TGM's two-stage DCF values Manhattan Associates, Inc. (MANH) between $102.09 and $178.76 depending on assumptions, with a base case of $133.04. Growth is taken from the company's own record (blend of 5-year revenue and FCF growth), fading to 2.5% long-run; the discount rate (8.8%) reflects its beta.
What would today's price require?
$223.76 is justified only if free cash flow grows about +29.9% a year (fading to 2.5% long-run) at a 8.8% required return — faster than the company has actually grown.
| Scenario | FCF growth (fading to 2.5%) | Discount | Value / share |
|---|---|---|---|
| Conservative | 13.1%/yr | 9.8% | $102.09 |
| Base case | 16.1%/yr | 8.8% | $133.04 |
| Optimistic | 19.1%/yr | 7.8% | $178.76 |
| Third-party model estimate (FMP) | independent reference · retrieved Aug 28, 2026 · assumptions not provided | $97.04 | |
The FMP figure is a third-party point estimate. Its cash-flow forecast, discount rate, terminal growth, and valuation date are not included in the stored response, so TGMCharts presents it only as a reference—not as an intrinsic-value conclusion or price target.
Current Price
$223.76
Market-Implied Growth
+29.9%/yr
vs +19.5% 5Y actual
Model Scenario Range
$102.09 – $178.76
model output — not a price target
Edit the assumptions to see how they change the estimated fair value. Opens seeded with TGM's data-driven base case for MANH (growth from its own 5-year record, discount from its beta), so the sandbox starts where the scenarios above leave off. Illustrative model — not investment advice.
Base inputs: FCF $263.9M · 0.06B shares · net cash $272.6M
Estimated Fair Value
$133.04
-40.5% vs $223.76
How the estimated fair value shifts with the discount rate (WACC) and terminal growth, holding your 16.1%/yr FCF growth and 10-year horizon fixed. Green = above today's $223.76; red = below. Your current case is outlined.
| WACC ↓ / Terminal → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 6.8% | $165 | $179 | $197 | $220 | $249 |
| 7.8% | $138 | $147 | $159 | $173 | $190 |
| 8.8% | $118 | $125 | $133 | $142 | $154 |
| 9.8% | $103 | $108 | $114 | $121 | $129 |
| 10.8% | $91.75 | $95.68 | $100 | $105 | $111 |
