DCF Tool

ACN

Accenture plc – Data Processing, Hosting, and Related Services
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, it offers Strategy and Consulting, Interactive, Technology and Operations services - all powered by the world's largest network of Advanced Technology and Intelligent Operations centers. Its 514,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. It embraces the power of change to create value and shared success for its clients, people, shareholders, partners and communities.
Analysis Results
Intrinsic Value $141.59
Latest Price $257.30
Relative Value 82% overvalued
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Cash Flow (Billions)
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 8.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 9.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 8.2%, 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 (billion) Present value (billion)
2022 6.39 5.82
2023 6.92 5.74
2024 7.49 5.66
2025 8.11 5.58
2026 8.78 5.5
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 115 billion. This corresponds to a present value of 65.7 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 28.3 billion. Adding in the terminal value gives a total present value of 94.0 billion.

There are presently 664.0 million outstanding shares, so the intrinsic value per share is 141.59.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 19,666,511,000
Current Cash 8,172,468,000
Current Liabilities 15,708,867,000
Current Debt 12,080,000
Non-Cash Working Capital (NCWC) -4,202,744,000
Change in NCWC -788,091,000
EBIT 7,621,529,000
Tax Provision 1,770,571,000
Depreciation and Amortization 1,891,242,000
Capital Expenditure -580,132,000
Unlevered Free Cash Flow 6,405,821,478
Current Assets 17,749,756,000
Current Cash 8,509,639,000
Current Liabilities 12,662,590,000
Current Debt 7,820,000
Non-Cash Working Capital (NCWC) -3,414,653,000
Change in NCWC -1,679,762,000
EBIT 6,513,644,000
Tax Provision 1,589,018,000
Depreciation and Amortization 1,773,124,000
Capital Expenditure -599,132,000
Unlevered Free Cash Flow 4,480,003,932
Current Assets 15,450,601,000
Current Cash 6,130,007,000
Current Liabilities 11,061,896,000
Current Debt 6,411,000
Non-Cash Working Capital (NCWC) -1,734,891,000
Change in NCWC -155,142,000
EBIT 6,305,074,000
Tax Provision 1,405,556,000
Depreciation and Amortization 892,760,000
Capital Expenditure -599,009,000
Unlevered Free Cash Flow 5,026,149,034
Current Assets 13,585,559,000
Current Cash 5,018,894,000
Current Liabilities 10,151,751,000
Current Debt 5,337,000
Non-Cash Working Capital (NCWC) -1,579,749,000
Change in NCWC 274,205,000
EBIT 5,841,041,000
Tax Provision 1,593,499,000
Depreciation and Amortization 926,776,000
Capital Expenditure -619,187,000
Unlevered Free Cash Flow 4,820,296,440
Current Assets 12,097,289,000
Current Cash 4,129,871,000
Current Liabilities 9,824,279,000
Current Debt 2,907,000
Non-Cash Working Capital (NCWC) -1,853,954,000
Change in NCWC -45,541,000
EBIT 5,142,402,000
Tax Provision 981,100,000
Depreciation and Amortization 801,789,000
Capital Expenditure -515,919,000
Unlevered Free Cash Flow 4,289,755,344
Current Assets 11,976,222,000
Current Cash 4,908,484,000
Current Liabilities 8,878,924,000
Current Debt 2,773,000
Non-Cash Working Capital (NCWC) -1,808,413,000
Change in NCWC -494,242,000
EBIT 4,810,445,000
Tax Provision 1,253,969,000
Depreciation and Amortization 729,052,000
Capital Expenditure -496,566,000
Unlevered Free Cash Flow 3,472,206,194
Current Assets 11,579,394,000
Current Cash 4,363,214,000
Current Liabilities 8,532,199,000
Current Debt 1,848,000
Non-Cash Working Capital (NCWC) -1,314,171,000
Change in NCWC -136,957,000
EBIT 4,500,251,000
Tax Provision 1,136,741,000
Depreciation and Amortization 645,923,000
Capital Expenditure -395,017,000
Unlevered Free Cash Flow 3,454,334,899
Current Assets 11,904,442,000
Current Cash 4,923,907,000
Current Liabilities 8,158,079,000
Current Debt 330,000
Non-Cash Working Capital (NCWC) -1,177,214,000
Change in NCWC 774,008,000
EBIT 4,282,497,000
Tax Provision 1,121,743,000
Depreciation and Amortization 620,743,000
Capital Expenditure -321,870,000
Unlevered Free Cash Flow 4,237,603,396
Current Assets 11,844,178,000
Current Cash 5,634,410,000
Current Liabilities 8,160,990,000
Current Debt 0
Non-Cash Working Capital (NCWC) -1,951,222,000
Change in NCWC 212,828,000
EBIT 4,066,638,000
Tax Provision 784,775,000
Depreciation and Amortization 593,028,000
Capital Expenditure -369,593,000
Unlevered Free Cash Flow 3,767,436,697
Current Assets 12,587,931,000
Current Cash 6,642,787,000
Current Liabilities 8,109,205,000
Current Debt 11,000
Non-Cash Working Capital (NCWC) -2,164,050,000
Change in NCWC -27,056,000
EBIT 3,873,239,000
Tax Provision 1,079,241,000
Depreciation and Amortization 0
Capital Expenditure -371,974,000
Unlevered Free Cash Flow 2,403,519,442

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