Discounted Cash Flow (DCF) Analysis Levered

Accenture plc (ACN)

$280.65

+3.00 (+1.08%)
All numbers are in Millions, Currency in USD
Stock DCF: 243.89 | 280.65 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 36,176.8440,992.5343,215.0144,327.0450,533.3954,993.9459,848.2165,130.9770,880.0377,136.57
Revenue (%)
Operating Cash Flow 4,973.046,026.696,626.958,215.158,975.158,807.519,584.9410,43111,351.7412,353.75
Operating Cash Flow (%)
Capital Expenditure -515.92-619.19-599.01-599.13-580.13-750.37-816.61-888.69-967.14-1,052.50
Capital Expenditure (%)
Free Cash Flow 4,457.125,407.506,027.947,616.028,395.028,057.148,768.339,542.3110,384.6011,301.24

Weighted Average Cost Of Capital

Share price $ 280.65
Beta 1.240
Diluted Shares Outstanding 645.91
Cost of Debt
Tax Rate 23.89
After-tax Cost of Debt 1.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.744
Total Debt 3,506.63
Total Equity 181,274.37
Total Capital 184,781.01
Debt Weighting 1.90
Equity Weighting 98.10
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 36,176.8440,992.5343,215.0144,327.0450,533.3954,993.9459,848.2165,130.9770,880.0377,136.57
Operating Cash Flow 4,973.046,026.696,626.958,215.158,975.158,807.519,584.9410,43111,351.7412,353.75
Capital Expenditure -515.92-619.19-599.01-599.13-580.13-750.37-816.61-888.69-967.14-1,052.50
Free Cash Flow 4,457.125,407.506,027.947,616.028,395.028,057.148,768.339,542.3110,384.6011,301.24
WACC
PV LFCF 7,419.097,434.607,450.137,465.707,481.30
SUM PV LFCF 37,250.82

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.60
Free cash flow (t + 1) 11,527.27
Terminal Value 174,655.57
Present Value of Terminal Value 115,620.09

Intrinsic Value

Enterprise Value 152,870.92
Net Debt -4,661.54
Equity Value 157,532.46
Shares Outstanding 645.91
Equity Value Per Share 243.89