ManTech International: Price Appreciation Justified?

It’s been a quite while since I took an initial look at ManTech International Corporation (MANT). Back in April 2007, the stock was trading at 33.27. It now stands at 59.29, a 78% increase. It’s time to look at how the company has performed during this period to ascertain whether or not this price appreciation is justified and, if so, whether the current price represents a good buying point.

As of April 2007, the company had forecast 2007 earnings from continuing operations between 1.76 and 1.84 per share on revenue between 1.26B and 1.3B. These estimates were nicely exceeded with 2007 earnings from continuing operations of 1.95 on actual revenue of 1.45B. This represents 19% growth in EPS and 27% growth in revenue over the 2006 figures. Net income from continuing operations grew 21%. With regard revenue growth, it is important to note that organic revenue growth (non-acquisition related) was 16%. The three-year period ending December 31, 2007 saw an organic growth rate which averaged 14%.