WiseTech Global (ASX: WTC) has been one of the most beaten-down names on the ASX over the past year, with shares closing on Tuesday around A$45.59. That is down sharply in 2026 and well below the November 2024 peak of A$141.61. But broker Bell Potter now believes the selling has gone too far. In a note released Tuesday morning, the broker trimmed its 12-month price target to A$78.85 (from A$83.75) while keeping its buy rating. The reason? WiseTech now trades at a more than 30% discount to fellow ASX tech leader Technology One, and Bell Potter calls that gap “excessive.”
Why Bell Potter Thinks the Discount Has Gone Too Far
The argument is simple. Both WiseTech and Technology One are high-quality software businesses with sticky customers, recurring revenue, and strong competitive moats. In theory, they should trade on similar valuations. In practice, they do not.
WiseTech currently trades on an EV/EBITDA multiple of around 22 times for FY26 and 18 times for FY27, the lowest forward multiples in its almost ten years on the ASX. Technology One trades at roughly 32 times and 28 times for the same years, the highest in Bell Potter’s ASX 100 tech coverage. Put simply, investors are paying a big premium for Technology One and getting WiseTech at a bargain.
Bell Potter’s view is that WiseTech deserves to close some of that gap because it has stronger forecast earnings growth and a similar competitive moat built on 30 years of proprietary data, deeply embedded software, and high switching costs.
What Has Driven WiseTech Shares So Low
Plenty of bad news has piled up. The company went through management and board upheaval, announced a US$2.1 billion acquisition of e2open that added integration risk, and flagged up to 2,000 job cuts as part of a deep AI transformation.
On top of that, a new pricing model went live on 1 December, and investors worry that agentic AI could weaken WiseTech’s competitive position over time. In our view, these are all legitimate concerns. But at some point, a share price reflects enough bad news, and Bell Potter is arguing that level has now been reached.
The Investor’s Takeaway for WiseTech
At Tuesday’s close of A$45.59, Bell Potter’s A$78.85 target implies around 73% upside over the next 12 months. That is a big number, and investors should stay realistic. This is Bell Potter’s fourth target trim since November.
For the bull case to play out, WiseTech needs to deliver on its FY26 revenue guidance of US$1.39 to US$1.44 billion and prove the e2open synergies are real. Encouragingly, the ASX tech sector has been rebounding since late March, and WiseTech shares are already up around 14% over the past five trading days.
For patient long-term investors who believe in WiseTech’s position as the operating system for global logistics, this looks like a rare entry point into a high-quality compounder. More cautious investors may prefer to wait for the FY26 results in August for proof that the turnaround is on track.
