Summary
The fund managers believe that Seek Ltd. presents a strong investment opportunity due to its robust market position and consistent revenue growth. In their opinion, the company's focus on innovation and technology enhances its competitive edge, making it well-positioned to capture market share. Furthermore, they highlight the importance of Seek's diversified service offerings, which mitigate risks associated with economic fluctuations. The fund managers are optimistic about the company's future prospects, particularly in expanding its international reach. They also note that strong financial performance and effective cost management strategies contribute to its appeal as a long-term investment. Overall, the consensus among the fund managers is that Seek Ltd. remains a compelling choice for investors seeking growth and stability.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Source: Trading View
Commentary From The Managers
Blackwattle Investment Partners
26 Sept 2025
$28.11
Summary
- Blackwattle Investment Partners has renewed interest in Seek over the past year, especially in the last six months.
- Seek is noted as the most cyclical of the Australian classifieds businesses, facing challenges over the past two to three years.
- Despite headwinds from classified volumes, Seek has maintained strong pricing power.
- The recent investment program has improved technological structure, allowing faster rollout in Australia and Asia.
- Valuation has become more reasonable after a challenging period, attracting Blackwattle's interest.
- Seek is still not widely favored, despite improved performance in the last six months.
- The company trades at a favorable mid-teens EBITDA multiple excluding the Seek Growth Fund's valuation.
- Seek owns approximately 80% of $2 billion in investments, presenting an opportunity for value realization in the next 12 to 24 months.
- Blackwattle anticipates improved top-line growth, margin expansion, and solid cash generation for Seek.
- The overall outlook for Seek's prospects over the coming years is positive.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
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Commentary From The Managers
Blackwattle Investment Partners
26 Sept 2025
$28.11
- Blackwattle Investment Partners has renewed interest in Seek over the past year, especially in the last six months.
- Seek is noted as the most cyclical of the Australian classifieds businesses, facing challenges over the past two to three years.
- Despite headwinds from classified volumes, Seek has maintained strong pricing power.
- The recent investment program has improved technological structure, allowing faster rollout in Australia and Asia.
- Valuation has become more reasonable after a challenging period, attracting Blackwattle's interest.
- Seek is still not widely favored, despite improved performance in the last six months.
- The company trades at a favorable mid-teens EBITDA multiple excluding the Seek Growth Fund's valuation.
- Seek owns approximately 80% of $2 billion in investments, presenting an opportunity for value realization in the next 12 to 24 months.
- Blackwattle anticipates improved top-line growth, margin expansion, and solid cash generation for Seek.
- The overall outlook for Seek's prospects over the coming years is positive.
Summary
Ten Cap
31 Aug 2025
$27.29
- Seek (SEK) delivered solid results but Ten Cap sees significant upside beyond the headline numbers.
- FY26 guidance appears conservative, especially considering the Asia segment’s outperformance.
- Early signs of a domestic recovery are evident, enhancing the investment thesis.
- Rate cuts are on the horizon, which could further benefit SEK.
- Job volumes are poised to rebound, positioning SEK favorably in the market.
- Ten Cap believes SEK is structurally positioned to capture cyclical tailwinds.
- Ten Cap continues to hold because SEK can leverage its dominant platform effectively.
Summary
Tyndall Asset Management
31 May 2025
$24.21
- Seek impressed the market with an investor day highlighting yield growth and operating leverage opportunities.
- Tyndall Asset Management continues to hold due to positive market sentiment following the investor day.
- Focus on long-term growth potential in the business model.
- Emphasis on strategic initiatives that could enhance profitability.
- Ongoing assessment of market trends that may impact performance.
Summary
Blackwattle Investment Partners
31 May 2025
$24.21
- SEK was a significant positive contributor to performance in May, rallying 14% following a successful Investor Day.
- At the Investor Day, SEK narrowed earnings guidance to the top end of the range, showcasing a strong market position.
- Product innovation and pricing power were highlighted as key strengths of SEK.
- Blackwattle Investment Partners attended the Investor Day and sees improved cost control and a focus on shareholder returns from SEK management.
- SEK is the largest online employment classifieds business in Australia.
- Despite being a significant underperformer in 2024, Blackwattle believes 2025 could be a turning point for SEK.
- FY25 marks the first year without an earnings downgrade, with potential for improved earnings into FY26.
- SEK's strong pricing power, cost control, and listing volume growth are expected to drive performance.
- SEK may enhance its capital structure with a potential partial monetization of the SEEK Growth Fund in 2026.
- Blackwattle sees strong upside for SEK as an ‘improving/enduring quality’ business with significant earnings and capital optionality.
- SEK is currently valued materially cheaper compared to its peers.
Summary
Ten Cap
30 Apr 2025
$21.31
- Ten Cap has observed a revision in earnings expectations for SEEK Ltd (SEK) due to concerns about its Asian business.
- The market's optimism regarding the recovery of Australian volumes has been deemed overestimated.
- There is a need for a longer timeline between rate cuts and volume growth in the domestic market.
- Ten Cap has been trimming its active position in SEK, believing that the street's earnings forecasts for FY26 are overly optimistic.
- Despite this, Ten Cap maintains a positive view on the company's long-term prospects.
- The fund is actively seeking data points that could justify increasing their position in SEK again.
Summary
Oracle Advisory Group
31 Mar 2025
$21.40
- Oracle Advisory Group is updating their investment thesis on Seek Ltd (SEK).
- The pace of Seek’s paid ad volumes has moderated in ANZ and Asia.
- Despite this, Seek has implemented price hikes and improved their product mix.
- Oracle Advisory Group anticipates that once job ad volumes increase, Seek will benefit significantly in earnings.
- The key question remains: when will this increase happen?
- Following the recent RBA cash rate cuts, Seek expects a notable improvement in job ad volumes by the end of the year.
Summary
Ten Cap
28 Feb 2025
$23.98
- Ten Cap observes volatility in Seek's share price due to index exclusion and earnings results.
- This volatility did not negate the overall positive contribution of Seek (SEK).
- Ten Cap has added to their position in Seek.
- They rotated out of more expensive classifieds like REA.
- This move aims to capitalize on cyclical tailwinds and promising data.
- The data suggests that consensus volume expectations could be exceeded.
Summary
Blackwattle Investment Partners
31 Dec 2024
$22.57
- SEK was the largest negative contributor to performance, falling 14% in December due to pressure on technology stocks.
- SEK is the largest online employment classifieds business in Australia.
- At the AGM in late November, SEK reiterated revenue guidance for FY25 while slightly reducing cost guidance.
- SEK has underperformed in 2024 compared to technology peers, driven by cyclical volume headwinds and disappointing cost control.
- 2025 is seen as a potential turning point for SEK.
- The November AGM update marks the first instance in a few years without an earnings downgrade, increasing confidence in management's focus on cost control and shareholder returns.
- Over the next couple of years, SEK has the potential to improve earnings through strong pricing power, cost control, and listing volume growth.
- SEK can also enhance its capital structure with potential partial monetization of the SEEK Growth Fund in 2026.
- There is strong upside for SEK as an ‘improving quality’ business with significant earnings and capital optionality, combined with a materially cheaper valuation multiple to peers.
Summary
Selector Funds Management
30 Sept 2024
$24.85
- SEEK is a leader in online employment marketplaces with a global presence across eight markets.
- The APAC platform attracts over 30 million monthly unique visitors and 97,000 monthly unique hirers.
- In Australia, SEEK holds a 32.8% market share by placements, significantly ahead of its nearest competitor.
- Founded in 1997, SEEK employs over 3,300 people across Australia, New Zealand, Asia, and Latin America.
- Recent full year results were weak, but significant progress has been made in reshaping the business.
- The strategic review in February 2021 led to a simpler and more focused business under CEO Ian Narev.
- This reset included the establishment of the SEEK Growth Fund for early-stage investments and the completion of a $175 million platform unification investment.
- During FY24, employment paid ad volumes decreased by 20% in ANZ and 21% in Asia, but paid ad yield increased by 13% and 24%, respectively.
- Overall revenues declined by just 6% to $1,084 million, with costs rising only 1%.
- Operating profits (EBITDA) fell 14% to $469 million, with margins at 43%.
- The platform unification is expected to enhance product offerings through improved technology capabilities.
- SEEK's net debt is higher than preferred, but the SEEK Growth Fund and a 23.5% stake in Zhaopin provide options for deleveraging.
- With annual capital investments of $150 million-$170 million and a 70% dividend payout ratio, a review of capital management may be necessary.
- Management forecasts unchanged revenue of $1,080 million for FY25, with net profits projected between $130 million and $180 million.
- Despite economic challenges, management remains optimistic about aspirational revenue and margin targets for 2028.
- SEEK's current market capitalisation stands at $8.9 billion.
Summary
Oracle Advisory Group
31 Mar 2024
$24.62
- Seek has been struggling with volume growth.
- Revenue growth has been primarily due to price hikes and some premium placements.
- Australia is mature for Seek with only low single-digit volume growth.
- The overseas markets are still in the early stages.
- Oracle Advisory Group decided to exit the position.
Summary
Selector Funds Management
31 Mar 2024
$24.62
- SEEK is a leader in online employment marketplaces with a global presence across eight markets.
- The APAC platform attracts over 29 million monthly unique visitors and has 95,000 monthly unique hirers.
- In Australia, SEEK holds a 31.7% market share by placements, significantly ahead of its nearest competitor.
- Founded in 1997, SEEK employs over 3,700 people across Australia, New Zealand, Asia, and Latin America.
- In FY2024, SEEK completed its platform unification project ahead of schedule and under budget, transforming its technology infrastructure.
- The project cost approximately $175 million, below the forecasted $180 million.
- Management expects to complete minor post-rollout activities by the end of the financial year.
- The unified platform enables efficient scalability across the region, particularly in Asia.
- Over 400 employees were involved in the project, with most returning to product development roles at no extra cost.
- Management anticipates lower ad volumes in APAC, adjusting FY2024 revenue guidance to the lower end of $1.15 billion-$1.21 billion.
- Operating profits are projected to be between $490 million and $530 million.
- Management remains committed to long-term goals of $2 billion revenue and EBITDA margins greater than 50% by FY2028.
- Targets are to be achieved through single-digit volume and yield growth in ANZ and double-digit revenue growth in Asia.
- SEEK currently has a market capitalisation of $8.9 billion.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Frequently Asked Questions
Who has invested in Seek Ltd (ASX:SEK)?
Fund managers including Ten Cap, Blackwattle Investment Partners, Oracle Advisory Group, Selector Funds Management and Tyndall Asset Management have invested in Seek Ltd (ASX:SEK).
Why have investment managers invested in Seek Ltd (ASX:SEK)?
Fund managers are investing in Seek Ltd (SEK) due to its strong market position as the largest online employment classifieds business in Australia, which holds a significant market share and has a global presence across eight markets. Despite recent volatility in share prices and challenges in volume growth, fund managers see potential for recovery and upside in earnings driven by improved cost control, pricing power, and anticipated increases in job ad volumes following rate cuts. The company's successful platform unification project enhances scalability and operational efficiency, positioning SEK for future growth. Additionally, the management's focus on shareholder returns and the potential monetization of assets further bolster confidence in SEK as an improving quality business with attractive valuation multiples compared to peers.
What happened to Seek Ltd (ASX:SEK)?
In August 2025, Ten Cap highlighted Seek Ltd (SEK) as a promising investment, noting its solid results and significant upside potential, particularly with conservative FY26 guidance and strong performance in the Asia segment. They emphasized SEK's strategic positioning to benefit from upcoming rate cuts and a rebound in job volumes. By September 2025, Blackwattle Investment Partners expressed renewed confidence in Seek, citing its cyclical nature and resilience despite recent challenges. They acknowledged the company's solid pricing power and technological advancements, which enable faster rollout across markets. With a favorable mid-teens EBITDA multiple and valuable investments in the Seek Growth Fund, they foresee strong top-line growth and margin expansion, making Seek an attractive prospect for the coming years.