Company Reports

SiteMinder shares rose nearly 20% as management upgraded near- and medium-term guidance during the company's annual general meeting.

We expect SiteMinder’s strategy to be wide-ranging, including a focus on attracting new customers, increasing penetration of its current product suite, and developing and launching new products. We view SiteMinder’s strategy as appropriate, despite its wide-ranging nature, as all three focus areas provide large and highly winnable opportunities.

We expect SiteMinder’s strategy to be wide-ranging, including a focus on attracting new customers, increasing penetration of its current product suite, and developing and launching new products. We view SiteMinder’s strategy as appropriate, despite its wide-ranging nature, as all three focus areas provide large and highly winnable opportunities.

Shares fell nearly 15% with fiscal 2026 earnings. Annual recurring revenue rose 24% in constant currency, driven by a 15% increase in subscription ARR and a nearly 40% increase in transaction ARR.

We expect SiteMinder’s strategy to be wide-ranging, including a focus on attracting new customers, increasing penetration of its current product suite, and developing and launching new products. We view SiteMinder’s strategy as appropriate, despite its wide-ranging nature, as all three focus areas provide large and highly winnable opportunities.

SiteMinder shares have sold off around 50% since their peak in 2025 on fears of artificial intelligence disruption. We have analyzed the AI threat and revisited our thesis about SiteMinder's competitive landscape and its broader operating environment.

First-half 2026 annual recurring revenue, or ARR, increased 27% in constant currency, driven by a 14% increase in subscription revenue and a nearly 40% increase in transaction revenue. Shares rose more than 10%.

We expect SiteMinder’s strategy to be wide-ranging, including a focus on attracting new customers, increasing penetration of its current product suite, and developing and launching new products. We view SiteMinder’s strategy as appropriate, despite its wide-ranging nature, as all three focus areas provide large and highly winnable opportunities.

The S&P/ASX 200 technology sector has fallen 20% in the past month, with investors re-evaluating the sector's lofty return and earnings expectations. We take this opportunity to validate long-term returns across our Australian tech coverage through the lens of a company's reinvestment runway.

We expect SiteMinder’s strategy to be wide-ranging, including a focus on attracting new customers, increasing penetration of its current product suite, and developing and launching new products. We view SiteMinder’s strategy as appropriate, despite its wide-ranging nature, as all three focus areas provide large and highly winnable opportunities.

SiteMinder reported fiscal 2025 results, with revenue up 19% in constant currency. Closing annual recurring revenue was up 27%, driven by nearly 50% growth in transaction ARR. Shares rose more than 20%.

SiteMinder presented at the Macquarie Australia Conference and provided a trading update, guiding for accelerating annual recurring revenue growth in second-half fiscal 2025. This demonstrates its resilience even in challenging macroeconomic times like the present.

We maintain our AUD 10 per share fair value estimate for narrow-moat SiteMinder. Revenue growth during the first half of fiscal 2025 is tracking below our and management’s expectations for the full year, coming in at 17% on the previous corresponding period, or PCP, on a constant-currency basis. Management’s guidance is for 30% organic annual revenue growth over the medium term. Shares sold off sharply on the result and screen as materially undervalued. We continue to expect revenue growth to reaccelerate in the near to medium term and achieve management’s 30% target in fiscal 2027.

We expect SiteMinder’s strategy to be wide-ranging, including a focus on attracting new customers, increasing penetration of its current product suite, and developing and launching new products. We view SiteMinder’s strategy as appropriate, despite its wide-ranging nature, as all three focus areas provide large and highly winnable opportunities.

Our perception of narrow-moat Siteminder as a future category leader in hotel e-commerce software isn’t reflected in current share prices, with shares significantly undervalued compared with our AUD 10 per share fair value estimate.

In our special report 'Uncovering the Hidden SaaS Profits' we discuss why software-as-a-service companies, can be structurally underestimated by the market and how investors can use this market inefficiency to find opportunities. We believe narrow moat SiteMinder provides such an opportunity, as it is trading well below our AUD 10 per share fair value estimate.

We expect SiteMinder’s strategy to be wide-ranging, including a focus on attracting new customers, increasing penetration of its current product suite, and developing and launching new products. We view SiteMinder’s strategy as appropriate, despite its wide-ranging nature, as all three focus areas provide large and highly winnable opportunities.

We maintain our AUD 10 per share fair value estimate for narrow-moat SiteMinder. The company released fourth-quarter results last month, so the full-year result included limited new information. The shares screen as materially undervalued. The market does not seem to fully appreciate how the company’s scale-based advantages translate into the high winnability of a large market opportunity.

We expect SiteMinder’s strategy to be wide-ranging, including a focus on attracting new customers, increasing penetration of its current product suite, and developing and launching new products. We view SiteMinder’s strategy as appropriate, despite its wide-ranging nature, as all three focus areas provide large and highly winnable opportunities.

We maintain our AUD 10 per share fair value estimate for narrow-moat SiteMinder following its fourth-quarter trading update. SiteMinder turned modestly free cash flow positive in the quarter, on an underlying and reported basis, at AUD 2.5 million and AUD 2.2 million, respectively, compared with negative AUD 5.3 million and AUD 5.4 million in the prior year. The shares rallied because the company achieved the milestone.