Citi downbeat on Seek's upcoming annual results, flags macro headwinds

SEEK

11/08/2026 22:23

** Citi downbeat on Australia's Seek Ltd SEK.AX ahead of upcoming FY26 results
** Brokerage attributes negative view on Seek to macroeconomic factors that have affected online platforms such as REA and CAR groups
** Says Visible Alpha (VA) has cut its estimate for Seek and Citi's estimate for the online employment marketplace's FY27 net profit is 1% below VA's
** However, Citi adds U.S. peers such as Indeed and ZipRecruiter have excelled, by introducing new tools and features along with AI
** Says market underestimates value of Seek's matching algorithm and hiring tools especially given exploding job application volumes due to AI
** Adds that cost management, yield growth and capital to be key focus in Seek's results
** Average rating of 13 analysts is "buy" or higher; their median PT is A$20, LSEG-compiled data shows
** As of last close, stock down 30.5% YTD

 (Reporting by Aamir Sheik Khalid in Bengaluru)
 ((Aamir.SheikKhalid@thomsonreuters.com))