Seek’s 1H Result Slightly Better than We Expected. FVE Increased to AUD 19.00.

Narrow-moat Seek reported a slightly stronger first-half result than we expected, with revenue up 19% versus our previous full-year growth forecast of 16%. Management maintained full-year revenue growth guidance of 16% to 20%, versus our revised forecast of 21%, and EBITDA growth guidance of 5% to 8%, versus our 4.4% forecast. Management also increased their estimate of the cost of investments in early stage ventures in fiscal 2019 to between AUD 40 and AUD 45 million from AUD 35 to AUD 40 million. This means management now expects reported NPAT to be slightly below the prior year, rather than "broadly similar." However, these changes aren’t material to our valuation.