ACN – Market expectations are for Uniform ROA to remain stable, and management is confident about sustainability and new bookings

April 13, 2022

  • Accenture (ACN) currently trades near corporate yet above historical averages relative to Uniform earnings, with a 23.0x Uniform P/E (Fwd. V/E’).

  • At these levels, markets are pricing in expectations for Uniform ROA to remain stable at 55% levels through 2026, accompanied by 5% Uniform asset growth.

  • However, analysts expect Uniform ROA to compress to 53% in 2023, accompanied by 13% Uniform asset growth.

  • If sustained going forward, these levels would imply a stock price closer to $425, representing approximately 25% equity upside for the firm.

  • Moreover, the firm’s most recent earnings call suggests management is confident about sustainability and new bookings.

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