Why the WiseTech Global Ltd share price is rallying 

WiseTech Global Ltd (ASX: WTC) continues its rally rising 25% since 26 April to $12.40 at the time of writing. At a hefty valuation of 89x forward earnings, the share price may be overbought. At the Macquarie Conference a few days ago the company released FY18 profit guidance of between 32% and 39% growth in EBITDA, which has been taken well by the market as seen by the recent rally.  

But, the share price did peak in February before falling 42% to a low of $9.49. FY17 results were in line with expectations, but the share price was sold down due to a combination of a high valuation, and uncertainty about the number of acquisition, which left investors wondering how they would be integrated into the company. 

WiseTech developed CargoWise One, the leading logistics management system for the global supply chain.   

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Motley Fool contributor Rosemary Steinfort has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of WiseTech Global. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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