Elevated job vacancies support Australia's Seek's FY23 earnings forecast - Brokerage

SEEK

16/01/2023 19:30

** Morningstar says Australia's Seek  SEK.AX  is likely to
be a greater benefactor of local job vacancies and a tight
labour market in Australia than competitors
    ** Says with job candidate demand currently greater than
supply, expects strong yield growth for co through FY23
    ** Brokerage expects attractive earnings growth for the
group, estimating 11% EBITDA CAGR though to FY27
    ** Says Seek has been a benefactor of a strong rebound after
initial COVID-19 restrictions were lifted, with EBITDA in its
AUNZ segment seeing compound annual growth rate (CAGR) of 25%
from FY19 to FY22
    ** Expects firm-wide operating margins of 38% in fiscal
2022, 39% from fiscal 2024 and rising to 40% by fiscal 2031 as
the group benefits from synergies of a combined platform
    ** 11 of 14 analysts rate the stock "buy" or higher and
three "sell"; their median PT is A$26.54– Refinitiv data
    ** Stock fell 36.1% in 2022
 (Reporting by Rishav Chatterjee in Bengaluru; Editing by
Richard Chang)
 ((Rishav.Chatterjee@thomsonreuters.com;))