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Discounted Cash Flow (DCF) Analysis Unlevered


Accenture plc Class A (Ireland)

Accenture plc Class A (Ireland) (ACN)

Technology

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 30,394.2831,874.4932,913.5934,796.2536,174.1840,988.9743,210.5745,842.0948,633.8851,595.6854,737.86
Revenue (%)
EBITDA 4,674.644,701.494,851.466,110.225,245.266,599.227,099.507,169.707,606.348,069.568,561.00
EBITDA (%)
EBIT 4,081.954,079.934,206.365,379.504,442.195,672.876,205.046,220.776,599.627,001.537,427.93
EBIT (%)
Depreciation 592.69621.55645.11730.72803.07926.35894.46948.931,006.721,068.031,133.07
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 5,635.104,924.614,364.344,909.754,131.095,066.246,131.586,504.996,901.157,321.437,767.30
Total Cash (%)
Account Receivables 4,866.135,692.785,740.136,291.166,927.367,496.888,093.348,224.078,724.929,256.279,819.97
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 960.461,064.611,151.981,280.501,526.551,348.541,646.321,636.561,736.231,841.971,954.14
Accounts Payable (%)
Capital Expenditure -352.57-315.56-388.38-490.63-517.29-618.93-600.63-595.95-632.24-670.74-711.59
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 204
Diluted Shares Outstanding 638.10
Cost of Debt
Tax Rate 22.73
After-tax Cost of Debt -1.09
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.36
Total Debt 16.25
Total Equity 130,172.02
Total Capital 130,188.26
Debt Weighting 0.01
Equity Weighting 99.99
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 30,394.2831,874.4932,913.5934,796.2536,174.1840,988.9743,210.5745,842.0948,633.8851,595.6854,737.86
EBITDA 4,674.644,701.494,851.466,110.225,245.266,599.227,099.507,169.707,606.348,069.568,561.00
EBIT 4,081.954,079.934,206.365,379.504,442.195,672.876,205.046,220.776,599.627,001.537,427.93
Tax Rate 19.30%27.61%27.13%23.37%22.17%28.19%22.73%24.35%24.35%24.35%24.35%
EBIAT 3,294.232,953.583,065.274,122.343,457.564,073.894,794.854,705.744,992.325,296.355,618.90
Depreciation 592.69621.55645.11730.72803.07926.35894.46948.931,006.721,068.031,133.07
Accounts Receivable --826.66-47.35-551.03-636.19-569.53-596.46-130.73-500.85-531.35-563.71
Inventories -----------
Accounts Payable -104.1587.37128.53246.05-178.01297.79-9.7699.67105.74112.18
Capital Expenditure --37.0272.82102.2526.66101.64-18.31-4.6836.2938.5040.85
UFCF 3,886.912,815.613,823.224,532.813,897.144,354.345,372.335,509.505,634.165,977.286,341.29
WACC
PV UFCF 4,442.774,079.823,886.753,702.81
SUM PV UFCF 27,013.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.36
Free cash flow (t + 1) 6,594.95
Terminal Value 89,605.24
Present Value of Terminal Value 52,322.36

Intrinsic Value

Enterprise Value 79,336.13
Net Debt -6,115.33
Equity Value 85,451.46
Shares Outstanding 638.10
Equity Value Per Share 133.92