Accenture

Analyst Listing

The following analysts provide coverage for the subject firm as of May 2016:

Broker	Analyst	Analyst Email
Raymond James	Brian A. Gesuale	brian.gesuale@raymondjames.com
Cowen & Company	Bryan C. Bergin	bryan.bergin@cowen.com
Deutsche Bank Research	Bryan Keane	bryan.keane@db.com
Credit Suisse	Charles Brennan	charles.brennan@credit-suisse.com
RBC Capital Markets	Daniel Perlin	daniel.perlin@rbccm.com
Stifel Nicolaus	David Grossman	dgrossman@stifel.com
Evercore ISI	David Togut	david.togut@evercoreisi.com
Wells Fargo Securities	Edward S. Caso	edward.caso@wellsfargo.com
SunTrust Robinson Humphrey	Frank Atkins	frank.atkins@suntrust.com
Susquehanna Financial Group	James Friedman	james.friedman@sig.com
Jefferies	Jason Kupferberg	jkupferberg@jefferies.com
Cantor Fitzgerald	Joseph D. Foresi	jforesi@cantor.com
BMO Capital Markets	Keith Bachman	keith.bachman@bmo.com
Bernstein Research	Lisa D. Ellis	lisa.ellis@bernstein.com
CRT Capital Group	Moshe Katri	mkatri@sterneageecrt.com

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Primary Input Data

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Derived Input Data

Derived Input	Label	2015 Value	2016 Value	Equational Form
Net Operating Profit Less Adjusted Taxes	NOPLAT	2,873	3,235	$NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)$
Free Cash Flow	FCF	3,376	4,522	$FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS$
Tax Shield	TS	4	3	$TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income$
Invested Capital	IC	9,513	11,424	$IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital$
Return on Invested Capital	ROIC	30.21%	28.32%	$ROIC\,=\,\frac { NOPLAT }{ IC }$
Net Investment	NetInv	665	2,651	$NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation$
Investment Rate	IR	23.13%	81.95%	$IR\,=\,\frac {NetInv}{NOPLAT}$
Weighted Average Cost of Capital	WACC_Market	17.95%	14.93%	$WACC\,=\,\frac { E }{ V } { R }_{ E }\,+\,\frac { P }{ V } { R }_{ P }\,+\,\frac { D }{ V } { R }_{ D }\left( 1- Avg\,\, Tax\,\,Rate\,\,on\,\,Pre-Tax\,\,Income \right)$
Weighted Average Cost of Capital	WACC_Book	9.86%	9.44%
Enterprise value	EV_Market	65,202	76,351	$EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash$
Enterprise value	EV_Book	65,200	76,349
Long-Run Growth	g = IR x ROIC	6.99%	23.21%	Long-run growth rates of the income variable are used in the Continuing Value portion of the valuation models.
Long-Run Growth	g = % $\Delta$ GDP	2.50%	2.50%
Margin from Operations	M	13.43%	14.04%	$M\,\,=\,\,\frac{EBIT}{SALES}$
Depreciation/Amortization Rate	D	12.75%	12.94%	$D\,\,=\,\,\frac{D+A}{EBITDA}$

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Valuation Multiple Outcomes

The outcomes presented in this study are the result of original input data, derived data, and synthesized inputs.

Equational Form	Observed Value		Single-stage multiple g solution		Two-stage valuation model g solution
Equational Form	12/31/2015	12/31/2016	12/31/2015	12/31/2016	12/31/2015	12/31/2016
EV/SALES $\frac {EV}{Sales} \,= \,\frac{ROIC\, -\, g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)\,(M)$	1.98	2.15	15.85%	12.57%	16.53%	13.46%
EV/EBITDA $\frac {EV}{EBITDA} \,= \,\frac{ROIC\, -\, g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)\,(1\,-\,D)$	12.87	13.36	15.85%	12.57%	16.53%	13.46%
EV/NOPLAT $\frac {EV}{NOPLAT} \,= \,\frac{ROIC\, -\, g}{ROIC\,(WACC\,-\,g)}$	22.69	23.60	15.85%	12.57%	16.53%	13.46%
EV/FCF_OPS $\frac {EV}{FCF_{OPS}} \,= \,\frac{ROIC\, -\, g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)$	19.31	16.89	15.85%	12.57%	16.53%	13.46%
EV/EBIT $\frac {EV}{EBIT} \,= \,\frac{ROIC\, -\, g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)$	14.75	15.34	15.85%	12.57%	16.53%	13.46%
EV/IC $\frac {EV}{IC} \,= \,\frac{ROIC\, -\, g}{WACC\,-\,g}$	6.85	6.68	15.85%	12.57%	16.53%	13.46%

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