WiseTech Global (WTC.AX): Upgrading Cargowise forecasts for DSV contract timeline; See consensus as a bit high for FY27e revenue and low for EBITDA

Research evidence excerpt

WiseTech Global (WTC.AX): Upgrading Cargowise forecasts for DSV contract timeline; See consensus as a bit high for FY27e revenue and low for EBITDA

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10 Jul 2026 00:05:23 ET │ 14 pages

WiseTech Global (WTC.AX)

Upgrading Cargowise forecasts for DSV contract timeline; See

consensus as a bit high for FY27e revenue and low for EBITDA

CITI’S TAKE Buy

With Wisetech providing clarity on DSV’s contract commitment, we Price (09 Jul 26 16:00) A$34.63

update the phasing for DSV’s migration off Cargowise. This results in 9%

Target price A$55.05↑ upgrade to FY28e NPAT as we now assume a lower impact in FY28e and

that DSV completely rolls-off in 2H29e. While DSV is under contract till from A$52.00

Sep’28 and Wisetech’s contracts typically have a minimum level of Expected share price return 59.0%

commitment, we have assumed that some volume starts migrating in Expected dividend yield 0.6%

FY28e. Further, migrations typically do take longer and can be more Expected total return 59.6%

expensive and our new forecasts could also end being too low; however, Market Cap A$11,639M

with DSV running two systems we have assumed that it will try and US$8,163M

migrate as fast as possible. We continue to see consensus revenue growth

assumptions for FY27e as being too high, but see 4% upside to EBITDA

due to the recent RiF. Maintain Buy with a new target price of $55.05.

Siraj AhmedAC

Ongoing conversations positive, product roll out key — One positive from +61-3-8643-9781

Wisetech’s announcement is that Wisetech and DSV are in discussions for further siraj.ahmed@citi.com

collaboration. In our view, it comes down to product features and that is key from our Howard Suen

perspective in terms of the medium- to long-term growth for Cargowise as well as howard.suen@citi.com