Seek's full year results were pretty nasty. They were always going to be.

Group revenue was up just 3%, with 2nd half billings down 65% at the nadir.

EBITDA was down 9%, which translated to a 51% fall in NPAT (excluding significant items) due to a big increase in depreciation and amortisation.

The market reaction led to a 9% drop in share price (at time of writing), presumably due to some very cautious messaging from management. 

CEO Andrew Bassat said "The current Macro outlook is highly uncertain. Our near term profits will be impacted by COVID-19..."

I've always rated management and regard them as one of the best teams on the ASX. A frank and direct assesement is welcome, and preferable to a bunch of spin and unreasonable near term forecasts that would hardly be better than a thumb suck.

These guys have always been very long term focused, and I don't think the business is in any structural trouble. It'll likely take a couple of years before the business fully recovers, but in 5 and 10 years i anticipate this to be a bigger and better business, continuing to hold leading positions in its chosen markets.

That being said, even after today's price drop, shares are only 15% from record highs and trading on a P/E of 76 and a P/S of 4.4. Too rich for me

Results presentation is here