<div id="readability-page-1"><div><p>Manhattan Associates, founded in 1990 and headquartered in Atlanta, US, offers software solutions for managing supply chains, inventory, and omnichannel operations globally. Their tools optimize distribution and transportation costs, coordinating workflows, assets, and tasks across supply chain functions. Solutions include software, services, and hardware, enhancing communication among manufacturers, suppliers, distributors, and transportation providers.</p><p> Manhattan Associates has achieved FedRAMP compliance designation from the Federal Emergency Management Agency (FEMA) for its Warehouse Management System (WMS), making it the only supply chain commerce provider to secure this federal authorization. This milestone allows Manhattan’s cloud-based solutions to be adopted by the US government agencies and federal contractors, ensuring they meet stringent data security and regulatory standards. The FedRAMP authorization, which began in partnership with the Defense Commissary Agency in 2022, significantly strengthens Manhattan’s credibility and market access in the public sector and enhances security benefits for commercial customers as well.</p><h2> Increased FCF</h2><p> Manhattan Associates posted strong performance over FY 21-24, achieving a revenue CAGR of 16.2%, reaching USD 1.0bn in FY 24, driven by robust cloud subscription revenue growth and effective cross-selling of unified product portfolios. EBITDA registered a CAGR of 23.5%, reaching USD 268m. Consequently, margins improved from 21.4% to 25.7%.</p><p> Over FY 21-24, the company's FCF rose from USD 161m to USD 257m. This was led by cash from operations climbing from USD 185m to USD 295m. In addition, ROA rose from 47.1% to 75.6%.</p><p> In comparison, Akamai Technologies, Inc., a local peer, reported a revenue CAGR of 4.9% over FY 21-24 to USD 4.0bn in FY 24, while EBITDA dropped at CAGR of minus 2.2% to USD 1.1bn, with its margin contracting from 34.5% to 28.0%.</p><h2> Optimistic analyst opinions</h2><p> Over the past 12 months, the company's stock has delivered negative returns of approximately 39.2%. In comparison, Akamai's stock also delivered negative returns of around 4.2% over the same period.</p><p> Manhattan Associates is currently trading at a P/E of 51.3x, based on the FY 25 estimated EPS of USD 3.7, which is higher than its 3-year historical average of 68.3x but lower than Akamai's valuation of 26.9x. The company is currently trading at an EV/EBITDA multiple of 26.4x, based on FY 25 estimated EBITDA of USD 416.3m, which is higher than its 3-year historical average of 38.6x but lower than Akamai (8.9x).</p><p> Manhattan Associates is covered by 12 analysts, with eight having 'Buy' ratings and four having 'Hold' ratings for an average target price of USD 224.8, implying 27.3% upside potential from the share's current market price.</p><p> Consensus expects EBITDA to rise at a CAGR of 6.9% to USD 2.1bn, with margins expanding by 150bp to 43.7% over FY 24-27. In addition, net profit CAGR of 7.5% to USD 628m. Likewise, for Akamai, analysts estimate an EBITDA CAGR of 7.8% and a net profit CAGR of 5.6%.</p><p>Overall, Manhattan Associates' FedRAMP compliance and strong financial performance highlight its growth potential and market credibility. With robust cloud revenue and strategic public sector access, Manhattan Associates is well-positioned for future success compared to peers like Akamai Technologies. However, the company faces risks including sector valuation pressures, macroeconomic headwinds, high PE ratios, fluctuating service revenues, leadership transitions, intense competition, and customer demand cyclicality, despite strong financial health and cloud revenue growth.</p></div></div>

曼哈顿联合软件

<p>曼哈顿联合软件是一家供应链软件提供商，已获得其仓库管理系统的 FedRAMP 合规认证，允许美国政府机构采用该系统。该公司在 2021 至 2024 财年期间表现出色，收入和息税折旧摊销前利润（EBITDA）均实现显著增长。尽管近期股票表现不佳，分析师们仍持乐观态度，目标价格暗示有 27.3% 的上涨空间。曼哈顿联合软件在未来成功方面具备良好定位，但面临包括行业估值压力和宏观经济逆风在内的风险</p>

曼哈顿联合软件在数据安全和合规领域的重大进展