD 1.06 billion-AUD 1.1 billion and EBITDA at the top half of the range of AUD 440 million-AUD 470 million.

US President Donald Trump's tariffs have rattled global markets. Tariff rates have been raised to levels not seen in a century, which may set in motion a cascade of supply/demand side shocks, depending on how long and high these tariffs stay.

We expect Seek’s near-term challenges to center around navigating a return to trend in the Australian and New Zealand employment market. After the onset of the covid-pandemic, supportive fiscal and monetary policy, as well as changing societal attitudes toward work and work life balance, led to the great resignation and a booming jobs market, boosting Seek’s ANZ business. We estimate revenue from Seek’s ANZ business was around a third above trend in fiscal 2023. However, Seek also more than doubled expenses in its ANZ business since the pandemic, leading us to believe it will be challenged with material operating deleverage when the employment market normalizes.

We increase our fair value estimate for narrow-moat Seek by 5% to AUD 21 per share following half-year results. Seek’s ANZ business, which accounts for three-fourths of group revenue, saw revenue decrease by 4% and EBITDA decline by 6%. Seek’s Asia business saw revenue decrease by 3% and EBITDA decline by 33%. The results were in line with the company’s previous guidance and our forecasts. Corporate costs declined by 17%, which was better than our estimates. At current prices, Seek shares screen as slightly overvalued.

We maintain our AUD 20 per share fair value estimate for narrow-moat Seek following the company’s trading update, provided at its AGM. The company affirmed its fiscal 2025 guidance for revenue, EBITDA, and adjusted net profit after tax, but narrowed its cost guidance. The guidance is in line with our forecasts, of essentially little growth from fiscal 2024, meaning we leave our forecasts unchanged. Shares continue to screen as overvalued.

We expect Seek’s near-term challenges to center around navigating a return to trend in the Australian and New Zealand, or ANZ, employment market. After the onset of the covid-pandemic, supportive fiscal and monetary policy, as well as changing societal attitudes toward work and work life balance, led to the great resignation and a booming jobs market, boosting Seek’s ANZ business. We estimate revenue from Seek’s ANZ business was around a third above trend in fiscal 2023. However, Seek also more than doubled expenses in its ANZ business since the pandemic, leading us to believe it will be challenged with material operating deleverage when the employment market normalizes.

We maintain our AUD 20 per share fair value estimate for narrow-moat Seek following its full-year results. Shares fell on the result and now screen as fairly valued.

We maintain our AUD 20 per share fair value estimate for narrow-moat Seek following its announcement of an impairment of its investment in Zhaopin, the Chinese online employment marketplace. Seek will impair AUD 120 million in the carrying value of its 23.5% equity-accounted investment and a further AUD 21 million impairment of the Zhaopin net consideration receivable, which is partially backed by recourse to equity and is now deemed less valuable. At current prices, Seek shares screen as fairly valued.

We expect Seek’s near-term challenges to center around navigating a return to trend in the Australian and New Zealand, or ANZ, employment market. After the onset of the covid-pandemic, supportive fiscal and monetary policy, as well as changing societal attitudes toward work and work life balance, led to the great resignation and a booming jobs market, boosting Seek’s ANZ business. We estimate revenue from Seek’s ANZ business was around a third above trend in fiscal 2023. However, Seek also more than doubled expenses in its ANZ business since the pandemic, leading us to believe it will be challenged with material operating deleverage when the employment market normalizes.

We raise our fair value estimate for narrow-moat Seek by 5% to AUD 20 per share following its decision to sell its Latin American businesses. The increase in our fair value estimate reflects our expectation for stronger execution in Seek’s core markets as a result of management’s improved focus.