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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
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 30,394.2831,874.4932,913.5934,796.2536,765.7241,604.0944,320.8447,214.9950,298.1353,582.5957,081.54
Revenue (%)
EBITDA 4,674.644,701.494,851.466,110.225,242.796,598.416,843.147,289.997,766.038,273.158,813.39
EBITDA (%)
EBIT 4,081.954,079.934,206.365,379.504,441.305,670.645,921.266,307.926,719.837,158.637,626.09
EBIT (%)
Depreciation 592.69621.55645.11730.72801.49927.77921.87982.071,046.201,114.521,187.30
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 5,635.104,924.614,364.344,909.754,128.795,063.225,868.086,251.266,659.477,094.347,557.60
Total Cash (%)
Account Receivables 4,866.135,692.785,740.136,291.166,926.667,497.067,999.918,522.319,078.819,671.6610,303.22
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 960.461,064.611,151.981,280.501,525.781,347.971,586.691,690.301,800.671,918.262,043.52
Accounts Payable (%)
Capital Expenditure -352.57-315.56-388.38-490.63-507.37-611.58-571.74-609.07-648.85-691.22-736.35
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 193.32
Diluted Shares Outstanding 655.30
Cost of Debt
Tax Rate 28.19
After-tax Cost of Debt -1.36
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.36
Total Debt 19.68
Total Equity 126,681.85
Total Capital 126,701.53
Debt Weighting 0.02
Equity Weighting 99.98
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 30,394.2831,874.4932,913.5934,796.2536,765.7241,604.0944,320.8447,214.9950,298.1353,582.5957,081.54
EBITDA 4,674.644,701.494,851.466,110.225,242.796,598.416,843.147,289.997,766.038,273.158,813.39
EBIT 4,081.954,079.934,206.365,379.504,441.305,670.645,921.266,307.926,719.837,158.637,626.09
Tax Rate 19.30%27.61%27.13%23.37%22.17%28.19%24.63%24.63%24.63%24.63%24.63%
EBIAT 3,294.232,953.583,065.274,122.343,456.864,072.284,463.114,754.555,065.035,395.775,748.12
Depreciation 592.69621.55645.11730.72801.49927.77921.87982.071,046.201,114.521,187.30
Accounts Receivable --826.66-47.35-551.03-635.50-570.40-502.85-522.39-556.51-592.85-631.56
Inventories -----------
Accounts Payable -104.1587.37128.53245.28-177.80238.71103.61110.38117.58125.26
Capital Expenditure --37.0272.82102.2516.74104.21-39.8437.3339.7742.3745.14
UFCF 3,886.912,815.613,823.224,532.813,884.874,356.075,081.005,355.185,704.876,077.406,474.25
WACC
PV UFCF 4,562.684,318.324,131.033,951.853,780.45
SUM PV UFCF 26,906.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.36
Free cash flow (t + 1) 6,733.22
Terminal Value 91,483.98
Present Value of Terminal Value 53,419.39

Intrinsic Value

Enterprise Value 80,326.17
Net Debt -5,043.54
Equity Value 85,369.71
Shares Outstanding 655.30
Equity Value Per Share 130.28

Results Unlevered DCF

Wacc / Long-term Growth -4 (%)-3 (%)-2 (%)-1 (%)0 (%)1 (%)2 (%)3 (%)4 (%)
13.36 (%) 94.14 Sell 98.33 Sell 103.25 Sell 109.12 Sell 116.24 Sell 125.07 Sell 136.29 Sell 151.05 Sell 171.31 Sell
12.86 (%) 91.52 Sell 95.32 Sell 99.77 Sell 105.04 Sell 111.37 Sell 119.14 Sell 128.88 Sell 141.45 Sell 158.33 Sell
12.36 (%) 89.10 Sell 92.58 Sell 96.61 Sell 101.35 Sell 107.01 Sell 113.88 Sell 122.39 Sell 133.22 Sell 147.45 Sell
11.86 (%) 86.88 Sell 90.05 Sell 93.72 Sell 98.01 Sell 103.09 Sell 109.20 Sell 116.68 Sell 126.08 Sell 138.21 Sell
11.36 (%) 84.81 Sell 87.73 Sell 91.08 Sell 94.97 Sell 99.54 Sell 105.00 Sell 111.63 Sell 119.84 Sell 130.28 Sell
10.86 (%) 82.90 Sell 85.58 Sell 88.64 Sell 92.19 Sell 96.32 Sell 101.22 Sell 107.12 Sell 114.34 Sell 123.40 Sell
10.36 (%) 81.13 Sell 83.60 Sell 86.41 Sell 89.64 Sell 93.39 Sell 97.81 Sell 103.07 Sell 109.47 Sell 117.39 Sell
9.86 (%) 79.48 Sell 81.76 Sell 84.34 Sell 87.30 Sell 90.71 Sell 94.71 Sell 99.44 Sell 105.12 Sell 112.09 Sell
9.36 (%) 77.94 Sell 80.05 Sell 82.43 Sell 85.14 Sell 88.26 Sell 91.88 Sell 96.15 Sell 101.23 Sell 107.40 Sell