Seek downgraded to Sell

Shares in Seek have risen 33% since we wrote about Seek’s LinkedIn threat on 28 Mar 13 (Hold $9.90). In that article we explained why Seek’s core recruitment business is of a lower quality than, say, Carsales.com or REA Group. The nub of the problem is that Seek trades in people, with one side of the deal being the people themselves, and people have their own way of doing things. Many job vacancies appear and are filled without an ad ever being placed, and people are finding new ways of connecting all the time. LinkedIn is leading the charge...

Shares in Seek have risen 33% since we wrote about Seek’s LinkedIn threat on 28 Mar 13 (Hold $9.90). In that article we explained why Seek’s core recruitment business is of a lower quality than, say, Carsales.com or REA Group.

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