ACN
Accenture plc
$209.06
Stable Earnings Power
65%
P/Adj-EPS × Normalized Multiple
Mild
·
Conviction
Overvalued
Trading 2.8% above fair value
You pay
$209.06
Bear
$162.72
Fair
$203.40
Bull
$244.08
Bear
$162.72
-22.2%
$13.56 × 12x P/E
Fair
$203.40
-2.7%
$13.56 × 15x P/E
Bull
$244.08
+16.8%
$13.56 × 18x P/E
Adjust Assumptions
15.0x
13.56$
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
15.4x
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (53 analysts)
$227.74
Divergence from AlphaVal
11%
Summary
Applying a 15x P/E to adjusted EPS of $13.56, the base-case value is $203.40 per share.
Key Risks
- Growth DCF inappropriate — terminal value assumptions dominate
- EV/EBITDA misleading for regulated businesses where capex is mandated
- Regulatory risk is a fat tail not visible in normal multiples