Discounted Cash Flow (DCF) Analysis Unlevered

Accenture plc (ACN)

$280.65

+3.00 (+1.08%)
All numbers are in Millions, Currency in USD
Stock DCF: 181.63 | 280.65 | 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 36,176.8440,992.5343,215.0144,327.0450,533.3954,993.9459,848.2165,130.9770,880.0377,136.57
Revenue (%)
EBITDA 5,243.586,422.077,100.398,503.059,628.119,329.9010,153.4511,049.6812,025.0313,086.47
EBITDA (%)
EBIT 4,441.795,495.296,207.636,729.937,736.877,758.658,443.509,188.819,999.8910,882.58
EBIT (%)
Depreciation 801.79926.78892.761,773.121,891.241,571.251,709.941,860.882,025.142,203.89
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 4,084.325,018.896,130.018,509.648,172.478,038.808,748.389,520.5910,360.9611,275.52
Total Cash (%)
Account Receivables 6,885.267,496.378,095.077,846.899,728.2110,229.4011,132.3412,114.9813,184.3614,348.14
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1,525.071,348.801,646.641,349.872,274.062,074.552,257.672,456.962,673.832,909.85
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 36,176.8440,992.5343,215.0144,327.0450,533.3954,993.9459,848.2165,130.9770,880.0377,136.57
EBITDA 5,243.586,422.077,100.398,503.059,628.119,329.9010,153.4511,049.6812,025.0313,086.47
EBIT 4,441.795,495.296,207.636,729.937,736.877,758.658,443.509,188.819,999.8910,882.58
Tax Rate 25.37%30.10%23.56%24.60%23.89%25.50%25.50%25.50%25.50%25.50%
EBIAT 3,315.113,841.264,745.355,074.365,888.365,779.996,290.196,845.427,449.668,107.23
Depreciation 801.79926.78892.761,773.121,891.241,571.251,709.941,860.882,025.142,203.89
Accounts Receivable --611.11-598.70248.18-1,881.32-501.19-902.94-982.64-1,069.38-1,163.77
Inventories ----------
Accounts Payable --176.26297.84-296.77924.18-199.50183.12199.28216.87236.02
Capital Expenditure -515.92-619.19-599.01-599.13-580.13-750.37-816.61-888.69-967.14-1,052.50
UFCF 3,600.983,361.474,738.246,199.766,242.335,900.176,463.707,034.247,655.158,330.86
WACC
PV UFCF 5,432.945,480.515,491.975,503.445,514.94
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