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Manhattan Associates Inc

MANH

Services-Prepackaged Software

Mkt Cap

$14.68B

PE

83.15

Debt

-

Cash

$270.7M

EV

-

FCF

$241.5M

Market Cap

$14.68B

P/E Ratio

83.15

Debt

-

Cash

$270.7M

EV

-

FCF

$241.5M
Charts data: {"Earnings":[{"time":"2014-12-30","value":82000000},{"time":"2015-12-30","value":103475000},{"time":"2016-12-30","value":124234000},{"time":"2017-12-30","value":116481000},{"time":"2018-12-30","value":104690000},{"time":"2019-12-30","value":85762000},{"time":"2020-12-30","value":87240000},{"time":"2021-12-30","value":110472000},{"time":"2022-12-30","value":128959000},{"time":"2023-12-30","value":176568000}],"Sales":[{"time":"2014-12-30","value":134600000},{"time":"2015-12-30","value":131300000},{"time":"2016-12-30","value":604557000},{"time":"2017-12-30","value":594599000},{"time":"2018-12-30","value":559157000},{"time":"2019-12-30","value":617949000},{"time":"2020-12-30","value":586372000},{"time":"2021-12-30","value":663643000},{"time":"2022-12-30","value":767084000},{"time":"2023-12-30","value":928725000}],"Net Margins":[{"time":"2014-12-30","value":0.6092124814264487},{"time":"2015-12-30","value":0.7880807311500381},{"time":"2016-12-30","value":0.2054959251154151},{"time":"2017-12-30","value":0.19589841220721865},{"time":"2018-12-30","value":0.1872282739910258},{"time":"2019-12-30","value":0.1387849159072998},{"time":"2020-12-30","value":0.14877927322587026},{"time":"2021-12-30","value":0.16646299290431754},{"time":"2022-12-30","value":0.1681158777917412},{"time":"2023-12-30","value":0.19011871113623516}],"Assets":[{"time":"2014-12-30","value":318170000},{"time":"2015-12-30","value":337912000},{"time":"2016-12-30","value":297140000},{"time":"2017-12-30","value":314995000},{"time":"2018-12-30","value":307150000},{"time":"2019-12-30","value":372279000},{"time":"2020-12-30","value":465412000},{"time":"2021-12-30","value":539708000},{"time":"2022-12-30","value":570178000},{"time":"2023-12-30","value":673353000}],"Stockholders Equity":[{"time":"2014-12-30","value":182023000},{"time":"2015-12-30","value":195492000},{"time":"2016-12-30","value":169366000},{"time":"2017-12-30","value":174956000},{"time":"2018-12-30","value":147147000},{"time":"2019-12-30","value":142278000},{"time":"2020-12-30","value":218897000},{"time":"2021-12-30","value":250644000},{"time":"2022-12-30","value":226800000},{"time":"2023-12-30","value":278278000}],"ROE":[{"time":"2014-12-30","value":0.4504925201760217},{"time":"2015-12-30","value":0.5293055470300575},{"time":"2016-12-30","value":0.7335238477616522},{"time":"2017-12-30","value":0.6657731086673221},{"time":"2018-12-30","value":0.7114654053429563},{"time":"2019-12-30","value":0.6027776606362192},{"time":"2020-12-30","value":0.3985436072673449},{"time":"2021-12-30","value":0.440752621247666},{"time":"2022-12-30","value":0.5686022927689595},{"time":"2023-12-30","value":0.634502188459023}],"ROA":[{"time":"2014-12-30","value":0.40229437093377757},{"time":"2015-12-30","value":0.48190357252775873},{"time":"2016-12-30","value":0.6599818267483342},{"time":"2017-12-30","value":0.5893585612470039},{"time":"2018-12-30","value":0.4435324759889305},{"time":"2019-12-30","value":0.3118010954149979},{"time":"2020-12-30","value":0.24507533110448376},{"time":"2021-12-30","value":0.24889940486337056},{"time":"2022-12-30","value":0.27731866189154963},{"time":"2023-12-30","value":0.31732389994549665}]}

Manhattan Associates, Inc. develops, sells, deploys, services, and maintains software solutions to manage supply chains, inventory, and omni-channel operations. It offers Manhattan SCALE, a portfolio of logistics execution solutions that provide trading partner management, yard management, optimization, warehouse management, and transportation execution services; and Manhattan Active, a set of enterprise and omnichannel solution, which include enterprise solutions and omnichannel solutions for store. The company also provides inventory optimization, planning, and allocation solutions; technology platform including Manhattan Active Platform solutions, a cloud-native product designed to provide version-less product access; maintenance services, which offers comprehensive program that provides on-premises software licensees with software upgrades for additional or improved functionality and technological advances incorporating emerging supply chain and industry advances; and professional services, such as solutions planning and implementation, and related consulting services. In addition, it provides training and change management services; resells computer hardware, radio frequency terminal networks, radio frequency identification chip readers, bar code printers and scanners, and other peripherals. Further, the company offers products through direct sales personnel, as well as through partnership agreements with various organizations. It serves retail, consumer goods, food and grocery, logistics service providers, industrial and wholesale, high technology and electronics, life sciences, and government industries. The company operates in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. Manhattan Associates, Inc. was founded in 1990 and is headquartered in Atlanta, Georgia.

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Growth

%

%

Discount

%

%

Multiple

g\r+10%+11%+12%+13%+14%
0%109887
+1%1110988
+2%13111098
+3%141311109
+4%1714121110
Years012345678910TV
FCF$241.5M$256M$271M$286.7M$302.9M$319.8M$337.2M$355.1M$373.7M$392.8M$412.4M$4.124B
DCF$222.6M$204.9M$188.5M$173.2M$159M$145.8M$133.5M$122.2M$111.7M$101.9M$1.019B
Value$2.583B

In the chart Earnings are multiplied by this value.

Earnings Growth 2.3%
Earnings Stability 11%


Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years12-201512-201612-201712-201812-201912-202012-202112-202212-2023TTM
Net Margin79%21%20%19%14%15%17%17%19%19%
ROA48%66%59%44%31%25%25%28%32%32%
ROE53%73%67%71%60%40%44%57%63%63%

What is the average Net Margin?

The average Net Margin over the past 5 years is +16.66%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is +0.34%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +30.73%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is -2.09%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +55.94%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is -1.27%.


Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years12-201512-201612-201712-201812-201912-202012-202112-202212-2023TTM
Debt FCF----------
Debt Equity----------
MIN
Graham Stability--100%91%74%85%100%100%100%74%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is -.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -.

What is the Graham’s Stability?

Graham’s Stability measure stands at 0.74.


Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years12-201612-201812-202012-2022Trend
Revenue6.3%11%17%21%-15%
Net Income5.2%11%26%37%1.8%
Stockholders Equity7.4%14%8.3%23%2.7%
FCF9%13%20%40%0.21%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +10.68%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is -15.17%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +11.02%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is +1.84%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +13.59%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is +2.75%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is +13.18%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is +0.21%.