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Accenture PLC Class A ACN

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Accenture Q2 Marks Return to Pre-COVID Results a Quarter Earlier Than Expected; Shares Overvalued

Julie Bhusal Sharma Equity Analyst

Analyst Note

| Julie Bhusal Sharma |

Accenture’s second-quarter results showcased impressive strength from broad-based growth that brought a return to pre-COVID levels, even with unique challenges--including lack of travel revenue to boost top-line growth. As a result, Accenture’s second-quarter results surpassed our revenue and EPS expectations and came with updated, pleasantly improved guidance for the remainder of the fiscal year. While we continue to view wide-moat Accenture as a high-quality stock with the capabilities to meet the needs of its growing market, we’re maintaining our fair value estimate of $200 per share, as we believe that pulled-forward growth from raised guidance will moderate long-term growth slightly given the one-time nature of some of Accenture’s offerings, especially work around workload cloud migrations. Upon results, Accenture’s shares remain roughly unfazed, as we think great results and outlook were offset by the Treasury yield rising. Nonetheless, we still view Accenture shares as overvalued.

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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 Feb 28, 2021
Fiscal Year End Aug 31, 2021
Stock Type
Employees 514,000