WiseTech Global Shares Remain Overvalued Despite Strong First-Half Earnings Growth
We weren’t surprised by the 23% fall in narrow-moat-rated WiseTech’s share price following its interim result. The share price has tripled over the past year, but we don’t believe the underlying earnings outlook has improved sufficiently to warrant such a strong increase. Rather, it appears that WiseTech shares have ridden the wave of positive sentiment towards technology stocks, with the relatively low free float and recent ASX 200 index inclusion providing further upward share price pressure. ...
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