Seek SEK is the largest online listing platform for employment in Australia and New Zealand. It’s faced headwinds competitive pressure, especially from Microsoft-owned LinkedIn. LinkedIn has rapidly taken market share in the past decade, and challenges Seek in the high-end of the market.

Our analysts believe Seek will continue innovating to improve the core function of its platform, which is to serve as a matchmaker between supply and demand for employment. Supported by network effects established as a first mover, we believe Seek will remain the dominant online listing platform for employment in ANZ.

Online listings platforms derive their network effects from a virtuous cycle of additional demand on the network attracting additional supply and vice versa, at little incremental expense to the platform operator. In the case of employment listings platforms, the value of the network to employers increases commensurate with the size and quality of the pool of job seekers, while for job seekers the value of the network increases commensurate with the size and quality of the pool of relevant job listings.

Seek has managed to establish these network effects in its ANZ employment listings platform through a first-mover advantage and strong execution. Seek estimates that its ANZ platforms are responsible for around a third of job placements in ANZ, which we consider the best measure of market share. Seek’s nearest competitor, LinkedIn, which is owned by Microsoft, is responsible for around 10% of placements.

Currently 55% undervalued to our Morningstar Fair Value Estimate (at 24 September 2026), Seek has been awarded a Narrow Moat by our analysts, indicating their belief in its ability to maintain and grow its competitive advantage for at least the next 10 years.

Seek is currently yielding approximately 4.58% on a trailing basis, offering a meaningful income stream for yield-oriented investors. The dividend is fully franked. However, the most recent reported diluted EPS figures show losses at the per-share level (most recently -$1.04), driven by non-cash charges and restructuring. While Seek continues to pay dividends, the reported accounting EPS is negative, meaning the dividend is not currently covered by reported earnings.

Our analysts believe that despite operating in a highly competitive environment, Seek has been overinvesting in its business. After the onset of covid, revenue in Seek’s ANZ business doubled, but Seek also doubled expenses in its ANZ business.

Bulls say

  • Seek is the largest online listing platform for employment in Australia and New Zealand and is protected by network effects.
  • Seek enjoys near-universal unprompted brand recognition in Australia, which should further protect its market share.
  • Seek offers the lowest friction method for active job seekers to search for a suitable job listing due to its highly intuitive, performant, and feature-rich platform.

Bears say

  • The employment market is inherently highly fragmented, preventing Seek from consolidating the market meaningfully.
  • Microsoft-owned LinkedIn has natural advantages for connecting employers and job seekers and has rapidly taken market share in Australia and New Zealand in the past decade.
  • Seek’s overseas expansions have disappointed, including the recent divestitures from Latin America, and may continue to disappoint.

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