WiseTech Global Ltd (ASX:WTC) heads into the first trading session of December after its sharpest weekly rebound in months – but still under a heavy governance cloud and trading well below its 2025 highs.
As of the close on Friday, 28 November 2025, WiseTech shares finished at A$73.02, up 4.7% for the day and roughly 11% above where they ended the previous week. [1] That rally helped the logistics software giant lead an ASX tech fightback, even as its market value remains down dramatically for the year.
Below is a detailed look at what moved the WiseTech Global share price between 28–30 November 2025, and what investors will be watching before the ASX opens on Monday, 1 December 2025.
WiseTech Global share price recap: late‑November 2025
Key numbers before the 1 December open
- Last close (28 Nov 2025): A$73.02
- Daily move (Friday): +A$3.30, about +4.7%
- Intra‑day range (Friday): A$70.21–A$73.92
- Volume (Friday): ~1.9 million shares
- 52‑week range: A$61.49–A$134.26 [2]
On Friday, the S&P/ASX 200 finished the week modestly lower on the day but up about 2.4% for the week, its first weekly gain in a month. WiseTech was one of the standout performers: it rose 4.73% on Friday, capping what the local press described as its best week since April. [3]
Across Thursday and Friday combined, WiseTech staged a powerful rebound. Market-index data and intraday commentary show the stock jumped roughly 6.9% on Thursday as tech shares rallied globally, then added Friday’s near‑5% gain to close the week at A$73.02. [4]
Despite the recovery, WiseTech remains far from its 2025 peak. With the current price around A$73 versus a 52‑week high above A$134, the stock is trading about 45% below its record levels, a drawdown echoed in recent Australian commentary that highlights a roughly 40%+ slump in the shares over the past year. [5]
At Friday’s close, WiseTech’s market capitalisation sat near A$24–25 billion, down almost 40% from the end of 2024. [6]
What happened between 28–30 November 2025?
28 November: Tech rally crowns WiseTech as a weekly winner
Friday’s session was dominated by a broad tech rebound:
- News coverage of the ASX 200’s close highlighted technology, consumer staples and materials as the strongest sectors, with WiseTech singled out for its 4.73% daily rise and standout weekly performance. [7]
- Proactive market commentary noted that global tech strength spilled over into Australian names, with WiseTech leading a local tech rally that also lifted Catapult and Xero. [8]
Weekend wrap‑ups published on 29 November reinforced this picture. A market summary of the 28–29 November period recorded WiseTech “gained around 4.7% to A$73.02”, describing it as a continuing heavyweight in the local tech space as the index headed into December. TS2 Tech
Board refresh still in the spotlight
Under the surface, part of the late‑November enthusiasm reflects a board reshuffle.
On 26–27 November, WiseTech announced the appointment of Raelene Murphy as an additional independent non‑executive director. Reuters and market news services flagged the appointment as part of ongoing efforts to strengthen governance after a year of board turbulence. [9]
Local investment media reported that WiseTech shares jumped about 6–7% on the day of the announcement, with some outlets linking the reaction to optimism that a more independent board could eventually ease governance concerns. [10]
30 November: Brokers and commentators turn more constructive
On Sunday, 30 November, several pieces of analysis and broker round‑ups focused squarely on WiseTech:
- A weekend ASX 200 tech sector wrap noted that the WiseTech share price had “ripped 11.04% higher to close at A$73.02 on Friday”, referring to its weekly climb from the previous Friday’s A$65.76 close. [11]
- Another article looking for “cheap ASX shares that could double” argued that, despite recent volatility, WiseTech and Xero still have robust competitive positions and long‑term growth runways, suggesting the recent sell‑off may have overshot fundamentals. [12]
- A broker wrap for the week ahead listed WiseTech among a handful of ASX stocks that top brokers rated as buys for the coming week, citing long‑term growth potential and the recent share price pull‑back. [13]
Taken together, the 28–30 November news flow paints a picture of a stock enjoying short‑term momentum and a tentative swing back toward positive sentiment – without erasing the deep governance scars of 2025.
The governance cloud: why WiseTech is still controversial
Before October, WiseTech was widely treated as one of the ASX’s premium growth stories. That narrative was badly damaged this year.
Raids, scandals and boardroom exits
In late October, ASIC and the Australian Federal Police raided WiseTech’s Sydney office, investigating alleged trading in the company’s shares by founder Richard White and several employees, reportedly around blackout periods. News of the probe sent the stock to a multi‑month low and wiped billions of dollars from its market value. [14]
That raid followed months of governance turmoil that included:
- Multiple independent directors resigning, citing concerns over White’s ongoing role and board independence. [15]
- A preliminary ASIC investigation into possible Corporations Act breaches related to WiseTech’s leadership saga. [16]
- Media reporting of serious personal misconduct allegations involving White, which triggered his step‑down as CEO and later return in a powerful executive role, further unsettling investors. [17]
Shareholder groups and large institutional investors have been vocal. Commentary from the Australian Shareholders Association and industry super funds has repeatedly flagged “key‑man risk”, the lack of independent oversight, and the need for a convincing succession plan.
AGM tensions and remuneration revolt risk
In the lead‑up to the November AGM, governance pressure intensified:
- Investor commentary suggested WiseTech risked a “first strike” on its remuneration report amid frustration over pay structures and the handling of the scandals. [18]
- Reports from the AGM itself described founder Richard White as visibly emotional, reflecting on a year of personal upheaval and boardroom conflict while facing pointed questions from shareholders. [19]
The late‑November appointment of another independent director is being read by some as a step in the right direction – but the overall governance narrative remains unsettled and is likely to keep a valuation discount in place for many risk‑averse investors.
Fundamentals, forecasts and valuation: what the numbers say
Earnings and growth
Despite the drama, WiseTech’s core business continues to grow.
For the 2025 financial year (to 30 June), WiseTech reported:
- Revenue of about A$778.7 million, up roughly 12% year on year
- Earnings of around A$200.7 million, up about 14–15% versus the prior year [20]
Those figures reflect continued adoption of WiseTech’s flagship CargoWise logistics platform, which provides end‑to‑end software for freight forwarders and logistics providers.
How the market is valuing WiseTech now
At around A$73 per share, WiseTech still trades on very demanding multiples:
- Trailing P/E around 79–80x and a forward P/E in the low 60s, according to recent valuation snapshots. [21]
- Price‑to‑sales above 20x, well above most ASX peers in software and services. [22]
That rich multiple is exactly what a recent column in The Australian pointed to when grouping WiseTech with other “punished blue‑chip high‑valuation stocks”, noting its share price is down more than 40% from previous peaks as investors rotate away from expensive growth names. [23]
Analyst targets and fair‑value estimates
The forecasts and valuation models published in late November vary wildly – which, in itself, is a signal of uncertainty:
- A compilation of broker research shows an average 12‑month price target near A$118.97, with individual targets ranging from about A$73.73 to A$139.65. That implies upside of roughly 60% from Friday’s close if the consensus proves correct. [24]
- Morningstar, via a recent Livewire summary, maintained a five‑star rating and suggested WiseTech was trading at roughly a 50% discount to its A$138 per share fair value estimate as at 31 October 2025 – although that was before the October raids. [25]
- A 2‑stage free cash flow to equity model published earlier in November estimated fair value around A$59.69, modestly below recent trading levels. [26]
- More conservative discounted cash-flow and relative value models from specialist valuation sites have intrinsic values as low as A$13.57 on one DCF model and A$28.61 on P/E‑based comparables, implying substantial overvaluation at current prices. [27]
- Simply Wall St recently noted that WiseTech’s P/E multiple in the low 70s is far above the Oceanic software industry average and even above its own estimated “fair” multiple, framing the stock as high‑expectation and high‑risk on valuation grounds. [28]
Fund managers are similarly divided. A November fund commentary described the post‑raid share price as a “highly attractive opportunity” after the stock hit a 52‑week low near A$61.49, arguing the sell‑off was overdone relative to long‑term fundamentals. [29]
In short: some models show WiseTech as deeply undervalued, others as extremely expensive. The gap reflects different assumptions about long‑term growth, margins, governance risk and the discount rate investors demand after a bruising year.
Ownership and control: who’s behind WiseTech?
According to recent substantial shareholder disclosures:
- Founder Richard White and his private entity hold roughly 34–35% of the company.
- Global index heavyweights Vanguard Group and State Street each own stakes around 5–6%. [30]
That concentrated ownership structure amplifies the “key‑man” narrative: White’s influence over the company remains enormous, which some investors see as a strength for product vision and others as a governance risk.
Five things to watch before the ASX opens on 1 December 2025
Heading into Monday’s trade, here are the main WiseTech Global share price drivers to monitor:
1. Does the tech momentum carry into December?
WiseTech’s late‑November rebound was strongly tied to a broader tech rally, both in the US and on the ASX. [31]
If global risk sentiment and tech futures remain firm, there’s scope for follow‑through buying. A softer overnight tone, by contrast, could see last week’s gains tested.
2. Trading volume and signs of short‑covering
Friday’s turnover of nearly 1.9 million shares was well above normal levels, suggesting a mix of short‑covering and opportunistic dip‑buying. [32]
Watch whether:
- Volumes stay elevated (signalling strong conviction), or
- Activity fades, which could leave the price more vulnerable to negative headlines.
3. Any fresh governance or regulatory headlines
Given ongoing ASIC interest, class actions and board‑review processes, even a small governance development can move the share price.
Investors will be alert for:
- Updates on the insider‑trading investigation or governance reviews [33]
- Further board changes or clarity on succession planning for the CEO and chair roles [34]
In 2025, governance news has often mattered more than earnings for WiseTech’s daily moves.
4. Broker notes and recommendation changes
Brokers already featuring WiseTech on “buy for next week” lists may reiterate or expand on their views in Monday‑morning notes. [35]
Also worth watching:
- Whether more brokers follow Evans & Partners’ recent upgrade to “Positive” with price targets in the A$90–100 range [36]
- Or whether more cautious analysts emphasise the lofty P/E and unresolved governance risk.
5. Macro signals: interest rates and growth expectations
High‑multiple growth stocks like WiseTech are especially sensitive to interest‑rate expectations. The late‑November rally in risk assets was helped by softer US data and hopes for rate cuts. [37]
Any shift in the macro narrative – for example, stronger inflation prints or more hawkish central‑bank commentary – could quickly pressure stretched valuations in the tech sector, WiseTech included.
Bottom line
Between 28 and 30 November 2025, WiseTech Global shares have:
- Rallied strongly, recovering about 11% in a week and closing Friday at A$73.02
- Benefited from a global tech rebound, a board refresh, and renewed broker interest
- Yet remained weighed down by serious governance and regulatory concerns, a steep drawdown from earlier highs, and controversial valuation metrics
For investors watching the stock before the 1 December 2025 open, WiseTech is once again a high‑beta bellwether for ASX tech – but one where sentiment can swing sharply with every new headline.
As always, any decision to buy, hold or sell WiseTech should factor in your risk tolerance, time horizon, and need for diversification, and ideally be made with professional financial advice.
References
1. www.investing.com, 2. www.investing.com, 3. www.news.com.au, 4. www.marketindex.com.au, 5. www.investing.com, 6. stockanalysis.com, 7. www.news.com.au, 8. www.proactiveinvestors.co.uk, 9. www.marketscreener.com, 10. www.raskmedia.com.au, 11. www.fool.com.au, 12. www.fool.com.au, 13. www.fool.com.au, 14. www.reuters.com, 15. www.theaustralian.com.au, 16. www.theaustralian.com.au, 17. www.theaustralian.com.au, 18. www.sharecafe.com.au, 19. thenightly.com.au, 20. stockanalysis.com, 21. finance.yahoo.com, 22. stockanalysis.com, 23. www.theaustralian.com.au, 24. fintel.io, 25. www.livewiremarkets.com, 26. finance.yahoo.com, 27. valueinvesting.io, 28. simplywall.st, 29. www.fool.com.au, 30. www.marketindex.com.au, 31. www.proactiveinvestors.co.uk, 32. www.investing.com, 33. www.reuters.com, 34. www.theaustralian.com.au, 35. www.fool.com.au, 36. www.marketscreener.com, 37. www.news.com.au
