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Accenture PLC Class A ACN

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Accenture’s Stellar First Quarter a Result of Unforeseen Demand and Overdelivery; Shares Overvalued

Julie Bhusal Sharma Equity Analyst

Analyst Note

| Julie Bhusal Sharma |

Accenture reported an excellent first quarter, surpassing our expectations and CapIQ consensus. The wide-moat company attributed the strong quarter to broad-based overdelivery--which was helped by increased productivity from higher-than-usual utilization rates--and higher broad-based demand than expected. Apart from results, the outlook for the remainder of fiscal 2021 is also better and brighter than previously guided. We feel confident in our expectations that Accenture can reach the high end of guidance for the remainder of the year--which we think is partially supported by strong bookings. As a result, we’re increasing our fair value estimate to $200 per share from $187 per share. Upon results, Accenture’s shares are up 8%. However, we still view the wide-moat name as overvalued at $266 per share.

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Company Profile

Business Description

Accenture is a leading global IT services firm that provides consulting, strategy, and technology and operational services. These services run the gamut from aiding enterprises with digital transformation, to procurement services, to software system integration. The company provides its IT offerings to a variety of sectors, including communications, media and technology, financial services, health and public services, consumer products, and resources. Accenture employs just under 500,000 people throughout 200 cities in 51 countries.

1 Grand Canal Square, Grand Canal Harbour
Dublin, 2, Ireland
T +353 16462000
Sector Technology
Industry Information Technology Services
Most Recent Earnings Nov 30, 2020
Fiscal Year End Aug 31, 2021
Stock Type
Employees 514,000