DDM Analysis: ACN

Valuation Snapshot

Stable Growth	$773.72 - $2,415.51	$2,263.68
Multi-Stage	$326.98 - $357.63	$342.02
Blended Fair Value	$1,302.85
Current Price	$259.97
Upside	401.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	12.70%	10.58%	5.85	5.13	4.47	3.88	3.53	3.22	2.94	2.70	2.48	2.27
YoY Growth	-	-	14.15%	14.77%	15.06%	9.90%	9.75%	9.32%	8.95%	9.00%	9.00%	6.26%
Dividend Yield	-	-	2.25%	1.41%	1.34%	1.29%	0.99%	1.29%	1.46%	1.64%	1.68%	1.90%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,678.43
(-) Cash Dividends Paid (M)	3,696.74
(=) Cash Retained (M)	3,981.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,535.69	959.80	575.88
Cash Retained (M)	3,981.70	3,981.70	3,981.70
(-) Cash Required (M)	-1,535.69	-959.80	-575.88
(=) Excess Retained (M)	2,446.01	3,021.89	3,405.82
(/) Shares Outstanding (M)	632.19	632.19	632.19
(=) Excess Retained per Share	3.87	4.78	5.39
LTM Dividend per Share	5.85	5.85	5.85
(+) Excess Retained per Share	3.87	4.78	5.39
(=) Adjusted Dividend	9.72	10.63	11.23
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$773.72	$2,263.68	$2,415.51
Upside / Downside	197.62%	770.75%	829.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,678.43	8,177.53	8,709.07	9,275.16	9,878.05	10,520.12	10,835.72
Payout Ratio	48.14%	56.52%	64.89%	73.26%	81.63%	90.00%	92.50%
Projected Dividends (M)	3,696.74	4,621.57	5,651.02	6,794.77	8,063.34	9,468.11	10,023.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	4,285.68	4,326.31	4,366.93
Year 2 PV (M)	4,859.46	4,952.02	5,045.45
Year 3 PV (M)	5,418.34	5,573.88	5,732.37
Year 4 PV (M)	5,962.61	6,191.91	6,427.77
Year 5 PV (M)	6,492.54	6,806.14	7,131.73
PV of Terminal Value (M)	179,692.90	188,372.14	197,383.55
Equity Value (M)	206,711.54	216,222.39	226,087.79
Shares Outstanding (M)	632.19	632.19	632.19
Fair Value	$326.98	$342.02	$357.63
Upside / Downside	25.78%	31.56%	37.57%

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Accenture plc (ACN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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