Fund Manager Summary
The fund managers believe that Seek Ltd presents a favorable investment opportunity despite recent volatility in share price due to index exclusion and earnings results. In their opinion, this volatility has not diminished Seek's overall positive contribution to their portfolios. They have taken this opportunity to increase their position, transitioning from more expensive classifieds like REA. The fund managers are capitalizing on cyclical tailwinds and optimistic data indicating that consensus volume expectations could be exceeded. This strategic adjustment reflects their confidence in Seek's potential for future growth.
Source: Trading View
Commentary From The Managers
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Ellerston Capital
30 Oct 2025
$26.99
Summary
- Compelling upside potential in Seek Ltd.
- The stock has faced challenges due to heavy technology reinvestment, competitive pressure in Asia, and weaker job ad volumes.
- Investor concerns included cost discipline and venture capital investments.
- Ellerston Capital was attracted to Seek for its ability to raise prices and capture more of the economics from successful hires.
- Currently, Seek captures 0.8% of a candidate’s salary in a successful hire, indicating significant pricing power.
- Recent improvements include peaked technology spending and lowered costs.
- The Freemium product in Asia is stabilizing competition, with early signs of market-share gains.
- Job-ad volumes have returned to growth.
- Guidance indicates cost growth is manageable.
- The capital-allocation framework suggests a gradual rationalisation of the venture portfolio, with potential returns to shareholders.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Ellerston Capital
30 Oct 2025
$26.99
- Compelling upside potential in Seek Ltd.
- The stock has faced challenges due to heavy technology reinvestment, competitive pressure in Asia, and weaker job ad volumes.
- Investor concerns included cost discipline and venture capital investments.
- Ellerston Capital was attracted to Seek for its ability to raise prices and capture more of the economics from successful hires.
- Currently, Seek captures 0.8% of a candidate’s salary in a successful hire, indicating significant pricing power.
- Recent improvements include peaked technology spending and lowered costs.
- The Freemium product in Asia is stabilizing competition, with early signs of market-share gains.
- Job-ad volumes have returned to growth.
- Guidance indicates cost growth is manageable.
- The capital-allocation framework suggests a gradual rationalisation of the venture portfolio, with potential returns to shareholders.
Summary
Paradice Investment Management
30 Sept 2025
$28.51
- Paradice Investment Management initiated a new position in Seek Ltd (SEK) due to improving volumes.
- The fund manager recognizes management’s disciplined cost control as a key factor.
- This disciplined approach is expected to drive operating leverage.
Summary
Ten Cap
30 Sept 2025
$28.51
- Seek (SEK) is recognized as a market leader in employment advertising.
- Ten Cap believes Seek is structurally positioned to benefit from improving job volumes as rate cuts take effect.
- The Asia segment of Seek continues to outperform expectations.
- There is potential for upside beyond the conservative FY26 guidance.
Summary
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
Clime Investment Management
31 Aug 2025
$27.29
- Clime Investment Management has decided to buy Seek (SEK.ASX).
- SEEK has a strong track record of value creation in Australia.
- Its market-leading position is supported by continual investment in technology.
- Offshore ventures have become more disciplined, focusing on Southeast Asia.
- After a period of earnings pressure, SEK is positioned to grow earnings ahead of consensus.
- Revenues are more cyclical than competitors like REA and Carsales.
- Job volumes are currently off cycle highs.
- SEK trades at a notable discount to peers after adjusting for equity-accounted investments.
Summary
Blackwattle Investment Partners
31 Aug 2025
$27.29
- Delivered results in line with guidance, confirming expectations of double-digit profit growth in FY26.
- Job advertisement volumes are stabilising after three years of declines.
- Unification project has reduced expense growth to just 3%, unlocking productivity gains.
- With its market leadership and streamlined systems, Seek is well-positioned to accelerate product innovation.
- Seek aims to drive yield growth and enhance operating leverage.
- This strategy will further strengthen its competitive position.
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
Selector Funds Management
31 Aug 2025
$27.29
- Selector Funds Management continues to hold a positive view on SEEK Ltd due to its strategic initiatives aimed at enhancing market presence.
- CEO Ian Narev noted significant revenue growth in the second half of the financial year, despite challenging market conditions.
- The completion of the “platform unification program” in March 2025 is expected to drive faster operations and greater scale across Australia, New Zealand, and Asia.
- SEEK's new freemium model in Asia allows users to post job ads for free, aiming to increase user engagement and conversion rates.
- Despite a decline in overall market volumes, SEEK achieved higher average yields, demonstrating effective product strategy and innovation.
- The introduction of new ad tiers, Lite and Advanced, reflects SEEK's commitment to addressing market gaps and enhancing user experience.
- Management's focus on maintaining operating leverage is evident, with total expenses remaining flat while revenue is projected to grow.
- Guidance for FY26 indicates strong growth potential, with net revenue expected to reach $1.15b-$1.25b and EBITDA of $510m-$550m.
- SEEK's market leadership, with a capitalisation of $10.5b, positions it well to influence the industry moving forward.
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
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
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.
ANALYST INSIGHT
Equity Research Analyst
"Amid the turbulence surrounding Seek Ltd, it appears that strategic repositioning from pricier options like REA could unlock value, as emerging data hints at potential upside in volume expectations. The volatility may just be a stepping stone to greater gains."
Last Updated: 30 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in Seek Ltd (ASX:SEK)?
Fund managers including Ten Cap, Blackwattle Investment Partners, Oracle Advisory Group, Selector Funds Management, Tyndall Asset Management, Clime Investment Management, Paradice Investment Management and Ellerston Capital have invested in Seek Ltd (ASX:SEK).
Why do fund managers invest in Seek Ltd?
Fund managers are investing in Seek Ltd due to its potential for growth despite recent share price volatility. They believe that the company's strong fundamentals, coupled with favorable market conditions and promising data indicating that volume expectations may be surpassed, present a compelling opportunity. This strategic shift from higher-priced competitors highlights their confidence in Seek's resilience and future performance.
What happened to Seek Ltd (ASX:SEK)?
Fund managers are investing in Seek Ltd due to its strong market position and potential for growth as job volumes stabilize and improve. The company has demonstrated solid pricing power and effective cost control, which, combined with a successful platform unification, enhances operational efficiency. With conservative FY26 guidance and significant upside potential, particularly in its Asia segment, Seek is well-positioned to capitalize on cyclical recovery and generate solid cash flow. Additionally, its strategic focus on technology and innovation supports revenue growth, making it an attractive investment opportunity.