Reported Earnings • Aug 04
Second quarter 2022 earnings: Revenues exceed analyst expectations Second quarter 2022 results: Revenue: US$669.4m (up 3.2% from 2Q 2021). Net income: US$22.8m (down 38% from 2Q 2021). Profit margin: 3.4% (down from 5.6% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.5%. Over the next year, revenue is forecast to grow 4.4%, compared to a 6.8% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 11% per year. Recent Insider Transactions Derivative • Aug 03
Chief Operating Officer exercised options and sold US$163k worth of stock On the 31st of July, Matthew Tait exercised options to acquire 2k shares at no cost and sold these for an average price of US$95.82 per share. This trade did not impact their existing holding. Since September 2021, Matthew's direct individual holding has increased from 22.90k shares to 34.91k. Company insiders have collectively sold US$739m more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • Jun 02
Upcoming dividend of US$0.41 per share Eligible shareholders must have bought the stock before 09 June 2022. Payment date: 24 June 2022. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of American dividend payers (3.9%). Higher than average of industry peers (1.1%). Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 15% share price gain to US$94.43, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 17x in the Professional Services industry in the US. Total returns to shareholders of 59% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$153 per share. Announcement • May 18
Carlyle Reportedly in Advanced Discussions to Acquire ManTech The Carlyle Group Inc. (NasdaqGS:CG) is in advanced talks to acquire ManTech International Corporation (NasdaqGS:MANT) according to people familiar with the matter. A deal could be announced as soon as this week, said the people, who asked not to be identified because the information is private. The transaction values ManTech at about $4 billion, the people said. An agreement isn’t finalized and talks could still fall apart. Representatives for ManTech and Carlyle couldn’t be reached for comment. Price Target Changed • May 17
Price target increased to US$96.00 Up from US$89.14, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of US$94.25. The company is forecast to post earnings per share of US$3.01 for next year compared to US$3.37 last year. Announcement • May 17
The Carlyle Group Inc. (NasdaqGS:CG) has entered into a definitive agreement to acquire ManTech International Corporation (NasdaqGS:MANT) for $5.3 billion. The Carlyle Group Inc. (NasdaqGS:CG) has entered into a definitive agreement to acquire ManTech International Corporation (NasdaqGS:MANT) for $5.3 billion on May 13, 2022. Under the terms of the transaction, ManTech shareholders will receive $96 per share in cash. Pursuant to an equity commitment letter, dated as of May 13, 2022, and subject to the terms thereof, Carlyle Partners VIII, L.P. committed to provide buyer, at the effective time of the Merger, with an equity contribution of up to approximately $2,340,469,716.00. Pursuant to debt commitment letters dated May 13, 2022, and subject to the terms and conditions set forth therein, the commitment parties party thereto committed to provide to buyer, at the effective time of the Merger, debt financing of approximately $2.85 billion. The Merger Agreement also provides that ManTech, on one hand, or buyer and Merger Sub, on the other hand, may specifically enforce the obligations under the Merger Agreement, except that the Company may only cause buyer’s equity financing commitment to be funded and the Merger to be consummated in circumstances where the conditions to buyer’s and Merger Sub’s obligations to consummate the Merger are satisfied and the debt financing is funded or available. Upon termination of the Merger Agreement under specified limited circumstances, ManTech will be required to pay the buyer a termination fee of $115,876,916. Upon termination of the Merger Agreement under other specified limited circumstances, buyer will be required to pay ManTech a termination fee of $239,745,343. The transaction was unanimously approved by ManTech’s Board of Directors, which recommends that ManTech shareholders vote in favor of the transaction. The transaction is subject to approval by ManTech shareholders, receipt of regulatory approvals and other customary closing conditions. The obligations of the parties to consummate the Merger are subject to the satisfaction or waiver of customary closing conditions set forth in the Merger Agreement, including, among others, the expiration or termination of any waiting period (and any extension thereof) applicable under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The transaction is expected to close in the second half of calendar 2022. Goldman Sachs & Co. LLC is serving as exclusive financial advisor and fairness opinion provider and Lawrence Yanowitch and Charles Katz of King & Spalding LLP is serving as legal counsel to ManTech in connection with the transaction. Robert W. Baird & Co. is serving as financial advisor and Daniel T. Lennon and J. Cory Tull of Latham & Watkins LLP is serving as legal advisor to Carlyle in connection with the transaction. Reported Earnings • May 05
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: US$0.77 (down from US$0.80 in 1Q 2021). Revenue: US$675.5m (up 6.7% from 1Q 2021). Net income: US$31.3m (down 3.1% from 1Q 2021). Profit margin: 4.6% (down from 5.1% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.6%. Earnings per share (EPS) also surpassed analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 3.0%, compared to a 10% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 10% per year. Announcement • May 02
ManTech International Corporation, Annual General Meeting, Jun 10, 2022 ManTech International Corporation, Annual General Meeting, Jun 10, 2022, at 14:00 US Eastern Standard Time. Location: 2251 Corporate Park Drive Herndon United States Agenda: To elect seven (7) persons as directors of the Company, each to serve until the 2023 Annual Meeting of Stockholders, or until their;to ratify the appointment of Deloitte & Touche LLP to serve as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2022; and to transact such other business. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Director Peter LaMontagne was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 12
ManTech International Corporation to Report Q1, 2022 Results on May 04, 2022 ManTech International Corporation announced that they will report Q1, 2022 results After-Market on May 04, 2022 Recent Insider Transactions Derivative • Mar 11
Insider exercised options and sold US$112k worth of stock On the 9th of March, Bonnie Cook exercised 3.75k options at around US$36.87, then sold 2k of the shares acquired at an average of US$85.29 per share and kept the remainder. Since March 2021, Bonnie's direct individual holding has increased from 8.22k shares to 8.80k. Company insiders have collectively sold US$5.6m more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • Mar 03
Upcoming dividend of US$0.41 per share Eligible shareholders must have bought the stock before 10 March 2022. Payment date: 25 March 2022. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of American dividend payers (3.7%). Higher than average of industry peers (1.0%). Reported Earnings • Feb 25
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$3.37 (up from US$2.99 in FY 2020). Revenue: US$2.55b (up 1.4% from FY 2020). Net income: US$137.0m (up 14% from FY 2020). Profit margin: 5.4% (up from 4.8% in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 3.3%, compared to a 8.3% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 13% per year. Announcement • Feb 10
ManTech International Corporation Appoints Stephen Deitz as Executive Vice President ManTech International Corporation announced that it has named Stephen Deitz as Executive Vice President Deitz has held multiple leadership roles in his 10-year career at ManTech, supporting customers across ManTech’s market sectors – Defense, Intelligence and Federal Civilian agencies. Most recently he served as ManTech Senior Vice President of Strategic Operations and Division Manager, Department of Justice, supporting customers in law enforcement agencies. Prior to joining ManTech in 2009, Deitz spent 10 years with CSC building and managing large service desk offerings for federal customers. Buying Opportunity • Feb 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.5%. The fair value is estimated to be US$99.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% per annum over the last 3 years. Earnings per share has grown by 11% per annum over the last 3 years. Announcement • Jan 04
ManTech International Corporation (NasdaqGS:MANT) acquired Technical and Management Assistance Corporation. ManTech International Corporation (NasdaqGS:MANT) acquired Technical and Management Assistance Corporation on January 3, 2022.
ManTech International Corporation (NasdaqGS:MANT) completed the acquisition of Technical and Management Assistance Corporation on January 3, 2022. Price Target Changed • Dec 19
Price target decreased to US$81.50 Down from US$88.17, the current price target is an average from 7 analysts. New target price is 14% above last closing price of US$71.58. Stock is down 15% over the past year. The company is forecast to post earnings per share of US$3.38 for next year compared to US$2.99 last year. Announcement • Dec 11
ManTech International Corporation (NasdaqGS:MANT) completed the acquisition of Gryphon Technologies LC from AE Industrial Partners, LP. ManTech International Corporation (NasdaqGS:MANT) signed a definitive agreement to acquire Gryphon Technologies LC from AE Industrial Partners, LP for $350 million on October 29, 2021. ManTech will fund the acquisition from cash on hand with additional funding from its existing line of credit and delayed draw term loan facilities. The acquisition adds over 1,500 employees to the ManTech team. The acquisition is subject to various closing conditions and approvals including approval under the Hart-Scott-Rodino Act, and is expected to be completed by year-end, 2021.
ManTech International Corporation (NasdaqGS:MANT) completed the acquisition of Gryphon Technologies LC from AE Industrial Partners, LP on December 10, 2021. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 6 highly experienced directors. Independent Director Peter LaMontagne was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Nov 25
Upcoming dividend of US$0.38 per share Eligible shareholders must have bought the stock before 02 December 2021. Payment date: 17 December 2021. Trailing yield: 2.1%. Lower than top quartile of American dividend payers (3.5%). Higher than average of industry peers (0.8%). Recent Insider Transactions Derivative • Nov 11
Chairman exercised options and sold US$493k worth of stock On the 7th of November, Kevin Phillips exercised options to acquire 6k shares at no cost and sold these for an average price of US$81.57 per share. This trade did not impact their existing holding. For the year to December 2020, Kevin's total compensation was 14% salary and 86% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2021, Kevin's direct individual holding has decreased from 113.47k shares to 106.07k. Company insiders have collectively sold US$5.6m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Nov 03
Third quarter 2021 earnings released: EPS US$0.93 (vs US$0.74 in 3Q 2020) The company reported a solid third quarter result with improved earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: US$637.8m (flat on 3Q 2020). Net income: US$38.0m (up 28% from 3Q 2020). Profit margin: 6.0% (up from 4.7% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 9% per year. Upcoming Dividend • Sep 02
Upcoming dividend of US$0.38 per share Eligible shareholders must have bought the stock before 09 September 2021. Payment date: 24 September 2021. Trailing yield: 1.9%. Lower than top quartile of American dividend payers (3.5%). Higher than average of industry peers (0.9%). Recent Insider Transactions Derivative • Aug 14
Chairman exercised options and sold US$1.0m worth of stock On the 11th of August, Kevin Phillips exercised 23k options at a strike price of around US$36.87 and sold these shares for an average price of US$83.25 per share. This trade did not impact their existing holding. For the year to December 2020, Kevin's total compensation was 14% salary and 86% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2020, Kevin's direct individual holding has increased from 88.39k shares to 113.47k. Company insiders have collectively sold US$5.5m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Aug 11
Independent Director recently sold US$279k worth of stock On the 6th of August, Richard Kerr sold around 3k shares on-market at roughly US$85.00 per share. In the last 3 months, there was an even bigger sale from another insider worth US$345k. Insiders have been net sellers, collectively disposing of US$875k more than they bought in the last 12 months. Announcement • Aug 05
ManTech International Corporation Reiterates Earnings Guidance for 2021 ManTech International Corporation reiterated earnings guidance for 2021. For the period, the company expects revenue in the range of $2.65 billion - $2.75 billion. Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS US$0.90 (vs US$0.74 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$648.6m (up 2.5% from 2Q 2020). Net income: US$36.6m (up 22% from 2Q 2020). Profit margin: 5.6% (up from 4.7% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 10% per year. Recent Insider Transactions Derivative • Aug 04
Chief Operating Officer exercised options and sold US$149k worth of stock On the 31st of July, Matthew Tait exercised options to acquire 2k shares at no cost and sold these for an average price of US$87.46 per share. This trade did not impact their existing holding. Since March 2021, Matthew has owned 18.53k shares directly. Company insiders have collectively sold US$3.6m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Jun 11
Independent Director recently sold US$251k worth of stock On the 10th of June, Mary Bush sold around 3k shares on-market at roughly US$87.37 per share. In the last 3 months, there was an even bigger sale from another insider worth US$345k. Insiders have been net sellers, collectively disposing of US$596k more than they bought in the last 12 months. Upcoming Dividend • Jun 03
Upcoming dividend of US$0.38 per share Eligible shareholders must have bought the stock before 10 June 2021. Payment date: 25 June 2021. Trailing yield: 1.7%. Lower than top quartile of American dividend payers (3.4%). Higher than average of industry peers (1.0%). Recent Insider Transactions • May 28
Independent Director recently sold US$345k worth of stock On the 26th of May, Richard Armitage sold around 4k shares on-market at roughly US$86.30 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$658k more than they bought in the last 12 months. Recent Insider Transactions Derivative • May 25
Executive VP & CFO exercised options and sold US$971k worth of stock On the 21st of May, Judith Bjornaas exercised 27k options at a strike price of around US$36.87 and sold these shares for an average price of US$72.83 per share. This trade did not impact their existing holding. Since March 2021, Judith has owned 18.66k shares directly. Company insiders have collectively sold US$3.3m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • May 05
First quarter 2021 earnings released: EPS US$0.79 (vs US$0.71 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$633.2m (up 3.7% from 1Q 2020). Net income: US$32.3m (up 13% from 1Q 2020). Profit margin: 5.1% (up from 4.7% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions Derivative • Mar 19
Chairman exercised options and sold US$920k worth of stock On the 15th of March, Kevin Phillips exercised options to acquire 11k shares at no cost and sold these for an average price of US$82.04 per share. This trade did not impact their existing holding. For the year to December 2019, Kevin's total compensation was 24% salary and 76% non-salary (Indicating these sales could comprise a meaningful part of their income for the year). Since March 2020, Kevin's direct individual holding has increased from 75.97k shares to 88.39k. Company insiders have collectively sold US$3.0m more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • Mar 04
Upcoming Dividend of US$0.38 Per Share Will be paid on the 26th of March to those who are registered shareholders by the 11th of March. The trailing yield of 2.0% is below the top quartile of American dividend payers (3.7%), but it is higher than industry peers (1.2%). Is New 90 Day High Low • Mar 03
New 90-day low: US$76.93 The company is down 1.0% from its price of US$77.50 on 02 December 2020. The American market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$69.33 per share. Announcement • Mar 03
ManTech Names Joseph Cubba as Chief Growth Officer ManTech announced the appointment of Joseph Cubba as Chief Growth Officer. Reporting to Chief Operating Officer Matt Tait, Cubba will plan and lead strategic growth priorities for sales, revenue and profit, leveraging ManTech’s innovative technology solutions and outstanding talent to build on the company’s strong customer relationships in intelligence, defense and federal civilian agencies. Cubba joins ManTech from IBM, where he served most recently as Senior Partner and Vice President, Defense and Intelligence, driving growth in AI, machine learning, advanced analytics, hybrid cloud and next generation enterprise IT, winning the Federal 100 Award for his achievements. In a career spanning more than 30 years Cubba has launched and driven numerous successful sales initiatives with the Department of Defense and Intelligence Community. Reported Earnings • Feb 19
Full year 2020 earnings released The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: US$2.52b (up 13% from FY 2019). Net income: US$120.5m (up 5.8% from FY 2019). Profit margin: 4.8% (down from 5.1% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Analyst Estimate Surprise Post Earnings • Feb 19
Revenue beats expectations Revenue exceeded analyst estimates by 0.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 5.7%, compared to a 34% growth forecast for the IT industry in the US. Announcement • Feb 05
Mantech Announces Partnership with the University of Maryland Global Campus ManTech announced a partnership with the University of Maryland Global Campus (UMGC) to provide eligible ManTech employees with tuition-free access to the school’s advanced degree program in data analytics. Is New 90 Day High Low • Jan 15
New 90-day high: US$97.55 The company is up 35% from its price of US$72.30 on 16 October 2020. The American market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$72.19 per share. Announcement • Jan 12
ManTech International Corporation to Report Q4, 2020 Results on Feb 17, 2021 ManTech International Corporation announced that they will report Q4, 2020 results After-Market on Feb 17, 2021 Is New 90 Day High Low • Dec 28
New 90-day high: US$85.39 The company is up 23% from its price of US$69.50 on 29 September 2020. The American market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$71.62 per share. Announcement • Dec 15
ManTech International Corporation (NasdaqGS:MANT) acquired Tapestry Technologies, Inc. ManTech International Corporation (NasdaqGS:MANT) acquired Tapestry Technologies, Inc. on December 14, 2020.
ManTech International Corporation (NasdaqGS:MANT) completed the acquisition of Tapestry Technologies, Inc. on December 14, 2020. Is New 90 Day High Low • Dec 07
New 90-day high: US$79.83 The company is up 11% from its price of US$71.97 on 08 September 2020. The American market is also up 11% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the IT industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$62.18 per share. Announcement • Dec 04
ManTech Wins $273 Million Contract from Department of Homeland Security for Advanced Analytics to Stop Crime and Terrorism at the Border ManTech has won a five-year $273 million contract with the Department of Homeland Security to provide Business Intelligence Support Services (BISS) that advance Customs and Border Protection (CBP) capabilities to preempt acts of crime and terrorism. Under the new contract, ManTech will build on this success with its suite of analytics, automation, and AI capabilities that signal emerging threats in real time, triggering rapid-fire responses, intervention, and targeting of dangerous actors. Under the new contract, ManTech delivers: end-to-end analytic support based on intelligence analysis of multiple data sources; predictive modeling via machine learning; entity resolution of travelers via true positive identification; comprehensive threat research spanning classified and open source data; and, query support of CBP’s big data platforms. ManTech will also develop advanced visualizations to translate complex data findings into actionable intelligence for CBP officers to identify the intent, threat level and precise location of targets. Upcoming Dividend • Nov 26
Upcoming Dividend of US$0.32 Per Share Will be paid on the 18th of December to those who are registered shareholders by the 3rd of December. The trailing yield of 1.6% is below the top quartile of American dividend payers (4.0%), but it is higher than industry peers (1.2%).