The sell-off in the ASX growth share space has been brutal, but this could be a good time to identify All Ordinaries (ASX: XAO), or ASX All Ords, stock opportunities that have declined too far.
I'm going to highlight two businesses that are growing quickly, but where the valuation is now dramatically lower. It's true that there is uncertainty, but the valuation decline has more than made up for that, in my view.
AI certainly does raise questions of how software will change in the coming years, but I think the future looks bright for the two below, particularly at the lower valuations.
Siteminder Ltd (ASX: SDR)
The company says it's the name behind Siteminder software, which claims to be the world's leading hotel distribution and revenue platform, while its Little Hotelier offering is an all-in-one hotel management software that "makes the lives of small accommodation providers easier".
With offices in Bangalore, Bangkok, Barcelona, Berlin, Dallas, Galway, London, Manila and Mexico City, it's a truly global business, generating more than 130 million reservations worth more than A$85 billion in revenue for its hotel customers each year.
The company sees a significant growth runway in selling more to its existing customer base. Its current annual recurring revenue (ARR) represents approximately 0.3% of the A$85 billion of gross booking value it facilitates.
That percentage could rise to more than 1.5% of gross booking value for the ASX All Ords stock, if customers adopt its full suite of smart platform tools, which help forecast travel demand and adjust room rates for optimal pricing. Siteminder can automatically optimise pricing and distribution for customers.
Revenue growth from existing subscribers, as well as ongoing record hotelier wins, is part of the company's overall goal to deliver 30% annual revenue growth in the coming years.
Despite this strong growth, the Siteminder share price is down more than 40% since October 2025, as the chart below shows. I think the company's net profit and cash flow can soar in the coming years thanks to operating leverage.
Temple & Webster Group Ltd (ASX: TPW)
Temple & Webster is another ASX All Ords stock that has enormous growth potential but has dropped heavily. The online retailer of homewares, furniture and home improvement products (such as kitchen, bathroom, curtains, blinds and wallpaper items).
The business is benefiting from the steady progress of online shopping adoption. The online penetration of the homewares and furniture market is 20% in Australia, compared to 29% in the UK and 35% in the US, suggesting there's a significant runway for the next few years.
The company's home improvement segment is growing rapidly (where the online penetration is only between 5% to 10% in Australia) – in FY25, this segment's revenue soared 43% to $42 million.
Temple & Webster has a number of growth avenues as it targets $1 billion of annual sales in the medium-term. The company has recently started shipping items to New Zealand, opening up a few million potential customers in that market.
As the company's revenue rises, I'm expecting margins to grow thanks to lower fixed costs (in percentage terms), improved productivity with AI and tech tools, and a better marketing return on investment (ROI).
Put all of the above together, and I'm expecting the ASX All Ord stock's bottom line to improve significantly over the next three or four years.
