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Siteminder Ltd ASX:SDR

SaaS Enterprise SaaS Operating Leverage Recurring Revenue

4 opened or increased10 held3 reduced or exitedlatest position by manager, past 12 months90 days: 1 increased, 0 reduced. 21 managers in total.

Position history by manager Showing 3 of 21 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

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202420252026

4 Feb 2025 to today

Commentary Showing 2 of 52

DateManagerActionSummary

31 Aug 2026Pendal GroupHeldPendal Group continues to hold Siteminder because the manager notes an FY26 result modestly below expectations, with revenue, EBITDA and net profit all missing consensus as a stronger Australian dollar created a meaningful currency headwind. Pendal highlights average recurring revenue growth remaining strong at 24% in constant currency, exceeding expectations on continued Smart Platform adoption. The key debate centres on management retiring its prior 30% revenue growth aspiration, replacing it with guidance for ARR growth in the 20s and adjusted EBITDA margins reaching the mid-20s by FY30, which the manager notes was not perceived as an upgrade to prior market assumptions.

SaaSNewsletter, price recorded $3.00

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31 Aug 2026Lakehouse CapitalIncreasedLakehouse Capital increased its position in SiteMinder because underlying business momentum remained healthy despite a second half impacted by Middle East-related travel disruption and currency headwinds. The fund manager notes that constant-currency subscription growth accelerated to 15%, transaction revenue rose 34% on Smart Platform adoption, churn remained steady at 1%, and the lifetime-value-to-customer-acquisition-cost ratio improved 9% to 6.6 times, while adjusted EBITDA rose 96% to $28.1 million off a low base. Lakehouse Capital added to the position with the stock trading near its lowest-ever forward EV/revenue multiple of 2.4 times, against management guidance for more than 20% organic growth and roughly 15 percentage points of margin expansion over four years.

Monthly Report, price recorded $3.00

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Articles

About Siteminder Ltd

Information Technology, Software

SiteMinder (ASX:SDR), the hotel commerce software provider, has been sold down heavily, but several fund managers see it as undervalued. In August 2026, Pendal Group reported a FY26 result modestly below expectations, with revenue, EBITDA and profit missing consensus partly due to a stronger Australian dollar. Lakehouse Capital said underlying momentum remained healthy, with constant-currency subscription growth accelerating to 15% and transaction revenue up 34%. Seneca believes faulty AI assumptions and indiscriminate selling drove the shares from $7.50 to $3.00, leaving them too cheap. SiteMinder operates in the Information Technology sector within the Software industry, and Thesis Tracker has captured 51 comments from 21 fund managers, including Pendal Group, Lakehouse, Seneca, Ryder and QVG. Founded in 2006 by Mike Ford and Mike Rogers and headquartered in Sydney, SiteMinder provides a hotel commerce platform that helps accommodation providers manage distribution, bookings, pricing and payments worldwide.

Market cap: $699m
Price to earnings: Loss-making
Return on equity: -19.5%
Dividend yield: 0.0%
Price to book: 15.54x
Net margin: -4.3%
52-week range: $2.47 to $7.96

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

Questions

Who is investing in Siteminder Ltd (ASX:SDR)?

Fund managers including Endeavor Asset Management, Blackwattle Investment Partners, Yarra Capital Management, Elston Asset Management, LHC Capital, Lakehouse Capital, Seneca Financial Solutions, First Sentier Investors, Bailador Investment Management, LSN Capital Partners, Pendal Group, Spheria Asset Management, Ryder Capital, Solaris Investment Management, Ellerston Capital, ECP Asset Management, Oracle Advisory Group, Akambo, Market Partners, Quest Asset Partners and QVG Capital have invested in Siteminder Ltd (ASX:SDR).

What opportunities or catalysts do fund managers highlight for Siteminder Ltd?

Lakehouse highlights accelerating constant-currency subscription growth and strong transaction revenue growth, while Seneca believes the share price fall was driven by mistaken AI fears and indiscriminate selling, leaving a high-quality compounder undervalued. QVG remains optimistic about the medium-term outlook.

What are the key risks to the Siteminder Ltd investment thesis, according to fund managers?

Pendal notes FY26 results missed expectations due to currency headwinds, and Ryder observed SiteMinder downgraded its longer-term growth outlook. Lakehouse noted Middle East travel disruption weighed on the second half.

What does Siteminder Ltd (ASX:SDR) do?

SiteMinder Ltd. is an open hotel commerce platform based in Millers Point, Australia. Founded in 2006 by Mike Ford and Mike Rogers, the company provides software solutions that enable hotels and accommodation providers to manage room distribution across direct and indirect channels. Its product suite, including TheBookingButton, SiteMinder, and Canvas Website Builder, streamlines operations, facilitates guest bookings, and enhances guest communication. SiteMinder's internet-based technology helps hotels optimize online sales and inventory management, serving as a primary platform for hospitality businesses to reach global travelers.

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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