A brutal sell-off in one of the ASX 200's biggest tech names has opened up a very attractive buying opportunity.
After a rough start to 2026, WiseTech Global Ltd (ASX: WTC) shares are trading at a large discount to where they were less than a year ago.
The logistics software company finished Friday down 4.63% to $42.27. That followed a weaker session for the S&P/ASX 200 Index (ASX: XJO) as investors reacted to naval skirmishes between the US and Iran in the Strait of Hormuz.
WiseTech shares are now down almost 40% in 2026. They are also trading a long way below their July 2025 high of $121.31.
Let's take a closer look at why the stock could be worth buying at these levels.
A global software business at a very cheap price
WiseTech is best known for CargoWise, its software platform used across the global logistics industry.
Its customers include freight forwarders, customs brokers, logistics providers, and other companies that need to manage complex cross-border supply chains.
This isn't a simple app that customers can easily replace. CargoWise sits deep inside day-to-day logistics workflows, covering areas such as freight forwarding, customs, compliance, routing, and documentation.
Once embedded, CargoWise can become difficult and costly to replace.
And WiseTech also has a large global opportunity.
In its latest Macquarie Australia Conference presentation, the company said CargoWise is targeting an $11 trillion-plus global logistics market. It also pointed to TradeWise, trade finance, customs and border agencies, and verified identity as additional long-term markets.
Guidance still looks strong
The key point to note is that the company's numbers still point to a strong year ahead.
WiseTech has maintained its FY26 guidance. It expects revenue of US$1.39 billion to US$1.44 billion and EBITDAof US$550 million to US$585 million.
That implies an EBITDA margin of around 40% to 41%.
WiseTech has also pointed to underlying EBITDA of US$598.5 million to US$637.5 million.
The company is also pushing harder into artificial intelligence (AI). Management sees AI as a way to improve productivity, reduce labour intensity, and make its platform more useful for customers.
But there are risks. WiseTech is still not cheap on traditional valuation measures, and investors have been worried about acquisitions, AI disruption, and global trade uncertainty.
Nonetheless, at $42.27, the risk-reward looks far more interesting than it did near $121.
Foolish takeaway
Despite the above, I would not call WiseTech completely risk-free.
The US-Iran conflict and pressure around the Strait of Hormuz have added uncertainty to global trade and shipping. But those issues will not last forever.
Once shipping lanes normalise and the market starts looking past the geopolitical noise, I think WiseTech could re-rate quickly.
This is still a high-margin global software business with recurring revenue, deep customer relationships, and a large market opportunity.
With FY26 guidance maintained and the stock more than 60% below last year's high, WiseTech looks like an absolute bargain.
