SEEK or FAKE?

Thursday, 29 October 2020

In case you’re wondering what’s happened to SEEK today:

It’s this report by Blue Orca that doing the damage:

Seek Limited (ASX: SEK) (“Seek” or the “Company”) is an Australian-listed roll-up of online recruiting platforms. Even though its legacy platform in Australia (seek.com.au) is stagnating, Seek trades at 404x forward earnings because of the Company’s claims that its most important business, Chinese online recruiting platform Zhaopin, is China’s #1 player and growing rapidly. In FY 2020, Zhaopin accounted for 48% of the Company’s consolidated revenues, and was Seek’s only segment which reportedly grew revenues and profits.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.