INSIGHTS WITH EVALESCO
When a publicly listed business requests for their shares to be placed in a trading halt, you know that an announcement with some substance (good or bad) isn’t far off.
That’s precisely what happened when WiseTech Global Ltd, a holding in several of our models, asked for their shares to be placed into a trading halt last week, when they were trading for a little over $36, and the very next day their share price jumped to $46.50.
One of the members of the AAN Investment Committee, Marc Venter, contacted one of our Australian share managers, Hyperion, to obtain comments from them in relation to WiseTech Global (WiseTech). We are happy to share with you that the stock is up an amazing 50% in the past month with Hyperion attributing this to the substantial growth the business is managing to source in the global logistics market.
WiseTech is a market leading software provider to the logistics industry and has more than 17,000 customers worldwide. According to Hyperion, the software WiseTech has created allowed logistic providers to operate more efficiently and is more flexible than the incumbent solutions, allowing WiseTech to continue to grow its market share.
WiseTech continues to innovate and has spent $438 million in product development and innovation, building their global capabilities across their team. Hyperion have stated that they believe WiseTech is only at the beginning of penetrating into the logistics industry and as such they see continued growth ahead.
WiseTech Founder and CEO, Richard White said, “Our strong CargoWise revenue growth in FY21 demonstrates industry recognition of our customer value proposition. We have continued to gain momentum in our market penetration with six new CargoWise global rollouts by large global freight forwarders secured in FY21, and the signing of FedEx post 30 June 2021. Importantly, we have a strong pipeline of potential new global customers, which we are actively pursuing. Our top line revenue growth, coupled with our ability to implement organisation-wide efficiencies and extract acquisition synergies, has enabled us to achieve a marked step change in operating leverage that is evident in our strong FY21 financial performance.”
“This is another example of our investment fund managers focusing on their core skills of seeking out future winners on the stock market’, says Marc Venter AAN Investment Committee Member.
Hyperion have been invested in WiseTech for over 3 years and have seen the stock move from around $10 to almost $50 over this timeframe. We continue to value our partnership with excellent managers such as Hyperion who have been assisting us to achieve fantastic outcomes for the AAN investment models. At the time of this post, WiseTech shares were trading at $49.09.
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