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Manhattan Associates Inc MANH

Morningstar Rating
$226.34 −4.10 (1.78%)
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Company Report

Transition to Cloud Should Help Strengthen Manhattan’s Lead

Manhattan Associates is the clear leader in the warehouse management systems, or WMS, software niche, in our view. Supply chains are complex and any disruption to warehouse operations could have a significant ripple effect among all nodes in the chain, which is captured in sticky customer relationships. When normalized for COVID, we view the company as capable of driving low double digit revenue growth annually over the next five years, with earnings growth of approximately 18% during that time. In 2020, Manhattan Associates began transitioning its flagship warehouse management solution. As a result, we see a years-long mix shift from on-premises to cloud adoption and a path to both strong growth and returns.

Price vs Fair Value

MANH is trading at a 16% premium.
Price
$226.34
Fair Value
$727.00
Uncertainty
High
1-Star Price
$664.19
5-Star Price
$179.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Manhattan Associates is a longtime leader in WMS and omnichannel order management, particularly in more complex and higher-end installations. It is undergoing a model transition to the cloud, which will improve visibility.

Bears

Manhattan enjoys less visibility relative to other software companies as a result of high services mix.

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News

Trading Information

Previous Close Price
$230.44
Day Range
$224.93232.92
52-Week Range
$152.32266.94
Bid/Ask
$196.80 / $250.13
Market Cap
$13.94 Bil
Volume/Avg
392,744 / 354,489

Key Statistics

Price/Earnings (Normalized)
59.93
Price/Sales
15.26
Dividend Yield (Trailing)
Dividend Yield (Forward)
Total Yield
1.38%

Company Profile

Manhattan Associates provides software that helps users manage their supply chains, inventory, and omnichannel operations. Customers are generally retailers, wholesalers, manufacturers, and logistics providers. The company was founded in 1990 and serves more than 1,200 customers around the world.
Sector
Technology
Industry
Software - Application
Stock Style Box
Mid Growth
Total Number of Employees
4,580

Competitors

Valuation

Metric
MANH
DSG
SAP
Price/Earnings (Normalized)
59.9363.4832.46
Price/Book Value
50.086.374.30
Price/Sales
15.2613.936.14
Price/Cash Flow
62.6041.4730.73
Price/Earnings
MANH
DSG
SAP

Financial Strength

Metric
MANH
DSG
SAP
Quick Ratio
1.241.661.26
Current Ratio
1.311.791.40
Interest Coverage
110.817.17
Quick Ratio
MANH
DSG
SAP

Profitability

Metric
MANH
DSG
SAP
Return on Assets (Normalized)
40.72%10.20%8.36%
Return on Equity (Normalized)
109.72%12.28%14.10%
Return on Invested Capital (Normalized)
100.73%12.30%11.17%
Return on Assets
MANH
DSG
SAP
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