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Manhattan Associates Inc MANH

Morningstar Rating
$225.80 −2.36 (1.03%)
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Company Report

Manhattan Associates Earnings: Repeat of Last Quarter With Well-Rounded Performance

Narrow-moat Manhattan Associates reported first-quarter results ahead of our expectations on the back of the strength in cloud and services revenue. Management also raised its full-year revenue guidance for 2024 by approximately the upside for the first quarter and noted modest currency pressure while raising its full-year profitability target. The firm continues to succeed in migrating its customers to the cloud, increasing services revenue, and ultimately resulting in operating leverage as its cloud business scales. Based on results and guidance, we have increased our estimates and are raising our fair value estimate to $205 per share from $195. We view the shares as fairly valued after some after-hours pressure on the shares.

Price vs Fair Value

MANH is trading at a 293% premium.
Price
$228.13
Fair Value
$976.00
Uncertainty
High
1-Star Price
$392.99
5-Star Price
$563.00
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
$228.16
Day Range
$224.59229.90
52-Week Range
$175.38266.81
Bid/Ask
$225.61 / $226.06
Market Cap
$13.90 Bil
Volume/Avg
17,718 / 405,758

Key Statistics

Price/Earnings (Normalized)
57.08
Price/Sales
14.83
Dividend Yield (Trailing)
Dividend Yield (Forward)
Total Yield
1.48%

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
4,700

Competitors

Valuation

Metric
MANH
DSG
SAP
Price/Earnings (Normalized)
57.0866.4033.79
Price/Book Value
58.627.014.89
Price/Sales
14.8315.326.67
Price/Cash Flow
58.3145.6045.99
Price/Earnings
MANH
DSG
SAP

Financial Strength

Metric
MANH
DSG
SAP
Quick Ratio
1.111.891.12
Current Ratio
1.202.051.25
Interest Coverage
111.904.75
Quick Ratio
MANH
DSG
SAP

Profitability

Metric
MANH
DSG
SAP
Return on Assets (Normalized)
41.68%10.36%11.27%
Return on Equity (Normalized)
115.01%12.46%18.79%
Return on Invested Capital (Normalized)
104.27%12.48%15.28%
Return on Assets
MANH
DSG
SAP
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