Table of Contents :
• Stock Rating & Target Price
• Investment Thesis
• Fundamental Models Used
• Company Description
• Corporate Timeline
• Key Metrics (KPI ) and Recently Reported Earnings Review
• Business Highlights, Strategic Announcements & Outlook
• Quarter-over-Quarter (Q-o-Q) and Year-over-Year (Y-o-Y) Growth Analysis
• Key Catalysts Driving Growth
• Historical Financial Statement Analysis & CAGR Trends
• Quarterly Key Financial Ratios and Performance Metrics
• Annual Financial Performance Analysis: Horizontal and Vertical Financial Analysis, Trends
• Financial Forecasts
• Annual Forecasts: Income Statement
• Annual Forecasts: Cash Flow Statements
• Net Debt Levels
• A Closer Look at DCF: Our Assumptions and Methodology
• Terminal Value Calculation
• Target Price Analysis
• Valuation Multiples
• Supplementary Valuation Analysis: Multiples Approach
• Scenario/Sensitivity Analysis – Base Case , Bull Case ,Bear Case
• Holistic Peer Review & Trading Comps: Financial Data, Operational Metrics, and Valuation Multiples
• Implied Price Per Share
• Ownership Activity/ Insider Trades
• Ownership Summary
• An analysis of ESG Risk Rating
• Key Professionals
• Key Board Members
• Key Risks Considerations
• Analyst Ratings
• Analyst Industry Views
• Disclosures
Manhattan Associates (MANH): A Cloud Transition Story Powering Growth and Margins— What’s Driving RPO Growth? Impact, Outlook, and Key Competitive & Strategic Levers at Play!
Manhattan Associates delivered record Q3 2024 results, reaffirming its strong execution and strategic leadership in supply chain and omnichannel software solutions. Total revenue rose 12% YoY to $267 million, surpassing expectations by $3.46 million, with 33% cloud subscription revenue growth driving this performance. Adjusted EPS increased 29% to $1.35, exceeding forecasts by $0.29, supported by operating margin expansion to 37.1%. Robust revenue visibility was reinforced by a 27% YoY rise in Remaining Performance Obligation (RPO) to $1.7 billion, underscoring Manhattan’s strong growth trajectory. The shift to cloud continues to enhance Manhattan’s revenue quality and margin profile, with Q3 cloud revenue reaching $86 million. Strategic innovations, including Manhattan Active Supply Chain Planning and enhancements to the Active Omni suite, strengthen the company’s product differentiation and ability to address complex customer needs. While macro headwinds and deferred deal timing pose challenges, Manhattan’s 70% win rates, record pipeline, and growing share of new logos highlight resilient demand and balanced growth across upselling and new customer acquisition. Guidance for 2024 reflects confidence in continued growth, with a midpoint revenue target of $1.04 billion, operating margins of 34%, and adjusted EPS of $4.61. Can Manhattan sustain its RPO momentum and cloud leadership amid evolving customer demands and macro uncertainties?
