2305 GMT [Dow Jones] -- Morningstar says job-ad company Seek's shares are still too pricey, even after a roughly 9% drop yesterday when the company said it expected profits to be flat as it continues to invest in its businesses. Morningstar says Seek shares should be trading at A$18, compared to the A$20 where they closed yesterday. Although Morningstar supports Australia-based Seek's strategy of investing in overseas job-ad websites, the research firm notes that Seek's profit margins have been falling in recent years. Its Ebitda margin was 47% in FY09 compared to the 29% forecast for FY19. ([email protected]; @Mike_Cherney)
SEK Price at posting:
$20.00 Sentiment: None Disclosure: Not Held
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