DCF Tool

MANH

Manhattan Associates, Inc. – Software Publishers
Manhattan Associates is a technology leader in supply chain and omnichannel commerce. The company unites information across the enterprise, converging front-end sales with back-end supply chain execution. Its software, platform technology and unmatched experience help drive both top-line growth and bottom-line profitability for its customers.
Analysis Results
Intrinsic Value $15.26
Latest Price $119.11
Relative Value 680% overvalued
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Cash Flow (Millions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 1.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 11.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 1.7%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2022 93.3 84.1
2023 94.9 77.1
2024 96.6 70.6
2025 98.3 64.8
2026 100.0 59.4
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 1140 million. This corresponds to a present value of 607 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 356 million. Adding in the terminal value gives a total present value of 963 million.

There are presently 63.1 million outstanding shares, so the intrinsic value per share is 15.26.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 816,838,000
Current Cash 527,412,000
Current Liabilities 498,084,000
Current Debt 0
Non-Cash Working Capital (NCWC) -208,658,000
Change in NCWC -141,008,000
EBIT 268,666,000
Tax Provision 47,200,000
Depreciation and Amortization 15,828,000
Capital Expenditure -8,032,000
Unlevered Free Cash Flow 88,162,115
Current Assets 334,041,000
Current Cash 204,705,000
Current Liabilities 196,986,000
Current Debt 0
Non-Cash Working Capital (NCWC) -67,650,000
Change in NCWC -7,417,000
EBIT 114,061,000
Tax Provision 26,536,000
Depreciation and Amortization 8,946,000
Capital Expenditure -2,730,000
Unlevered Free Cash Flow 86,257,529
Current Assets 232,041,000
Current Cash 110,678,000
Current Liabilities 181,596,000
Current Debt 0
Non-Cash Working Capital (NCWC) -60,233,000
Change in NCWC -29,785,000
EBIT 115,924,000
Tax Provision 30,315,000
Depreciation and Amortization 7,987,000
Capital Expenditure -15,193,000
Unlevered Free Cash Flow 48,657,957
Current Assets 215,382,000
Current Cash 100,566,000
Current Liabilities 145,264,000
Current Debt 0
Non-Cash Working Capital (NCWC) -30,448,000
Change in NCWC -8,744,000
EBIT 133,887,000
Tax Provision 31,541,000
Depreciation and Amortization 8,613,000
Capital Expenditure -7,306,000
Unlevered Free Cash Flow 95,451,696
Current Assets 228,073,000
Current Cash 125,522,000
Current Liabilities 124,255,000
Current Debt 0
Non-Cash Working Capital (NCWC) -21,704,000
Change in NCWC -15,464,000
EBIT 188,566,000
Tax Provision 68,352,000
Depreciation and Amortization 9,060,000
Capital Expenditure -6,199,000
Unlevered Free Cash Flow 106,230,521
Current Assets 207,018,000
Current Cash 95,615,000
Current Liabilities 117,643,000
Current Debt 0
Non-Cash Working Capital (NCWC) -6,240,000
Change in NCWC 2,563,000
EBIT 194,307,000
Tax Provision 71,873,000
Depreciation and Amortization 9,090,000
Capital Expenditure -6,843,000
Unlevered Free Cash Flow 127,903,698
Current Assets 247,142,000
Current Cash 128,760,000
Current Liabilities 127,185,000
Current Debt 0
Non-Cash Working Capital (NCWC) -8,803,000
Change in NCWC 8,589,000
EBIT 161,446,000
Tax Provision 59,366,000
Depreciation and Amortization 7,764,000
Capital Expenditure -11,492,000
Unlevered Free Cash Flow 107,449,567
Current Assets 229,861,000
Current Cash 124,438,000
Current Liabilities 122,815,000
Current Debt 0
Non-Cash Working Capital (NCWC) -17,392,000
Change in NCWC 1,014,000
EBIT 127,124,000
Tax Provision 45,998,000
Depreciation and Amortization 6,377,000
Capital Expenditure -9,415,000
Unlevered Free Cash Flow 79,416,085
Current Assets 218,738,000
Current Cash 132,956,000
Current Liabilities 104,188,000
Current Debt 0
Non-Cash Working Capital (NCWC) -18,406,000
Change in NCWC -5,725,000
EBIT 101,287,000
Tax Provision 35,813,000
Depreciation and Amortization 5,825,000
Capital Expenditure -4,740,000
Unlevered Free Cash Flow 61,466,837
Current Assets 181,507,000
Current Cash 103,047,000
Current Liabilities 91,141,000
Current Debt 0
Non-Cash Working Capital (NCWC) -12,681,000
Change in NCWC -813,000
EBIT 80,073,000
Tax Provision 29,185,000
Depreciation and Amortization 5,638,000
Capital Expenditure -7,873,000
Unlevered Free Cash Flow 48,187,534

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