Discounted Cash Flow (DCF) Analysis Unlevered
Accenture plc (ACN)
$280.65
+3.00 (+1.08%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 36,176.84 | 40,992.53 | 43,215.01 | 44,327.04 | 50,533.39 | 54,993.94 | 59,848.21 | 65,130.97 | 70,880.03 | 77,136.57 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 5,243.58 | 6,422.07 | 7,100.39 | 8,503.05 | 9,628.11 | 9,329.90 | 10,153.45 | 11,049.68 | 12,025.03 | 13,086.47 |
EBITDA (%) | ||||||||||
EBIT | 4,441.79 | 5,495.29 | 6,207.63 | 6,729.93 | 7,736.87 | 7,758.65 | 8,443.50 | 9,188.81 | 9,999.89 | 10,882.58 |
EBIT (%) | ||||||||||
Depreciation | 801.79 | 926.78 | 892.76 | 1,773.12 | 1,891.24 | 1,571.25 | 1,709.94 | 1,860.88 | 2,025.14 | 2,203.89 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Total Cash | 4,084.32 | 5,018.89 | 6,130.01 | 8,509.64 | 8,172.47 | 8,038.80 | 8,748.38 | 9,520.59 | 10,360.96 | 11,275.52 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 6,885.26 | 7,496.37 | 8,095.07 | 7,846.89 | 9,728.21 | 10,229.40 | 11,132.34 | 12,114.98 | 13,184.36 | 14,348.14 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 1,525.07 | 1,348.80 | 1,646.64 | 1,349.87 | 2,274.06 | 2,074.55 | 2,257.67 | 2,456.96 | 2,673.83 | 2,909.85 |
Accounts Payable (%) | ||||||||||
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 (%) |
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
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 36,176.84 | 40,992.53 | 43,215.01 | 44,327.04 | 50,533.39 | 54,993.94 | 59,848.21 | 65,130.97 | 70,880.03 | 77,136.57 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 5,243.58 | 6,422.07 | 7,100.39 | 8,503.05 | 9,628.11 | 9,329.90 | 10,153.45 | 11,049.68 | 12,025.03 | 13,086.47 |
EBIT | 4,441.79 | 5,495.29 | 6,207.63 | 6,729.93 | 7,736.87 | 7,758.65 | 8,443.50 | 9,188.81 | 9,999.89 | 10,882.58 |
Tax Rate | 25.37% | 30.10% | 23.56% | 24.60% | 23.89% | 25.50% | 25.50% | 25.50% | 25.50% | 25.50% |
EBIAT | 3,315.11 | 3,841.26 | 4,745.35 | 5,074.36 | 5,888.36 | 5,779.99 | 6,290.19 | 6,845.42 | 7,449.66 | 8,107.23 |
Depreciation | 801.79 | 926.78 | 892.76 | 1,773.12 | 1,891.24 | 1,571.25 | 1,709.94 | 1,860.88 | 2,025.14 | 2,203.89 |
Accounts Receivable | - | -611.11 | -598.70 | 248.18 | -1,881.32 | -501.19 | -902.94 | -982.64 | -1,069.38 | -1,163.77 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | -176.26 | 297.84 | -296.77 | 924.18 | -199.50 | 183.12 | 199.28 | 216.87 | 236.02 |
Capital Expenditure | -515.92 | -619.19 | -599.01 | -599.13 | -580.13 | -750.37 | -816.61 | -888.69 | -967.14 | -1,052.50 |
UFCF | 3,600.98 | 3,361.47 | 4,738.24 | 6,199.76 | 6,242.33 | 5,900.17 | 6,463.70 | 7,034.24 | 7,655.15 | 8,330.86 |
WACC | ||||||||||
PV UFCF | 5,432.94 | 5,480.51 | 5,491.97 | 5,503.44 | 5,514.94 | |||||
SUM PV UFCF | 27,423.80 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 8.60 |
Free cash flow (t + 1) | 8,497.48 |
Terminal Value | 128,749.71 |
Present Value of Terminal Value | 85,230.91 |
Intrinsic Value
Enterprise Value | 112,654.72 |
---|---|
Net Debt | -4,661.54 |
Equity Value | 117,316.26 |
Shares Outstanding | 645.91 |
Equity Value Per Share | 181.63 |