Seek Ltd

SEK: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$12.00	Qywpgk	Xmmddkhz

Seek’s AUD 19.00 FVE Maintained Despite Guidance Downgrade

Apr 30, 2019

We have maintained our earnings forecasts and AUD 19.00 fair value estimate for narrow-moat Seek despite the slight downgrade to fiscal 2019 earnings guidance and the announcement of new acquisitions. Management have changed their description of the fiscal 2019 reported NPAT guidance to ‘moderately’, rather than ‘slightly’, below the prior year and we assume our forecast 4% decline is in line with the guidance. At the current market price of AUD 18.21, we still believe Seek is fairly valued.

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