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    ACN · NYQ · Technology

    Accenture plc

    Also onShortfallConsensus DriftCrosscheck

    Implied value per share

    USD 253.73

    Market price

    USD 260.94

    Implied upside

    -2.8%

    10-year forecast · Perpetuity growth terminal value · Mid-year discounting · Base case · Price 2026-11-02 · Accounts to 2026-08-31

    AdjustedReported capital expenditure averages just 0.87% of revenue, which is too low to be the company's real investment - property trusts and similar structures invest through lines that are not reported as capex. Capex has been set to 1.00% of revenue so the forecast is not handed free growth. Override it if the reported figure is right.

    Value Per Share

    Perpetuity growth
    USD 253.73-2.8%
    Exit multiple
    USD 275.52+5.6%
    Market price
    USD 260.94

    Same forecast, different terminal treatment. Percentages vs price.

    Forecast Cashflows

    Reporting currency (USD). Outflows negative.

    0bn6bn12bnFY27FY28FY29FY30FY31FY32FY33FY34FY35FY36
    Nominal FCFFDiscounted to todayUSD
    LineFY27FY28FY29FY30FY31FY32FY33FY34FY35FY36CAGR
    RevenueUSD 77.4bnUSD 81.4bnUSD 85.2bnUSD 89.0bnUSD 92.7bnUSD 96.2bnUSD 99.5bnUSD 102.6bnUSD 105.5bnUSD 108.2bn+3.8%
    EBITUSD 11.3bnUSD 11.9bnUSD 12.5bnUSD 13.0bnUSD 13.6bnUSD 14.1bnUSD 14.6bnUSD 15.0bnUSD 15.5bnUSD 15.8bn+3.8%
    NOPATUSD 9.0bnUSD 9.4bnUSD 9.9bnUSD 10.3bnUSD 10.7bnUSD 11.1bnUSD 11.5bnUSD 11.9bnUSD 12.2bnUSD 12.5bn+3.8%
    Add depreciation & amortisationUSD 1.3bnUSD 1.4bnUSD 1.5bnUSD 1.5bnUSD 1.6bnUSD 1.7bnUSD 1.7bnUSD 1.8bnUSD 1.8bnUSD 1.9bn+3.8%
    Less capital expenditureUSD -774.3mUSD -917.2mUSD -1.1bnUSD -1.2bnUSD -1.4bnUSD -1.6bnUSD -1.8bnUSD -1.9bnUSD -2.1bnUSD -2.3bn+13.0%
    Capex, % of revenue1.0%1.1%1.3%1.4%1.5%1.6%1.8%1.9%2.0%2.1%-
    Less increase in working capitalUSD -470.0mUSD -569.2mUSD -560.2mUSD -547.1mUSD -529.8mUSD -508.3mUSD -482.7mUSD -453.0mUSD -419.4mUSD -382.0m-2.3%
    Free cashflow to firmUSD 9.1bnUSD 9.3bnUSD 9.7bnUSD 10.1bnUSD 10.4bnUSD 10.7bnUSD 11.0bnUSD 11.3bnUSD 11.5bnUSD 11.7bn+2.9%
    Discount factor0.95890.88170.81080.74550.68550.63040.57960.53300.49010.4507-
    Present valueUSD 8.7bnUSD 8.2bnUSD 7.9bnUSD 7.5bnUSD 7.1bnUSD 6.8bnUSD 6.4bnUSD 6.0bnUSD 5.6bnUSD 5.3bn-
    Present Value Of The ForecastUSD 69.5bn

    Discount Rate

    Source shown per component. All overridable above.

    Risk-free rate4.89%US 10-year Treasury (^TNX), 2026-11-02
    Equity risk premium4.23%Damodaran, January 2026
    Beta1.003Reported 1.004, pulled toward 1.0 (Blume)
    Cost of equity9.14%Risk-free + beta x equity risk premium
    Cost of debt5.29%Risk-free + 40bp, the spread for a AAA rating at 37.6x interest cover. Book interest / average debt was lower, at 2.8%.
    Market capitalisationUSD 159.7bn92.3% of capital
    Total debtUSD 13.4bn7.7% of capital, book value as a proxy
    Tax rate21.0%Effective, capped at statutory
    WACC8.75%E/V x Re + D/V x Rd x (1 - t)

    Terminal Value

    Perpetuity growth is intrinsic. The exit multiple defaults to the company's current EV/EBITDA, so it answers a different question - what the shares are worth if today's rating holds and EBITDA grows as forecast.

    Perpetuity growth at 2.50%

    Value per shareUSD 253.73

    56% of EV

    Forecast FCFF, final year
    USD 11.7bn
    Capex at depreciation, working capital in reinvestment
    USD 13.3bn
    Less reinvestment at g/ROIC (10.4% of NOPAT)
    USD -1.4bn
    Capitalised
    USD 11.9bn
    ROIC (reported)
    24.0%
    Terminal value, undiscounted
    USD 194.7bn
    Terminal value, discounted
    USD 87.8bn
    Enterprise value
    USD 157.2bn
    Less net debt
    USD 559.2m
    Equity value
    USD 156.7bn

    Exit at 12.7x EBITDA

    Value per shareUSD 275.52

    59% of EV

    Terminal value, undiscounted
    USD 224.6bn
    Terminal value, discounted
    USD 101.2bn
    Enterprise value
    USD 170.7bn
    Less net debt
    USD 559.2m
    Equity value
    USD 170.1bn

    Spread between methods: 8%.

    Sensitivity

    Value per share (USD) by discount rate and long-run growth.

    Long-run growth
    Discount rate1.50%2.00%2.50%3.00%3.50%
    6.75%333.46350.13370.97397.66432.89
    7.75%279.74289.44301.18315.61333.67
    8.75%240.91246.77253.73262.07272.18
    9.75%211.54215.14219.37224.37230.30
    10.75%188.56190.77193.35196.37199.94

    Outlined: this model. Green text: above today's price of 260.94. Shading: distance from this model's own value.

    Priced In

    What each input would have to be to justify the current price, one at a time.

    InputActualModelImplied
    Revenue growth, a year5.0%3.8%4.2%
    EBIT margin15.4%14.6%15.1%
    Discount rate-8.8%8.6%
    Download as Excel

    Live formulas, not pasted numbers - edit a driver and the workbook reprices.

    Yahoo Finance and RBA data. General information, not advice. Methodology.