Sydney, December 22, 2025 — Shares in WiseTech Global Ltd (ASX:WTC) slid on Monday as investors digested a fresh governance-and-structure headline involving founder and executive chair Richard White, just days after the company said an independent board review had wrapped up. The move underscores the reality of owning WTC right now: a high-quality global logistics software franchise with heavyweight growth ambitions — and a very public governance narrative that can swing sentiment quickly.
WiseTech closed December 22 at A$67.99, down 3.12%, after trading between A$67.86 and A$70.75. [1]
WiseTech Global share price today: why WTC is back in the spotlight
The latest pullback follows a sharp re-rating in 2025. The stock is now roughly 48% below its 52-week high of A$129.90 (Feb 7, 2025) and not far above its 52-week low of A$62.63 (Nov 18, 2025), according to market data compiled by Intelligent Investor. [2]
That context matters: when a stock is already “on edge,” news that changes how the founder’s stake is financed — even if it’s not a straight sale — can hit the market like a cymbal crash.
What happened: the Richard White / RealWise collar arrangement
The catalyst for the latest bout of volatility is WiseTech’s disclosure that RealWise Holdings Pty Ltd — the entity owned and controlled by Richard White — entered a collar derivative transaction and related financing facility with Macquarie Bank over 20 million WiseTech shares.
WiseTech told the market the deal covers about 6% of WiseTech’s issued share capital, and that it’s designed to allow RealWise to “gradually release liquidity” against those shares via a facility that can run up to 5.5 years. [3]
Key points investors have focused on:
- Scale: 20 million shares is a big number in headline terms (even if it’s a subset of White’s broader exposure). [4]
- Purpose: WiseTech said proceeds are intended to refinance existing debt at RealWise and fund tax and other personal obligations. [5]
- Remaining stake: WiseTech stated White retains approximately 95 million shares not subject to the collar financing transaction. [6]
- “Sale” optics: As part of the arrangement, RealWise lends the relevant shares to Macquarie, involving a transfer of legal title — and WiseTech noted the structure may therefore be legally characterized as a sale for Corporations Act purposes, prompting cleansing notices. [7]
From RealWise’s own detailed explanation to the market, the collar involves bought cash-settled put options and sold cash-settled call options over WiseTech shares, and the financing facility is secured by the shares that are lent to Macquarie. RealWise also emphasized the facility is less than the collar’s notional value and said there are no margin calls or downside liquidation triggers embedded in the structure. [8]
One nuance that matters for short-term trading dynamics: RealWise disclosed that Macquarie was expected to conduct a delta hedge of ~3 million shares, which could involve selling stock into the market via a bookbuild after-market. [9]
Finally, WiseTech said White indicated that neither he nor RealWise intends to sell WiseTech shares or enter further derivative transactions prior to the release of WiseTech’s FY26 results, expected in August 2026. [10]
Governance update: board review completed, but a new matter emerged
This collar headline landed immediately after WiseTech released an ASX announcement on December 18 stating its board review into matters relating to Richard White had been completed, with external advisers including Seyfarth Shaw LLP (and support/advice from Herbert Smith Freehills). WiseTech said Seyfarth had confirmed there were no further matters requiring determination or further enquiry as part of the board review. [11]
However, the appendix attached to that announcement also disclosed a separate development: one new additional matter was raised by a former WiseTech team member, and the company said it is assessing it through a separate confidential internal process. The announcement noted the former team member did not engage in the board review, so the matter was not considered in that process and no conclusion was reached regarding it. [12]
In other words: one governance chapter closed, but the market was reminded that governance risk doesn’t always resolve cleanly on a timetable.
The regulatory overhang: ASIC and police inquiry into alleged trading
Adding to the sensitivity, WiseTech remains linked to an ongoing investigation into alleged trading issues. Reuters previously reported that Australian authorities executed a search warrant as part of an investigation into alleged insider trading tied to WiseTech, including trading by Richard White and other employees. [13]
A Morningstar analysis republished by nabtrade said the investigation included trades by White and three employees, and noted the company was unaware of charges being laid at the time of that analysis. Morningstar also said it kept its fair value estimate unchanged in that report, but flagged that a forced departure of White would be material to valuation. [14]
Business fundamentals: why WiseTech still draws “buy the dip” arguments
Even with the governance headlines, the business story remains substantial.
CargoWise Value Packs: a major pricing and product shift now live
On December 1, WiseTech launched CargoWise Value Packs, describing them as a new commercial model designed to simplify billing, reduce or eliminate platform overheads, and bundle a larger set of capabilities for forwarding, customs, warehousing and land transport. The company said more than 95% of customers were informed on October 31 and the model was live and available to those customers from December 1. [15]
WiseTech also highlighted that the new model removes standard hosting costs and seat fees in the value packs, moving toward an all-in-one transaction fee per logistics job (shipment, customs declaration, movement, warehouse order line, etc.). [16]
The company positioned AI as part of the value proposition, pointing to features such as an AI workflow engine, AI management engine, and compliance tools, and said some e2open supply chain modules are also available through the value packs. [17]
Investor Day focus: commercial model, AI, CTO and e2open integration
WiseTech’s investor communications around December have leaned heavily into a “platform + ecosystem” narrative. The company’s investor center frames its 2025 Investor Day around priorities including the new commercial model, AI, container transport optimization (CTO), and the integration of e2open. [18]
e2open: the acquisition that expanded the addressable market (and complexity)
WiseTech completed its strategic acquisition of e2open in August 2025, which it has described as expanding its total addressable market across global trade, logistics, and supply chain software. [19]
At FY25 results, WiseTech reported total revenue of US$778.7 million for FY25 and said it completed the e2open acquisition on 4 August 2025, with “integration on track.” [20]
FY26 guidance: the numbers the market keeps coming back to
The foundation for most broker models remains WiseTech’s FY26 guidance:
- Revenue:US$1.39 billion to US$1.44 billion
- EBITDA:US$550 million to US$585 million
- EBITDA margin:40% to 41%
WiseTech stated this outlook reflects assumptions including margin dilution from the initial consolidation of e2open. [21]
This guidance range is also central to the debate about whether WTC is “cheap” or “still expensive” after its de-rating: bulls see the company as building the operating system for global logistics; bears worry about execution, pricing transition risk, and governance.
Analyst forecasts and price targets: how the Street is framing upside (and risk)
Despite the volatility, several published research summaries point to meaningful upside from current levels — with big caveats about uncertainty.
Macquarie upgrade, consensus targets
A Fintel summary reports Macquarie Research upgraded WiseTech from Neutral to Outperform (reported December 12, 2025), and that the average one-year price target tracked there was A$109.91, with a range from A$73.73 to A$141.75 (as of early December). [22]
With WTC closing at A$67.99 on Dec 22, an A$109–A$110 style consensus implies roughly 60%+ upside — but that gap is also a signal of how much risk the market is pricing in. [23]
Bell Potter: BUY maintained, PT A$100, watching the commercial model rollout
Bell Potter’s public note said WiseTech reaffirmed FY26 guidance at its AGM, highlighted the commercial model going live on December 1, and maintained a BUY rating with a price target of A$100 (reduced after valuation multiple changes). The note also flagged that a high uptake of the CargoWise Value Pack would be a bullish catalyst. [24]
Morningstar: fair value AUD 138 (as of late Oct analysis)
Morningstar (via nabtrade) kept a fair value estimate of AUD 138 per share in its November-posted piece and argued the shares screened as materially undervalued at that time, while noting governance and investigation headlines as key uncertainties. [25]
Growth expectations
Simply Wall St’s forecast snapshot (updated in December) points to analyst-modeled growth rates in the high teens/low 20s (revenue and earnings), reflecting the market’s expectation that WiseTech’s platform model can keep compounding — assuming execution holds. [26]
The bull case vs. the bear case — in plain English
WiseTech is currently a tug-of-war between two stories:
The bull case:
A sticky global logistics platform (CargoWise) with deep integration into freight forwarders and supply chain workflows; a pricing model refresh designed to unlock more module adoption and monetization; AI features positioned as productivity engines; and a bigger ecosystem post-e2open. [27]
The bear case:
Governance and key-person risk remain elevated; the ASIC/police inquiry is a lingering uncertainty; the value packs transition could create churn, pricing friction, or revenue timing surprises; and e2open integration plus debt adds complexity at the same moment the company is changing how it charges customers. [28]
What investors will watch next
Looking into early 2026, the market’s checklist is likely to revolve around a few measurable signals:
- Value Pack transition outcomes: How quickly customers move, what the net pricing impact is, and whether WiseTech can demonstrate improved adoption of bundled capabilities without damaging customer relationships. [29]
- Evidence that AI is monetizing (not just demoing): WiseTech is explicitly positioning AI automation as value within the new packs; investors will want to see that flow into durable revenue and retention. [30]
- e2open integration execution: WiseTech has said integration is on track, but markets typically demand proof via margins, cost discipline, and cross-sell momentum. [31]
- Governance and regulatory developments: Any updates related to the investigation or board governance could move the stock quickly, in either direction. [32]
- Founder stake mechanics: Even if there’s “no intention to sell,” the market will continue to parse the implications of share lending, hedging, and what similar financing structures might mean for supply/demand dynamics. [33]
Bottom line
WiseTech Global stock’s decline on December 22, 2025 is less about a single day’s trading and more about how the market is processing a complex mix: a major commercial/pricing shift now live, an acquisition integration, and a governance narrative that still generates headlines.
For long-term investors, the debate is whether today’s price reflects a rare chance to buy a globally scaled software compounder at a discount — or whether the discount is the market’s rational way of pricing governance and execution uncertainty.
References
1. stockanalysis.com, 2. www.intelligentinvestor.com.au, 3. company-announcements.afr.com, 4. company-announcements.afr.com, 5. company-announcements.afr.com, 6. company-announcements.afr.com, 7. company-announcements.afr.com, 8. company-announcements.afr.com, 9. company-announcements.afr.com, 10. company-announcements.afr.com, 11. openbriefing.com, 12. openbriefing.com, 13. www.reuters.com, 14. www.nabtrade.com.au, 15. www.wisetechglobal.com, 16. www.wisetechglobal.com, 17. www.wisetechglobal.com, 18. www.wisetechglobal.com, 19. www.wisetechglobal.com, 20. www.wisetechglobal.com, 21. www.wisetechglobal.com, 22. fintel.io, 23. stockanalysis.com, 24. bellpotter.com.au, 25. www.nabtrade.com.au, 26. simplywall.st, 27. www.wisetechglobal.com, 28. www.nabtrade.com.au, 29. www.wisetechglobal.com, 30. www.wisetechglobal.com, 31. www.wisetechglobal.com, 32. www.reuters.com, 33. company-announcements.afr.com
