Discounted Cash Flow (DCF) Analysis Unlevered

Accenture plc (ACN)

$316.13

+6.34 (+2.05%)

All numbers are in Millions, Currency in USD

Stock DCF: 187.83 | 316.13 | overvalue

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	$ 316.13
Beta	1.212
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	8.506
Total Debt	3,506.63
Total Equity	204,191.23
Total Capital	207,697.86
Debt Weighting	1.69
Equity Weighting	98.31
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						5,443.97	5,502.79	5,525.48	5,548.26	5,571.14
SUM PV UFCF										27,591.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.38
Free cash flow (t + 1)	8,497.48
Terminal Value	133,189.36
Present Value of Terminal Value	89,068.43

Intrinsic Value

Enterprise Value	116,660.07
Net Debt	-4,661.54
Equity Value	121,321.61
Shares Outstanding	645.91
Equity Value Per Share	187.83