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Why the WiseTech share price just hit another record high

The WiseTech Global Ltd (ASX: WTC) share price hit a record high of $25.91 this morning after the software-as-a-service business told investors to expect EBITDA between $100 million to $105 million on revenue between $326 million to $339 million over FY19.

This is in line with guidance issued earlier in 2019 and, if delivered, would represent EBITDA and revenue growth between 47–53% and 28–35%, respectively, on FY18. Therefore, the rocketing share price looks sentiment-related as much as anything.

The numbers would represent a strong headline result for the business behind the CargoOne software platform, which has also pursued an aggressive acquisition strategy aimed at making it the dominant market leader in its space as software providers for the global cargo industry. 

In March 2019, WiseTech raised $300 million from institutional investors by issuing shares at $20.50 each, so it now has the kind of balance-sheet firepower many US tech firms of a similar size possess to invest heavily for growth and complete acquisitions at will. 

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Tom Richardson owns shares of WiseTech Global.

You can find Tom on Twitter @tommyr345

The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of WiseTech Global. The Motley Fool Australia has no position in any of the stocks mentioned. 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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