If you had stopped checking WiseTech Global Ltd (ASX: WTC) shares at the start of the year, you might be in for a shock today.
The stock is down another 1.07% to $32.34 on Monday, taking its 2026 fall to around 53% and leaving it near a 2-month low.
A drop like that is enough to make plenty of investors lose interest.
But sometimes the best opportunities start to show up after most of the excitement has disappeared.
And when I look at WiseTech today, I reckon the long-term picture looks much better than the share price suggests.
Image source: Getty Images
The business investors may be overlooking
One thing I don't think investors are talking about enough is how much business WiseTech has already won but hasn't fully switched on yet.
At the end of FY26, the company had secured 61 large global freight forwarder rollouts.
Of those, 12 were still being rolled out, with more than 75% of their expected volume yet to go live.
That caught my attention.
It means WiseTech doesn't need to start from scratch every year and keep finding completely new customers just to grow.
There is already more volume sitting in the pipeline from customers that have signed up.
And once these large freight forwarders move deeper onto CargoWise, the relationship will be much harder to walk away.
Why customers keep sticking around
The other part I like is just how deeply WiseTech is becoming tied into global logistics.
CargoWise is already used by many of the world's biggest freight forwarders, and the e2open acquisition has pushed the company much further into the wider supply chain.
Once a large customer has built CargoWise into the way it runs its business, changing systems is not exactly simple.
There's a lot of work involved, especially when freight, customs, compliance and supply chain data are all running through the platform.
WiseTech has also kept customer attrition below 1% for more than 14 years.
That tells me customers are not just trying the software and moving on.
They are sticking around.
And the more products WiseTech can put in front of those customers, the more valuable each relationship can become over time.
Would I buy at $32?
Yes, there are still risks.
But I wouldn't see another dip as a reason to run.
At around $32, investors are paying a very different price than when WiseTech was pushing towards $100.
The valuation is still not cheap on every measure, but the starting point looks far more attractive to me.
If management keeps growing CargoWise and expands recurring revenue, I can see plenty of upside still ahead.
I'd rather give a business like this time to execute than worry about where the share price trades next week.
