In early trade the WiseTech Global Ltd (ASX: WTC) share price has climbed almost 5% to an all-time high of $12.55 on the day of its annual general meeting.
This means the provider of software solutions to the logistics industry globally has now seen its shares rise a massive 120% since the start of the year.
What's new?
In the company's AGM presentation the company provided the market with an update on its performance year-to-date and its expectations for FY 2018.
Thanks largely to the strong momentum of FY 2017 being carried over into FY 2018, its low attrition rate, and recent acquisitions in the Netherlands and North America, management has upgraded its full-year revenue guidance.
In August the company gave full-year guidance of between $200 million and $210 million in revenue, with EBITDA expected in the range of $71 million and $75 million.
This has now been upgraded to revenue between $207 million and $217 million, up 35% to 41% year-on-year. EBITDA guidance has remained the same as before, representing growth of between 32% and 39% on FY 2017.
Should you invest?
Based on this guidance I estimate that WiseTech Global's shares are changing hands at approximately 82x forward earnings.
While I do think that the company is one of Australia's top tech shares and has a long runway for growth, I am a little cautious about buying in at today's share price.
So for now I plan to hold off an investment and wait for a better entry point. In the meantime I think an investment in Altium Limited (ASX: ALU) or XERO FPO NZX (ASX: XRO) could arguably be a better option.
