Listing volumes for employment online classifieds were strong for the March quarter though UBS cautions Seek’s absolute listings inventory numbers do not reflect velocity. Hence, there are not considered a perfect indicator for growth.
Nonetheless, the broker sees upside to management guidance should volumes remain at current levels for the remainder of the half.
The broker retains its Neutral rating and $32 target.
Sector: Commercial & Professional Services.
Target price is $32.00.Current Price is $28.13. Difference: $3.87 – (brackets indicate current price is over target). If SEK meets the UBS target it will return approximately 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
