) -- Analysts at Evercore Partners believe that


(GCI) - Get Report

could be missing an opportunity to spin off CareerBuilder as a public company, as the job site has grown to become the largest online help wanted platform in the U.S. market.

Analyst Douglas Arthur sees potential for the job search site amid signs of a recovery in the jobs market. Four owners share stake in CareerBuilder, led by Gannett with 50.8%, followed by


with 30.8%,


(MNI) - Get Report

with 14.4% and minority owner


(MSFT) - Get Report

with a 4% stake.

The online recruitment site continues to gain strength, and now accounts for 36% of the U.S. online help wanted market, followed by



at 25%. CareerBuilder also brings in higher revenues than any of its domestic competitors.

Arthur argues that such a spinoff would makes sense given the growing interest investors have shown in online recruitment stocks as the market recovers. On September 1, Monster went public with an opening price of $12 per share. The stock now trades at more than $23, while smaller competitor


(DHX) - Get Report

is up 80% over the same time period.

Arthur questions whether CareerBuilder's full market value is being properly realized, or if being under the ownership of three media companies and a tech company is holding it back from growing even stronger.

"Assuming double-digit revenue growth over the next few years as the world recovers from a severe employment recession... we estimate CareerBuilder will generate EBITDA of $132 million in 2011 and $177 million in 2012," Arthur said in his Dec. 6 report,

Based on his research, Arthur projects that the public market value of CareerBuilder would be between $1.5 billion and $2 billion. Gannett's 50.8% stake in the company would value its pretax stake at $900 million, or $3.68 per share.

McClatchy's value would be just under $3 per share versus its current price of $3.55 per share.

-- Written by Theresa McCabe in Boston.

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