Accenture Plc-Cl A
ACNBelow valueExpectations · modestHeld by 10 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2025-08-31Valuation basis: trailing twelve months to 2026-05-31 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +7.4%
- Net margin
- 11.0%
- ROE
- 24.6%
- FCF margin
- 15.6%
Valuation · value band
Margin of safety
Zero-growth floor
$127
Central IV
$214
Optimistic top
$316
Accenture Plc-Cl A (ACN): Two methods value the business — a conservative owner-earnings DCF and a growth-credited Greenwald estimate, $127–$316 / sh. Today’s price sits below both (price $181 as of 2026-08-26).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 6% (lower of historical trend and fundamental cap, capped by moat) · moat 20 yr · discount 10.6% · Zero-growth downside $127
Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.
Method & numbers
Model cautions
- Owner-earnings yield diverges sharply from the 10-year Treasury (over 300 bps).
- The two methods’ midpoints differ materially — growth assumptions warrant review (over 20%).
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $134.05 – $262.73 · Greenwald $203.10 – $315.73 (neutral $263.40) · zero-growth base $163.56 · reproduction $10.27
Moat Franchise (moat) · terminal value 23% of present value · owner-earnings yield 8% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$135.31 – $163.56 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: TTM 2026-05-31, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 120% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).
Buffett owner-earnings value$126.63 – $154.77 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-05-31, 2024, 2023, 2022, 2021
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 120% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).
Reproduction value = tangible net assets $4.07B + capitalized R&D $2.25B（FY 2026, 2024, 2023, 2022） = $10.27 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Assumes a wide moat · competitive-advantage period ≈ 20 years (earnings intact, ROIC stable over history).
Growth value: if the moat holds for 20 yr at ROIIC ≈ 130%, $39.54–$152.16 / sh (neutral $99.84). Conservative, not a forecast.
Window TTM 2026-05-31, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 6% · OE FY TTM 2026-05-31, 2024, 2023, 2022, 2021 · Discount band: 9.16%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp. Two-method midpoint gap 21%.
Valuation basis: trailing twelve months to 2026-05-31 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about 3.5% a year in owner-earnings for the next few years. Revenue actually grew 9.1% a year.
Below what it has already done.
Roughly, the price needs its historical revenue growth to run about 5 more years to hold up.
SEC 13F · holders
Superinvestors Holding This Security
10 holders · $2.07B combined · this quarter +2 opened / -0 exited
- Value$639.9MWeight (prev→now)1.5% → 1.9% ▲
- Value$495.8MWeight (prev→now)2.0% → 1.1% ▼
- Value$421.2MWeight (prev→now)New · 4.9%
- Value$343.1MWeight (prev→now)0.8% → 0.5% ▼
- Value$112.2MWeight (prev→now)3.1% → 1.7% ▼
- Value$19.8MWeight (prev→now)0.3% → 0.2% ▼
- Value$19.0MWeight (prev→now)1.9% → 0.2% ▼
- Value$14.9MWeight (prev→now)2.4% → 1.0% ▼
- Value$1.5MWeight (prev→now)0.6% → 0.1% ▼
- Value$380,164Weight (prev→now)New · 0.3%
SEC 13F · notes
Written summary
Written summary
Accenture Plc-Cl A (ACN) is held by 10 of the superinvestors tracked on Compounder, with a combined $2.07B in reported 13F value. The largest position belongs to Richard Pzena, where it makes up 1.9% of the portfolio.
Other notable holders by value include Jeremy Grantham (1.1% of its book), Edgar Wachenheim (4.9% of its book) and Bill Nygren (0.5% of its book).
Over the latest quarter, 2 of the tracked filers opened a new position in ACN, 2 added to existing ones, 5 trimmed, and 0 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Accenture Plc-Cl A (ACN) also commonly hold →
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ACN's price is below its conservative value band. Browse all undervalued stocks by margin of safety
Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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