Seek: Soft Job Ads Update Suggests Activity Is Normalizing

We maintain our AUD 19 per share fair value estimate for narrow-moat Seek, following its half-year results. Results were broadly in line with our expectations for a continued deceleration in Seek’s Australia & New Zealand, or ANZ, business, which accounts for around 70% of group revenue, as new job listings further normalize from elevated levels. Shares fell 5% but despite the steep fall, we continue to view Seek shares as materially overvalued.