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Hipages Group Holdings Ltd ASX:HPG

0 opened or increased3 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 4 managers in total.

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20252026

30 Jun 2024 to today

Commentary Showing 2 of 11

DateManagerActionSummary

31 Aug 2026Ellerston CapitalHeldEllerston Capital continues to hold Hipages Group Holdings Ltd (ASX: HPG), which rallied 30% for the month after reporting a solid FY26 result and a reasonable outlook. Ellerston notes the significant valuation compression following this year's so-called SaaS apocalypse made it easy for the stock to rally, helped by large rallies in US software companies such as Salesforce. A large percentage of the online trades marketplace's market capitalisation is held in cash, and the business is cash flow positive.

SaaSMonthly Report, price recorded $0.95

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30 Jun 2026Forager FundsHeldForager Funds continues to hold Hipages because the tradie portal has kept delivering operational progress despite a falling share price. First-half revenue rose 11%, with Australian subscription revenue per client up 9%, and the business is becoming better at pricing leads for tradies closer to their true value. Hipages is also expanding into a broader ecosystem through job-management features on its tradiecore platform, alongside a small acquisition and steps toward monetising both its homeowner and tradie bases, which Forager expects to support medium-term revenue growth confidence. Cost control remains strong, with 40-50% of incremental revenue expected to flow through to pre-tax free cash flow, yet Forager notes the market is giving little credit for this progress with the stock down 24% over the year.

Annual Report, price recorded $0.72

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9 more comments on HPGPro shows every comment, with a link to each source document.

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First mention by manager

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Price at first mentionThe share price recorded when each of 4 managers first commented on HPG.

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Articles

About Hipages Group Holdings Ltd

Industrials, Interactive Media and Services

hipages Group (ASX:HPG), the online trades marketplace, has been caught in the software sell-off despite solid execution. In June 2026, Forager Funds said hipages' share price fell despite continued progress, with first-half revenue up 11% and Australian subscription revenue per client up 9%. Investors Mutual reported a 43% fall in March despite strong free cash flow growth, describing it as a victim of the broader software sell-off. Ellerston noted a 19% rise in April after a buyback, a small acquisition and reiterated earnings targets. hipages operates in the Communication Services sector within the Interactive Media and Services industry, and Thesis Tracker has captured 10 comments from 4 fund managers, including Forager, Investors Mutual and Ellerston. Founded in 2004 and headquartered in Sydney, hipages operates an online platform connecting homeowners with tradespeople in Australia and New Zealand and provides Tradiecore software for trade businesses, earning subscription revenue from tradies.

Market cap: $115m
Price to earnings: 9.1x
Return on equity: 29.8%
Dividend yield: 0.0%
Price to book: 2.33x
Net margin: 16.7%
52-week range: $0.68 to $1.40

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Hipages Group Holdings Ltd (ASX:HPG)?

Fund managers including Forager Funds, Tamim Funds Management, Investors Mutual Limited and Ellerston Capital have invested in Hipages Group Holdings Ltd (ASX:HPG).

What opportunities or catalysts do fund managers highlight for Hipages Group Holdings Ltd?

Managers highlight steady revenue growth, rising subscription revenue per client, strong free cash flow, a share buyback and reiterated earnings targets, according to Forager, Investors Mutual and Ellerston.

What are the key risks to the Hipages Group Holdings Ltd investment thesis, according to fund managers?

Investors Mutual and Ellerston note hipages has been caught in the broad software sell-off, with share price falls of up to 43% despite good operational execution.

What does Hipages Group Holdings Ltd (ASX:HPG) do?

hipages Group Holdings Ltd. is an Australian-based online platform and Software as a Service (SaaS) provider for the trade industry. Founded in 2004 and headquartered in Sydney, the company operates across Australia and New Zealand. Its primary segments include the Hipages platform in Australia and the Builderscrack platform in New Zealand. Both platforms facilitate connections between residential and commercial consumers and professional tradespeople. The company serves as a digital marketplace to streamline service procurement and trade management.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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