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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EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
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NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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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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