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2 ASX tech shares I’d buy and hold for a decade

The 2 ASX tech shares in this article could be good to own for a very long time, including Pushpay Holdings Ltd (ASX:PPH).

ASX tech shares can be a great way to invest for the long-term, if you find the right businesses.

Some companies have their sights on some very big long-term goals, which could turn them into much bigger businesses over time.

Pushpay Holdings Ltd (ASX: PPH)

Pushpay is a leading company in the donation space. It has a large client base of many of the largest churches in the US. It processes many billions of dollars for them every year.

It has a goal of reaching $1 billion of annual revenue in the coming years. It’s steadily making progress towards this goal. In FY21 it grew its operating revenue by 40% to US$179.1 million.

The ASX tech share recently announced two ways it plans to accelerate towards this goal.

The first is the acquisition of video streaming business Resi Media. This diversifies and improves Pushpay’s earnings. It gives the business another way to grow and increases its client reach.

Expanding into the Catholic sector is another way to grow earnings. It has a goal of reaching 25% of Catholic parishes over the next five years.

I really like how quickly the company’s profit margins are rising. This demonstrates its profit and value can rise even faster than the revenue.

The valuation is pretty attractive too, considering how quickly profit is growing. The Pushpay share price is valued at 33 times the 2022 estimated earnings, based on the estimate on CommSec.

Temple & Webster Group Ltd (ASX: TPW)

This ASX tech share is a pretty exciting retail ASX share. It has a goal of being the leading furniture and homewares retailer in Australia.

At the rate it’s growing, I think it has a good chance of getting there. In FY21 revenue grew 85% and in FY22 revenue grew by 49% in the first couple of months of the new financial year.

It’s sort of becoming the Amazon of home products, selling a bigger and bigger range of things.

The company is planning to invest heavily to reach its full potential and possible market share. Profit margins will be low, but will stay positive during this period.

Temple & Webster is planning to invest in a number of things to make the service stand out for customers, such as technology to allow customers to ‘see’ the potential product in their home.

International growth is a potential future avenue of expansion.

The ASX tech share may be able to achieve impressive margins considering it’s online-only and many of the products are shipped by the suppliers themselves.

I think the ASX tech share could be a much bigger business in a decade from now.

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